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 Margin4.4%
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 Debt11.2 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-$232M
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$1.1B
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-Book12.80x
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$54M
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 Income10.2%
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$187M
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 2 of 7 of Graham's defensive criteria — well below his required standard.
At $185.04, the stock trades at a 829% premium to its Graham Number of $19.92. 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
Q1 2026
Q4 2025
Q4 2024
Gross Profit %
7.7%▼
8.2%•
N/A
Operating Margin %
4.4%▼
4.6%•
N/A
Net Income %
3.7%▲
3.5%•
N/A
Diluted EPS
1.22▲
1.12•
N/A
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$5.2B
$5.1B
N/A
Total Debt
$1.6B▲
$1.4B•
N/A
Working Capital
$1.1B▲
$967M•
N/A
Years to Pay Debt
11.17
10.24
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
$54M▼
$290M•
N/A
Owner Earnings
$187M
$178M
N/A
CapEx % of Net Income
10.2%
11.5%
N/A
Income Statement
2026
2025
2024
Tax Rate For Calcs
0
0
Normalized EBITDA
200,538
207,834
Net Income From Continuing Operation Net Minority Interest
147,233
136,321
Reconciled Depreciation
24,852
26,481
Reconciled Cost Of Revenue
3,705,164
3,592,601
EBITDA
200,538
207,834
EBIT
175,686
181,353
Net Interest Income
-9,013
-14,825
Interest Expense
14,825
15,350
Normalized Income
147,233
136,321
Net Income From Continuing And Discontinued Operation
147,233
136,321
Total Expenses
3,837,248
3,731,281
Total Operating Income As Reported
175,686
181,353
Diluted Average Shares
121,010
121,658
Basic Average Shares
119,803
119,885
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
147,233
136,321
Net Income Common Stockholders
147,233
136,321
Net Income
147,233
136,321
Net Income Including Noncontrolling Interests
147,233
136,321
Net Income Continuous Operations
147,233
136,321
Tax Provision
19,440
30,207
Pretax Income
166,673
166,528
Net Non Operating Interest Income Expense
-9,013
-14,825
Total Other Finance Cost
9,013
Interest Expense Non Operating
14,825
15,350
Operating Income
175,686
181,353
Operating Expense
132,084
138,680
Selling General And Administration
132,084
138,680
Gross Profit
307,770
320,033
Cost Of Revenue
3,705,164
3,592,601
Total Revenue
4,012,934
3,912,634
Operating Revenue
4,012,934
3,912,634
Balance Sheet
2026
2025
2024
Treasury Shares Number
61,042
60,770
Ordinary Shares Number
118,157
118,429
Share Issued
179,199
179,199
Net Debt
1,183,062
928,567
Total Debt
1,644,486
1,395,386
Tangible Book Value
228,860
279,202
Invested Capital
3,046,848
2,935,085
Working Capital
1,110,929
966,841
Net Tangible Assets
228,860
279,202
Capital Lease Obligations
301,759
305,948
Common Stock Equity
1,704,121
1,845,647
Total Capitalization
3,046,848
2,935,085
Total Equity Gross Minority Interest
1,704,121
Stockholders Equity
1,704,121
1,845,647
Gains Losses Not Affecting Retained Earnings
-78,105
-77,674
Other Equity Adjustments
-78,105
-77,674
Treasury Stock
5,065,621
4,893,901
Retained Earnings
6,143,464
6,071,118
Additional Paid In Capital
692,567
734,261
Capital Stock
11,816
11,843
Common Stock
11,816
11,843
Total Liabilities Net Minority Interest
3,531,298
3,212,734
Total Non Current Liabilities Net Minority Interest
1,634,810
1,381,032
Other Non Current Liabilities
1,920
1,425
Tradeand Other Payables Non Current
38,048
34,875
Non Current Deferred Liabilities
22,018
21,526
Non Current Deferred Taxes Liabilities
22,018
21,526
Long Term Debt And Capital Lease Obligation
1,572,824
1,323,206
Long Term Capital Lease Obligation
230,097
233,768
Long Term Debt
1,342,727
1,089,438
Current Liabilities
1,896,488
1,831,702
Other Current Liabilities
67,413
Current Debt And Capital Lease Obligation
71,662
72,180
Current Capital Lease Obligation
71,662
72,180
Current Debt
455,792
Other Current Borrowings
455,792
Pensionand Other Post Retirement Benefit Plans Current
110,970
188,838
Payables And Accrued Expenses
1,713,856
1,570,684
Current Accrued Expenses
320,634
295,663
Payables
1,393,222
1,275,021
Other Payable
29,921
30,981
Total Tax Payable
26,917
33,745
Income Tax Payable
26,917
33,745
Accounts Payable
1,336,384
1,210,295
Total Assets
5,235,419
5,058,381
Total Non Current Assets
2,228,002
2,259,838
Other Non Current Assets
94,595
5,253
Non Current Deferred Assets
272,259
293,455
Non Current Deferred Taxes Assets
272,259
293,455
Goodwill And Other Intangible Assets
1,475,261
1,566,445
Other Intangible Assets
15,802
108,469
Goodwill
1,459,459
1,457,976
Net PPE
385,887
394,685
Accumulated Depreciation
-237,042
-276,876
Gross PPE
385,887
631,727
Leases
94,911
89,213
Construction In Progress
242
617
Other Properties
385,887
278,323
Machinery Furniture Equipment
185,692
251,261
Buildings And Improvements
61,668
61,286
Land And Improvements
10,891
11,013
Current Assets
3,007,417
2,798,543
Other Current Assets
123,718
120,402
Assets Held For Sale Current
0
137,634
Receivables
2,724,034
2,517,270
Other Receivables
181,862
156,441
Accounts Receivable
2,542,172
2,360,829
Allowance For Doubtful Accounts Receivable
-14,763
-14,420
Gross Accounts Receivable
2,556,935
2,375,249
Cash Cash Equivalents And Short Term Investments
159,665
160,871
Cash And Cash Equivalents
159,665
160,871
Cash Flow
2026
2025
2024
Free Cash Flow
53,583
289,732
Repurchase Of Capital Stock
-212,659
-114,395
Repayment Of Debt
-425,000
-699,000
Issuance Of Debt
678,000
605,000
Capital Expenditure
-15,016
-15,682
End Cash Position
159,665
160,871
Other Cash Adjustment Outside Changein Cash
0
0
Beginning Cash Position
160,871
136,837
Effect Of Exchange Rate Changes
-60
698
Changes In Cash
-1,146
23,336
Financing Cash Flow
-66,407
-254,532
Cash Flow From Continuing Financing Activities
-66,407
-254,532
Net Other Financing Charges
-68,080
-18,935
Proceeds From Stock Option Exercised
40,362
47,121
Cash Dividends Paid
-79,030
-74,323
Common Stock Dividend Paid
-79,030
-74,323
Net Common Stock Issuance
-212,659
-114,395
Common Stock Payments
-212,659
-114,395
Net Issuance Payments Of Debt
253,000
-94,000
Net Short Term Debt Issuance
0
0
Short Term Debt Payments
0
0
Short Term Debt Issuance
0
0
Net Long Term Debt Issuance
253,000
-94,000
10,000
Long Term Debt Payments
-425,000
-699,000
0
Long Term Debt Issuance
678,000
605,000
Investing Cash Flow
-3,338
-27,546
Cash Flow From Continuing Investing Activities
-3,338
-27,546
Net Business Purchase And Sale
11,678
-11,864
Sale Of Business
11,828
0
Purchase Of Business
-150
Net Intangibles Purchase And Sale
-12,381
-12,669
Purchase Of Intangibles
-12,381
-12,669
Net PPE Purchase And Sale
-2,635
-3,013
Purchase Of PPE
-2,635
-3,013
Operating Cash Flow
68,599
305,414
Cash Flow From Continuing Operating Activities
68,599
305,414
Change In Working Capital
-133,179
157,628
Change In Other Working Capital
-1,431
927
Change In Other Current Liabilities
-3,228
-13,781
Change In Other Current Assets
1,696
12,710
Change In Payables And Accrued Expense
96,297
-57,211
Change In Accrued Expense
-49,157
-4,063
Change In Payable
145,454
-53,148
Change In Account Payable
125,397
-68,388
Change In Tax Payable
20,057
15,240
Change In Income Tax Payable
20,057
15,240
Change In Prepaid Assets
-3,363
9,051
Change In Receivables
-223,150
205,932
Changes In Account Receivables
-197,522
184,684
Other Non Cash Items
1,332
1,006
Excess Tax Benefit From Stock Based Compensation
-23,895
-13,532
Stock Based Compensation
28,295
17,296
Provisionand Write Offof Assets
1,725
1,603
Deferred Tax
22,236
-21,102
Deferred Income Tax
22,236
-21,102
Depreciation Amortization Depletion
24,852
26,481
Depreciation And Amortization
24,852
26,481
Operating Gains Losses
-287
-15,438
Gain Loss On Sale Of Business
0
Net Income From Continuing Operations
147,233
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: $4.0B▼ $4.0B-0.8%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 8.0%▼ 7.7%-0.4pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 4.3%▼ 4.4%+0.0pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 3.3%▲ 3.7%+0.3pp
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.
$4.0B/qtr (≈$16.1B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.59x 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.
$54M
vs Positive
Operating Cash Flow
$69M
Latest quarter · Buffett's cash reality check
ROIC
4.2%
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
12.8x
Net Assets: $1.7B
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)
8.6%
Adequate — returns are moderate
Return on Assets (ROA)
2.8%
Fair — average asset utilization
Share Buybacks (Latest Year)
$355M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+17.9% YoY
Debt is growing — management is leveraging up
Leadership Team
David Bozeman
President, CEO & Director
Age 57
Pay: $4,061,566
2.759% of net income
Damon Lee
Chief Financial Officer
Age 47
Pay: $1,969,598
1.338% of net income
Michael Short
President of Global Freight Forwarding
Age 55
Pay: $1,599,674
1.086% 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 F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $19.92. Margin of safety: 0%. Gross profit margin: 7.7%. Operating margin: 4.4%. Net margin: 3.7%. 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.
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.