A Business at a Glance
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RYDER SYSTEM INC
R
$11.2B
Mkt Cap
$267.68
-0.09%
RYDER SYSTEM INC (R) has a current P/E ratio of 22.4, compared to its historical median P/E of 9.5. The stock is currently considered Expensive based on its historical valuation range.
RYDER SYSTEM INC (R) has a 5-year average return on invested capital (ROIC) of 7.5%. This is below average and may indicate limited pricing power.
RYDER SYSTEM INC (R) has a market capitalization of $10.4B. It is classified as a large-cap stock.
Yes, RYDER SYSTEM INC (R) pays a dividend with a trailing twelve-month yield of 1.41%. The company also returns capital through share buybacks, with a buyback yield of 5.65%.
Based on historical P/E analysis, RYDER SYSTEM INC (R) appears expensive. The current P/E of 22.4 is 135% above its historical median of 9.5. The estimated fair value CAGR (P/E method) is 31.5%.
RYDER SYSTEM INC (R) operates in the Services-Auto Rental & Leasing (No Drivers) industry, within the Consumer Cyclical sector.
RYDER SYSTEM INC (R) reported annual revenue of $12.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Ryder System, Inc. is a leading North American provider of outsourced logistics and transportation services, offering integrated port-to-door solutions that span international inbound flows, cross-border logistics, fleet and transportation management, warehousing, manufacturing support, and multi-channel final delivery. The company operates three complementary business segments: Fleet Management Solutions (FMS), which provides full-service leasing, commercial rental, vehicle maintenance, and fuel services; Supply Chain Solutions (SCS), which delivers fully integrated logistics solutions including omnichannel retail warehousing; and Dedicated Transportation Solutions (DTS), which offers turnkey transportation with dedicated vehicles, professional drivers, and management support. Ryder's business model combines contractual, asset-light revenue streams—approximately 60% of 2026 expected revenue from SCS and DTS—with transactional used vehicle sales and rental operations, generating relatively stable and predictable operating cash flows over the freight cycle. The company serves a diverse customer base across multiple industries and geographies, with over 90% of operating revenue supported by long-term contracts and approximately 93% of revenue generated in the United States. Ryder differentiates through comprehensive end-to-end supply chain capabilities, pricing discipline, operational excellence, and strategic initiatives focused on lease pricing optimization, maintenance cost savings, and warehouse network rationalization, positioning the company to benefit from secular trends favoring outsourcing of logistics and transportation services.
【Strategic initiatives driving earnings growth】 Management expects 2026 earnings growth to be driven primarily by incremental benefits from multi-year strategic initiatives, with $70 million of benefits expected in 2026 following $100 million realized through 2025, representing structural changes not dependent on a freight cycle upturn. The company anticipates modest U.S. economic growth and no meaningful change in freight market conditions in 2026, with used vehicle prices expected to modestly improve in the second half of the year and rental demand returning to historical seasonal trends. Management is confident that each business segment is well-positioned to benefit from eventual cycle normalization, with potential for at least $250 million in annual pre-tax earnings benefits by the next cycle peak, primarily from cyclical recovery in rental and used vehicle sales in FMS and higher omnichannel retail volumes leveraging the rationalized warehouse footprint. The transformed business model is expected to deliver return on equity in the low to mid-20s when market conditions improve for transactional businesses, enabling achievement of the over-the-cycle return on equity target of low 20s.
| Metric | Target | Period |
|---|---|---|
| Comparable EPS | $14.05–$14.80 | FY2026 |
| Return on Equity | 17%–18% | FY2026 |
| Free Cash Flow | $700 million–$800 million | FY2026 |
| Operating Cash Flow | $2.7 billion | FY2026 |
| Lease Capital Expenditures | $1.9 billion | FY2026 |
| Rental Capital Expenditures | approximately $100 million | FY2026 |
| Total Capital Expenditures | approximately $2.4 billion | FY2026 |
| Used Vehicle Sales Proceeds | approximately $500 million | FY2026 |
| Net Capital Expenditures | approximately $1.9 billion | FY2026 |
| Strategic Initiatives Benefits | $70 million | FY2026 |
“Our 2026 updated comparable EPS forecast range of $14.05-$14.80 is more than double 2018 comparable EPS of $5.95.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 12.7B | 12.7B | 12.6B | 11.8B | 12.0B | 9.7B |
| Net Income | 494M | 499M | 489M | 406M | 867M | 519M |
| EPS | $12.38 | $11.94 | $11.06 | $8.73 | $17.04 | $9.66 |
| Free Cash Flow | 478M | 459M | -418M | -881M | -321M | 234M |
| ROIC | 0.0% | 6.8% | 6.8% | 6.0% | 10.7% | 7.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 2.70 | 3.16 | 3.17 | 2.62 | 2.46 | 2.57 |
| Dividends/Share | $3.77 | $3.44 | $3.04 | $2.66 | $2.40 | $2.28 |
| Operating Income | 0 | 1.1B | 1.0B | 914M | 1.4B | 904M |
| Operating Margin | 0.0% | 8.6% | 8.3% | 7.8% | 12.1% | 9.4% |
| ROE | 17.3% | 16.2% | 15.8% | 13.5% | 30.2% | 20.5% |
| Shares Outstanding | 39M | 42M | 44M | 47M | 51M | 54M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.6B | 6.6B | 6.8B | 7.3B | 8.4B | 8.9B | 8.4B | 9.7B | 12.0B | 11.8B | 12.6B | 12.7B | 12.7B |
| Gross Margin | 63.1% | 63.3% | 61.9% | 59.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 817M | 823M | 804M | 871M | 849M | 907M | 1.0B | 1.2B | 1.4B | 1.4B | 1.5B | 1.5B | 1.5B |
| EBIT | 481M | 618M | 553M | 438M | 568M | 198M | 121M | 904M | 1.4B | 914M | 1.0B | 1.1B | 0 |
| Op. Margin | 7.2% | 9.4% | 8.2% | 6.0% | 6.7% | 2.2% | 1.4% | 9.4% | 12.1% | 7.8% | 8.3% | 8.6% | 0.0% |
| Net Income | 218M | 305M | 263M | 720M | 285M | -24M | -122M | 519M | 867M | 406M | 489M | 499M | 494M |
| Net Margin | 3.3% | 4.6% | 3.9% | 9.9% | 3.4% | -0.3% | -1.4% | 5.4% | 7.2% | 3.4% | 3.9% | 3.9% | 3.9% |
| Non-Recurring | 5.3M | 12M | 7.5M | 29M | 22M | 18M | 0 | 4.0M | 27M | 36M | 6.0M | 9.0M | 9.0M |
| Returns on Capital | |||||||||||||
| ROIC | 4.6% | 4.9% | 4.2% | 5.8% | 4.8% | 2.0% | 1.3% | 7.5% | 10.7% | 6.0% | 6.8% | 6.8% | 0.0% |
| ROE | 11.8% | 16.0% | 13.0% | 31.9% | 11.4% | -1.0% | -5.2% | 20.5% | 30.2% | 13.5% | 15.8% | 16.2% | 17.3% |
| ROA | 2.3% | 2.9% | 2.4% | 6.4% | 2.3% | -0.2% | -0.9% | 3.9% | 6.1% | 2.7% | 3.0% | 3.0% | 3.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.4B | 1.4B | 1.6B | 1.6B | 1.7B | 2.1B | 2.2B | 2.2B | 2.3B | 2.4B | 2.3B | 2.6B | 2.5B |
| Free Cash Flow | -876M | -1.2B | -304M | -232M | -1.3B | -1.6B | 1.0B | 234M | -321M | -881M | -418M | 459M | 478M |
| Owner Earnings | 327M | 337M | 454M | 417M | 437M | 890M | 939M | 871M | 887M | 224M | -5.0M | 315M | 1.3B |
| CapEx | 2.3B | 2.7B | 1.9B | 1.9B | 3.1B | 3.7B | 1.1B | 1.9B | 2.6B | 3.2B | 2.7B | 2.1B | 2.0B |
| Maint. CapEx | 1.0B | 1.1B | 1.1B | 1.2B | 1.3B | 1.2B | 1.2B | 1.3B | 1.4B | 2.1B | 2.2B | 2.2B | 1.2B |
| Growth CapEx | 1.2B | 1.6B | 777M | 668M | 1.8B | 2.5B | 0 | 667M | 1.3B | 1.1B | 455M | 0 | 829M |
| D&A | 1.0B | 1.1B | 1.1B | 1.2B | 1.3B | 1.2B | 1.2B | 1.3B | 1.4B | 2.1B | 2.2B | 2.2B | 1.2B |
| CapEx/OCF | 163.4% | 185.0% | 119.0% | 120.2% | 177.6% | 174.5% | 52.6% | 89.2% | 113.9% | 137.4% | 118.5% | 82.3% | 81.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 75M | 83M | 91M | 96M | 112M | 116M | 119M | 122M | 123M | 128M | 135M | 145M | 146M |
| Dividend Yield | 2.3% | 2.5% | 3.5% | 3.1% | 3.8% | 5.0% | 6.3% | 3.3% | 3.4% | 3.1% | 2.4% | 2.1% | 1.4% |
| Share Buybacks | 106M | 6.1M | 37M | 78M | 31M | 28M | 29M | 57M | 557M | 337M | 321M | 519M | 585M |
| Buyback Yield | 3.0% | 0.3% | 1.2% | 2.3% | 1.5% | 1.2% | 1.0% | 1.5% | 14.3% | 6.6% | 4.7% | 6.4% | 5.6% |
| Stock-Based Comp | 21M | 21M | 19M | 19M | 25M | 26M | 30M | 30M | 46M | 44M | 42M | 39M | 25M |
| Debt Repayment | 4.7M | 11M | 78M | 90M | 62M | 15M | 3.1B | 608M | 1.6B | 1.5B | 1.5B | 1.1B | 1.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 4.7B | 6.6B | 5.3B | 5.3B | 6.8B | 8.5B | 6.3B | 7.0B | 7.0B | 7.8B | 9.7B | 9.4B | 7.5B |
| Cash & Equiv. | 50M | 61M | 59M | 78M | 68M | 74M | 151M | 234M | 267M | 204M | 154M | 198M | 182M |
| Long-Term Debt | 4.7B | 4.9B | 4.6B | 4.6B | 5.7B | 6.8B | 6.1B | 5.2B | 5.0B | 5.5B | 6.7B | 6.8B | 6.0B |
| Debt/Equity | 2.60 | 3.35 | 2.62 | 2.20 | 2.70 | 3.46 | 2.88 | 2.57 | 2.46 | 2.62 | 3.17 | 3.16 | 2.70 |
| Interest Coverage | 3.3 | 4.1 | 3.7 | 3.1 | 3.1 | 0.8 | 0.5 | 4.2 | 6.4 | 3.1 | 2.7 | 2.7 | 2.7 |
| Equity | 1.8B | 2.0B | 2.1B | 2.5B | 2.5B | 2.5B | 2.3B | 2.8B | 2.9B | 3.1B | 3.1B | 3.1B | 2.9B |
| Total Assets | 9.8B | 11.0B | 10.9B | 11.7B | 13.3B | 14.5B | 12.9B | 13.8B | 14.4B | 15.8B | 16.7B | 16.4B | 16.2B |
| Total Liabilities | 8.0B | 9.0B | 8.9B | 8.6B | 10.8B | 12.0B | 10.7B | 11.0B | 11.5B | 12.7B | 13.6B | 13.3B | 13.4B |
| Intangibles | 67M | 55M | 48M | 43M | 59M | 51M | 43M | 171M | 295M | 396M | 457M | 412M | 403M |
| Retained Earnings | 1.5B | 1.7B | 1.8B | 2.5B | 2.3B | 2.2B | 1.9B | 2.3B | 2.5B | 2.6B | 2.6B | 2.6B | 2.4B |
| Working Capital | -67M | -582M | -643M | -692M | -949M | -1.1B | -458M | -740M | -1.1B | -1.4B | -808M | -305M | -1.2B |
| Current Assets | 1.0B | 1.1B | 1.1B | 1.3B | 1.6B | 1.6B | 1.6B | 2.5B | 2.2B | 2.3B | 2.5B | 2.5B | 2.5B |
| Current Liabilities | 1.1B | 1.7B | 1.7B | 2.0B | 2.5B | 2.6B | 2.1B | 3.2B | 3.3B | 3.6B | 3.3B | 2.8B | 3.7B |
| Per Share Data | |||||||||||||
| EPS | 4.11 | 5.71 | 4.91 | 13.53 | 5.38 | -0.47 | -2.34 | 9.66 | 17.04 | 8.73 | 11.06 | 11.94 | 12.38 |
| Owner EPS | 6.15 | 6.31 | 8.48 | 7.84 | 8.26 | 17.15 | 18.01 | 16.21 | 17.43 | 4.82 | -0.11 | 7.54 | 33.13 |
| Book Value | 34.24 | 37.23 | 38.40 | 46.13 | 47.95 | 47.67 | 43.27 | 52.08 | 57.72 | 65.99 | 70.50 | 73.03 | 73.87 |
| Cash Flow/Share | 26.03 | 27.01 | 29.88 | 30.61 | 32.47 | 41.21 | 41.83 | 40.48 | 45.40 | 50.60 | 51.23 | 62.07 | 44.27 |
| Dividends/Share | 1.42 | 1.56 | 1.70 | 1.80 | 2.12 | 2.20 | 2.24 | 2.28 | 2.40 | 2.66 | 3.04 | 3.44 | 3.77 |
| Shares Out. | 53.1M | 53.4M | 53.6M | 53.2M | 52.9M | 51.9M | 52.1M | 53.7M | 50.9M | 46.5M | 44.2M | 41.8M | 38.7M |
| Valuation | |||||||||||||
| P/E Ratio | 16.4 | 7.2 | 11.5 | 4.4 | 7.0 | N/A | N/A | 7.5 | 4.5 | 12.6 | 14.1 | 16.4 | 21.6 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | 2.8 | 16.7 | N/A | N/A | N/A | 17.8 | 21.7 |
| EV/EBIT | 606.6 | 13.3 | 16.5 | 216.1 | 16.7 | 334.3 | 443.7 | 172.0 | 7.6 | 285.1 | 454.8 | 624.3 | N/A |
| Price/Book | 2.0 | 1.1 | 1.5 | 1.2 | 0.8 | 0.9 | 1.3 | 1.4 | 1.3 | 1.7 | 2.2 | 2.7 | 3.6 |
| Price/Sales | 0.5 | 0.5 | 0.4 | 0.4 | 0.3 | 0.3 | 0.2 | 0.4 | 0.3 | 0.3 | 0.4 | 0.5 | 0.8 |
| FCF Yield | -24.4% | -55.6% | -10.0% | -6.7% | -66.5% | -68.9% | 36.0% | 6.0% | -8.2% | -17.2% | -6.1% | 5.6% | 4.6% |
| Market Cap | 3.6B | 2.2B | 3.0B | 3.5B | 2.0B | 2.3B | 2.9B | 3.9B | 3.9B | 5.1B | 6.9B | 8.2B | 10.4B |
| Avg. Price | 59.98 | 61.36 | 48.60 | 57.47 | 55.52 | 44.85 | 36.42 | 68.40 | 71.08 | 88.43 | 127.06 | 163.24 | 267.68 |
| Year-End Price | 67.60 | 41.33 | 56.50 | 65.45 | 37.86 | 44.53 | 55.01 | 72.70 | 76.81 | 109.89 | 155.44 | 195.34 | 267.68 |
RYDER SYSTEM INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
RYDER SYSTEM INC trades at 22.4x trailing earnings, compared to its 15-year median P/E of 9.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 23.0x vs a median of 16.7x. The company's 5-year average ROIC is 7.5%. Total shareholder yield (dividends + buybacks) is 7.1%. At current prices, the estimated annualized return to fair value is -27.6%.
RYDER SYSTEM INC (R) has a net profit margin of 3.9%. This is a modest margin.
RYDER SYSTEM INC (R) generated $459 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
RYDER SYSTEM INC (R) has a debt-to-equity ratio of 3.16. This indicates higher leverage, which may increase financial risk.
RYDER SYSTEM INC (R) reported earnings per share (EPS) of $11.94 in its most recent fiscal year.
RYDER SYSTEM INC (R) has a return on equity (ROE) of 16.2%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 16 years of financial data for RYDER SYSTEM INC (R), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
RYDER SYSTEM INC (R) has a book value per share of $73.03, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 earnings growth to be driven primarily by incremental benefits from multi-year strategic initiatives, with $70 million of benefits expected in 2026 following $100 million realized through 2025, representing structural changes not dependent on a freight cycle upturn. The company anticipates modest U.S. economic growth and no meaningful change in freight market conditions in 2026, with used vehicle prices expected to modestly improve in the second half of the year and rental demand returning to historical seasonal trends. Management is confident that each business segment is well-positioned to benefit from eventual cycle normalization, with potential for at least $250 million in annual pre-tax earnings benefits by the next cycle peak, primarily from cyclical recovery in rental and used vehicle sales in FMS and higher omnichannel retail volumes leveraging the rationalized warehouse footprint. The transformed business model is expected to deliver return on equity in the low to mid-20s when market conditions improve for transactional businesses, enabling achievement of the over-the-cycle return on equity target of low 20s.
Based on recent SEC filings and earnings calls, RYDER SYSTEM INC (R) has provided the following forward guidance: Comparable EPS: $14.05–$14.80 (FY2026); Return on Equity: 17%–18% (FY2026); Free Cash Flow: $700 million–$800 million (FY2026); Operating Cash Flow: $2.7 billion (FY2026); Lease Capital Expenditures: $1.9 billion (FY2026), plus 5 additional metrics.
Return on Equity (FY2026): “Our 2026 ROE forecast is unchanged at 17%-18% and is in line with our expectations given current market conditions.”
Free Cash Flow (FY2026): “Our free cash flow forecast of $700 million-$800 million is also unchanged from our prior forecast and reflects higher replacement capital expenditures.”
Operating Cash Flow (FY2026): “forecasted operating cash flow of $2.7 billion is up approximately 60% from 2018.”
Lease Capital Expenditures (FY2026): “In 2026, we're forecasting lease spending to be $1.9 billion, reflecting higher replacement activity versus the prior year.”
Rental Capital Expenditures (FY2026): “In 2026, we're forecasting rental capital spending of approximately $100 million, reflecting lower planned replacement activity.”
Total Capital Expenditures (FY2026): “Our full year 2026 capital expenditures forecast of approximately $2.4 billion is above prior year.”
Used Vehicle Sales Proceeds (FY2026): “We expect approximately $500 million in proceeds from the sale of used vehicles in 2026, in line with prior year.”