EEXPDExpeditors International of Washington, Inc.

Expeditors arranges international freight while owning neither ships nor aircraft.

The company buys space on other people's ships and aircraft wholesale and resells it to shippers, earning on the spread and on paperwork: customs, documentation, warehouse handling. It owns almost no assets, so in a downturn there is nothing standing idle — volumes fall but no unpaid-for fleet remains.

The paradox of the model is that freight crises suit it: when ship space runs short rates spike, and an intermediary with strong relationships and pre-booked allocations gets both the space and the mark-up. In calm years, conversely, the margin compresses. Risks: world trade, tariffs and digital platforms that do without an intermediary. The company pays a dividend and buys back heavily.