C. H. ROBINSON WORLDWIDE, INC.

Where It Passes

Where It Falls Short

• Debt & Leverage8% pass✓ 1✗ 14▾

  11 of 12 flag CHRW's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current AssetsLT Debt $1.4B vs NCA $1.0B

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.59, IC: 12.6x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity1.18

  ✗Lynch< 0.33

  Cash - Long-term Debt$-1.3B

  ✗LynchPositive preferred

  LT Debt / Total Assets Change17.40% -> 21.54%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.34

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity1.18

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels1.18

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=12.6x, D/EBITDA=1.2x

  ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity1.18

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-1.1836; #3398/4210 (top 80.7%)

  ✗AsnessTop 30% of eligible cross-section
• Valuation8% pass✓ 2✗ 26▾

  12 of 13 flag CHRW's valuation — Graham, Lynch, Greenblatt +9 more

  Price / 3-yr avg EPS35.4x

  ✗Graham<= 15x

  Price-to-Book Ratio8.6x

  ✗Graham<= 1.5x

  P/E x P/B305.00

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)5.19

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value5.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=5.1%, ROC=64.1%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS27.8x

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)17.4x

  ✗Dreman< 8x

  Price / Book Value per Share8.6x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessP/E=27.8x, OE Yield=4.2%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldP/E=27.8x, FCF Yield=5.7%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/E=27.8x, P/B=8.6x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value-135.7% (IV=$57.05 vs Price=$134.46)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share17.8x

  ✓Ackman<= 25

  Price vs. Trailing Low151% of trailing low ($89.22)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization+4.29%; #1910/6340 (top 30.1%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.1013; #4737/6449 (top 73.5%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS27.8x

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E0.26

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share43.10x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+11.3%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+1.1686; #1603/5247 (top 30.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+3.33%; #1976/4519 (top 43.7%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-17.76%; #3851/6202 (top 62.1%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models9% pass✓ 1✗ 10▾

  Models split on CHRW at $134.46 — fair values range $25.89–$167.87

  Graham fair value$41.15

  ✗Graham-226.8% margin vs $134.46

  Buffett fair value$89.28

  ✗Buffett-50.6% margin vs $134.46

  Lynch fair value$25.89

  ✗Lynch-419.4% margin vs $134.46

  Greenblatt fair value$44.00

  ✗Greenblatt-205.6% margin vs $134.46

  Dreman fair value$57.05

  ✗Dreman-135.7% margin vs $134.46

  Munger fair value$125.01

  ✗Munger-7.6% margin vs $134.46

  Pabrai fair value$64.52

  ✗Pabrai-108.4% margin vs $134.46

  Akre fair value$167.87

  ✓Akre+19.9% margin vs $134.46

  Marks fair value$67.38

  ✗Marks-99.6% margin vs $134.46

  Ackman fair value$62.48

  ✗Ackman-115.2% margin vs $134.46

  Templeton fair value$75.36

  ✗Templeton-78.4% margin vs $134.46
• Profitability19% pass✓ 16✗ 19▾

  13 of 16 flag CHRW's profitability — Graham, Buffett, Lynch +10 more

  Positive EPS (10 years)20/22 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)22/22 years positive

  ✓BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)38.6%

  ✓Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)4.9% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$670.3M

  ✓BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)5.19

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR5.4%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  ROE42.3%

  ✓Lynch> 15%

  EBIT / Enterprise Value5.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=5.1%, ROC=64.1%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets11.61%

  ✓PiotroskiROA > 0

  ROA Change YoY8.79% -> 11.61% (delta: +2.82%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=18.08%, ROA=11.61%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue4.5%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity42.3%

  ✓Dreman> 12%

  Margin of SafetyP/E=27.8x, P/B=8.6x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity27.3% (3-yr avg)

  ✓AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value-135.7% (IV=$57.05 vs Price=$134.46)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency22/22 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue4.9%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity42.3%

  ✓Ackman>= 15%

  5-Year EPS CAGR5.4% CAGR over 5 years

  ✓Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend2.9% (2023) -> 4.9% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 2.9% -> 4.9%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization+4.29%; #1910/6340 (top 30.1%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+42.35%; #271/5226 (top 5.2%)

  ✓AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0323; #2000/5884 (top 34.0%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR5.4% over 5 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years10/10 years positive

  ✓Schloss>= 70% positive over 5-10 observed years (app rule)
• Growth25% pass✓ 5✗ 8▾

  6 of 8 flag CHRW's growth — Graham, Lynch, Dreman +3 more

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)5.19

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR5.4%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthN/A (no inventory)

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency22/22 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-8.4%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency4/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR5.4% CAGR over 5 years

  ✓Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 2.9% -> 4.9%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR0.0%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR5.4% over 5 years

  ✗Neff7%-20% annualized
• Verdicts43% pass✓ 6✗ 8▾

  Split decision: 8 FAIL · 5 PASS · 3 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (2/9)✓BuffettPASS (5/9)✗LynchFAIL (3/7)✓GreenblattRank #607•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✓AkrePASS (3/6)✗MarksFAIL (3/5)✓AckmanPASS (5/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (3/6)✗SchlossFAIL (3/7)✗OshaughnessyFAIL (Rank #713/963 (Top 74.0%))
• Cash Flow50% pass✓ 7✗ 5▾

  5 of 10 pass — Lynch, Dreman, Pabrai +2 more object

  Free Cash Flow Proxy$670.3M

  ✓BuffettPositive and growing

  FCF Positive and Growing$519.8M

  ✗LynchPositive and growing

  Operating Cash Flow$914.5M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=18.08%, ROA=11.61%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)17.4x

  ✗Dreman< 8x

  P/E or FCF YieldP/E=27.8x, FCF Yield=5.7%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive18/18 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap3.3%

  ✗Ackman>= 4%

  Price / FCF per Share17.8x

  ✓Ackman<= 25

  Positive Operating Cash Flow frequency20/20 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$519.8M

  ✓Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization+3.33%; #1976/4519 (top 43.7%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Efficiency50% pass✓ 7✗ 4▾

  4 of 8 pass — Graham, Piotroski, Dreman +1 more object

  Current Ratio1.34

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)22.0%

  ✓Buffett> 10%

  ROIC - WACC+12.0%

  ✓BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)64.1%

  ✓Greenblatt> 25%

  Current Ratio Change YoY1.28 -> 1.53

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY3.35x -> 3.21x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities1.34

  ✗Dreman> 1.5

  Return on Invested Capital20.3%

  ✓Munger> 15%

  ROIC (high and growing)FY2023: ROIC=13.6%; FY2024: ROIC=17.1%; FY2025: ROIC=21.4%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC11.1% (RR=55% x ROIC=20.3%)

  ✓AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)5/5 years above 12% (latest 21.4%)

  ✓SleepROIC > 12% in a majority of years