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Landstar System

LSTR Nasdaq Cargo Ground Transportation Financials FY2016–FY2025

Landstar System's revenue fell 1.6% to $4.7 billion in fiscal 2025. Its operating margin was 3.2%, down from 5.2% a year earlier. Free cash flow was $215 million, down 15.9%. It paid out $305 million in dividends and buybacks, 142% of free cash flow. The diluted share count fell 2.3%.

Last close · Oct 23, 2026

$165.79

2.1%
Value it Compare
Revenue Total sales reported in the income statement.
$4.7B
1.6% vs prior year
Operating margin Operating income as a share of revenue.
3.2%
2.0 pts
Net income Profit after all expenses, interest and tax.
$115M
41.3%
Free cash flow Cash from operations minus capital spending.
$215M
15.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
24.9%
12.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
45.8x
On $3.62 EPS (TTM)

What Landstar System does

No business description yet.

Legal name
LANDSTAR SYSTEM, INC.
Fiscal year ends
December 27, 2025
Latest annual report
—
Accession · CIK
0001193125-26-064756
0000853816

Revenue and margins

Landstar System had $4.7B of revenue in fiscal 2025, down 1.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 0.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $215M in fiscal 2025, 4.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Landstar System returned $305M to shareholders in fiscal 2025, 142% of free cash flow. The diluted share count fell 2.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Landstar System yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $375M and divides by 34.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 45.8x · peers 35.1x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Landstar System can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $251M$394M$541M$567M$452M
Debt incl. finance leases $112M$103M$71.1M$102M$76.8M
Net debt / EBITDA −0.3x−0.5x−1.2x−1.5x−1.9x
Debt / equity 0.1x0.1x0.1x0.1x0.1x
Interest coverage 127.2x126.4x89.0x61.1x27.1x
Current ratio 1.5x1.6x2.0x2.0x1.8x
Quick ratio 1.5x1.6x2.0x2.0x1.8x
Total assets $2.0B$1.9B$1.8B$1.8B$1.6B
Total liabilities $1.2B$1.0B$818M$841M$840M
Shareholders' equity $862M$887M$984M$972M$796M
Net debt (− = net cash) −$140M−$290M−$470M−$464M−$375M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.8M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 15, 2026 James P ToddVP and CFO Sold 1,200 $218.17 $0.3M Form 4
Jun 5, 2026 Diana M MurphyDirector Sold 11,246 $221.28 $2.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 84 / 84 / 8
Accruals ratio −6.9%−5.0%−6.4%
Altman Z'' 10.059.629.39

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Landstar System LSTR $5.6B −1.6% 3.2% 4.5% 24.9% 45.8x 4
Old Dominion ODFL $38.1B −5.5% 24.8% 17.4% 24.3% 35.1x 6 Compare →
Saia SAIA $8.9B 0.8% 10.9% 0.9% 10.2% 32.1x 6 Compare →
Knight-Swift KNX $10.0B 0.8% 2.9% 16.9% 1.6% — 6 Compare →
XPO XPO $21.6B 1.1% 8.0% 4.0% 9.5% 54.2x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.2B $3.6B $4.6B $4.1B $4.1B $6.5B $7.4B $5.3B $4.8B $4.7B
Operating income $223M $244M $332M $299M $253M $506M $571M $344M $249M $152M
Interest expense $3.8M $3.2M $3.4M $3.1M $4.0M $4.0M $4.5M $3.9M $4.1M $5.6M
Pretax income $220M $241M $328M $296M $249M $502M $568M $348M $254M $151M
Income tax $82.1M $63.8M $73.2M $68.1M $56.9M $120M $137M $83.7M $58.4M $35.6M
Net income $137M $177M $255M $228M $192M $382M $431M $264M $196M $115M
Diluted EPS $3.25 $4.21 $6.18 $5.72 $4.98 $9.98 $11.76 $7.36 $5.51 $3.31
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.03B
Cash flow
Cash from operations $190M $139M $298M $308M $211M $277M $623M $394M $287M $225M
Capital expenditure $22.6M $15.6M $9.7M $19.4M $30.6M $23.3M $26.0M $25.7M $31.0M $9.9M
Free cash flow $168M $123M $288M $288M $180M $253M $597M $368M $256M $215M
Depreciation and amortization $35.8M $40.6M $43.6M $44.5M $45.9M $49.6M $57.5M $58.2M $56.7M $46.4M
Stock-based compensation $2.7M $7.7M $18.3M $4.2M $4.6M $27.5M $12.4M $4.3M $3.4M $6.0M
Acquisitions $0.0M $8.5M $0.0M $0.0M $2.8M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $50.5M $0.0M $208M $88.6M $116M $123M $286M $53.9M $81.4M $180M
Dividends paid $14.3M $15.9M $88.9M $27.9M $110M $112M $116M $117M $121M $125M
Dividends and buybacks $64.9M $15.9M $297M $116M $225M $235M $402M $171M $202M $305M
Balance sheet
Cash and short-term investments $246M $291M $240M $352M $291M $251M $394M $541M $567M $452M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $128M $113M $101M $112M $103M $71.1M $102M $76.8M
Current assets $737M $961M $971M $998M $1.2B $1.5B $1.4B $1.4B $1.3B $1.2B
Current liabilities $380M $549M $536M $553M $806M $1.0B $878M $675M $673M $696M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $273M $276M $284M $286M $297M $317M $315M $284M $311M $261M
Total assets $1.1B $1.4B $1.4B $1.4B $1.7B $2.0B $1.9B $1.8B $1.8B $1.6B
Total liabilities $554M $699M $691M $706M $962M $1.2B $1.0B $818M $841M $840M
Shareholders' equity $543M $651M $687M $722M $692M $862M $887M $984M $972M $796M
Margins
Operating margin 7.1% 6.7% 7.2% 7.3% 6.1% 7.7% 7.7% 6.5% 5.2% 3.2%
EBITDA margin 8.2% 7.8% 8.1% 8.4% 7.2% 8.5% 8.5% 7.6% 6.3% 4.2%
Net margin 4.3% 4.9% 5.5% 5.6% 4.7% 5.8% 5.8% 5.0% 4.1% 2.4%
FCF margin 5.3% 3.4% 6.2% 7.1% 4.4% 3.9% 8.0% 6.9% 5.3% 4.5%
Returns
Return on capital 46.6% 54.4% 54.8% 43.4% 39.7% 62.8% 65.7% 47.0% 37.5% 24.9%
Return on capital employed 33.4% 32.1% 40.3% 34.8% 29.4% 53.7% 54.7% 31.6% 22.0% 14.6%
Return on equity 27.2% 29.7% 38.2% 32.3% 27.2% 49.1% 49.3% 28.3% 20.0% 13.0%
Return on assets 13.2% 14.5% 18.7% 16.2% 12.5% 20.6% 21.7% 14.2% 10.8% 6.7%
Growth
Revenue growth −4.6% 15.1% 26.6% −11.5% 1.2% 58.2% 13.8% −28.7% −9.1% −1.6%
Net income growth −7.0% 28.9% 44.2% −10.8% −15.6% 98.6% 13.0% −38.6% −25.9% −41.3%
EPS growth −3.6% 29.5% 46.8% −7.4% −12.9% 100.4% 17.8% −37.4% −25.1% −39.9%
FCF growth −20.7% −26.4% 133.6% 0.1% −37.6% 40.8% 135.4% −38.3% −30.6% −15.9%
Share count change −3.6% −0.5% −1.7% −3.7% −3.0% −1.0% −4.2% −2.0% −1.1% −2.3%
Financial health
Net debt / EBITDA −1.0x −1.0x −0.3x −0.7x −0.6x −0.3x −0.5x −1.2x −1.5x −1.9x
Debt / equity 0.0x 0.0x 0.2x 0.2x 0.2x 0.1x 0.1x 0.1x 0.1x 0.1x
Interest coverage 58.8x 77.1x 98.9x 95.2x 64.0x 127.2x 126.4x 89.0x 61.1x 27.1x
Current ratio 1.9x 1.8x 1.8x 1.8x 1.5x 1.5x 1.6x 2.0x 2.0x 1.8x
Quick ratio 1.9x 1.8x 1.8x 1.8x 1.5x 1.5x 1.6x 2.0x 2.0x 1.8x
Capital allocation
Capex / revenue 0.7% 0.4% 0.2% 0.5% 0.7% 0.4% 0.4% 0.5% 0.6% 0.2%
Stock comp / revenue 0.1% 0.2% 0.4% 0.1% 0.1% 0.4% 0.2% 0.1% 0.1% 0.1%
Payouts / FCF 38.7% 12.9% 103.1% 40.4% 125.2% 92.6% 67.3% 46.5% 79.0% 141.7%
Quality scores
Piotroski F-score 5.0 5.0 7.0 4.0 4.0 6.0 5.0 5.0 4.0 4.0
Altman Z'' 9.0 8.1 9.1 9.0 7.4 7.8 9.2 10.1 9.6 9.4
Accruals ratio −5.1% 3.1% −3.1% −5.7% −1.2% 5.7% −9.6% −6.9% −5.0% −6.4%

Source: SEC EDGAR XBRL filings (CIK 0000853816). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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