Union Pacific Corporation (UNP) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Union Pacific Corporation stock $154, price $309, that is 50.1% below the price, quality 66 out of 100. Rating: strongly overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $170.15 – $309.19 · fair‑value band $85.42 – $230.76 · the $308.53 price screens above the $153.89 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Union Pacific Corporation, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States.
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It offers transportation services for grain and grain products, fertilizers, food and refrigerated products, and coal and renewables to grain processors, animal feeders, and ethanol and renewable biofuel producers; and construction products, industrial chemicals, plastics, forest products, specialized products, metals and ores, petroleum, liquid petroleum gases, soda ash, and sand, as well as finished automobiles, automotive parts, and merchandise in intermodal containers.
The company was founded in 1862 and is headquartered in Omaha, Nebraska.
Stock analysis
Union Pacific Corporation (UNP) currently trades at $308.53, while our model-based Fair Value estimate is $153.89, 50% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $204.25 per share, and 0 of the 25 models we run sit above the $308.53 price.
Bear case: the Asset-Based group reads lowest at $19.99, and 25 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: $85.42 (bear) to $230.76 (bull), the price of $308.53 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Union Pacific Corporation reported revenue of $24.5B in FY2025 versus $21.8B in FY2021, a compound +3.0%/yr. Reported net income was $7.1B in FY2025, compounding +2.3%/yr from FY2021.
Key figures
Market cap $183B Large · P/E ratio 24.1 · P/S ratio 6.95 · EPS (TTM) $12.82 · Dividend yield 1.8% · Net margin 28.9% · Return on equity 38.8% · Return on assets (EBIT) 14.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 89 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 45% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −22% fair-value upside, at −50%, UNP screens richer than that median.
Fair Value models
Bear$85.42Fair Value $153.89Bull$230.76
Price $308.53 · Downside -50.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($6.17 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $789,504 and none bought.
SaleEric J GehringerEVP OPERATIONS2× since Mar 20, 2026: 4,990 shares, avg. $252.33$1.3MJun 3, 2026
SaleKenyatta G RockerEVP MARKETING & SALES27,387 shares at $271.76$7.4MApr 24, 2026
SaleJennifer L HamannEVP & CHIEF FINANCIAL OFFICER2,000 shares at $274.70$549,400Apr 24, 2026
Plus 31 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
Start year 2020 (pandemic). Over 10 years: +1.2% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+9.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.5%
Dividend (yield on the price)1.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7.5% vs 8.2%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.40% → 40%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +17.5% a year for the price and +3.9% for the forecasts.
AI conclusion: Rail network scale supports a moderate moat and steady margins, yet thin innovation signals and limited human capital transparency stand out as the main weaknesses.
Main risk: Autonomous trucking technology could allow trucks to capture more long-haul freight from railroads, reducing demand for Union Pacific's services and pressuring volumes and margins.
Bull case: Union Pacific could secure regulatory approval for the merger, integrate operations smoothly and leverage the expanded network to win additional truck-to-rail freight while enhancing service reliability.
Bear case: If regulatory conditions constrain the merger or autonomous trucking advances quickly, Union Pacific might fail to deliver promised network efficiencies and lose significant freight volumes to competing modes.
Union Pacific handled six percent volume growth efficiently, posting record productivity with fewer employees while intermodal traffic led the gains. Yet higher fuel prices hit the operating ratio and the company raised its capital plan, pulling projects forward. Our models see the stock as overvalued. Will the productivity edge keep earnings on track despite the extra spending and fuel costs, or will those factors constrain returns?
Compare Union Pacific Corporation with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Railroads · 108 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−50.1% · Bottom 25%
Profitability
Return on equity (12 months)38.8% · Top 25%
Return on assets10.2% · Top 25%
Net margin (12 months)28.9% · Top 25%
Operating margin (12 months)41.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)15.3% · Top 25%
Dividend yield (12 months)1.8% · Below median
Balance sheet
Debt / equity1.64× · Highest 25%
Valuation Multiplesvs Railroads median · lower = cheaper
P/E (12 months)24.1× · Pricier than median
P/B9.92× · Priciest 25%
P/S (12 months)6.95× · Priciest 25%
Price / free cash flow33.3× · Pricier than median
EV/EBITDA16.0× · Priciest 25%
PEG2.90× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 16
FUTURE (revenue growth)77· sector 20
PAST (return on equity)100· sector 29
HEALTH (low debt)18· sector 91
DIVIDEND (yield)36· sector 44
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Union Pacific Corporation (UNP) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $153.89 versus a price of $308.53, about 50% lower (overvalued).
What is the fair value of UNP?
Our model-based fair value for Union Pacific Corporation is $153.89 (as of Nov 6, 2026), built from audited fundamentals. The current price: $308.53.
What is the quality score of UNP?
Union Pacific Corporation has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Union Pacific Corporation (UNP)?
Our model-based price target is the fair value of $153.89 (as of Nov 6, 2026) from 25 valuation models. Cautious scenario $85.42, optimistic scenario $230.76. It is a calculation from audited fundamentals, not an analyst target.
What is the Union Pacific Corporation stock forecast for 2026?
Our models put fair value at $153.89, about 50% lower versus a price of $308.53 (overvalued). Cautious scenario $85.42, optimistic scenario $230.76. The calculation is refreshed regularly with new filings.
What is the revenue of Union Pacific Corporation (UNP)?
Union Pacific Corporation reported trailing-twelve-month revenue of about $26.4B (latest available figure, as of Nov 6, 2026).
Does Union Pacific Corporation pay a dividend?
Union Pacific Corporation currently shows a dividend yield of 1.80% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Union Pacific Corporation (UNP)?
For today's price to be fair in a discounted-cash-flow model, Union Pacific Corporation would have to grow free cash flow by +20.3 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.6 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of UNP use?
Our models discount Union Pacific Corporation at 9.1 %: a base by market capitalisation (large), damped by beta 0.95, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Union Pacific Corporation that is +20.3 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Union Pacific Corporation (UNP) delivered so far?
Over the past 5 years revenue at Union Pacific Corporation grew +4.6 % a year. The price currently implies +20.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Union Pacific Corporation (UNP) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Union Pacific Corporation (+20.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Union Pacific Corporation (UNP)?
The free-cash-flow yield on the price is 3.00 %: that much free cash flow Union Pacific Corporation produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Union Pacific Corporation (UNP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Union Pacific Corporation it is $153.89 per share (as of Nov 6, 2026), against a price of $308.53. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Union Pacific Corporation stock overvalued or undervalued in 2026?
As of Nov 6, 2026, UNP trades above its calculated fair value: price $308.53, fair value $153.89, a gap of about −50% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of UNP?
No. The price is what the market pays today ($308.53); the fair value is what the company's own numbers justify ($153.89). For Union Pacific Corporation the two are $154.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is Union Pacific Corporation worth?
The market values Union Pacific Corporation at about $183B (market capitalisation, as of Nov 6, 2026). Per share that is $308.53; our models calculate a fair value of $153.89 per share.
What do the bullish and bearish scenarios say about UNP?
Our models span a range for Union Pacific Corporation: cautious scenario $85.42, base $153.89, optimistic $230.76 per share (as of Nov 6, 2026, price $308.53). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of UNP?
Union Pacific Corporation trades at a price-to-earnings ratio of 24.1 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $153.89 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2020, FY2025 ex one-offs: 20.5. Other multiples: PEG 2.9, P/B 9.9, P/S 7.0, EV/EBITDA 16.0.
What is the PEG ratio of UNP?
The PEG ratio of Union Pacific Corporation is 2.90 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Union Pacific Corporation (UNP)?
Balance-sheet figures for Union Pacific Corporation (as of Nov 6, 2026): return on equity 38.8%, debt of 1.64 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is UNP from its 52-week high?
Union Pacific Corporation trades at $308.53, at its 52-week high of $309.19 and 45% above the low of $212.89 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $153.89 is for.
Which stocks are comparable to Union Pacific Corporation?
From the same area (Industrials) we also value CSX Corporation, Canadian Pacific Kansas City Limited, Norfolk Southern Corporation, Canadian National Railway Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Union Pacific Corporation stock attractive at the current price?
The data as of Nov 6, 2026: price $308.53, calculated fair value $153.89 (−50%), Quality Score 66/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of UNP calculated?
We run Union Pacific Corporation through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $153.89, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. Union Pacific Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Union Pacific Corporation (UNP)?
The closing price on Nov 4, 2026 was $308.53. Our model-based fair value is $153.89, about 50% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Union Pacific Corporation right now?
The price sits above even our optimistic bull case ($230.76). The favourable scenario is already priced in. The model range is unusually wide ($85.42 to $230.76). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Union Pacific Corporation (UNP) come from?
Earnings per share at Union Pacific Corporation grew +8.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.3 %, EBIT margin +0.8 %, tax rate +2.4 %, residual (interest, one-offs) −0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Union Pacific Corporation
How large is the market capitalisation of Union Pacific Corporation (UNP)?
The market capitalisation of Union Pacific Corporation is $183B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Union Pacific Corporation (UNP)?
The price-to-sales ratio of Union Pacific Corporation is 6.95 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Union Pacific Corporation (UNP)?
Earnings per share at Union Pacific Corporation are $12.82 (price ÷ EPS = P/E 24.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Union Pacific Corporation (UNP)?
The dividend yield of Union Pacific Corporation is 1.8% (payout 43.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Union Pacific Corporation (UNP)?
The net margin of Union Pacific Corporation is 28.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Union Pacific Corporation (UNP)?
The return on equity (ROE) of Union Pacific Corporation is 38.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Union Pacific Corporation (UNP)?
On an EBIT basis the return on assets of Union Pacific Corporation is 14.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Union Pacific Corporation (UNP)?
The operating margin of Union Pacific Corporation is 41.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Union Pacific Corporation (UNP)?
Revenue at Union Pacific Corporation is growing +15.3% versus a year earlier (3y avg −0.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Union Pacific Corporation (UNP)?
Earnings per share at Union Pacific Corporation are growing +15.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Union Pacific Corporation (UNP) carry?
The net debt of Union Pacific Corporation is $30.5B (fiscal year 2025, ≈ 5.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026