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Research · S&P 500 · Industrials
CHRW · C.H. Robinson
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
39/60
moderate value scoreEarnings & returns
EPS Trend
2/5Diluted EPS: $7.40 (2022), $2.72 (2023), $3.86 (2024), $4.83 (2025). It ended at or below 2022; the framework scores that as 2.
ROE Trend
5/5ROE (net income / common equity): 69.5% (2022), 22.9% (2023), 27.0% (2024), 31.8% (2025). Median 29.4%, lowest 22.9%; the framework scores a median above 20% as 5.
ROIC
5/5ROIC of 24.6%: operating income of $794.96M divided by $3.23B of capital (total assets $5.06B minus current liabilities $1.83B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores above 20% as 5.
Profit Margins
2/5Net margin of 3.7%; the framework scores 0-5% as 2; gross margin 8.4%, operating margin 5.3%.
Balance sheet & cash
Debt-to-Equity
3/5Debt-to-equity of 1.21; the framework scores 0.8-1.5 as 3 (total debt $1.97B, total cash $154.59M).
Free Cash Flow
2/5Free cash flow (operating cash flow minus capital expenditure): $1.52B (2022), $647.84M (2023), $434.80M (2024), $843.98M (2025). It ended at or below 2022; the framework scores that as 2.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $5.59B (2022), $5.62B (2023), $5.79B (2024), $6.07B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $5.24 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $248.49 (EPS CAGR 33.3% capped at 20%). Current price $139.49; price is 43.9% below the model value.
DCF Value
1/5FCF/share = $4.120, stage 1 growth = 0.0% (revenue CAGR -4.0% floored at 0%; the company is valued as if it does not grow rather than extrapolating the decline) for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $15.62, PV of terminal value = $37.64, DCF value = $53.26. Current price $139.49; price is 161.9% above the model value.
Margin of Safety
3/5Graham value $248.49 (price is 43.9% below the model value); DCF value $53.26 (price is 161.9% above the model value).
Price-to-Book
1/5P/B of 10.04; the framework scores above 5.0 as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 10 of 10 years (2016-2025); lowest 16.2%, highest 48.1%.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 13, 2026
The transportation services industry is highly competitive and fragmented. We compete against traditional and non-traditional logistics companies, including transportation providers that own equipment, third-party freight brokers, technology matching services, internet freight brokers, carriers offering logistics services, on-demand transportation service providers, NVOCCs, IACs, and freight forwarders. We also buy from and sell transportation services to companies that compete with us. In our sourcing business, we compete with produce brokers, produce growers, produce marketing companies, produce wholesalers, and foodservice buying groups. We also buy from and sell produce to companies that compete with us.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $3.05B paid out against $3.45B of free cash flow (pass); total debt $2.36B to $1.40B, down 40.9%, 1.6x EBITDA (pass: not up more than 10%); shares outstanding 0.12B to 0.12B, up 1.8% (pass). 4 of 4 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $5.24, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 33.3%)
IV = $248.49
Current price $139.49 vs Graham value $248.49 — price is 43.9% below the model value.
DCF:
FCF/share = $4.120
Stage 1 growth = 0.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Stage 1 g floored at 0.0% (3-year revenue CAGR was -4.0%; the company is valued as if it does not grow rather than extrapolating the decline)
Y1: $4.120 → PV $3.746
Y2: $4.120 → PV $3.405
Y3: $4.120 → PV $3.096
Y4: $4.120 → PV $2.814
Y5: $4.120 → PV $2.558
Stage 1 PV sum = $15.62
Terminal value at end of Y5 = $60.63
PV of terminal value = $37.64
DCF value = $53.26
Current price $139.49 vs DCF value $53.26 — price is 161.9% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $139.49. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.