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S.p.A.","tier":3,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-9.3}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":3,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-14.7}},{"slug":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":3,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-18.3}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":3,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-18.3}},{"slug":"hanwha-aerospace","name":"한화에어로스페이스","name_en":"Hanwha Aerospace","tier":3,"returns_yearly":{"2021":19.3,"2022":70.4,"2023":74.3,"2024":163.6,"2025":227.6,"2026":-18.8}}],"analysis":"통합 소포·물류사 기업. 2026년 +8%다. 수요단(평균 +12%)·본주(+8%)·공급단(평균 +12.5%)이 비슷한 보폭이다. 전파가 한 바퀴 돈 동조 국면이라, 다음 구간은 사슬 방향보다 개별 실적이 가른다. 연결 노드 중 가장 앞선 곳은 유니언 퍼시픽(+27.1%), 가장 처진 곳은 보잉(-2.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"United Parcel Service, Inc. operates across Integrated parcel and logistics carrier. It is +8% in 2026. Demand side (avg +12%), the stock (+8%) and supply side (avg +12.5%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Union Pacific Corporation (+27.1%) and the furthest behind is Boeing (-2.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on aircraft and final-mile delivery while acquiring healthcare logistics businesses to expand its supply-chain capabilities.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Andlauer Healthcare Group","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-11-03","basis":"Andlauer Healthcare Group 총 인수가격","value":1600000000,"period":"completed 2025-11-01","basis_en":"Total purchase price for Andlauer Healthcare Group","qualifier":null},"note":"UPS는 북미 의료 콜드체인과 전문 운송 역량을 확대하기 위해 Andlauer Healthcare Group의 발행주식 전부를 현금으로 인수했다. 거래는 2025년 11월 완료됐다.","note_en":"UPS acquired all outstanding shares of Andlauer Healthcare Group in cash to expand its North American healthcare cold-chain and specialized transportation capabilities. The transaction closed in November 2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/1090727/000162828026008432/ups-20251231.htm","title":"유나이티드 파셀 서비스 2025 회계연도 10-K","title_en":"United Parcel Service 2025 Form 10-K","excerpt":"UPS는 2025년 4분기에 Andlauer Healthcare Group 인수를 완료했다.","excerpt_en":"completed ... Andlauer Healthcare Group."},{"stance":"confirms","publisher":"UPS","publisher_en":"UPS","kind":"ir","lang":"en","published_at":"2025-11-03","url":"https://about.ups.com/gb/en/newsroom/press-releases/our-strategy/ups-acquires-andlauer-healthcare-group-for--1-6-billion--acceler.html","title":"UPS, Andlauer Healthcare Group을 16억 달러에 인수","title_en":"UPS Acquires Andlauer Healthcare Group for $1.6 Billion","excerpt":"총 인수가격은 약 22억 캐나다달러, 미화 16억 달러였다.","excerpt_en":"a total purchase price of approximately CAD $2.2 billion (USD $1.6 billion)."}]},{"direction":"cost","counterparty":"보잉","counterparty_slug":"boeing","confidence":"high","metric":{"type":"count","unit":"aircraft","as_of":"2026-02-17","basis":"주문 중인 보잉 767-300 항공기 수","value":18,"period":"as of 2025-12-31","basis_en":"Boeing 767-300 aircraft on order","qualifier":null},"note":"UPS는 보잉 767 화물기를 구매해 항공망을 유지하고 현대화한다. 2025년 말 기준 767-300 화물기 18대가 주문 잔량으로 남아 있었다.","note_en":"UPS purchases Boeing 767 freighters to maintain and modernize its air network. At year-end 2025, 18 Boeing 767-300 aircraft remained on order.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/1090727/000162828026008432/ups-20251231.htm","title":"유나이티드 파셀 서비스 2025 회계연도 10-K","title_en":"United Parcel Service 2025 Form 10-K","excerpt":"2025년 말 항공기 표에는 보잉 767-300 주문 잔량이 18대로 제시됐다.","excerpt_en":"Boeing 767-300 ... On Order ... 18."},{"stance":"confirms","publisher":"보잉","publisher_en":"Boeing","kind":"ir","lang":"en","published_at":"2021-12-21","url":"https://investors.boeing.com/investors/news/press-release-details/2021/Boeing-Announces-UPS-Purchase-of-19-767-Freighters/default.aspx","title":"보잉, UPS의 767 화물기 19대 구매 발표","title_en":"Boeing Announces UPS Purchase of 19 767 Freighters","excerpt":"보잉은 UPS가 767 화물기 19대를 주문했다고 발표했다.","excerpt_en":"Boeing announced an order for 19 767 Freighters from UPS."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2026-02-17","basis":"아마존과 계열사가 차지한 UPS 연결매출 비중","value":10.6,"period":"FY2025","basis_en":"Amazon and affiliates' share of UPS consolidated revenue","qualifier":null},"note":"아마존과 그 계열사는 UPS의 최대 고객이다. UPS는 수익성이 낮은 물량을 줄이는 전략에 따라 아마존 물량을 축소하고 있지만, 2025년에도 연결매출의 10.6%를 차지했다.","note_en":"Amazon and its affiliates remain UPS's largest customer. UPS is reducing lower-yield Amazon volume, but the customer still represented 10.6% of consolidated revenue in 2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/1090727/000162828026008432/ups-20251231.htm","title":"유나이티드 파셀 서비스 2025 회계연도 10-K","title_en":"United Parcel Service 2025 Form 10-K","excerpt":"아마존과 계열사는 2025년 UPS 연결매출의 10.6%를 차지했다.","excerpt_en":"10.6% of our consolidated revenues."},{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"analysis","lang":"ko","published_at":"2025-11-05","url":"https://www.newspim.com/news/view/20251105000965","title":"[GAM] '반토막' UPS 지금이 바닥 ① '아마존 손절' 고마진 전략 결실","title_en":"[GAM] Has UPS Bottomed? Part 1: Higher-Margin Strategy Takes Hold as Amazon Volume Is Cut","excerpt":"아마존은 UPS의 최대 고객이며 2024년 매출의 11% 이상을 차지했다.","excerpt_en":"Amazon was UPS's largest customer and contributed more than 11% of 2024 revenue."}]},{"direction":"cost","counterparty":"미국 우정청","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-17","basis":"USPS 최종구간 배송 서비스 계약 금액","value":null,"period":"from 2026","basis_en":"Value of the USPS final-mile delivery services agreement","qualifier":"confirmed_no_disclosed_value"},"note":"UPS는 2026년부터 Ground Saver와 Mail Innovations 물량 일부의 최종구간 배송을 USPS에 맡기는 계약을 체결했다. 계약 금액은 공개되지 않았다.","note_en":"UPS contracted with the USPS to provide final-mile delivery for part of its Ground Saver and Mail Innovations volume beginning in 2026. The contract value was not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/1090727/000162828026008432/ups-20251231.htm","title":"유나이티드 파셀 서비스 2025 회계연도 10-K","title_en":"United Parcel Service 2025 Form 10-K","excerpt":"UPS는 USPS가 2026년부터 일부 물량의 최종구간 배송을 지원하는 계약을 맺었다.","excerpt_en":"support final-mile delivery ... starting in 2026."}]},{"direction":"revenue","counterparty":"미국 우정청","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-17","basis":"USPS 미국 내 항공화물 운송 계약 매출","value":null,"period":"FY2025","basis_en":"Revenue from the USPS domestic air-cargo transportation contract","qualifier":"confirmed_no_disclosed_value"},"note":"UPS는 USPS의 미국 내 주요 항공화물 운송사로 우편물을 운송해 매출을 얻는다. 2025년 공시는 계약 물량의 온기 반영이 항공화물 매출 증가에 기여했다고 설명하지만 상대별 매출액은 공개하지 않았다.","note_en":"UPS serves as a primary domestic air-cargo carrier for the USPS and earns revenue by transporting mail. The 2025 filing says the full-year effect of the contract increased air-cargo revenue but does not disclose customer-specific revenue.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/1090727/000162828026008432/ups-20251231.htm","title":"유나이티드 파셀 서비스 2025 회계연도 10-K","title_en":"United Parcel Service 2025 Form 10-K","excerpt":"USPS 계약 물량의 온기 반영으로 항공화물 매출이 증가했다.","excerpt_en":"increased air cargo revenue ... USPS contract."},{"stance":"confirms","publisher":"미국 우정청","publisher_en":"United States Postal Service","kind":"news","lang":"en","published_at":"2024-04-01","url":"https://about.usps.com/newsroom/statements/040124-usps-statement-on-award-to-ups-for-contract-to-support-air-cargo-transportation.htm","title":"UPS에 항공화물 운송 지원 계약을 수여한 미국 우정청 성명","title_en":"U.S. Postal Service Statement on Award to United Parcel Service for Contract to Support Air Cargo Transportation","excerpt":"USPS는 UPS에 최소 5년 6개월 기한의 항공화물 운송 계약을 수여했다.","excerpt_en":"USPS awarded UPS an air cargo services contract with a five-and-a-half-year minimum base term."}]},{"direction":"cost","counterparty":"유니언 퍼시픽","counterparty_slug":"union-pacific","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-02-09","basis":"UPS에서 발생한 프리미엄 인터모달 운임수익","value":null,"period":"FY2025 peak season","basis_en":"Premium intermodal freight revenue attributable to UPS","qualifier":"confirmed_no_disclosed_value"},"note":"UPS는 연말 성수기 소포를 유니언 퍼시픽의 프리미엄 인터모달 망으로 운송하는 주요 고객이지만, 상대별 운임수익과 물량은 공개되지 않았다.","note_en":"UPS is a major customer that uses Union Pacific's premium intermodal network for holiday parcel traffic, but customer-specific revenue and volume were not disclosed.","sources":[{"stance":"confirms","publisher":"유니언 퍼시픽","publisher_en":"Union Pacific","kind":"ir","lang":"en","published_at":"2026-02-09","url":"https://www.up.com/news/service/union-pacific-perfect-peak-season-260209","title":"유니언 퍼시픽, 3년 연속 완벽한 성수기 운송 달성","title_en":"Union Pacific Delivers Third Consecutive Perfect Peak Season","excerpt":"유니언 퍼시픽은 UPS와 FedEx의 성수기 물량을 운송했다.","excerpt_en":"Alongside UPS, FedEx increased its presence on Union Pacific"}]},{"direction":"revenue","counterparty":"W. W. 그레인저","counterparty_slug":"w-w-grainger","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2016-11-08","basis":"그레인저가 UPS에 지급한 출고 운송비","value":null,"period":"carrier relationship documented in 2013-2016 sources","basis_en":"Outbound transportation fees paid by Grainger to UPS","qualifier":"confirmed_no_disclosed_value"},"note":"유나이티드 파셀 서비스는 판매자인 그레인저가 통합 운송사를 계약한다고 밝힌 공식 수출 FAQ에서 주요 배송 사업자 중 하나로 확인되고 회사 수출 안내에서도 UPS 국제특송 배송 선택지로 제시되지만, 현재 지급액은 공개되지 않았다.","note_en":"United Parcel Service is identified as one of Grainger's major delivery providers in the seller's official export FAQ, which says Grainger contracts an integrated transportation provider, and is also listed as a UPS International Express shipping option in its export policy, but the current payment amount is not disclosed.","sources":[{"stance":"confirms","publisher":"그레인저","publisher_en":"Grainger","kind":"ir","lang":"en","published_at":"2016-11-08","url":"https://www.grainger.com/content/mc/policies/how-grainger-exports","title":"그레인저의 수출 방식","title_en":"How Grainger Exports","excerpt":"특송 선택지에는 FedEx International Priority와 Economy, DHL Worldwide Express, UPS International Express, USPS가 포함된다.","excerpt_en":"including FedEx International Priority and Economy, DHL Worldwide Express, UPS International Express and USPS Parcel Post or Priority Service"},{"stance":"confirms","publisher":"그레인저","publisher_en":"Grainger","kind":"ir","lang":"en","published_at":"2016-11-08","url":"https://www.grainger.com/content/faq-worldwide","title":"그레인저 월드와이드 자주 묻는 질문","title_en":"Grainger Worldwide Frequently Asked Questions","excerpt":"판매자인 그레인저가 배송을 위해 통합 운송사를 계약하며, 주요 배송 사업자에는 FedEx, DHL, UPS가 포함된다.","excerpt_en":"an integrated transportation service provider is contracted by the seller (Grainger) to handle shipping and delivery to you. Some of the major delivery service providers Grainger uses are FEDEX, DHL and UPS."}]},{"direction":"revenue","counterparty":"윌리엄스 소노마","counterparty_slug":"williams-sonoma","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2024-11-21","basis":"UPS 상품 배송 서비스 비용","value":null,"period":"ongoing","basis_en":"UPS merchandise-delivery service spend","qualifier":"confirmed_no_disclosed_value"},"note":"유나이티드 파셀 서비스(UPS)는 윌리엄스 소노마의 상품을 고객에게 배송하는 물류사로서 공개 사례에서 20년 넘게 신선식품 배송을 맡아 온 사실이 확인되지만 전체 계약 금액은 공개하지 않는다.","note_en":"United Parcel Service (UPS) delivers Williams-Sonoma merchandise to customers and is confirmed in a disclosed operating case to have handled fresh-food deliveries for more than 20 years, but no total contract value is public.","sources":[{"stance":"confirms","publisher":"UPS","publisher_en":"UPS","kind":"news","lang":"en","published_at":"2024-11-21","url":"https://about.ups.com/us/en/our-stories/customer-first/flight-of-the-willie-bird.html","title":"윌리엄스 소노마가 연말 정시 배송을 UPS에 맡기는 방법","title_en":"Williams Sonoma Trusts UPS to Deliver Just in Time for the Holidays","excerpt":"UPS는 20년 넘게 윌리엄스 소노마의 유기농 칠면조 수천 마리를 항공 익일 배송했다.","excerpt_en":"For more than 20 years, UPS has shipped thousands of organic, free-range turkeys ... for home product retailer Williams Sonoma."}]}]}