# 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&utm_medium=referral&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&utm_medium=referral&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. ## Reported holder observations - [Matthew McLennan](https://gigainvestors.com/FE): 3,642,453 CHRW shares; USD 686,020,000 reported position value; 1.13% of portfolio; reduce; quarter 2026 Q2. - [Andrew Adams](https://gigainvestors.com/MPF): 770,708 CHRW shares; USD 145,155,000 reported position value; 1.33% of portfolio; reduce; quarter 2026 Q2. # CHRW — C.H. Robinson Worldwide Held by 2 investors · USD 831,175,000 total · 2026 Q2 · reported price USD 188.34 (split-adjusted). Page: https://gigainvestors.com/s/CHRW ## Holders (2026 Q2) | Investor | Value | % of their portfolio | This quarter | |---|---:|---:|---| | Matthew McLennan (https://gigainvestors.com/FE) | USD 686,020,000 | 1.1% | reduce -36.43% | | Andrew Adams (https://gigainvestors.com/MPF) | USD 145,155,000 | 1.3% | reduce -9.14% | ## Total held by quarter - 2018 Q3: USD 66,979,238 · 1 holder · USD 97.92 - 2018 Q4: USD 52,204,838 · 1 holder · USD 84.09 - 2019 Q1: USD 57,224,632 · 1 holder · USD 86.99 - 2019 Q2: USD 53,884,214 · 1 holder · USD 84.35 - 2019 Q3: USD 667,214,785 · 2 holders · USD 84.78 - 2019 Q4: USD 668,709,403 · 2 holders · USD 78.20 - 2020 Q1: USD 710,854,806 · 1 holder · USD 66.20 - 2020 Q2: USD 858,899,539 · 1 holder · USD 79.06 - 2020 Q3: USD 1,083,637,884 · 1 holder · USD 102.19 - 2020 Q4: USD 991,139,725 · 1 holder · USD 93.87 - 2021 Q1: USD 1,008,305,268 · 1 holder · USD 95.43 - 2021 Q2: USD 987,214,264 · 1 holder · USD 93.67 - 2021 Q3: USD 914,503,893 · 1 holder · USD 87.00 - 2021 Q4: USD 1,139,689,550 · 1 holder · USD 107.63 - 2022 Q1: USD 1,150,433,492 · 1 holder · USD 107.71 - 2022 Q2: USD 1,076,185,989 · 1 holder · USD 101.37 - 2022 Q3: USD 1,018,040,810 · 1 holder · USD 96.31 - 2022 Q4: USD 990,386,666 · 1 holder · USD 91.56 - 2023 Q1: USD 978,367,308 · 1 holder · USD 99.37 - 2023 Q2: USD 905,631,778 · 1 holder · USD 94.35 - 2023 Q3: USD 811,678,871 · 1 holder · USD 86.13 - 2023 Q4: USD 819,227,472 · 1 holder · USD 86.39 - 2024 Q1: USD 993,731,769 · 3 holders · USD 76.14 - 2024 Q2: USD 1,147,478,460 · 3 holders · USD 88.12 - 2024 Q3: USD 1,407,788,775 · 3 holders · USD 110.37 - 2024 Q4: USD 1,229,277,803 · 3 holders · USD 103.32 - 2025 Q1: USD 1,215,106,048 · 3 holders · USD 102.40 - 2025 Q2: USD 1,122,652,709 · 3 holders · USD 95.95 - 2025 Q3: USD 1,516,128,219 · 3 holders · USD 132.40 - 2025 Q4: USD 1,597,391,579 · 2 holders · USD 160.76 - 2026 Q1: USD 1,092,439,349 · 2 holders · USD 166.07 - 2026 Q2: USD 831,175,000 · 2 holders · USD 188.34