Landstar System vs XPO
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The short version
- XPO is the larger business, with $8.2B of revenue in fiscal 2025 against $4.7B for Landstar System, about 1.7 times as much.
- XPO grew revenue faster (1.1%, against −1.6%).
- XPO kept more of each dollar of sales as operating profit (8.0% operating margin, against 3.2%).
- Landstar System turned more of its sales into free cash flow (4.5% FCF margin, against 4.0%).
- Landstar System earned a higher return on the capital invested in it (24.9%, against 9.5%).
- Investors pay more for each dollar of XPO’s earnings: a P/E of 54.2x against 45.8x for Landstar System.
| Latest fiscal year | LSTR · FY25 | XPO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $21.6B |
| Revenue | $4.7B | $8.2B |
| Free cash flow | $215M | $329M |
| Net income | $115M | $316M |
| Growth | ||
| Revenue growth | −1.6% | 1.1% |
| 5-year growth | 2.8% | 5.8% |
| Share count change | −2.3% | −0.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 3.2% | 8.0% |
| Net margin | 2.4% | 3.9% |
| FCF margin | 4.5% | 4.0% |
| Return on capital | 24.9% | 9.5% |
| Return on equity | 13.0% | 18.3% |
| Balance sheet | ||
| Net debt | −$375M | $3.2B |
| Net debt / EBITDA | −1.9x | 2.8x |
| Dividends and buybacks | $305M | $125M |
| Valuation & quality | ||
| P/E | 45.8x | 54.2x |
| Piotroski F-score | 4 | 5 |
Revenue
FY16
LSTR $3.2B
XPO $14.6B
FY17
LSTR $3.6B
XPO $15.4B
FY18
LSTR $4.6B
XPO $17.3B
FY19
LSTR $4.1B
XPO $10.7B
FY20
LSTR $4.1B
XPO $6.2B
FY21
LSTR $6.5B
XPO $7.2B
FY22
LSTR $7.4B
XPO $7.7B
FY23
LSTR $5.3B
XPO $7.7B
FY24
LSTR $4.8B
XPO $8.1B
FY25
LSTR $4.7B
XPO $8.2B
LSTR
XPO
Operating margin
FY16
LSTR 7.1%
XPO 3.2%
FY17
LSTR 6.7%
XPO 3.8%
FY18
LSTR 7.2%
XPO 4.1%
FY19
LSTR 7.3%
XPO 5.3%
FY20
LSTR 6.1%
XPO 1.6%
FY21
LSTR 7.7%
XPO 4.3%
FY22
LSTR 7.7%
XPO 4.9%
FY23
LSTR 6.5%
XPO 5.7%
FY24
LSTR 5.2%
XPO 8.2%
FY25
LSTR 3.2%
XPO 8.0%
LSTR
XPO
Free cash flow
FY16
LSTR $168M
XPO $139M
FY17
LSTR $123M
XPO $281M
FY18
LSTR $288M
XPO $551M
FY19
LSTR $288M
XPO $250M
FY20
LSTR $180M
XPO $139M
FY21
LSTR $253M
XPO $387M
FY22
LSTR $597M
XPO $303M
FY23
LSTR $368M
XPO −$839M
FY24
LSTR $256M
XPO $19.0M
FY25
LSTR $215M
XPO $329M
LSTR
XPO
Return on capital
FY16
LSTR 46.6%
XPO 4.6%
FY17
LSTR 54.4%
XPO 7.3%
FY18
LSTR 54.8%
XPO 7.1%
FY19
LSTR 43.4%
XPO 5.8%
FY20
LSTR 39.7%
XPO 1.1%
FY21
LSTR 62.8%
XPO 5.0%
FY22
LSTR 65.7%
XPO 6.8%
FY23
LSTR 47.0%
XPO 8.4%
FY24
LSTR 37.5%
XPO 11.6%
FY25
LSTR 24.9%
XPO 9.5%
LSTR
XPO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.