Ryder System, Inc. R

IndustrialsFreight & Logistics ServicesUnited States of America

Last close 285.58 USD on Nov 2, 2026, +51.1% year to date

Quant rating

Quant rating A Rank 16 of 486 in Industrials

Growth C 202 of 486
Valuation A 58 of 486
Quality C 214 of 486
Revisions B 95 of 486
Momentum A 6 of 486

Wall Street consensus Buy (2.08)Average target 301.54 USD +5.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 10.9B
Enterprise value: 17.9B
52-week range: 161.59 – 290.95
3-year range: 98.00 – 290.95
Dividend yield: 1.43%
Beta (5 years): 1.03
Shares outstanding: 38.2M
Next earnings: Feb 10, 2027

About the company

Ryder System, Inc. is a provider of outsourced logistics and transportation services. The Company offers port-to-door solutions that integrate the supply chain, including international inbound flows and cross-border logistics, fleet and transportation management, warehousing, manufacturing support and multichannel final delivery. Its segments include Fleet Management Solutions (FMS), Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS). FMS provides full-service leasing, commercial rental and vehicle maintenance services. SCS provides fully integrated logistics solutions. DTS provides turnkey transportation solutions, including dedicated vehicles, professional drivers, management and administrative support. FMS product offerings include contract terms with full-service leasing, as well as leasing with flexible maintenance options, commercial vehicle rental and maintenance services, digital and technology support services, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,665	12,636	11,783	12,011	9,663	–
Revenue growth	0.2%	7.2%	−1.9%	24.3%	14.8%	8.5%
EPS (basic, normalized)	12.92	12.00	12.95	16.37	9.58	–
EPS growth	7.7%	−7.3%	−20.9%	70.9%	–	–
Gross margin	40.6%	40.3%	42.3%	43.0%	48.6%	43.0%
Net margin	3.9%	3.8%	3.4%	7.1%	5.4%	4.7%
ROE	16.2%	15.8%	13.5%	30.1%	20.6%	19.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	198
Current ratio	0.67x
Long-term debt (mil)	5,537
Net debt (mil)	7,007
Total equity (mil)	2,977
Net debt / equity	2.35x
Net debt / EBITDA	2.44x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	12,665	+0.2%	1.4x	2,867	+1.6%	6.3x	12.92	+7.7%	22.1x
2026	13,399	+5.8%	1.3x	2,844	−0.8%	6.3x	14.96	+15.8%	19.1x
2027	14,175	+5.8%	1.3x	3,095	+8.8%	5.8x	18.18	+21.5%	15.7x
2028	15,131	+6.8%	1.2x	3,362	+8.6%	5.3x	21.34	+17.4%	13.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	13,399	+1.4%	+1.5%	+2.6%	14.96	+2.2%	+1.7%	+2.8%
2027	14,175	+2.6%	+1.0%	+3.1%	18.18	+4.0%	+1.7%	+5.2%
2028	15,131	+1.7%	+1.7%	+3.4%	21.34	+1.1%	+1.1%	+4.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,098	3,182	3,168	3,189	3,131	3,189	3,171	3,175	3,126	3,347
Sales mean (mil)	3,062	3,242	3,295	3,311	3,148	3,173	3,189	3,209	3,141	3,294
Surprise	+1.2%	−1.9%	−3.8%	−3.7%	−0.5%	+0.5%	−0.6%	−1.1%	−0.5%	+1.6%
EPS reported	2.14	3.00	3.44	3.45	2.46	3.32	3.57	3.59	2.54	3.73
EPS mean	1.71	2.87	3.42	3.38	2.41	3.11	3.55	3.57	2.27	3.69
Surprise	+25.3%	+4.5%	+0.5%	+2.2%	+2.2%	+6.9%	+0.5%	+0.5%	+11.8%	+1.2%

Peer comparison Freight & Logistics Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
R Ryder System, Inc.	10.9B	2.44x	3.9%	3.67x	19.1x	15.7x	6.3x	5.8x
UNP Union Pacific Corporation	182.4B	2.19x	29.1%	8.29x	23.3x	21.3x	15.3x	14.2x
CP Canadian Pacific Kansas City Limited	79.6B	3.28x	27.5%	2.43x	25.0x	21.7x	16.7x	15.1x
CNR Canadian National Railway Co	76.1B	2.57x	27.3%	4.86x	21.6x	19.8x	14.1x	13.3x
CSX CSX Corporation	95.2B	2.70x	20.5%	6.62x	25.1x	22.1x	15.2x	13.9x
UPS United Parcel Service Inc	93.3B	1.60x	6.3%	6.20x	15.1x	13.6x	9.0x	8.3x
Mean		2.46x	19.1%	5.34x	21.5x	19.0x	12.8x	11.8x
Median		2.51x	23.9%	5.53x	22.4x	20.6x	14.6x	13.6x

Technical analysis

1M+20.4%
3M+11.8%
1Y+71.8%
3Y+210.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ryder System, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,665	12,636	11,783	12,011	9,663	8,420
Cost of revenue	7,520	7,540	6,800	6,847	4,965	4,036
Gross profit	5,145	5,096	4,983	5,164	4,698	4,384
Selling, general & administrative expenses	4,059	4,101	4,105	4,189	3,951	4,030
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	9.0	13.0	−21.0	2.0	32.4	111
Other operating expenses	57.0	7.0	2.0	15.0	108	118
Operating income	1,020	975	897	958	607	125
Net interest income (expense)	−404	−386	−484	−228	−214	−261
Gain (loss) on sale of assets	69.0	72.0	205	486	299	5.8
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	685	661	618	1,216	693	−130
Provision for taxes	184	172	212	353	171	−40.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	501	489	406	863	522	−89.9
Extraordinary items	−2.0	0	0	4.0	−2.6	−32.3
Net income	499	489	406	867	519	−122
EBIT, normalized	1,029	995	876	960	639	306
EBITDA, normalized	2,821	2,742	2,623	2,710	2,434	2,449
Basic EPS, normalized	12.92	12.00	12.95	16.37	9.58	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ryder System, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	198	154	204	267	234	151
Receivables	1,897	1,861	1,714	1,610	1,465	1,182
Total inventory	–	–	–	78.0	68.7	61.2
Prepaid expenses	378	448	347	245	693	201
Other current assets	0	0	0	0	0	0
Total current assets	2,473	2,463	2,265	2,200	2,461	1,596
Property, plant & equipment	11,166	11,445	11,125	10,053	9,649	9,960
Goodwill	1,152	1,158	940	861	571	475
Intangibles	412	457	396	295	170	43.2
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	1,184	1,149	1,052	986	983	858
Total assets	16,387	16,672	15,778	14,395	13,834	12,932
Liabilities
Accounts payable	689	828	833	767	748	547
Payable/accrued	–	–	–	–	–	–
Accrued expenses	833	889	813	754	630	553
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	819	1,120	1,583	1,349	1,333	517
Other current liabilities	437	434	420	446	490	436
Total current liabilities	2,778	3,271	3,649	3,316	3,201	2,053
Long-term debt	6,826	6,659	5,531	5,003	5,246	6,094
Minority interest	–	–	–	–	–	–
Other liabilities	3,731	3,625	3,529	3,139	2,589	2,530
Total liabilities	13,335	13,555	12,709	11,458	11,036	10,676
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	20.0	21.0	22.0	23.0	26.9	26.9
Additional paid-in capital	1,083	1,144	1,148	1,192	1,194	1,133
Retained earnings (accumulated deficit)	2,569	2,644	2,554	2,518	2,266	1,913
Treasury stock	–	–	–	–	–	–
Other equity	−620	−692	−655	−796	−689	−817
Total equity	3,052	3,117	3,069	2,937	2,798	2,256
Total liabilities & shareholders' equity	16,387	16,672	15,778	14,395	13,834	12,932

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ryder System, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	499	489	406	867	519	−122
Depreciation, depletion & amortization	1,703	1,694	1,712	1,713	1,786	2,143
Deferred taxes	130	21.0	115	266	126	−32.9
Non-cash items	757	692	575	55.0	54.6	257
Changes in working capital	−496	−632	−455	−591	−310	−64.2
Cash from operations	2,593	2,264	2,353	2,310	2,176	2,181
Investing activities
Capital expenditures	−2,135	−2,683	−3,234	−2,631	−1,941	−1,147
Other investing cash flows	485	237	571	781	492	546
Cash from investing	−1,650	−2,446	−2,663	−1,850	−1,450	−601
Financing activities
Financing cash flow items	−6.0	−7.0	−7.0	−6.0	−7.1	−10.6
Cash dividends paid	−145	−135	−128	−123	−122	−119
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−761	295	391	−732	−74.8	−1,378
Cash from financing	−912	153	256	−861	−204	−1,507
Foreign exchange effects	13.0	−21.0	−9.0	−4.0	−0.6	5.1
Net change in cash	44.0	−50.0	−63.0	−405	522	77.7
Free cash flow	458	−419	−881	−321	235	1,034

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.