EXPEDITORS INTERNATIONAL OF WASHINGTON INC (EXPD)

Arrangement of Transportation of Freight & Cargo

Latest Price

$192.60

TTM P/E

27.99

Normalized P/E

28.80

Div Yield

Book Value

16.02

P/B Ratio

12.02

Valuation metrics

EPS: $5.95

Book value / share: $17.59

Formula: √(22.5 × EPS × BVPS)

Graham Number

$48.53

75% downside

Norm. op. income: $1.0B (median of 7yr)

Tax rate: 26%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$67.46

65% downside

Base FCF: $953M (median of recent 5yr)

Growth: 5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$131.25

32% downside

EPS: $5.95

Target P/E: 29×

Formula: EPS × P/E

P/E Fair Value

$172.55

10% downside

93.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	13.46M	$2.19B	10.35%	+1.05M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	8.55M	$1.39B	6.57%	-145.9K	2026-06-30
STATE STREET CORP	7.34M	$1.20B	5.64%	+109.8K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	6.62M	$1.08B	5.09%	-25.9K	2026-06-30
LOOMIS SAYLES & CO L P	5.50M	$895.0M	4.23%	-117.7K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	3.56M	$577.0M	2.74%	-32.5K	2026-06-30
FIL Ltd	3.09M	$503.0M	2.38%	+6.9K	2026-06-30
Boston Partners	3.01M	$490.0M	2.31%	+70.5K	2026-06-30
BANK OF AMERICA CORP /DE/	2.59M	$421.0M	1.99%	+21.4K	2026-06-30
MORGAN STANLEY	2.35M	$382.0M	1.81%	+218.3K	2026-06-30