Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin4.9%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin3.6%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
C
Years to Pay Off Debt2.4 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$123M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$967M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book11.82x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
A
Free Cash Flow$844M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income12.0%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$760M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About C.H. Robinson Worldwide, Inc.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering C.H. Robinson Worldwide, Inc. at $185.04.
The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.
At $185.04, the stock trades at a 349% premium to its Graham Number of $41.25. Graham would consider this price speculative.
There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..
Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
Gross Profit %
8.4%▲
7.4%▲
6.5%▼
7.6%
Operating Margin %
4.9%▲
3.8%▲
2.9%▼
5.1%
Net Income %
3.6%▲
2.6%▲
1.8%▼
3.8%
Diluted EPS
4.83▲
3.86▲
2.72▼
7.40
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$5.1B
$5.3B
$5.2B
$6.0B
N/A
Total Debt
$1.4B▼
$1.7B▼
$2.0B▼
$2.4B•
N/A
Working Capital
$967M▲
$645M▼
$829M▲
$266M•
N/A
Years to Pay Debt
2.38
3.74
6.01
2.51
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$844M▲
$435M▼
$648M▼
$1.5B•
N/A
Owner Earnings
$760M
$637M
$508M
$1.2B
N/A
CapEx % of Net Income
12.0%
16.0%
25.9%
13.7%
N/A
Income Statement
2025
2024
2023
2022
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
897,779
766,301
613,592
1,359,558
Net Income From Continuing Operation Net Minority Interest
587,081
465,690
325,129
940,524
Reconciled Depreciation
102,818
97,160
98,985
92,776
Reconciled Cost Of Revenue
14,873,511
16,416,191
16,457,570
22,826,428
EBITDA
897,779
766,301
613,592
1,359,558
EBIT
794,961
669,141
514,607
1,266,782
Net Interest Income
-72,504
-89,937
-105,421
-100,017
Interest Expense
72,504
89,937
105,421
100,017
Normalized Income
587,081
465,690
325,129
940,524
Net Income From Continuing And Discontinued Operation
587,081
465,690
325,129
940,524
Total Expenses
15,437,802
17,055,815
17,081,836
23,429,843
Total Operating Income As Reported
794,961
669,141
514,607
1,266,782
Diluted Average Shares
121,502
120,679
119,677
127,150
Basic Average Shares
120,242
119,805
118,551
125,743
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
587,081
465,690
325,129
940,524
Net Income Common Stockholders
587,081
465,690
325,129
940,524
Net Income
587,081
465,690
325,129
940,524
Net Income Including Noncontrolling Interests
587,081
465,690
325,129
940,524
Net Income Continuous Operations
587,081
465,690
325,129
940,524
Tax Provision
135,376
113,514
84,057
226,241
Pretax Income
722,457
579,204
409,186
1,166,765
Net Non Operating Interest Income Expense
-72,504
-89,937
-105,421
-100,017
Interest Expense Non Operating
72,504
89,937
105,421
100,017
Operating Income
794,961
669,141
514,607
1,266,782
Operating Expense
564,291
639,624
624,266
603,415
Selling General And Administration
564,291
639,624
624,266
603,415
Gross Profit
1,359,252
1,308,765
1,138,873
1,870,197
Cost Of Revenue
14,873,511
16,416,191
16,457,570
22,826,428
Total Revenue
16,232,763
17,724,956
17,596,443
24,696,625
Operating Revenue
16,232,763
17,724,956
17,596,443
24,696,625
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
60,770
60,535
62,436
62,881
Ordinary Shares Number
118,429
118,664
116,768
116,323
Share Issued
179,199
179,199
179,204
179,204
Net Debt
928,567
1,231,887
1,434,963
1,756,222
Total Debt
1,395,386
1,741,132
1,952,501
2,361,168
Tangible Book Value
279,202
162,787
-201,094
-270,217
Invested Capital
2,935,085
3,099,700
2,999,184
3,327,126
Working Capital
966,841
644,705
828,701
266,386
Net Tangible Assets
279,202
162,787
-201,094
-270,217
Capital Lease Obligations
305,948
363,483
372,014
387,464
Common Stock Equity
1,845,647
1,722,051
1,418,697
1,353,422
Total Capitalization
2,935,085
2,643,908
2,839,184
2,273,471
Total Equity Gross Minority Interest
1,845,647
1,722,051
1,418,697
1,353,422
Stockholders Equity
1,845,647
1,722,051
1,418,697
1,353,422
Gains Losses Not Affecting Retained Earnings
-77,674
-110,402
-80,946
-88,860
Other Equity Adjustments
-77,674
-110,402
-80,946
-88,860
Treasury Stock
4,893,901
4,740,804
4,886,917
4,903,078
Retained Earnings
6,071,118
5,786,337
5,620,790
5,590,440
Additional Paid In Capital
734,261
775,054
754,093
743,288
Capital Stock
11,843
11,866
11,677
11,632
Common Stock
11,843
11,866
11,677
11,632
Total Liabilities Net Minority Interest
3,212,734
3,575,875
3,806,583
4,601,142
Total Non Current Liabilities Net Minority Interest
1,381,032
1,250,977
1,754,590
1,278,290
Other Non Current Liabilities
1,425
2,442
2,074
1,926
Tradeand Other Payables Non Current
34,875
23,472
21,289
28,317
Non Current Deferred Liabilities
21,526
12,565
13,177
14,256
Non Current Deferred Taxes Liabilities
21,526
12,565
13,177
14,256
Long Term Debt And Capital Lease Obligation
1,323,206
1,212,498
1,718,050
1,233,791
Long Term Capital Lease Obligation
233,768
290,641
297,563
313,742
Long Term Debt
1,089,438
921,857
1,420,487
920,049
Current Liabilities
1,831,702
2,324,898
2,051,993
3,322,852
Other Current Liabilities
67,413
Current Debt And Capital Lease Obligation
72,180
528,634
234,451
1,127,377
Current Capital Lease Obligation
72,180
72,842
74,451
73,722
Current Debt
455,792
160,000
1,053,655
525,000
Other Current Borrowings
455,792
160,000
1,053,655
525,000
Pensionand Other Post Retirement Benefit Plans Current
188,838
180,801
135,104
242,605
Payables And Accrued Expenses
1,570,684
1,548,050
1,682,438
1,952,870
Current Accrued Expenses
295,663
326,592
307,356
367,101
Payables
1,275,021
1,221,458
1,375,082
1,585,769
Other Payable
30,981
33,797
66,383
103,561
Total Tax Payable
33,745
9,326
4,748
15,210
Income Tax Payable
33,745
9,326
4,748
15,210
Accounts Payable
1,210,295
1,178,335
1,303,951
1,466,998
Total Assets
5,058,381
5,297,926
5,225,280
5,954,564
Total Non Current Assets
2,259,838
2,340,351
2,333,018
2,336,814
Other Non Current Assets
5,253
8,926
22,197
Non Current Deferred Assets
293,455
300,909
214,619
181,602
Non Current Deferred Taxes Assets
293,455
300,909
214,619
181,602
Goodwill And Other Intangible Assets
1,566,445
1,559,264
1,619,791
1,623,639
Other Intangible Assets
108,469
130,299
146,191
152,826
Goodwill
1,457,976
1,428,965
1,473,600
1,470,813
Net PPE
394,685
471,252
498,608
531,573
Accumulated Depreciation
-237,042
-276,876
-292,740
-290,396
Gross PPE
631,727
748,128
791,348
821,969
Leases
94,911
89,213
91,234
78,347
Construction In Progress
242
617
1,387
9,933
Other Properties
278,323
334,738
353,890
372,141
Machinery Furniture Equipment
185,692
251,261
275,233
289,777
Buildings And Improvements
61,668
61,286
58,586
60,766
Land And Improvements
10,891
11,013
11,018
11,005
Current Assets
2,798,543
2,969,603
2,880,694
3,589,238
Other Current Assets
120,402
102,166
163,307
122,406
Assets Held For Sale Current
0
137,634
0
Prepaid Assets
129,593
Receivables
2,517,270
2,584,041
2,571,863
3,249,350
Other Receivables
156,441
200,332
189,900
257,597
Accounts Receivable
2,360,829
2,383,709
2,381,963
2,991,753
Allowance For Doubtful Accounts Receivable
-14,420
-13,285
-14,229
-28,749
Gross Accounts Receivable
2,375,249
2,396,994
2,396,192
3,020,502
Cash Cash Equivalents And Short Term Investments
160,871
145,762
145,524
217,482
Cash And Cash Equivalents
160,871
145,762
145,524
217,482
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
843,976
434,796
647,835
1,521,674
Repurchase Of Capital Stock
-354,652
0
-63,884
-1,459,900
Repayment Of Debt
-2,786,800
-3,406,500
-4,287,750
-4,646,000
Issuance Of Debt
2,497,800
3,202,500
3,893,750
4,700,000
Capital Expenditure
-70,543
-74,288
-84,111
-128,497
Interest Paid Supplemental Data
63,209
86,124
92,571
71,563
Income Tax Paid Supplemental Data
131,827
155,936
429,096
227,427
End Cash Position
160,871
145,762
145,524
217,482
Other Cash Adjustment Outside Changein Cash
10,776
-10,307
0
0
Beginning Cash Position
145,762
145,524
217,482
257,413
Effect Of Exchange Rate Changes
7,232
-8,152
-3,284
-5,638
Changes In Cash
-2,899
18,697
-68,674
-34,293
Financing Cash Flow
-862,748
-416,099
-717,833
-1,619,546
Cash Flow From Continuing Financing Activities
-862,748
-416,099
-717,833
-1,619,546
Net Other Financing Charges
-76,917
-32,217
-25,294
-28,388
Proceeds From Stock Option Exercised
159,197
114,890
56,914
100,059
Cash Dividends Paid
-301,376
-294,772
-291,569
-285,317
Common Stock Dividend Paid
-301,376
-294,772
-291,569
-285,317
Net Common Stock Issuance
-354,652
0
-63,884
-1,459,900
Common Stock Payments
-354,652
0
-63,884
-1,459,900
Net Issuance Payments Of Debt
-289,000
-204,000
-394,000
54,000
Net Short Term Debt Issuance
-27,000
-204,000
-394,000
-146,000
Short Term Debt Payments
-1,575,800
-3,396,500
-4,287,750
-4,646,000
Short Term Debt Issuance
1,548,800
3,192,500
3,893,750
4,500,000
Net Long Term Debt Issuance
-262,000
0
0
200,000
Long Term Debt Payments
-1,211,000
-10,000
0
0
Long Term Debt Issuance
949,000
10,000
0
200,000
Investing Cash Flow
-54,670
-74,288
-82,787
-64,918
Cash Flow From Continuing Investing Activities
-54,670
-74,288
-82,787
-64,918
Net Business Purchase And Sale
15,873
0
0
0
Sale Of Business
27,737
0
0
Purchase Of Business
-11,864
0
0
0
Net Intangibles Purchase And Sale
-50,915
-51,635
-54,122
-66,582
Purchase Of Intangibles
-50,915
-51,635
-54,122
-66,582
Net PPE Purchase And Sale
-19,628
-22,653
-28,665
1,664
Sale Of PPE
0
0
1,324
63,579
Purchase Of PPE
-19,628
-22,653
-29,989
-61,915
Operating Cash Flow
914,519
509,084
731,946
1,650,171
Cash Flow From Continuing Operating Activities
914,519
509,084
731,946
1,650,171
Change In Working Capital
148,745
-109,042
281,536
609,525
Change In Other Working Capital
3,657
2,473
16,902
-6,799
Change In Other Current Liabilities
-63,482
5,076
-16,500
83,084
Change In Other Current Assets
55,185
-5,937
19,255
-82,754
Change In Payables And Accrued Expense
31,213
4,830
-374,373
-476,132
Change In Accrued Expense
-44,228
69,228
-171,246
-99,049
Change In Payable
75,441
-64,398
-203,127
-377,083
Change In Account Payable
10,783
-79,943
-200,843
-307,266
Change In Tax Payable
64,658
15,545
-2,284
-69,817
Change In Income Tax Payable
64,658
15,545
-2,284
-69,817
Change In Prepaid Assets
-17,470
60,740
-39,048
-28,495
Change In Receivables
139,642
-176,224
675,300
1,120,621
Changes In Account Receivables
95,359
-164,255
607,259
923,524
Other Non Cash Items
8,178
20,682
5,541
-6,627
Excess Tax Benefit From Stock Based Compensation
-29,153
-9,411
-11,319
-13,662
Stock Based Compensation
80,070
84,590
58,169
90,677
Provisionand Write Offof Assets
8,174
6,688
-6,047
-4,476
Deferred Tax
9,462
-80,067
-37,746
-58,566
Deferred Income Tax
9,462
-80,067
-37,746
-58,566
Depreciation Amortization Depletion
102,818
97,160
98,985
92,776
Depreciation And Amortization
102,818
97,160
98,985
92,776
Amortization Cash Flow
70,298
61,193
59,416
54,674
Amortization Of Intangibles
70,298
61,193
59,416
54,674
Depreciation
32,520
35,967
39,569
38,102
Operating Gains Losses
-856
32,794
17,698
Net Income From Continuing Operations
587,081
465,690
325,129
940,524
3/7
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
$41.25
Margin of Safety
0%
Market Cap / Net Assets
11.8x
Net Assets: $1.8B
Warren's Owner Earnings
$760M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
3/7 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$16.2B
vs > $1.5B revenue
❌
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
1.53x
vs Current Ratio > 2.0x
✅
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
No loss years (4 yrs data)
vs No negative EPS years
✅
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
1.35%
vs Uninterrupted dividends
❌
Earnings Growth
EPS grew from $7.40 to $4.83 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
-34.7% EPS growth
vs > 33% EPS growth
❌
Moderate P/E Ratio
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
37.4x
vs P/E ≤ 15.0x
❌
Moderate Price-to-Book
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
11.82x P/B (P/E×P/B: 441.8)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $16.2Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.53xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
✅ Earnings Stability — No loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
✅ Dividend Record — 1.35%vs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $7.40 to $4.83 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
❌ Moderate P/E Ratio — 37.4xvs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
These metrics estimate what C.H. Robinson Worldwide, Inc. is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
$-3.51
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
$74.94
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
19.5%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
12.0%
16.0%
25.9%
13.7%
N/A
Repurchase of Capital Stock
-$355M
$0M
-$64M
-$1.5B
N/A
Free Cash Flow
$844M▲
$435M▼
$648M▼
$1.5B•
N/A•
Warren's Owner Earnings
$760M
$637M
$508M
$1.2B
N/A
Peers & Industry
No auto-detected peers for Integrated Freight & Logistics. You can manually compare CHRW against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.36%
Low — management has little skin in the game
Return on Equity (ROE)
31.8%
Excellent — management generates strong returns on equity
Return on Assets (ROA)
11.6%
Strong — management uses assets efficiently
Share Buybacks (Latest Year)
$355M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-19.9% YoY
Debt is declining — management is deleveraging
Leadership Team
David Bozeman
President, CEO & Director
Age 57
Pay: $4,061,566
0.692% of net income
Damon Lee
Chief Financial Officer
Age 47
Pay: $1,969,598
0.335% of net income
Michael Short
President of Global Freight Forwarding
Age 55
Pay: $1,599,674
0.272% of net income
Jordan Kass
President of Managed Services
Age 52
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
8.48%
9,990,821
Vanguard Capital Management LLC
6.54%
7,705,632
State Street Corporation
5.47%
6,446,343
Vanguard Portfolio Management LLC
5.08%
5,986,470
First Eagle Investment Management, LLC
4.86%
5,729,983
FMR, LLC
3.72%
4,382,460
Wellington Management Group, LLP
3.30%
3,889,342
Geode Capital Management, LLC
3.06%
3,605,743
Risk Analysis
Beta (Market Risk)
0.93
Low volatility — more stable than the market
Short Interest
6.7% of float
Moderate short interest
Debt-to-Equity
0.97x
Conservative balance sheet — low financial risk
Current Ratio
1.59x
Adequate liquidity
52-Week Price Range
Low: $92.36Current: $185.04High: $203.34
Currently at 84% of 52-week range
C.H. Robinson Worldwide, Inc. (CHRW) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $41.25. Margin of safety: 0%. Gross profit margin: 8.4%. Operating margin: 4.9%. Net margin: 3.6%. Market cap: $21.8B. Sector: Industrials. Industry: Integrated Freight & Logistics. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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