UNITED PARCEL SERVICE INC (UPS)

Trucking & Courier Services (No Air)

Latest Price

$99.97

TTM P/E

18.44

Normalized P/E

11.76

Div Yield

6.61%

Book Value

17.73

P/B Ratio

5.64

Valuation metrics

EPS: $6.56

Book value / share: $19.09

Formula: √(22.5 × EPS × BVPS)

Graham Number

$53.08

47% downside

Norm. op. income: $8.5B (median of 7yr)

Tax rate: 22%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$56.19

44% downside

Base FCF: $6.2B (median of recent 5yr)

Growth: 4%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$97.22

3% downside

EPS: $6.56

Target P/E: 12×

Formula: EPS × P/E

P/E Fair Value

$78.72

21% downside

66.3% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	54.93M	$5.90B	6.45%	+3.81M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	48.74M	$5.24B	5.73%	+586.5K	2026-06-30
STATE STREET CORP	33.86M	$3.64B	3.98%	+1.27M	2026-06-30
FMR LLC	32.85M	$3.53B	3.86%	+273.7K	2026-06-30
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	24.70M	$2.65B	2.90%	+2.59M	2026-06-30
Sixth Street Partners Management Company, L.P.	24.70M	$2.65B	2.90%	--	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	17.86M	$1.91B	2.10%	+349.4K	2026-06-30
VICTORY CAPITAL MANAGEMENT INC	14.25M	$1.53B	1.67%	+3.21M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	13.89M	$1.49B	1.63%	+417.3K	2026-06-30
BANK OF AMERICA CORP /DE/	10.80M	$1.16B	1.27%	+1.07M	2026-06-30