Stock Analysis on Net
Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Union Pacific Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2024 40.02% = 9.82% × 4.07
Jun 30, 2024 39.38% = 9.58% × 4.11
Mar 31, 2024 40.79% = 9.50% × 4.29
Dec 31, 2023 43.14% = 9.50% × 4.54
Sep 30, 2023 45.45% = 9.57% × 4.75
Jun 30, 2023 51.02% = 10.19% × 5.00
Mar 31, 2023 56.19% = 10.61% × 5.30
Dec 31, 2022 57.54% = 10.69% × 5.38
Sep 30, 2022 60.21% = 10.82% × 5.56
Jun 30, 2022 53.89% = 10.63% × 5.07
Mar 31, 2022 57.26% = 10.64% × 5.38
Dec 31, 2021 46.06% = 10.27% × 4.49
Sep 30, 2021 44.49% = 9.93% × 4.48
Jun 30, 2021 41.12% = 9.48% × 4.34
Mar 31, 2021 32.09% = 8.44% × 3.80
Dec 31, 2020 31.54% = 8.57% × 3.68
Sep 30, 2020 31.23% = 8.43% × 3.70
Jun 30, 2020 33.82% = 8.75% × 3.86
Mar 31, 2020 37.53% = 9.65% × 3.89
Dec 31, 2019 32.65% = 9.60% × 3.40
Sep 30, 2019 — = — × 3.44
Jun 30, 2019 — = — × 3.40
Mar 31, 2019 — = — × 3.46

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Union Pacific Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2024 40.02% = 27.33% × 0.36 × 4.07
Jun 30, 2024 39.38% = 26.90% × 0.36 × 4.11
Mar 31, 2024 40.79% = 26.52% × 0.36 × 4.29
Dec 31, 2023 43.14% = 26.45% × 0.36 × 4.54
Sep 30, 2023 45.45% = 26.37% × 0.36 × 4.75
Jun 30, 2023 51.02% = 27.18% × 0.38 × 5.00
Mar 31, 2023 56.19% = 27.91% × 0.38 × 5.30
Dec 31, 2022 57.54% = 28.13% × 0.38 × 5.38
Sep 30, 2022 60.21% = 28.95% × 0.37 × 5.56
Jun 30, 2022 53.89% = 29.23% × 0.36 × 5.07
Mar 31, 2022 57.26% = 30.06% × 0.35 × 5.38
Dec 31, 2021 46.06% = 29.92% × 0.34 × 4.49
Sep 30, 2021 44.49% = 29.19% × 0.34 × 4.48
Jun 30, 2021 41.12% = 28.60% × 0.33 × 4.34
Mar 31, 2021 32.09% = 27.02% × 0.31 × 3.80
Dec 31, 2020 31.54% = 27.38% × 0.31 × 3.68
Sep 30, 2020 31.23% = 27.40% × 0.31 × 3.70
Jun 30, 2020 33.82% = 27.54% × 0.32 × 3.86
Mar 31, 2020 37.53% = 27.85% × 0.35 × 3.89
Dec 31, 2019 32.65% = 27.27% × 0.35 × 3.40
Sep 30, 2019 — = — × — × 3.44
Jun 30, 2019 — = — × — × 3.40
Mar 31, 2019 — = — × — × 3.46

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Union Pacific Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 30, 2024 40.02% = 0.76 × 0.87 × 41.11% × 0.36 × 4.07
Jun 30, 2024 39.38% = 0.77 × 0.87 × 40.45% × 0.36 × 4.11
Mar 31, 2024 40.79% = 0.78 × 0.86 × 39.67% × 0.36 × 4.29
Dec 31, 2023 43.14% = 0.77 × 0.86 × 39.69% × 0.36 × 4.54
Sep 30, 2023 45.45% = 0.77 × 0.86 × 39.61% × 0.36 × 4.75
Jun 30, 2023 51.02% = 0.77 × 0.87 × 40.52% × 0.38 × 5.00
Mar 31, 2023 56.19% = 0.77 × 0.87 × 41.47% × 0.38 × 5.30
Dec 31, 2022 57.54% = 0.77 × 0.88 × 41.58% × 0.38 × 5.38
Sep 30, 2022 60.21% = 0.77 × 0.88 × 42.42% × 0.37 × 5.56
Jun 30, 2022 53.89% = 0.77 × 0.88 × 43.00% × 0.36 × 5.07
Mar 31, 2022 57.26% = 0.77 × 0.88 × 44.19% × 0.35 × 5.38
Dec 31, 2021 46.06% = 0.77 × 0.88 × 44.19% × 0.34 × 4.49
Sep 30, 2021 44.49% = 0.77 × 0.88 × 43.30% × 0.34 × 4.48
Jun 30, 2021 41.12% = 0.77 × 0.87 × 42.70% × 0.33 × 4.34
Mar 31, 2021 32.09% = 0.77 × 0.86 × 41.28% × 0.31 × 3.80
Dec 31, 2020 31.54% = 0.77 × 0.86 × 41.58% × 0.31 × 3.68
Sep 30, 2020 31.23% = 0.76 × 0.86 × 41.85% × 0.31 × 3.70
Jun 30, 2020 33.82% = 0.76 × 0.87 × 41.70% × 0.32 × 3.86
Mar 31, 2020 37.53% = 0.76 × 0.88 × 41.55% × 0.35 × 3.89
Dec 31, 2019 32.65% = 0.76 × 0.88 × 40.52% × 0.35 × 3.40
Sep 30, 2019 — = — × — × — × — × 3.44
Jun 30, 2019 — = — × — × — × — × 3.40
Mar 31, 2019 — = — × — × — × — × 3.46

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2024 is the increase in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Union Pacific Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2024 9.82% = 27.33% × 0.36
Jun 30, 2024 9.58% = 26.90% × 0.36
Mar 31, 2024 9.50% = 26.52% × 0.36
Dec 31, 2023 9.50% = 26.45% × 0.36
Sep 30, 2023 9.57% = 26.37% × 0.36
Jun 30, 2023 10.19% = 27.18% × 0.38
Mar 31, 2023 10.61% = 27.91% × 0.38
Dec 31, 2022 10.69% = 28.13% × 0.38
Sep 30, 2022 10.82% = 28.95% × 0.37
Jun 30, 2022 10.63% = 29.23% × 0.36
Mar 31, 2022 10.64% = 30.06% × 0.35
Dec 31, 2021 10.27% = 29.92% × 0.34
Sep 30, 2021 9.93% = 29.19% × 0.34
Jun 30, 2021 9.48% = 28.60% × 0.33
Mar 31, 2021 8.44% = 27.02% × 0.31
Dec 31, 2020 8.57% = 27.38% × 0.31
Sep 30, 2020 8.43% = 27.40% × 0.31
Jun 30, 2020 8.75% = 27.54% × 0.32
Mar 31, 2020 9.65% = 27.85% × 0.35
Dec 31, 2019 9.60% = 27.27% × 0.35
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2024 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Union Pacific Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2024 9.82% = 0.76 × 0.87 × 41.11% × 0.36
Jun 30, 2024 9.58% = 0.77 × 0.87 × 40.45% × 0.36
Mar 31, 2024 9.50% = 0.78 × 0.86 × 39.67% × 0.36
Dec 31, 2023 9.50% = 0.77 × 0.86 × 39.69% × 0.36
Sep 30, 2023 9.57% = 0.77 × 0.86 × 39.61% × 0.36
Jun 30, 2023 10.19% = 0.77 × 0.87 × 40.52% × 0.38
Mar 31, 2023 10.61% = 0.77 × 0.87 × 41.47% × 0.38
Dec 31, 2022 10.69% = 0.77 × 0.88 × 41.58% × 0.38
Sep 30, 2022 10.82% = 0.77 × 0.88 × 42.42% × 0.37
Jun 30, 2022 10.63% = 0.77 × 0.88 × 43.00% × 0.36
Mar 31, 2022 10.64% = 0.77 × 0.88 × 44.19% × 0.35
Dec 31, 2021 10.27% = 0.77 × 0.88 × 44.19% × 0.34
Sep 30, 2021 9.93% = 0.77 × 0.88 × 43.30% × 0.34
Jun 30, 2021 9.48% = 0.77 × 0.87 × 42.70% × 0.33
Mar 31, 2021 8.44% = 0.77 × 0.86 × 41.28% × 0.31
Dec 31, 2020 8.57% = 0.77 × 0.86 × 41.58% × 0.31
Sep 30, 2020 8.43% = 0.76 × 0.86 × 41.85% × 0.31
Jun 30, 2020 8.75% = 0.76 × 0.87 × 41.70% × 0.32
Mar 31, 2020 9.65% = 0.76 × 0.88 × 41.55% × 0.35
Dec 31, 2019 9.60% = 0.76 × 0.88 × 40.52% × 0.35
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2024 is the increase in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Union Pacific Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2024 27.33% = 0.76 × 0.87 × 41.11%
Jun 30, 2024 26.90% = 0.77 × 0.87 × 40.45%
Mar 31, 2024 26.52% = 0.78 × 0.86 × 39.67%
Dec 31, 2023 26.45% = 0.77 × 0.86 × 39.69%
Sep 30, 2023 26.37% = 0.77 × 0.86 × 39.61%
Jun 30, 2023 27.18% = 0.77 × 0.87 × 40.52%
Mar 31, 2023 27.91% = 0.77 × 0.87 × 41.47%
Dec 31, 2022 28.13% = 0.77 × 0.88 × 41.58%
Sep 30, 2022 28.95% = 0.77 × 0.88 × 42.42%
Jun 30, 2022 29.23% = 0.77 × 0.88 × 43.00%
Mar 31, 2022 30.06% = 0.77 × 0.88 × 44.19%
Dec 31, 2021 29.92% = 0.77 × 0.88 × 44.19%
Sep 30, 2021 29.19% = 0.77 × 0.88 × 43.30%
Jun 30, 2021 28.60% = 0.77 × 0.87 × 42.70%
Mar 31, 2021 27.02% = 0.77 × 0.86 × 41.28%
Dec 31, 2020 27.38% = 0.77 × 0.86 × 41.58%
Sep 30, 2020 27.40% = 0.76 × 0.86 × 41.85%
Jun 30, 2020 27.54% = 0.76 × 0.87 × 41.70%
Mar 31, 2020 27.85% = 0.76 × 0.88 × 41.55%
Dec 31, 2019 27.27% = 0.76 × 0.88 × 40.52%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the increase in net profit margin ratio over Q3 2024 is the increase in operating profitability measured by EBIT margin ratio.