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Ryder System is a fleet-leasing, dedicated-transportation and supply-chain-logistics company. The model is asset-heavy and capital-intensive, which is why leverage looks high at 4.37x liabilities/equity ($13.3B liabilities on $3.05B equity, with ~$7.76B long-term debt) — but that financing supports a depreciating vehicle fleet that throws off substantial cash. FY2025 operating cash flow rose 14.5% to $2.59B and capex fell 20.4% to $2.13B, generating meaningful free cash that funded $519M of buybacks (up 61.7%) and a $145M dividend (up 7.4%). Return on equity is a respectable 16.3%.

The growth picture is muted. Revenue was essentially flat at $12.7B (+0.2%) and net income rose just 2.0% to $499M; diluted EPS grew 8.0% to $11.94, with most of the gap versus net income coming from a 6.3% reduction in share count rather than operating improvement. Earnings remain well below the FY2022 peak of $867M, reflecting a softer freight environment. Ryder has been actively shifting mix toward more contractual, less-cyclical supply-chain and dedicated-transportation revenue, which should dampen the swings, but the business is still exposed to freight rates, used-vehicle values and economic activity.