# CH Robinson Worldwide (CHRW.US)

Canonical: https://gigainvestors.com/s/CHRW

Analysis as of: 2026-10-16T07:27:25.204Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $143.82 per share; close as of 2026-10-15.

Estimated value: low $62.18 per share, central $70.87 per share, high $82.45 per share. Buy at or below the central value $70.87 per share. Valuation as of 2026-10-16T07:27:25.204Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.03×

- FY2024: 0.04×

- FY2025: 0.05×

- LTM to Mar 2026: 0.05×

### moat: pass

- ROIC, median of available years: 36.6%

- ROIC, second-lowest year: 28.5%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 7.8%

- Recent gross margin (lower of latest and 3-year median): 8.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 19.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 41.9%

- FY2018: 52.8%

- FY2019: 41.3%

- FY2020: 34.4%

- FY2021: 35.7%

- FY2022: 50.4%

- FY2023: 23.3%

- FY2024: 28.5%

- FY2025: 34.8%

- LTM to Mar 2026: 37.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.4B

- Net income, five-year total: $3.2B

- Return on incremental invested capital: 48.4%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.2 pp

- Working capital / revenue, final three-year average: 7.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.02×

- FY2022: 1.00×

- FY2023: 1.05×

- FY2024: 1.16×

- FY2025: 1.14×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 52.8% vs 28.5%

- Per-share earnings: 3.57 to 3.86 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.8%

- Ordinary dilution, 5-year annual growth: -2.3%

- Market cap gain: $8.7B

- Cumulative retained earnings: $2.9B

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.0%

- Per-share value change: $0.29

- Per-share value, starting three-year median: $3.57

- Per-share value, ending three-year median: $3.86

- Buybacks concentrated in cheaper years (correlation): 0.78

- Average buyback yield: 3.2%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $451M

- Cumulative net income, 10 years: $5.9B

- ROIC, first three-year median: 52.8%

- ROIC, last three-year median: 28.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.59

- FY2017: $3.57

- FY2018: $4.73

- FY2019: $4.19

- FY2020: $3.72

- FY2021: $6.31

- FY2022: $7.40

- FY2023: $2.72

- FY2024: $3.86

- FY2025: $4.83

### accounting: pass

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.56×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.80×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.4%

- FY2017: 2.9%

- FY2018: -2.9%

- FY2019: -5.6%

- FY2020: 0.1%

- FY2021: 10.7%

- FY2022: -11.9%

- FY2023: -7.8%

- FY2024: -0.8%

- FY2025: -6.5%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 26% since Jan 2026 · "NAST other adjusted gross profits decreased, primarily due to a decrease in warehousing services." (SEC filing, Feb 2026) · sales -0.2%

Story as of 2026-10-16T09:58:30.184Z; price observation 2026-10-15.

Price needs cash profits to grow 10.2% a year for ten years

- 2025-05-14: CHRW Q1 Earnings Call: Margin Expansion and Productivity Gains Offset Weak Freight Market ([finance.yahoo.com](https://finance.yahoo.com/news/chrw-q1-earnings-call-margin-153902364.html))

- 2025-07-31: C.H. Robinson lowers 2025 expense guidance while expanding AI-driven productivity gains ([seekingalpha.com](https://seekingalpha.com/news/4475053-c-h-robinson-lowers-2025-expense-guidance-while-expanding-ai-driven-productivity-gains?utm_source=feed_news_all&amp;utm_medium=referral&amp;feed_item_type=news))

- 2025-10-31: C.H. Robinson (CHRW) Is Up 23.5% After Raising 2026 Outlook and Approving $2B Buyback ([finance.yahoo.com](https://finance.yahoo.com/news/c-h-robinson-chrw-23-012353689.html))

- 2026-01-29: C.H. Robinson targets double-digit productivity improvements in 2026 through Lean AI expansion ([seekingalpha.com](https://seekingalpha.com/news/4543938-c-h-robinson-targets-double-digit-productivity-improvements-in-2026-through-lean-ai-expansion?utm_source=feed_news_all&amp;utm_medium=referral&amp;feed_item_type=news))

- 2026-04-03: C.H. Robinson waives fuel card fees amid rising diesel costs ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/c-h-robinson-waives-fuel-155027914.html))

- 2026-08-25: CHRW Q2 Earnings Jump as Lean AI Drives Stronger Operating Margins ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/chrw-q2-earnings-jump-lean-190200191.html))

### Sales · FY2025–2026

sales -0.2%; source https://www.sec.gov/Archives/edgar/data/1043277/000104327726000009/chrw-20251231.htm; observed 2026-02-13.

- FY2017: $15B 

- FY2018: $17B 

- FY2019: $15B 

- FY2020: $16B 

- FY2021: $23B 

- FY2022: $25B 

- FY2023: $18B 

- FY2024: $18B 

- FY2025: $16B 

- FY2026: $16B 

### Gross margin · FY2026

gross margin 8.3%; source https://www.sec.gov/Archives/edgar/data/1043277/000104327726000009/chrw-20251231.htm; observed 2026-02-13.

- FY2017: 8.0% 

- FY2018: 8.2% 

- FY2019: 8.4% 

- FY2020: 7.2% 

- FY2021: 7.0% 

- FY2022: 7.6% 

- FY2023: 6.5% 

- FY2024: 7.4% 

- FY2025: 8.4% 

- FY2026: 8.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in integrated freight & logistics; annual sales are USD 16.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1043277/000104327726000009/chrw-20251231.htm (filed 2026-02-13); FY2025: revenue 16232763000; grossProfit 1359252000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CHRW.US: C.H. Robinson Worldwide, Inc., together with its subsidiaries, provides freight transportation and related logistics and supply chain services in the United States and internationally. It operates in two segments, North American Surface Transportation and Global Forwarding. The company offers transportation and logistics services, such as truckload; less than truckload transportation brokerage services, which include the shipment of single or multiple pallets of freight; intermodal transportation that comprises the shipment service of freight in containers or trailers by a combination of truck and rail; and non-vessel operating common carrier and freight forwarding services, as well as organizes indirect air carrier and freight forwarder providing door-to-door services. It also provides customs brokerage services; and other logistics services, such as fee-based managed, warehousing, supply chain consulting and optimization services, and other services. In addition, the company is involved in the buying, selling, and/or marketing of fresh fruits, vegetables, and other value-added perishable items under the Robinson Fresh trade name. Further, the company offers transportation management and other surface transportation services. It provides fresh produce to grocery retailers, restaurants, produce wholesalers. C.H. Robinson Worldwide, Inc. was founded in 1905 and is headquartered in Eden Prairie, Minnesota.

### Why customers stay

Margins ranged from 6.5% to 8.4% during 2023–25; it earns 36.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 6.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 7.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1043277/000104327726000009/chrw-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 8.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2017,0.41937050490953803],[2018,0.5280442058192332],[2019,0.41290581408866095],[2020,0.3440965557019674],[2021,0.35658811512588967],[2022,0.5039479701854986],[2023,0.23337707188594894],[2024,0.2848892948972823],[2025,0.34806843220700284],[2026,0.3754234511988885]]; median 0.3660057831623891. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 8% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1043277/000104327726000009/chrw-20251231.htm (filed 2026-02-13); Gross margin observations: [[2021,0.06962468149051833],[2022,0.07572682502163758],[2023,0.06472177359935755]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 354.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2016: growth capex 0; upkeep 91437000; owner earnings 496616000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 0; upkeep 57945000; owner earnings 539925000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 0; upkeep 63871000; owner earnings 697363000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 0; upkeep 70465000; owner earnings 606952000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 0; upkeep 54009000; owner earnings 554139000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 0; upkeep 70922000; owner earnings 864582000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 35721000; upkeep 92776000; owner earnings 940524000. Growth capex / owner earnings = 0.03797989206017071.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 84111000; owner earnings 340003000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 0; upkeep 22653000; owner earnings 540197000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1043277/000104327726000009/chrw-20251231.htm (filed 2026-02-13); FY2025: growth capex 0; upkeep 19628000; owner earnings 670271000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,245430000],[2017,258222000],[2018,265219000],[2019,277786000],[2020,209956000],[2021,277321000],[2022,285317000],[2023,291569000],[2024,294772000],[2025,301376000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1043277/000104327726000009/chrw-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 354652000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CHRW.US SharesStats.PercentInsiders = 0.35200000000000004 percentage points; cache date 2026-10-16.

### What could break it

"Our sourcing business is dependent upon the supply and price of fresh produce." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1043277/000104327726000009/chrw-20251231.htm (filed 2026-02-13); Our sourcing business is dependent upon the supply and price of fresh produce.

### What the price says

The price assumes cash profits grow 10.2% yearly over ten years; actual growth was 4.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate 0.1756615040172027. Price 143.82; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.6564819847401773 → FY2025 5.516542937564814. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $68.12 per share

- 2016-11: $74.85 per share

- 2016-12: $73.26 per share

- 2017-01: $76.06 per share

- 2017-02: $80.37 per share

- 2017-03: $77.29 per share

- 2017-04: $72.70 per share

- 2017-05: $67.01 per share

- 2017-06: $68.68 per share

- 2017-07: $65.61 per share

- 2017-08: $70.63 per share

- 2017-09: $76.10 per share

- 2017-10: $78.53 per share

- 2017-11: $86.65 per share

- 2017-12: $89.09 per share

- 2018-01: $91.46 per share

- 2018-02: $93.36 per share

- 2018-03: $93.71 per share

- 2018-04: $92.03 per share

- 2018-05: $87.00 per share

- 2018-06: $83.66 per share

- 2018-07: $92.23 per share

- 2018-08: $96.08 per share

- 2018-09: $97.92 per share

- 2018-10: $89.03 per share

- 2018-11: $92.33 per share

- 2018-12: $84.09 per share

- 2019-01: $86.77 per share

- 2019-02: $90.38 per share

- 2019-03: $86.99 per share

- 2019-04: $81.00 per share

- 2019-05: $79.63 per share

- 2019-06: $84.35 per share

- 2019-07: $83.73 per share

- 2019-08: $84.49 per share

- 2019-09: $84.78 per share

- 2019-10: $75.64 per share

- 2019-11: $76.85 per share

- 2019-12: $78.20 per share

- 2020-01: $72.22 per share

- 2020-02: $68.90 per share

- 2020-03: $66.20 per share

- 2020-04: $70.90 per share

- 2020-05: $81.13 per share

- 2020-06: $79.06 per share

- 2020-07: $93.72 per share

- 2020-08: $98.30 per share

- 2020-09: $102.19 per share

- 2020-10: $88.43 per share

- 2020-11: $93.97 per share

- 2020-12: $93.87 per share

- 2021-01: $85.56 per share

- 2021-02: $90.85 per share

- 2021-03: $95.43 per share

- 2021-04: $97.08 per share

- 2021-05: $97.02 per share

- 2021-06: $93.67 per share

- 2021-07: $89.17 per share

- 2021-08: $90.06 per share

- 2021-09: $87.00 per share

- 2021-10: $96.99 per share

- 2021-11: $95.09 per share

- 2021-12: $107.63 per share

- 2022-01: $104.65 per share

- 2022-02: $96.68 per share

- 2022-03: $107.71 per share

- 2022-04: $106.15 per share

- 2022-05: $108.51 per share

- 2022-06: $101.37 per share

- 2022-07: $110.70 per share

- 2022-08: $114.15 per share

- 2022-09: $96.31 per share

- 2022-10: $97.72 per share

- 2022-11: $100.22 per share

- 2022-12: $91.56 per share

- 2023-01: $100.17 per share

- 2023-02: $99.96 per share

- 2023-03: $99.37 per share

- 2023-04: $100.87 per share

- 2023-05: $94.54 per share

- 2023-06: $94.35 per share

- 2023-07: $100.18 per share

- 2023-08: $90.43 per share

- 2023-09: $86.13 per share

- 2023-10: $81.83 per share

- 2023-11: $82.05 per share

- 2023-12: $86.39 per share

- 2024-01: $84.09 per share

- 2024-02: $74.08 per share

- 2024-03: $76.14 per share

- 2024-04: $71.00 per share

- 2024-05: $86.37 per share

- 2024-06: $88.12 per share

- 2024-07: $89.05 per share

- 2024-08: $103.51 per share

- 2024-09: $110.37 per share

- 2024-10: $103.04 per share

- 2024-11: $105.58 per share

- 2024-12: $103.32 per share

- 2025-01: $99.49 per share

- 2025-02: $101.62 per share

- 2025-03: $102.40 per share

- 2025-04: $89.22 per share

- 2025-05: $95.97 per share

- 2025-06: $95.95 per share

- 2025-07: $115.32 per share

- 2025-08: $128.70 per share

- 2025-09: $132.40 per share

- 2025-10: $153.99 per share

- 2025-11: $158.87 per share

- 2025-12: $160.76 per share

- 2026-01: $194.95 per share

- 2026-02: $185.25 per share

- 2026-03: $166.07 per share

- 2026-04: $181.81 per share

- 2026-05: $178.65 per share

- 2026-06: $188.34 per share

- 2026-07: $147.73 per share

- 2026-08: $149.66 per share

- 2026-09: $147.96 per share

- 2026-10: $143.82 per share

## Annual estimated value (USD per share)

- FY2016: low $48.67 per share, central $68.52 per share, high $80.43 per share

- FY2017: low $52.06 per share, central $70.83 per share, high $82.99 per share

- FY2018: low $63.64 per share, central $90.30 per share, high $105.98 per share

- FY2019: low $60.61 per share, central $82.38 per share, high $96.41 per share

- FY2020: low $58.77 per share, central $77.10 per share, high $90.24 per share

- FY2021: low $87.15 per share, central $123.50 per share, high $145.02 per share

- FY2022: low $97.41 per share, central $128.79 per share, high $150.79 per share

- FY2023: low $60.14 per share, central $68.44 per share, high $79.48 per share

- FY2024: low $57.26 per share, central $65.27 per share, high $75.93 per share

- FY2025: low $57.01 per share, central $64.98 per share, high $75.60 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:05.182Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1043277/000104327726000009/chrw-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

CH Robinson Worldwide

CHRW · US

S&P 500

A wonderful business at too high a price

Passes the quality tests.

Share price: $143.82
Buy up to: $70.87
Expected / yr: 6.4% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What could break it
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 16.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 4.9%
Worst year: 2.9%
Latest · LTM: 4.9%

Capital return excluding acquisitions: median 36.6% (minimum 15%), and the second-worst year 28.5% (minimum 10%).

ROIC excluding acquisitions

10y median: 36.6%
Worst year: 23.3%
Latest · LTM: 37.5%

Each $1 of profit left $1.06 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.06×
Annual median: 1.05×
Latest · 2025: 1.14×

Per-share value rose from 3.57 to 3.86, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: $4.02
Worst year: $2.72
Latest · 2025: $4.83

Profits were backed by cash: accruals were -6.5% of assets (limit 10%).

Sloan accruals

10y median: -1.9%
Worst year: 10.7%
Latest · 2025: -6.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 4.8%, three-year average owner earnings per share 4.28 USD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price USD 68.12 · Value 68.52 · Buy at or below 68.52; 2016-11 · Price USD 74.85 · Value 68.52 · Buy at or below 68.52; 2016-12 · Price USD 73.26 · Value 68.52 · Buy at or below 68.52; 2017-01 · Price USD 76.06 · Value 68.52 · Buy at or below 68.52; 2017-02 · Price USD 80.37 · Value 70.83 · Buy at or below 70.83; 2017-03 · Price USD 77.29 · Value 70.83 · Buy at or below 70.83; 2017-04 · Price USD 72.70 · Value 70.83 · Buy at or below 70.83; 2017-05 · Price USD 67.01 · Value 70.83 · Buy at or below 70.83; 2017-06 · Price USD 68.68 · Value 70.83 · Buy at or below 70.83; 2017-07 · Price USD 65.61 · Value 70.83 · Buy at or below 70.83; 2017-08 · Price USD 70.63 · Value 70.83 · Buy at or below 70.83; 2017-09 · Price USD 76.10 · Value 70.83 · Buy at or below 70.83; 2017-10 · Price USD 78.53 · Value 70.83 · Buy at or below 70.83; 2017-11 · Price USD 86.65 · Value 70.83 · Buy at or below 70.83; 2017-12 · Price USD 89.09 · Value 70.83 · Buy at or below 70.83; 2018-01 · Price USD 91.46 · Value 70.83 · Buy at or below 70.83; 2018-02 · Price USD 93.36 · Value 90.30 · Buy at or below 90.30; 2018-03 · Price USD 93.71 · Value 90.30 · Buy at or below 90.30; 2018-04 · Price USD 92.03 · Value 90.30 · Buy at or below 90.30; 2018-05 · Price USD 87.00 · Value 90.30 · Buy at or below 90.30; 2018-06 · Price USD 83.66 · Value 90.30 · Buy at or below 90.30; 2018-07 · Price USD 92.23 · Value 90.30 · Buy at or below 90.30; 2018-08 · Price USD 96.08 · Value 90.30 · Buy at or below 90.30; 2018-09 · Price USD 97.92 · Value 90.30 · Buy at or below 90.30; 2018-10 · Price USD 89.03 · Value 90.30 · Buy at or below 90.30; 2018-11 · Price USD 92.33 · Value 90.30 · Buy at or below 90.30; 2018-12 · Price USD 84.09 · Value 90.30 · Buy at or below 90.30; 2019-01 · Price USD 86.77 · Value 90.30 · Buy at or below 90.30; 2019-02 · Price USD 90.38 · Value 82.38 · Buy at or below 82.38; 2019-03 · Price USD 86.99 · Value 82.38 · Buy at or below 82.38; 2019-04 · Price USD 81.00 · Value 82.38 · Buy at or below 82.38; 2019-05 · Price USD 79.63 · Value 82.38 · Buy at or below 82.38; 2019-06 · Price USD 84.35 · Value 82.38 · Buy at or below 82.38; 2019-07 · Price USD 83.73 · Value 82.38 · Buy at or below 82.38; 2019-08 · Price USD 84.49 · Value 82.38 · Buy at or below 82.38; 2019-09 · Price USD 84.78 · Value 82.38 · Buy at or below 82.38; 2019-10 · Price USD 75.64 · Value 82.38 · Buy at or below 82.38; 2019-11 · Price USD 76.85 · Value 82.38 · Buy at or below 82.38; 2019-12 · Price USD 78.20 · Value 82.38 · Buy at or below 82.38; 2020-01 · Price USD 72.22 · Value 82.38 · Buy at or below 82.38; 2020-02 · Price USD 68.90 · Value 77.10 · Buy at or below 77.10; 2020-03 · Price USD 66.20 · Value 77.10 · Buy at or below 77.10; 2020-04 · Price USD 70.90 · Value 77.10 · Buy at or below 77.10; 2020-05 · Price USD 81.13 · Value 77.10 · Buy at or below 77.10; 2020-06 · Price USD 79.06 · Value 77.10 · Buy at or below 77.10; 2020-07 · Price USD 93.72 · Value 77.10 · Buy at or below 77.10; 2020-08 · Price USD 98.30 · Value 77.10 · Buy at or below 77.10; 2020-09 · Price USD 102.19 · Value 77.10 · Buy at or below 77.10; 2020-10 · Price USD 88.43 · Value 77.10 · Buy at or below 77.10; 2020-11 · Price USD 93.97 · Value 77.10 · Buy at or below 77.10; 2020-12 · Price USD 93.87 · Value 77.10 · Buy at or below 77.10; 2021-01 · Price USD 85.56 · Value 77.10 · Buy at or below 77.10; 2021-02 · Price USD 90.85 · Value 123.50 · Buy at or below 123.50; 2021-03 · Price USD 95.43 · Value 123.50 · Buy at or below 123.50; 2021-04 · Price USD 97.08 · Value 123.50 · Buy at or below 123.50; 2021-05 · Price USD 97.02 · Value 123.50 · Buy at or below 123.50; 2021-06 · Price USD 93.67 · Value 123.50 · Buy at or below 123.50; 2021-07 · Price USD 89.17 · Value 123.50 · Buy at or below 123.50; 2021-08 · Price USD 90.06 · Value 123.50 · Buy at or below 123.50; 2021-09 · Price USD 87.00 · Value 123.50 · Buy at or below 123.50; 2021-10 · Price USD 96.99 · Value 123.50 · Buy at or below 123.50; 2021-11 · Price USD 95.09 · Value 123.50 · Buy at or below 123.50; 2021-12 · Price USD 107.63 · Value 123.50 · Buy at or below 123.50; 2022-01 · Price USD 104.65 · Value 123.50 · Buy at or below 123.50; 2022-02 · Price USD 96.68 · Value 128.79 · Buy at or below 128.79; 2022-03 · Price USD 107.71 · Value 128.79 · Buy at or below 128.79; 2022-04 · Price USD 106.15 · Value 128.79 · Buy at or below 128.79; 2022-05 · Price USD 108.51 · Value 128.79 · Buy at or below 128.79; 2022-06 · Price USD 101.37 · Value 128.79 · Buy at or below 128.79; 2022-07 · Price USD 110.70 · Value 128.79 · Buy at or below 128.79; 2022-08 · Price USD 114.15 · Value 128.79 · Buy at or below 128.79; 2022-09 · Price USD 96.31 · Value 128.79 · Buy at or below 128.79; 2022-10 · Price USD 97.72 · Value 128.79 · Buy at or below 128.79; 2022-11 · Price USD 100.22 · Value 128.79 · Buy at or below 128.79; 2022-12 · Price USD 91.56 · Value 128.79 · Buy at or below 128.79; 2023-01 · Price USD 100.17 · Value 128.79 · Buy at or below 128.79; 2023-02 · Price USD 99.96 · Value 68.44 · Buy at or below 68.44; 2023-03 · Price USD 99.37 · Value 68.44 · Buy at or below 68.44; 2023-04 · Price USD 100.87 · Value 68.44 · Buy at or below 68.44; 2023-05 · Price USD 94.54 · Value 68.44 · Buy at or below 68.44; 2023-06 · Price USD 94.35 · Value 68.44 · Buy at or below 68.44; 2023-07 · Price USD 100.18 · Value 68.44 · Buy at or below 68.44; 2023-08 · Price USD 90.43 · Value 68.44 · Buy at or below 68.44; 2023-09 · Price USD 86.13 · Value 68.44 · Buy at or below 68.44; 2023-10 · Price USD 81.83 · Value 68.44 · Buy at or below 68.44; 2023-11 · Price USD 82.05 · Value 68.44 · Buy at or below 68.44; 2023-12 · Price USD 86.39 · Value 68.44 · Buy at or below 68.44; 2024-01 · Price USD 84.09 · Value 68.44 · Buy at or below 68.44; 2024-02 · Price USD 74.08 · Value 65.27 · Buy at or below 65.27; 2024-03 · Price USD 76.14 · Value 65.27 · Buy at or below 65.27; 2024-04 · Price USD 71.00 · Value 65.27 · Buy at or below 65.27; 2024-05 · Price USD 86.37 · Value 65.27 · Buy at or below 65.27; 2024-06 · Price USD 88.12 · Value 65.27 · Buy at or below 65.27; 2024-07 · Price USD 89.05 · Value 65.27 · Buy at or below 65.27; 2024-08 · Price USD 103.51 · Value 65.27 · Buy at or below 65.27; 2024-09 · Price USD 110.37 · Value 65.27 · Buy at or below 65.27; 2024-10 · Price USD 103.04 · Value 65.27 · Buy at or below 65.27; 2024-11 · Price USD 105.58 · Value 65.27 · Buy at or below 65.27; 2024-12 · Price USD 103.32 · Value 65.27 · Buy at or below 65.27; 2025-01 · Price USD 99.49 · Value 65.27 · Buy at or below 65.27; 2025-02 · Price USD 101.62 · Value 64.98 · Buy at or below 64.98; 2025-03 · Price USD 102.40 · Value 64.98 · Buy at or below 64.98; 2025-04 · Price USD 89.22 · Value 64.98 · Buy at or below 64.98; 2025-05 · Price USD 95.97 · Value 64.98 · Buy at or below 64.98; 2025-06 · Price USD 95.95 · Value 64.98 · Buy at or below 64.98; 2025-07 · Price USD 115.32 · Value 64.98 · Buy at or below 64.98; 2025-08 · Price USD 128.70 · Value 64.98 · Buy at or below 64.98; 2025-09 · Price USD 132.40 · Value 64.98 · Buy at or below 64.98; 2025-10 · Price USD 153.99 · Value 64.98 · Buy at or below 64.98; 2025-11 · Price USD 158.87 · Value 64.98 · Buy at or below 64.98; 2025-12 · Price USD 160.76 · Value 64.98 · Buy at or below 64.98; 2026-01 · Price USD 194.95 · Value 64.98 · Buy at or below 64.98; 2026-02 · Price USD 185.25 · Value 70.87 · Buy at or below 70.87; 2026-03 · Price USD 166.07 · Value 70.87 · Buy at or below 70.87; 2026-04 · Price USD 181.81 · Value 70.87 · Buy at or below 70.87; 2026-05 · Price USD 178.65 · Value 70.87 · Buy at or below 70.87; 2026-06 · Price USD 188.34 · Value 70.87 · Buy at or below 70.87; 2026-07 · Price USD 147.73 · Value 70.87 · Buy at or below 70.87; 2026-08 · Price USD 149.66 · Value 70.87 · Buy at or below 70.87; 2026-09 · Price USD 147.96 · Value 70.87 · Buy at or below 70.87; 2026-10 · Price USD 143.82 · Value 70.87 · Buy at or below 70.87; 2026-10 · Price USD 143.82 · Value 70.87 · Buy at or below 70.87

USD per share · annual estimates

Price & return math
Value range	$62.18 – $82.45
Buy at or below	Central value $70.87
Discount to value	1 − 143.82 / 70.87 = -102.9%
Return / year	About 6.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash USD 5.45/share; 0.0% growth fades over 10 years to 3.0%; excess cash USD 0.00/share today.
Required return	10.0% / year, earned by construction at the central value

Revenue$16B

Revenue

Owner earnings$670M

Owner earnings

Operating margin4.9%

Operating margin

Net cash / debt-$1.5B

Net cash / debt

Diluted shares122M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·