United Parcel Service Inc., 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	6,708)	11,548)	12,890)	1,343)	4,440)
Net noncash charges	3,902)	2,925)	2,781)	8,035)	4,063)
Changes in assets and liabilities, net of effects of acquisitions	(372)	(369)	(664)	1,081)	136)
Net cash from operating activities	10,238)	14,104)	15,007)	10,459)	8,639)
Capital expenditures	(5,158)	(4,769)	(4,194)	(5,412)	(6,380)
Net change in short-term debt	1,272)	—)	—)	(2,462)	310)
Proceeds from long-term borrowings	3,429)	—)	—)	5,003)	5,205)
Repayments of long-term borrowings	(2,429)	(2,304)	(2,773)	(3,392)	(3,096)
Free cash flow to equity (FCFE)	7,352)	7,031)	8,040)	4,196)	4,678)

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).

Download chart

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

United Parcel Service Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	853,369,558
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	7,352)
FCFE per share	8.62
Current share price (P)	125.68
Valuation Ratio
P/FCFE	14.59
Benchmarks
P/FCFE, Competitors¹
FedEx Corp.	22.22
Uber Technologies Inc.	38.29
Union Pacific Corp.	32.81
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.

United Parcel Service Inc., 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	852,653,061	858,740,988	870,391,403	867,038,529	858,487,676
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	7,352)	7,031)	8,040)	4,196)	4,678)
FCFE per share³	8.62	8.19	9.24	4.84	5.45
Share price^1, 4	148.64	178.46	208.97	161.60	106.48
Valuation Ratio
P/FCFE⁵	17.24	21.80	22.62	33.39	19.54
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	—	—
Union Pacific Corp.	36.37	13.19	17.16	18.08	15.24
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
= 7,352,000,000 ÷ 852,653,061 = 8.62

⁴ Closing price as at the filing date of United Parcel Service Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 148.64 ÷ 8.62 = 17.24

⁶ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	United Parcel Service Inc. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.

United Parcel Service Inc. (NYSE:UPS)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical