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Werner Enterprises

WERN on Nasdaq. Werner moves truckload freight and provides logistics services for businesses in the United States. Market value $2.0bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Industrials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
2.7%low

For every $100 of what the whole company costs, it produced $2.71 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 55 of 100. Price score: 15 of 100. Our list needs 70 on quality and 60 on price.

$32.81 a share, 42% above its 1-year low

Over the past year the price has ranged from $23.06 to $47.49.

Dividend: 1.7% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.1
-0.1
-0.1
-0.1
0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $53 million in the past 12 months, a shortfall of $69 million in the year to December 2025.

Revenue
$2.7bn$3.3bn$3.3bn$3.0bn$3.0bn
Operating margin
11.3%9.8%5.4%2.2%0.4%
Debt to equity
0.320.480.420.450.55
Shares outstanding
0.06bn0.06bn0.06bn0.06bn0.06bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.55× equity
  • Revenue growth, five yearsSlow, 4.6% a year
  • Buying back its own sharesYes, 5% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $934 million last quarter, up 24% on a year ago.
  • Profit: $6 million, down 86% on a year ago.
  • It loses 1 cents on each $1 of sales, after keeping 3 cents a year earlier.
  • Spare cash over the past 12 months: $53 million. A year earlier it spent $120 million more than it brought in.
  • 1% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $784 million more than cash, up from $674 million a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$746m
December 2024$755m
March 2025$712m
June 2025$753m
September 2025$771m
December 2025$738m
March 2026$809m
June 2026$934m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$7m
December 2024$12m
March 2025-$10m
June 2025$44m
September 2025-$21m
December 2025-$28m
March 2026-$4m
June 2026$6m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 268 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 7 insiders bought $8,049 of shares on the open market. 2 sold $140,285.

  • SCHELBLE JIM S
    Exec VP & Chief Admin Officer
    Sold
    Date
    12 June 2026
    Shares
    933
    Price
    $43.93
    Value
    $40,987
  • DOWNING ERIC J
    Exec VP and COO
    Sold
    Date
    20 February 2026
    Shares
    1,418
    Price
    $34.78
    Value
    $49,318
  • DOWNING ERIC J
    Exec VP and COO
    Sold
    Date
    19 February 2026
    Shares
    1,428
    Price
    $35.00
    Value
    $49,980
  • CALLAHAN CRAIG T
    Exec VP-Chief Commercial Offcr
    Bought
    Date
    23 October 2025
    Shares
    26
    Price
    $28.83
    Value
    $750
  • SCHELBLE JIM S
    Exec VP & Chief Admin Officer
    Bought
    Date
    23 October 2025
    Shares
    67
    Price
    $28.83
    Value
    $1,933
  • DOWNING ERIC J
    Exec VP and COO
    Bought
    Date
    23 October 2025
    Shares
    32
    Price
    $28.83
    Value
    $923
  • JOHNSON JAMES LYNN
    Exec VP - Chief Acctg Officer
    Bought
    Date
    23 October 2025
    Shares
    3
    Price
    $28.83
    Value
    $85
  • LEATHERS DEREK J
    CEO & Chairman, Director
    Bought
    Date
    23 October 2025
    Shares
    87
    Price
    $28.83
    Value
    $2,507
  • MEISGEIER NATHAN J
    President and CLO
    Bought
    Date
    23 October 2025
    Shares
    50
    Price
    $28.83
    Value
    $1,453
  • Mahon Daragh P
    Executive Vice President & CIO
    Bought
    Date
    23 October 2025
    Shares
    14
    Price
    $28.83
    Value
    $398

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

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
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What a finished deep dive looks like

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.