United Parcel Service Inc. (UPS) intrinsic value & 10-year financials
United Parcel Service Inc. (UPS) has a Graham intrinsic value of $116.47 per share. At $97.48 on Oct 17, 2026, the stock trades 16% below that value. Over the last 10 fiscal years revenue grew 4.1% a year to $88.7B, with an average return on invested capital of 27.6%.
- Graham intrinsic value
- $116.47
- Share price (Oct 17, 2026)
- $97.48
- Price vs Graham value
- 16% below
- Market cap
- $82.9B
- Revenue (FY2025)
- $88.7B
- Revenue growth (10-yr CAGR)
- 4.1%
- ROIC (10-yr avg)
- 27.6%
- Free cash flow (FY2025)
- $4.8B
UPS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $88.7B | $5.6B | $6.56 | $4.8B | 8.9% | 19.1% |
| FY2024 | $91.1B | $5.8B | $6.75 | $6.2B | 9.3% | 20.9% |
| FY2023 | $91.0B | $6.7B | $7.80 | $5.1B | 10.0% | 21.4% |
| FY2022 | $100.3B | $11.5B | $13.20 | $9.3B | 13.0% | 34.1% |
| FY2021 | $97.3B | $12.9B | $14.68 | $10.8B | 13.2% | 43.9% |
| FY2020 | $84.6B | $1.3B | $1.54 | $5.0B | 9.1% | 26.2% |
| FY2019 | $74.1B | $4.4B | $5.11 | $2.3B | 10.5% | 27.3% |
| FY2018 | $71.9B | $4.8B | $5.51 | $6.4B | 9.8% | 25.7% |
| FY2017 | $66.6B | $4.9B | $5.61 | -$3.7B | 11.3% | 29.6% |
| FY2016 | $61.6B | $3.4B | $3.87 | $3.5B | 8.9% | 28.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
United Parcel Service has demonstrated mature, steady growth, with revenue compounding at 4.1% annually over the past decade.
United Parcel Service has earned high returns on invested capital, averaging 27.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
United Parcel Service has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, United Parcel Service is modeled at 6.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $116.47 per share.