FedEx Freight vs Knight-Swift
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KIRA’s take AI analyst
I put FedEx Freight and Knight-Swift side by side, using each one’s latest annual report. Here is what stands out:
- FedEx Freight is the larger business, with $8.8B of revenue in fiscal 2026 against $7.5B for Knight-Swift.
- Knight-Swift grew revenue faster (0.8%, against −1.1%).
- FedEx Freight kept more of each dollar of sales as operating profit (6.1% operating margin, against 2.9%).
- Knight-Swift turned more of its sales into free cash flow (16.9% FCF margin, against −2.4%).
- FedEx Freight earned a higher return on the capital invested in it (13.0%, against 1.6%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
FedEx Freight
FDXF
5/8
Operating marginNet marginReturn on capitalReturn on equityShare count change
Knight-Swift
KNX
3/8
Revenue growthFCF marginNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | FDXF FY26 | KNX FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.4B | $9.9B |
| Revenue | $8.8B | $7.5B |
| Free cash flow | −$212M | $1.3B |
| Net income | $655M | $65.9M |
| Growth | ||
| Revenue growth | −1.1% | 0.8% |
| 5-year growth | — | 9.8% |
| Share count change | 0.0% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 6.1% | 2.9% |
| Net margin | 7.5% | 0.9% |
| FCF margin | −2.4% | 16.9% |
| Return on capital | 13.0% | 1.6% |
| Return on equity | 69.1% | 0.9% |
| Balance sheet | ||
| Net debt | $4.3B | $2.1B |
| Net debt / EBITDA | 4.1x | 2.1x |
| Dividends and buybacks | $48.0M | $117M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | — | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.