A Business at a Glance
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Knight-Swift Transportation Holdings Inc.
KNX
$11.7B
Mkt Cap
$72.50
+0.24%
Knight-Swift Transportation Holdings Inc. (KNX) has a current P/E ratio of 176.8, compared to its historical median P/E of 16.6. The stock is currently considered Expensive based on its historical valuation range.
Knight-Swift Transportation Holdings Inc. (KNX) has a 5-year average return on invested capital (ROIC) of 5.6%. This is below average and may indicate limited pricing power.
Knight-Swift Transportation Holdings Inc. (KNX) has a market capitalization of $11.8B. It is classified as a large-cap stock.
Yes, Knight-Swift Transportation Holdings Inc. (KNX) pays a dividend with a trailing twelve-month yield of 1.03%.
Based on historical P/E analysis, Knight-Swift Transportation Holdings Inc. (KNX) appears expensive. The current P/E of 176.8 is 963% above its historical median of 16.6. The estimated fair value CAGR (P/E method) is -13.5%.
Knight-Swift Transportation Holdings Inc. (KNX) operates in the Trucking (No Local) industry, within the Industrials sector.
Knight-Swift Transportation Holdings Inc. is one of North America's largest and most diversified freight transportation companies, operating four reportable segments—Truckload, LTL (less-than-truckload), Logistics, and Intermodal—to serve customers throughout North America with full truckload, LTL, intermodal, and complementary transportation services. The company operates a nationwide network of business units and terminals in the US and Mexico, combining company-operated equipment with third-party carrier capacity to provide flexible, cost-effective solutions; during 2025, Knight-Swift covered 1.8 billion loaded miles and generated consolidated revenue of $7.5 billion. The Truckload segment operates on a miles-based compensation model with a large company fleet supplemented by independent contractors, while the LTL segment operates on freight density, weight, and length-of-haul pricing through a network of service centers; the Logistics business arranges transportation using third-party capacity, and the Intermodal segment operates containers and tractors. Knight-Swift has grown through both organic expansion and acquisitions of twenty-five companies since 1966, building a diversified customer base across general commodities and leveraging multiple service offerings and transportation modes to compete in a large, fragmented, and highly competitive industry dominated by thousands of smaller carriers and several national and regional competitors. The company's competitive positioning is supported by its scale, integrated service capabilities across multiple modes, nationwide terminal network, and technology investments aimed at improving operational efficiency and customer responsiveness.
【Pricing momentum and margin recovery】 Management expects the freight market to continue tightening as capacity exits the network through regulatory enforcement, carrier failures, and attrition, creating a favorable environment for rate increases beginning in late Q2 2026 and extending into Q3. The company is shifting bid targets to high single- to low double-digit percentage increases and expects contractual rates to improve as the market strengthens, while also pursuing spot market opportunities where rates move faster; cost per mile is anticipated to improve year-over-year through structural cost reductions and operational efficiency gains, with management targeting sub-90 operating ratios during 2026. The Logistics business is expected to benefit from technology-enabled cost efficiencies and improved responsiveness, positioning it to accelerate revenue growth and returns in an improving market, while the Intermodal segment is on a path to profitability with sequential improvements expected as volumes build. Management remains committed to disciplined capital deployment and intentionally leveraging synergies across the asset-based and logistics businesses, with expectations that margin improvement will flow through more fully in Q3 and build into Q4 2026.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 7.5B | 7.5B | 7.4B | 7.1B | 7.4B | 6.0B |
| Net Income | 34M | 66M | 118M | 217M | 771M | 743M |
| EPS | $0.21 | $0.41 | $0.73 | $1.34 | $4.73 | $4.45 |
| Free Cash Flow | 1.3B | 471M | -20M | 90M | 635M | 656M |
| ROIC | 1.3% | 1.7% | 2.2% | 3.3% | 10.9% | 10.2% |
| Gross Margin | - | 55.2% | 54.4% | 51.5% | 53.5% | 55.6% |
| Debt/Equity | 0.23 | 0.41 | 0.39 | 0.38 | 0.20 | 0.33 |
| Dividends/Share | $0.74 | $0.72 | $0.64 | $0.56 | $0.48 | $0.38 |
| Operating Income | 178M | 216M | 243M | 338M | 1.1B | 966M |
| Operating Margin | 2.4% | 2.9% | 3.3% | 4.7% | 14.7% | 16.1% |
| ROE | 0.5% | 0.9% | 1.7% | 3.1% | 11.4% | 12.0% |
| Shares Outstanding | 162M | 161M | 161M | 162M | 163M | 167M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.3B | 1.2B | 1.1B | 2.4B | 5.3B | 4.8B | 4.7B | 6.0B | 7.4B | 7.1B | 7.4B | 7.5B | 7.5B |
| Gross Margin | 35.8% | 53.5% | 54.0% | 45.3% | 47.2% | 49.4% | 55.0% | 55.6% | 53.5% | 51.5% | 54.4% | 55.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 971M | 334M | 334M | 689M | 1.5B | 1.5B | 1.5B | 1.8B | 2.2B | 2.5B | 2.8B | 3.0B | 3.0B |
| EBIT | 370M | 178M | 148M | 201M | 569M | 427M | 564M | 966M | 1.1B | 338M | 243M | 216M | 178M |
| Op. Margin | 8.6% | 15.0% | 13.3% | 8.3% | 10.6% | 8.8% | 12.1% | 16.1% | 14.7% | 4.7% | 3.3% | 2.9% | 2.4% |
| Net Income | 161M | 117M | 94M | 484M | 419M | 309M | 410M | 743M | 771M | 217M | 118M | 66M | 34M |
| Net Margin | 3.7% | 9.9% | 8.4% | 20.0% | 7.8% | 6.4% | 8.8% | 12.4% | 10.4% | 3.0% | 1.6% | 0.9% | 0.5% |
| Non-Recurring | 28M | 32M | 25M | 8.9M | 36M | 33M | 9.7M | 75M | 93M | 65M | 34M | 99M | 99M |
| Returns on Capital | |||||||||||||
| ROIC | 15.8% | 7.0% | 7.7% | 6.2% | 7.5% | 5.2% | 6.5% | 10.2% | 10.9% | 3.3% | 2.2% | 1.7% | 1.3% |
| ROE | 33.5% | 16.4% | 12.3% | 16.1% | 7.8% | 5.6% | 7.1% | 12.0% | 11.4% | 3.1% | 1.7% | 0.9% | 0.5% |
| ROA | 5.7% | 4.0% | 4.7% | 11.1% | 5.4% | 3.8% | 4.9% | 7.8% | 7.1% | 1.8% | 0.9% | 0.5% | 0.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 396M | 206M | 244M | 323M | 882M | 840M | 920M | 1.2B | 1.4B | 1.2B | 799M | 1.3B | 1.3B |
| Free Cash Flow | 90M | -16M | 89M | -65M | 126M | 9.6M | 399M | 656M | 635M | 90M | -20M | 471M | 1.3B |
| Owner Earnings | 152M | 88M | 124M | 109M | 440M | 361M | 386M | 584M | 755M | 407M | -5.8M | 450M | 505M |
| CapEx | 306M | 222M | 155M | 387M | 756M | 830M | 521M | 534M | 801M | 1.1B | 819M | 795M | 2.9M |
| Maint. CapEx | 238M | 111M | 116M | 207M | 430M | 463M | 507M | 578M | 660M | 735M | 793M | 788M | 787M |
| Growth CapEx | 68M | 111M | 38M | 180M | 326M | 367M | 14M | 0 | 141M | 337M | 26M | 7.3M | 0 |
| D&A | 238M | 111M | 116M | 207M | 430M | 463M | 507M | 578M | 660M | 735M | 793M | 788M | 787M |
| CapEx/OCF | 77.3% | 107.7% | 63.4% | 120.0% | 85.7% | 98.9% | 0.1% | 0.9% | 2.4% | 3.9% | 0.5% | 0.4% | 0.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 20M | 20M | 25M | 43M | 41M | 55M | 64M | 78M | 91M | 104M | 117M | 121M |
| Dividend Yield | N/A | 0.9% | 1.0% | 0.7% | 0.7% | 0.8% | 0.9% | 0.8% | 1.0% | 1.1% | 1.2% | 1.6% | 1.0% |
| Share Buybacks | 0 | 45M | 40M | 0 | 179M | 87M | 180M | 57M | 300M | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 2.5% | 1.6% | N/A | 4.3% | 1.5% | 2.6% | 0.6% | 3.7% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 5.4M | 7.0M | 4.0M | 6.2M | 12M | 16M | 27M | 28M | 21M | 20M | 12M | 29M | 8.2M |
| Debt Repayment | 1.2B | 4.9M | 0 | 503M | 47M | 116M | 149M | 410M | 275M | 120M | 275M | 1.6B | 1.6B |
| Balance Sheet | |||||||||||||
| Net Debt | 943M | 870M | 10.0M | 413M | 478M | 660M | 732M | 1.9B | 1.2B | 2.5B | 2.5B | 2.7B | 1.4B |
| Cash & Equiv. | 17M | 8.7M | 8.0M | 77M | 82M | 160M | 157M | 261M | 197M | 169M | 218M | 220M | 223M |
| Long-Term Debt | 872M | 644M | 0 | 365M | 365M | 0 | 509M | 1.5B | 1.1B | 1.6B | 1.8B | 1.7B | 486M |
| Debt/Equity | 1.41 | 1.19 | 0.02 | 0.09 | 0.10 | 0.14 | 0.15 | 0.33 | 0.20 | 0.38 | 0.39 | 0.41 | 0.23 |
| Interest Coverage | 4.6 | 178.4 | 165.5 | 23.1 | 18.9 | 14.5 | 32.6 | 45.7 | 21.5 | 2.7 | 1.4 | 1.3 | 10.4 |
| Equity | 679M | 740M | 786M | 5.2B | 5.5B | 5.7B | 5.9B | 6.5B | 6.9B | 7.1B | 7.1B | 7.1B | 7.1B |
| Total Assets | 2.9B | 2.9B | 1.1B | 7.7B | 7.9B | 8.3B | 8.5B | 10.7B | 11.0B | 12.9B | 12.7B | 12.0B | 11.9B |
| Total Liabilities | 2.4B | 2.3B | 290M | 2.4B | 2.4B | 2.6B | 2.6B | 4.1B | 4.0B | 5.8B | 5.6B | 4.9B | 4.9B |
| Intangibles | 300M | 283M | 2.6M | 1.4B | 1.4B | 1.4B | 1.4B | 1.8B | 1.8B | 2.1B | 2.1B | 1.9B | 1.9B |
| Retained Earnings | -310M | -139M | 562M | 1.0B | 1.2B | 1.4B | 1.6B | 2.2B | 2.6B | 2.7B | 2.7B | 2.6B | 2.6B |
| Working Capital | 335M | 307M | 112M | 314M | 293M | -103M | 84M | 339M | 600M | -116M | -258M | -144M | -404M |
| Current Assets | 756M | 706M | 190M | 923M | 907M | 890M | 923M | 1.4B | 1.5B | 1.7B | 1.4B | 888M | 955M |
| Current Liabilities | 421M | 399M | 79M | 610M | 615M | 993M | 840M | 1.1B | 894M | 1.8B | 1.7B | 1.0B | 1.4B |
| Per Share Data | |||||||||||||
| EPS | 1.12 | 1.42 | 1.16 | 4.34 | 2.36 | 1.80 | 2.40 | 4.45 | 4.73 | 1.34 | 0.73 | 0.41 | 0.21 |
| Owner EPS | 1.06 | 1.07 | 1.53 | 0.98 | 2.47 | 2.10 | 2.26 | 3.50 | 4.63 | 2.51 | -0.04 | 2.80 | 3.11 |
| Book Value | 4.72 | 9.01 | 9.72 | 46.94 | 30.74 | 32.99 | 34.36 | 39.11 | 42.59 | 43.74 | 44.12 | 44.03 | 43.41 |
| Cash Flow/Share | 2.75 | 2.50 | 3.01 | 2.89 | 4.96 | 4.89 | 5.38 | 7.12 | 8.81 | 7.17 | 4.96 | 7.88 | 5.05 |
| Dividends/Share | N/A | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.32 | 0.38 | 0.48 | 0.56 | 0.64 | 0.72 | 0.74 |
| Shares Out. | 143.9M | 82.2M | 80.9M | 111.6M | 177.7M | 171.8M | 170.8M | 167.1M | 163.1M | 162.1M | 161.1M | 160.8M | 162.5M |
| Valuation | |||||||||||||
| P/E Ratio | 27.8 | 15.3 | 26.3 | 9.4 | 9.9 | 18.7 | 16.6 | 13.1 | 10.5 | 42.4 | 72.3 | 130.0 | 346.1 |
| P/FCF | 49.8 | N/A | 27.7 | N/A | 33.0 | 600.7 | 17.1 | 14.8 | 12.7 | 102.2 | N/A | 18.2 | 9.0 |
| EV/EBIT | 14.6 | 14.9 | 16.7 | 24.6 | 8.1 | 14.6 | 12.4 | 10.6 | 7.4 | 30.3 | 36.7 | 40.3 | 74.1 |
| Price/Book | 6.6 | 2.4 | 3.1 | 0.9 | 0.8 | 1.0 | 1.2 | 1.5 | 1.2 | 1.3 | 1.2 | 1.2 | 1.7 |
| Price/Sales | 0.8 | 1.8 | 1.8 | 1.5 | 1.2 | 1.1 | 1.4 | 1.3 | 1.1 | 1.2 | 1.1 | 1.0 | 1.6 |
| FCF Yield | 2.0% | -0.9% | 3.6% | -1.4% | 3.0% | 0.2% | 5.8% | 6.7% | 7.9% | 1.0% | -0.2% | 5.5% | 11.1% |
| Market Cap | 4.5B | 1.8B | 2.5B | 4.5B | 4.2B | 5.8B | 6.8B | 9.7B | 8.1B | 9.2B | 8.5B | 8.6B | 11.8B |
| Avg. Price | 22.52 | 25.97 | 25.47 | 33.60 | 35.91 | 31.58 | 37.27 | 47.00 | 49.33 | 53.35 | 51.72 | 45.58 | 72.50 |
| Year-End Price | 31.10 | 21.78 | 30.52 | 40.59 | 23.38 | 33.63 | 39.93 | 58.22 | 49.54 | 56.82 | 52.77 | 53.29 | 72.50 |
Knight-Swift Transportation Holdings Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Knight-Swift Transportation Holdings Inc. trades at 176.8x trailing earnings, compared to its 15-year median P/E of 16.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 9.3x vs a median of 17.7x. The company's 5-year average ROIC is 5.6% with a gross margin of 54.0%. Total shareholder yield (dividends) is 1.0%. At current prices, the estimated annualized return to fair value is +41.6%.
Knight-Swift Transportation Holdings Inc. (KNX) reported annual revenue of $7.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Knight-Swift Transportation Holdings Inc. (KNX) has a net profit margin of 0.9%. This is a modest margin.
Knight-Swift Transportation Holdings Inc. (KNX) generated $471 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Knight-Swift Transportation Holdings Inc. (KNX) has a debt-to-equity ratio of 0.41. This indicates a conservatively financed balance sheet.
Knight-Swift Transportation Holdings Inc. (KNX) reported earnings per share (EPS) of $0.41 in its most recent fiscal year.
Knight-Swift Transportation Holdings Inc. (KNX) has a return on equity (ROE) of 0.9%. This indicates moderate shareholder returns.
Knight-Swift Transportation Holdings Inc. (KNX) has a 5-year average gross margin of 54.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for Knight-Swift Transportation Holdings Inc. (KNX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Knight-Swift Transportation Holdings Inc. (KNX) has a book value per share of $44.03, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the freight market to continue tightening as capacity exits the network through regulatory enforcement, carrier failures, and attrition, creating a favorable environment for rate increases beginning in late Q2 2026 and extending into Q3. The company is shifting bid targets to high single- to low double-digit percentage increases and expects contractual rates to improve as the market strengthens, while also pursuing spot market opportunities where rates move faster; cost per mile is anticipated to improve year-over-year through structural cost reductions and operational efficiency gains, with management targeting sub-90 operating ratios during 2026. The Logistics business is expected to benefit from technology-enabled cost efficiencies and improved responsiveness, positioning it to accelerate revenue growth and returns in an improving market, while the Intermodal segment is on a path to profitability with sequential improvements expected as volumes build. Management remains committed to disciplined capital deployment and intentionally leveraging synergies across the asset-based and logistics businesses, with expectations that margin improvement will flow through more fully in Q3 and build into Q4 2026.