Expeditors International of Washington, Inc. (EXPD): A Bull Case Theory 

We came across a bullish thesis on Expeditors International of Washington, Inc. on Valueinvestorsclub.com by jamal. In this article, we will summarize the bulls’ thesis on EXPD. Expeditors International of Washington, Inc.’s share was trading at $146.9 as of November 28th. EXPD’s trailing and forward P/E were 23.93 and 24.45, respectively according to Yahoo Finance.

Expeditors International of Washington (EXPD) is a global third-party logistics and freight forwarding company operating across 340 locations in more than 100 countries. Unlike asset-heavy competitors, EXPD follows an asset-light model, purchasing cargo space from carriers and reselling it while delivering comprehensive supply chain solutions that span air, ocean, customs brokerage, warehousing, and order management. This approach gives the company agility, high returns on capital, and the ability to scale efficiently across a diverse customer base with no client contributing more than 5% of revenue.

Its balanced service mix—airfreight (34%), ocean (30%), and customs brokerage (36%)—positions EXPD as a critical partner for industries ranging from electronics and healthcare to automotive and retail. Shifting tariff landscapes create both headwinds and opportunities, as lower global trade volumes pressure routes but rising supply chain complexity boosts demand for EXPD’s expertise in foreign trade zones and tariff-efficient restructuring. The company’s proprietary technology ecosystem, centered on EXP.O NOW and supported by TMS, OMS, and specialized tools like Tradeflow and Cargo Signal, enhances visibility, compliance, and real-time decision-making while integrating seamlessly with global carriers and customers.

Yet technology alone is not the differentiator—EXPD’s culture and human capital, built on empowerment, deep expertise, and long-term retention, create sticky customer relationships and high switching costs. Its commitment to organic growth over large acquisitions preserves this culture and maintains the integrity of its unified technology platform.

Financially, EXPD’s asset-light model supports exceptional returns (ROIC over 40%), negative net debt, strong cash generation, and consistent capital returns via buybacks and dividends. With a compelling 7.3% EBITDA/EV yield and durable competitive advantages, EXPD offers an attractive investment opportunity supported by catalysts such as growing supply chain complexity, expanding adoption of EXP.O NOW, and continued share repurchases.

Previously we covered a bullish thesis on GXO Logistics, Inc. (GXO) by Busy Investor Stock Reports in February 2025, which highlighted strong revenue momentum, expanding customer relationships, and AI-driven efficiency gains. The company’s stock price has appreciated approximately by 29.27% since our coverage. This is because the thesis played out. The thesis still stands as GXO continues to execute well. Busy Investor Stock Reports shares an identical view and emphasizes the same drivers of long-term value.

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Disclosure: None.