Industrials · Air Freight & Logistics · US stock · price as of 22 Oct 2026
Key indicators
Price
$196.19
52-week range
$116.84 – $200.66
Market cap
$25.8B
P/E (trailing)
28.7×
EV / EBITDA
20.0×
Free-cash-flow yield
3.6%
Dividend yield
0.8%
Revenue (last 12 months)
$12.0B
Revenue growth (3y a year)
−13.4%
Operating margin
9.8%
Return on invested capital
81.9%
Net debt / EBITDA
–
Fair value
Fair value (average of valid models)$159.89 middle half of models $150 – $168
Versus priceOvervalued−19% to fair value
P/E multiple
$187.22
P/B multiple
$146.49
P/S multiple
$150.43
EV/EBITDA multiple
$166.97
EV/EBIT multiple
$165.39
EV/revenue multiple
$164.67
10-year DCF, EBITDA exit
$162.22
5-year DCF, EBITDA exit
$168.23
10-year DCF, revenue exit
$161.60
5-year DCF, revenue exit
$167.91
10-year DCF, growth exit
$129.53
5-year DCF, growth exit
$127.61
Earnings power value
$180.32
Model uncertainty
Low
X-Ray Score
45/ 100 · Medium confidence · ahead of 27% of sector peers
Valuation31
Growth20
Profitability60
Financial health73
Dividends31
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Expeditors International is a global logistics company that arranges the movement of freight for other businesses. It handles air and ocean freight forwarding, customs brokerage and compliance, warehousing, distribution and related supply chain services. It relies on space booked with airlines and ocean carriers rather than owning vessels or aircraft itself. Customers include importers, exporters, retailers and manufacturers in industries such as technology and consumer goods.
Revenue comes from the charges it bills customers for arranging transport, customs and warehousing services. Sales were $12.0 billion over the last twelve months, but growth over the last three years is -13.4% a year, meaning sales have contracted. The operating margin is 9.8%, and the business earns a profit of 82% on the capital invested in it. It pays a dividend with a yield of 0.8%.
StocksXray gives Expeditors International Of Washington Inc an X-Ray Score of 45 out of 100 (medium confidence), ahead of 27% of the S&P 500 stocks in its sector. Its strongest lens is financial health (73) and its weakest is growth (20).
Our fair value (the average of the valid models) is $159.89 (range $150.43 to $167.91). At $196.19 the stock trades 23% above that value, so the label is "Overvalued" with low model uncertainty. Fair value is a range, not a price target.
XStocksXray
Expeditors International Of Washington Inc (EXPD)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$127.33
$99.73
$123.52
$108.88
$148.25
$196.19
Market cap
$21.8B
$16.4B
$18.6B
$15.4B
$20.2B
$25.8B
P/E
15.4×
12.1×
24.7×
19.0×
24.9×
28.7×
EV / revenue
1.2×
0.8×
1.8×
1.3×
1.7×
2.1×
EV / EBITDA
10.2×
7.6×
16.9×
13.0×
17.0×
20.0×
Price / free cash flow
26.2×
8.0×
18.3×
22.6×
21.2×
27.9×
Free-cash-flow yield
3.8%
12.5%
5.5%
4.4%
4.7%
3.6%
Price / book
6.2×
5.3×
7.8×
6.9×
8.6×
12.2×
Dividend yield
0.91%
1.34%
1.12%
1.34%
1.04%
0.81%
Fundamentals checklist ● 4 Good · ● 4 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.0%Bad
Free-cash-flow yield3.6%Average
Risk models
Altman Z score5.6×Good
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)−10.4%Bad
Free-cash-flow growth (3y)−22.4%Bad
Revenue growth (3y)−13.4%Bad
Growth consistency70%Average
Balance sheet
Current ratio1.6×Average
Interest coverno interest costGood
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield4.8%Average
Profitability
Return on invested capital81.9%Good
Operating margin9.8%Bad
XStocksXray
Expeditors International Of Washington Inc (EXPD)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
16,524
17,071
9,300
10,601
11,069
12,036
Gross profit
–
–
–
–
–
–
Operating income
1,909
1,824
940
1,041
1,053
1,183
Net income
1,415
1,357
753
810
810
919
Diluted EPS ($)
8.27
8.26
5.01
5.72
5.95
6.84
Free cash flow
832
2,043
1,014
683
953
924
Gross margin
–
–
–
–
–
–
Operating margin
11.6%
10.7%
10.1%
9.8%
9.5%
9.8%
Net margin
8.6%
8.0%
8.1%
7.6%
7.3%
7.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
7,610
5,590
4,524
4,754
4,894
5,135
Cash
1,729
2,034
1,513
1,148
1,314
1,031
Total debt
–
–
–
–
–
–
Equity
3,494
3,110
2,390
2,223
2,356
2,119
Dividend per share ($)
1.16
1.34
1.38
1.46
1.54
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
