Expeditors International of Washington, Inc.EXPD
NYSE•Industrials•Integrated Freight & Logistics
Expeditors International of Washington, Inc., together with its subsidiaries, provides logistics services in the Americas, North Asia, South Asia, Europe, and 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 and other services, import, 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 logistics solutions. It also provides optimization, trade compliance consulting, cargo insurance, cargo security, and solutions. In addition, it acts as a freight consolidator or as an agent for the airline that carries the shipment. Further, the company provides ancillary services that include preparation of shipping and customs documentation, packing, crating, insurance services, and the preparation of documentation to comply with local export and import laws. The company was incorporated in 1979 and is headquartered in Bellevue, Washington.
as of March 2026
Are revenues and earnings expanding?
$11.19B in TTM revenue grew 1.1% YoY, reaching $2.78B last quarter. TTM EBITDA of $1.14B on operating income of $294.83M shows growth is flowing through. Net income of $836.15M TTM confirms the company is converting revenue into profit. Revenue is growing modestly — monitor for acceleration or deceleration.
Is revenue turning into profit effectively?
Op. margin of 10.6% is up 0.6% YoY — cost efficiency is improving. Net margin at 8.3% and gross margin of 34.9%. ROE of 36.6% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 25.7x P/E, the stock trades in line with market averages — fairly valued. P/S of 1.9x and P/B of 9.4x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
Is the business self-funding?
FCF of $296.62M on $309.23M in operating cash flow. The FCF / Net Income ratio of 0.4x indicates partial cash conversion — earnings quality needs attention. Cash reserves of $1.32B provide financial flexibility. Shares outstanding declined 3.1% YoY — buybacks are returning capital to shareholders.
Competitive analysis based on 68 quarters of fundamental data
Operating margins are positive at ~9.8% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 35.3% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 68 quarters
Margins are stable or improving at ~9.7% — no sign of cost or pricing stress.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 5.3% — net buybacks are reducing shares outstanding and boosting per-share value.