Landstar System vs Old Dominion
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The short version
- Old Dominion is the larger business, with $5.5B of revenue in fiscal 2025 against $4.7B for Landstar System.
- Landstar System grew revenue faster (−1.6%, against −5.5%).
- Old Dominion kept more of each dollar of sales as operating profit (24.8% operating margin, against 3.2%).
- Old Dominion turned more of its sales into free cash flow (17.4% FCF margin, against 4.5%).
- Landstar System earned a higher return on the capital invested in it (24.9%, against 24.3%).
- Investors pay more for each dollar of Landstar System’s earnings: a P/E of 45.8x against 35.1x for Old Dominion.
| Latest fiscal year | LSTR · FY25 | ODFL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $38.1B |
| Revenue | $4.7B | $5.5B |
| Free cash flow | $215M | $955M |
| Net income | $115M | $1.0B |
| Growth | ||
| Revenue growth | −1.6% | −5.5% |
| 5-year growth | 2.8% | 6.5% |
| Share count change | −2.3% | −2.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 3.2% | 24.8% |
| Net margin | 2.4% | 18.6% |
| FCF margin | 4.5% | 17.4% |
| Return on capital | 24.9% | 24.3% |
| Return on equity | 13.0% | 23.9% |
| Balance sheet | ||
| Net debt | −$375M | −$80.1M |
| Net debt / EBITDA | −1.9x | −0.1x |
| Dividends and buybacks | $305M | $966M |
| Valuation & quality | ||
| P/E | 45.8x | 35.1x |
| Piotroski F-score | 4 | 6 |
FY16
LSTR $3.2B
ODFL $3.0B
FY17
LSTR $3.6B
ODFL $3.4B
FY18
LSTR $4.6B
ODFL $4.0B
FY19
LSTR $4.1B
ODFL $4.1B
FY20
LSTR $4.1B
ODFL $4.0B
FY21
LSTR $6.5B
ODFL $5.3B
FY22
LSTR $7.4B
ODFL $6.3B
FY23
LSTR $5.3B
ODFL $5.9B
FY24
LSTR $4.8B
ODFL $5.8B
FY25
LSTR $4.7B
ODFL $5.5B
LSTR
ODFL
FY16
LSTR 7.1%
ODFL 16.2%
FY17
LSTR 6.7%
ODFL 17.2%
FY18
LSTR 7.2%
ODFL 20.2%
FY19
LSTR 7.3%
ODFL 19.9%
FY20
LSTR 6.1%
ODFL 22.6%
FY21
LSTR 7.7%
ODFL 26.5%
FY22
LSTR 7.7%
ODFL 29.4%
FY23
LSTR 6.5%
ODFL 28.0%
FY24
LSTR 5.2%
ODFL 26.6%
FY25
LSTR 3.2%
ODFL 24.8%
LSTR
ODFL
FY16
LSTR $168M
ODFL $148M
FY17
LSTR $123M
ODFL $154M
FY18
LSTR $288M
ODFL $312M
FY19
LSTR $288M
ODFL $505M
FY20
LSTR $180M
ODFL $708M
FY21
LSTR $253M
ODFL $663M
FY22
LSTR $597M
ODFL $916M
FY23
LSTR $368M
ODFL $812M
FY24
LSTR $256M
ODFL $888M
FY25
LSTR $215M
ODFL $955M
LSTR
ODFL
FY16
LSTR 46.6%
ODFL 16.0%
FY17
LSTR 54.4%
ODFL 22.1%
FY18
LSTR 54.8%
ODFL 25.4%
FY19
LSTR 43.4%
ODFL 23.3%
FY20
LSTR 39.7%
ODFL 25.0%
FY21
LSTR 62.8%
ODFL 36.0%
FY22
LSTR 65.7%
ODFL 41.8%
FY23
LSTR 47.0%
ODFL 33.3%
FY24
LSTR 37.5%
ODFL 29.0%
FY25
LSTR 24.9%
ODFL 24.3%
LSTR
ODFL
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.