Union Pacific Corporation (UNP) 10-Year Financial Performance & Capital Metrics

UNP • • Industrial / General

IndustrialsRailroadsClass I RailroadsNorth American Class I Railroads

AboutUnion Pacific Corporation, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States. The company offers transportation services for grain and grain products, fertilizers, food and refrigerated products, and coal and renewables to grain processors, animal feeders, ethanol producers, and other agricultural users; petroleum, and liquid petroleum gases; and construction products, industrial chemicals, plastics, forest products, specialized products, metals and ores, soda ash, and sand, as well as finished automobiles, automotive parts, and merchandise in intermodal containers. As of December 31, 2021, its rail network included 32,452 route miles connecting Pacific Coast and Gulf Coast ports with the Midwest and Eastern United States gateways. The company was founded in 1862 and is headquartered in Omaha, Nebraska.Show more

Revenue $24.25B +0.5%
EBITDA $12.15B +6.2%
Net Income $6.75B +5.8%
EPS (Diluted) 11.09 +6.1%
Gross Margin 45.52% +4.3%
EBITDA Margin 50.09% +5.6%
Operating Margin 40.05% +6.4%
Net Margin 27.82% +5.2%
ROE 42.6% -10.0%
ROIC 15.14% +4.5%
Debt/Equity 1.92 -16.8%
Interest Coverage 7.65 +12.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 47.7%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 24.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.3%
✓Healthy 5Y average net margin of 27.9%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.11%

5Y2.24%

3Y3.61%

TTM1.06%

Profit (Net Income) CAGR

10Y2.68%

5Y2.65%

3Y1.13%

TTM6.25%

EPS CAGR

10Y6.79%

5Y5.76%

3Y3.68%

TTM8.09%

ROCE

10Y Avg15.34%

5Y Avg15.4%

3Y Avg15.78%

Latest15.6%

Peer Comparison

North American Class I Railroads

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NSCNorfolk Southern Corporation	65.24B	290.77	25.13	-0.27%	24.22%	19.56%	2.56%	1.22
UNPUnion Pacific Corporation	136.73B	230.51	20.79	0.54%	28.73%	40.75%	4.31%	1.92
CSXCSX Corporation	67.6B	36.30	20.28	-0.8%	19.21%	22.57%	4.02%	1.52
CPCanadian Pacific Kansas City Ltd.	65.21B	72.39	18.19	15.86%	28.38%	12.73%	3.69%	0.47
CNICanadian National Railway Company	61.08B	99.23	14.16	1.3%	26.62%	21.19%	5.16%	1.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	21.81B	19.94B	21.24B	22.83B	21.71B	19.53B	21.8B	24.88B	24.12B	24.25B
Revenue Growth %	-0.09%	-0.09%	0.07%	0.07%	-0.05%	-0.1%	0.12%	0.14%	-0.03%	0.01%
Cost of Goods Sold+	12.84B	11.67B	12.23B	13.29B	12.09B	10.35B	11.29B	13.67B	13.59B	13.21B
COGS % of Revenue	0.59%	0.59%	0.58%	0.58%	0.56%	0.53%	0.52%	0.55%	0.56%	0.54%
Gross Profit+	8.98B	8.27B	9.01B	9.54B	9.61B	9.18B	10.51B	11.21B	10.53B	11.04B
Gross Margin %	0.41%	0.41%	0.42%	0.42%	0.44%	0.47%	0.48%	0.45%	0.44%	0.46%
Gross Profit Growth %	-0.07%	-0.08%	0.09%	0.06%	0.01%	-0.05%	0.15%	0.07%	-0.06%	0.05%
Operating Expenses+	924M	997M	948M	1.02B	1.06B	1.34B	1.18B	1.29B	1.45B	1.33B
OpEx % of Revenue	0.04%	0.05%	0.04%	0.04%	0.05%	0.07%	0.05%	0.05%	0.06%	0.05%
Selling, General & Admin	0	997M	1.11B	1.22B	1.27B	1.58B	1.18B	1.29B	1.45B	0
SG&A % of Revenue	-	0.05%	0.05%	0.05%	0.06%	0.08%	0.05%	0.05%	0.06%	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	226M	0	-167M	-202M	-215M	-231M	0	0	0	1.33B
Operating Income+	8.05B	7.27B	8.06B	8.52B	8.55B	7.83B	9.34B	9.92B	9.08B	9.71B
Operating Margin %	0.37%	0.36%	0.38%	0.37%	0.39%	0.4%	0.43%	0.4%	0.38%	0.4%
Operating Income Growth %	-0.08%	-0.1%	0.11%	0.06%	0%	-0.08%	0.19%	0.06%	-0.08%	0.07%
EBITDA+	10.06B	9.31B	10.17B	10.71B	10.77B	10.04B	11.55B	12.21B	11.44B	12.15B
EBITDA Margin %	0.46%	0.47%	0.48%	0.47%	0.5%	0.51%	0.53%	0.49%	0.47%	0.5%
EBITDA Growth %	-0.06%	-0.07%	0.09%	0.05%	0.01%	-0.07%	0.15%	0.06%	-0.06%	0.06%
D&A (Non-Cash Add-back)	2.01B	2.04B	2.1B	2.19B	2.22B	2.21B	2.21B	2.29B	2.35B	2.44B
EBIT	8.05B	7.46B	8.35B	8.61B	8.8B	8.12B	9.63B	10.34B	9.57B	10.06B
Net Interest Income+	-617M	-687M	-703M	-840M	-987M	-1.13B	-1.15B	-1.27B	-1.29B	-1.19B
Interest Income	5M	11M	16M	30M	63M	12M	5M	0	52M	76M
Interest Expense	622M	698M	719M	870M	1.05B	1.14B	1.16B	1.27B	1.34B	1.27B
Other Income/Expense	-396M	-477M	-474M	-776M	-807M	-854M	-860M	-845M	-849M	-919M
Pretax Income+	7.66B	6.77B	7.63B	7.74B	7.75B	6.98B	8.48B	9.07B	8.23B	8.79B
Pretax Margin %	0.35%	0.34%	0.36%	0.34%	0.36%	0.36%	0.39%	0.36%	0.34%	0.36%
Income Tax+	2.88B	2.53B	-3.08B	1.77B	1.83B	1.63B	1.96B	2.07B	1.85B	2.05B
Effective Tax Rate %	0.62%	0.63%	1.4%	0.77%	0.76%	0.77%	0.77%	0.77%	0.77%	0.77%
Net Income+	4.77B	4.23B	10.71B	5.97B	5.92B	5.35B	6.52B	7B	6.38B	6.75B
Net Margin %	0.22%	0.21%	0.5%	0.26%	0.27%	0.27%	0.3%	0.28%	0.26%	0.28%
Net Income Growth %	-0.08%	-0.11%	1.53%	-0.44%	-0.01%	-0.1%	0.22%	0.07%	-0.09%	0.06%
Net Income (Continuing)	4.77B	4.23B	10.71B	5.97B	5.92B	5.35B	6.52B	7B	6.38B	6.75B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	5.49	5.07	13.36	7.91	8.38	7.88	9.95	11.21	10.45	11.09
EPS Growth %	-0.05%	-0.08%	1.64%	-0.41%	0.06%	-0.06%	0.26%	0.13%	-0.07%	0.06%
EPS (Basic)	5.51	5.09	13.42	7.95	8.41	7.90	9.98	11.24	10.47	11.10
Diluted Shares Outstanding	869.4M	835.4M	801.7M	754.3M	706.1M	679.1M	655.4M	624M	610.2M	608.6M
Basic Shares Outstanding	866.2M	832.4M	798.4M	750.9M	703.5M	677.3M	653.8M	622.7M	609.2M	607.6M
Dividend Payout Ratio	0.49%	0.44%	0.19%	0.39%	0.44%	0.49%	0.43%	0.45%	0.5%	0.48%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	4.13B	3.6B	4.04B	4.16B	3.46B	4.21B	3.55B	3.95B	4.15B	4.02B
Cash & Short-Term Investments	1.39B	1.34B	1.36B	1.33B	891M	1.86B	1.01B	1.02B	1.07B	1.04B
Cash Only	1.39B	1.28B	1.27B	1.27B	831M	1.8B	960M	973M	1.05B	1.02B
Short-Term Investments	0	60M	90M	60M	60M	60M	46M	46M	16M	20M
Accounts Receivable	1.36B	1.26B	1.49B	1.75B	1.59B	1.5B	1.72B	1.89B	2.07B	1.89B
Days Sales Outstanding	22.69	23.03	25.66	28.06	26.82	28.12	28.83	27.75	31.37	28.51
Inventory	736M	717M	749M	742M	751M	638M	621M	741M	743M	769M
Days Inventory Outstanding	20.93	22.42	22.35	20.37	22.67	22.49	20.08	19.79	19.96	21.25
Other Current Assets	647M	284M	399M	333M	222M	212M	202M	301M	261M	322M
Total Non-Current Assets+	50.47B	52.12B	53.8B	54.98B	58.21B	58.18B	59.97B	61.5B	62.98B	63.69B
Property, Plant & Equipment	48.3B	49.83B	50.96B	52.05B	55.09B	55.09B	55.97B	56.98B	58.23B	58.85B
Fixed Asset Turnover	0.45x	0.40x	0.42x	0.44x	0.39x	0.35x	0.39x	0.44x	0.41x	0.41x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	561M	562M	645M	624M	633M	679M	686M	729M	814M	791M
Long-Term Investments	1.41B	1.46B	1.81B	1.91B	2.05B	2.16B	2.24B	2.38B	2.6B	2.66B
Other Non-Current Assets	194M	276M	386M	393M	436M	249M	1.07B	1.41B	1.34B	1.39B
Total Assets+	54.6B	55.72B	57.81B	59.15B	61.67B	62.4B	63.52B	65.45B	67.13B	67.72B
Asset Turnover	0.40x	0.36x	0.37x	0.39x	0.35x	0.31x	0.34x	0.38x	0.36x	0.36x
Asset Growth %	0.04%	0.02%	0.04%	0.02%	0.04%	0.01%	0.02%	0.03%	0.03%	0.01%
Total Current Liabilities+	3.21B	3.64B	3.94B	4.63B	4.35B	4.17B	5.74B	5.52B	5.11B	5.25B
Accounts Payable	743M	955M	1.01B	872M	749M	612M	752M	784M	856M	847M
Days Payables Outstanding	21.13	29.86	30.23	23.94	22.61	21.57	24.31	20.93	22.99	23.4
Short-Term Debt	594M	758M	800M	1.47B	1.26B	960M	2.17B	1.68B	1.42B	1.43B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	550M	570M	671M	575M	538M	592M	1.06B	1.37B	993M	1.23B
Current Ratio	1.29x	0.99x	1.03x	0.90x	0.79x	1.01x	0.62x	0.72x	0.81x	0.77x
Quick Ratio	1.06x	0.79x	0.83x	0.74x	0.62x	0.86x	0.51x	0.58x	0.67x	0.62x
Cash Conversion Cycle	22.49	15.58	17.78	24.49	26.88	29.04	24.59	26.6	28.34	26.35
Total Non-Current Liabilities+	30.69B	32.15B	29.01B	34.1B	39.19B	41.27B	43.62B	47.77B	47.24B	45.57B
Long-Term Debt	13.61B	14.25B	16.14B	20.93B	23.94B	25.32B	27.56B	31.65B	31.16B	29.77B
Capital Lease Obligations	0	0	0	0	1.47B	1.62B	1.43B	1.3B	1.25B	925M
Deferred Tax Liabilities	15.24B	16B	10.94B	11.3B	11.99B	12.25B	12.68B	13.03B	13.12B	13.15B
Other Non-Current Liabilities	1.84B	1.9B	1.93B	1.87B	1.79B	2.08B	1.95B	1.78B	1.71B	1.73B
Total Liabilities	33.9B	35.79B	32.95B	38.72B	43.55B	45.44B	49.36B	53.29B	52.34B	50.83B
Total Debt+	14.2B	15.01B	16.94B	22.39B	27.03B	28.33B	31.49B	34.96B	34.18B	32.46B
Net Debt	12.81B	13.73B	15.67B	21.12B	26.2B	26.53B	30.53B	33.98B	33.12B	31.45B
Debt / Equity	0.69x	0.75x	0.68x	1.10x	1.49x	1.67x	2.22x	2.87x	2.31x	1.92x
Debt / EBITDA	1.41x	1.61x	1.67x	2.09x	2.51x	2.82x	2.73x	2.86x	2.99x	2.67x
Net Debt / EBITDA	1.27x	1.47x	1.54x	1.97x	2.43x	2.64x	2.64x	2.78x	2.90x	2.59x
Interest Coverage	12.95x	10.42x	11.21x	9.79x	8.15x	6.87x	8.07x	7.80x	6.78x	7.65x
Total Equity+	20.7B	19.93B	24.86B	20.42B	18.13B	16.96B	14.16B	12.16B	14.79B	16.89B
Equity Growth %	-0.02%	-0.04%	0.25%	-0.18%	-0.11%	-0.06%	-0.16%	-0.14%	0.22%	0.14%
Book Value per Share	23.81	23.86	31.00	27.08	25.67	24.97	21.61	19.49	24.23	27.75
Total Shareholders' Equity	20.7B	19.93B	24.86B	20.42B	18.13B	16.96B	14.16B	12.16B	14.79B	16.89B
Common Stock	2.78B	2.78B	2.78B	2.78B	2.78B	2.78B	2.78B	2.78B	2.78B	2.78B
Retained Earnings	30.23B	32.59B	41.32B	45.28B	48.6B	51.33B	55.05B	58.89B	62.09B	65.63B
Treasury Stock	-15.53B	-18.58B	-22.57B	-30.67B	-36.42B	-40.42B	-47.73B	-54B	-54.67B	-56.13B
Accumulated OCI	-1.2B	-1.27B	-1.14B	-1.42B	-1.36B	-1.59B	-914M	-582M	-614M	-723M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	7.34B	7.53B	7.23B	8.69B	8.61B	8.54B	9.03B	9.36B	8.38B	9.35B
Operating CF Margin %	0.34%	0.38%	0.34%	0.38%	0.4%	0.44%	0.41%	0.38%	0.35%	0.39%
Operating CF Growth %	-0.01%	0.02%	-0.04%	0.2%	-0.01%	-0.01%	0.06%	0.04%	-0.1%	0.12%
Net Income	4.77B	4.23B	10.71B	5.97B	5.92B	5.35B	6.52B	7B	6.38B	6.75B
Depreciation & Amortization	2.01B	2.04B	2.1B	2.19B	2.22B	2.21B	2.21B	2.25B	2.32B	2.4B
Stock-Based Compensation	98M	82M	103M	96M	93M	73M	88M	99M	0	0
Deferred Taxes	765M	831M	-5.07B	338M	566M	340M	154M	262M	117M	28M
Other Non-Cash Items	-205M	423M	-520M	191M	-15M	302M	-144M	-251M	-132M	-13M
Working Capital Changes	-177M	745M	-127M	-126M	-170M	266M	203M	8M	-303M	186M
Change in Receivables	255M	98M	-235M	-262M	160M	90M	-217M	-169M	-177M	179M
Change in Inventory	-24M	19M	-32M	7M	-9M	113M	17M	-120M	-2M	-26M
Change in Payables	-276M	232M	182M	-125M	-179M	-73M	184M	565M	-215M	189M
Cash from Investing+	-4.48B	-3.39B	-3.09B	-3.41B	-3.44B	-2.68B	-2.71B	-3.47B	-3.67B	-3.33B
Capital Expenditures	-4.65B	-3.5B	-3.26B	-3.44B	-3.45B	-2.93B	-2.94B	-3.62B	-3.61B	-3.45B
CapEx % of Revenue	0.21%	0.18%	0.15%	0.15%	0.16%	0.15%	0.13%	0.15%	0.15%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	174M	112M	220M	26M	3M	-2.68B	-2.73B	-45M	-61M	127M
Cash from Financing+	-3.06B	-4.25B	-4.15B	-5.22B	-5.65B	-4.9B	-7.16B	-5.89B	-4.63B	-6.07B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.34B	-1.88B	-1.98B	-2.3B	-2.6B	-2.63B	-2.8B	-3.16B	-3.17B	-3.21B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-26M	-41M	-46M	-48M	-20M	-67M	31M	-235M	-156M	77M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.69B	4.02B	3.97B	5.25B	5.16B	5.61B	6.1B	5.74B	4.77B	5.89B
FCF Margin %	0.12%	0.2%	0.19%	0.23%	0.24%	0.29%	0.28%	0.23%	0.2%	0.24%
FCF Growth %	-0.11%	0.49%	-0.01%	0.32%	-0.02%	0.09%	0.09%	-0.06%	-0.17%	0.23%
FCF per Share	3.10	4.81	4.96	6.96	7.30	8.27	9.30	9.20	7.82	9.68
FCF Conversion (FCF/Net Income)	1.54x	1.78x	0.67x	1.46x	1.45x	1.60x	1.38x	1.34x	1.31x	1.39x
Interest Paid	592M	652M	666M	728M	1.03B	1.05B	1.09B	1.16B	1.27B	1.26B
Taxes Paid	2.16B	1.35B	2.11B	1.21B	1.38B	1.21B	1.66B	2.06B	1.49B	1.34B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	22.78%	20.83%	47.83%	26.35%	30.71%	30.49%	41.92%	53.17%	47.34%	42.6%
Return on Invested Capital (ROIC)	18.72%	16.24%	16.3%	15.57%	14.94%	13.38%	15.88%	16.38%	14.48%	15.14%
Gross Margin	41.15%	41.47%	42.42%	41.78%	44.29%	46.99%	48.22%	45.05%	43.65%	45.52%
Net Margin	21.88%	21.23%	50.43%	26.13%	27.27%	27.38%	29.92%	28.13%	26.45%	27.82%
Debt / Equity	0.69x	0.75x	0.68x	1.10x	1.49x	1.67x	2.22x	2.87x	2.31x	1.92x
Interest Coverage	12.95x	10.42x	11.21x	9.79x	8.15x	6.87x	8.07x	7.80x	6.78x	7.65x
FCF Conversion	1.54x	1.78x	0.67x	1.46x	1.45x	1.60x	1.38x	1.34x	1.31x	1.39x
Revenue Growth	-9.07%	-8.58%	6.51%	7.5%	-4.92%	-10.02%	11.63%	14.08%	-3.04%	0.54%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Industrial	-	-	7.69B	7.47B	6.62B	7.32B	8.21B	8.24B	8.44B
Industrial Growth	-	-	-	-2.82%	-11.38%	10.59%	12.04%	0.40%	2.45%
Bulk	-	-	7.07B	6.53B	5.96B	6.66B	7.54B	7.36B	7.21B
Bulk Growth	-	-	-	-7.64%	-8.71%	11.68%	13.24%	-2.37%	-2.05%
Premium	-	-	6.63B	6.24B	5.67B	6.26B	7.42B	6.97B	7.16B
Premium Growth	-	-	-	-5.80%	-9.18%	10.51%	18.39%	-5.96%	2.71%
Other Subsidiary Revenues	-	-	881M	880M	743M	741M	884M	872M	788M
Other Subsidiary Revenues Growth	-	-	-	-0.11%	-15.57%	-0.27%	19.30%	-1.36%	-9.63%
Accessorial Revenues	-	-	514M	514M	473M	752M	779M	584M	554M
Accessorial Revenues Growth	-	-	-	0.00%	-7.98%	58.99%	3.59%	-25.03%	-5.14%
Other Miscellaneous Product and Service Revenues	-	-	65M	71M	66M	67M	53M	92M	97M
Other Miscellaneous Product and Service Revenues Growth	-	-	-	9.23%	-7.04%	1.52%	-20.90%	73.58%	5.43%
Industrial Products	3.35B	4.08B	-	-	-	-	-	-	-
Industrial Products Growth	-	21.80%	-	-	-	-	-	-	-
Intermodal	3.71B	3.83B	-	-	-	-	-	-	-
Intermodal Growth	-	3.26%	-	-	-	-	-	-	-
Chemicals	3.47B	3.6B	-	-	-	-	-	-	-
Chemicals Growth	-	3.51%	-	-	-	-	-	-	-
Coal	2.44B	2.65B	-	-	-	-	-	-	-
Coal Growth	-	8.40%	-	-	-	-	-	-	-
Automotive	2B	2B	-	-	-	-	-	-	-
Automotive Growth	-	-0.10%	-	-	-	-	-	-	-
Other	1.34B	1.4B	-	-	-	-	-	-	-
Other Growth	-	4.70%	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	17.74B	18.94B	20.33B	19.41B	-	-	-	21.32B	-
United States Growth	-	6.76%	7.35%	-4.54%	-	-	-	-	-
Mexico	2.2B	2.3B	2.5B	2.3B	-	-	-	2.8B	-
Mexico Growth	-	4.55%	8.70%	-8.00%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Union Pacific Corporation (UNP) has a price-to-earnings (P/E) ratio of 20.8x. This is roughly in line with market averages.

Growth & Financials

Union Pacific Corporation (UNP) reported $24.55B in revenue for fiscal year 2024. This represents a 26% increase from $19.56B in 2011.

Union Pacific Corporation (UNP) grew revenue by 0.5% over the past year. Growth has been modest.

Yes, Union Pacific Corporation (UNP) is profitable, generating $7.05B in net income for fiscal year 2024 (27.8% net margin).

Dividend & Returns

Yes, Union Pacific Corporation (UNP) pays a dividend with a yield of 2.29%. This makes it attractive for income-focused investors.

Union Pacific Corporation (UNP) has a return on equity (ROE) of 42.6%. This is excellent, indicating efficient use of shareholder capital.

Union Pacific Corporation (UNP) generated $6.01B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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