Stock Analysis on Net
Stock Analysis on Net

United Parcel Service Inc. (NYSE:UPS)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

United Parcel Service Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 1.30 1.28 1.41 1.40 1.36
Adjusted 1.30 1.28 1.41 1.40 1.36
Liquidity Ratio
Current Ratio
Reported 1.17 1.10 1.22 1.42 1.19
Adjusted 1.18 1.11 1.23 1.43 1.20
Solvency Ratios
Debt to Equity
Reported 1.27 1.29 0.99 1.54 37.53
Adjusted 1.26 1.27 0.98 1.47 36.14
Debt to Capital
Reported 0.56 0.56 0.50 0.61 0.97
Adjusted 0.56 0.56 0.49 0.60 0.97
Financial Leverage
Reported 4.19 4.09 3.59 4.87 94.99
Adjusted 3.44 3.36 2.95 4.00 80.75
Profitability Ratios
Net Profit Margin
Reported 6.35% 7.37% 11.51% 13.25% 1.59%
Adjusted 5.74% 5.14% 13.78% 18.87% -0.69%
Return on Equity (ROE)
Reported 34.59% 38.76% 58.36% 90.44% 204.41%
Adjusted 25.67% 22.19% 57.34% 105.85% -76.30%
Return on Assets (ROA)
Reported 8.25% 9.47% 16.24% 18.57% 2.15%
Adjusted 7.46% 6.60% 19.44% 26.47% -0.94%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. United Parcel Service Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. United Parcel Service Inc. adjusted current ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. United Parcel Service Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. United Parcel Service Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 United Parcel Service Inc. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. United Parcel Service Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. United Parcel Service Inc. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. United Parcel Service Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

United Parcel Service Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Revenue 91,070 90,958 100,338 97,287 84,628
Total assets 70,070 70,857 71,124 69,405 62,408
Activity Ratio
Total asset turnover1 1.30 1.28 1.41 1.40 1.36
Adjusted
Selected Financial Data (US$ in millions)
Revenue 91,070 90,958 100,338 97,287 84,628
Adjusted total assets2 70,094 70,857 71,131 69,357 62,019
Activity Ratio
Adjusted total asset turnover3 1.30 1.28 1.41 1.40 1.36

Based on: 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).

1 2024 Calculation
Total asset turnover = Revenue ÷ Total assets
= 91,070 ÷ 70,070 = 1.30

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 91,070 ÷ 70,094 = 1.30

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. United Parcel Service Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 19,310 19,413 22,217 24,934 20,216
Current liabilities 16,441 17,676 18,140 17,569 17,016
Liquidity Ratio
Current ratio1 1.17 1.10 1.22 1.42 1.19
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 19,446 19,539 22,363 25,062 20,354
Current liabilities 16,441 17,676 18,140 17,569 17,016
Liquidity Ratio
Adjusted current ratio3 1.18 1.11 1.23 1.43 1.20

Based on: 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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 19,310 ÷ 16,441 = 1.17

2 Adjusted current assets. See details »

3 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 19,446 ÷ 16,441 = 1.18

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. United Parcel Service Inc. adjusted current ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 21,284 22,264 19,662 21,915 24,654
Equity for controlling interests 16,718 17,306 19,786 14,253 657
Solvency Ratio
Debt to equity1 1.27 1.29 0.99 1.54 37.53
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 25,652 26,729 23,521 25,528 27,754
Adjusted total shareowners’ equity3 20,362 21,086 24,112 17,346 768
Solvency Ratio
Adjusted debt to equity4 1.26 1.27 0.98 1.47 36.14

Based on: 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Equity for controlling interests
= 21,284 ÷ 16,718 = 1.27

2 Adjusted total debt. See details »

3 Adjusted total shareowners’ equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total shareowners’ equity
= 25,652 ÷ 20,362 = 1.26

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. United Parcel Service Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 21,284 22,264 19,662 21,915 24,654
Total capital 38,002 39,570 39,448 36,168 25,311
Solvency Ratio
Debt to capital1 0.56 0.56 0.50 0.61 0.97
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 25,652 26,729 23,521 25,528 27,754
Adjusted total capital3 46,014 47,815 47,633 42,874 28,522
Solvency Ratio
Adjusted debt to capital4 0.56 0.56 0.49 0.60 0.97

Based on: 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 21,284 ÷ 38,002 = 0.56

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 25,652 ÷ 46,014 = 0.56

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. United Parcel Service Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 70,070 70,857 71,124 69,405 62,408
Equity for controlling interests 16,718 17,306 19,786 14,253 657
Solvency Ratio
Financial leverage1 4.19 4.09 3.59 4.87 94.99
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 70,094 70,857 71,131 69,357 62,019
Adjusted total shareowners’ equity3 20,362 21,086 24,112 17,346 768
Solvency Ratio
Adjusted financial leverage4 3.44 3.36 2.95 4.00 80.75

Based on: 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Equity for controlling interests
= 70,070 ÷ 16,718 = 4.19

2 Adjusted total assets. See details »

3 Adjusted total shareowners’ equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total shareowners’ equity
= 70,094 ÷ 20,362 = 3.44

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 United Parcel Service Inc. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income 5,782 6,708 11,548 12,890 1,343
Revenue 91,070 90,958 100,338 97,287 84,628
Profitability Ratio
Net profit margin1 6.35% 7.37% 11.51% 13.25% 1.59%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 5,226 4,678 13,826 18,360 (586)
Revenue 91,070 90,958 100,338 97,287 84,628
Profitability Ratio
Adjusted net profit margin3 5.74% 5.14% 13.78% 18.87% -0.69%

Based on: 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).

1 2024 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 5,782 ÷ 91,070 = 6.35%

2 Adjusted net income. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 5,226 ÷ 91,070 = 5.74%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. United Parcel Service Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income 5,782 6,708 11,548 12,890 1,343
Equity for controlling interests 16,718 17,306 19,786 14,253 657
Profitability Ratio
ROE1 34.59% 38.76% 58.36% 90.44% 204.41%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 5,226 4,678 13,826 18,360 (586)
Adjusted total shareowners’ equity3 20,362 21,086 24,112 17,346 768
Profitability Ratio
Adjusted ROE4 25.67% 22.19% 57.34% 105.85% -76.30%

Based on: 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).

1 2024 Calculation
ROE = 100 × Net income ÷ Equity for controlling interests
= 100 × 5,782 ÷ 16,718 = 34.59%

2 Adjusted net income. See details »

3 Adjusted total shareowners’ equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total shareowners’ equity
= 100 × 5,226 ÷ 20,362 = 25.67%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. United Parcel Service Inc. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income 5,782 6,708 11,548 12,890 1,343
Total assets 70,070 70,857 71,124 69,405 62,408
Profitability Ratio
ROA1 8.25% 9.47% 16.24% 18.57% 2.15%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 5,226 4,678 13,826 18,360 (586)
Adjusted total assets3 70,094 70,857 71,131 69,357 62,019
Profitability Ratio
Adjusted ROA4 7.46% 6.60% 19.44% 26.47% -0.94%

Based on: 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).

1 2024 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 5,782 ÷ 70,070 = 8.25%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 5,226 ÷ 70,094 = 7.46%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. United Parcel Service Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.