# Werner Enterprises, Inc. (WERN)

> Source: Nexqual · https://nexqual.com/WERN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Werner Enterprises, Inc. (WERN), nexqual.com/WERN" · informational, not investment advice.

**Price:** USD 29.18 (-2.34% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 29.88 · day 29.14–30.49 · 52w 23.06–47.49 · market cap $1.75B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.25B, net income -$46.3M (-1.4% margin), free cash flow $53.4M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $41K; 1 not under a Rule 10b5-1 plan ($41K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.94 on a 1–5 scale) (16 analysts), mean target USD 39.07 (range 32–55).
- Total return with dividends: 1Y +8.4% vs S&P 500 +14.9%; 5Y -33.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.19, revenue estimate $948M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.73B | $3.29B | $3.28B | $3.03B | $2.97B | $3.25B |
| Operating income | $309M | $323M | $176M | $66.1M | $11.7M | -$27.9M |
| Net income | $259M | $241M | $112M | $34.2M | -$14.4M | -$46.3M |
| EPS (diluted) | $3.82 | $3.74 | $1.76 | $0.55 | -$0.24 | — |
| Free cash flow | -$38.0M | -$58.5M | -$124M | -$84.1M | -$68.5M | $53.4M |
| Operating margin | 11.3% | 9.8% | 5.4% | 2.2% | 0.4% | -0.9% |
| Net margin | 9.5% | 7.3% | 3.4% | 1.1% | -0.5% | -1.4% |
| Revenue growth | +15.3% | +20.3% | -0.2% | -7.7% | -1.8% | — |
| Cash + short-term investments | $54.2M | $107M | $61.7M | $40.8M | $59.9M | — |
| Total debt | $428M | $694M | $649M | $650M | $752M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.5x · EV/Sales 0.8x · P/FCF 32.8x · P/B 1.3x · FCF yield 3.05% · Earnings yield -2.64% · Dividend yield (paid, TTM) 1.92% · Net debt $736M · EV $2.49B
P/E at fiscal year-ends: Dec 2024 65.7x, Dec 2023 24.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-12 | Schelble Jim S | Exec VP & Chief Admin Officer | 933 | $41K | 1.3% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.94 on a 1–5 scale), 16 analysts; mean target USD 39.07 (low 32, high 55).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Wells Fargo | Target lowered | Equal-Weight | $37 → $35 |
| 2026-10-20 | Barclays | Target lowered | Equal-Weight | $40 → $38 |
| 2026-10-20 | B of A Securities | Target lowered | Underperform | $40 → $32 |
| 2026-10-20 | Baird | Downgrade | Outperform → Neutral | $43 → $32 |
| 2026-10-08 | Stifel | Target raised | Hold | $40 → $42 |
| 2026-10-07 | Citigroup | Target lowered | Neutral | $43 → $37 |
| 2026-10-06 | Wells Fargo | Target lowered | Equal-Weight | $46 → $37 |
| 2026-10-05 | JP Morgan | Target lowered | Underweight | $39 → $33 |
| 2026-07-30 | Susquehanna | Upgrade | Neutral → Positive | $48 → $44 |
| 2026-07-30 | Baird | Upgrade | Neutral → Outperform | $43 |
| 2026-07-29 | JP Morgan | Target raised | Underweight | $37 → $39 |
| 2026-07-23 | B of A Securities | Target raised | Underperform | $31 → $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +8.4% | -33.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +8.4% | -7.7% |
| Volatility (annualized) | 40.9% | 29.0% |
| Max drawdown | -38.0% (Jul 2026→Oct 2026) | -47.8% (Jan 2023→Nov 2025) |

## Peers (Trucking)
ARCB (ArcBest Corporation) USD 130.3 -0.39% · MRTN (Marten Transport, Ltd.) USD 12.3 -2.84% · HTLD (Heartland Express, Inc.) USD 10.29 +0.29% · CVLG (Covenant Logistics Group, Inc.) USD 29.77 -0.43% · RXO (RXO, Inc.) USD 28.92 +0.49% · SNDR (Schneider National, Inc.) USD 31.12 +0.65%

## More
Full page: https://nexqual.com/WERN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WERN's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/793074/000079307426000071/wern-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | WABASH NATIONAL Corp (WNC) | "Most of our company-owned trailers were manufactured by Wabash National Corporation and Great Dane." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Transportation services | $914.3M | 97.9% | +24.6% | — | — |
| — Truckload Transportation Services (part of Transportation services) | $702.6M | 75.2% | +37.0% | $27.1M | 3.9% |
| — Werner Logistics (part of Transportation services) | $211.7M | 22.7% | -4.3% | -$3.9M | -1.8% |
| Other revenues | $19.6M | 2.1% | +2.9% | — | — |
| Total revenue | $933.9M | 100% | — | $16.9M | 1.8% |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $891.2M | 95.4% | +24.5% |
| Mexico | $39.6M | 4.2% | +18.1% |
| Canada | $3.1M | 0.3% | -21.7% |
| Total revenue | $933.9M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 11% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-10-19)

- "The Company expects preliminary total revenues to be approximately $946 million to $951 million, GAAP diluted earnings per share to be approximately $0.10 to $0.11, and non-GAAP adjusted diluted earnings per share (1) to be approximately $0.15 to $0.16 for the third quarter 2026."
- "Actual results could also differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the Company's latest available Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q."
- "Werner assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted or as may be required by applicable securities law."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.19 | $0.35 | -47.1% | $948.1M | 12 |
| Next quarter (ends 2026-12-31) | $0.38 | $0.44 | -15.3% | $945.3M | 11 |
| Current fiscal year (ends 2026-12-31) | $0.80 | $1.04 | -23.0% | $3.64B | 12 |
| Next fiscal year (ends 2027-12-31) | $2.09 | $2.14 | -2.3% | $3.95B | 14 |