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EXPD, Expeditors International of Washington, Inc.

Expeditors International of Washington, Inc. provides a full suite of global logistics services.

Our services include air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, purchase order management, vendor consolidation, time-definite transportation services, temperature-controlled transit, cargo insurance, specialized cargo monitoring and tracking, and other supply chain solutions.

We derive our revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by our customer.

Latest annual: FY2025 10-K

EXPD · Expeditors International of Washington, Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$11.1B

+4.4% YoY · 3% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $11.2B 5-yr avg $12.9B

Operating margin 9.7% 5-yr avg 10.3%

ROIC 83% 5-yr avg 86%

Owner-earnings margin 8% 5-yr avg 9%

Free cash flow margin 8% 5-yr avg 9%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Customs Brokerage and Other Services (39%), Airfreight Services (36%) and Ocean Freight and Ocean Services (25%).
What moves the needle: Operating margin has run about 10% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. That margin has held in a narrow 10%–12% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. Read this kind of business on volume, density and yield. On its own account, the filing leans hardest on cyclicality & demand, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 66%, above 15% in 10 of 10 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 7% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 3 lines, the largest Customs Brokerage And Other Services at 39%.

Revenue by product line, FY2025

Customs Brokerage And Other Services39%$4.3B
Airfreight Services36%$4.0B
Ocean Freight And Ocean Services25%$2.8B

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$6.1B	$6.9B	$8.1B	$7.9B	$9.6B	$16.5B	$17.1B	$9.3B	$10.6B	$11.1B	$11.2B	RevenueRevenue
$670M	$700M	$797M	$767M	$940M	$1.9B	$1.8B	$940M	$1.0B	$1.1B	$1.1B	Operating incomeOp. inc.
11.0%	10.1%	9.8%	9.7%	9.8%	11.6%	10.7%	10.1%	9.8%	9.5%	9.7%	Operating marginOp. mgn
$431M	$489M	$618M	$590M	$696M	$1.4B	$1.4B	$753M	$810M	$810M	$836M	Net incomeNet inc.
37%	32%	24%	26%	27%	26%	26%	26%	26%	26%	26%	Effective tax rateTax rate
											Cash flow & returns
$529M	$489M	$573M	$772M	$655M	$868M	$2.1B	$1.1B	$723M	$1.0B	$973M	Operating cash flowOp. cash
$47M	$49M	$54M	$51M	$57M	$51M	$57M	$68M	$61M	$57M	$56M	DepreciationDeprec.
$7M	($101M)	($156M)	$69M	($161M)	($668M)	$651M	$174M	($212M)	$70M	$10M	Working capital & otherWC & other
$59M	$95M	$47M	$47M	$48M	$36M	$87M	$39M	$40M	$53M	$53M	CapexCapex
1.0%	1.4%	0.6%	0.6%	0.5%	0.2%	0.5%	0.4%	0.4%	0.5%	0.5%	Capex / revenueCapex/rev
$483M	$439M	$525M	$725M	$607M	$832M	$2.1B	$1.0B	$683M	$953M	$921M	Owner earningsOwner earn.
7.9%	6.3%	6.5%	9.1%	6.3%	5.0%	12.1%	10.9%	6.4%	8.6%	8.2%	Owner earnings marginOE mgn
$470M	$394M	$525M	$725M	$607M	$832M	$2.0B	$1.0B	$683M	$953M	$921M	Free cash flowFCF
7.7%	5.7%	6.5%	9.1%	6.3%	5.0%	12.0%	10.9%	6.4%	8.6%	8.2%	Free cash flow marginFCF mgn
$145M	$150M	$157M	$171M	$175M	$196M	$214M	$202M	$204M	$207M	$207M	Dividends paidDiv. paid
$338M	$478M	$648M	$389M	$332M	$515M	$1.6B	$1.4B	$855M	$667M	—	BuybacksBuybacks
48%	51%	57%	59%	61%	80%	126%	79%	72%	75%	83%	ROICROIC
23%	25%	31%	27%	26%	41%	44%	31%	36%	34%	37%	Return on equityROE
15%	17%	23%	19%	20%	35%	37%	23%	27%	26%	28%	Retained to equityRetained/eq
											Balance sheet
$974M	$1.1B	$924M	$1.2B	$1.5B	$1.7B	$2.0B	$1.5B	$1.1B	$1.3B	$1.3B	Cash & investmentsCash+inv
$1.2B	$1.4B	$1.6B	$1.3B	$2.0B	$3.8B	$2.1B	$1.5B	$2.0B	$2.0B	$2.1B	ReceivablesReceiv.
$727M	$866M	$902M	$736M	$1.1B	$2.0B	$1.1B	$861M	$1.0B	$1.1B	$1.1B	Accounts payablePayables
$464M	$548M	$679M	$579M	$861M	$1.8B	$999M	$672M	$961M	$898M	$913M	Operating working capitalOper. WC
$2.2B	$2.5B	$2.7B	$2.8B	$4.0B	$6.6B	$4.5B	$3.4B	$3.7B	$3.8B	$3.7B	Current assetsCur. assets
$930M	$1.1B	$1.3B	$1.2B	$1.9B	$3.7B	$2.1B	$1.7B	$2.1B	$2.1B	$2.0B	Current liabilitiesCur. liab.
2.4×	2.3×	2.1×	2.4×	2.1×	1.8×	2.2×	2.0×	1.8×	1.8×	1.8×	Current ratioCurr. ratio
$8M	$8M	$8M	$8M	$8M	$8M	$8M	$8M	$8M	$8M	$8M	GoodwillGoodwill
$2.8B	$3.1B	$3.3B	$3.7B	$4.9B	$7.6B	$5.6B	$4.5B	$4.8B	$4.9B	$4.8B	Total assetsAssets
($974M)	($1.1B)	($924M)	($1.2B)	($1.5B)	($1.7B)	($2.0B)	($1.5B)	($1.1B)	($1.3B)	($1.3B)	Net debt / (cash)Net debt
—	—	—	—	4294.2×	4645.6×	78.4×	195.8×	—	—	225.3×	Interest coverageInt. cov.
$1.8B	$2.0B	$2.0B	$2.2B	$2.7B	$3.5B	$3.1B	$2.4B	$2.2B	$2.4B	$2.3B	Shareholders’ equityEquity
0.7%	0.7%	0.7%	0.8%	0.7%	0.4%	0.4%	0.6%	0.6%	0.6%	0.6%	Stock comp / revenueSBC/rev
											Per share
183M	182M	178M	174M	171M	171M	164M	150M	142M	136M	134M	Shares out (diluted)Shares
$33.38	$38.10	$45.76	$45.59	$56.08	$96.49	$103.82	$61.92	$74.80	$81.24	$83.43	Revenue / shareRev/sh
$2.36	$2.69	$3.48	$3.39	$4.07	$8.27	$8.26	$5.01	$5.72	$5.95	$6.24	EPS (diluted)EPS
$2.64	$2.42	$2.95	$4.16	$3.55	$4.86	$12.60	$6.75	$4.82	$7.00	$6.87	Owner earnings / shareOE/sh
$2.57	$2.17	$2.95	$4.16	$3.55	$4.86	$12.42	$6.75	$4.82	$7.00	$6.87	Free cash flow / shareFCF/sh
$0.79	$0.83	$0.88	$0.98	$1.02	$1.14	$1.30	$1.35	$1.44	$1.52	$1.55	Dividends / shareDiv/sh
$0.32	$0.52	$0.27	$0.27	$0.28	$0.21	$0.53	$0.26	$0.29	$0.39	$0.39	Cap. spending / shareCapex/sh
$10.10	$10.96	$11.17	$12.60	$15.56	$20.41	$18.91	$15.92	$15.69	$17.29	$17.04	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+10.4%/yr	+7.7%/yr
Owner earnings / share	+11.4%/yr	+14.5%/yr
EPS	+10.8%/yr	+7.9%/yr
Dividends / share	+7.5%/yr	+8.3%/yr
Capital spending / share	+2.1%/yr	+7.0%/yr
Book value / share	+6.2%/yr	+2.1%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

136Mpeak FY2016

ROIC

75%low FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$953Mowner earningsvs.$810Mnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $810M of profit into $953M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$810M

Owner earnings$953M · 9% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$810M	$810M	$753M	$1.4B	$1.4B
Depreciation & amortizationnon-cash charge added back	+$57M	+$61M	+$68M	+$57M	+$51M
Stock-based compensationreal costnon-cash, but a real cost	+$69M	+$64M	+$58M	+$64M	+$69M
Working capital & othertiming of cash in and out, other non-cash items	+$70M	−$212M	+$174M	+$651M	−$668M
Cash from operations	$1.0B	$723M	$1.1B	$2.1B	$868M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$53M	−$40M	−$39M	−$57M	−$36M
Owner earnings	$953M	$683M	$1.0B	$2.1B	$832M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	—	−$29M	—
Free cash flow	$953M	$683M	$1.0B	$2.0B	$832M
Owner-earnings marginowner earnings ÷ revenue	9%	6%	11%	12%	5%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $69M), owner earnings is nearer $884M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 219.3×

Comfortable

Operating income $1.1B ÷ interest expense $5M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$1.3B

Net cash, debt-free

Cash $1.3B + ST investments $40K − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $1.3B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 7%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 6%

Solid through the cycle

10-yr median margin, range 5%–12%; latest $953M = operating cash $1.0B − maintenance capex $53M

Industry peers: median 1%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 9% of revenue this year, a 6% median across 10 years. Treating stock comp as the real expense it is (less $69M of SBC) leaves $884M.
Are earnings backed by cash? 1.24×

Cash-backed

Cash from ops $1.0B ÷ net income $810M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 92%

Returns most of it

Dividends + buybacks $875M ÷ Owner Earnings $953M

What this means
Of $953M Owner Earnings, $875M (92%) went back to shareholders, $207M dividends, $667M buybacks. Net of $69M stock comp, the real buyback was about $598M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.94×

Maintaining

Capex $53M ÷ depreciation $57M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 4 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $11.1B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.81×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +54%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $6.05/share (latest year $6.20), the averaged base the calculator's gate runs on, and book value is $18.01/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 10% → 10% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about 10% early, 10% lately, median 10%.
Owner earnings growth +7%/yr

What this means
Owner earnings grew about 7% a year over the record.
Worst year 2025 · 9.5% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −3.2%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.
How management talks about it Promotional

What this means
The record is compounding, but the filing leans on a promoter’s vocabulary rather than the per-share, return-on-capital terms an owner uses. The results back the talk here; the register is still worth noting.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“Airfreight services, road freight and warehousing and distribution services (included with customs brokerage and other services) all benefited from strong demand from our technology customers investing in artificial intelligence infrastructure.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$3.7B

Cash & short-term investments$1.3B
Receivables$2.1B
Other current assets$279M

Current liabilities$2.0B

Accounts payable$1.1B
Other current liabilities$897M

Current ratio1.79×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.79×stricter: inventory excluded

Cash ratio0.64×strictest: cash alone against what's due

Working capital$1.6Bthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+4.4%the freshest read on whether the business is still growing

Current ratio, recent quarters1.7× → 1.8×

Deeper floors

Tangible book value$2.3Bequity stripped of goodwill & intangibles

Debt incl. operating leases$565M$565M of it operating leases

Deferred revenue$257Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $8.8B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$552M · 6%
Dividends$1.8B · 21%
Buybacks$7.2B · 82%

Returned to owners$9.0B
108% of the owner earnings the business produced over the span, $1.8B as dividends and $7.2B as buybacks.
Source of funding−$772M
Reinvestment and shareholder returns ran $772M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Average price paid for buybacks—
Buybacks ran $7.2B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−26.6%
The diluted count fell from 183M to 134M, so the buybacks outran the stock issued to staff.
Dividend record$1.52/sh
Paid in 10 of the years on record, the per-share dividend growing about 7% a year. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2021	$13.0M	$17.8M	$832M
2022	$10.8M	$8.8M	$2.1B
2023	$7.5M	$7.8M	$1.0B
2024	$8.1M	$8.3M	$683M
2025	$9.6M	$13.1M	$953M
2025	$1.4M	$3.7M	$953M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio186:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$69M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 7% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Expeditors International of Washington, Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

None of the 4 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Trucking & Logistics

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
GXOGXO Logistics	$13.2B	—	1.9%	4%	2%
EXPDExpeditors International of Washington, Inc.	$11.1B	—	10.0%	66%	7%
RXORXO Inc.	$5.7B	—	1.4%	4%	0%
BCOBrinks Company (The)	$5.3B	23%	8.1%	11%	6%
HUBGHub Group	$3.9B	12%	3.6%	9%	3%
GBTGGlobal Business Travel Group Inc.	$2.7B	—	-5.5%	-7%	-12%
RLGTRadiant Logistics Inc.	$903M	—	2.5%	10%	1%
Group median	—	—	2.5%	9%	2%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Expeditors International of Washington, Inc. has delivered.

Expeditors International of Washington, Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Expeditors International of Washington, Inc. earns about $795M on its 7.2% median owner-earnings margin. This year’s 8.6% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($795M) Net of stock comp (−$71M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−13%/yr

Owner-earnings growth · ’16→’25+7%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $921M on 131M shares outstanding, per the 10-Q cover, as of 2026-05-01; net cash $1.3B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh EXPD against another business →

The owners of EXPD: the meeting and the votes →

Cite: Owner Scorecard, "Expeditors International of Washington, Inc. (EXPD), the owner's record," https://ownerscorecard.com/c/EXPD, data as of 2026-07-09.

Manual order: ← EXP its page in the Manual EXPE →

Industry order: ← CVLG the Trucking & Logistics chapter FDX →