United Parcel Service, Inc. (UPS) 株式分析

企業概要

United Parcel Service, Inc. is a leading provider of package delivery and logistics services that operates through two primary segments: U.S. Domestic Package and International Package. The company offers time-definite delivery solutions for express letters and documents, facilitating essential transportation networks across domestic and international markets. It operates within the Industrials sector, specifically the Integrated Freight & Logistics industry, positioning it as a critical infrastructure component for global commerce. The firm currently maintains a market capitalization of $85.35B and generates annual revenue (TTM) of $88.66B with an employee base of 241250. These valuation figures indicate a substantial enterprise scale, reflecting the company's entrenched market position and its role as a major economic entity within the logistics landscape. The significant revenue base relative to its market cap suggests a mature business model where cash flows are substantial but valuation multiples reflect sector-specific dynamics.

財務健全性

The company reported a revenue (TTM) of $88.66B with a net income (TTM) of $5.57B and an EBITDA of $12.21B. The substantial gap between total revenue and net income reveals a significant cost structure, where operational expenses, including labor and fuel costs, consume a large portion of top-line sales before reaching the bottom line. Free cash flow stands at $5.19B, indicating that the company generates robust cash after capital expenditures, which supports financial flexibility for operational needs and debt servicing. Gross Margin is 22.6%, Operating Margin is 10.7%, and Profit Margin is 6.3%; the gross margin indicates the efficiency of core logistics operations, while the operating margin reflects overhead control, and the profit margin shows the final profitability after all expenses. Total cash holdings of $5.89B are lower than total debt of $28.59B, and the debt to equity ratio is 175.88, indicating a highly leveraged balance sheet typical of capital-intensive logistics firms. The current ratio is 1.22, which suggests adequate short-term liquidity to cover current liabilities, though not at a highly conservative level. Return on Equity is 33.8% and Return on Assets is 7.4%, metrics that reveal high management effectiveness in generating returns on shareholder equity relative to the asset base.

バリュエーション評価

The trailing twelve-month P/E Ratio is 15.31, while the forward P/E is 12.61. The difference between these multiples implies that the market expects earnings growth to accelerate in the coming periods, as the forward multiple is lower than the trailing multiple. The price to book ratio is 5.26, indicating that the market values the company at a significant premium over its net book value, likely due to intangible assets and brand strength not fully captured on the balance sheet. The price to sales ratio is 0.96 and the EV/EBITDA is 8.85; these alternative metrics suggest the stock is trading at a reasonable valuation relative to sales and enterprise value adjusted for earnings before interest, taxes, depreciation, and amortization. The 52-Week High is $122.41 and the 52-Week Low is $82.00, placing the current trading range within this historical band. The Beta is 1.10, meaning the stock exhibits higher price volatility than the broader market, reacting more sensitively to systemic risk factors.

Growth & Income

Revenue Growth (YoY) is -3.2% and Earnings Growth (YoY) is 4.6%. Earnings are growing at a faster rate than revenue, which implies improved operational efficiency or cost management despite a decline in top-line sales. As a dividend payer, the company offers a Dividend Yield of 6.5% with a Payout Ratio of 100.0%. A payout ratio of 100.0% indicates that all net income is distributed to shareholders, which requires careful monitoring to ensure sustainability given the current earnings growth rate and the company's high leverage. The overall growth and income profile presents a scenario of shrinking revenue accompanied by expanding profitability and a high current yield, characteristic of a mature utility-like stock in the industrial sector.