UNP Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	165.35B EUR	161.56B EUR	144.04B EUR	137.23B EUR
Enterprise Value	194.33B EUR	191.11B EUR	174.81B EUR	168.79B EUR
Valuation Multiples
Trailing P/E	22.56x	22.04x	19.97x	24.9x
Forward P/E	19.57x	--	--	--
Price to Sales	6.51x	6.36x	5.83x	7.42x
Price to Book	8x	7.81x	7.42x	7.43x
EV/Revenue	7.65x	7.52x	7.08x	9.13x
EV/EBITDA	15.08x	14.36x	13.38x	17.08x
Price to FCF (P/FCF)	35.03x	24.84x	25.28x	32.71x
EV/FCF	41.16x	29.38x	30.68x	40.23x
FCF Yield	2.85%	4.03%	3.96%	3.06%