Union Pacific Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	6,379)	6,998)	6,523)	5,349)	5,919)
Net noncash charges	2,303)	2,356)	2,306)	2,925)	2,860)
Changes in current assets and liabilities	(303)	8)	203)	266)	(170)
Cash provided by operating activities	8,379)	9,362)	9,032)	8,540)	8,609)
Capital investments	(3,606)	(3,620)	(2,936)	(2,927)	(3,453)
Debt repaid	(2,190)	(2,291)	(1,299)	(2,053)	(817)
Debt issued	1,599)	6,080)	4,201)	4,004)	3,986)
Free cash flow to equity (FCFE)	4,182)	9,531)	8,998)	7,564)	8,325)

Based on: 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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Union Pacific Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Union Pacific Corp. FCFE increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Union Pacific Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	606,256,627
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	4,182)
FCFE per share	6.90
Current share price (P)	226.32
Valuation Ratio
P/FCFE	32.81
Benchmarks
P/FCFE, Competitors¹
FedEx Corp.	22.22
Uber Technologies Inc.	38.29
United Parcel Service Inc.	14.59
P/FCFE, Sector
Transportation	25.22
P/FCFE, Industry
Industrials	23.42

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Union Pacific Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	609,777,914	611,872,981	636,898,957	669,829,363	690,261,490
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	4,182)	9,531)	8,998)	7,564)	8,325)
FCFE per share³	6.86	15.58	14.13	11.29	12.06
Share price^1, 4	249.45	205.50	242.39	204.20	183.83
Valuation Ratio
P/FCFE⁵	36.37	13.19	17.16	18.08	15.24
Benchmarks
P/FCFE, Competitors⁶
FedEx Corp.	25.37	19.48	36.75	13.28	38.51
Uber Technologies Inc.	50.60	333.68	139.66	—	—
United Parcel Service Inc.	17.24	21.80	22.62	33.39	19.54
P/FCFE, Sector
Transportation	29.42	20.55	24.57	31.15	31.09
P/FCFE, Industry
Industrials	22.81	23.85	—	49.40	28.48

Based on: 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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 4,182,000,000 ÷ 609,777,914 = 6.86

⁴ Closing price as at the filing date of Union Pacific Corp. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 249.45 ÷ 6.86 = 36.37

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Union Pacific Corp. P/FCFE ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Union Pacific Corp. (NYSE:UNP)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical