Ryder System
R on NYSE. Ryder sells logistics and transportation services to businesses. Market value $9.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $7.59 of spare cash in the past 12 months. A savings account pays about $4.
You pay 15.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 8 cents a year. Above 10 is good.
Quality score: 54 of 100. Price score: 91 of 100. Our list needs 70 on quality and 60 on price.
$236.17 a share, 50% above its 1-year low
Over the past year the price has ranged from $157.67 to $284.25.
Dividend: 1.6% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $687 million in the past 12 months, $459 million in the year to December 2025.
| Revenue | |||||
| Revenue | $9.7bn | $12.0bn | $11.8bn | $12.6bn | $12.7bn |
| Operating margin | |||||
| Operating margin | 9.4% | 12.0% | 7.8% | 8.3% | 8.6% |
| Debt to equity | |||||
| Debt to equity | 2.36 | 2.17 | 2.34 | 2.52 | 2.52 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)8 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt2.52× equity
- Revenue growth, five yearsSlow, 8.5% a year
- Buying back its own sharesYes, 24% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.3 billion last quarter, up 5% on a year ago.
- Profit: $133 million, up 2% on a year ago.
- Spare cash over the past 12 months: $687 million, up from $28 million.
- 7% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $7.2 billion more than cash, down from $7.5 billion a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.2bn |
| December 2024 | $3.2bn |
| March 2025 | $3.1bn |
| June 2025 | $3.2bn |
| September 2025 | $3.2bn |
| December 2025 | $3.2bn |
| March 2026 | $3.1bn |
| June 2026 | $3.3bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $142m |
| December 2024 | $135m |
| March 2025 | $98m |
| June 2025 | $131m |
| September 2025 | $138m |
| December 2025 | $132m |
| March 2026 | $93m |
| June 2026 | $133m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 11 February 2026
- Next quarterly (estimated, 10-Q)
- 22 October 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 578 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $297m | 0.5% | Cut |
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $81m | 0.3% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $78m | 0.2% | Added |
Largest holders overall
- BlackRock$1.1bn
- Vanguard Portfolio Management$696mCut
- State Street$469mCut
- Vanguard Capital Management$444mAdded
- Dimensional Fund Advisors LP$423m
- Earnest Partners$390mCut
- LSV Asset Management$297mCut
- Wellington Management Group LLP$229mCut
- Goldman Sachs Group$228mAdded
- American Century Companies$227mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor7.0%Since 31 March 2026
- Wellington Management Company LLPPassive investor6.5%+1.0 ptsSince 31 March 2025
- Vanguard Capital ManagementPassive investor5.1%Since 30 June 2026
- Wellington Management Group LLPPassive investorat least 4.4%−1.1 pts(filed with 2 related holders)Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 7.0% | 31 March 2026 | |
Wellington Management Company LLP Passive investor | 6.5%+1.0 pts | 31 March 2025 | |
Vanguard Capital Management Passive investor | 5.1% | 30 June 2026 | |
Wellington Management Group LLP Passive investor | at least 4.4%−1.1 pts (filed with 2 related holders) | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 11 sold $41m.
- Fatovic Robert DEVP, CLO & Corp. SecretarySold
- Date
- 29 May 2026
- Shares
- 5,000
- Price
- $249.85
- Value
- $1m
- HODES SANFORD J.SVP, C Procur Of, Corp Dev OfSold
- Date
- 28 May 2026
- Shares
- 595
- Price
- $251.95
- Value
- $149,910
- Nieto Luis P JrDirectorSold
- Date
- 4 May 2026
- Shares
- 720
- Price
- $235.79
- Value
- $169,769
- Diez John J.President and COOSold
- Date
- 25 February 2026
- Shares
- 9,632
- Price
- $222.20
- Value
- $2m
- SANCHEZ ROBERT EChair and CEO, DirectorSold
- Date
- 24 February 2026
- Shares
- 41,779
- Price
- $223.30
- Value
- $9m
- Fatovic Robert DEVP, CLO & Corp. SecretarySold
- Date
- 20 February 2026
- Shares
- 11,640
- Price
- $222.30
- Value
- $3m
- Ravindran RajeevEVP & CIOSold
- Date
- 19 February 2026
- Shares
- 2,696
- Price
- $221.61
- Value
- $597,455
- Sensing John S.President, Global SCS & DTSSold
- Date
- 19 February 2026
- Shares
- 30,110
- Price
- $220.36
- Value
- $7m
- HAVENS THOMAS M.President, Global FMSSold
- Date
- 18 February 2026
- Shares
- 12,571
- Price
- $221.65
- Value
- $3m
- HODES SANFORD J.SVP, C Procur Of, Corp Dev OfSold
- Date
- 17 February 2026
- Shares
- 10,527
- Price
- $210.16
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 29 May 2026 | Fatovic Robert D EVP, CLO & Corp. Secretary | Sold | 5,000 | $249.85 | $1m |
| 28 May 2026 | HODES SANFORD J. SVP, C Procur Of, Corp Dev Of | Sold | 595 | $251.95 | $149,910 |
| 4 May 2026 | Nieto Luis P Jr Director | Sold | 720 | $235.79 | $169,769 |
| 25 February 2026 | Diez John J. President and COO | Sold | 9,632 | $222.20 | $2m |
| 24 February 2026 | SANCHEZ ROBERT E Chair and CEO, Director | Sold | 41,779 | $223.30 | $9m |
| 20 February 2026 | Fatovic Robert D EVP, CLO & Corp. Secretary | Sold | 11,640 | $222.30 | $3m |
| 19 February 2026 | Ravindran Rajeev EVP & CIO | Sold | 2,696 | $221.61 | $597,455 |
| 19 February 2026 | Sensing John S. President, Global SCS & DTS | Sold | 30,110 | $220.36 | $7m |
| 18 February 2026 | HAVENS THOMAS M. President, Global FMS | Sold | 12,571 | $221.65 | $3m |
| 17 February 2026 | HODES SANFORD J. SVP, C Procur Of, Corp Dev Of | Sold | 10,527 | $210.16 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Feb 2026, plus the 10-Q filed 23 Jul 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.5× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.