What is Union Pacific's earnings per share (EPS)?

Union Pacific (UNP) reported diluted earnings per share of $11.98 for fiscal year 2025. This represents a 8.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Union Pacific Financials

UNP

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Union Pacific (UNP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 66/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Union Pacific has an operating margin of 40.2%, meaning the company retains $40 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 40.1% the prior year.

Growth

Union Pacific's revenue grew a modest 1.1% year-over-year to $24.5B. This slow but positive growth earns a score of 35/100.

Leverage

Union Pacific carries a low D/E ratio of 1.72, meaning only $1.72 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Union Pacific's current ratio of 0.91 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 13/100, which could limit financial flexibility.

Cash Flow

Union Pacific converts 22.4% of revenue into free cash flow ($5.5B). This strong cash generation earns a score of 81/100.

Returns

Union Pacific earns a strong 38.6% return on equity (ROE), meaning it generates $39 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 97/100. This is down from 40.0% the prior year.

Altman Z-Score Safe

3.91

Union Pacific scores 3.91, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong

7/9

Union Pacific passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.30x

For every $1 of reported earnings, Union Pacific generates $1.30 in operating cash flow ($9.3B OCF vs $7.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

7.5x

Union Pacific earns $7.5 in operating income for every $1 of interest expense ($9.8B vs $1.3B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$24.5B

YoY+1.1%

5Y CAGR+4.6%

10Y CAGR+1.2%

Union Pacific generated $24.5B in revenue in fiscal year 2025. This represents an increase of 1.1% from the prior year.

EBITDA

$12.3B

YoY+1.6%

5Y CAGR+4.1%

10Y CAGR+2.1%

Union Pacific's EBITDA was $12.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.6% from the prior year.

Net Income

$7.1B

YoY+5.8%

5Y CAGR+5.9%

10Y CAGR+4.1%

Union Pacific reported $7.1B in net income in fiscal year 2025. This represents an increase of 5.8% from the prior year.

EPS (Diluted)

$11.98

YoY+8.0%

5Y CAGR+8.7%

10Y CAGR+8.1%

Union Pacific earned $11.98 per diluted share (EPS) in fiscal year 2025. This represents an increase of 8.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$5.5B

YoY-6.7%

5Y CAGR-0.4%

10Y CAGR+7.4%

Union Pacific generated $5.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 6.7% from the prior year.

Cash & Debt

$1.3B

YoY+24.6%

5Y CAGR-6.8%

10Y CAGR-0.9%

Union Pacific held $1.3B in cash against $31.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$5.44

YoY+3.0%

5Y CAGR+7.0%

10Y CAGR+9.5%

Union Pacific paid $5.44 per share in dividends in fiscal year 2025. This represents an increase of 3.0% from the prior year.

Shares Outstanding

593M

YoY-1.8%

5Y CAGR-2.4%

10Y CAGR-3.5%

Union Pacific had 593M shares outstanding in fiscal year 2025. This represents a decrease of 1.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

40.2%

YoY+0.1pp

5Y CAGR+0.1pp

10Y CAGR+3.3pp

Union Pacific's operating margin was 40.2% in fiscal year 2025, reflecting core business profitability. This is up 0.1 percentage points from the prior year.

Net Margin

29.1%

YoY+1.3pp

5Y CAGR+1.7pp

10Y CAGR+7.2pp

Union Pacific's net profit margin was 29.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.3 percentage points from the prior year.

Return on Equity

38.6%

YoY-1.3pp

5Y CAGR+7.1pp

10Y CAGR+15.6pp

Union Pacific's ROE was 38.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$2.7B

YoY+78.0%

5Y CAGR-6.3%

10Y CAGR-2.5%

Union Pacific spent $2.7B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 78.0% from the prior year.

Capital Expenditures

$3.8B

YoY+9.8%

5Y CAGR+5.3%

10Y CAGR-2.0%

Union Pacific invested $3.8B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 9.8% from the prior year.

UNP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$24.5B+1.1%	$24.3B+0.5%	$24.1B-3.0%	$24.9B+14.1%	$21.8B+11.6%	$19.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$9.8B+1.4%	$9.7B+6.9%	$9.1B-8.4%	$9.9B+6.2%	$9.3B+19.2%	$7.8B
Interest Expense	$1.3B+3.2%	$1.3B-5.3%	$1.3B+5.4%	$1.3B+9.9%	$1.2B+1.4%	$1.1B
Income Tax	$2.0B-0.9%	$2.0B+10.4%	$1.9B-10.6%	$2.1B+6.1%	$2.0B+19.9%	$1.6B
Net Income	$7.1B+5.8%	$6.7B+5.8%	$6.4B-8.8%	$7.0B+7.3%	$6.5B+21.9%	$5.3B
EPS (Diluted)	$11.98+8.0%	$11.09+6.1%	$10.45-6.8%	$11.21+12.7%	$9.95+26.3%	$7.88

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$6.1B-2.5%	$6.2B+1.5%	$6.2B+2.1%	$6.0B-1.5%	$6.1B+0.5%	$6.1B+1.4%	$6.0B-0.4%	$6.0B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$2.4B-5.8%	$2.5B+1.0%	$2.5B+6.5%	$2.4B-6.1%	$2.5B+4.5%	$2.4B+0.7%	$2.4B+1.2%	$2.4B
Interest Expense	$325.0M-0.6%	$327.0M-2.4%	$335.0M+4.0%	$322.0M+3.2%	$312.0M-0.6%	$314.0M-1.6%	$319.0M-1.5%	$324.0M
Income Tax	$560.0M+5.7%	$530.0M+21.3%	$437.0M-12.8%	$501.0M-3.5%	$519.0M+0.2%	$518.0M+1.4%	$511.0M+2.4%	$499.0M
Net Income	$1.8B+3.4%	$1.8B-4.7%	$1.9B+15.4%	$1.6B-7.7%	$1.8B+5.4%	$1.7B-0.1%	$1.7B+2.0%	$1.6B
EPS (Diluted)	N/A	$3.01-4.4%	$3.15+16.7%	$2.70	N/A	$2.75+0.4%	$2.74+1.9%	$2.69

UNP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$69.7B+2.9%	$67.7B+0.9%	$67.1B+2.6%	$65.4B+3.0%	$63.5B+1.8%	$62.4B
Current Assets	$4.6B+13.3%	$4.0B-3.1%	$4.1B+5.0%	$4.0B+11.3%	$3.6B-15.7%	$4.2B
Cash & Equivalents	$1.3B+24.6%	$1.0B-3.7%	$1.1B+8.4%	$973.0M+1.4%	$960.0M-46.6%	$1.8B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.9B-1.8%	$1.9B-8.6%	$2.1B+9.6%	$1.9B+9.8%	$1.7B+14.4%	$1.5B
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$51.2B+0.8%	$50.8B-2.9%	$52.3B-1.8%	$53.3B+7.9%	$49.4B+8.6%	$45.4B
Current Liabilities	$5.0B-4.6%	$5.3B+2.9%	$5.1B-7.5%	$5.5B-3.9%	$5.7B+37.6%	$4.2B
Long-Term Debt	$31.8B+2.0%	$31.2B-4.3%	$32.6B-2.2%	$33.3B+12.1%	$29.7B+11.2%	$26.7B
Total Equity	$18.5B+9.3%	$16.9B+14.2%	$14.8B+21.6%	$12.2B-14.1%	$14.2B-16.5%	$17.0B
Retained Earnings	$69.5B+5.9%	$65.6B+5.7%	$62.1B+5.4%	$58.9B+7.0%	$55.0B+7.3%	$51.3B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$69.7B+1.5%	$68.6B+0.1%	$68.6B+0.1%	$68.5B+1.1%	$67.7B+0.2%	$67.6B-0.4%	$67.8B+0.8%	$67.3B
Current Assets	$4.6B+16.7%	$3.9B-6.7%	$4.2B-7.8%	$4.5B+12.9%	$4.0B-3.1%	$4.1B-7.8%	$4.5B+7.2%	$4.2B
Cash & Equivalents	$1.3B+56.7%	$808.0M-23.8%	$1.1B-24.9%	$1.4B+38.9%	$1.0B+7.3%	$947.0M-16.7%	$1.1B+22.9%	$925.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.9B-3.2%	$1.9B+0.3%	$1.9B-2.5%	$2.0B+3.7%	$1.9B-7.0%	$2.0B-3.9%	$2.1B-2.0%	$2.2B
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$51.2B-0.2%	$51.3B-1.9%	$52.3B-0.3%	$52.5B+3.2%	$50.8B-0.3%	$51.0B-0.7%	$51.3B-0.5%	$51.6B
Current Liabilities	$5.0B-3.9%	$5.2B-19.1%	$6.5B+3.7%	$6.2B+18.4%	$5.3B-2.1%	$5.4B+25.2%	$4.3B-5.4%	$4.5B
Long-Term Debt	$31.8B+5.0%	$30.3B0.0%	$30.3B-1.1%	$30.6B-1.8%	$31.2B+4.8%	$29.8B-4.5%	$31.2B-0.1%	$31.2B
Total Equity	$18.5B+6.7%	$17.3B+6.4%	$16.3B+1.4%	$16.0B-5.0%	$16.9B+1.8%	$16.6B+0.6%	$16.5B+5.3%	$15.7B
Retained Earnings	$69.5B+1.5%	$68.5B+1.4%	$67.5B+1.6%	$66.5B+1.3%	$65.6B+1.5%	$64.7B+1.3%	$63.8B+1.4%	$62.9B

UNP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$9.3B-0.6%	$9.3B+11.5%	$8.4B-10.5%	$9.4B+3.7%	$9.0B+5.8%	$8.5B
Capital Expenditures	$3.8B+9.8%	$3.5B-4.3%	$3.6B-0.4%	$3.6B+23.3%	$2.9B+0.3%	$2.9B
Free Cash Flow	$5.5B-6.7%	$5.9B+23.5%	$4.8B-16.9%	$5.7B-5.8%	$6.1B+8.6%	$5.6B
Investing Cash Flow	-$3.8B-13.1%	-$3.3B+9.3%	-$3.7B-5.6%	-$3.5B-28.1%	-$2.7B-1.2%	-$2.7B
Financing Cash Flow	-$5.3B+13.0%	-$6.1B-31.2%	-$4.6B+21.4%	-$5.9B+17.8%	-$7.2B-46.0%	-$4.9B
Dividends Paid	$3.2B+0.7%	$3.2B+1.3%	$3.2B+0.4%	$3.2B+12.8%	$2.8B+6.6%	$2.6B
Share Buybacks	$2.7B+78.0%	$1.5B+113.5%	$705.0M-88.8%	$6.3B-13.8%	$7.3B+96.8%	$3.7B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$2.2B-11.8%	$2.5B+8.1%	$2.3B+5.6%	$2.2B-17.0%	$2.7B+0.4%	$2.7B+38.7%	$1.9B-9.9%	$2.1B
Capital Expenditures	$999.0M+5.2%	$950.0M+1.5%	$936.0M+3.3%	$906.0M-1.7%	$922.0M+11.0%	$831.0M-7.9%	$902.0M+13.2%	$797.0M
Free Cash Flow	$1.2B-22.0%	$1.6B+12.5%	$1.4B+7.1%	$1.3B-25.1%	$1.7B-4.4%	$1.8B+80.4%	$1.0B-23.8%	$1.3B
Investing Cash Flow	-$971.0M-2.0%	-$952.0M-5.7%	-$901.0M+3.9%	-$938.0M-4.3%	-$899.0M-7.8%	-$834.0M-5.6%	-$790.0M+1.5%	-$802.0M
Financing Cash Flow	-$804.0M+55.9%	-$1.8B-2.9%	-$1.8B-101.7%	-$878.0M+48.1%	-$1.7B+15.7%	-$2.0B-118.9%	-$917.0M+36.8%	-$1.5B
Dividends Paid	$818.0M-0.1%	$819.0M+3.0%	$795.0M-1.1%	$804.0M-0.7%	$810.0M-0.5%	$814.0M+2.6%	$793.0M-0.3%	$795.0M
Share Buybacks	$0	$0-100.0%	$1.3B-11.3%	$1.4B+110.7%	$674.0M-7.8%	$731.0M+631.0%	$100.0M	$0

UNP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	40.2%+0.1pp	40.1%+2.4pp	37.6%-2.2pp	39.9%-3.0pp	42.8%+2.7pp	40.1%
Net Margin	29.1%+1.3pp	27.8%+1.4pp	26.5%-1.7pp	28.1%-1.8pp	29.9%+2.5pp	27.4%
Return on Equity	38.6%-1.3pp	40.0%-3.2pp	43.1%-14.4pp	57.5%+11.5pp	46.1%+14.5pp	31.5%
Return on Assets	10.2%+0.3pp	10.0%+0.5pp	9.5%-1.2pp	10.7%+0.4pp	10.3%+1.7pp	8.6%
Current Ratio	0.91+0.1	0.77-0.0	0.81+0.1	0.72+0.1	0.62-0.4	1.01
Debt-to-Equity	1.72-0.1	1.85-0.4	2.20-0.5	2.74+0.6	2.10+0.5	1.58
FCF Margin	22.4%-1.9pp	24.3%+4.5pp	19.8%-3.3pp	23.1%-4.9pp	28.0%-0.8pp	28.7%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	39.5%-1.4pp	40.8%-0.2pp	41.0%+1.7pp	39.3%-1.9pp	41.3%+1.6pp	39.7%-0.3pp	40.0%+0.6pp	39.3%
Net Margin	30.4%+1.7pp	28.6%-1.8pp	30.5%+3.5pp	27.0%-1.8pp	28.8%+1.4pp	27.4%-0.4pp	27.9%+0.6pp	27.2%
Return on Equity	10.0%-0.3pp	10.3%-1.2pp	11.5%+1.4pp	10.1%-0.3pp	10.4%+0.4pp	10.1%-0.1pp	10.2%-0.3pp	10.5%
Return on Assets	2.6%+0.1pp	2.6%-0.1pp	2.7%+0.4pp	2.4%-0.2pp	2.6%+0.1pp	2.5%0.0pp	2.5%+0.0pp	2.4%
Current Ratio	0.91+0.2	0.75+0.1	0.65-0.1	0.73-0.0	0.770.0	0.77-0.3	1.05+0.1	0.93
Debt-to-Equity	1.72-0.0	1.75-0.1	1.86-0.0	1.91+0.1	1.85+0.1	1.79-0.1	1.89-0.1	1.99
FCF Margin	20.2%-5.0pp	25.2%+2.5pp	22.7%+1.1pp	21.6%-6.8pp	28.4%-1.5pp	29.9%+13.1pp	16.8%-5.2pp	22.0%

Note: The current ratio is below 1.0 (0.91), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Union Pacific's annual revenue?

Union Pacific (UNP) reported $24.5B in total revenue for fiscal year 2025. This represents a 1.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Union Pacific's revenue growing?

Union Pacific (UNP) revenue grew by 1.1% year-over-year, from $24.3B to $24.5B in fiscal year 2025.

Is Union Pacific profitable?

Yes, Union Pacific (UNP) reported a net income of $7.1B in fiscal year 2025, with a net profit margin of 29.1%.

What is Union Pacific's EBITDA?

Union Pacific (UNP) had EBITDA of $12.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Union Pacific have?

As of fiscal year 2025, Union Pacific (UNP) had $1.3B in cash and equivalents against $31.8B in long-term debt.

What is Union Pacific's operating margin?

Union Pacific (UNP) had an operating margin of 40.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Union Pacific's net profit margin?

Union Pacific (UNP) had a net profit margin of 29.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Union Pacific pay dividends?

Yes, Union Pacific (UNP) paid $5.44 per share in dividends during fiscal year 2025.

What is Union Pacific's return on equity (ROE)?

Union Pacific (UNP) has a return on equity of 38.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Union Pacific's free cash flow?

Union Pacific (UNP) generated $5.5B in free cash flow during fiscal year 2025. This represents a -6.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Union Pacific's operating cash flow?

Union Pacific (UNP) generated $9.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Union Pacific's total assets?

Union Pacific (UNP) had $69.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Union Pacific's capital expenditures?

Union Pacific (UNP) invested $3.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Union Pacific buy back shares?

Yes, Union Pacific (UNP) spent $2.7B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Union Pacific have outstanding?

Union Pacific (UNP) had 593M shares outstanding as of fiscal year 2025.

What is Union Pacific's current ratio?

Union Pacific (UNP) had a current ratio of 0.91 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Union Pacific's debt-to-equity ratio?

Union Pacific (UNP) had a debt-to-equity ratio of 1.72 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Union Pacific's return on assets (ROA)?

Union Pacific (UNP) had a return on assets of 10.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Union Pacific's Altman Z-Score?

Union Pacific (UNP) has an Altman Z-Score of 3.91, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Union Pacific's Piotroski F-Score?

Union Pacific (UNP) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Union Pacific's earnings high quality?

Union Pacific (UNP) has an earnings quality ratio of 1.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Union Pacific cover its interest payments?

Union Pacific (UNP) has an interest coverage ratio of 7.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Union Pacific?

Union Pacific (UNP) scores 66 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.