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Union Pacific Corp UNP

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Stock XNYS Rating as of
$243.55 +11.57 (4.99%)
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Company Report

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Union Pacific Earnings: Margin Improvement Accelerates Despite Sluggish Volume Trends

Matthew Young

Wide moat Class-I railroad Union Pacific's first-quarter freight revenue was roughly flat year over year as positive core-pricing and favorable mix offset lower fuel surcharges and a slight decline in consolidated volumes. Revenue came in modestly below our expected run rate on coal volume weakness and domestic intermodal pricing pressure, but UP's margin performance came in ahead on impressive productivity gains.

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Price vs Fair Value

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UNP is trading at a 11% premium.
Price
$236.29
Fair Value
$797.00
Uncertainty
Medium
1-Star Price
$456.60
5-Star Price
$185.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

We expect international and domestic intermodal volumes to flip positive this year as retail sector restocking activity improves and truckload competition gradually abates.

Bears

Intermodal pricing headwinds from depressed rates in the competing truckload sector will linger into first half 2024.

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News

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Trading Information

Previous Close Price
$231.98
Day Range
$236.12–243.61
52-Week Range
$190.37–258.66
Bid/Ask
$242.20 / $243.27
Market Cap
$148.59 Bil
Volume/Avg
3.9 Mil / 2.3 Mil

Key Statistics

Price/Earnings (Normalized)
22.25
Price/Sales
5.87
Dividend Yield (Trailing)
2.14%
Dividend Yield (Forward)
2.14%
Total Yield
2.22%

Company Profile

Omaha, Nebraska-based Union Pacific is the largest public railroad in North America. Operating on more than 30,000 miles of track in the western two thirds of the us, UP generated $24 billion of revenue in 2023 by hauling coal, industrial products, intermodal containers, agriculture goods, chemicals, fertilizers, and automotive goods. UP owns about one fourth of Mexican railroad Ferromex and historically derives roughly 10% of its revenue hauling freight to and from Mexico.
Sector
Industrials
Industry
Railroads
Stock Style Box
Large Core
Total Number of Employees
32,973
Website
https://www.up.com

Competitors

Valuation

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Metric
UNP
CSX
NSC
Price/Earnings (Normalized)
 22.2518.8122.38
Price/Book Value
 9.565.284.34
Price/Sales
 5.874.634.54
Price/Cash Flow
 16.3012.6522.75
Price/Earnings
UNP
CSX
NSC

Financial Strength

Metric
UNP
CSX
NSC
Quick Ratio
 0.690.880.54
Current Ratio
 0.931.050.68
Interest Coverage
 7.166.953.35
Quick Ratio
UNP
CSX
NSC

Profitability

Metric
UNP
CSX
NSC
Return on Assets (Normalized)
 9.60%8.83%6.44%
Return on Equity (Normalized)
 45.57%30.10%20.65%
Return on Invested Capital (Normalized)
 15.23%13.72%11.08%
Return on Assets
UNP
CSX
NSC
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