Knight-Swift vs Landstar System
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The short version
- Knight-Swift is the larger business, with $7.5B of revenue in fiscal 2025 against $4.7B for Landstar System, about 1.6 times as much.
- Knight-Swift grew revenue faster (0.8%, against −1.6%).
- Knight-Swift turned more of its sales into free cash flow (16.9% FCF margin, against 4.5%).
- Landstar System earned a higher return on the capital invested in it (24.9%, against 1.6%).
| Latest fiscal year | KNX · FY25 | LSTR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.0B | $5.6B |
| Revenue | $7.5B | $4.7B |
| Free cash flow | $1.3B | $215M |
| Net income | $65.9M | $115M |
| Growth | ||
| Revenue growth | 0.8% | −1.6% |
| 5-year growth | 9.8% | 2.8% |
| Share count change | 0.3% | −2.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 2.9% | 3.2% |
| Net margin | 0.9% | 2.4% |
| FCF margin | 16.9% | 4.5% |
| Return on capital | 1.6% | 24.9% |
| Return on equity | 0.9% | 13.0% |
| Balance sheet | ||
| Net debt | $2.1B | −$375M |
| Net debt / EBITDA | 2.1x | −1.9x |
| Dividends and buybacks | $117M | $305M |
| Valuation & quality | ||
| P/E | — | 45.8x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
KNX $1.1B
LSTR $3.2B
FY17
KNX $2.4B
LSTR $3.6B
FY18
KNX $5.3B
LSTR $4.6B
FY19
KNX $4.8B
LSTR $4.1B
FY20
KNX $4.7B
LSTR $4.1B
FY21
KNX $6.0B
LSTR $6.5B
FY22
KNX $7.4B
LSTR $7.4B
FY23
KNX $7.1B
LSTR $5.3B
FY24
KNX $7.4B
LSTR $4.8B
FY25
KNX $7.5B
LSTR $4.7B
KNX
LSTR
Operating margin
FY16
KNX 13.3%
LSTR 7.1%
FY17
KNX 8.3%
LSTR 6.7%
FY18
KNX 10.7%
LSTR 7.2%
FY19
KNX 8.8%
LSTR 7.3%
FY20
KNX 12.1%
LSTR 6.1%
FY21
KNX 16.1%
LSTR 7.7%
FY22
KNX 14.7%
LSTR 7.7%
FY23
KNX 4.7%
LSTR 6.5%
FY24
KNX 3.3%
LSTR 5.2%
FY25
KNX 2.9%
LSTR 3.2%
KNX
LSTR
Free cash flow
FY16
KNX $89.2M
LSTR $168M
FY17
KNX −$64.6M
LSTR $123M
FY18
KNX $126M
LSTR $288M
FY19
KNX $9.6M
LSTR $288M
FY20
KNX $919M
LSTR $180M
FY21
KNX $1.2B
LSTR $253M
FY22
KNX $1.4B
LSTR $597M
FY23
KNX $1.2B
LSTR $368M
FY24
KNX $799M
LSTR $256M
FY25
KNX $1.3B
LSTR $215M
KNX
LSTR
Return on capital
FY16
KNX 8.4%
LSTR 46.6%
FY17
KNX 6.4%
LSTR 54.4%
FY18
KNX 7.7%
LSTR 54.8%
FY19
KNX 5.4%
LSTR 43.4%
FY20
KNX 6.6%
LSTR 39.7%
FY21
KNX 10.2%
LSTR 62.8%
FY22
KNX 10.1%
LSTR 65.7%
FY23
KNX 3.1%
LSTR 47.0%
FY24
KNX 2.1%
LSTR 37.5%
FY25
KNX 1.6%
LSTR 24.9%
KNX
LSTR
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.