NYSE · Industrials

United Parcel Service, Inc.

UPS · Integrated Freight & Logistics

$106.85

▲ 2.63 (2.52%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

N/A⤢

Fin. Health

D⤢

Years to Pay Off Debt 33.2 yrs

Working Capital vs Long-Term Debt -$20.6B

Working Capital $3.1B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 5.06x

Cash Flow

C⤢

Free Cash Flow $1.2B

CapEx % of Net Income 119.3%

Owner Earnings $2.9B

Financial Health

Years to Pay Off Debt 33.2 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$20.6B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $3.1B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $1.2B

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 119.3%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $2.9B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Market Data

Market Cap N/A

Enterprise Value $112.7B

P/E (TTM) 19.86

Dividend Yield 3.15%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin N/A

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 $106.85.

The business passes only 1 of 5 of Graham's defensive criteria — well below his required standard.

At $106.85, the stock trades at a 482% premium to its Graham Number of $18.36. 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.

Showing Key Metrics

Income Highlights

Metric	Q2 2026	Q4 2025
Gross Profit %	N/A•	20.8%
Operating Margin %	N/A•	10.5%
Net Income %	N/A•	7.3%
Diluted EPS	0.71▼	2.10

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$71.8B	$73.1B	N/A
Total Debt	$28.7B▲	$28.6B•	N/A
Working Capital	$3.1B▼	$3.4B•	N/A
Years to Pay Debt	33.17	15.96	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$1.2B▼	$2.6B•	N/A
Owner Earnings	$2.9B	$3.5B	N/A
CapEx % of Net Income	119.3%	40.0%	N/A

Income Statement

	2026	2025
Tax Effect Of Unusual Items		15,431
Tax Rate For Calcs		0
Normalized EBITDA		3,547,000
Total Unusual Items		63,000
Total Unusual Items Excluding Goodwill		63,000
Net Income From Continuing Operation Net Minority Interest		1,791,000
Reconciled Depreciation		972,000
Reconciled Cost Of Revenue		19,395,000
EBITDA		3,610,000
EBIT		2,638,000
Net Interest Income		-266,000
Interest Expense		266,000
Normalized Income		1,743,431
Net Income From Continuing And Discontinued Operation		1,791,000
Total Expenses		21,904,000
Rent Expense Supplemental		570,000
Total Operating Income As Reported		2,575,000
Diluted Average Shares	851,000	853,000
Basic Average Shares	850,000	849,000
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders		1,791,000
Net Income Common Stockholders		1,791,000
Net Income		1,791,000
Net Income Including Noncontrolling Interests		1,791,000
Net Income Continuous Operations		1,791,000
Tax Provision		581,000
Pretax Income		2,372,000
Other Income Expense		63,000
Gain On Sale Of Security		63,000
Net Non Operating Interest Income Expense		-266,000
Interest Expense Non Operating		266,000
Operating Income		2,575,000
Operating Expense		2,509,000
Other Operating Expenses		2,509,000
Gross Profit		5,084,000
Cost Of Revenue		19,395,000
Total Revenue		24,479,000
Operating Revenue		24,479,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	100	100
Ordinary Shares Number	849,533	848,900
Share Issued	849,633	849,000
Net Debt	18,584,000	18,240,000
Total Debt	28,662,000	28,590,000
Tangible Book Value	5,986,000	6,369,000
Invested Capital	40,149,000	40,354,000
Working Capital	3,120,000	3,425,000
Net Tangible Assets	5,986,000	6,369,000
Capital Lease Obligations	4,276,000	4,463,000
Common Stock Equity	15,763,000	16,227,000
Total Capitalization	39,512,000	39,746,000
Total Equity Gross Minority Interest	15,791,000	16,255,000
Minority Interest	28,000	28,000
Stockholders Equity	15,763,000	16,227,000
Other Equity Interest	5,000	5,000
Gains Losses Not Affecting Retained Earnings	-4,250,000	-4,208,000
Other Equity Adjustments	-4,250,000	-4,208,000
Treasury Stock	5,000	5,000
Retained Earnings	19,622,000	20,151,000
Additional Paid In Capital	382,000	275,000
Capital Stock	9,000	9,000
Common Stock	9,000	9,000
Total Liabilities Net Minority Interest	56,018,000	56,835,000
Total Non Current Liabilities Net Minority Interest	41,344,000	41,215,000
Other Non Current Liabilities	3,624,000	3,739,000
Employee Benefits	6,665,000	6,567,000
Non Current Pension And Other Postretirement Benefit Plans	6,665,000	6,567,000
Non Current Deferred Liabilities	3,772,000	3,690,000
Non Current Deferred Taxes Liabilities	3,772,000	3,690,000
Long Term Debt And Capital Lease Obligation	27,283,000	27,219,000
Long Term Capital Lease Obligation	3,534,000	3,700,000
Long Term Debt	23,749,000	23,519,000
Current Liabilities	14,674,000	15,620,000
Other Current Liabilities	1,635,000	1,375,000
Current Debt And Capital Lease Obligation	1,379,000	1,371,000
Current Capital Lease Obligation	742,000	763,000
Current Debt	637,000	608,000
Other Current Borrowings	637,000	608,000
Pensionand Other Post Retirement Benefit Plans Current	1,414,000	1,389,000
Current Provisions	1,095,000	1,137,000
Payables And Accrued Expenses	9,151,000	10,348,000
Current Accrued Expenses	3,238,000	3,715,000
Payables	5,913,000	6,633,000
Total Tax Payable
Income Tax Payable
Accounts Payable	5,913,000	6,633,000
Total Assets	71,809,000	73,090,000
Total Non Current Assets	54,015,000	54,045,000
Other Non Current Assets	1,971,000	2,053,000
Non Current Deferred Assets	154,000	140,000
Non Current Deferred Taxes Assets	154,000	140,000
Goodwill And Other Intangible Assets	9,777,000	9,858,000
Other Intangible Assets	3,981,000	4,021,000
Goodwill	5,796,000	5,837,000
Net PPE	42,113,000	41,994,000
Accumulated Depreciation	-37,971,000	-37,431,000
Gross PPE	80,084,000	79,425,000
Construction In Progress	2,241,000	2,136,000
Other Properties	6,755,000	6,898,000
Machinery Furniture Equipment	20,183,000	19,817,000
Buildings And Improvements	12,647,000	12,592,000
Land And Improvements	2,038,000	2,046,000
Current Assets	17,794,000	19,045,000
Other Current Assets	2,044,000	1,210,000
Inventory		739,000	826,000
Receivables	9,948,000	11,209,000
Accounts Receivable	9,948,000	11,209,000
Allowance For Doubtful Accounts Receivable	-188,000	-180,000
Gross Accounts Receivable	10,136,000	11,389,000
Cash Cash Equivalents And Short Term Investments	5,802,000	5,887,000
Other Short Term Investments			206,000
Cash And Cash Equivalents	5,802,000	5,887,000

Cash Flow

	2026	2025
Free Cash Flow	1,193,000	2,586,000
Repurchase Of Capital Stock	0	0
Repayment Of Debt	-46,000	-924,000
Issuance Of Debt	0	0
Issuance Of Capital Stock	28,000	26,000
Capital Expenditure	-1,031,000	-716,000
End Cash Position	5,802,000	5,887,000
Beginning Cash Position	5,887,000	6,764,000
Effect Of Exchange Rate Changes	-37,000	16,000
Changes In Cash	-48,000	-893,000
Financing Cash Flow	-1,328,000	-2,194,000
Cash Flow From Continuing Financing Activities	-1,328,000	-2,194,000
Net Other Financing Charges	42,000	57,000
Cash Dividends Paid	-1,352,000	-1,353,000
Common Stock Dividend Paid	-1,352,000	-1,353,000
Net Common Stock Issuance	28,000	26,000
Common Stock Payments	0	0
Common Stock Issuance	28,000	26,000
Net Issuance Payments Of Debt	-46,000	-924,000
Net Long Term Debt Issuance	-46,000	-924,000
Long Term Debt Payments	-46,000	-924,000
Long Term Debt Issuance	0	0
Investing Cash Flow	-944,000	-2,001,000
Cash Flow From Continuing Investing Activities	-944,000	-2,001,000
Net Other Investing Changes	5,000	25,000
Net Investment Purchase And Sale	0	64,000
Sale Of Investment	0	64,000
Purchase Of Investment	0	0
Net Business Purchase And Sale	82,000	-1,374,000
Sale Of Business	82,000	115,000
Purchase Of Business	0	-1,489,000
Capital Expenditure Reported	-1,031,000	-716,000
Operating Cash Flow	2,224,000	3,302,000
Cash Flow From Continuing Operating Activities	2,224,000	3,302,000
Change In Working Capital	139,000	-240,000
Change In Other Current Liabilities	29,000	11,000
Change In Other Current Assets	-27,000	145,000
Change In Payables And Accrued Expense	-948,000	840,000
Change In Accrued Expense	-453,000	229,000
Change In Payable	-495,000	611,000
Change In Account Payable	-495,000	611,000
Change In Receivables	1,085,000	-1,236,000
Changes In Account Receivables	1,085,000	-1,236,000
Other Non Cash Items	15,000	338,000
Stock Based Compensation	24,000	32,000
Provisionand Write Offof Assets	16,000	160,000
Deferred Tax	45,000	26,000
Deferred Income Tax	45,000	26,000
Depreciation Amortization Depletion	985,000	972,000
Depreciation And Amortization	985,000	972,000
Operating Gains Losses	136,000	223,000
Pension And Employee Benefit Expense	136,000	223,000
Net Income From Continuing Operations	864,000	1,791,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.21x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$1.2B

vs Positive

Operating Cash Flow

$2.2B

Latest quarter · Buffett's cash reality check

ROIC

nan%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

5.1x

Net Assets: $15.8B

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

Share Buybacks (Latest Year)

$1.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+0.3% YoY

Debt is roughly stable

Leadership Team

Carol Tome

CEO & Director

Age 68

Pay: $3,969,488

Brian Dykes

Chief Financial Officer & Executive Vice President

Age 46

Pay: $1,669,306

Kathleen Gutmann

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

Age 56

Pay: $1,903,309

Nando Cesarone

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

Age 53

Pay: $1,865,744

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	6.85%	51,115,897
Vanguard Capital Management LLC	6.45%	48,152,554
State Street Corporation	4.37%	32,598,590
FMR, LLC	4.36%	32,574,845
Charles Schwab Investment Management, Inc.	2.96%	22,112,857
Geode Capital Management, LLC	2.35%	17,511,765
Vanguard Portfolio Management LLC	1.80%	13,471,962
Victory Capital Management Inc.	1.48%	11,040,973

Risk Analysis

Beta (Market Risk)

1.04

Moderate volatility — moves slightly more than market

Short Interest

3.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.90x

Moderate leverage

Current Ratio

1.18x

Adequate liquidity

52-Week Price Range

Low: $82.00 Current: $106.85 High: $122.41

Currently at 61% of 52-week range

United Parcel Service, Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis