Marten Transport, Ltd. (MRTN) 10-Year Financial Performance & Capital Metrics

MRTN • • Industrial / General

IndustrialsTruckingTruckload CarriersTemperature-Controlled Truckload

AboutMarten Transport, Ltd. operates as a temperature-sensitive truckload carrier for shippers in the United States, Canada, and Mexico. It operates through four segments: Truckload, Dedicated, Intermodal, and Brokerage. The Truckload segment transports food and other consumer packaged goods that require a temperature-controlled or insulated environment. The Dedicated segment offers customized transportation solutions for individual customers' requirements using temperature-controlled trailers, dry vans, and other specialized equipment. The Intermodal segment transports customers' freight utilizing its refrigerated containers and temperature-controlled trailers on railroad flatcars for portions of trips, as well as using tractors and contracted carriers. The Brokerage segment develops contractual relationships with and arranges for third-party carriers to transport freight for customers in temperature-controlled trailers and dry vans. As of December 31, 2021, the company operated a fleet of 3,204 tractors, including 3,111 company-owned tractors and 93 tractors supplied by independent contractors. Marten Transport, Ltd. was founded in 1946 and is headquartered in Mondovi, Wisconsin.Show more

Revenue $964M -14.8%
EBITDA $145M -30.0%
Net Income $27M -61.7%
EPS (Diluted) 0.33 -61.6%
Gross Margin 13.56% -18.7%
EBITDA Margin 15.03% -17.8%
Operating Margin 3.45% -56.7%
Net Margin 2.79% -55.1%
ROE 3.53% -63.3%
ROIC 3.42% -66.4%
Debt/Equity 0.00 +128.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.4x book value

✗Weaknesses

✗Profits declining 15.1% over 5 years
✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.66%

5Y2.71%

3Y-0.34%

TTM2.37%

Profit (Net Income) CAGR

10Y-1.02%

5Y-15.11%

3Y-31.95%

TTM-42.47%

EPS CAGR

10Y-0.87%

5Y-14.91%

3Y-31.35%

TTM-42.4%

ROCE

10Y Avg11.03%

5Y Avg11.71%

3Y Avg10.52%

Latest3.79%

Peer Comparison

Temperature-Controlled Truckload

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MRTNMarten Transport, Ltd.	1.04B	12.73	38.58	-14.83%	1.89%	2.52%		0.00
HXHXHaoxin Holdings Limited Class A Ordinary Shares	4.55M	0.51	2.42	-4.1%	12.41%	18.63%		0.19

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	664.99M	671.14M	698.12M	787.59M	843.27M	874.37M	973.64M	1.26B	1.13B	963.71M
Revenue Growth %	-0.01%	0.01%	0.04%	0.13%	0.07%	0.04%	0.11%	0.3%	-0.1%	-0.15%
Cost of Goods Sold+	550.71M	555.98M	576.56M	647.73M	696.32M	703.61M	790.49M	1.03B	942.72M	833.01M
COGS % of Revenue	0.83%	0.83%	0.83%	0.82%	0.83%	0.8%	0.81%	0.81%	0.83%	0.86%
Gross Profit+	114.28M	115.17M	121.56M	139.87M	146.95M	170.76M	183.15M	238.5M	188.73M	130.7M
Gross Margin %	0.17%	0.17%	0.17%	0.18%	0.17%	0.2%	0.19%	0.19%	0.17%	0.14%
Gross Profit Growth %	0.11%	0.01%	0.06%	0.15%	0.05%	0.16%	0.07%	0.3%	-0.21%	-0.31%
Operating Expenses+	53.22M	56.86M	64.69M	69.52M	70.45M	77.52M	71.46M	95.15M	98.62M	97.48M
OpEx % of Revenue	0.08%	0.08%	0.09%	0.09%	0.08%	0.09%	0.07%	0.08%	0.09%	0.1%
Selling, General & Admin	35.14M	38.51M	44.63M	45.29M	45.91M	55.47M	50.34M	59.69M	66.16M	62.14M
SG&A % of Revenue	0.05%	0.06%	0.06%	0.06%	0.05%	0.06%	0.05%	0.05%	0.06%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	18.08M	18.35M	20.06M	24.23M	24.54M	22.05M	21.13M	35.46M	32.46M	35.34M
Operating Income+	61.06M	58.3M	56.86M	70.35M	76.5M	93.25M	111.69M	143.34M	90.11M	33.22M
Operating Margin %	0.09%	0.09%	0.08%	0.09%	0.09%	0.11%	0.11%	0.11%	0.08%	0.03%
Operating Income Growth %	0.2%	-0.05%	-0.02%	0.24%	0.09%	0.22%	0.2%	0.28%	-0.37%	-0.63%
EBITDA+	136.39M	140.75M	141.98M	158.93M	171.63M	196.14M	214.25M	254.36M	206.83M	144.87M
EBITDA Margin %	0.21%	0.21%	0.2%	0.2%	0.2%	0.22%	0.22%	0.2%	0.18%	0.15%
EBITDA Growth %	0.14%	0.03%	0.01%	0.12%	0.08%	0.14%	0.09%	0.19%	-0.19%	-0.3%
D&A (Non-Cash Add-back)	75.32M	82.44M	85.12M	88.58M	95.14M	102.89M	102.56M	111.01M	116.72M	111.65M
EBIT	51.38M	47.8M	51.36M	63.1M	67.82M	82.8M	95.39M	129.97M	76.5M	28.25M
Net Interest Income+	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-372K	-1.24M	-389K	681K	1.19M	140K	43K	827K	3.81M	3.13M
Pretax Income+	60.69M	57.07M	56.47M	71.03M	77.69M	93.39M	111.73M	144.17M	93.92M	36.35M
Pretax Margin %	0.09%	0.09%	0.08%	0.09%	0.09%	0.11%	0.11%	0.11%	0.08%	0.04%
Income Tax+	24.95M	23.6M	-33.81M	16M	16.62M	23.89M	26.3M	33.82M	23.54M	9.42M
Effective Tax Rate %	0.59%	0.59%	1.6%	0.77%	0.79%	0.74%	0.76%	0.77%	0.75%	0.74%
Net Income+	35.74M	33.46M	90.28M	55.03M	61.07M	69.5M	85.43M	110.35M	70.37M	26.92M
Net Margin %	0.05%	0.05%	0.13%	0.07%	0.07%	0.08%	0.09%	0.09%	0.06%	0.03%
Net Income Growth %	0.2%	-0.06%	1.7%	-0.39%	0.11%	0.14%	0.23%	0.29%	-0.36%	-0.62%
Net Income (Continuing)	35.74M	33.46M	90.28M	55.03M	61.07M	69.5M	85.43M	110.35M	70.37M	26.92M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.42	0.41	1.10	0.67	0.74	0.84	1.02	1.35	0.86	0.33
EPS Growth %	0.17%	-0.02%	1.68%	-0.39%	0.1%	0.14%	0.21%	0.32%	-0.36%	-0.62%
EPS (Basic)	0.43	0.41	1.11	0.67	0.75	0.84	1.03	1.35	0.87	0.33
Diluted Shares Outstanding	84.29M	81.69M	82.28M	82.72M	82.67M	83.16M	83.41M	81.96M	81.41M	81.47M
Basic Shares Outstanding	83.69M	81.27M	81.74M	81.89M	81.94M	82.53M	82.87M	81.69M	81.27M	81.41M
Dividend Payout Ratio	0.09%	0.1%	0.05%	0.1%	0.69%	0.75%	0.64%	0.18%	0.28%	0.73%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	100.05M	93.43M	116.62M	163.53M	154.17M	175.66M	186.95M	235.84M	196.58M	138.51M
Cash & Short-Term Investments	434K	488K	15.79M	56.76M	31.46M	66.13M	56.99M	80.6M	53.21M	17.27M
Cash Only	434K	488K	15.79M	56.76M	31.46M	66.13M	56.99M	80.6M	53.21M	17.27M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	81.48M	73.64M	81.02M	84.86M	103.5M	89.17M	108.22M	130.67M	117.96M	96.94M
Days Sales Outstanding	44.72	40.05	42.36	39.33	44.8	37.22	40.57	37.74	38.05	36.72
Inventory	4.01M	4.35M	4.32M	3.53M	3.39M	3.37M	4.38M	5.43M	6.29M	5.69M
Days Inventory Outstanding	2.66	2.86	2.74	1.99	1.78	1.75	2.02	1.93	2.43	2.49
Other Current Assets	14.12M	2.91M	2.79M	11.79M	3.17M	3.1M	3.5M	3.73M	3.97M	2.84M
Total Non-Current Assets+	531.48M	560.32M	573.78M	590.38M	653.93M	669.8M	697.31M	744.68M	793.76M	830.25M
Property, Plant & Equipment	528.01M	557.83M	571.92M	588.23M	641.57M	655.09M	682.82M	728.88M	792.75M	828.61M
Fixed Asset Turnover	1.26x	1.20x	1.22x	1.34x	1.31x	1.33x	1.43x	1.73x	1.43x	1.16x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	-130.9M	-145.36M	-7.38M	-103.83M	848K	887K	924K	962K	1.01M	1.63M
Total Assets+	631.53M	653.75M	690.4M	753.9M	808.1M	845.45M	884.26M	980.52M	990.34M	968.76M
Asset Turnover	1.05x	1.03x	1.01x	1.04x	1.04x	1.03x	1.10x	1.29x	1.14x	0.99x
Asset Growth %	0.09%	0.04%	0.06%	0.09%	0.07%	0.05%	0.05%	0.11%	0.01%	-0.02%
Total Current Liabilities+	49.88M	60.67M	64.28M	71.97M	76.33M	89.79M	93.56M	124.31M	110.24M	93.52M
Accounts Payable	12.01M	14.39M	16.48M	15.7M	22.92M	25.7M	20.15M	37.3M	36.52M	25.78M
Days Payables Outstanding	7.96	9.45	10.43	8.85	12.01	13.33	9.3	13.28	14.14	11.3
Short-Term Debt	0	0	0	0	529K	507K	249K	301K	0	296K
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	40.88M	48.27M	52.9M	72.28M	0	-296K
Current Ratio	2.01x	1.54x	1.81x	2.27x	2.02x	1.96x	2.00x	1.90x	1.78x	1.48x
Quick Ratio	1.93x	1.47x	1.75x	2.22x	1.98x	1.92x	1.95x	1.85x	1.73x	1.42x
Cash Conversion Cycle	39.42	33.45	34.66	32.46	34.56	25.64	33.28	26.39	26.35	27.91
Total Non-Current Liabilities+	172.23M	155.74M	100.63M	105.98M	134.19M	135.33M	139.03M	152.29M	122.71M	107.32M
Long-Term Debt	37.87M	7.89M	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	649K	411K	291K	409K	249K	282K
Deferred Tax Liabilities	134.36M	147.85M	100.63M	105.98M	133.54M	134.92M	138.74M	151.88M	122.46M	107.03M
Other Non-Current Liabilities	134.36M	0	0	0	0	0	0	0	0	0
Total Liabilities	222.11M	216.41M	164.9M	177.95M	210.51M	225.12M	232.59M	276.6M	232.95M	200.84M
Total Debt+	37.87M	7.89M	0	0	1.18M	918K	540K	710K	249K	578K
Net Debt	37.43M	7.4M	-15.79M	-56.76M	-30.28M	-65.21M	-56.45M	-79.89M	-52.96M	-16.69M
Debt / Equity	0.09x	0.02x	-	-	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Debt / EBITDA	0.28x	0.06x	-	-	0.01x	0.00x	0.00x	0.00x	0.00x	0.00x
Net Debt / EBITDA	0.27x	0.05x	-0.11x	-0.36x	-0.18x	-0.33x	-0.26x	-0.31x	-0.26x	-0.12x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	409.42M	437.34M	525.5M	575.95M	597.59M	620.33M	651.68M	703.92M	757.39M	767.92M
Equity Growth %	0.06%	0.07%	0.2%	0.1%	0.04%	0.04%	0.05%	0.08%	0.08%	0.01%
Book Value per Share	4.86	5.35	6.39	6.96	7.23	7.46	7.81	8.59	9.30	9.43
Total Shareholders' Equity	409.42M	437.34M	525.5M	575.95M	597.59M	620.33M	651.68M	703.92M	757.39M	767.92M
Common Stock	328K	326K	545K	545K	547K	827K	830K	811K	813K	815K
Retained Earnings	332.63M	362.84M	448.54M	498.6M	517.58M	534.44M	565.13M	655.92M	706.78M	714.17M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	-228.2M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	128.24M	133.57M	121.88M	150.62M	156.46M	189.6M	171.2M	219.49M	164.38M	134.81M
Operating CF Margin %	0.19%	0.2%	0.17%	0.19%	0.19%	0.22%	0.18%	0.17%	0.15%	0.14%
Operating CF Growth %	0.56%	0.04%	-0.09%	0.24%	0.04%	0.21%	-0.1%	0.28%	-0.25%	-0.18%
Net Income	35.74M	33.46M	90.28M	55.03M	61.07M	69.5M	85.43M	110.35M	70.37M	26.92M
Depreciation & Amortization	75.32M	82.44M	85.12M	88.58M	95.14M	102.89M	102.56M	111.01M	116.72M	111.65M
Stock-Based Compensation	1.4M	883K	1.25M	3.32M	1.82M	1.85M	0	2.81M	0	0
Deferred Taxes	15.09M	13.54M	-47.23M	5.35M	16.05M	-924K	4.07M	11.88M	-14.58M	-15.43M
Other Non-Cash Items	-9.82M	-9.72M	-4.83M	-7.03M	-1.66M	-3.88M	-7.34M	-6.78M	-4.12M	4.15M
Working Capital Changes	10.5M	12.96M	-2.72M	5.36M	-15.95M	20.15M	-13.51M	-9.8M	-4.02M	7.51M
Change in Receivables	7.97M	8.52M	-5.97M	-8.13M	-13.64M	-13.64M	-16.75M	-23.55M	12.75M	19.83M
Change in Inventory	-42.79M	-28.91M	-49.1M	8.13M	0	13.64M	0	0	0	0
Change in Payables	-4.85M	594K	11K	1.8M	5.26M	883K	-823K	11.89M	-3.62M	-2.44M
Cash from Investing+	125.08M	-97.29M	-95.32M	-101.27M	-140.51M	-106.33M	-123.73M	-134.96M	-172.54M	-152.14M
Capital Expenditures	-187.65M	-162.35M	-156.55M	-168.52M	-189.4M	-173.05M	-199.29M	-176.62M	-240.56M	-233.23M
CapEx % of Revenue	0.28%	0.24%	0.22%	0.21%	0.22%	0.2%	0.2%	0.14%	0.21%	0.24%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	312.73M	65.06M	61.23M	67.25M	47.73M	-39K	-37K	-38K	-45K	-49K
Cash from Financing+	-2.85M	-36.46M	-11.26M	-8.38M	-41.25M	-48.61M	-56.6M	-60.93M	-19.23M	-18.62M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-3.34M	-3.25M	-4.36M	-5.46M	-42.09M	-52.37M	-54.73M	-19.56M	-19.51M	-19.54M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.18M	4.42M	1.09M	938K	836K	4.79M	-2.74M	390K	-926K	-382K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-59.41M	-28.79M	-34.67M	-17.9M	-32.94M	16.55M	-28.09M	42.87M	-76.18M	-98.42M
FCF Margin %	-0.09%	-0.04%	-0.05%	-0.02%	-0.04%	0.02%	-0.03%	0.03%	-0.07%	-0.1%
FCF Growth %	0.26%	0.52%	-0.2%	0.48%	-0.84%	1.5%	-2.7%	2.53%	-2.78%	-0.29%
FCF per Share	-0.70	-0.35	-0.42	-0.22	-0.40	0.20	-0.34	0.52	-0.94	-1.21
FCF Conversion (FCF/Net Income)	3.59x	3.99x	1.35x	2.74x	2.56x	2.73x	2.00x	1.99x	2.34x	5.01x
Interest Paid	252K	214K	151K	50K	52K	0	0	65K	0	0
Taxes Paid	2.12M	31K	14.36M	9.53M	4.95M	17.98M	0	23.65M	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.97%	7.9%	18.75%	9.99%	10.41%	11.41%	13.43%	16.28%	9.63%	3.53%
Return on Invested Capital (ROIC)	10.65%	9.81%	8.94%	10.26%	10.56%	12.46%	14.56%	17.64%	10.17%	3.42%
Gross Margin	17.19%	17.16%	17.41%	17.76%	17.43%	19.53%	18.81%	18.87%	16.68%	13.56%
Net Margin	5.38%	4.99%	12.93%	6.99%	7.24%	7.95%	8.77%	8.73%	6.22%	2.79%
Debt / Equity	0.09x	0.02x	-	-	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
FCF Conversion	3.59x	3.99x	1.35x	2.74x	2.56x	2.73x	2.00x	1.99x	2.34x	5.01x
Revenue Growth	-1.18%	0.92%	4.02%	12.82%	7.07%	3.69%	11.35%	29.81%	-10.48%	-14.83%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Truckload	348.1M	339.97M	336.6M	375.34M	378M	379.15M	396.67M	500.46M	465.48M	439.79M
Truckload Growth	-	-2.34%	-0.99%	11.51%	0.71%	0.30%	4.62%	26.17%	-6.99%	-5.52%
Dedicated	107.26M	147.01M	153.69M	223.85M	265.98M	309.78M	329.44M	429.09M	408.27M	319.13M
Dedicated Growth	-	37.05%	4.55%	45.65%	18.82%	16.47%	6.35%	30.25%	-4.85%	-21.83%
Brokerage	-	-	-	86.38M	108.89M	96.71M	145.29M	204.56M	165.63M	146.03M
Brokerage Growth	-	-	-	-	26.07%	-11.19%	50.24%	40.79%	-19.03%	-11.84%
Intermodal	65.88M	64.51M	70.28M	102.03M	90.39M	88.73M	102.25M	129.76M	92.08M	58.75M
Intermodal Growth	-	-2.08%	8.95%	45.17%	-11.40%	-1.84%	15.23%	26.92%	-29.04%	-36.19%

Frequently Asked Questions

Valuation & Price

Marten Transport, Ltd. (MRTN) has a price-to-earnings (P/E) ratio of 38.6x. This suggests investors expect higher future growth.

Growth & Financials

Marten Transport, Ltd. (MRTN) reported $1.03B in revenue for fiscal year 2024. This represents a 70% increase from $603.7M in 2011.

Marten Transport, Ltd. (MRTN) saw revenue decline by 14.8% over the past year.

Yes, Marten Transport, Ltd. (MRTN) is profitable, generating $19.4M in net income for fiscal year 2024 (2.8% net margin).

Dividend & Returns

Yes, Marten Transport, Ltd. (MRTN) pays a dividend with a yield of 1.88%. This makes it attractive for income-focused investors.

Marten Transport, Ltd. (MRTN) has a return on equity (ROE) of 3.5%. This is below average, suggesting room for improvement.

Marten Transport, Ltd. (MRTN) had negative free cash flow of $71.7M in fiscal year 2024, likely due to heavy capital investments.

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