What are the investment strengths of Union Pacific Corp (UNP)?

Rail duopoly with 40.6% operating margins and 59.7B PPE moat generates 14.2% ROIC despite capital intensity - irreplaceable infrastructure FCF of 6.0B (24.5% margin) funds 5.40 dividend (4.5% yield) plus buybacks while deleveraging - shareholder return machine

What are the investment risks for Union Pacific Corp (UNP)?

P/E 20x and P/S 5.7x (6x industry median 0.95) prices in perfection; limited upside without volume growth catalyst 32.8B debt (1.9x equity) leaves little margin for error if recession cuts volumes; asset turnover only 0.36x

Union Pacific Corp

UNP

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Union Pacific Corp AI Insights

Informational only. Not investment advice.

As of 2025-12-08

Snapshot

Operating margin TTM 40.6% vs industry median 8.9% - 4.6x advantage reflects rail duopoly pricing power and operating leverage[Operating Margin TTM]
Negative working capital (-1.3B) means customers fund operations; PPE of 59.7B creates massive barrier to entry[Working Capital]
Debt/equity 1.9x with 32.8B total debt, but EBITDA TTM 12.8B covers interest 9.9x - leverage manageable[Debt to Equity]

Watch Triggers

Operating Margin TTM: Falls below 38% — Signals pricing power erosion or cost inflation outpacing efficiency gains
Free Cash Flow TTM: Drops below 5B — Threatens dividend sustainability and forces choice between buybacks and deleveraging
Total Revenue TTM: Declines >5% YoY — Volume-driven decline would compress margins given high fixed-cost structure

Bull Case

Rail duopoly with 40.6% operating margins and 59.7B PPE moat generates 14.2% ROIC despite capital intensity - irreplaceable infrastructure

Operating Margin TTMROIC TTMPPE

FCF of 6.0B (24.5% margin) funds 5.40 dividend (4.5% yield) plus buybacks while deleveraging - shareholder return machine

Free Cash Flow TTMDividends Paid Per Share TTMNet Debt

Bear Case

P/E 20x and P/S 5.7x (6x industry median 0.95) prices in perfection; limited upside without volume growth catalyst

PE RatioPS Ratio

32.8B debt (1.9x equity) leaves little margin for error if recession cuts volumes; asset turnover only 0.36x

Total DebtDebt to EquityAsset Turnover TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

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Forward Thesis

FCF generation to sustain 4.5%+ dividend yield and buybacks despite flat volume environment

1-3yhigh

6.0B FCF TTM on 24.5B revenue = 24.5% FCF margin
Capex 3.7B is maintenance-heavy, limited growth spend needed
Dividend 5.40/share well-covered by 11.78 EPS (46% payout)

FCF TTM 6.0B vs 3.2B dividends paidOperating cash flow 9.7B TTMNet debt repayment 1.0B in period

Valuation Context

Caveats

Public Strategies Rankings

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UNP Fundamentals

Transportation and Warehousing → Rail Transportation

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$145.24B		—
Enterprise Value	$176.79B		—
P/E Ratio	20		—
Total Revenue - TTM	$24.51B	+1.1%	—
Earnings Per Share (diluted) - TTM	$11.98	+8.0%	—
Operating Margin - TTM	40.2%	+0.1%	—
Net Margin - TTM	29.1%	+1.3%	—
Free Cash Flow - TTM	$5.5B	-6.7%	—
Return on Common Equity - TTM	40.4%	-2.2%	—
Beta 5Y (Monthly)	unknown		—

UNP Dividend History

105 dividends

2026

$1.3800

02/27/26$1.3800

2025

$5.4400

12/05/25$1.3800

08/29/25$1.3800

05/30/25$1.3400

02/28/25$1.3400

2024

$5.2800

12/09/24$1.3400

08/30/24$1.3400

05/31/24$1.3000

02/28/24$1.3000

2023

$5.2000

12/07/23$1.3000

08/30/23$1.3000

05/30/23$1.3000

02/27/23$1.3000

2022

$5.0800

12/16/22$1.3000

08/30/22$1.3000

05/27/22$1.3000

02/25/22$1.1800

2021

$4.2900

12/17/21$1.1800

08/30/21$1.0700

05/27/21$1.0700

02/25/21$0.9700

2020

$3.8800

11/27/20$0.9700

08/28/20$0.9700

05/28/20$0.9700

02/27/20$0.9700

2019

$3.7000

11/27/19$0.9700

08/29/19$0.9700

05/30/19$0.8800

02/27/19$0.8800

2018

$3.0600

11/29/18$0.8000

08/30/18$0.8000

05/30/18$0.7300

02/27/18$0.7300

2017

$2.4800

11/29/17$0.6650

08/29/17$0.6050

05/26/17$0.6050

02/24/17$0.6050

2016

$2.2550

11/28/16$0.6050

08/29/16$0.5500

05/26/16$0.5500

02/25/16$0.5500

2015

$2.2000

11/25/15$0.5500

08/27/15$0.5500

05/27/15$0.5500

02/25/15$0.5500

2014

$1.9100

11/28/14$0.5000

08/27/14$0.5000

06/12/14$0.4550

02/26/14$0.4550

2013

$1.4800

11/29/13$0.3950

08/28/13$0.3950

05/29/13$0.3450

02/26/13$0.3450

2012

$1.2450

11/28/12$0.3450

08/29/12$0.3000

05/29/12$0.3000

02/27/12$0.3000

2011

$0.9650

11/28/11$0.3000

08/29/11$0.2375

05/26/11$0.2375

02/24/11$0.1900

2010

$0.6550

11/26/10$0.1900

08/27/10$0.1650

05/26/10$0.1650

02/24/10$0.1350

2009

$0.5400

11/25/09$0.1350

08/27/09$0.1350

05/27/09$0.1350

02/25/09$0.1350

2008

$0.4900

11/26/08$0.1350

08/27/08$0.1350

06/04/08$0.1100

03/10/08$0.1100

2007

$0.3725

11/27/07$0.1100

08/28/07$0.0875

05/25/07$0.0875

02/26/07$0.0875

2006

$0.3000

11/28/06$0.0750

08/29/06$0.0750

05/26/06$0.0750

03/06/06$0.0750

2005

$0.3000

12/12/05$0.0750

09/12/05$0.0750

06/06/05$0.0750

03/07/05$0.0750

2004

$0.3000

12/06/04$0.0750

09/03/04$0.0750

06/07/04$0.0750

03/08/04$0.0750

2003

$0.2475

12/08/03$0.0750

09/08/03$0.0575

06/09/03$0.0575

03/10/03$0.0575

2002

$0.2075

12/09/02$0.0575

09/09/02$0.0500

06/10/02$0.0500

03/11/02$0.0500

2001

$0.2000

12/10/01$0.0500

09/10/01$0.0500

06/11/01$0.0500

03/12/01$0.0500

2000

$0.2000

12/11/00$0.0500

09/11/00$0.0500

06/12/00$0.0500

03/13/00$0.0500

UNP Stock Splits

2 stock splits

06/09/141:2 split

05/29/080.5:1 split

UNP SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/06/26	12/31/25	10-K	0000100885-26-000037
10/23/25	09/30/25	10-Q	0000100885-25-000321
07/24/25	06/30/25	10-Q	0000100885-25-000253
04/24/25	03/31/25	10-Q	0000100885-25-000151
02/07/25	12/31/24	Unknown	0000100885-25-000042
10/24/24	09/30/24	10-Q	0001437749-24-032008
07/25/24	06/30/24	10-Q	0001437749-24-023463
04/25/24	03/31/24	10-Q	0001437749-24-013206
02/09/24	12/31/23	10-K	0001437749-24-003599
10/19/23	09/30/23	10-Q	0001437749-23-028607
07/26/23	06/30/23	10-Q	0001437749-23-020699
04/20/23	03/31/23	10-Q	0001437749-23-010730
02/10/23	12/31/22	10-K	0001437749-23-002959
10/20/22	09/30/22	10-Q	0001437749-22-024458
07/21/22	06/30/22	10-Q	0001437749-22-017515
04/21/22	03/31/22	10-Q	0001437749-22-009414
02/04/22	12/31/21	10-K	0001437749-22-002494
10/21/21	09/30/21	10-Q	0000100885-21-000353
07/22/21	06/30/21	10-Q	0000100885-21-000250
04/22/21	03/31/21	10-Q	0000100885-21-000162
02/05/21	12/31/20	10-K	0000100885-21-000068
10/22/20	09/30/20	10-Q	0000100885-20-000304
07/23/20	06/30/20	10-Q	0000100885-20-000221
04/23/20	03/31/20	10-Q	0000100885-20-000143
02/07/20	12/31/19	10-K	0000100885-20-000065
10/17/19	09/30/19	10-Q	0000100885-19-000256
07/18/19	06/30/19	10-Q	0000100885-19-000196
04/18/19	03/31/19	10-Q	0000100885-19-000129
02/08/19	12/31/18	10-K	0000100885-19-000060
10/25/18	09/30/18	10-Q	0000100885-18-000268
07/19/18	06/30/18	10-Q	0000100885-18-000184
04/26/18	03/31/18	10-Q	0000100885-18-000125
02/09/18	12/31/17	10-K	0000100885-18-000048
10/26/17	09/30/17	10-Q	0000100885-17-000245
07/20/17	06/30/17	10-Q	0000100885-17-000173
04/27/17	03/31/17	10-Q	0000100885-17-000114
02/03/17	12/31/16	10-K	0000100885-17-000056
10/20/16	09/30/16	10-Q	0000100885-16-000454
07/21/16	06/30/16	10-Q	0000100885-16-000400
04/21/16	03/31/16	10-Q	0000100885-16-000339
02/05/16	12/31/15	10-K	0000100885-16-000260
10/22/15	09/30/15	10-Q	0000100885-15-000190
07/24/15	06/30/15	10-Q	0000100885-15-000143
04/23/15	03/31/15	10-Q	0000100885-15-000090
02/06/15	12/31/14	10-K	0001193125-15-037518
10/23/14	09/30/14	10-Q	0001193125-14-380042
07/25/14	06/30/14	10-Q	0001193125-14-280047
04/17/14	03/31/14	10-Q	0001193125-14-147564
02/07/14	12/31/13	10-K	0001193125-14-040752
10/17/13	09/30/13	10-Q	0001193125-13-402477
07/19/13	06/30/13	10-Q	0001193125-13-295099
04/18/13	03/31/13	10-Q	0001193125-13-160892
02/08/13	12/31/12	10-K	0001193125-13-045658
10/18/12	09/30/12	10-Q	0001193125-12-427139
07/20/12	06/30/12	10-Q	0001193125-12-308749
04/19/12	03/31/12	10-Q	0001193125-12-170664
02/03/12	12/31/11	10-K	0001193125-12-038569
10/21/11	09/30/11	10-Q	0001193125-11-277040
07/22/11	06/30/11	10-Q	0001193125-11-194677
04/21/11	03/31/11	10-Q	0001193125-11-104887
02/04/11	12/31/10	10-K	0001193125-11-024531
10/22/10	09/30/10	10-Q	0001193125-10-234647
07/23/10	06/30/10	10-Q	0001193125-10-164978
04/23/10	03/31/10	10-Q	0001193125-10-091753
02/05/10	12/31/09	10-K	0001193125-10-023294
10/22/09	09/30/09	10-Q	0001193125-09-212075
07/24/09	06/30/09	10-Q	0001193125-09-154939
04/24/09	03/31/09	10-Q	0001193125-09-086959
02/06/09	12/31/08	10-K	0001193125-09-021370
10/23/08	09/30/08	10-Q	0001193125-08-215351
07/24/08	06/30/08	10-Q	0001193125-08-157334
04/24/08	03/31/08	10-Q	0001193125-08-089367
02/28/08	12/31/07	10-K	0001193125-08-041700
10/24/07	09/30/07	10-Q	0001193125-07-224451
07/26/07	06/30/07	10-Q	0001193125-07-162908
04/26/07	03/31/07	10-Q	0001193125-07-091856
02/23/07	12/31/06	10-K	0001193125-07-038387
11/01/06	09/30/06	10-Q	0001193125-06-220778
08/04/06	06/30/06	10-Q	0001193125-06-161893
05/05/06	03/31/06	10-Q	0001193125-06-101563
02/24/06	12/31/05	10-K	0001193125-06-038383
11/04/05	09/30/05	10-Q	0001193125-05-216415
08/05/05	06/30/05	10-Q	0001193125-05-159072
05/06/05	03/31/05	10-Q	0001193125-05-098719
02/25/05	12/31/04	10-K	0001193125-05-037425
11/08/04	09/30/04	10-Q	0001193125-04-189091
08/06/04	06/30/04	10-Q	0001193125-04-134035
05/07/04	03/31/04	10-Q	0001193125-04-081510
02/18/04	12/31/03	10-K	0001193125-04-025678
11/13/03	09/30/03	10-Q	0000950134-03-015153
08/14/03	06/30/03	10-Q	0000950134-03-011750
05/15/03	03/31/03	10-Q	0000950134-03-008052
02/21/03	12/31/02	10-K	0000950134-03-002918
11/14/02	09/30/02	10-Q	0000950134-02-014155
08/08/02	06/30/02	10-Q	0000950134-02-009180
05/14/02	03/31/02	10-Q	0000950134-02-005396
03/04/02	12/31/01	10-K	0000950134-02-001771
11/14/01	09/30/01	10-Q	0000950134-01-508512
08/14/01	06/30/01	10-Q	0000950134-01-505423
05/15/01	03/31/01	10-Q	0000950134-01-501981
03/21/01	12/31/00	10-K	0000950134-01-002416
11/14/00	09/30/00	10-Q	0000950134-00-009813
08/14/00	06/30/00	10-Q	0000950134-00-006934
05/15/00	03/31/00	10-Q	0000950131-00-003434

Union Pacific Corp

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Union Pacific Corp AI Insights

Snapshot

Watch Triggers

Bull Case

Bear Case

Bull vs Bear Balance

Forward Thesis

Valuation Context

Caveats

Public Strategies Rankings

UNP Fundamentals

UNP Dividend History

2026

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

UNP Stock Splits

UNP SEC Filings