Union Pacific (UNP)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $168.5B, Union Pacific's free cash flow of $5.5B (fiscal 2025) would need to grow about 11% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Union Pacific's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from UNP's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Union Pacific's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $21.8B | $24.9B | $24.1B | $24.2B | $24.5B |
| Net income | $6.5B | $7.0B | $6.4B | $6.7B | $7.1B |
| Free cash flow | $6.1B | $5.7B | $4.8B | $5.9B | $5.5B |
| EPS (diluted) | $9.95 | $11.21 | $10.45 | $11.09 | $11.98 |
| Operating margin | 42.8% | 39.9% | 37.7% | 40.1% | 40.2% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own UNP
From each investor's latest 13F filing (what a 13F shows). 15 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Bill Nygren Harris Associates LP |
Added | $1.0B | 1.4% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $817M | 0.68% | Q2 2026 |
| Andreas Halvorsen Viking Global Investors |
New position | $557M | 1.6% | Q2 2026 |
| Seth Klarman Baupost Group |
Trimmed | $322M | 6.0% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $211M | 0.12% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Trimmed | $183M | 1.5% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $116M | 0.04% | Q2 2026 |
| Dan Loeb Third Point LLC |
Added | $95M | 2.0% | Q2 2026 |
| Dodge & Cox Dodge & Cox |
Trimmed | $71M | 0.04% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Added | $44M | 0.33% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $12M | 0.03% | Q2 2026 |
| Eric Marshall Hodges Capital Management |
Added | $6M | 0.36% | Q2 2026 |
Insider buying
Open-market purchases by Union Pacific's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
What growth does Union Pacific's stock price imply?
At a market value of $168.5B, Union Pacific would need its free cash flow to grow about 11% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 4% a year.
Are Union Pacific insiders buying the stock?
No open-market insider purchases of UNP in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own Union Pacific?
15 of the superinvestors Investingly tracks hold UNP in their latest 13F, including Bill Nygren, Hersh Cohen, Andreas Halvorsen.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.