Union Pacific Corp (UNP)

Industrials · Rail Transportation · US stock · S&P 500 component

$298.09 ▲ +10.22 (3.55%)

At close 22 Oct 2026 · USD · Volume 4,989,547

Compare with CSX

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueFair

$253 −15.2% to fair value

$126fair band $215–$306$379

Day's range

$278.59 – $299.38

52-week range

$215.53 – $315.99

About Union Pacific Corp

Union Pacific runs a freight railroad network across the western United States, linking ports, mines, farms, factories and cities, and connecting with railroads in Canada and Mexico. It moves bulk commodities such as grain, coal and chemicals, industrial goods such as lumber and metals, and premium traffic including containers and automobiles. Customers are shippers, from agricultural producers and chemical firms to retailers and automakers, who pay to move their goods by rail.

Revenue comes from freight charges per shipment, with fuel surcharges added. Sales were $25.4 billion over the last twelve months, with growth of -0.5% a year over the last three years. The operating margin is 40.0%, and the business earns a profit of 16% on the capital invested in it. Net debt is 2.8 times EBITDA. The dividend yield is 1.9%. On the site's X-Ray Score it receives 45 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $215.53 – $315.99Volume 4,989,547Daily, split-adjusted

Vitals

Market cap$177.1B

52-week range$215.53 – $315.99

Volume (last day)4,989,547

P/E (TTM)24.2

EBIT / EV yield4.9%

Free-cash-flow yield3.7%

Dividend yield1.9%

Revenue (TTM)$25.4B

Net income (TTM)$7.3B

Operating margin40.0%

Return on capital15.9%

Debt incl. leases$30.3B

Cash & securities$1.6B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$253middle half of models $236 – $282

Fair −15.2% to fair value

Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $298

Undervalued < $215Fair $215 – $306Overvalued > $306

P/E multiple

$291

P/B multiple

$306

P/S multiple

$248

EV/EBITDA multiple

$306

EV/EBIT multiple

$305

EV/revenue multiple

$257

10-year DCF, EBITDA exit

$238

5-year DCF, EBITDA exit

$265

10-year DCF, revenue exit

$233

5-year DCF, revenue exit

$260

10-year DCF, growth exit

$164

5-year DCF, growth exit

$176

Dividend discount, stable

$198

Dividend discount, multi-stage

$272

Earnings power value

$271

Growth the price implies

16.0%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Average business, fairly priced

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better ✓ 57 The price is not above fair value $253 fair value Debt looks manageable 2.8× EBITDA Revenue has been growing -0.5% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Weak

38/100

Expensive against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield4.9%

Free-cash-flow yield3.7%

Fair value vs price0.8×

Growth Weak

24/100

Growing slower than most of its sector.

See the numbers →

Revenue growth (3y)-0.5%

EPS growth (3y)2.2%

Growth consistency60%

Profitability Fair

65/100

Returns on capital are typical for its sector.

See the numbers →

Return on invested capital15.9%

Operating margin40.0%

Financial health Weak

50/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score8 / 9

Net debt / EBITDA2.8×

Interest cover7.9×

Dividends Weak

43/100

Dividend is modest or less certain than peers.

See the numbers →

Dividend yield1.9%

Dividends vs free cash flow51%

Dividend growth0.8%

Quarterly results: last 6 quarters

-0.1%

Mar '25

+2.4%

Jun '25

+2.5%

Sep '25

-0.6%

Dec '25

+3.2%

Mar '26

+11.5%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $6.9B, diluted EPS $3.36.

Compare with peers

NSC Norfolk Southern Corp28 CSX Csx Corp28

Other Rail Transportation companies by X-Ray Score.

SWOT analysis: Union Pacific Corp

Strengthsinside the company

Return on invested capital is 15.9%, against a median of 14.9% for sector peers.
Operating margin of 40.0% is well above the 17.5% median of sector peers, a sign of pricing power or lower costs.
Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.

Weaknessesinside the company

Revenue has fallen 0.5% a year over three years while sector peers grew 5.6%.

Opportunitiesvaluation and setting

Price momentum is strong on the weekly and monthly signals (trends can reverse).

Threatsvaluation and setting

No specific threat is flagged by our checks; general market and interest-rate risk still applies.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare UNP with peers and sector

Medians of 80 Industrials peers and of 80 Industrials stocks in our universe. Largest peers (X-Ray Score): CAT 43, GE 49, RTX 51, GEV 50, DE 43, BA 35.

Metric	UNP	Peers	Sector
X-Ray Score (out of 100)	45	51	51
Valuation	38	48	48
Growth	24	51	51
Profitability	65	50	50
Financial health	50	49	49
Dividends	43	53	53

Sector leaders: highest X-Ray Score in Industrials

UNP ranks #58 of 81 in Industrials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 GD General Dynamics Corp	70
#2 EME EMCOR Group, Inc.	69
#3 PAYX Paychex Inc	69
#4 LDOS Leidos Holdings, Inc.	67
#5 SNA Snap-on Inc	66
…
#58 UNP Union Pacific Corp (this stock)	45

Metric	UNP	Peers	Sector
P/E ratio	24.2x	29.3x	29.3x
PEG ratio	10.79	2.33	2.33
Price / book	8.6x	6.2x	6.2x
Price / sales	7.0x	3.5x	3.5x
EV / EBITDA	20.2x	18.3x	18.3x
Price / free cash flow	27.2x	25.3x	25.3x
Dividend yield	1.9%	1.3%	1.3%
Gap to our fair value	−15.2%	−8.5%	−8.5%

Metric	UNP	Peers	Sector
Price change, 1 month	+8.6%	+2.4%	+2.4%
Price change, 3 months	+2.4%	−3.6%	−3.6%
Price change, 6 months	+20.7%	−1.4%	−1.4%
Price change, 1 year	+35.1%	+11.3%	+11.3%

Metric	UNP	Peers	Sector
Market value	$177.1B	$47.5B	$47.5B
Revenue (last 12 months)	$25.4B	$14.7B	$14.7B
EBITDA (last 12 months)	$10.2B	$2.5B	$2.5B
Net income (last 12 months)	$7.3B	$1.5B	$1.5B
Free cash flow (last 12 months)	$6.5B	$1.7B	$1.7B

Metric	UNP	Peers	Sector
Revenue growth, last year	+1.1%	+4.5%	+4.5%
Revenue growth, 3 years a year	−0.5%	+5.6%	+5.6%
EPS growth, 3 years a year	+2.2%	+5.7%	+5.7%
Free cash flow growth, 3 years a year	−1.4%	+14.5%	+14.5%
Dividend growth	+0.8%	+7.0%	+7.0%

Metric	UNP	Peers	Sector
Gross margin	–	38.0%	38.0%
EBITDA margin	40.0%	20.1%	20.1%
Operating margin	40.0%	17.5%	17.5%
Net margin	28.8%	12.4%	12.4%
Return on invested capital	15.9%	14.9%	14.9%
Return on equity	35.5%	23.3%	23.3%

Metric	UNP	Peers	Sector
Net debt / EBITDA	2.8x	1.8x	1.8x
Interest cover	7.9x	21.8x	21.8x
Current ratio	1.0x	1.3x	1.3x
Piotroski F-score (0 to 9)	8	6	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for UNP

Each factor is rated by where UNP stands among the 81 Industrials stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 6 Good · 8 Average · 7 Bad of 21 Growth: 0 · 1 · 2 Profitability: 3 · 1 · 0 Financial strength: 1 · 0 · 3 Valuation: 0 · 4 · 1 Cash flow: 1 · 2 · 1 Efficiency: 1 · 0 · 0

Factor	UNP	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	−0.5%	Bad beats 19%	+5.6%	–	–
Revenue growth, last year	+1.1%	Bad beats 26%	+4.5%	+1.1%	≈ In line
EPS growth, 3 years a year	+2.2%	Average beats 40%	+5.7%	–	–
Profitability
Operating margin	40.0%	Good beats 97%	17.5%	40.1%	≈ In line
Net margin	28.8%	Good beats 96%	12.8%	28.1%	≈ In line
Return on invested capital	15.9%	Average beats 54%	14.9%	–	–
Return on equity	35.5%	Good beats 73%	23.7%	43.1%	▼ Worse
Financial strength
Net debt / EBITDA	2.8x	Bad beats 15%	1.8x	3.1x	≈ In line
Interest cover	7.9x	Bad beats 24%	21.4x	7.7x	≈ In line
Current ratio	0.99	Bad beats 21%	1.25	0.77	▲ Better
Piotroski F-score	8 / 9	Good beats 86%	6 / 9	–	–
Valuation
P/E ratio	24.2x	Average beats 66%	28.9x	20.6x	▼ Worse
Price / book	8.6x	Average beats 36%	6.2x	10.1x	▲ Better
Price / sales	7.0x	Bad beats 10%	3.5x	5.7x	▼ Worse
EV / EBITDA	20.2x	Average beats 38%	18.5x	17.4x	▼ Worse
Free cash flow yield	3.7%	Average beats 40%	3.8%	4.0%	≈ In line
Cash flow
Free cash flow margin	25.6%	Good beats 92%	13.8%	23.1%	▲ Better
Cash from operations / net income	1.40	Average beats 52%	1.39	1.34	≈ In line
Free cash flow growth, 3 years a year	−1.4%	Bad beats 15%	+14.5%	–	–
Accruals (lower is better)	−4.1%	Average beats 61%	−3.2%	–	–
Efficiency
Days sales outstanding	31 days	Good beats 84%	57 days	29 days	≈ In line

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 3 Good · ● 5 Average · ● 7 Bad

Cash quality

Earnings backed by cashAverage

Free-cash-flow yieldAverage

Risk models

Altman Z''Good

Piotroski F-ScoreGood

Growth

EPS growth (3y)Average

Free-cash-flow growth (3y)Bad

Revenue growth (3y)Bad

Growth consistencyBad

Balance sheet

Current ratioBad

Net debt / EBITDABad

Interest coverBad

Valuation

Fair value vs priceBad

EBIT / EV yieldAverage

Profitability

Return on invested capitalAverage

Operating marginGood

Each check is graded against the company's sector, not a fixed number. Checklist score 45/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$21.8B	$24.9B	$24.1B	$24.3B	$24.5B
Operating income	$9.3B	$9.9B	$9.1B	$9.7B	$9.8B
Net income	$6.5B	$7.0B	$6.4B	$6.7B	$7.1B
Operating cash flow	$9.0B	$9.4B	$8.4B	$9.3B	$9.3B
Operating margin	42.8%	39.9%	37.7%	40.1%	40.2%
Free cash flow	$6.1B	$5.7B	$4.8B	$5.9B	$5.5B
Diluted EPS	$9.95	$11.21	$10.45	$11.09	$11.98

Fiscal years, from SEC filings.

Technical summary

Daily

Bullish

12 bullish · 0 neutral · 4 bearish

Weekly

Strongly bullish

11 bullish · 1 neutral · 0 bearish

Monthly

Strongly bullish

7 bullish · 1 neutral · 0 bearish

Moving averages (daily)

SMA 10	286.7	Bullish
EMA 10	287.4	Bullish
SMA 20	280.9	Bullish
EMA 20	284.5	Bullish
SMA 50	287.2	Bullish
EMA 50	284.2	Bullish
SMA 100	283.7	Bullish
EMA 100	280.3	Bullish
SMA 200	266.4	Bullish
EMA 200	268.7	Bullish

Oscillators (daily)

RSI (14)	71.96	Bearish
MACD (12, 26)	2.28	Bullish
Momentum (12)	7.77	Bullish
Stochastic %K (14)	94.87	Bearish
Williams %R (14)	-5.13	Bearish
CCI (20)	134.6	Bearish

Pivot points (classic, last session)

263.9

271.2

284.7

Pivot

292.0

305.5

312.8

326.2

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

5.56 USD

Yield on today's price

1.87%

Frequency

Quarterly

Next ex-dividend date

Not announced

Ex-dividend date	Amount per share
31 Aug 2026	1.4200
29 May 2026	1.3800
27 Feb 2026	1.3800
5 Dec 2025	1.3800
29 Aug 2025	1.3800
30 May 2025	1.3400
28 Feb 2025	1.3400
9 Dec 2024	1.3400
30 Aug 2024	1.3400
31 May 2024	1.3000
28 Feb 2024	1.3000
7 Dec 2023	1.3000

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold UNP

ETF	Share of the fund
IYT iShares Transportation Average	17.38%
IFRA iShares U.S. Infrastructure	3.87%
PAVE Global X U.S. Infrastructure Developme...	3.12%
XLI Industrial Select Sector SPDR	2.80%
FIDU Fidelity MSCI Industrials Index	2.47%
GRNY Fundstrat Granny Shots US Large Cap	2.47%
FTCS First Trust Capital Strength	2.18%
CGDV Capital Group Dividend Value	2.12%

The eight funds with the largest weight in UNP among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.