Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Union Pacific Corporation

UNP stock analysis · Industrials · Rail Transportation

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$272.00HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$161.6B

Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

$140.62

Equity cash-flow scenario · SEC outstanding shares at 2026-06-30 · -48.3% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

21.6%

Annual basis · read assumptions below

How this is calculated ↗
Valuation

Relative valuation

40.0%

76 sector peers · median 31.7×

How this is calculated ↗
Valuation

Historical multiples

21.6×

7 annual observations · snapshot P/E 22.6× · 4.8% versus history

How this is calculated ↗
Valuation

Free cash flow yield

3.4%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

16.2%

Normalized tax · financing-capital proxy · parent-equity fallback (scope limitation) · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

53/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

2.9%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-3.1%

Parent-earnings fallback versus consolidated cash flow · scope limitation

How this is calculated ↗
Momentum

Fundamental momentum

0.2%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 9.4B2020-12-31: cfo $8,540,000,000.002020-12-31: capex $2,927,000,000.0020202021-12-31: cfo $9,032,000,000.002021-12-31: capex $2,936,000,000.0020212022-12-31: cfo $9,362,000,000.002022-12-31: capex $3,620,000,000.0020222023-12-31: cfo $8,379,000,000.002023-12-31: capex $3,606,000,000.0020232024-12-31: cfo $9,346,000,000.002024-12-31: capex $3,452,000,000.0020242025-12-31: cfo $9,290,000,000.002025-12-31: capex $3,791,000,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$176.38$192.44$209.72
10.0%$129.25$140.62$152.83
12.0%$101.97$110.64$119.95

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-3124.5B7.1B9.3B3.8B69.7B
2024-12-3124.3B6.7B9.3B3.5B67.7B
2023-12-3124.1B6.4B8.4B3.6B67.1B
2022-12-3124.9B7B9.4B3.6B65.4B
2021-12-3121.8B6.5B9B2.9B63.5B
2020-12-3119.5B5.3B8.5B2.9B62.4B
2019-12-3121.7B5.9B8.6B3.5B61.7B
2018-12-3122.8B6B8.7B3.4B59.1B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue24.5BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-06
netIncome7.1BNetIncomeLoss
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-06
Parent/common earnings proxy7.1BNetIncomeLoss2026-02-06
cfo9.3BNetCashProvidedByUsedInOperatingActivities2026-02-06
capex3.8BPaymentsToAcquirePropertyPlantAndEquipment2026-02-06
operatingIncome9.8BOperatingIncomeLoss2026-02-06
assets69.7BAssets2026-02-06
equity18.5BStockholdersEquity
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-06
Parent book equity proxy18.5BStockholdersEquity2026-02-06
debt31.8BLongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities2026-02-06
shortDebtNot reported under a supported tag
cash1.3BCashAndCashEquivalentsAtCarryingValue2026-02-06
shares595.9MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-06
dividends3.2BPaymentsOfDividends2026-02-06
buybacks2.7BPaymentsForRepurchaseOfCommonStock2026-02-06
issuanceNot reported under a supported tag