As a multinational logistics giant, United Parcel Service (UPS) is seen as something of a bellwether for the economy. Sadly for shareholders, UPS stock has grown only about as fast as the global economy for decades.
Partly that's a function of UPS being a capital-intensive business. Operating a fleet of more than 500 planes and 100,000 vehicles, alongside a highly unionized workforce, means UPS is tethered to "old economy" margins. Meanwhile, the market over the past 20 years has favored "capital-light" tech giants with fat margins over value names that pay hefty dividends.
