A Business at a Glance
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UNITED PARCEL SERVICE INC
UPS
$97.5B
Mkt Cap
$114.79
+0.60%
UNITED PARCEL SERVICE INC (UPS) has a current P/E ratio of 17.5, compared to its historical median P/E of 16.3. The stock is currently considered Fair based on its historical valuation range.
UNITED PARCEL SERVICE INC (UPS) has a 5-year average return on invested capital (ROIC) of 29.0%. This indicates strong capital allocation and a potential competitive advantage.
UNITED PARCEL SERVICE INC (UPS) has a market capitalization of $97.6B. It is classified as a large-cap stock.
Yes, UNITED PARCEL SERVICE INC (UPS) pays a dividend with a trailing twelve-month yield of 5.54%.
Based on historical P/E analysis, UNITED PARCEL SERVICE INC (UPS) appears fair. The current P/E of 17.5 is 7% above its historical median of 16.3. The estimated fair value CAGR (P/E method) is 11.2%.
UNITED PARCEL SERVICE INC (UPS) operates in the Trucking & Courier Services (No Air) industry, within the Industrials sector.
UNITED PARCEL SERVICE INC (UPS) reported annual revenue of $88.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
UPS is a global package delivery and logistics provider founded in 1907, serving over 200 countries and territories with an integrated air and ground network that delivered 5.2 billion packages in 2025. The company operates through two primary reporting segments—U.S. Domestic Package and International Package, collectively referred to as global small package operations—plus Supply Chain Solutions, which encompasses forwarding, logistics, digital and on-demand services. The business model centers on time-definite delivery services for express letters, documents, packages and palletized freight via air and ground, supported by sophisticated systems including RFID-enabled Smart Package Smart Facility technology that optimizes network efficiency and asset utilization. Unit economics are characterized by a capital-intensive integrated network with both fixed and variable cost structures; the company has deployed automation across facilities to enhance operational efficiency and is transitioning to a more asset-light model through partnerships such as the USPS agreement for final-mile Ground Saver delivery. Distribution occurs through multiple access points including UPS Access Points, The UPS Stores, UPS drop boxes, and direct driver pickup, with returns services available in approximately 150 countries. Competitive moats include the breadth of the integrated global air and ground network, cutting-edge technologies including artificial intelligence and digital tools, industry-leading service reliability, a broad service portfolio spanning small package to specialized healthcare cold-chain logistics, and strong brand equity built on service quality and innovation. Key customer segments include healthcare and life sciences (generating over $11 billion in revenue in 2025), business-to-business enterprises, small- and medium-sized businesses (representing over 30% of U.S. volume in 2025), and e-commerce participants, with geographic presence spanning all major economies globally.
【Network reconfiguration and margin recovery】 Management expects the second half of 2026 to mark an inflection point as the Amazon volume glide-down initiative concludes, with the company transitioning from near-term transition expenses to operating profit growth and margin expansion. The company is targeting mid-single-digit enterprise and SMB volume growth in the back half of 2026 following the completion of strategic actions, and expects revenue ex-Amazon to grow every quarter during the year. Operating leverage is anticipated to improve as the company completes its network reconfiguration, deploys additional automation to increase the percentage of U.S. volume processed through automated facilities to 68% by year-end 2026, and realizes benefits from the USPS Ground Saver transition and retirement of the MD-11 aircraft fleet in favor of more efficient Boeing 767s. Management remains focused on disciplined revenue quality and product mix, with particular emphasis on higher-yielding healthcare, B2B, and SMB segments, while monitoring external factors including fuel costs and macroeconomic conditions that could impact demand.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 88.3B | 88.7B | 91.1B | 91.0B | 100.3B | 97.3B |
| Net Income | 5.2B | 5.6B | 5.8B | 6.7B | 11.5B | 12.9B |
| EPS | $6.18 | $6.56 | $6.75 | $7.80 | $13.20 | $14.68 |
| Free Cash Flow | 4.5B | 4.8B | 6.2B | 5.1B | 9.3B | 10.8B |
| ROIC | 16.9% | 19.4% | 21.2% | 21.5% | 35.5% | 47.3% |
| Gross Margin | - | 68.2% | 66.4% | 65.8% | 64.5% | 64.9% |
| Debt/Equity | 1.55 | 1.49 | 1.20 | 1.36 | 0.99 | 1.54 |
| Dividends/Share | $6.36 | $6.56 | $6.52 | $6.48 | $6.08 | $4.08 |
| Operating Income | 7.5B | 7.9B | 8.5B | 9.1B | 13.1B | 12.8B |
| Operating Margin | 8.5% | 8.9% | 9.3% | 10.0% | 13.0% | 13.2% |
| ROE | 33.3% | 33.8% | 34.0% | 36.2% | 67.9% | 172.9% |
| Shares Outstanding | 850M | 849M | 857M | 860M | 875M | 878M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 58.2B | 58.4B | 60.9B | 65.9B | 71.9B | 74.1B | 84.6B | 97.3B | 100.3B | 91.0B | 91.1B | 88.7B | 88.3B |
| Gross Margin | 67.5% | 70.5% | 69.2% | 67.0% | 65.5% | 67.1% | 65.7% | 64.9% | 64.5% | 65.8% | 66.4% | 68.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 32.0B | 31.0B | 32.5B | 34.6B | 37.2B | 38.9B | 44.5B | 46.6B | 47.7B | 47.1B | 48.1B | 48.6B | 48.3B |
| EBIT | 5.0B | 7.7B | 7.7B | 7.5B | 7.0B | 7.8B | 7.7B | 12.8B | 13.1B | 9.1B | 8.5B | 7.9B | 7.5B |
| Op. Margin | 8.5% | 13.1% | 12.6% | 11.4% | 9.8% | 10.5% | 9.1% | 13.2% | 13.0% | 10.0% | 9.3% | 8.9% | 8.5% |
| Net Income | 3.0B | 4.8B | 3.4B | 4.9B | 4.8B | 4.4B | 1.3B | 12.9B | 11.5B | 6.7B | 5.8B | 5.6B | 5.2B |
| Net Margin | 5.2% | 8.3% | 5.6% | 7.4% | 6.7% | 6.0% | 1.6% | 13.2% | 11.5% | 7.4% | 6.3% | 6.3% | 5.9% |
| Non-Recurring | 0 | 0 | 0 | 0 | 360M | 255M | 842M | 451M | 178M | 560M | 322M | 866M | 866M |
| Returns on Capital | |||||||||||||
| ROIC | 27.4% | 38.4% | 35.2% | 28.8% | 24.1% | 27.9% | 28.3% | 47.3% | 35.5% | 21.5% | 21.2% | 19.4% | 16.9% |
| ROE | 70.4% | 210.1% | 238.1% | 493.5% | 238.7% | 141.2% | 68.5% | 172.9% | 67.9% | 36.2% | 34.0% | 33.8% | 33.3% |
| ROA | 8.5% | 13.1% | 8.7% | 11.4% | 10.0% | 8.2% | 2.2% | 19.6% | 16.4% | 9.4% | 8.2% | 7.8% | 7.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 5.7B | 7.4B | 6.5B | 1.5B | 12.7B | 8.6B | 10.5B | 15.0B | 14.1B | 10.2B | 10.1B | 8.4B | 8.4B |
| Free Cash Flow | 3.4B | 5.1B | 3.5B | -3.7B | 6.4B | 2.3B | 5.0B | 10.8B | 9.3B | 5.1B | 6.2B | 4.8B | 4.5B |
| Owner Earnings | 3.3B | 4.8B | 3.7B | -1.4B | 9.9B | 5.4B | 7.0B | 11.2B | 9.3B | 7.2B | 7.1B | 5.4B | 5.4B |
| CapEx | 2.3B | 2.4B | 3.0B | 5.2B | 6.3B | 6.4B | 5.4B | 4.2B | 4.8B | 5.2B | 3.9B | 3.7B | 3.8B |
| Maint. CapEx | 1.9B | 2.1B | 2.2B | 2.3B | 2.2B | 2.4B | 2.7B | 3.0B | 3.2B | 2.8B | 3.0B | 3.0B | 2.9B |
| Growth CapEx | 405M | 295M | 741M | 2.9B | 4.1B | 4.0B | 2.7B | 1.2B | 1.6B | 2.4B | 909M | 685M | 961M |
| D&A | 1.9B | 2.1B | 2.2B | 2.3B | 2.2B | 2.4B | 2.7B | 3.0B | 3.2B | 2.8B | 3.0B | 3.0B | 2.9B |
| CapEx/OCF | 40.7% | 32.0% | 45.8% | 353.4% | 49.4% | 73.9% | 51.7% | 27.9% | 33.8% | 50.4% | 38.6% | 43.6% | 46.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 2.4B | 2.5B | 2.6B | 2.8B | 3.0B | 3.2B | 3.4B | 3.4B | 5.1B | 5.4B | 5.4B | 5.4B | 5.4B |
| Dividend Yield | 3.9% | 4.1% | 4.1% | 4.0% | 4.1% | 4.4% | 3.8% | 2.5% | 3.7% | 4.2% | 5.0% | 6.7% | 5.5% |
| Share Buybacks | 2.7B | 2.7B | 2.7B | 1.8B | 1.0B | 1.0B | 224M | 500M | 3.5B | 2.3B | 500M | 1.0B | 0 |
| Buyback Yield | 3.9% | 4.5% | 3.7% | 2.4% | 1.6% | 1.3% | 0.2% | 0.3% | 2.7% | 1.9% | 0.5% | 1.2% | 0.0% |
| Stock-Based Comp | 536M | 574M | 591M | 584M | 634M | 915M | 796M | 878M | 1.6B | 220M | 24M | 73M | 76M |
| Debt Repayment | 1.7B | 2.7B | 3.8B | 3.9B | 2.9B | 3.1B | 3.4B | 2.8B | 2.3B | 2.4B | 2.5B | 2.1B | 2.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 7.5B | 12.1B | 11.4B | 20.0B | 17.8B | 19.8B | 15.9B | 11.3B | 12.1B | 17.5B | 13.7B | 18.2B | 18.6B |
| Cash & Equiv. | 2.3B | 2.7B | 3.5B | 3.3B | 4.2B | 5.2B | 5.9B | 10.3B | 5.6B | 3.2B | 6.1B | 5.9B | 5.8B |
| Long-Term Debt | 9.9B | 11.3B | 12.4B | 20.3B | 19.9B | 21.8B | 22.0B | 19.8B | 17.3B | 18.9B | 19.4B | 23.5B | 23.7B |
| Debt/Equity | 5.03 | 6.83 | 39.47 | 24.18 | 7.55 | 7.82 | 33.78 | 1.54 | 0.99 | 1.36 | 1.20 | 1.49 | 1.55 |
| Interest Coverage | 14.1 | 22.5 | 20.2 | 16.6 | 11.6 | 11.9 | 11.0 | 18.5 | 18.6 | 11.6 | 9.8 | 7.7 | 240.9 |
| Equity | 2.1B | 2.5B | 405M | 994M | 3.0B | 3.3B | 657M | 14.3B | 19.8B | 17.3B | 16.7B | 16.2B | 15.8B |
| Total Assets | 35.4B | 38.3B | 40.5B | 45.6B | 50.0B | 57.9B | 62.4B | 69.4B | 71.1B | 70.9B | 70.1B | 73.1B | 71.8B |
| Total Liabilities | 33.3B | 35.8B | 40.1B | 44.5B | 47.0B | 54.6B | 61.7B | 55.1B | 51.3B | 53.5B | 53.3B | 56.8B | -453M |
| Intangibles | 847M | 1.5B | 1.8B | 2.0B | 2.1B | 2.2B | 2.3B | 2.5B | 2.8B | 3.3B | 3.1B | 4.0B | 4.0B |
| Retained Earnings | 5.7B | 6.0B | 4.9B | 5.9B | 8.0B | 9.1B | 6.9B | 16.2B | 21.3B | 21.1B | 20.9B | 20.2B | 19.6B |
| Working Capital | 2.6B | 2.5B | 2.1B | 2.8B | 2.1B | 1.7B | 3.2B | 7.4B | 4.1B | 1.7B | 2.9B | 3.4B | 3.1B |
| Current Assets | 11.2B | 13.2B | 13.8B | 15.7B | 16.2B | 17.1B | 20.2B | 24.9B | 22.2B | 19.4B | 19.3B | 19.0B | 17.8B |
| Current Liabilities | 8.6B | 10.7B | 11.7B | 12.9B | 14.1B | 15.4B | 17.0B | 17.6B | 18.1B | 17.7B | 16.4B | 15.6B | 14.7B |
| Per Share Data | |||||||||||||
| EPS | 3.28 | 5.35 | 3.86 | 5.61 | 5.51 | 5.11 | 1.54 | 14.68 | 13.20 | 7.80 | 6.75 | 6.56 | 6.18 |
| Owner EPS | 3.53 | 5.27 | 4.13 | -1.59 | 11.35 | 6.17 | 7.99 | 12.73 | 10.69 | 8.39 | 8.29 | 6.33 | 6.35 |
| Book Value | 2.32 | 2.73 | 0.46 | 1.14 | 3.47 | 3.76 | 0.75 | 16.23 | 22.62 | 20.12 | 19.52 | 19.10 | 18.54 |
| Cash Flow/Share | 6.19 | 8.21 | 7.30 | 1.69 | 14.62 | 9.94 | 11.99 | 17.09 | 16.12 | 11.90 | 11.82 | 9.95 | 9.56 |
| Dividends/Share | 2.56 | 2.79 | 2.98 | 3.17 | 3.46 | 3.68 | 3.87 | 4.08 | 6.08 | 6.48 | 6.52 | 6.56 | 6.36 |
| Shares Out. | 924.4M | 905.4M | 886.5M | 874.3M | 869.5M | 868.9M | 872.1M | 878.1M | 874.8M | 860.0M | 856.6M | 849.4M | 850.0M |
| Valuation | |||||||||||||
| P/E Ratio | 22.7 | 12.4 | 21.0 | 15.4 | 13.1 | 18.1 | 89.3 | 12.0 | 11.1 | 17.8 | 17.2 | 15.1 | 18.6 |
| P/FCF | 20.2 | 11.9 | 20.5 | N/A | 9.8 | 35.5 | 23.8 | 14.3 | 13.8 | 23.4 | 16.0 | 17.7 | 21.6 |
| EV/EBIT | 15.5 | 9.5 | 15.9 | 13.3 | 11.9 | 13.2 | 18.3 | 13.1 | 10.9 | 15.2 | 13.1 | 12.4 | 15.6 |
| Price/Book | 32.1 | 24.3 | 177.7 | 76.1 | 20.8 | 24.6 | 182.5 | 10.8 | 6.5 | 6.9 | 6.0 | 5.2 | 6.2 |
| Price/Sales | 1.0 | 1.1 | 1.1 | 1.1 | 1.0 | 1.0 | 1.1 | 1.4 | 1.4 | 1.4 | 1.2 | 0.9 | 1.1 |
| FCF Yield | 4.9% | 8.4% | 4.9% | -5.0% | 10.2% | 2.8% | 4.2% | 7.0% | 7.3% | 4.3% | 6.2% | 5.7% | 4.6% |
| Market Cap | 68.8B | 60.1B | 72.0B | 75.6B | 63.0B | 80.2B | 119.9B | 154.5B | 128.6B | 119.1B | 99.7B | 84.2B | 97.6B |
| Avg. Price | 66.04 | 68.03 | 73.47 | 80.08 | 83.82 | 84.48 | 102.33 | 154.42 | 157.89 | 147.58 | 125.58 | 95.48 | 114.79 |
| Year-End Price | 74.41 | 66.36 | 81.18 | 86.48 | 72.41 | 92.35 | 137.48 | 175.94 | 146.99 | 138.49 | 116.38 | 99.16 | 114.79 |
UNITED PARCEL SERVICE INC passes 7 of 9 quality checks, indicating strong fundamentals.
UNITED PARCEL SERVICE INC trades at 17.5x trailing earnings, compared to its 15-year median P/E of 16.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 2.5x vs a median of 17.7x. The company's 5-year average ROIC is 29.0% with a gross margin of 65.9%. Total shareholder yield (dividends) is 5.5%. At current prices, the estimated annualized return to fair value is +46.9%.
UNITED PARCEL SERVICE INC (UPS) has a net profit margin of 6.3%. This is a modest margin.
UNITED PARCEL SERVICE INC (UPS) generated $4.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
UNITED PARCEL SERVICE INC (UPS) has a debt-to-equity ratio of 1.49. This indicates moderate leverage.
UNITED PARCEL SERVICE INC (UPS) reported earnings per share (EPS) of $6.56 in its most recent fiscal year.
UNITED PARCEL SERVICE INC (UPS) has a return on equity (ROE) of 33.8%. This indicates the company generates strong returns for shareholders.
UNITED PARCEL SERVICE INC (UPS) has a 5-year average gross margin of 65.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for UNITED PARCEL SERVICE INC (UPS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
UNITED PARCEL SERVICE INC (UPS) has a book value per share of $19.10, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the second half of 2026 to mark an inflection point as the Amazon volume glide-down initiative concludes, with the company transitioning from near-term transition expenses to operating profit growth and margin expansion. The company is targeting mid-single-digit enterprise and SMB volume growth in the back half of 2026 following the completion of strategic actions, and expects revenue ex-Amazon to grow every quarter during the year. Operating leverage is anticipated to improve as the company completes its network reconfiguration, deploys additional automation to increase the percentage of U.S. volume processed through automated facilities to 68% by year-end 2026, and realizes benefits from the USPS Ground Saver transition and retirement of the MD-11 aircraft fleet in favor of more efficient Boeing 767s. Management remains focused on disciplined revenue quality and product mix, with particular emphasis on higher-yielding healthcare, B2B, and SMB segments, while monitoring external factors including fuel costs and macroeconomic conditions that could impact demand.