Expeditors International Of Washington Inc. (EXPD) intrinsic value & 10-year financials
Expeditors International Of Washington Inc. (EXPD) has a Graham intrinsic value of $125.77 per share. At $195.91 on Oct 17, 2026, the stock trades 56% above that value. Over the last 10 fiscal years revenue grew 6.8% a year to $11.1B, with an average return on invested capital of 50.9%.
- Graham intrinsic value
- $125.77
- Share price (Oct 17, 2026)
- $195.91
- Price vs Graham value
- 56% above
- Market cap
- $26.7B
- Revenue (FY2025)
- $11.1B
- Revenue growth (10-yr CAGR)
- 6.8%
- ROIC (10-yr avg)
- 50.9%
- Free cash flow (FY2025)
- $953.4M
EXPD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.1B | $810.3M | $5.95 | $953.4M | 9.5% | 51.4% |
| FY2024 | $10.6B | $810.1M | $5.72 | $682.9M | 9.8% | 54.3% |
| FY2023 | $9.3B | $752.9M | $5.01 | $1.0B | 10.1% | 49.7% |
| FY2022 | $17.1B | $1.4B | $8.26 | $2.0B | 10.7% | 74.0% |
| FY2021 | $16.5B | $1.4B | $8.27 | $832.2M | 11.6% | 77.1% |
| FY2020 | $10.1B | $696.1M | $4.07 | $607.5M | 9.3% | 49.2% |
| FY2019 | $8.2B | $590.4M | $3.39 | $724.9M | 9.4% | 48.4% |
| FY2018 | $8.1B | $618.2M | $3.48 | $525.3M | 9.8% | 56.7% |
| FY2017 | $6.9B | $489.3M | $2.69 | $393.6M | 10.1% | 24.9% |
| FY2016 | $6.1B | $430.8M | $2.36 | $469.8M | 11.0% | 22.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Expeditors International has demonstrated mature, steady growth, with revenue compounding at 6.8% annually over the past decade.
Expeditors International has earned high returns on invested capital, averaging 50.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Expeditors International shows that management has aggressively returned capital to shareholders by retiring 25.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Expeditors International is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $125.77 per share.