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 Margin5.1%
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 Margin3.7%
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
D
Years to Pay Off Debt10.8 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-$398M
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$1.0B
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-Book9.20x
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$107M
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 Income8.8%
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$240M
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 $125.33.
The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.
At $125.33, the stock trades at a 454% premium to its Graham Number of $22.62. 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
Q3 2026
Q4 2025
Gross Profit %
8.4%▲
8.2%
Operating Margin %
5.1%▲
4.6%
Net Income %
3.7%▲
3.5%
Diluted EPS
1.67▲
1.12
Balance Sheet Highlights
Metric
Q3 2026
Q4 2025
Total Assets
$6.4B
$5.1B
Total Debt
$2.2B▲
$1.4B
Working Capital
$1.0B▲
$967M
Years to Pay Debt
10.84
10.24
Cash Flow Highlights
Metric
Q3 2026
Q4 2025
Free Cash Flow
$107M▼
$290M
Owner Earnings
$240M
$178M
CapEx % of Net Income
8.8%
11.5%
Income Statement
2026
2025
Tax Rate For Calcs
0
0
Normalized EBITDA
295,580
207,834
Net Income From Continuing Operation Net Minority Interest
198,469
136,321
Reconciled Depreciation
23,773
26,481
Reconciled Cost Of Revenue
4,909,927
3,592,601
EBITDA
295,580
207,834
EBIT
271,807
181,353
Net Interest Income
-21,719
-14,825
Interest Expense
21,719
14,825
Normalized Income
198,469
136,321
Net Income From Continuing And Discontinued Operation
198,469
136,321
Total Expenses
5,086,253
3,731,281
Total Operating Income As Reported
271,807
181,353
Diluted Average Shares
118,732
121,658
Basic Average Shares
117,499
119,885
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
198,469
136,321
Net Income Common Stockholders
198,469
136,321
Net Income
198,469
136,321
Net Income Including Noncontrolling Interests
198,469
136,321
Net Income Continuous Operations
198,469
136,321
Tax Provision
51,619
30,207
Pretax Income
250,088
166,528
Net Non Operating Interest Income Expense
-21,719
-14,825
Total Other Finance Cost
Interest Expense Non Operating
21,719
14,825
Operating Income
271,807
181,353
Operating Expense
176,326
138,680
Selling General And Administration
176,326
138,680
Gross Profit
448,133
320,033
Cost Of Revenue
4,909,927
3,592,601
Total Revenue
5,358,060
3,912,634
Operating Revenue
5,358,060
3,912,634
Balance Sheet
2026
2025
Treasury Shares Number
60,770
Ordinary Shares Number
115,937
118,429
Share Issued
115,937
179,199
Net Debt
1,676,177
928,567
Total Debt
2,152,386
1,395,386
Tangible Book Value
33,458
279,202
Invested Capital
3,448,697
2,935,085
Working Capital
1,045,220
966,841
Net Tangible Assets
33,458
279,202
Capital Lease Obligations
283,077
305,948
Common Stock Equity
1,579,388
1,845,647
Total Capitalization
3,022,879
2,935,085
Total Equity Gross Minority Interest
1,579,388
Stockholders Equity
1,579,388
1,845,647
Gains Losses Not Affecting Retained Earnings
-75,378
-77,674
Other Equity Adjustments
-75,378
-77,674
Treasury Stock
5,471,469
4,893,901
Retained Earnings
6,378,495
6,071,118
Additional Paid In Capital
736,146
734,261
Capital Stock
11,594
11,843
Common Stock
11,594
11,843
Total Liabilities Net Minority Interest
4,810,067
3,212,734
Total Non Current Liabilities Net Minority Interest
1,725,218
1,381,032
Other Non Current Liabilities
2,829
1,425
Tradeand Other Payables Non Current
42,348
34,875
Non Current Deferred Liabilities
22,830
21,526
Non Current Deferred Taxes Liabilities
22,830
21,526
Long Term Debt And Capital Lease Obligation
1,657,211
1,323,206
Long Term Capital Lease Obligation
213,720
233,768
Long Term Debt
1,443,491
1,089,438
Current Liabilities
3,084,849
1,831,702
Current Debt And Capital Lease Obligation
495,175
72,180
Current Capital Lease Obligation
69,357
72,180
Current Debt
425,818
Other Current Borrowings
425,818
Pensionand Other Post Retirement Benefit Plans Current
189,766
188,838
Payables And Accrued Expenses
2,399,908
1,570,684
Current Accrued Expenses
418,716
295,663
Payables
1,981,192
1,275,021
Other Payable
30,979
30,981
Total Tax Payable
11,780
33,745
Income Tax Payable
11,780
33,745
Accounts Payable
1,938,433
1,210,295
Total Assets
6,389,455
5,058,381
Total Non Current Assets
2,259,386
2,259,838
Other Non Current Assets
96,781
5,253
Non Current Deferred Assets
267,541
293,455
Non Current Deferred Taxes Assets
267,541
293,455
Goodwill And Other Intangible Assets
1,545,930
1,566,445
Other Intangible Assets
36,359
108,469
Goodwill
1,509,571
1,457,976
Net PPE
349,134
394,685
Accumulated Depreciation
-237,042
Gross PPE
349,134
631,727
Leases
94,911
Construction In Progress
242
Other Properties
349,134
278,323
Machinery Furniture Equipment
185,692
Buildings And Improvements
61,668
Land And Improvements
10,891
Current Assets
4,130,069
2,798,543
Other Current Assets
98,832
120,402
Receivables
3,838,105
2,517,270
Other Receivables
290,924
156,441
Accounts Receivable
3,547,181
2,360,829
Allowance For Doubtful Accounts Receivable
-15,530
-14,420
Gross Accounts Receivable
3,562,711
2,375,249
Cash Cash Equivalents And Short Term Investments
193,132
160,871
Cash And Cash Equivalents
193,132
160,871
Cash Flow
2026
2025
Free Cash Flow
106,580
289,732
Repurchase Of Capital Stock
-207,739
-114,395
Repayment Of Debt
-1,139,000
-699,000
Issuance Of Debt
1,323,000
605,000
Capital Expenditure
-17,517
-15,682
End Cash Position
193,132
160,871
Beginning Cash Position
154,590
136,837
Effect Of Exchange Rate Changes
948
698
Changes In Cash
37,594
23,336
Financing Cash Flow
-95,756
-254,532
Cash Flow From Continuing Financing Activities
-95,756
-254,532
Net Other Financing Charges
-6,540
-18,935
Proceeds From Stock Option Exercised
9,355
47,121
Cash Dividends Paid
-74,832
-74,323
Common Stock Dividend Paid
-74,832
-74,323
Net Common Stock Issuance
-207,739
-114,395
Common Stock Payments
-207,739
-114,395
Net Issuance Payments Of Debt
184,000
-94,000
Net Short Term Debt Issuance
-74,000
0
Short Term Debt Payments
-392,000
0
Short Term Debt Issuance
318,000
0
Net Long Term Debt Issuance
258,000
-94,000
Long Term Debt Payments
-747,000
-699,000
Long Term Debt Issuance
1,005,000
605,000
Investing Cash Flow
9,253
-27,546
Cash Flow From Continuing Investing Activities
9,253
-27,546
Net Business Purchase And Sale
23,481
-11,864
Sale Of Business
23,482
0
Purchase Of Business
-1
Net Intangibles Purchase And Sale
-13,915
-12,669
Purchase Of Intangibles
-13,915
-12,669
Net PPE Purchase And Sale
-3,602
-3,013
Purchase Of PPE
-3,602
-3,013
Operating Cash Flow
124,097
305,414
Cash Flow From Continuing Operating Activities
124,097
305,414
Change In Working Capital
-136,902
157,628
Change In Other Working Capital
834
927
Change In Other Current Liabilities
-4,282
-13,781
Change In Other Current Assets
2,765
12,710
Change In Payables And Accrued Expense
419,635
-57,211
Change In Accrued Expense
124,139
-4,063
Change In Payable
295,496
-53,148
Change In Account Payable
282,138
-68,388
Change In Tax Payable
13,358
15,240
Change In Income Tax Payable
13,358
15,240
Change In Prepaid Assets
21,720
9,051
Change In Receivables
-577,574
205,932
Changes In Account Receivables
-517,137
184,684
Other Non Cash Items
10,275
1,006
Excess Tax Benefit From Stock Based Compensation
-4,258
-13,532
Stock Based Compensation
27,782
17,296
Provisionand Write Offof Assets
1,665
1,603
Deferred Tax
3,293
-21,102
Deferred Income Tax
3,293
-21,102
Depreciation Amortization Depletion
23,773
26,481
Depreciation And Amortization
23,773
26,481
Operating Gains Losses
-287
Gain Loss On Sale Of Business
Net Income From Continuing Operations
198,469
136,321
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $4.1B▲ $5.4B+29.5%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 8.6%▲ 8.4%-0.3pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 6.6%▲ 5.1%-1.5pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 3.9%▲ 3.7%-0.2pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$5.4B/qtr (≈$21.4B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.34x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$107M
vs Positive
Operating Cash Flow
$124M
Latest quarter · Buffett's cash reality check
ROIC
6.5%
Based on latest annual operating income
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.
Market Cap / Net Assets
9.2x
Net Assets: $1.6B
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
0.35%
Low — management has little skin in the game
Return on Equity (ROE)
12.6%
Adequate — returns are moderate
Return on Assets (ROA)
3.1%
Fair — average asset utilization
Share Buybacks (Latest Year)
$355M
Management is returning capital to shareholders via buybacks
Leadership Team
David Bozeman
President, CEO & Director
Age 57
Pay: $4,061,566
2.046% of net income
Damon Lee
Chief Financial Officer
Age 47
Pay: $1,969,598
0.992% of net income
Michael Short
President of Global Freight Forwarding
Age 55
Pay: $1,599,674
0.806% of net income
Jordan Kass
President of Managed Services
Age 52
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
9.81%
11,373,312
Vanguard Capital Management LLC
6.47%
7,503,056
State Street Corporation
5.61%
6,502,365
Vanguard Portfolio Management LLC
5.11%
5,919,932
FMR, LLC
3.22%
3,737,396
WCM Investment Management, LLC
3.18%
3,683,725
First Eagle Investment Management, LLC
3.14%
3,642,453
Wellington Management Group, LLP
3.05%
3,537,307
Risk Analysis
Beta (Market Risk)
0.95
Low volatility — more stable than the market
Short Interest
5.7% of float
Moderate short interest
Debt-to-Equity
1.36x
Moderate leverage
Current Ratio
1.34x
Adequate liquidity
52-Week Price Range
Low: $122.21Current: $125.33High: $210.33
Currently at 4% 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: $22.62. Margin of safety: 0%. Gross profit margin: 8.4%. Operating margin: 5.1%. Net margin: 3.7%. Market cap: $14.5B. Sector: Industrials. Industry: Integrated Freight & Logistics. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.