NYSE · Industrials

United Parcel Service, Inc.

UPS · Integrated Freight & Logistics

$96.22

▼ -11.36 (-10.56%)

Data cached · refreshes every 10 min

Mr. Market is currently offering United Parcel Service, Inc. at $96.22.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability D

Gross Profit Margin 18.1%

Operating Margin 8.9%

Net Income Margin 6.3%

Fin. Health C

Years to Pay Off Debt 5.1 yrs

Working Capital vs Long-Term Debt -$20.1B

Working Capital $3.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 4.42x

Cash Flow C

Free Cash Flow $4.8B

CapEx % of Net Income 66.1%

Owner Earnings $13.0B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $81.8B

Enterprise Value $114.3B

P/E (TTM) 15.54

Dividend Yield 6.10%

Exchange NYSE

Key Margins

Gross Profit 18.1%

Operating Margin 8.9%

Net Margin 6.3%

Company Info

Sector Industrials

Industry Integrated Freight & Logistics

Employees 460000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering United Parcel Service, Inc. at $96.22.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $96.22, the stock trades at a 70% premium to its Graham Number of $56.68. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About United Parcel Service, Inc.

United Parcel Service, Inc., a package delivery and logistics provider, offers transportation and delivery services. It operates through two segments, U.S. Domestic Package and International Package. The U.S. Domestic Package segment offers time-definite delivery services for express letters, documents, packages and palletized freight through air and ground services. The International Package segment provides small package operations in Europe, the Middle East and Africa, Canada and Latin America, and Asia. The company offers a range of guaranteed day- and time-definite international transportation services; day-definite services; cross-border ground package delivery; contract-only, e-commerce solutions for non-urgent, and cross-border shipments; and international service for urgent and palletized shipments. It also provides international air and ocean freight forwarding, contract logistics, customs brokerage and insurance, mail services, healthcare logistics, distribution, and post-sales services. United Parcel Service, Inc. was founded in 1907 and is headquartered in Atlanta, Georgia.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	18.1% ▲	18.0%	19.0%	20.9%
Operating Margin %	8.9% ▼	9.3%	10.0%	13.0%
Net Income %	6.3% ▼	6.3%	7.4%	11.5%
Diluted EPS	6.56 ▼	6.75	7.80	13.20

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$73.1B	$70.1B	$70.9B	$71.1B	N/A
Total Debt	$28.6B ↑	$25.7B	$26.7B	$23.5B	N/A
Working Capital	$3.4B ▲	$2.9B	$1.7B	$4.1B	N/A
Years to Pay Debt	5.13	4.44	3.98	2.04	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$4.8B ▼	$6.2B	$5.1B	$9.3B	N/A
Owner Earnings	$13.0B	$13.3B	$15.2B	$19.5B	N/A
CapEx % of Net Income	66.1%	67.6%	76.9%	41.3%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	69,708	-35,680	47,642	538,135
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	11,613,000	12,077,000	12,507,000	16,282,000
Total Unusual Items	314,000	-160,000	219,000	2,435,000
Total Unusual Items Excluding Goodwill	314,000	-160,000	219,000	2,435,000
Net Income From Continuing Operation Net Minority Interest	5,572,000	5,782,000	6,708,000	11,548,000
Reconciled Depreciation	3,746,000	3,609,000	3,366,000	3,188,000
Reconciled Cost Of Revenue	72,631,000	74,714,000	73,720,000	79,324,000
EBITDA	11,927,000	11,917,000	12,726,000	18,717,000
EBIT	8,181,000	8,308,000	9,360,000	15,529,000
Net Interest Income	-1,017,000	-866,000	-787,000	-704,000
Interest Expense	1,017,000	866,000	787,000	704,000
Normalized Income			6,536,642
Net Income From Continuing And Discontinued Operation	5,572,000	5,782,000	6,708,000	11,548,000
Total Expenses	80,794,000	82,602,000	81,817,000	87,244,000
Rent Expense Supplemental	2,269,000	2,117,000	2,019,000	1,844,000
Total Operating Income As Reported	7,867,000	8,468,000	9,141,000	13,094,000
Diluted Average Shares	850,000	856,000	860,000	875,000
Basic Average Shares	849,000	855,000	859,000	871,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	5,572,000	5,782,000	6,708,000	11,548,000
Net Income Common Stockholders	5,572,000	5,782,000	6,708,000	11,548,000
Net Income	5,572,000	5,782,000	6,708,000	11,548,000
Net Income Including Noncontrolling Interests	5,572,000	5,782,000	6,708,000	11,548,000
Net Income Continuous Operations	5,572,000	5,782,000	6,708,000	11,548,000
Tax Provision	1,592,000	1,660,000	1,865,000	3,277,000
Pretax Income	7,164,000	7,442,000	8,573,000	14,825,000
Other Income Expense	314,000	-160,000	219,000	2,435,000
Gain On Sale Of Security	314,000	-160,000	219,000	2,435,000
Net Non Operating Interest Income Expense	-1,017,000	-866,000	-787,000	-704,000
Interest Expense Non Operating	1,017,000	866,000	787,000	704,000
Operating Income	7,867,000	8,468,000	9,141,000	13,094,000
Operating Expense	8,163,000	7,888,000	8,097,000	7,920,000
Other Operating Expenses	8,163,000	7,888,000	8,097,000	7,920,000
Gross Profit	16,030,000	16,356,000	17,238,000	21,014,000
Cost Of Revenue	72,631,000	74,714,000	73,720,000	79,324,000
Total Revenue	88,661,000	91,070,000	90,958,000	100,338,000
Operating Revenue	88,661,000	91,070,000	90,958,000	100,338,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	100	100	200	200
Ordinary Shares Number	848,900	853,900	853,617	858,800
Share Issued	849,000	854,000	853,817	859,000
Net Debt	18,240,000	15,172,000	19,095,000	14,060,000
Total Debt	28,590,000	25,652,000	26,729,000	23,521,000
Tangible Book Value	6,369,000	9,354,000	9,129,000	12,767,000
Invested Capital	40,354,000	38,002,000	39,570,000	39,448,000
Working Capital	3,425,000	2,869,000	1,737,000	4,077,000
Net Tangible Assets	6,369,000	9,354,000	9,129,000	12,767,000
Capital Lease Obligations	4,463,000	4,368,000	4,465,000	3,859,000
Common Stock Equity	16,227,000	16,718,000	17,306,000	19,786,000
Total Capitalization	39,746,000	36,164,000	36,222,000	37,107,000
Total Equity Gross Minority Interest	16,255,000	16,743,000	17,314,000	19,803,000
Minority Interest	28,000	25,000	8,000	17,000
Stockholders Equity	16,227,000	16,718,000	17,306,000	19,786,000
Other Equity Interest	5,000	7,000	9,000	13,000
Gains Losses Not Affecting Retained Earnings	-4,208,000	-4,309,000	-3,758,000	-1,549,000
Other Equity Adjustments	-4,208,000	-4,309,000	-3,758,000	-1,549,000
Treasury Stock	5,000	7,000	9,000	13,000
Retained Earnings	20,151,000	20,882,000	21,055,000	21,326,000
Additional Paid In Capital	275,000	136,000	0	0
Capital Stock	9,000	9,000	9,000	9,000
Common Stock	9,000	9,000	9,000	9,000
Total Liabilities Net Minority Interest	56,835,000	53,327,000	53,543,000	51,321,000
Total Non Current Liabilities Net Minority Interest	41,215,000	36,886,000	35,867,000	33,181,000
Other Non Current Liabilities	3,739,000	3,351,000	3,264,000	3,513,000
Employee Benefits	6,567,000	6,859,000	6,159,000	4,807,000
Non Current Pension And Other Postretirement Benefit Plans	6,567,000	6,859,000	6,159,000	4,807,000
Non Current Deferred Liabilities	3,690,000	3,595,000	3,772,000	4,302,000
Non Current Deferred Taxes Liabilities	3,690,000	3,595,000	3,772,000	4,302,000
Long Term Debt And Capital Lease Obligation	27,219,000	23,081,000	22,672,000	20,559,000
Long Term Capital Lease Obligation	3,700,000	3,635,000	3,756,000	3,238,000
Long Term Debt	23,519,000	19,446,000	18,916,000	17,321,000
Current Liabilities	15,620,000	16,441,000	17,676,000	18,140,000
Other Current Liabilities	1,375,000	1,437,000	1,256,000	1,467,000
Current Debt And Capital Lease Obligation	1,371,000	2,571,000	4,057,000	2,962,000
Current Capital Lease Obligation	763,000	733,000	709,000	621,000
Current Debt	608,000	1,838,000	3,348,000	2,341,000
Other Current Borrowings	608,000	1,838,000	3,348,000	2,341,000
Pensionand Other Post Retirement Benefit Plans Current	1,389,000	1,390,000	1,479,000	1,078,000
Current Provisions	1,137,000	1,086,000	1,320,000	1,069,000
Payables And Accrued Expenses	10,348,000	9,957,000	9,564,000	11,564,000
Current Accrued Expenses	3,715,000	3,655,000	3,224,000	4,049,000
Payables	6,633,000	6,302,000	6,340,000	7,515,000
Accounts Payable	6,633,000	6,302,000	6,340,000	7,515,000
Total Assets	73,090,000	70,070,000	70,857,000	71,124,000
Other Non Current Assets	2,053,000	1,956,000	1,888,000	3,275,000
Non Current Deferred Assets	140,000	112,000	126,000	139,000
Non Current Deferred Taxes Assets	140,000	112,000	126,000	139,000
Investments And Advances					23,000
Other Investments					23,000
Goodwill And Other Intangible Assets	9,858,000	7,364,000	8,177,000	7,019,000
Other Intangible Assets	4,021,000	3,064,000	3,305,000	2,796,000
Goodwill	5,837,000	4,300,000	4,872,000	4,223,000
Net PPE	41,994,000	41,328,000	41,253,000	38,474,000
Accumulated Depreciation	-37,431,000	-36,117,000	-34,570,000	-32,711,000
Gross PPE	79,425,000	77,445,000	75,823,000	71,185,000
Construction In Progress	2,136,000	1,967,000	3,247,000	2,409,000
Other Properties	6,898,000	6,884,000	6,964,000	6,166,000
Machinery Furniture Equipment	19,817,000	18,495,000	17,322,000	16,145,000
Buildings And Improvements	12,592,000	12,315,000	11,496,000	11,099,000
Land And Improvements	2,046,000	2,104,000	2,138,000	2,140,000
Current Assets	19,045,000	19,310,000	19,413,000	22,217,000
Other Current Assets	1,210,000	1,501,000	1,190,000	1,150,000
Restricted Cash			37,000
Inventory	739,000	826,000	935,000	889,000
Receivables	11,209,000	10,871,000	11,216,000	12,583,000
Accounts Receivable	11,209,000	10,871,000	11,216,000	12,583,000
Allowance For Doubtful Accounts Receivable	-180,000	-136,000	-126,000	-146,000
Gross Accounts Receivable	11,389,000	11,007,000	11,342,000	12,729,000
Cash Cash Equivalents And Short Term Investments	5,887,000	6,112,000	6,035,000	7,595,000
Other Short Term Investments		206,000	2,866,000	1,993,000	338,000
Cash And Cash Equivalents	5,887,000	6,112,000	3,169,000	5,602,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	4,765,000	6,213,000	5,080,000	9,335,000
Repurchase Of Capital Stock	-1,000,000	-500,000	-2,250,000	-3,500,000
Repayment Of Debt	-2,069,000	-2,487,000	-2,429,000	-2,304,000
Issuance Of Debt	4,153,000	2,785,000	3,429,000	0
Issuance Of Capital Stock	159,000	232,000	248,000	262,000
Capital Expenditure	-3,685,000	-3,909,000	-5,158,000	-4,769,000
Interest Paid Supplemental Data	990,000	854,000	762,000	721,000
Income Tax Paid Supplemental Data	1,912,000	1,347,000	1,976,000	2,574,000
End Cash Position	5,887,000	6,112,000	3,206,000	5,602,000
Beginning Cash Position	6,112,000	3,206,000	5,602,000	10,255,000
Effect Of Exchange Rate Changes	201,000	-149,000	33,000	-100,000
Changes In Cash	-426,000	3,055,000	-2,429,000	-4,553,000
Financing Cash Flow	-4,141,000	-6,850,000	-5,534,000	-11,185,000
Cash Flow From Continuing Financing Activities	-4,141,000	-6,850,000	-5,534,000	-11,185,000
Net Other Financing Charges	14,000	-209,000	-432,000	-529,000
Cash Dividends Paid	-5,398,000	-5,399,000	-5,372,000	-5,114,000
Common Stock Dividend Paid	-5,398,000	-5,399,000	-5,372,000	-5,114,000
Net Common Stock Issuance	-841,000	-268,000	-2,002,000	-3,238,000
Common Stock Issuance	159,000	232,000	248,000	262,000
Net Issuance Payments Of Debt	2,084,000	-974,000	2,272,000	-2,304,000
Net Short Term Debt Issuance	0	-1,272,000	1,272,000	0
Net Long Term Debt Issuance	2,084,000	298,000	1,000,000	-2,304,000
Long Term Debt Payments	-2,069,000	-2,487,000	-2,429,000	-2,304,000
Long Term Debt Issuance	4,153,000	2,785,000	3,429,000	0
Investing Cash Flow	-4,735,000	-217,000	-7,133,000	-7,472,000
Cash Flow From Continuing Investing Activities	-4,735,000	-217,000	-7,133,000	-7,472,000
Net Other Investing Changes	15,000	-24,000	-19,000	-309,000
Net Investment Purchase And Sale	203,000	2,672,000	-820,000	-1,651,000
Sale Of Investment	293,000	2,748,000	2,701,000	255,000
Purchase Of Investment	-90,000	-76,000	-3,521,000	-1,906,000
Net Business Purchase And Sale	-1,268,000	1,044,000	-1,136,000	-743,000
Sale Of Business	700,000	1,115,000	193,000	12,000
Purchase Of Business	-1,968,000	-71,000	-1,329,000	-755,000
Net PPE Purchase And Sale					872,000
Sale Of PPE					872,000
Capital Expenditure Reported	-3,685,000	-3,909,000	-5,158,000	-4,769,000
Operating Cash Flow	8,450,000	10,122,000	10,238,000	14,104,000
Cash Flow From Continuing Operating Activities	8,450,000	10,122,000	10,238,000	14,104,000
Change In Working Capital	-997,000	256,000	-372,000	-369,000
Change In Other Current Liabilities	-517,000	-11,000	-42,000	-9,000
Change In Other Current Assets	65,000	70,000	87,000	117,000
Change In Payables And Accrued Expense	-163,000	763,000	-1,673,000	-155,000
Change In Accrued Expense	27,000	501,000	-296,000	-189,000
Change In Payable	-190,000	262,000	-1,377,000	34,000
Change In Account Payable	-190,000	262,000	-1,377,000	34,000
Change In Receivables	-382,000	-566,000	1,256,000	-322,000
Changes In Account Receivables	-382,000	-566,000	1,256,000	-322,000
Other Non Cash Items	180,000	248,000	123,000	129,000
Stock Based Compensation	73,000	24,000	220,000	1,568,000
Provisionand Write Offof Assets	236,000	44,000	57,000	-20,000
Deferred Tax	-8,000	-15,000	199,000	531,000
Deferred Income Tax	-8,000	-15,000	199,000	531,000
Depreciation Amortization Depletion	3,746,000	3,609,000	3,366,000	3,188,000
Depreciation And Amortization	3,746,000	3,609,000	3,366,000	3,188,000
Operating Gains Losses	-352,000	174,000	-63,000	-2,471,000
Pension And Employee Benefit Expense	-352,000	174,000	-63,000	-2,471,000
Net Income From Continuing Operations	5,572,000	5,782,000	6,708,000	11,548,000

These metrics estimate what United Parcel Service, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$56.68

Margin of Safety

Market Cap ÷ Company Value

2.45

P/B Ratio

4.42

Warren's Owner Earnings

$13.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$88.7B

vs > $1.5B revenue

❌ Strong Financial Condition

1.22x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

6.10%

vs Uninterrupted dividends

❌ Earnings Growth

-50.3% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

15.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

4.42x P/B (P/E×P/B: 68.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-50.68

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$117.23

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	66.1%	67.6%	76.9%	41.3%	N/A
Repurchase of Capital Stock	-$1.0B	-$500M	-$2.2B	-$3.5B	N/A
Free Cash Flow	$4.8B ▼	$6.2B ▲	$5.1B ▼	$9.3B •	N/A •
Warren's Owner Earnings	$13.0B	$13.3B	$15.2B	$19.5B	N/A

Peers & Industry

No auto-detected peers for Integrated Freight & Logistics. You can manually compare UPS against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.02%

Low — management has little skin in the game

Return on Equity (ROE)

34.3%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

7.6%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+11.5% YoY

Debt is growing — management is leveraging up

Leadership Team

Carol Tome

CEO & Director

Age 68

Pay: $3,969,488

0.071% of net income

Brian Dykes

Chief Financial Officer & Executive Vice President

Age 46

Pay: $1,669,306

0.030% of net income

Kathleen Gutmann

Executive VP and President of International, Healthcare & Supply Chain Solutions

Age 56

Pay: $1,903,309

0.034% of net income

Nando Cesarone

Executive VP & President of U.S. and UPS Airline

Age 53

Pay: $1,865,744

0.033% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.20%	68,496,420
Blackrock Inc.	6.78%	50,501,214
State Street Corporation	4.31%	32,092,627
FMR, LLC	3.76%	28,009,332
Charles Schwab Investment Management, Inc.	3.64%	27,142,759
Geode Capital Management, LLC	2.30%	17,154,091
Victory Capital Management Inc.	1.86%	13,818,314
NORGES BANK	1.22%	9,098,158

Risk Analysis

Beta (Market Risk)

1.05

Moderate volatility — moves slightly more than market

Short Interest

2.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.82x

Moderate leverage

Current Ratio

1.21x

Adequate liquidity

52-Week Price Range

Low: $82.00 Current: $96.22 High: $122.41

Currently at 35% of 52-week range

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