Enterprise Value (EV)
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Current Enterprise Value (EV)
United Parcel Service Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Current maturities of long-term debt and finance leases (per books) | |
| Add: Long-term debt and finance leases, excluding current maturities (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
United Parcel Service Inc., EV calculation
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of United Parcel Service Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
A consistent decline in enterprise value is observed over the period from 2021 to 2024, followed by a slight increase in 2025. This trend is mirrored in the values of common equity, total equity, and total equity and debt, suggesting a comprehensive contraction in the company’s valuation and capital structure during the initial years, with a stabilization in the most recent year.
- Enterprise Value Trend
- Enterprise value decreased significantly from US$193,562 million in 2021 to US$113,786 million in 2024, representing a roughly 41% reduction. A modest increase to US$116,348 million is then noted in 2025, indicating a potential leveling off, but remaining substantially below the 2021 level.
- Equity Value Changes
- Common equity (market value) experienced a parallel decline, falling from US$181,886 million in 2021 to US$98,589 million in 2024, before stabilizing at US$98,080 million in 2025. Total equity followed a similar pattern, decreasing from US$181,902 million to US$98,614 million and then remaining relatively constant at US$98,108 million.
- Total Equity and Debt
- Total equity and debt decreased from US$203,817 million in 2021 to US$119,898 million in 2024, and then increased slightly to US$122,235 million in 2025. The decrease suggests a reduction in both equity financing and debt obligations, while the 2025 increase could be attributed to new debt issuance or a revaluation of existing debt.
The close alignment between the trends in common equity, total equity, and enterprise value suggests that changes in market perception of the company’s equity are a primary driver of the overall valuation decline. The slight increase in enterprise value in 2025, despite minimal change in equity values, may indicate a shift in investor sentiment regarding the company’s debt or future prospects.
- Relationship between Equity and EV
- Enterprise value consistently exceeds total equity throughout the observed period. This is expected, as EV incorporates both equity and net debt. The magnitude of the difference between EV and total equity fluctuates, potentially reflecting changes in the company’s debt levels and market conditions.