A Business at a Glance
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LANDSTAR SYSTEM INC
LSTR
$7.0B
Mkt Cap
$200.28
-3.70%
LANDSTAR SYSTEM INC (LSTR) has a current P/E ratio of 60.5, compared to its historical median P/E of 21.6. The stock is currently considered Expensive based on its historical valuation range.
LANDSTAR SYSTEM INC (LSTR) has a 5-year average return on invested capital (ROIC) of 50.3%. This indicates strong capital allocation and a potential competitive advantage.
LANDSTAR SYSTEM INC (LSTR) has a market capitalization of $6.8B. It is classified as a mid-cap stock.
Yes, LANDSTAR SYSTEM INC (LSTR) pays a dividend with a trailing twelve-month yield of 1.81%. The company also returns capital through share buybacks, with a buyback yield of 2.08%.
Based on historical P/E analysis, LANDSTAR SYSTEM INC (LSTR) appears expensive. The current P/E of 60.5 is 181% above its historical median of 21.6. The estimated fair value CAGR (P/E method) is -0.2%.
LANDSTAR SYSTEM INC (LSTR) operates in the Trucking (No Local) industry, within the Industrials sector.
LANDSTAR SYSTEM INC (LSTR) reported annual revenue of $4.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Landstar is a technology-enabled, asset-light provider of integrated transportation management solutions that arranges freight transportation across multiple modes—including truckload, less-than-truckload, rail intermodal, air cargo, ocean cargo, expedited delivery, heavy-haul, hazardous materials, cold chain, and cross-border services—primarily throughout North America. The company operates through a network of approximately 960 independent commission sales agents and over 70,000 third-party capacity providers, including owner-operator independent contractors (BCOs), unrelated trucking companies, and air, ocean, and rail carriers, all coordinated by proprietary digital technologies. Revenue is generated on a per-shipment basis for physical transportation services, with a significant portion of operating costs varying directly with revenue, creating a variable cost structure. Landstar serves diverse industries including automotive, consumer durables, building products, metals, chemicals, foodstuffs, heavy machinery, retail, electronics, and military equipment, as well as other transportation companies. The company's competitive differentiation rests on its ecosystem of digital technologies linking agents and capacity providers, emphasis on safety and cargo security, and ability to offer comprehensive third-party logistics solutions alongside individual shipment services. Landstar operates two segments: transportation logistics and insurance, with the transportation logistics segment representing the primary business.
【Freight market stabilization ahead】 Management expects truck revenue per load to outperform normal seasonality in April following underperformance in February and March, with truck volumes trending in line with historical seasonal patterns. The company anticipates BCO fleet growth in 2026 supported by improved pricing and AI-driven tools that enable agent offices to work more efficiently without proportional headcount additions. Management is investing heavily in artificial intelligence capabilities—allocating more than half of IT capital budget to AI in 2025 with expectations for higher AI investment in 2027—to enhance service levels and operational efficiency through carrier database scrubbing and anomaly detection. The company continues to strengthen its data center and specialized transportation capabilities as areas for continued growth, while navigating a highly fluid freight transportation backdrop and uncertain macroeconomic environment that preclude formal guidance.
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
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.8B | 4.7B | 4.8B | 5.3B | 7.4B | 6.5B |
| Net Income | 125M | 115M | 196M | 264M | 431M | 382M |
| EPS | $2.40 | $3.31 | $5.51 | $7.36 | $11.76 | $9.98 |
| Free Cash Flow | 234M | 215M | 256M | 368M | 597M | 253M |
| ROIC | 30.4% | 28.5% | 42.1% | 48.9% | 65.6% | 66.4% |
| Gross Margin | - | 8.9% | 10.6% | 11.5% | 11.4% | 11.9% |
| Debt/Equity | 0.03 | 0.04 | 0.04 | 0.03 | 0.12 | 0.13 |
| Dividends/Share | $3.62 | $3.56 | $3.38 | $3.26 | $3.10 | $2.92 |
| Operating Income | 165M | 152M | 249M | 344M | 571M | 506M |
| Operating Margin | 3.5% | 3.2% | 5.2% | 6.5% | 7.7% | 7.7% |
| ROE | 15.6% | 13.0% | 20.0% | 28.3% | 49.3% | 49.1% |
| Shares Outstanding | 34M | 35M | 36M | 36M | 37M | 38M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.2B | 3.3B | 3.2B | 3.6B | 4.6B | 4.1B | 4.1B | 6.5B | 7.4B | 5.3B | 4.8B | 4.7B | 4.8B |
| Gross Margin | 12.7% | 12.7% | 12.8% | 12.5% | 12.2% | 12.3% | 11.3% | 11.9% | 11.4% | 11.5% | 10.6% | 8.9% | 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 | 150M | 150M | 143M | 171M | 188M | 159M | 168M | 221M | 221M | 212M | 218M | 231M | 230M |
| EBIT | 224M | 242M | 223M | 244M | 332M | 299M | 253M | 506M | 571M | 344M | 249M | 152M | 165M |
| Op. Margin | 7.0% | 7.3% | 7.0% | 6.7% | 7.2% | 7.3% | 6.1% | 7.7% | 7.7% | 6.5% | 5.2% | 3.2% | 3.5% |
| Net Income | 139M | 148M | 137M | 177M | 255M | 228M | 192M | 382M | 431M | 264M | 196M | 115M | 125M |
| Net Margin | 4.4% | 4.4% | 4.3% | 4.9% | 5.5% | 5.6% | 4.6% | 5.8% | 5.8% | 5.0% | 4.1% | 2.4% | 2.6% |
| Non-Recurring | 2.1M | 216K | 3.5M | 774K | 979K | 1.0M | 5.2M | 1.8M | 2.9M | 4.6M | 1.6M | 34M | 34M |
| Returns on Capital | |||||||||||||
| ROIC | 37.8% | 42.6% | 46.6% | 54.6% | 60.7% | 51.0% | 46.0% | 66.4% | 65.6% | 48.9% | 42.1% | 28.5% | 30.4% |
| ROE | 29.4% | 30.9% | 27.2% | 29.7% | 38.2% | 32.3% | 27.2% | 49.1% | 49.3% | 28.3% | 20.0% | 13.0% | 15.6% |
| ROA | 13.8% | 14.6% | 13.2% | 14.5% | 18.7% | 16.2% | 12.5% | 20.6% | 21.7% | 14.2% | 10.8% | 6.7% | 7.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 102M | 216M | 190M | 139M | 298M | 308M | 211M | 277M | 623M | 394M | 287M | 225M | 247M |
| Free Cash Flow | 91M | 211M | 168M | 123M | 288M | 288M | 180M | 253M | 597M | 368M | 256M | 215M | 234M |
| Owner Earnings | 67M | 180M | 152M | 91M | 236M | 259M | 160M | 200M | 553M | 331M | 226M | 172M | -257M |
| CapEx | 11M | 4.8M | 23M | 16M | 9.7M | 19M | 31M | 23M | 26M | 26M | 31M | 9.9M | 14M |
| Maint. CapEx | 28M | 29M | 36M | 41M | 44M | 44M | 46M | 50M | 57M | 58M | 57M | 46M | 498M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 28M | 29M | 36M | 41M | 44M | 44M | 46M | 50M | 57M | 58M | 57M | 46M | 498M |
| CapEx/OCF | 10.3% | 2.2% | 11.9% | 11.2% | 3.3% | 6.3% | 14.5% | 8.4% | 4.2% | 6.5% | 10.8% | 4.4% | 5.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 28M | 58M | 14M | 16M | 89M | 28M | 110M | 112M | 116M | 117M | 120M | 125M | 123M |
| Dividend Yield | 1.1% | 2.4% | 0.6% | 0.5% | 2.3% | 0.7% | 2.7% | 2.0% | 2.2% | 1.9% | 1.9% | 2.6% | 1.8% |
| Share Buybacks | 56M | 161M | 51M | 0 | 208M | 89M | 116M | 123M | 286M | 54M | 81M | 180M | 142M |
| Buyback Yield | 2.0% | 7.5% | 1.7% | N/A | 6.1% | 2.3% | 2.5% | 2.0% | 5.2% | 0.8% | 1.4% | 3.6% | 2.1% |
| Stock-Based Comp | 6.8M | 6.9M | 2.7M | 7.7M | 18M | 4.2M | 4.6M | 28M | 12M | 4.3M | 3.4M | 6.0M | 6.4M |
| Debt Repayment | 37M | 37M | 47M | 47M | 43M | 45M | 44M | 38M | 39M | 36M | 31M | 33M | 33M |
| Balance Sheet | |||||||||||||
| Net Debt | -90M | -163M | -245M | -291M | -196M | -310M | -255M | -139M | -288M | -511M | -532M | -423M | -385M |
| Cash & Equiv. | 164M | 115M | 179M | 242M | 200M | 320M | 249M | 216M | 340M | 481M | 515M | 397M | 411M |
| Long-Term Debt | 76M | 0 | 0 | 0 | 0 | 0 | 0 | 75M | 67M | 0 | 0 | 0 | N/A |
| Debt/Equity | 0.23 | 0.00 | 0.00 | 0.00 | 0.06 | 0.06 | 0.05 | 0.13 | 0.12 | 0.03 | 0.04 | 0.04 | 0.03 |
| Interest Coverage | 70.6 | 82.0 | 58.8 | 77.1 | 98.9 | 81.8 | 80.2 | 187.7 | 126.3 | 89.0 | 61.1 | 27.1 | 30.8 |
| Equity | 488M | 466M | 543M | 651M | 687M | 721M | 692M | 862M | 887M | 984M | 972M | 796M | 799M |
| Total Assets | 1.0B | 992M | 1.1B | 1.4B | 1.4B | 1.4B | 1.7B | 2.0B | 1.9B | 1.8B | 1.8B | 1.6B | 1.6B |
| Total Liabilities | 549M | 525M | 554M | 699M | 691M | 706M | 962M | 1.2B | 1.0B | 818M | 841M | 840M | 3.2M |
| Intangibles | 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 |
| Retained Earnings | 1.3B | 1.4B | 1.5B | 1.6B | 1.8B | 2.0B | 2.0B | 2.3B | 2.6B | 2.8B | 2.9B | 2.9B | 2.9B |
| Working Capital | 322M | 287M | 357M | 413M | 436M | 445M | 402M | 513M | 561M | 678M | 647M | 520M | 553M |
| Current Assets | 732M | 656M | 737M | 961M | 971M | 998M | 1.2B | 1.5B | 1.4B | 1.4B | 1.3B | 1.2B | 1.2B |
| Current Liabilities | 410M | 370M | 380M | 549M | 536M | 553M | 806M | 1.0B | 878M | 675M | 673M | 696M | 631M |
| Per Share Data | |||||||||||||
| EPS | 3.07 | 3.37 | 3.25 | 4.21 | 6.18 | 5.72 | 4.98 | 9.98 | 11.76 | 7.36 | 5.51 | 3.31 | 2.40 |
| Owner EPS | 1.49 | 4.11 | 3.59 | 2.16 | 5.72 | 6.51 | 4.15 | 5.22 | 15.09 | 9.22 | 6.37 | 4.96 | -7.55 |
| Book Value | 10.80 | 10.64 | 12.84 | 15.47 | 16.63 | 18.12 | 17.93 | 22.55 | 24.21 | 27.39 | 27.34 | 22.90 | 23.48 |
| Cash Flow/Share | 2.25 | 4.93 | 4.50 | 3.30 | 7.21 | 7.73 | 5.46 | 7.24 | 16.99 | 10.96 | 8.06 | 6.47 | 18.29 |
| Dividends/Share | 0.61 | 1.32 | 0.34 | 0.38 | 2.15 | 0.70 | 2.79 | 2.92 | 3.10 | 3.26 | 3.38 | 3.56 | 3.62 |
| Shares Out. | 45.2M | 43.8M | 42.3M | 42.1M | 41.3M | 39.8M | 38.6M | 38.2M | 36.6M | 35.9M | 35.6M | 34.7M | 34.0M |
| Valuation | |||||||||||||
| P/E Ratio | 20.0 | 14.6 | 21.9 | 21.2 | 13.3 | 17.2 | 24.3 | 16.2 | 12.8 | 25.1 | 30.4 | 43.4 | 83.4 |
| P/FCF | 30.3 | 10.2 | 18.0 | 30.4 | 11.8 | 13.6 | 25.9 | 24.4 | 9.3 | 18.0 | 23.3 | 23.2 | 29.2 |
| EV/EBIT | 12.0 | 8.7 | 13.0 | 14.7 | 10.1 | 12.5 | 18.0 | 12.2 | 9.3 | 18.1 | 22.3 | 30.8 | 38.9 |
| Price/Book | 5.7 | 4.6 | 5.5 | 5.8 | 5.0 | 5.4 | 6.7 | 7.2 | 6.2 | 6.7 | 6.1 | 6.3 | 8.5 |
| Price/Sales | 0.8 | 0.7 | 0.8 | 0.9 | 0.8 | 0.9 | 1.0 | 0.9 | 0.7 | 1.2 | 1.3 | 1.0 | 1.4 |
| FCF Yield | 3.3% | 9.8% | 5.6% | 3.3% | 8.5% | 7.4% | 3.9% | 4.1% | 10.8% | 5.5% | 4.3% | 4.3% | 3.4% |
| Market Cap | 2.8B | 2.2B | 3.0B | 3.8B | 3.4B | 3.9B | 4.7B | 6.2B | 5.5B | 6.6B | 6.0B | 5.0B | 6.8B |
| Avg. Price | 54.03 | 55.09 | 57.30 | 75.96 | 94.50 | 94.29 | 104.41 | 147.90 | 142.72 | 170.45 | 176.70 | 138.14 | 200.28 |
| Year-End Price | 61.30 | 49.21 | 71.25 | 89.28 | 82.35 | 98.51 | 120.96 | 161.69 | 151.03 | 184.71 | 167.59 | 143.68 | 200.28 |
LANDSTAR SYSTEM INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
LANDSTAR SYSTEM INC trades at 60.5x trailing earnings, compared to its 15-year median P/E of 21.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 31.7x vs a median of 20.6x. The company's 5-year average ROIC is 50.3% with a gross margin of 10.9%. Total shareholder yield (dividends + buybacks) is 3.9%. At current prices, the estimated annualized return to fair value is +6.3%.
LANDSTAR SYSTEM INC (LSTR) has a net profit margin of 2.4%. This is a modest margin.
LANDSTAR SYSTEM INC (LSTR) generated $215 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LANDSTAR SYSTEM INC (LSTR) has a debt-to-equity ratio of 0.04. This indicates a conservatively financed balance sheet.
LANDSTAR SYSTEM INC (LSTR) reported earnings per share (EPS) of $3.31 in its most recent fiscal year.
LANDSTAR SYSTEM INC (LSTR) has a return on equity (ROE) of 13.0%. This indicates moderate shareholder returns.
LANDSTAR SYSTEM INC (LSTR) has a 5-year average gross margin of 10.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for LANDSTAR SYSTEM INC (LSTR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LANDSTAR SYSTEM INC (LSTR) has a book value per share of $22.90, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects truck revenue per load to outperform normal seasonality in April following underperformance in February and March, with truck volumes trending in line with historical seasonal patterns. The company anticipates BCO fleet growth in 2026 supported by improved pricing and AI-driven tools that enable agent offices to work more efficiently without proportional headcount additions. Management is investing heavily in artificial intelligence capabilities—allocating more than half of IT capital budget to AI in 2025 with expectations for higher AI investment in 2027—to enhance service levels and operational efficiency through carrier database scrubbing and anomaly detection. The company continues to strengthen its data center and specialized transportation capabilities as areas for continued growth, while navigating a highly fluid freight transportation backdrop and uncertain macroeconomic environment that preclude formal guidance.