Union Pacific Corp., current enterprise value calculation

Current share price (P)	$238.46
No. shares of common stock outstanding	604,286,378
US$ in millions
Common equity (market value)¹	144,098)
Total equity	144,098)
Add: Debt due within one year (per books)	1,425)
Add: Debt due after one year (per books)	29,767)
Total equity and debt	175,290)
Less: Cash and cash equivalents	1,016)
Enterprise value (EV)	174,274)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 238.46 × 604,286,378

Union Pacific Corp., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$242.08	$249.45	$205.50	$242.39	$204.20
No. shares of common stock outstanding¹	604,286,378	609,777,914	611,872,981	636,898,957	669,829,363
US$ in millions
Common equity (market value)³	146,286)	152,109)	125,740)	154,378)	136,779)
Total equity	146,286)	152,109)	125,740)	154,378)	136,779)
Add: Debt due within one year (book value)	1,425)	1,423)	1,678)	2,166)	1,069)
Add: Debt due after one year (book value)	29,767)	31,156)	31,648)	27,563)	25,660)
Total equity and debt	177,478)	184,688)	159,066)	184,107)	163,508)
Less: Cash and cash equivalents	1,016)	1,055)	973)	960)	1,799)
Enterprise value (EV)	176,462)	183,633)	158,093)	183,147)	161,709)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Union Pacific Corp. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 242.08 × 604,286,378

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Union Pacific Corp. EV increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Union Pacific Corp. (NYSE:UNP)

Enterprise Value (EV)