• Union Pacific average price to free cash flow ratio for 2023 was 25.64, a 10.28% increase from 2022.
• Union Pacific average price to free cash flow ratio for 2022 was 23.25, a 2.65% increase from 2021.
• Union Pacific average price to free cash flow ratio for 2021 was 22.65, a 10.49% increase from 2020.

Price to free cash flow ratio can be defined as