United Parcel Service
UPS NYSE Air Freight & Logistics 金融 FY2016–FY2025
United Parcel Service's revenue fell 2.6% to $88.7 billion in fiscal 2025. Its operating margin was 8.9%, down from 9.3% a year earlier. Free cash flow was $4.8 billion, down 23.3%. It paid out $6.4 billion in dividends and buybacks, 134% of free cash flow. The diluted share count fell 0.7%.
30秒了解United Parcel Service
简单问题，答案来自最新年报（2025 财年）。
销售额在增长吗？
−2.7%
否。去年销售额下降了2.7%。
它赚钱吗？
6.3%
有一点。每笔销售中有6.3%留作利润。
利润能变成现金吗？
5.4%
部分是。销售额的5.4%变成了自由现金。
债务可控吗？
1.7x
需要留意。还清债务需要1.7年的营业利润。
财务健康吗？
5 / 8
一般。8项健康测试中通过了5项。
股价贵不贵？
18.8x
一股的价格是其每股年利润的18.8倍。 所在行业的常见水平：26.0x。
好 一般 弱 基于公开数据的经验法则。仅作起点，并非推荐。
关键数据，2025 财年
业务
它做什么？可能出什么问题？
United Parcel Service 的业务
UPS picks up and delivers packages for businesses and consumers in more than 200 countries and territories, using one network of planes, trucks and sorting hubs. It also moves freight by air and sea, runs warehouses, handles customs paperwork and sells shipping insurance. In 2025 it delivered an average of 20.8 million packages a day, and its total revenue was $88.7 billion.
It reports two package segments, U.S. Domestic Package and International Package, and groups its freight forwarding, logistics and digital businesses as Supply Chain Solutions. Its largest customer, Amazon, made up about 10.6% of 2025 revenue, almost all in the U.S. package business, and UPS plans to cut the volume it handles for Amazon by more than 50% by June 2026 from 2024 levels. UPS is expanding in health care shipping and says that business brought in more than $11 billion in 2025. It competes with local, regional, national and international delivery and logistics firms, and with national postal services.
UPS has about 460,000 employees, not counting seasonal workers, with 370,000 in the U.S. Nearly 80% of its U.S. employees belong to unions, many of them under contracts with the Teamsters. In 2025 it bought two health care logistics firms, Frigo-Trans and Andlauer Healthcare Group, to add cold-storage shipping.
- 法定名称
- UNITED PARCEL SERVICE INC
- 财年结束日
- 2025年12月31日
- 最新年报
- 10-K · 2026年2月17日
- 登记号 · CIK
- 0001628280-26-008432
0001090727
销售与利润
卖得更多了吗？能留下多少？
营收与利润率
United Parcel Service 在 2025 财年 营收为 $88.7B，同比下降 2.7%。
简单来说： 收入是客户支付的全部金额。利润率显示每1美元销售额在每一步还剩多少美分：做出产品之后（毛利率）、经营业务之后（营业利润率），以及扣除包括税在内的一切之后（净利率）。
净利润与每股收益
从 2016 财年到 2025 财年，稀释每股收益年均增长 6.1%。 亏损期间以红色显示。
简单来说： 净利润是扣除所有成本和税后剩下的利润。每股收益（EPS）把它分摊到每一股，显示一股赚了多少。
现金与股东
流入多少现金，又流向哪里？
现金流
2025 财年 的自由现金流为 $4.8B，占营收的 5.4%。 经营现金流减资本支出。
简单来说： 账面利润不等于银行里的钱。自由现金流是支付业务运营和维护之后剩下的现金：可以回馈股东、存起来或用于投资的钱。
股息、回购与股数
United Parcel Service 在 2025 财年 向股东返还 $6.4B，占自由现金流的 134%。 稀释股数减少 0.7%。
简单来说： 公司回馈股东有两种方式：分红（付给股东的现金）和回购（买回自家股票，让剩下的每一股占更大份额）。
内部人交易
高管、董事和持股超过 10% 的股东在公开市场的买卖，数据来自 Form 4 申报。“计划”表示依据事先制定的 Rule 10b5-1 计划进行的交易。
简单来说： 内部人士是经营公司或持有大量股份的人。用自己的钱买入可能表示信心；卖出往往出于个人原因，比如纳税或分散投资。
买入(12 个月)
$0.0M
0 名内部人士
卖出(12 个月)
$2.7M
1 名内部人士
卖出中按计划执行的比例
0%
$0.0M
| 日期 | 内部人士 | 交易 | 股数 | 股价 | 金额 | 文件 |
|---|---|---|---|---|---|---|
| 2026年1月28日 | Norman M. Brothers JrChief Legal & Compliance Off | 卖出 | 25,014 | $106.15 | $2.7M | Form 4 |
财务健康
它扛得住债务吗？钱用得好吗？
资产负债表
现金、债务以及显示 United Parcel Service 承担债务能力的指标。
简单来说： 公司拥有什么、欠了什么。现金多于债务是应对困难时期的缓冲；债务太多则在业务放缓时回旋余地更小。
| 财年末 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 现金及短期投资 | $10.6B | $7.6B | $6.1B | $6.3B | $5.9B |
| 债务(含融资租赁) | $22.1B | $19.8B | $22.5B | $21.5B | $24.4B |
| 净债务 / EBITDA | 0.7x | 0.8x | 1.4x | 1.3x | 1.7x |
| 债务 / 股东权益 | 1.6x | 1.0x | 1.3x | 1.3x | 1.5x |
| 利息保障倍数 | 18.5x | 18.6x | 11.6x | 9.8x | 7.7x |
| 流动比率 | 1.4x | 1.2x | 1.1x | 1.2x | 1.2x |
| 速动比率 | 1.4x | 1.2x | 1.1x | 1.1x | 1.2x |
| 总资产 | $69.4B | $71.1B | $70.9B | $70.1B | $73.1B |
| 总负债 | $55.1B | $51.3B | $53.5B | $53.3B | $56.8B |
| 股东权益 | $14.3B | $19.8B | $17.3B | $16.7B | $16.2B |
| 净债务 (− = 净现金) | $11.5B | $12.2B | $16.4B | $15.2B | $18.5B |
资本回报率
税后营业利润占投入业务资金(债务加股东权益减现金)的比例。
简单来说： 企业用投入的资金赚了多少利润。百分比越高，说明投入的每一美元越能干。
Piotroski F 分数
关于盈利能力、融资和效率的九项通过/未通过测试。8–9 为强，0–2 为弱。
简单来说： 九项关于财务健康的是/否测试，每项1分。绿色勾号表示通过：7到9分为稳健，0到3分为较弱。
| 测试项 | FY23 | FY24 | FY25 |
|---|---|---|---|
| 净利润为正 | ✓ | ✓ | ✓ |
| 经营现金流为正 | ✓ | ✓ | ✓ |
| 资产回报率上升 | ✕ | ✕ | ✕ |
| 经营现金流高于净利润 | ✓ | ✓ | ✓ |
| 债务相对资产下降 | ✕ | ✓ | ✕ |
| 流动比率上升 | ✕ | ✓ | ✓ |
| 股数未增加 | ✓ | ✓ | ✓ |
| 毛利率上升 | — | — | — |
| 营收相对资产上升 | ✕ | ✓ | ✕ |
| F 分数 | 4 / 8 | 7 / 8 | 5 / 8 |
| 应计比率 | −5.0% | −6.2% | −4.0% |
| Altman Z'' | 2.34 | 2.38 | 2.23 |
价格与价值
股票多少钱？和同行比如何？
自己评估 United Parcel Service
调整假设，查看对应的每股价值。这些是模型，不是预测或目标价，结果完全取决于你的输入。
简单来说： 拖动滑块，试试你自己对增长的假设。结果是假设成真时一股的价值。不同的假设会得出非常不同的答案。
现金流折现
每股价值
—
加上净现金 −$18.5B，再除以 850.0M 稀释股数。十年现金流加终值，折现至今天。
盈利倍数
每股价值
—
参考倍数：当前 18.8x · 同业 27.8x · 板块 26.0x。
相似公司
各公司最近一个财年的数据。各公司财年结束月份不同，因此期间并不完全一致。
简单来说： 同类公司的相同数据，帮你判断某个数字对这类业务来说是高还是低。
| 公司 | 市值 | 增长 | 营业利润率 | 自由现金流利润率 | ROIC | 市盈率 | F 分数 | |
|---|---|---|---|---|---|---|---|---|
| United Parcel Service UPS | $86.0B | −2.7% | 8.9% | 5.4% | 18.4% | 18.8x | 5 | |
| FedEx FDX | $71.4B | 7.7% | 5.8% | 5.4% | 9.4% | — | 7 | 比较 → |
| C.H. Robinson CHRW | $16.9B | −8.4% | 4.9% | 5.5% | 22.6% | 26.9x | 6 | 比较 → |
| GXO Logistics GXO | $5.6B | 12.6% | 1.9% | 0.8% | 2.3% | 42.9x | 5 | 比较 → |
| Expeditors International EXPD | $25.8B | 4.4% | 9.5% | 8.6% | — | 28.6x | — | 比较 → |
全部数据
所有数据，逐年列出。
10 年数据
金额单位为 USD。将鼠标悬停在指标名称上可查看定义。
简单来说： 我们掌握的所有数据，逐年列出。想深入研究可以下载为电子表格。
| 财年 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营收 | $60.9B | $65.9B | $71.9B | $74.1B | $84.6B | $97.3B | $100.3B | $91.0B | $91.1B | $88.7B |
| 营业利润 | $7.7B | $7.5B | $7.0B | $7.8B | $7.7B | $12.8B | $13.1B | $9.1B | $8.5B | $7.9B |
| 利息支出 | $381M | $453M | $605M | $653M | $701M | $694M | $704M | $785M | $866M | $1.0B |
| 税前利润 | $5.1B | $7.1B | $6.0B | $5.7B | $1.8B | $16.6B | $14.8B | $8.6B | $7.4B | $7.2B |
| 所得税 | $1.7B | $2.2B | $1.2B | $1.2B | $501M | $3.7B | $3.3B | $1.9B | $1.7B | $1.6B |
| 净利润 | $3.4B | $4.9B | $4.8B | $4.4B | $1.3B | $12.9B | $11.5B | $6.7B | $5.8B | $5.6B |
| 稀释每股收益 | $3.86 | $5.61 | $5.51 | $5.11 | $1.54 | $14.68 | $13.20 | $7.80 | $6.75 | $6.56 |
| 稀释股数 | 0.89B | 0.88B | 0.87B | 0.87B | 0.87B | 0.88B | 0.88B | 0.86B | 0.86B | 0.85B |
| 现金流 | ||||||||||
| 经营现金流 | $6.5B | $1.5B | $12.7B | $8.6B | $10.5B | $15.0B | $14.1B | $10.2B | $10.1B | $8.5B |
| 资本支出 | $3.0B | $5.2B | $6.3B | $6.4B | $5.4B | $4.2B | $4.8B | $5.2B | $3.9B | $3.7B |
| 自由现金流 | $3.5B | −$3.7B | $6.4B | $2.3B | $5.0B | $10.8B | $9.3B | $5.1B | $6.2B | $4.8B |
| 折旧与摊销 | $2.2B | $2.3B | $2.2B | $2.4B | $2.7B | $3.0B | $3.2B | $2.8B | $3.0B | $3.0B |
| 股权激励 | $591M | $584M | $634M | $915M | $796M | $878M | $1.6B | $220M | $24.0M | $73.0M |
| 收购 | $547M | $134M | $2.0M | $6.0M | $20.0M | $602M | $755M | $1.3B | $71.0M | $2.0B |
| 股票回购 | $2.7B | $1.8B | $1.0B | $1.0B | $224M | $500M | $3.5B | $2.3B | $500M | $1.0B |
| 已付股息 | $2.6B | $2.8B | $3.0B | $3.2B | $3.4B | $3.4B | $5.1B | $5.4B | $5.4B | $5.4B |
| 股息与回购 | $5.3B | $4.6B | $4.0B | $4.2B | $3.6B | $3.9B | $8.6B | $7.6B | $5.9B | $6.4B |
| 资产负债表 | ||||||||||
| 现金及短期投资 | $4.6B | $4.1B | $5.0B | $5.7B | $6.3B | $10.6B | $7.6B | $6.1B | $6.3B | $5.9B |
| 总债务 | $15.6B | $23.9B | $22.3B | $24.9B | $24.5B | $21.7B | $19.4B | $22.0B | $21.0B | $23.6B |
| 融资租赁负债 | $0.0M | $0.0M | $0.0M | $498M | $342M | $408M | $390M | $472M | $455M | $781M |
| 流动资产 | $13.8B | $15.7B | $16.2B | $17.1B | $20.2B | $24.9B | $22.2B | $19.4B | $19.3B | $19.0B |
| 流动负债 | $11.7B | $12.9B | $14.1B | $15.4B | $17.0B | $17.6B | $18.1B | $17.7B | $16.4B | $15.6B |
| 存货 | $342M | $404M | $421M | $511M | $620M | $717M | $889M | $935M | $826M | $739M |
| 固定资产净额 | $18.8B | $22.1B | $26.6B | $30.5B | $32.3B | $33.5B | $34.7B | $36.9B | $37.2B | $37.7B |
| 总资产 | $40.5B | $45.6B | $50.0B | $57.9B | $62.4B | $69.4B | $71.1B | $70.9B | $70.1B | $73.1B |
| 总负债 | $39.9B | $44.6B | $47.0B | $54.6B | $61.7B | $55.1B | $51.3B | $53.5B | $53.3B | $56.8B |
| 股东权益 | $405M | $994M | $3.0B | $3.3B | $657M | $14.3B | $19.8B | $17.3B | $16.7B | $16.2B |
| 利润率 | ||||||||||
| 营业利润率 | 12.6% | 11.4% | 9.8% | 10.5% | 9.1% | 13.2% | 13.1% | 10.1% | 9.3% | 8.9% |
| EBITDA 利润率 | 16.3% | 14.9% | 12.9% | 13.7% | 12.3% | 16.2% | 16.2% | 13.1% | 12.6% | 12.3% |
| 净利率 | 5.6% | 7.5% | 6.7% | 6.0% | 1.6% | 13.3% | 11.5% | 7.4% | 6.4% | 6.3% |
| 自由现金流利润率 | 5.8% | −5.7% | 9.0% | 3.1% | 6.0% | 11.1% | 9.3% | 5.6% | 6.8% | 5.4% |
| 回报率 | ||||||||||
| 资本回报率 | 44.9% | 32.1% | 27.2% | 28.3% | 26.6% | 44.3% | 35.3% | 21.8% | 20.1% | 18.4% |
| 已动用资本回报率 | 27.3% | 24.5% | 20.5% | 19.9% | 17.5% | 26.4% | 25.0% | 17.2% | 15.9% | 14.2% |
| 股本回报率 | — | — | — | 141.2% | — | 172.9% | 67.9% | 36.2% | 34.0% | 33.8% |
| 资产回报率 | 8.7% | 11.4% | 10.0% | 8.2% | 2.2% | 19.6% | 16.4% | 9.5% | 8.2% | 7.8% |
| 增长 | ||||||||||
| 营收增长 | 4.4% | 8.2% | 9.1% | 3.1% | 14.2% | 15.0% | 3.1% | −9.4% | 0.1% | −2.7% |
| 净利润增长 | −29.4% | 43.3% | −2.3% | −7.3% | −69.8% | 859.8% | −10.4% | −41.9% | −13.8% | −3.6% |
| 每股收益增长 | −27.9% | 45.3% | −1.8% | −7.3% | −69.9% | 853.3% | −10.1% | −40.9% | −13.5% | −2.8% |
| 自由现金流增长 | −30.6% | −206.8% | — | −64.9% | 123.4% | 114.3% | −13.7% | −45.6% | 22.3% | −23.3% |
| 股数变化 | −2.1% | −1.4% | −0.6% | −0.1% | 0.2% | 0.8% | −0.3% | −1.7% | −0.5% | −0.7% |
| 财务健康 | ||||||||||
| 净债务 / EBITDA | 1.1x | 2.0x | 1.9x | 1.9x | 1.8x | 0.7x | 0.8x | 1.4x | 1.3x | 1.7x |
| 债务 / 股东权益 | — | — | 7.4x | 7.8x | — | 1.6x | 1.0x | 1.3x | 1.3x | 1.5x |
| 利息保障倍数 | 20.2x | 16.6x | 11.6x | 11.9x | 11.0x | 18.5x | 18.6x | 11.6x | 9.8x | 7.7x |
| 流动比率 | 1.2x | 1.2x | 1.2x | 1.1x | 1.2x | 1.4x | 1.2x | 1.1x | 1.2x | 1.2x |
| 速动比率 | 1.2x | 1.2x | 1.1x | 1.1x | 1.2x | 1.4x | 1.2x | 1.1x | 1.1x | 1.2x |
| 资本配置 | ||||||||||
| 资本支出 / 营收 | 4.9% | 7.9% | 8.7% | 8.6% | 6.4% | 4.3% | 4.8% | 5.7% | 4.3% | 4.2% |
| 股权激励 / 营收 | 1.0% | 0.9% | 0.9% | 1.2% | 0.9% | 0.9% | 1.6% | 0.2% | 0.0% | 0.1% |
| 股东回报 / 自由现金流 | 151.7% | — | 62.6% | 185.8% | 71.3% | 36.4% | 92.3% | 150.0% | 95.0% | 134.3% |
| 质量评分 | ||||||||||
| Piotroski F 分数 | 4.0 | 6.0 | 5.0 | 5.0 | 5.0 | 7.0 | 5.0 | 4.0 | 7.0 | 5.0 |
| Altman Z'' | 2.0 | 2.0 | 1.8 | 1.7 | 1.5 | 3.0 | 3.0 | 2.3 | 2.4 | 2.2 |
| 应计比率 | −7.7% | 8.0% | −16.6% | −7.8% | −15.2% | −3.2% | −3.6% | −5.0% | −6.2% | −4.0% |
来源：SEC EDGAR XBRL 文件 (CIK 0001090727). 数据更新于 2026年10月9日。 第四季度数据为全年减去前九个月。 仅供参考，不构成投资建议。依赖任何数字前，请核对原始文件。