Expeditors International of Washington, Inc. (EXPD) 10-Year Financial Performance & Capital Metrics

EXPD • • Industrial / General

IndustrialsFreight & LogisticsFreight Forwarding & Logistics ServicesGlobal Freight Forwarders

AboutExpeditors International of Washington, Inc. provides logistics services in the Americas, North Asia, South Asia, Europe, the Middle East, Africa, and India. The company offers airfreight services, such as air freight consolidation and forwarding; ocean freight and ocean services, including ocean freight consolidation, direct ocean forwarding, and order management; customs brokerage, intra-continental ground transportation and delivery, and warehousing and distribution services; and customs clearance, purchase order management, vendor consolidation, time-definite transportation services, temperature-controlled transit, cargo insurance, specialized cargo monitoring and tracking, and other supply chain solutions. It also provides optimization, trade compliance, consulting, cargo security, and solutions. In addition, it acts as a freight consolidator or as an agent for the airline, which carries the shipment. Further, the company provides ancillary services that include preparation of shipping and customs documentation, packing, crating, insurance services, negotiation of letters of credit, and the preparation of documentation to comply with local export laws. Its customers include retailing and wholesaling, electronics, technology, and industrial and manufacturing companies. Expeditors International of Washington, Inc. was incorporated in 1979 and is headquartered in Seattle, Washington.Show more

Revenue $10.6B +14.0%
EBITDA $1.1B +9.4%
Net Income $810M +7.6%
EPS (Diluted) 5.72 +14.2%
Gross Margin 12.73% -5.0%
EBITDA Margin 10.4% -4.0%
Operating Margin 9.82% -2.8%
Net Margin 7.64% -5.6%
ROE 35.09% +28.3%
ROIC 51.17% +9.0%
Debt/Equity 0.26 +15.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 34.5%
✓24 consecutive years of dividend growth
✓Momentum leader: RS Rating 81 (top 19%)
✓Share count reduced 5.6% through buybacks
✓Trading near 52-week high
✓Efficient asset utilization: 2.2x turnover

✗Weaknesses

✗Expensive at 10.4x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.91%

5Y5.94%

3Y-13.75%

TTM12.54%

Profit (Net Income) CAGR

10Y7.95%

5Y6.53%

3Y-16.98%

TTM15.36%

EPS CAGR

10Y11.53%

5Y11.03%

3Y-11.56%

TTM19.49%

ROCE

10Y Avg39.29%

5Y Avg41.12%

3Y Avg38.86%

Latest37.82%

Peer Comparison

Global Freight Forwarders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHRWC.H. Robinson Worldwide, Inc.	20.71B	175.33	45.42	0.73%	3.64%	32.31%	2.35%	1.01
EXPDExpeditors International of Washington, Inc.	21.95B	163.76	28.63	13.98%	7.57%	37.04%	3.11%	0.26
LSTRLandstar System, Inc.	5.36B	156.00	28.31	-9.02%	2.87%	15.44%	4.77%	0.17

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.62B	6.1B	6.92B	8.14B	7.94B	9.58B	16.52B	17.07B	9.3B	10.6B
Revenue Growth %	0.01%	-0.08%	0.13%	0.18%	-0.02%	0.21%	0.72%	0.03%	-0.46%	0.14%
Cost of Goods Sold+	5.72B	5.25B	6.04B	7.12B	6.95B	8.42B	14.36B	14.9B	8.05B	9.25B
COGS % of Revenue	0.86%	0.86%	0.87%	0.87%	0.87%	0.88%	0.87%	0.87%	0.87%	0.87%
Gross Profit+	895.78M	850.79M	883.03M	1.02B	997.02M	1.16B	2.17B	2.17B	1.25B	1.35B
Gross Margin %	0.14%	0.14%	0.13%	0.13%	0.13%	0.12%	0.13%	0.13%	0.13%	0.13%
Gross Profit Growth %	0.17%	-0.05%	0.04%	0.16%	-0.02%	0.17%	0.86%	0%	-0.43%	0.08%
Operating Expenses+	174.3M	180.63M	182.77M	223.72M	230.33M	222.33M	256.09M	346.76M	305.54M	307.72M
OpEx % of Revenue	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.03%	0.03%
Selling, General & Admin	41.99M	41.76M	44.29M	45.35M	44M	18.44M	16.03M	24.29M	27.91M	33.33M
SG&A % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0%	0%	0%	0%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	132.31M	138.87M	138.48M	178.37M	186.33M	203.89M	240.06M	322.47M	277.63M	274.39M
Operating Income+	721.48M	670.16M	700.26M	796.56M	766.69M	940.44M	1.91B	1.82B	939.93M	1.04B
Operating Margin %	0.11%	0.11%	0.1%	0.1%	0.1%	0.1%	0.12%	0.11%	0.1%	0.1%
Operating Income Growth %	0.21%	-0.07%	0.04%	0.14%	-0.04%	0.23%	1.03%	-0.04%	-0.48%	0.11%
EBITDA+	767.5M	716.96M	749.57M	850.58M	817.64M	997.4M	1.96B	1.88B	1.01B	1.1B
EBITDA Margin %	0.12%	0.12%	0.11%	0.1%	0.1%	0.1%	0.12%	0.11%	0.11%	0.1%
EBITDA Growth %	0.19%	-0.07%	0.05%	0.13%	-0.04%	0.22%	0.97%	-0.04%	-0.46%	0.09%
D&A (Non-Cash Add-back)	46.01M	46.8M	49.31M	54.02M	50.95M	56.96M	51.31M	57.34M	67.76M	61.09M
EBIT	721.48M	670.16M	700.26M	796.56M	766.69M	956.78M	1.93B	1.82B	939.93M	1.04B
Net Interest Income+	10.42M	11.58M	13.2M	19.15M	22.8M	10.2M	8.4M	2.28M	65.65M	46.71M
Interest Income	10.42M	11.58M	13.2M	19.15M	22.8M	10.41M	8.81M	25.55M	70.45M	46.71M
Interest Expense	0	0	0	0	0	219K	411K	23.28M	4.8M	0
Other Income/Expense	15.21M	16.69M	18.34M	21.77M	29.1M	16.13M	15.29M	11.52M	75.09M	53.48M
Pretax Income+	736.69M	686.86M	718.6M	818.33M	795.79M	956.56M	1.92B	1.84B	1.02B	1.09B
Pretax Margin %	0.11%	0.11%	0.1%	0.1%	0.1%	0.1%	0.12%	0.11%	0.11%	0.1%
Income Tax+	277.19M	254.32M	228.21M	198.54M	203.78M	258.35M	505.77M	475.29M	263.25M	283.17M
Effective Tax Rate %	0.62%	0.63%	0.68%	0.76%	0.74%	0.73%	0.74%	0.74%	0.74%	0.74%
Net Income+	457.22M	430.81M	489.35M	618.2M	590.39M	696.14M	1.42B	1.36B	752.88M	810.07M
Net Margin %	0.07%	0.07%	0.07%	0.08%	0.07%	0.07%	0.09%	0.08%	0.08%	0.08%
Net Income Growth %	0.21%	-0.06%	0.14%	0.26%	-0.04%	0.18%	1.03%	-0.04%	-0.45%	0.08%
Net Income (Continuing)	459.5M	432.53M	490.38M	619.79M	592.02M	698.21M	1.42B	1.36B	751.78M	811.63M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2.68M	2.58M	2.52M	882K	2.19M	3.59M	3.56M	3.51M	1.06M	2.77M
EPS (Diluted)+	2.40	2.36	2.69	3.48	3.39	4.07	8.27	8.26	5.01	5.72
EPS Growth %	0.25%	-0.02%	0.14%	0.29%	-0.03%	0.2%	1.03%	-0%	-0.39%	0.14%
EPS (Basic)	2.42	2.38	2.73	3.55	3.45	4.14	8.37	8.33	5.05	5.75
Diluted Shares Outstanding	190.22M	182.7M	181.67M	177.83M	174.21M	170.9M	171.25M	164.43M	150.19M	141.72M
Basic Shares Outstanding	188.94M	181.28M	179.25M	174.13M	170.9M	168.33M	169.15M	163.01M	149.14M	140.99M
Dividend Payout Ratio	0.3%	0.34%	0.31%	0.25%	0.29%	0.25%	0.14%	0.16%	0.27%	0.25%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.98B	2.22B	2.54B	2.73B	2.77B	3.96B	6.64B	4.52B	3.44B	3.66B
Cash & Short-Term Investments	807.8M	974.43M	1.05B	923.74M	1.23B	1.53B	1.73B	2.03B	1.51B	1.15B
Cash Only	807.8M	974.43M	1.05B	923.74M	1.23B	1.53B	1.73B	2.03B	1.51B	1.15B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.11B	1.19B	1.41B	1.58B	1.32B	2B	3.81B	2.11B	1.53B	2B
Days Sales Outstanding	61.36	71.24	74.61	70.93	60.44	76.09	84.17	45.06	60.15	68.79
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	56.45M	54.01M	75.61M	229.55M	224.34M	437.7M	1.1B	376.24M	389.71M	513.62M
Total Non-Current Assets+	589.07M	572.29M	575.56M	579.74M	921.96M	963.96M	974.88M	1.07B	1.09B	1.09B
Property, Plant & Equipment	524.72M	536.57M	525.2M	504.11M	889.38M	939.15M	947.03M	1.01B	995.5M	1B
Fixed Asset Turnover	12.61x	11.36x	13.18x	16.14x	8.93x	10.21x	17.45x	16.91x	9.34x	10.59x
Goodwill	7.93M	7.93M	7.93M	7.93M	7.93M	7.93M	7.93M	7.93M	7.93M	7.93M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	56.42M	27.79M	29.22M	27.25M	16.62M	16.88M	19.2M	17.62M	21.49M	15.03M
Total Assets+	2.57B	2.79B	3.12B	3.31B	3.69B	4.93B	7.61B	5.59B	4.52B	4.75B
Asset Turnover	2.58x	2.18x	2.22x	2.46x	2.15x	1.95x	2.17x	3.05x	2.06x	2.23x
Asset Growth %	-0.11%	0.09%	0.12%	0.06%	0.11%	0.33%	0.54%	-0.27%	-0.19%	0.05%
Total Current Liabilities+	861.37M	929.93M	1.09B	1.33B	1.17B	1.89B	3.73B	2.05B	1.7B	2.07B
Accounts Payable	645.3M	726.57M	866.3M	902.26M	735.7M	1.14B	2.01B	1.11B	860.86M	1.04B
Days Payables Outstanding	41.17	50.54	52.37	46.27	38.66	49.27	51.16	27.17	39.01	40.9
Short-Term Debt	-	-	-	-	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	2.29x	2.39x	2.32x	2.06x	2.37x	2.09x	1.78x	2.20x	2.02x	1.77x
Quick Ratio	2.29x	2.39x	2.32x	2.06x	2.37x	2.09x	1.78x	2.20x	2.02x	1.77x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	0	0	0	0	326.35M	371.23M	385.64M	422.84M	427.98M	462.2M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	326.35M	364.19M	385.64M	422.84M	427.98M	462.2M
Deferred Tax Liabilities	9.53M	13.73M	0	0	0	7.05M	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	870.9M	943.66M	1.12B	1.33B	1.49B	2.26B	4.11B	2.48B	2.13B	2.53B
Total Debt+	-	-	-	-	391.71M	438.19M	467.66M	518.47M	527.73M	568.94M
Net Debt	-	-	-	-	-838.78M	-1.09B	-1.26B	-1.52B	-985.15M	-579.38M
Debt / Equity	-	-	-	-	0.18x	0.16x	0.13x	0.17x	0.22x	0.26x
Debt / EBITDA	-	-	-	-	0.48x	0.44x	0.24x	0.28x	0.52x	0.52x
Net Debt / EBITDA	-1.05x	-1.36x	-1.40x	-1.09x	-1.03x	-1.09x	-0.64x	-0.81x	-0.98x	-0.53x
Interest Coverage	-	-	-	-	-	4294.23x	4645.56x	78.38x	195.82x	-
Total Equity+	1.69B	1.85B	1.99B	1.99B	2.2B	2.66B	3.5B	3.11B	2.39B	2.23B
Equity Growth %	-0.09%	0.09%	0.08%	-0%	0.11%	0.21%	0.31%	-0.11%	-0.23%	-0.07%
Book Value per Share	8.91	10.11	10.98	11.18	12.61	15.58	20.43	18.94	15.92	15.71
Total Shareholders' Equity	1.69B	1.84B	1.99B	1.99B	2.2B	2.66B	3.49B	3.11B	2.39B	2.22B
Common Stock	1.82M	1.8M	1.76M	1.72M	1.7M	1.69M	1.67M	1.54M	1.44M	1.38M
Retained Earnings	1.77B	1.94B	2.06B	2.09B	2.32B	2.6B	3.62B	3.31B	2.58B	2.46B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	-131.19M	-99.75M	-130.41M	-202.55M	-192.06M	-233.5M
Minority Interest	2.68M	2.58M	2.52M	882K	2.19M	3.59M	3.56M	3.51M	1.06M	2.77M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	564.71M	529.1M	488.64M	572.8M	771.93M	655.01M	868.49M	2.13B	1.05B	723.36M
Operating CF Margin %	0.09%	0.09%	0.07%	0.07%	0.1%	0.07%	0.05%	0.12%	0.11%	0.07%
Operating CF Growth %	0.43%	-0.06%	-0.08%	0.17%	0.35%	-0.15%	0.33%	1.45%	-0.51%	-0.31%
Net Income	459.5M	432.53M	490.38M	619.79M	592.02M	698.21M	1.42B	1.36B	751.78M	810.07M
Depreciation & Amortization	46.01M	46.8M	49.31M	54.02M	50.95M	56.96M	51.31M	57.34M	67.76M	61.09M
Stock-Based Compensation	43.41M	45.22M	50.91M	56.15M	61.54M	62.5M	69.39M	64.4M	58.4M	64.36M
Deferred Taxes	18M	15.84M	-43.7M	-12.03M	4.48M	8.37M	-3.69M	-33.24M	-22.92M	-5.14M
Other Non-Cash Items	299K	-1.32M	974K	4.46M	940K	9.54M	11.33M	12.3M	12.4M	1.65M
Working Capital Changes	-2.51M	-9.96M	-59.24M	-149.58M	62M	-180.57M	-678.69M	668.27M	185.76M	-208.68M
Change in Receivables	62.62M	-102.3M	-184.77M	-214.97M	265.92M	-647.19M	-1.87B	1.59B	573.72M	-531.62M
Change in Inventory	0	0	0	-22.47M	-18.47M	8.5M	57.87M	0	0	0
Change in Payables	-84.16M	102.72M	114.63M	86.04M	-181.99M	430.5M	1.04B	-798.12M	-300.35M	259.31M
Cash from Investing+	-7.43M	-53.2M	-11.69M	-48.4M	-46.02M	-46.03M	-36.65M	-87.71M	-39.43M	-40.52M
Capital Expenditures	-44.38M	-59.32M	-95.02M	-47.47M	-47.02M	-47.54M	-36.25M	-86.82M	-39.31M	-40.47M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0%	0.01%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3.34M	6.16M	83.33M	-1.14M	428K	1.52M	-398K	-890K	-119K	-57K
Cash from Financing+	-634.97M	-298.42M	-424.56M	-627.74M	-418.04M	-331.54M	-613.55M	-1.68B	-1.54B	-1.03B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-135.67M	-145.12M	-150.5M	-156.84M	-170.55M	-174.93M	-195.77M	-213.8M	-202.03M	-204.09M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-272K	-949K	-904K	-5.73M	-6.67M	-10.57M	-16.8M	-21.28M	-20.59M	-15.35M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	520.33M	469.78M	393.62M	525.33M	724.91M	607.47M	832.25M	2.04B	1.01B	682.89M
FCF Margin %	0.08%	0.08%	0.06%	0.06%	0.09%	0.06%	0.05%	0.12%	0.11%	0.06%
FCF Growth %	0.57%	-0.1%	-0.16%	0.33%	0.38%	-0.16%	0.37%	1.45%	-0.5%	-0.33%
FCF per Share	2.74	2.57	2.17	2.95	4.16	3.55	4.86	12.42	6.75	4.82
FCF Conversion (FCF/Net Income)	1.24x	1.23x	1.00x	0.93x	1.31x	0.94x	0.61x	1.57x	1.40x	0.89x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	239.37M	254.31M	249.7M	239.25M	222.08M	239.85M	442.55M	566.53M	356.38M	257.17M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	25.64%	24.33%	25.48%	31.05%	28.22%	28.65%	45.95%	41.06%	27.35%	35.09%
Return on Invested Capital (ROIC)	59.09%	57.13%	57.84%	59.53%	47.47%	48.11%	75.16%	71.36%	46.93%	51.17%
Gross Margin	13.54%	13.95%	12.76%	12.54%	12.55%	12.13%	13.11%	12.72%	13.39%	12.73%
Net Margin	6.91%	7.06%	7.07%	7.6%	7.43%	7.26%	8.57%	7.95%	8.1%	7.64%
Debt / Equity	-	-	-	-	0.18x	0.16x	0.13x	0.17x	0.22x	0.26x
Interest Coverage	-	-	-	-	-	4294.23x	4645.56x	78.38x	195.82x	-
FCF Conversion	1.24x	1.23x	1.00x	0.93x	1.31x	0.94x	0.61x	1.57x	1.40x	0.89x
Revenue Growth	0.79%	-7.84%	13.49%	17.59%	-2.41%	20.67%	72.4%	3.32%	-45.52%	13.98%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Customs Brokerage And Other Services	-	-	-	2.61B	3.03B	2.98B	4.21B	4.64B	3.69B	3.78B
Customs Brokerage And Other Services Growth	-	-	-	-	15.81%	-1.62%	41.21%	10.31%	-20.46%	2.49%
Airfreight Services	-	-	-	3.27B	2.93B	4.78B	6.77B	5.89B	3.25B	3.67B
Airfreight Services Growth	-	-	-	-	-10.45%	63.30%	41.53%	-13.06%	-44.85%	13.03%
Ocean Freight And Ocean Services	-	-	-	2.25B	2.22B	2.35B	5.55B	6.54B	2.36B	3.15B
Ocean Freight And Ocean Services Growth	-	-	-	-	-1.52%	6.12%	135.67%	18.01%	-63.89%	33.23%
United States	1.76B	1.68B	1.85B	-	-	-	-	-	-	-
United States Growth	-	-4.56%	10.01%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	1.88B	1.79B	1.96B	2.48B	2.71B	2.78B	4.34B	4.87B	3.31B	3.25B
United States Growth	-	-4.95%	9.70%	26.36%	9.37%	2.38%	56.48%	12.07%	-32.00%	-1.79%
North Asia	2.58B	2.26B	2.6B	2.89B	2.49B	3.84B	6.36B	5.81B	2.18B	2.93B
North Asia Growth	-	-12.22%	14.78%	11.08%	-13.57%	53.87%	65.78%	-8.69%	-62.47%	34.55%
Europe	1.36B	1.32B	1.54B	1.79B	1.72B	2.03B	3.12B	3.48B	2.31B	2.38B
Europe Growth	-	-3.06%	16.76%	16.42%	-3.92%	17.80%	53.83%	11.28%	-33.45%	3.04%
South Asia	702.65M	628.23M	684.88M	777.86M	743.41M	989.63M	2.05B	2.14B	865.26M	1.39B
South Asia Growth	-	-10.59%	9.02%	13.58%	-4.43%	33.12%	106.80%	4.76%	-59.64%	60.78%
Other North America Member	239.67M	237.34M	268.19M	355.8M	354.4M	328.43M	440.23M	517.66M	436.33M	429.28M
Other North America Member Growth	-	-0.97%	13.00%	32.67%	-0.39%	-7.33%	34.04%	17.59%	-15.71%	-1.62%
Latin America	113.39M	99.7M	111.86M	156.85M	150.2M	156.16M	209.16M	257.72M	197.34M	215M
Latin America Growth	-	-12.07%	12.20%	40.22%	-4.24%	3.97%	33.94%	23.22%	-23.43%	8.95%

Frequently Asked Questions

Valuation & Price

Expeditors International of Washington, Inc. (EXPD) has a price-to-earnings (P/E) ratio of 28.6x. This suggests investors expect higher future growth.

Growth & Financials

Expeditors International of Washington, Inc. (EXPD) reported $11.17B in revenue for fiscal year 2024. This represents a 81% increase from $6.16B in 2011.

Expeditors International of Washington, Inc. (EXPD) grew revenue by 14.0% over the past year. This is steady growth.

Yes, Expeditors International of Washington, Inc. (EXPD) is profitable, generating $845.5M in net income for fiscal year 2024 (7.6% net margin).

Dividend & Returns

Yes, Expeditors International of Washington, Inc. (EXPD) pays a dividend with a yield of 0.88%. This makes it attractive for income-focused investors.

Expeditors International of Washington, Inc. (EXPD) has a return on equity (ROE) of 35.1%. This is excellent, indicating efficient use of shareholder capital.

Expeditors International of Washington, Inc. (EXPD) generated $922.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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