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UNION PACIFIC CORP

UNPCIK 0000100885

Compare:CSX CNI NSC CP CAT KNX

Compare UNP

Operating performance

5 years of operating performance (2021 - 2025)

Revenue, profitability, and free cash flow are shown together so you can see scale, margin conversion, and cash generation on one screen.

Income statement Cash flow

Five-year trend

Revenue
Operating Income
Free Cash Flow

Revenue

+1.1% YoY

$24.5B

FY 2025+1.1%

Open

Operating Income

+1.4% YoY

$9.8B

FY 2025+1.4%

Open

Compound growth

Annualised change across the filed history.

Revenue CAGR 5Y

4.6%

Free Cash Flow CAGR 5Y

-0.4%

Operating Income CAGR 3Y

-0.2%

Directional read

Filing-backed read on scale, margins, and cash flow.

Revenue compounded up 4.6% annually over the last five fiscal years.
Net margin expanded 1.3 pts versus the prior fiscal year.
Free cash flow was positive in 5 of the last 5 reported fiscal years.

Operating performance

5 years of operating performance (2021 - 2025)

Revenue, profitability, and free cash flow are shown together so you can see scale, margin conversion, and cash generation on one screen.

Income statement Cash flow

Five-year trend

Revenue
Operating Income
Free Cash Flow

Revenue

+1.1% YoY

$24.5B

FY 2025+1.1%

Open

Operating Income

+1.4% YoY

$9.8B

FY 2025+1.4%

Open

Compound growth

Annualised change across the filed history.

Revenue CAGR 5Y

4.6%

Free Cash Flow CAGR 5Y

-0.4%

Operating Income CAGR 3Y

-0.2%

Directional read

Filing-backed read on scale, margins, and cash flow.

Revenue compounded up 4.6% annually over the last five fiscal years.
Net margin expanded 1.3 pts versus the prior fiscal year.
Free cash flow was positive in 5 of the last 5 reported fiscal years.

Valuation snapshot

Where the price sits against the anchors

A target is published only when both the filing-backed DCF and the peer fair value clear the confidence gate.

Current price

—

Market cap —

Fair value estimate

$193.55

Published only when the filing-backed DCF qualifies and the peer set clears full breadth or the 2-peer fallback.

Implied upside

N/A

Market price unavailable

Valuation anchors

Scale: $14.60 – $360.14

DCF

Fair value

Peer

Evidence coverage

High · 80%

This score describes input coverage, not the probability that a valuation or investment return will be correct.

Live or stored price is available — not met
Peer valuation meets at least fallback breadth — met
Filing-backed DCF qualifies — met
EV bridge inputs are complete — met
Five years of annual FCF history exist — met

Active DCF policy

Policy

Filing-Backed v2

Basis

Operating cash flow less capex (firm-value proxy)

Diluted shares

Bridge

Net debt + securities

Audit valuation details

Market context

Current price and fair-value anchors

Market price unavailable

Current vs Fair Value

Current price stacked against the same public-equity anchors shown in the confidence-gated hero.

Peer Fair ValueView math$326.70

DCF BaseView math$60.40

Fair Value EstimateView math$193.55

How to read this

Only the peer fair value and the filing-backed DCF feed this section.
When both qualify, the confidence-gated target appears alongside them as the published overview read.
Open the math breakdown on any anchor for the underlying bridge.

Capital structure

Cash, debt, and carrying capacity

The overview keeps the capital structure bridge close to the cash-generation picture so fair value can be read in equity terms.

Valuation snapshot

Where the price sits against the anchors

A target is published only when both the filing-backed DCF and the peer fair value clear the confidence gate.

Current price

—

Market cap —

Fair value estimate

$193.55

Published only when the filing-backed DCF qualifies and the peer set clears full breadth or the 2-peer fallback.

Implied upside

N/A

Market price unavailable

Valuation anchors

Scale: $14.60 – $360.14

DCF

Fair value

Peer

Evidence coverage

High · 80%

This score describes input coverage, not the probability that a valuation or investment return will be correct.

Live or stored price is available — not met
Peer valuation meets at least fallback breadth — met
Filing-backed DCF qualifies — met
EV bridge inputs are complete — met
Five years of annual FCF history exist — met

Active DCF policy

Policy

Filing-Backed v2

Basis

Operating cash flow less capex (firm-value proxy)

Diluted shares

Bridge

Net debt + securities

Audit valuation details

Market context

Current price and fair-value anchors

Market price unavailable

Current vs Fair Value

Current price stacked against the same public-equity anchors shown in the confidence-gated hero.

Peer Fair ValueView math$326.70

DCF BaseView math$60.40

Fair Value EstimateView math$193.55

How to read this

Only the peer fair value and the filing-backed DCF feed this section.
When both qualify, the confidence-gated target appears alongside them as the published overview read.
Open the math breakdown on any anchor for the underlying bridge.

Capital structure

Cash, debt, and carrying capacity

The overview keeps the capital structure bridge close to the cash-generation picture so fair value can be read in equity terms.

Balance sheet

FY 2025 · filed Feb 06, 2026

Cash & Securities

Cash, cash equivalents, and marketable securities.

$1.3B

Total Debt

Current and long-term debt.

$31.8B

Net Debt

Cash and securities less total debt.

$30.5B

Equity

Reported stockholders' equity.

$18.5B

Tangible Equity

Equity less goodwill and other intangibles.

—

Net debt reduces equity value relative to firm value before the per-share target is calculated.

Cash quality

Latest annual cash generation after capital spending.

Operating Cash Flow

Cash from operations.

$9.3B

Capital Expenditures

Capital Expenditures shown as an outflow.

$-3.8B

Free Cash Flow

Operating cash flow minus capital expenditures.

$5.5B

CFO Margin

37.9%

FCF Margin

22.4%

CFO / Net Income

1.30x

FCF / Net Income

0.77x

Operating cash flow covered 130% of net income in the latest annual filing.
Free cash flow converted 77% of net income after capital spending.

Quality and risk

Solvency, quality, and risk

Altman, Piotroski, liquidity, and leverage sit together so the valuation read can be judged against balance-sheet reality.

Altman Z-Score

Distress risk from the latest annual balance sheet.

N/A

0.0 distress1.8 grey3.0+ safe

Piotroski F-Score

Nine filing-backed checks on profitability, leverage, and efficiency.

6/ 9

neutral

Current Ratio

0.91x

Debt / Equity

1.72x

Peer context

Saved comparables and what they imply

The overview keeps peer evidence concise here and sends detailed bridging to the relative-valuation tab.

Open relative valuation

Peer fair value

$326.70

Per-share fair value from the weighted peer set.

Average P/E

34.08x

Price to earnings across covered peers.

Average P/S

5.96x

Price to sales across covered peers.

Average EV/EBITDA

—

Enterprise multiple across covered peers.

Comparable companies

6 peers across 2 active peer methods

CompanyPriceCapP/EEV/EBITDA

CSX CORP

CSX · CIK 0000277948

—

Cap —P/E —EV/EBITDA —

Intrinsic context

DCF range and implied growth

The overview surfaces the baseline intrinsic read and the reverse-DCF question, then sends the deeper workbench to the intrinsic tab.

Open intrinsic valuation

Baseline DCF range

Bear, base, and bull per-share outcomes from the filing-backed baseline.

Bear

$48.04

Base

$60.40

Bull

$82.32

Upside vs current

Base-case valuation gap versus the current price.

—

Current price

Market price unavailable

—

Operating cash flow less capex (firm-value proxy)Growth 0.0%Discount 10.5%Terminal 2.5%5 forecast yearsGrowth source: Median of 3Y revenue CAGR, 5Y revenue CAGR, and 5Y free cash flow CAGR

Net debt reduces equity value relative to firm value before the per-share target is calculated.

One-turn sensitivity

Reverse-DCF framing and per-share outcomes when one assumption moves.

Implied growth

Reverse DCF inputs are incomplete.

—

Base case$60.40

Growth +1 pt$63.00+$2.60

Growth -1 pt$57.84−$2.56

Discount +1 pt$48.04

UNION PACIFIC CORP

UNION PACIFIC CORP

5 years of operating performance (2021 - 2025)

Five-year trend

Compound growth

Directional read

5 years of operating performance (2021 - 2025)

Five-year trend

Compound growth

Directional read

Where the price sits against the anchors

Evidence coverage

Active DCF policy

Current price and fair-value anchors

Current vs Fair Value

Cash, debt, and carrying capacity

Where the price sits against the anchors

Evidence coverage

Active DCF policy

Current price and fair-value anchors

Current vs Fair Value

Cash, debt, and carrying capacity

Balance sheet

Cash quality

Solvency, quality, and risk

Altman Z-Score

Piotroski F-Score

Saved comparables and what they imply

Comparable companies

DCF range and implied growth

Baseline DCF range

One-turn sensitivity

Filing and research context

Enterprise value