Ryder System, Inc. (R) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-110.4%

-$30.27

vs $290.58 price

Levered DCF

-$273.18

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.63

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.69×	13.89×	12.51×	4.8×	8.29×	-26.39×	-120.69×	9.22×
P/B	2.62×	2.17×	1.65×	1.41×	1.54×	1.43×	1.15×	0.99×
P/S	0.63×	0.53×	0.42×	0.33×	0.43×	0.38×	0.32×	0.3×
EV / EBITDA	4.95×	4.73×	4.33×	3.35×	4.05×	4.38×	5.01×	4.6×
Gross margin	20.3%	20.0%	20.8%	22.8%	20.8%	15.1%	14.8%	18.7%
Operating margin	8.7%	8.4%	9.0%	11.4%	8.8%	0.0%	3.2%	7.1%
Net margin	3.9%	3.8%	3.4%	7.0%	5.2%	-1.4%	-0.3%	3.4%
Current ratio	0.89×	0.75×	0.62×	0.66×	0.77×	0.78×	0.59×	0.62×
Debt / equity	2.84×	2.85×	2.65×	2.41×	2.48×	3.05×	3.29×	2.7×
Interest coverage	2.74×	2.76×	3.63×	6.25×	4.08×	0×	1.17×	3.29×
Dividend yield	1.8%	2.0%	2.5%	3.0%	2.8%	3.7%	4.1%	4.4%
Payout ratio	29.1%	27.6%	31.5%	14.2%	23.5%	-97.5%	-477.1%	39.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.3%	15.7%	13.2%	29.5%	18.5%	-5.4%	-1.0%	11.2%
Return on invested capital	5.5%	5.3%	5.1%	8.0%	5.4%	0.0%	1.2%	3.7%
Return on assets	3.0%	2.9%	2.6%	6.0%	3.8%	-0.9%	-0.2%	2.1%
Free cash flow yield	5.7%	-6.2%	-17.4%	-7.8%	5.4%	32.0%	-56.1%	-56.1%
Earnings yield	6.2%	7.2%	8.0%	20.9%	12.0%	-3.8%	-0.9%	11.3%
Enterprise value	$16.5B	$15.5B	$13B	$11B	$11B	$10B	$10.9B	$9.3B
Net debt / EBITDA	2.55×	2.67×	2.65×	2.08×	2.47×	2.96×	3.71×	3.35×
Cash conversion cycle (days)	30	24	20	21	22	26	26	19