Union Pacific Corp
Held by 9 superinvestors (UNP).
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Valuation
Valuation · two methods
Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.
Union Pacific Corp (UNP): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $93–$144 / sh. Today’s price sits above both (price $282 as of 2026-07-02).
Model cautions
- The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).
An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.
Price as of 2026-07-02 · yahoo · DGS10 4.4% @ 2026-06-25.
Method & numbers
Owner-earnings DCF $92.81 – $133.73 · Greenwald $140.36 – $143.77 (neutral $140.36) · zero-growth base $140.36 · reproduction $30.99
Moat Franchise (moat) · terminal value 38% of present value · owner-earnings yield 4% vs 10Y 4.4%.
Graham earnings-power value (normalized NOPAT)$115.23 – $140.36 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (ok) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$95.58 – $116.82 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Reproduction value = tangible net assets $18.47B = $30.99 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value: if the moat holds for 10 yr at ROIIC ≈ 9%, $0.00–$3.41 / sh (neutral $0.00). Conservative, not a forecast.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 2% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 8.90%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-06-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 21%.
Ownership · 13F consensus
Who's buying it
Institutional ownership aggregated across funds — consensus strength and this quarter's moves. Describes actions, not advice.
9 superinvestors hold it · $1.56B combined
Largest holder Bill Nygren
Held by 9 superinvestors of Union Pacific Corp (UNP); this quarter 4 added, 4 trimmed, 1 exited (as of 2026-03-31).
13F positions are self-reported and can lag up to 45 days. Informational only — not investment advice.
Next · is it cheap
UNP's price is not below its conservative value band.
See which stocks are in the strike zone right nowSuperinvestors Holding This Security
- Value$917.7MWeight (prev→now)1.1% → 1.2% ▲
- Value$373.9MWeight (prev→now)7.1% → 7.3% ▼
- Value$129.3MWeight (prev→now)0.0% → 0.6% ▲
- Value$63.3MWeight (prev→now)0.0% → 0.0% ▼
- Value$36.5MWeight (prev→now)0.3% → 0.3% ▲
- Value$24.3MWeight (prev→now)5.8% → 1.2% ▼
- Value$6.7MWeight (prev→now)0.1% → 0.1% ▲
- Value$4.7MWeight (prev→now)0.4% → 0.4% ▼
- Value$493,004Weight (prev→now)0.0% → 0.0%
Ownership overview
Union Pacific Corp (UNP) is held by 9 of the superinvestors tracked on Compounder, with a combined $1.56B in reported 13F value. The largest position belongs to Bill Nygren, where it makes up 1.2% of the portfolio.
Other notable holders by value include Seth Klarman (7.3% of its book), Ray Dalio (0.6% of its book) and Dodge & Cox (0.0% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in UNP, 4 added to existing ones, 4 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
Holders over time
Superinvestors holding this security over the last 8 quarters: 7 → 9.
Early quarters may understate holder counts due to data backfill — read the slope with care.
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15
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