Latest Ratios: P/E Ratio 27.8x · EV/EBITDA 19.2x · 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 | $22.0B | $20.3B | $15.7B | $19.1B | $17.1B | $23.0B | $16.3B | $13.6B | $12.1B | $11.8B | $9.7B |
| Enterprise Value | $21.3B | $19.6B | $15.1B | $18.1B | $15.6B | $21.7B | $15.2B | $12.8B | $12.1B | $11.8B | $9.7B |
| P/E Ratio → | 27.85 | 25.04 | 19.37 | 25.39 | 12.58 | 16.24 | 23.37 | 23.01 | 19.57 | 24.05 | 22.44 |
| P/S Ratio | 1.99 | 1.83 | 1.48 | 2.05 | 1.00 | 1.39 | 1.70 | 1.71 | 1.49 | 1.70 | 1.59 |
| P/B Ratio | 9.57 | 8.61 | 7.05 | 7.99 | 5.49 | 6.57 | 6.10 | 6.19 | 6.09 | 5.89 | 5.24 |
| P/FCF | 23.11 | 21.29 | 22.99 | 18.84 | 8.36 | 27.63 | 26.76 | 18.75 | 23.05 | 29.86 | 20.60 |
| P/OCF | 21.89 | 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 | 19.19 | 17.63 | 13.71 | 17.98 | 8.28 | 11.09 | 15.20 | 15.60 | 14.24 | 15.68 | 13.50 |
| EV / EBIT | 20.23 | 17.88 | 14.52 | 19.28 | 8.54 | 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 | — | — | — | 195.82 | 78.38 | 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 | 0.9% | 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 | 3.6% | 4.0% | 5.2% | 3.9% | 7.9% | 6.2% | 4.3% | 4.3% | 5.1% | 4.2% | 4.5% |
| FCF Yield | 4.3% | 4.7% | 4.4% | 5.3% | 12.0% | 3.6% | 3.7% | 5.3% | 4.3% | 3.3% | 4.9% |
| Buyback Yield | 3.0% | 3.3% | 5.4% | 7.3% | 9.3% | 2.2% | 2.0% | 2.9% | 5.4% | 4.1% | 3.5% |
| Total Shareholder Yield | 3.9% | 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 |
Geopolitical Trade Lane Exposure
Based on current market data, EXPD trades at a forward P/E of 23.65, which reflects a quality premium compared to broader industrial peers, suggesting that investors are pricing in the company's debt-free balance sheet and consistent organic growth despite the inherent cyclicality of global freight forwarding volumes.
The current EV/EBITDA multiple of 18.60 appears elevated relative to historical averages, implying that the market expects sustained operational efficiency despite the normalization of pandemic-era freight rates. Investors should monitor whether this valuation remains defensible if the company's organic-only growth strategy fails to keep pace with the aggressive M&A-driven expansion of global logistics competitors.
As reported in financial statements, EXPD has maintained a stable ROIC trend, peaking at 14.7% in 2024Q3, which underscores the effectiveness of the company's asset-light model in generating superior returns on invested capital without the burden of heavy physical infrastructure or debt-funded capital expenditures.
The company's ability to sustain double-digit ROIC figures suggests that its proprietary IT platform and decentralized incentive structure are successfully driving operational efficiency. This performance warrants further investigation into whether these returns can be maintained as global trade lanes face increased pressure from vertical integration by major ocean carriers.
According to recent quarterly filings, EXPD's DSO has remained relatively stable, hovering around 64 to 67 days, which indicates that the company maintains disciplined control over its customer collection cycles despite the significant volatility inherent in international freight forwarding and global supply chain disruptions.
The stability in DSO, paired with the company's variable cost structure, suggests that Expeditors effectively manages its working capital even during periods of fluctuating trade volumes. However, the lack of consistent DIO data warrants caution, as it may obscure potential inefficiencies in how the company manages its limited inventory exposure.
As indicated by the company's consistent debt-to-equity ratio of approximately 0.25, EXPD maintains a fortress balance sheet that provides significant financial flexibility, insulating the firm from the rising interest rate environment that has constrained the capital allocation strategies of more leveraged peers in the logistics sector.
The absence of significant debt obligations allows the company to prioritize shareholder returns through buybacks and dividends without compromising its liquidity position. This conservative capital structure appears to be a strategic choice that prioritizes long-term stability over the potential growth benefits of financial leverage.
Market participants frequently misapply Gross Revenue as a primary growth indicator for EXPD, failing to recognize that this figure includes massive pass-through carrier costs, which obscures the company's true earning power and margin health as a pure-play freight forwarder and customs brokerage service provider.
Analysts should instead focus on Net Revenue, which represents the actual spread between customer charges and carrier payments, as this metric more accurately reflects the company's value-add. Relying on Gross Revenue can lead to erroneous conclusions about the company's profitability during periods of extreme freight rate volatility.
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 27.8x. The historical average is 31.7x. This places it at the 62th percentile of its historical range.
Expeditors International of Washington, Inc.'s current EV/EBITDA is 19.2x. 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 27.8x. This is at the 62th 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 0.92% 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.