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Werner Enterprises, Inc.
$2.4B
Market Cap
65.3
P/E
1.10
PEG
0.6%
ROCE
-1.6%
ROE
0.56
D/E
0.4%
OPM
-17.8%
% from 52W High
68
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for WERN including FX impact
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📈 Price History
Ratio Health
Excellent
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Average
Poor
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About

Werner Enterprises, Inc., together with its subsidiaries, engages in transporting truckload shipments of general commodities in interstate and intrastate commerce in the United States, Mexico, Canada, and internationally.

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📈 Growth Pattern
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⭐ Superinvestors Holding WERN
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 38.1K $1.1M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →
📊 MIXED Werner Q1 2026: Revenue $809M, EPS $0.02, improving market fundamentals.
Revenue & Profitability
First quarter 2026 total revenues were $809 million, up 14% year-over-year. Adjusted operating income was $11.9 million, with an adjusted operating margin of 1.5%. Adjusted EPS was $0.02, impacted by approximately $0.05 from adverse weather and rising fuel prices. TTS adjusted operating income was $14.8 million; Logistics adjusted operating margin was -0.4%. Operating cash flow was $89 million, up over 200% year-over-year.
Outlook
Management sees improving market fundamentals driven by supply-side capacity attrition due to regulatory enforcement and carrier bankruptcies. Spot rates remained elevated through Q1 and April, defying normal seasonality. Pricing gains are expected to continue with more meaningful improvement in Q3 and Q4. The consumer remains selective but resilient, and lean retail inventories position demand to play a larger role in the recovery. Trade policy may impact restocking timing, but non-discretionary replenishment provides a buffer.
Growth Drivers
Key growth levers include: Dedicated fleet expansion (end-of-period tractors up 46% year-over-year with FirstFleet), with a strong pipeline for new fleets at higher contribution margins. One-Way restructuring improved miles per truck 6% and revenue per truck per week 9.6%. Logistics intermodal revenue grew 18% on 22% higher load volume, and final mile revenue grew 8%. FirstFleet integration is ahead of schedule, with $1 million in realized cost synergies and $5 million actioned toward a full-year target of $6 million and $18 million by mid-2027.
Balance Sheet & CapEx
Full-year 2026 net CapEx guidance remains between $185 million and $225 million. First quarter CapEx was a modest $2 million. Net CapEx for trailing four quarters was 5.6% of revenue. The company is investing in technology, including AI and automation, to drive operational excellence. Currently in a roll-out phase, the technology roadmap is expected to reduce duplicative system costs by the end of 2026.
Margins
TTS adjusted operating margin net of fuel was 2.9%, up 250 basis points year-over-year, driven by lower insurance costs, FirstFleet accretion, and One-Way improvement. Dedicated margin is expected to return to double-digit mid-cycle, building from high single-digit in the downturn. Logistics margin was -0.4% (down 70bps) but improved monthly during Q1 as contract rates reset. Total operating expenses (excluding gains, insurance, fuel, purchased transportation) declined 5% year-over-year, reflecting cost discipline and $150 million of cost takeout over three years.
Key Risks
Management flagged several risks: adverse weather (Q1 impact ~$0.03-0.04 EPS), fuel price volatility (~$0.01-0.02), driver availability tightening as the macro improves, and uncertainty around trade policy and tariffs ('a tweet away from a new tariff'). Inflationary cost pressures persist in equipment, parts, and employee benefits. Used truck values remain uncertain but are expected to improve later in 2026.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-28
Q2 2026 saw 24% revenue growth and significant margin expansion, driven by restructuring, technology investments, and the FirstFleet acquisition. Dedicated and One-Way segments delivered strong productivity and profitability gains, while logistics margins are expected to recover. Guidance was raised for Dedicated and One-Way revenue metrics.
Q1 2026 Q1 2026 2026-04-28
Q1 revenue rose 14% year-over-year, driven by FirstFleet acquisition, dedicated growth, and operational improvements. Cost synergies and technology investments are boosting margins, with further gains expected as market conditions tighten and pricing momentum builds.
Q4 2025 Q4 2025 2026-02-05
Q4 and full-year 2025 saw revenues decline 2% year-over-year, with significant restructuring in One-Way trucking and the accretive acquisition of FirstFleet. Dedicated and Intermodal segments showed growth, while margin pressures persisted in Logistics. 2026 guidance anticipates fleet expansion and improved profitability as restructuring benefits materialize.
Q3 2025 Q3 2025 2025-10-30
Revenue grew 3% year-over-year, with logistics and dedicated segments showing strength, but one-way trucking faced challenges. Cost savings and tech investments improved efficiency, while regulatory enforcement is tightening capacity. Guidance was adjusted to reflect a smaller fleet and stable CapEx.
Q2 2025 Q2 2025 2025-07-29
Sequential improvement in Q2 with a return to profitability, driven by year-over-year revenue growth net of fuel, strong logistics performance, and cost discipline. Guidance narrowed for fleet and CapEx, with stable fundamentals expected for the rest of the year.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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