Union Pacific Corp., current enterprise value calculation

Current share price (P)	$234.26
No. shares of common stock outstanding	606,256,627
US$ in millions
Common equity (market value)¹	142,022)
Total equity	142,022)
Add: Debt due within one year (per books)	1,423)
Add: Debt due after one year (per books)	31,156)
Total equity and debt	174,601)
Less: Cash and cash equivalents	1,055)
Enterprise value (EV)	173,546)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 234.26 × 606,256,627

Union Pacific Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$249.45	$205.50	$242.39	$204.20	$183.83
No. shares of common stock outstanding¹	609,777,914	611,872,981	636,898,957	669,829,363	690,261,490
US$ in millions
Common equity (market value)³	152,109)	125,740)	154,378)	136,779)	126,891)
Total equity	152,109)	125,740)	154,378)	136,779)	126,891)
Add: Debt due within one year (book value)	1,423)	1,678)	2,166)	1,069)	1,257)
Add: Debt due after one year (book value)	31,156)	31,648)	27,563)	25,660)	23,943)
Total equity and debt	184,688)	159,066)	184,107)	163,508)	152,091)
Less: Cash and cash equivalents	1,055)	973)	960)	1,799)	831)
Enterprise value (EV)	183,633)	158,093)	183,147)	161,709)	151,260)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 249.45 × 609,777,914

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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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Union Pacific Corp. (NYSE:UNP)

Enterprise Value (EV)