How Much of a Bargain Is UPS by the Numbers? - Motley Fool Analysts argue about which is more important -- earnings or cash flow. Who cares? A good buy ideally has low multiples on both. UPS has a P/E ratio of 25.6 and an EV/FCF ratio of 19.9 over the trailing 12 months. If we stretch and compare current valuations to the five-year averages for earnings and free cash flow, UPS has a P/E ratio of 26.2 and a 5-year EV/FCF ratio of 26.4. In the past five years, UPS's net income margin has ranged from 0.4% to 8.8%. In that same time frame, unlevered free cash flow margin has ranged from -0.4% to 10.4%. Additionally, over the past five years, UPS has tallied up five years of positive earnings and four years of positive free cash flow.