RRYDER SYSTEM INC

Services-Auto Rental & Leasing (no Drivers)

Revenue: $12.7B; 0.2% YoY
Operating margin: —
EBITDA: —
Market cap: $10.8B
Employees: 3,600; $4M revenue each
Net debt / EBITDA: —; $5.3B net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
520% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
26% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$4M per employee
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 41st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$51M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$9.7B	$12.0B	$11.8B	$12.6B	$12.7B	0.2%
Net income	$519M	$867M	$406M	$489M	$499M	2.0%
Operating cash flow	$2.2B	$2.3B	$2.4B	$2.3B	$2.6B	15%
Capex	$1.9B	$2.6B	$3.2B	$2.7B	$2.1B	20%
Stock-based comp	$47M	$46M	$44M	$42M	$39M	7.1%
Buybacks	$57M	$557M	$337M	$321M	$519M	62%
Dividends	$122M	$123M	$128M	$135M	$145M	7.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 13, 2022	HG Vora Capital Management, LLC	SC 13D	9.9%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $51M · 43
Net: −$51M

Pay vs performance

No pay-versus-performance disclosure yet.