UPSUNITED PARCEL SERVICE INC

Trucking & Courier Services (no Air)

Revenue: $88.7B; 2.6% YoY
Operating margin: 8.9%; 4.6% YoY
EBITDA: $10.9B; 5.2% YoY
Market cap: $77.3B
Employees: 460,000; $193K revenue each
Net debt / EBITDA: 1.8×; $19.2B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
152% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
76% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$193K per employee
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 47th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$77.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$97.3B	$100.3B	$91.0B	$91.1B	$88.7B	2.6%
Operating income	$12.8B	$13.1B	$9.1B	$8.5B	$7.9B	7.1%
Net income	$12.9B	$11.5B	$6.7B	$5.8B	$5.6B	3.6%
Operating cash flow	$15.0B	$14.1B	$10.2B	$10.1B	$8.4B	17%
Capex	$4.2B	$4.8B	$5.2B	$3.9B	$3.7B	5.7%
Stock-based comp	$878M	$1.6B	$220M	$24M	$73M	204%
Buybacks	$500M	$3.5B	$2.3B	$500M	$1.0B	100%
Dividends	$3.4B	$5.1B	$5.4B	$5.4B	$5.4B	0.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 4
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.