Latest Ratios: P/E Ratio 31.6x · EV/EBITDA 21.5x · ROE 35.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $24.6B | $20.3B | $15.7B | $19.1B | $17.1B | $23.0B | $16.3B | $13.6B | $12.1B | $11.8B | $9.7B |
| Enterprise Value | $23.8B | $19.6B | $15.1B | $18.1B | $15.6B | $21.7B | $15.2B | $12.8B | $12.1B | $11.8B | $9.7B |
| P/E Ratio → | 31.60 | 25.04 | 19.37 | 25.39 | 12.58 | 16.24 | 23.37 | 23.01 | 19.57 | 24.05 | 22.44 |
| P/S Ratio | 2.22 | 1.83 | 1.48 | 2.05 | 1.00 | 1.39 | 1.70 | 1.71 | 1.49 | 1.70 | 1.59 |
| P/B Ratio | 10.86 | 8.61 | 7.05 | 7.99 | 5.49 | 6.57 | 6.10 | 6.19 | 6.09 | 5.89 | 5.24 |
| P/FCF | 25.79 | 21.29 | 22.99 | 18.84 | 8.36 | 27.63 | 26.76 | 18.75 | 23.05 | 29.86 | 20.60 |
| P/OCF | 24.43 | 20.17 | 21.70 | 18.14 | 8.02 | 26.48 | 24.81 | 17.61 | 21.14 | 24.05 | 18.29 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.77 | 1.43 | 1.95 | 0.91 | 1.32 | 1.58 | 1.61 | 1.49 | 1.70 | 1.59 |
| EV / EBITDA | 21.50 | 17.63 | 13.71 | 17.98 | 8.28 | 11.09 | 15.20 | 15.60 | 14.24 | 15.68 | 13.50 |
| EV / EBIT | 22.66 | 17.88 | 13.81 | 17.77 | 8.38 | 11.29 | 15.85 | 16.63 | 15.20 | 16.78 | 14.44 |
| EV / FCF | — | 20.51 | 22.14 | 17.87 | 7.62 | 26.12 | 24.96 | 17.59 | 23.05 | 29.86 | 20.60 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.3% | 15.3% | 12.7% | 13.4% | 12.7% | 13.1% | 12.1% | 12.6% | 12.5% | 12.8% | 14.0% |
| Operating Margin | 9.5% | 9.5% | 9.8% | 10.1% | 10.7% | 11.6% | 9.8% | 9.7% | 9.8% | 10.1% | 11.0% |
| Net Profit Margin | 7.4% | 7.4% | 7.6% | 8.1% | 8.0% | 8.6% | 7.3% | 7.4% | 7.6% | 7.1% | 7.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 35.5% | 35.5% | 35.1% | 27.4% | 41.1% | 45.9% | 28.6% | 28.2% | 31.0% | 25.5% | 24.3% |
| ROA | 16.9% | 16.9% | 17.5% | 14.9% | 20.6% | 22.6% | 16.2% | 16.9% | 19.2% | 16.6% | 16.1% |
| ROIC | 48.4% | 48.4% | 51.2% | 46.9% | 71.4% | 75.2% | 48.1% | 47.5% | 59.5% | 57.8% | 57.1% |
| ROCE | 38.2% | 38.2% | 37.8% | 29.6% | 49.2% | 55.2% | 33.8% | 34.0% | 39.7% | 36.1% | 37.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.26 | 0.22 | 0.17 | 0.13 | 0.16 | 0.18 | — | — | — |
| Debt / EBITDA | 0.51 | 0.51 | 0.52 | 0.52 | 0.28 | 0.24 | 0.44 | 0.48 | — | — | — |
| Net Debt / Equity | — | -0.32 | -0.26 | -0.41 | -0.49 | -0.36 | -0.41 | -0.38 | 0.00 | 0.00 | 0.00 |
| Net Debt / EBITDA | -0.67 | -0.67 | -0.53 | -0.98 | -0.81 | -0.64 | -1.09 | -1.03 | 0.00 | 0.00 | 0.00 |
| Debt / FCF | — | -0.78 | -0.85 | -0.97 | -0.74 | -1.52 | -1.79 | -1.16 | 0.00 | 0.00 | 0.00 |
| Interest Coverage | — | — | — | 212.46 | 79.87 | 4683.76 | 4368.87 | — | — | — | — |
Net cash position: cash ($1.3B) exceeds total debt ($571M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.81 | 1.81 | 1.77 | 2.02 | 2.20 | 1.78 | 2.09 | 2.37 | 2.06 | 2.32 | 2.39 |
| Quick Ratio | 1.81 | 1.81 | 1.77 | 2.02 | 2.20 | 1.78 | 2.09 | 2.37 | 2.06 | 2.32 | 2.39 |
| Cash Ratio | 0.63 | 0.63 | 0.56 | 0.89 | 0.99 | 0.46 | 0.81 | 1.05 | 0.70 | 0.96 | 1.05 |
| Asset Turnover | — | 2.26 | 2.23 | 2.06 | 3.05 | 2.17 | 1.95 | 2.15 | 2.46 | 2.22 | 2.18 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 66.67 | 68.79 | 60.15 | 45.06 | 84.17 | 76.09 | 60.44 | 70.93 | 74.61 | 71.24 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 1.0% | 1.3% | 1.1% | 1.3% | 0.9% | 1.1% | 1.3% | 1.3% | 1.3% | 1.5% |
| Payout Ratio | 25.5% | 25.5% | 25.2% | 26.8% | 15.8% | 13.8% | 25.1% | 28.9% | 25.4% | 30.8% | 33.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 4.0% | 5.2% | 3.9% | 7.9% | 6.2% | 4.3% | 4.3% | 5.1% | 4.2% | 4.5% |
| FCF Yield | 3.9% | 4.7% | 4.4% | 5.3% | 12.0% | 3.6% | 3.7% | 5.3% | 4.3% | 3.3% | 4.9% |
| Buyback Yield | 2.7% | 3.3% | 5.4% | 7.3% | 9.3% | 2.2% | 2.0% | 2.9% | 5.4% | 4.1% | 3.5% |
| Total Shareholder Yield | 3.5% | 4.3% | 6.7% | 8.3% | 10.5% | 3.1% | 3.1% | 4.1% | 6.6% | 5.4% | 5.0% |
| Shares Outstanding | — | $136M | $142M | $150M | $164M | $171M | $171M | $174M | $178M | $182M | $183M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EXPD stock.
Expeditors International of Washington, Inc.'s current P/E ratio is 31.6x. The historical average is 31.7x. This places it at the 66th percentile of its historical range.
Expeditors International of Washington, Inc.'s current EV/EBITDA is 21.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.6x.
Expeditors International of Washington, Inc.'s return on equity (ROE) is 35.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 25.0%.
Based on historical data, Expeditors International of Washington, Inc. is trading at a P/E of 31.6x. This is at the 66th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Expeditors International of Washington, Inc.'s current dividend yield is 0.81% with a payout ratio of 25.5%.
Expeditors International of Washington, Inc. has 15.3% gross margin and 9.5% operating margin.
Expeditors International of Washington, Inc.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Carrier vertical integration threat
Metrics are mathematically derived from official filings.
Margin Expansion Signals Pricing Power
Gross margin surged to 29.3% in 2026Q2 from 15.6% a year earlier, according to the latest income statement, indicating a widening buy-sell spread. This suggests Expeditors is capturing higher net revenue per shipment despite competitive pressures.
The gross margin jump is not merely a cyclical rebound; it reflects a structural improvement in the company's ability to pass through rate increases while maintaining spreads. Operating margin of 10.0% in 2026Q2, up from 9.3% in 2025Q2, shows that SG&A leverage is amplifying the gross margin gains. However, the historical volatility in gross margins (ranging from 12.2% to 34.9% over the past ten quarters) suggests that the current level may not be sustainable, and investors should monitor whether this reflects a permanent shift in pricing power or a temporary spike.
ROIC Rebound on Volume and Efficiency
ROIC climbed to 16.4% in 2026Q2 from 11.7% a year earlier, as per the quarterly data, driven by margin expansion and asset turnover. This suggests the company is compounding returns on its asset-light model.
The improvement in ROIC is notable because it comes from both higher margins and improved asset turnover (0.71x in 2026Q2 vs. 0.56x in 2025Q2). The asset-light model, with minimal PP&E and negligible goodwill, means that incremental revenue requires little capital, allowing returns to scale. However, the recent buyback activity has reduced equity, which mechanically boosts ROE; investors should distinguish between operational improvements and financial engineering when assessing the sustainability of these returns.
Working Capital Efficiency Under Pressure
DSO rose to 61 days in 2026Q2 from 64 days a year earlier, while DPO fell to 48 days from 44 days, based on the quarterly data, indicating a slight lengthening of the cash conversion cycle. This suggests the company is extending credit to customers while paying suppliers faster.
The increase in DSO and decrease in DPO may reflect the company's efforts to win market share by offering more favorable payment terms, which could be a competitive strategy. However, this also ties up cash in working capital, as evidenced by the $122.4M working capital outflow in 2026Q2. The cash conversion cycle data is incomplete (DIO and CCC are blank), but the available figures suggest that working capital management is becoming less efficient, which could pressure free cash flow if the trend continues.
Minimal Leverage Provides Strategic Flexibility
Debt-to-equity stands at 0.27, with D/EBITDA at 1.57, according to the balance sheet data, far below peers like CHRW at 0.88. This fortress balance sheet insulates Expeditors from rising interest rates and provides ample capacity for capital returns.
The company's low leverage is a key differentiator in an industry where competitors like Forward Air carry D/E of 13.36. This conservative capital structure means that interest expense is negligible, and the company is not exposed to refinancing risk. The $1.0B cash balance provides a buffer against cyclical downturns, and the lack of debt suggests that management prioritizes financial stability over aggressive expansion. However, the recent increase in D/EBITDA from 1.71 in 2024Q3 to 1.57 in 2026Q2 (though still low) warrants monitoring, as it may indicate a slight increase in debt usage.
Liquidity Buffer Remains Robust
Current ratio dipped to 1.57 in 2026Q2 from 1.79 in 2026Q1, as per the balance sheet, but remains above 1.5 with cash of $1.0B. This suggests the company can comfortably meet short-term obligations even under stress.
The quick ratio equals the current ratio at 1.57, indicating that inventory is negligible, which is typical for a service-based logistics provider. The liquidity position is supported by strong cash generation, though the recent working capital outflows and aggressive buybacks have reduced the current ratio from its peak of 1.85 in 2024Q1. In a severe downturn, the asset-light model and variable cost structure would likely preserve cash, but the reliance on receivables (DSO of 61 days) could be a source of strain if customers delay payments.
Gross Margin Misapplied to Forwarder Model
The most commonly misapplied ratio for Expeditors is gross margin, which is often compared to asset-heavy logistics peers without adjusting for the pass-through nature of freight costs. According to the income statement, gross margin of 29.3% in 2026Q2 is not comparable to a manufacturer's gross margin.
Expeditors' gross margin represents the spread between what it charges shippers and what it pays carriers, not the profitability of its own production. A more meaningful metric is net revenue per employee or the buy-sell spread, which captures the true value added. Investors should also consider the variable compensation structure, which automatically adjusts personnel costs with profitability, making operating margins more resilient than they appear. Using gross margin alone can lead to incorrect conclusions about pricing power and sustainability, especially when freight rates are volatile.