Latest Ratios: P/E Ratio -179.1x · EV/EBITDA 9.2x · ROE -1.0%. (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 | $2.6B | $1.8B | $2.3B | $2.7B | $2.6B | $3.2B | $2.7B | $2.5B | $2.1B | $2.8B | $2.0B |
| Enterprise Value | $3.3B | $2.5B | $2.9B | $3.3B | $3.2B | $3.6B | $2.9B | $2.8B | $2.2B | $2.9B | $2.1B |
| P/E Ratio → | -179.13 | — | 65.31 | 24.07 | 10.76 | 12.48 | 16.07 | 15.29 | 12.68 | 13.80 | 24.72 |
| P/S Ratio | 0.87 | 0.61 | 0.74 | 0.82 | 0.79 | 1.18 | 1.15 | 1.03 | 0.87 | 1.32 | 0.97 |
| P/B Ratio | 1.87 | 1.31 | 1.51 | 1.72 | 1.75 | 2.37 | 2.28 | 2.29 | 1.68 | 2.37 | 1.96 |
| P/FCF | — | — | — | — | — | — | 82.90 | 432.20 | — | — | — |
| P/OCF | 14.17 | 10.00 | 6.83 | 5.69 | 5.79 | 9.72 | 6.11 | 5.97 | 5.09 | 9.95 | 6.25 |
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 | — | 0.84 | 0.96 | 1.01 | 0.98 | 1.33 | 1.22 | 1.15 | 0.90 | 1.36 | 1.05 |
| EV / EBITDA | 9.18 | 7.05 | 8.17 | 6.98 | 5.35 | 6.30 | 5.92 | 5.95 | 4.89 | 7.99 | 6.30 |
| EV / EBIT | 46.86 | 137.48 | 35.64 | 18.33 | 9.59 | 10.38 | 12.69 | 12.36 | 11.14 | 21.07 | 16.26 |
| EV / FCF | — | — | — | — | — | — | 88.42 | 479.40 | — | — | — |
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 | 5.8% | 5.8% | 11.2% | 12.9% | 15.9% | 17.5% | 19.4% | 17.3% | 17.0% | 16.3% | 16.1% |
| Operating Margin | 2.3% | 2.3% | 2.2% | 5.4% | 9.8% | 11.3% | 9.6% | 9.2% | 9.1% | 6.8% | 6.3% |
| Net Profit Margin | -0.5% | -0.5% | 1.1% | 3.4% | 7.3% | 9.5% | 7.1% | 6.8% | 6.8% | 9.6% | 3.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.0% | -1.0% | 2.2% | 7.4% | 17.0% | 20.3% | 14.7% | 14.1% | 13.7% | 18.6% | 8.2% |
| ROA | -0.5% | -0.5% | 1.1% | 3.5% | 8.2% | 10.5% | 7.7% | 7.9% | 8.6% | 11.3% | 4.6% |
| ROIC | 2.5% | 2.5% | 2.3% | 6.2% | 12.5% | 14.8% | 12.3% | 12.3% | 12.8% | 8.9% | 8.9% |
| ROCE | 2.6% | 2.6% | 2.4% | 6.2% | 12.2% | 14.1% | 12.0% | 12.5% | 13.4% | 9.1% | 8.4% |
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 | 0.54 | 0.54 | 0.47 | 0.44 | 0.50 | 0.33 | 0.18 | 0.28 | 0.10 | 0.08 | 0.18 |
| Debt / EBITDA | 2.11 | 2.11 | 1.97 | 1.44 | 1.22 | 0.79 | 0.43 | 0.66 | 0.28 | 0.27 | 0.54 |
| Net Debt / Equity | — | 0.50 | 0.44 | 0.40 | 0.42 | 0.30 | 0.15 | 0.25 | 0.07 | 0.07 | 0.16 |
| Net Debt / EBITDA | 1.94 | 1.94 | 1.85 | 1.31 | 1.04 | 0.70 | 0.37 | 0.59 | 0.20 | 0.23 | 0.49 |
| Debt / FCF | — | — | — | — | — | — | 5.51 | 47.20 | — | — | — |
| Interest Coverage | 0.47 | 0.47 | 2.08 | 5.41 | 28.46 | 79.23 | 54.31 | 33.38 | 73.96 | 61.09 | 50.46 |
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 | 1.94 | 1.94 | 1.52 | 1.92 | 2.46 | 2.35 | 1.67 | 1.51 | 1.47 | 1.72 | 1.74 |
| Quick Ratio | 1.90 | 1.90 | 1.48 | 1.87 | 2.42 | 2.31 | 1.62 | 1.48 | 1.44 | 1.67 | 1.68 |
| Cash Ratio | 0.19 | 0.19 | 0.11 | 0.19 | 0.35 | 0.20 | 0.11 | 0.11 | 0.11 | 0.06 | 0.08 |
| Asset Turnover | — | 1.03 | 0.99 | 1.04 | 1.03 | 1.02 | 1.06 | 1.15 | 1.18 | 1.17 | 1.12 |
| Inventory Turnover | 231.49 | 231.49 | 189.78 | 158.20 | 190.57 | 202.55 | 158.45 | 220.31 | 202.77 | 151.52 | 131.94 |
| Days Sales Outstanding | — | 50.97 | 50.33 | 52.29 | 62.16 | 66.39 | 57.75 | 57.28 | 54.12 | 57.02 | 50.24 |
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 | 1.3% | 1.9% | 1.6% | 1.3% | 1.2% | 0.9% | 0.9% | 11.2% | 1.1% | 0.7% | 0.9% |
| Payout Ratio | — | — | 102.4% | 30.4% | 13.3% | 11.2% | 14.7% | 171.4% | 13.7% | 9.3% | 21.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.5% | 4.2% | 9.3% | 8.0% | 6.2% | 6.5% | 7.9% | 7.2% | 4.0% |
| FCF Yield | — | — | — | — | — | — | 1.2% | 0.2% | — | — | — |
| Buyback Yield | 2.2% | 3.1% | 3.0% | 0.2% | 4.2% | 3.2% | 2.1% | 1.7% | 3.4% | 0.1% | 0.1% |
| Total Shareholder Yield | 3.5% | 4.9% | 4.5% | 1.5% | 5.5% | 4.1% | 3.0% | 12.9% | 4.5% | 0.7% | 1.0% |
| Shares Outstanding | — | $61M | $63M | $64M | $65M | $68M | $69M | $70M | $72M | $73M | $72M |
Cyclical margin compression
Based on recent market data, Werner's negative TTM P/E of -178.21 and forward P/E of 44.33 suggest that investors are pricing in significant earnings recovery risk, as the current valuation appears disconnected from historical norms due to the company's recent inability to maintain positive net margins.
The elevated forward P/E multiple indicates that the market is anticipating a sharp rebound in profitability that may not materialize if freight rates remain depressed. Compared to peers like J.B. Hunt, Werner's valuation reflects a lack of premium for its asset-heavy model, suggesting the market views its current earnings power as structurally impaired rather than merely cyclical.
As reported in financial statements, Werner's ROIC has trended toward near-zero levels, reaching 0.1% in 2026Q1, which indicates that the company is currently failing to generate returns that exceed its cost of capital, a significant departure from the compounding performance observed in more stable industry environments.
The collapse in ROIC is primarily driven by the erosion of operating margins, which have struggled to absorb the high fixed costs associated with a modern fleet. This trend suggests that capital allocation toward fleet expansion may be value-destructive in the current freight recession, warranting caution regarding future reinvestment strategies.
According to quarterly filings, Werner's asset turnover ratio has remained largely flat at approximately 0.25, signaling that the company is not effectively utilizing its capital-intensive fleet to drive revenue growth, which further exacerbates the pressure on margins during periods of lower freight demand and industry overcapacity.
The lack of improvement in asset turnover suggests that the company's operational efficiency is hitting a ceiling, likely due to the high percentage of empty miles and the difficulty of optimizing routes in a fragmented market. Investors should monitor whether management can improve these metrics through better logistics technology integration or if the asset-heavy model remains inherently inefficient.
Based on reported figures, Werner's debt-to-equity ratio has climbed to 0.75 as of 2026Q1, indicating that the company is increasingly relying on debt financing to sustain operations, which may limit financial flexibility if the current period of negative net margins persists for an extended duration.
The rising debt load, coupled with a declining interest coverage ratio of 0.49, suggests that debt service is becoming increasingly burdensome. This leverage profile appears more vulnerable than that of peers with lower debt-to-equity ratios, potentially limiting the company's ability to modernize its fleet without further straining the balance sheet.
The P/E ratio is frequently misapplied to Werner's business model, as it obscures the significant impact of non-cash depreciation and equipment gains on reported earnings, which can lead to misleading conclusions about the company's true cash-generating ability during cyclical downturns in the freight industry.
Analysts should prioritize EV/EBITDA or Free Cash Flow metrics over P/E, as these better account for the capital-intensive nature of the trucking business and the volatility of equipment sales. Relying on P/E in a period of negative net margins fails to capture the underlying operational health, which is better reflected in cash flow conversion trends.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WERN stock.
Werner Enterprises, Inc.'s current P/E ratio is -179.1x. The historical average is 19.4x.
Werner Enterprises, Inc.'s current EV/EBITDA is 9.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.7x.
Werner Enterprises, Inc.'s return on equity (ROE) is -1.0%. The historical average is 11.5%.
Based on historical data, Werner Enterprises, Inc. is trading at a P/E of -179.1x. Compare with industry peers and growth rates for a complete picture.
Werner Enterprises, Inc.'s current dividend yield is 1.31%.
Werner Enterprises, Inc. has 5.8% gross margin and 2.3% operating margin.
Werner Enterprises, Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.