Werner Enterprises, Inc. (WERN) 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

-117.2%

-$4.92

vs $28.63 price

Levered DCF

-$29.47

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.54

Grey zone

Rating

Overall 2 / 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	-125.04×	65.31×	23.94×	10.71×	12.41×	16.01×	15.16×	12.36×
P/B	1.33×	1.54×	1.76×	1.79×	2.42×	2.27×	2.28×	1.65×
P/S	0.61×	0.74×	0.82×	0.78×	1.18×	1.14×	1.03×	0.85×
EV / EBITDA	8.24×	7.8×	6.89×	5.21×	5.85×	5.87×	5.87×	5.06×
Gross margin	5.8%	11.2%	12.9%	15.9%	17.5%	19.4%	17.3%	17.0%
Operating margin	2.3%	2.2%	5.4%	9.8%	11.3%	9.6%	9.2%	9.1%
Net margin	-0.5%	1.1%	3.4%	7.3%	9.5%	7.1%	6.8%	6.8%
Current ratio	1.94×	1.52×	1.92×	2.46×	2.35×	1.67×	1.51×	1.47×
Debt / equity	0.55×	0.48×	0.45×	0.51×	0.34×	0.18×	0.28×	0.1×
Interest coverage	1.79×	1.69×	5.26×	27.31×	69.9×	53.96×	32.9×	83.2×
Dividend yield	1.9%	1.6%	1.3%	1.2%	0.9%	0.9%	11.3%	1.1%
Payout ratio	-236.7%	102.4%	30.4%	13.3%	11.2%	14.7%	171.4%	13.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.1%	2.4%	7.4%	16.7%	19.5%	14.1%	15.0%	13.3%
Return on invested capital	2.7%	1.9%	4.7%	8.5%	9.6%	8.6%	8.9%	9.1%
Return on assets	-0.5%	1.1%	3.6%	7.6%	9.7%	7.6%	7.8%	8.1%
Free cash flow yield	-3.8%	-3.7%	-4.6%	-2.3%	-1.2%	1.2%	0.2%	-4.9%
Earnings yield	-0.8%	1.5%	4.2%	9.3%	8.1%	6.2%	6.6%	8.1%
Enterprise value	$2.5B	$2.9B	$3.3B	$3.2B	$3.6B	$2.9B	$2.8B	$2.2B
Net debt / EBITDA	2.27×	1.78×	1.3×	1.02×	0.65×	0.37×	0.58×	0.21×
Cash conversion cycle (days)	40	37	37	48	53	44	42	38