Price to Book Value (P/BV)
since 2005
Calculation
Union Pacific Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Common shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 6, 2026 | 8.12 | = | 252.62 | ÷ | 31.12 | 31.12 | = | 18,467 | ÷ | 593,391,460 | |
| Feb 7, 2025 | 8.66 | = | 242.08 | ÷ | 27.95 | 27.95 | = | 16,890 | ÷ | 604,286,378 | |
| Feb 9, 2024 | 10.29 | = | 249.45 | ÷ | 24.25 | 24.25 | = | 14,788 | ÷ | 609,777,914 | |
| Feb 10, 2023 | 10.34 | = | 205.50 | ÷ | 19.88 | 19.88 | = | 12,163 | ÷ | 611,872,981 | |
| Feb 4, 2022 | 10.90 | = | 242.39 | ÷ | 22.23 | 22.23 | = | 14,161 | ÷ | 636,898,957 | |
| Feb 5, 2021 | 8.07 | = | 204.20 | ÷ | 25.32 | 25.32 | = | 16,958 | ÷ | 669,829,363 | |
| Feb 7, 2020 | 7.00 | = | 183.83 | ÷ | 26.26 | 26.26 | = | 18,128 | ÷ | 690,261,490 | |
| Feb 8, 2019 | 5.72 | = | 161.72 | ÷ | 28.25 | 28.25 | = | 20,423 | ÷ | 722,877,817 | |
| Feb 9, 2018 | 3.99 | = | 127.28 | ÷ | 31.90 | 31.90 | = | 24,856 | ÷ | 779,305,276 | |
| Feb 3, 2017 | 4.43 | = | 108.51 | ÷ | 24.49 | 24.49 | = | 19,932 | ÷ | 813,795,240 | |
| Feb 5, 2016 | 3.07 | = | 75.03 | ÷ | 24.46 | 24.46 | = | 20,702 | ÷ | 846,414,350 | |
| Feb 6, 2015 | 5.07 | = | 121.81 | ÷ | 24.04 | 24.04 | = | 21,189 | ÷ | 881,284,029 | |
| Feb 7, 2014 | 3.79 | = | 88.45 | ÷ | 23.32 | 23.32 | = | 21,225 | ÷ | 910,115,218 | |
| Feb 8, 2013 | 3.14 | = | 66.58 | ÷ | 21.18 | 21.18 | = | 19,877 | ÷ | 938,597,464 | |
| Feb 3, 2012 | 3.00 | = | 58.06 | ÷ | 19.35 | 19.35 | = | 18,578 | ÷ | 960,135,730 | |
| Feb 4, 2011 | 2.61 | = | 47.13 | ÷ | 18.09 | 18.09 | = | 17,763 | ÷ | 982,002,832 | |
| Feb 5, 2010 | 1.85 | = | 31.05 | ÷ | 16.76 | 16.76 | = | 16,941 | ÷ | 1,010,572,736 | |
| Feb 6, 2009 | 1.61 | = | 24.64 | ÷ | 15.35 | 15.35 | = | 15,447 | ÷ | 1,006,387,066 | |
| Feb 28, 2008 | 2.11 | = | 31.57 | ÷ | 14.95 | 14.95 | = | 15,585 | ÷ | 1,042,802,108 | |
| Feb 23, 2007 | 1.84 | = | 25.97 | ÷ | 14.14 | 14.14 | = | 15,312 | ÷ | 1,083,009,224 | |
| Feb 24, 2006 | 1.73 | = | 22.12 | ÷ | 12.81 | 12.81 | = | 13,707 | ÷ | 1,070,337,948 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Union Pacific Corp. Annual Report.
The price-to-book value (P/BV) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited a moderate increase from 1.73 in 2006 to 2.11 in 2008. A subsequent decline to 1.61 occurred in 2009, followed by a period of growth reaching a peak of 5.07 in 2015.
- Initial Phase (2006-2008)
- The P/BV ratio experienced a gradual upward trend, suggesting increasing investor confidence relative to the company’s net asset value. This period coincided with a rising share price and a comparatively stable book value per share.
- Post-Financial Crisis (2009-2011)
- A notable decrease in the P/BV ratio was observed in 2009, likely influenced by broader economic conditions following the financial crisis. However, the ratio then began a strong recovery, more than doubling by 2011, driven by a substantial increase in share price alongside a growing book value per share.
- Peak and Subsequent Moderation (2012-2015)
- The P/BV ratio continued its upward trajectory, reaching its highest point in 2015. This peak was primarily fueled by a significant increase in the share price, outpacing the growth in book value per share. The ratio of 5.07 indicates investors were willing to pay a substantial premium for each dollar of net assets.
- Recent Years (2016-2026)
- Following the 2015 peak, the P/BV ratio experienced a considerable decline to 3.07 in 2016, followed by a period of volatility. The ratio then increased significantly, peaking at 10.90 in 2022. A subsequent decrease to 8.12 was observed in 2026. This recent period suggests increased sensitivity to market conditions and potentially changing investor perceptions of the company’s asset valuation. The book value per share has also shown an increasing trend, but the share price fluctuations have had a more pronounced effect on the P/BV ratio.
Overall, the P/BV ratio has demonstrated a dynamic pattern over the analyzed timeframe, reflecting both company-specific performance and broader economic influences. The ratio’s movements suggest periods of both investor optimism and caution regarding the company’s valuation relative to its net asset base.
Comparison to Competitors
Union Pacific Corp., P/BV, long-term trends, comparison to competitors
| Union Pacific Corp. | FedEx Corp. | Uber Technologies Inc. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|
| Feb 6, 2026 | 8.12 | 1.90 | — | — | — |
| Feb 7, 2025 | 8.66 | 2.70 | 7.70 | 2.38 | 5.90 |
| Feb 9, 2024 | 10.29 | 2.45 | 15.02 | 1.60 | 7.32 |
| Feb 10, 2023 | 10.34 | 2.27 | 9.36 | 2.32 | 7.75 |
| Feb 4, 2022 | 10.90 | 3.26 | 4.71 | 3.06 | 12.76 |
| Feb 5, 2021 | 8.07 | 2.35 | 8.24 | 2.85 | 213.26 |
| Feb 7, 2020 | 7.00 | 2.49 | 3.99 | 1.52 | 27.98 |
| Feb 8, 2019 | 5.72 | 3.15 | — | 2.34 | 31.82 |
| Feb 9, 2018 | 3.99 | 3.60 | — | 2.16 | 90.21 |
| Feb 3, 2017 | 4.43 | 3.10 | — | 2.71 | 231.41 |
| Feb 5, 2016 | 3.07 | 3.23 | — | 2.08 | 34.99 |
| Feb 6, 2015 | 5.07 | 2.82 | — | 10.91 | 42.88 |
| Feb 7, 2014 | 3.79 | 1.89 | — | 5.69 | 13.65 |
| Feb 8, 2013 | 3.14 | 1.98 | — | 18.18 | 16.94 |
| Feb 3, 2012 | 3.00 | 1.96 | — | 3.85 | 10.46 |
| Feb 4, 2011 | 2.61 | 1.76 | — | 4.65 | 9.13 |
| Feb 5, 2010 | 1.85 | 1.31 | — | — | 7.64 |
| Feb 6, 2009 | 1.61 | 1.65 | — | — | 6.05 |
| Feb 28, 2008 | 2.11 | 2.86 | — | 1.49 | 5.96 |
| Feb 23, 2007 | 1.84 | 2.90 | — | 2.02 | 4.83 |
| Feb 24, 2006 | 1.73 | 2.63 | — | — | 5.05 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Transportation)
Union Pacific Corp., P/BV, long-term trends, comparison to sector (transportation)
| Union Pacific Corp. | Transportation | |
|---|---|---|
| Feb 6, 2026 | 8.12 | — |
| Feb 7, 2025 | 8.66 | 5.40 |
| Feb 9, 2024 | 10.29 | 6.69 |
| Feb 10, 2023 | 10.34 | 5.91 |
| Feb 4, 2022 | 10.90 | 6.92 |
| Feb 5, 2021 | 8.07 | 8.09 |
| Feb 7, 2020 | 7.00 | 5.19 |
| Feb 8, 2019 | 5.72 | 5.63 |
| Feb 9, 2018 | 3.99 | 5.25 |
| Feb 3, 2017 | 4.43 | 5.80 |
| Feb 5, 2016 | 3.07 | 4.60 |
| Feb 6, 2015 | 5.07 | 6.55 |
| Feb 7, 2014 | 3.79 | 4.55 |
| Feb 8, 2013 | 3.14 | 4.51 |
| Feb 3, 2012 | 3.00 | 3.90 |
| Feb 4, 2011 | 2.61 | 3.67 |
| Feb 5, 2010 | 1.85 | 3.12 |
| Feb 6, 2009 | 1.61 | 2.64 |
| Feb 28, 2008 | 2.11 | 3.39 |
| Feb 23, 2007 | 1.84 | 3.16 |
| Feb 24, 2006 | 1.73 | 9.45 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Union Pacific Corp., P/BV, long-term trends, comparison to industry (industrials)
| Union Pacific Corp. | Industrials | |
|---|---|---|
| Feb 6, 2026 | 8.12 | — |
| Feb 7, 2025 | 8.66 | 6.68 |
| Feb 9, 2024 | 10.29 | 6.85 |
| Feb 10, 2023 | 10.34 | 5.50 |
| Feb 4, 2022 | 10.90 | 5.44 |
| Feb 5, 2021 | 8.07 | 5.89 |
| Feb 7, 2020 | 7.00 | 6.28 |
| Feb 8, 2019 | 5.72 | 5.96 |
| Feb 9, 2018 | 3.99 | 5.37 |
| Feb 3, 2017 | 4.43 | 4.89 |
| Feb 5, 2016 | 3.07 | 3.68 |
| Feb 6, 2015 | 5.07 | 3.70 |
| Feb 7, 2014 | 3.79 | 3.14 |
| Feb 8, 2013 | 3.14 | 3.06 |
| Feb 3, 2012 | 3.00 | 3.09 |
| Feb 4, 2011 | 2.61 | 3.05 |
| Feb 5, 2010 | 1.85 | 2.43 |
| Feb 6, 2009 | 1.61 | 2.01 |
| Feb 28, 2008 | 2.11 | 3.45 |
| Feb 23, 2007 | 1.84 | 3.75 |
| Feb 24, 2006 | 1.73 | 3.95 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).