United Parcel Service, Inc. (UPS) 10-Year Financial Performance & Capital Metrics

UPS • • Industrial / General

IndustrialsFreight & LogisticsIntegrated Express & Parcel DeliveryGlobal Express & Parcel Carriers

AboutUnited Parcel Service, Inc. provides letter and package delivery, transportation, logistics, and related services. It operates through two segments, U.S. Domestic Package and International Package. The U.S. Domestic Package segment offers time-definite delivery of letters, documents, small packages, and palletized freight through air and ground services in the United States. The International Package segment provides guaranteed day and time-definite international shipping services in Europe, the Asia Pacific, Canada and Latin America, the Indian sub-continent, the Middle East, and Africa. This segment offers guaranteed time-definite express options. The company also provides international air and ocean freight forwarding, customs brokerage, distribution and post-sales, and mail and consulting services in approximately 200 countries and territories. In addition, it offers truckload brokerage services; supply chain solutions to the healthcare and life sciences industry; shipping, visibility, and billing technologies; and financial and insurance services. The company operates a fleet of approximately 121,000 package cars, vans, tractors, and motorcycles; and owns 59,000 containers that are used to transport cargo in its aircraft. United Parcel Service, Inc. was founded in 1907 and is headquartered in Atlanta, Georgia.Show more

Revenue $90.89B +0.2%
EBITDA $12.29B -3.5%
Net Income $5.78B -13.8%
EPS (Diluted) 6.76 -13.3%
Gross Margin 18.77% -3.8%
EBITDA Margin 13.53% -3.6%
Operating Margin 9.56% -7.5%
Net Margin 6.36% -13.9%
ROE 33.95% -6.1%
ROIC 16.88% -5.6%
Debt/Equity 1.53 -0.8%
Interest Coverage 10.09 -16.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 46.0%
✓Strong Piotroski F-Score: 7/9
✓15 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 5.8%
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.55%

5Y4.22%

3Y-2.21%

TTM-1.27%

Profit (Net Income) CAGR

10Y6.67%

5Y5.42%

3Y-23.45%

TTM-2.89%

EPS CAGR

10Y7.5%

5Y5.76%

3Y-22.78%

TTM-2.14%

ROCE

10Y Avg21.36%

5Y Avg20.69%

3Y Avg19.55%

Latest16.26%

Peer Comparison

Global Express & Parcel Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FDXFedEx Corporation	73.63B	313.16	18.63	0.27%	4.81%	15.41%	4.05%	1.33
UPSUnited Parcel Service, Inc.	80.27B	108.62	16.07	0.16%	6.16%	34.72%	7.74%	1.53

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	58.05B	60.5B	66.55B	71.91B	73.92B	84.43B	97.2B	100.03B	90.75B	90.89B
Revenue Growth %	-0%	0.04%	0.1%	0.08%	0.03%	0.14%	0.15%	0.03%	-0.09%	0%
Cost of Goods Sold+	45.94B	48.16B	53.2B	57.74B	57.82B	62.65B	79.77B	79.95B	73.04B	73.84B
COGS % of Revenue	0.79%	0.8%	0.8%	0.8%	0.78%	0.74%	0.82%	0.8%	0.8%	0.81%
Gross Profit+	12.11B	12.34B	13.35B	14.17B	16.09B	21.78B	17.43B	20.08B	17.71B	17.06B
Gross Margin %	0.21%	0.2%	0.2%	0.2%	0.22%	0.26%	0.18%	0.2%	0.2%	0.19%
Gross Profit Growth %	0.03%	0.02%	0.08%	0.06%	0.14%	0.35%	-0.2%	0.15%	-0.12%	-0.04%
Operating Expenses+	4.77B	7.27B	5.86B	7.09B	8.22B	13.95B	4.33B	7.11B	8.34B	8.37B
OpEx % of Revenue	0.08%	0.12%	0.09%	0.1%	0.11%	0.17%	0.04%	0.07%	0.09%	0.09%
Selling, General & Admin	4.77B	7.27B	5.86B	7.09B	8.22B	13.95B	4.33B	7.11B	8.34B	8.68B
SG&A % of Revenue	0.08%	0.12%	0.09%	0.1%	0.11%	0.17%	0.04%	0.07%	0.09%	0.1%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	-311M
Operating Income+	7.34B	5.07B	7.49B	7.07B	7.88B	7.84B	13.11B	12.97B	9.37B	8.69B
Operating Margin %	0.13%	0.08%	0.11%	0.1%	0.11%	0.09%	0.13%	0.13%	0.1%	0.1%
Operating Income Growth %	0.21%	-0.31%	0.48%	-0.06%	0.11%	-0.01%	0.67%	-0.01%	-0.28%	-0.07%
EBITDA+	9.43B	7.29B	9.78B	9.28B	10.24B	10.53B	16.06B	16.16B	12.74B	12.29B
EBITDA Margin %	0.16%	0.12%	0.15%	0.13%	0.14%	0.12%	0.17%	0.16%	0.14%	0.14%
EBITDA Growth %	0.18%	-0.23%	0.34%	-0.05%	0.1%	0.03%	0.52%	0.01%	-0.21%	-0.03%
D&A (Non-Cash Add-back)	2.08B	2.22B	2.28B	2.21B	2.36B	2.7B	2.95B	3.19B	3.37B	3.61B
EBIT	7.61B	5.48B	7.55B	6.59B	6.28B	2.53B	17.28B	15.52B	9.35B	8.3B
Net Interest Income+	-262M	-128M	-409M	-572M	-629M	-684M	-683M	-694M	-775M	-861M
Interest Income	9M	219M	8M	0	0	0	0	0	0	0
Interest Expense	271M	347M	417M	572M	629M	684M	683M	694M	775M	861M
Other Income/Expense	-3M	65M	-357M	-1.05B	-2.22B	-5.99B	3.49B	1.86B	-798M	-1.24B
Pretax Income+	7.34B	5.14B	7.14B	6.02B	5.65B	1.84B	16.59B	14.82B	8.57B	7.44B
Pretax Margin %	0.13%	0.08%	0.11%	0.08%	0.08%	0.02%	0.17%	0.15%	0.09%	0.08%
Income Tax+	2.5B	1.71B	2.23B	1.23B	1.21B	501M	3.71B	3.28B	1.86B	1.66B
Effective Tax Rate %	0.66%	0.67%	0.69%	0.8%	0.79%	0.73%	0.78%	0.78%	0.78%	0.78%
Net Income+	4.84B	3.43B	4.91B	4.79B	4.44B	1.34B	12.89B	11.55B	6.71B	5.78B
Net Margin %	0.08%	0.06%	0.07%	0.07%	0.06%	0.02%	0.13%	0.12%	0.07%	0.06%
Net Income Growth %	0.6%	-0.29%	0.43%	-0.02%	-0.07%	-0.7%	8.6%	-0.1%	-0.42%	-0.14%
Net Income (Continuing)	4.84B	3.43B	4.91B	4.79B	4.44B	1.34B	12.89B	11.55B	6.71B	5.78B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	21M	24M	30M	16M	16M	12M	16M	17M	8M	25M
EPS (Diluted)+	5.35	3.87	5.61	5.51	5.11	1.54	14.68	13.20	7.80	6.76
EPS Growth %	0.63%	-0.28%	0.45%	-0.02%	-0.07%	-0.7%	8.52%	-0.1%	-0.41%	-0.13%
EPS (Basic)	5.38	3.89	5.63	5.53	5.14	1.55	14.75	13.26	7.81	6.76
Diluted Shares Outstanding	906M	887M	875M	870M	869M	871M	878M	871M	860M	856M
Basic Shares Outstanding	901M	883M	871M	866M	864M	867M	874M	871M	859M	855M
Dividend Payout Ratio	0.52%	0.77%	0.56%	0.63%	0.72%	2.51%	0.27%	0.44%	0.8%	0.93%

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+	13.21B	13.85B	15.72B	16.21B	17.1B	20.22B	24.93B	22.22B	19.41B	19.31B
Cash & Short-Term Investments	4.73B	4.57B	4.07B	5.04B	5.74B	6.32B	10.59B	7.59B	6.04B	6.32B
Cash Only	2.73B	3.48B	3.32B	4.22B	5.24B	5.91B	10.26B	5.6B	3.17B	6.11B
Short-Term Investments	2B	1.09B	749M	810M	503M	406M	338M	1.99B	2.87B	206M
Accounts Receivable	7.13B	8.33B	10.35B	9.9B	9.55B	10.75B	12.54B	12.58B	11.22B	10.87B
Days Sales Outstanding	44.86	50.24	56.74	50.24	47.17	46.47	47.09	45.91	45.11	43.65
Inventory	308M	342M	404M	421M	511M	620M	717M	889M	935M	826M
Days Inventory Outstanding	2.45	2.59	2.77	2.66	3.23	3.61	3.28	4.06	4.67	4.08
Other Current Assets	1.04B	612M	899M	856M	1.3B	2.53B	1.08B	1.15B	1.23B	1.29B
Total Non-Current Assets+	25.1B	26.53B	29.86B	33.81B	40.75B	42.19B	44.47B	48.91B	51.44B	50.76B
Property, Plant & Equipment	18.35B	18.8B	22.12B	26.58B	33.34B	35.33B	37.04B	38.47B	41.25B	41.33B
Fixed Asset Turnover	3.16x	3.22x	3.01x	2.71x	2.22x	2.39x	2.62x	2.60x	2.20x	2.20x
Goodwill	3.42B	3.76B	3.87B	3.81B	3.81B	3.37B	3.69B	4.22B	4.87B	4.3B
Intangible Assets	1.55B	1.76B	1.96B	2.08B	2.17B	2.27B	2.49B	2.8B	3.31B	3.06B
Long-Term Investments	31M	18M	19M	19M	21M	23M	23M	0	0	0
Other Non-Current Assets	1.5B	1.6B	1.62B	1.18B	1.08B	674M	1.06B	3.27B	1.89B	1.96B
Total Assets+	38.31B	40.38B	45.57B	50.02B	57.86B	62.41B	69.41B	71.12B	70.86B	70.07B
Asset Turnover	1.52x	1.50x	1.46x	1.44x	1.28x	1.35x	1.40x	1.41x	1.28x	1.30x
Asset Growth %	0.08%	0.05%	0.13%	0.1%	0.16%	0.08%	0.11%	0.02%	-0%	-0.01%
Total Current Liabilities+	10.7B	11.86B	12.71B	14.09B	15.41B	17.02B	17.57B	18.14B	17.68B	16.44B
Accounts Payable	2.59B	3.04B	3.93B	5.19B	5.55B	6.46B	7.52B	7.51B	6.34B	6.3B
Days Payables Outstanding	20.55	23.05	26.99	32.79	35.06	37.61	34.42	34.31	31.68	31.15
Short-Term Debt	3.02B	3.68B	4.01B	2.81B	3.42B	2.62B	2.13B	2.34B	3.35B	1.84B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	2.79B	2.64B	2.28B	3.05B	3.35B	3.81B	3.52B	3.61B	4.05B	3.91B
Current Ratio	1.23x	1.17x	1.24x	1.15x	1.11x	1.19x	1.42x	1.22x	1.10x	1.17x
Quick Ratio	1.21x	1.14x	1.21x	1.12x	1.08x	1.15x	1.38x	1.18x	1.05x	1.12x
Cash Conversion Cycle	26.75	29.78	32.53	20.11	15.33	12.48	15.95	15.66	18.1	16.58
Total Non-Current Liabilities+	25.12B	28.22B	31.66B	32.89B	39.16B	44.72B	37.57B	33.18B	35.87B	36.89B
Long-Term Debt	11.32B	12.39B	20.28B	19.93B	21.82B	22.03B	19.78B	17.32B	18.92B	19.45B
Capital Lease Obligations	429M	401M	449M	0	2.39B	2.54B	3.03B	3.24B	3.76B	3.63B
Deferred Tax Liabilities	115M	112M	756M	1.62B	1.63B	488M	3.13B	4.3B	3.77B	3.6B
Other Non-Current Liabilities	13.26B	15.31B	10.18B	11.34B	13.32B	19.66B	11.63B	8.32B	9.42B	10.21B
Total Liabilities	35.82B	39.95B	44.55B	46.98B	54.57B	61.74B	55.14B	51.32B	53.54B	53.33B
Total Debt+	14.81B	16.52B	24.79B	22.74B	28.17B	27.75B	25.53B	23.52B	26.73B	25.65B
Net Debt	12.08B	13.05B	21.47B	18.51B	22.93B	21.84B	15.27B	17.92B	23.56B	19.54B
Debt / Equity	5.95x	38.51x	24.21x	7.49x	8.58x	41.49x	1.79x	1.19x	1.54x	1.53x
Debt / EBITDA	1.57x	2.26x	2.54x	2.45x	2.75x	2.63x	1.59x	1.46x	2.10x	2.09x
Net Debt / EBITDA	1.28x	1.79x	2.20x	1.99x	2.24x	2.07x	0.95x	1.11x	1.85x	1.59x
Interest Coverage	27.10x	14.61x	17.97x	12.37x	12.52x	11.46x	19.19x	18.69x	12.09x	10.09x
Total Equity+	2.49B	429M	1.02B	3.04B	3.28B	669M	14.27B	19.8B	17.31B	16.74B
Equity Growth %	0.15%	-0.83%	1.39%	1.97%	0.08%	-0.8%	20.33%	0.39%	-0.13%	-0.03%
Book Value per Share	2.75	0.48	1.17	3.49	3.78	0.77	16.25	22.74	20.13	19.56
Total Shareholders' Equity	2.47B	405M	994M	3.02B	3.27B	657M	14.25B	19.79B	17.31B	16.72B
Common Stock	9M	9M	9M	9M	9M	9M	9M	9M	9M	9M
Retained Earnings	6B	4.88B	5.86B	8.01B	9.11B	6.9B	16.18B	21.33B	21.05B	20.88B
Treasury Stock	-51M	-45M	-37M	-32M	-26M	-20M	-16M	-13M	-9M	-7M
Accumulated OCI	-3.54B	-4.48B	-4.87B	-4.99B	-6B	-7.11B	-3.28B	-1.55B	-3.75B	-4.31B
Minority Interest	21M	24M	30M	16M	16M	12M	16M	17M	8M	25M

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+	7.43B	6.47B	1.48B	12.71B	8.64B	10.46B	15.01B	14.1B	10.24B	10.12B
Operating CF Margin %	0.13%	0.11%	0.02%	0.18%	0.12%	0.12%	0.15%	0.14%	0.11%	0.11%
Operating CF Growth %	0.3%	-0.13%	-0.77%	7.59%	-0.32%	0.21%	0.43%	-0.06%	-0.27%	-0.01%
Net Income	4.84B	3.43B	4.91B	4.79B	4.44B	1.43B	12.89B	11.55B	6.71B	5.78B
Depreciation & Amortization	2.08B	2.22B	2.28B	2.21B	2.36B	2.7B	2.95B	3.19B	3.37B	3.61B
Stock-Based Compensation	574M	591M	584M	634M	915M	796M	878M	1.57B	220M	24M
Deferred Taxes	540M	123M	1.23B	758M	100M	-812M	1.65B	531M	199M	-15M
Other Non-Cash Items	-358M	813M	-6.07B	2.28B	688M	5.27B	-2.69B	-2.31B	117M	466M
Working Capital Changes	-254M	-709M	-1.46B	2.04B	136M	1.08B	-664M	-420M	-372M	256M
Change in Receivables	-452M	-704M	-1.02B	-421M	-717M	-1.56B	-2.15B	-322M	1.26B	-566M
Change in Inventory	-2.17B	-2.58B	-3.87B	-694M	0	0	0	0	0	0
Change in Payables	-147M	461M	592M	1.03B	419M	904M	1.26B	34M	-1.38B	262M
Cash from Investing+	-5.31B	-2.57B	-4.97B	-6.33B	-6.06B	-5.28B	-3.82B	-7.47B	-7.13B	-217M
Capital Expenditures	-2.38B	-2.96B	-5.23B	-6.28B	-6.38B	-5.41B	-4.19B	-4.77B	-5.16B	-3.91B
CapEx % of Revenue	0.04%	0.05%	0.08%	0.09%	0.09%	0.06%	0.04%	0.05%	0.06%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1M	38M	30M	42M	3M	43M	924M	-309M	-19M	-24M
Cash from Financing+	-1.56B	-3.14B	3.29B	-5.69B	-1.73B	-4.52B	-6.82B	-11.19B	-5.53B	-6.85B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.52B	-2.64B	-2.77B	-3.01B	-3.19B	-3.37B	-3.44B	-5.11B	-5.37B	-5.4B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.6B	147M	-203M	-48M	362M	-353M	-364M	-529M	-432M	-209M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	5.05B	3.51B	-3.75B	6.43B	2.26B	5.05B	10.81B	9.34B	5.08B	6.21B
FCF Margin %	0.09%	0.06%	-0.06%	0.09%	0.03%	0.06%	0.11%	0.09%	0.06%	0.07%
FCF Growth %	0.49%	-0.31%	-2.07%	2.72%	-0.65%	1.23%	1.14%	-0.14%	-0.46%	0.22%
FCF per Share	5.58	3.95	-4.28	7.39	2.60	5.79	12.32	10.72	5.91	7.26
FCF Conversion (FCF/Net Income)	1.53x	1.89x	0.30x	2.65x	1.95x	7.79x	1.16x	1.22x	1.53x	1.75x
Interest Paid	345M	373M	428M	595M	628M	691M	697M	721M	762M	854M
Taxes Paid	1.91B	2.06B	1.56B	2M	514M	1.14B	1.87B	2.57B	1.98B	1.35B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	208.39%	235%	675.15%	235.95%	140.51%	67.97%	172.58%	67.79%	36.15%	33.95%
Return on Invested Capital (ROIC)	42.83%	27.12%	31.25%	24.09%	24.74%	24.12%	37.77%	28.92%	17.88%	16.88%
Gross Margin	20.86%	20.39%	20.06%	19.7%	21.77%	25.8%	17.93%	20.07%	19.51%	18.77%
Net Margin	8.34%	5.67%	7.37%	6.66%	6.01%	1.59%	13.26%	11.54%	7.39%	6.36%
Debt / Equity	5.95x	38.51x	24.21x	7.49x	8.58x	41.49x	1.79x	1.19x	1.54x	1.53x
Interest Coverage	27.10x	14.61x	17.97x	12.37x	12.52x	11.46x	19.19x	18.69x	12.09x	10.09x
FCF Conversion	1.53x	1.89x	0.30x	2.65x	1.95x	7.79x	1.16x	1.22x	1.53x	1.75x
Revenue Growth	-0.35%	4.22%	10%	8.06%	2.79%	14.23%	15.13%	2.91%	-9.29%	0.16%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
U.S. Domestic Package	36.75B	38.3B	40.76B	-	-	-	-	-	-	-
U.S. Domestic Package Growth	-	4.23%	6.43%	-	-	-	-	-	-	-
International Package	12.15B	12.35B	13.34B	-	-	-	-	-	-	-
International Package Growth	-	1.65%	8.00%	-	-	-	-	-	-	-
Supply Chain & Freight	9.47B	10.26B	11.77B	-	-	-	-	-	-	-
Supply Chain & Freight Growth	-	8.32%	14.77%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	45.31B	48.01B	51.94B	43.59B	46.49B	53.5B	60.32B	64.21B	59.96B	60.38B
UNITED STATES Growth	-	5.97%	8.17%	-16.06%	6.65%	15.07%	12.74%	6.45%	-6.62%	0.70%
International	13.05B	12.89B	13.94B	14.44B	14.22B	15.95B	19.54B	19.7B	17.83B	17.96B
International Growth	-	-1.23%	8.09%	3.63%	-1.54%	12.13%	22.55%	0.80%	-9.48%	0.72%
Supply Chain & Freight	-	-	-	13.83B	13.38B	15.18B	17.43B	16.43B	13.17B	12.73B
Supply Chain & Freight Growth	-	-	-	-	-3.22%	13.47%	14.79%	-5.73%	-19.85%	-3.30%

Frequently Asked Questions

Valuation & Price

United Parcel Service, Inc. (UPS) has a price-to-earnings (P/E) ratio of 16.1x. This is roughly in line with market averages.

Growth & Financials

United Parcel Service, Inc. (UPS) reported $89.37B in revenue for fiscal year 2024. This represents a 68% increase from $53.21B in 2011.

United Parcel Service, Inc. (UPS) grew revenue by 0.2% over the past year. Growth has been modest.

Yes, United Parcel Service, Inc. (UPS) is profitable, generating $5.50B in net income for fiscal year 2024 (6.4% net margin).

Dividend & Returns

Yes, United Parcel Service, Inc. (UPS) pays a dividend with a yield of 5.81%. This makes it attractive for income-focused investors.

United Parcel Service, Inc. (UPS) has a return on equity (ROE) of 34.0%. This is excellent, indicating efficient use of shareholder capital.

United Parcel Service, Inc. (UPS) generated $4.40B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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