Latest Ratios: P/E Ratio -61.4x · EV/EBITDA 9.7x · ROE -6.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $782M | $704M | $884M | $1.1B | $1.2B | $1.3B | $1.5B | $1.7B | $1.5B | $1.9B | $1.7B |
| Enterprise Value | $925M | $847M | $1.1B | $1.4B | $1.6B | $1.2B | $1.4B | $1.6B | $1.3B | $1.9B | $1.6B |
| P/E Ratio → | -61.37 | — | — | 75.05 | 9.08 | 16.82 | 20.80 | 23.65 | 20.80 | 25.93 | 29.94 |
| P/S Ratio | 1.09 | 0.87 | 0.84 | 0.93 | 1.25 | 2.21 | 2.28 | 2.89 | 2.47 | 3.20 | 2.77 |
| P/B Ratio | 1.04 | 0.93 | 1.07 | 1.30 | 1.42 | 1.84 | 2.04 | 2.52 | 2.45 | 3.38 | 3.36 |
| P/FCF | — | — | 25.39 | — | 35.48 | — | — | — | — | — | 24.35 |
| P/OCF | 8.75 | 7.88 | 6.12 | 6.82 | 6.22 | 10.85 | 8.24 | 11.80 | 10.29 | 17.76 | 10.90 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.05 | 1.03 | 1.17 | 1.65 | 1.95 | 2.11 | 2.76 | 2.20 | 3.08 | 2.56 |
| EV / EBITDA | 9.72 | 8.70 | 7.02 | 7.07 | 7.11 | 5.64 | 6.67 | 8.45 | 7.05 | 11.17 | 8.21 |
| EV / EBIT | — | — | — | 32.17 | 8.42 | 11.14 | 14.42 | 16.80 | 14.65 | 28.91 | 18.23 |
| EV / FCF | — | — | 31.01 | — | 46.74 | — | — | — | — | — | 22.51 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.4% | 8.4% | 10.5% | 12.0% | 20.7% | 21.1% | 22.9% | 20.5% | 20.6% | 16.9% | 21.9% |
| Operating Margin | -7.7% | -7.7% | -2.6% | 0.1% | 9.4% | 17.4% | 14.5% | 15.8% | 14.7% | 10.5% | 14.0% |
| Net Profit Margin | -6.5% | -6.5% | -2.8% | 1.2% | 13.8% | 13.1% | 11.0% | 12.2% | 11.9% | 12.4% | 9.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.6% | -6.6% | -3.5% | 1.7% | 16.9% | 10.9% | 10.1% | 11.2% | 12.2% | 13.9% | 11.6% |
| ROA | -4.2% | -4.2% | -2.1% | 0.9% | 10.3% | 8.4% | 7.7% | 8.6% | 9.1% | 9.8% | 7.6% |
| ROIC | -4.8% | -4.8% | -1.9% | 0.1% | 7.6% | 13.4% | 11.5% | 13.3% | 14.1% | 10.9% | 15.8% |
| ROCE | -5.4% | -5.4% | -2.1% | 0.1% | 7.7% | 12.1% | 10.9% | 12.0% | 12.3% | 9.2% | 12.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.21 | 0.25 | 0.37 | 0.51 | — | — | — | — | — | — |
| Debt / EBITDA | 1.66 | 1.66 | 1.36 | 1.58 | 1.93 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.19 | 0.24 | 0.33 | 0.45 | -0.22 | -0.16 | -0.11 | -0.26 | -0.13 | -0.25 |
| Net Debt / EBITDA | 1.47 | 1.47 | 1.27 | 1.44 | 1.71 | -0.75 | -0.56 | -0.39 | -0.84 | -0.45 | -0.67 |
| Debt / FCF | — | — | 5.62 | — | 11.26 | — | — | — | — | — | -1.84 |
| Interest Coverage | -4.93 | -4.93 | -1.09 | 1.82 | 22.17 | — | — | 93.37 | — | 369.56 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | 1.08 | 1.37 | 1.47 | 3.26 | 2.72 | 2.39 | 3.59 | 2.27 | 3.08 |
| Quick Ratio | 1.04 | 1.04 | 1.08 | 1.37 | 1.47 | 3.26 | 2.72 | 2.39 | 3.59 | 2.27 | 3.08 |
| Cash Ratio | 0.17 | 0.17 | 0.11 | 0.23 | 0.32 | 2.20 | 1.62 | 1.21 | 2.50 | 1.00 | 1.96 |
| Asset Turnover | — | 0.68 | 0.79 | 0.80 | 0.58 | 0.65 | 0.68 | 0.66 | 0.76 | 0.77 | 0.83 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 34.12 | 32.63 | 34.13 | 53.90 | 34.20 | 31.44 | 34.91 | 29.36 | 42.48 | 30.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 0.9% | 0.5% | 0.6% | 0.5% | 3.4% | 0.4% | 0.4% | 0.4% | 0.3% | 0.4% |
| Payout Ratio | — | — | — | 42.8% | 4.7% | 57.9% | 9.2% | 9.0% | 9.1% | 8.9% | 11.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 1.3% | 11.0% | 5.9% | 4.8% | 4.2% | 4.8% | 3.9% | 3.3% |
| FCF Yield | — | — | 3.9% | — | 2.8% | — | — | — | — | — | 4.1% |
| Buyback Yield | 1.3% | 1.5% | 0.8% | 0.0% | 0.0% | 2.4% | 1.7% | 0.0% | 1.7% | 0.0% | 0.9% |
| Total Shareholder Yield | 2.1% | 2.4% | 1.4% | 0.6% | 0.5% | 5.8% | 2.2% | 0.4% | 2.1% | 0.4% | 1.3% |
| Shares Outstanding | — | $78M | $79M | $79M | $79M | $80M | $81M | $82M | $82M | $83M | $83M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HTLD stock.
Heartland Express, Inc.'s current P/E ratio is -61.4x. The historical average is 23.5x.
Heartland Express, Inc.'s current EV/EBITDA is 9.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.5x.
Heartland Express, Inc.'s return on equity (ROE) is -6.6%. The historical average is 15.1%.
Based on historical data, Heartland Express, Inc. is trading at a P/E of -61.4x. Compare with industry peers and growth rates for a complete picture.
Heartland Express, Inc.'s current dividend yield is 0.79%.
Heartland Express, Inc. has 8.4% gross margin and -7.7% operating margin.
Heartland Express, Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Persistent revenue contraction and integration
Metrics are mathematically derived from official filings.
Earnings Multiples Price a Recovery Not Yet Visible
Based on reported figures, HTLD's trailing P/E is negative at -15.06 while its forward P/E of 71.46 implies a sharp earnings rebound that has not yet appeared in quarterly results, leaving the market to price a turnaround.
Compared with Marten at 55.90 and Schneider at 47.14, the forward multiple is elevated, suggesting investors are pricing earnings normalization well ahead of evidence. The steadier anchors are price-to-book of 1.04 and EV/EBITDA of 9.50, roughly in line with Marten's 1.25 and 7.87 and Werner's 1.17 and 6.48, so the stock does not look obviously cheap on asset value. Investors may treat the forward P/E as a bet on sustained operating ratio improvement rather than a confirmed valuation signal.
Margins Compressed Beneath a Thin Recovery
As reported in financial statements, operating margin improved from -8.9% in Q4 2025 to -3.1% in Q3 2026, yet remains negative, while the 0.5% net margin in the latest quarter appears to depend on non-operating items rather than core freight earnings.
Gross margin of 2.7% in Q3 2026 versus 12.0% in Q2 2024 shows that cost of revenue has absorbed nearly all revenue as freight rates weakened. The gap between operating and net results suggests equipment gains and other non-operating items may be doing much of the earnings work. Investors may wish to treat the net margin as lower-quality evidence of recovery until operating margin turns consistently positive.
Returns Stuck Below Cost of Capital
Based on Heartland Express's reported figures, ROIC has been negative across all ten quarters, reaching -0.5% in Q3 2026, while ROE sits near zero at 0.1%, indicating the asset base is not yet earning its cost of capital.
The persistent negative ROIC, compared with Schneider's 3.7% and Werner's 2.5%, suggests the CFI and Smith Transport acquisitions have not yet generated returns on capital deployed. ROE near zero against roughly $750M of equity implies returns are being absorbed by fixed fleet and goodwill costs. Investors should monitor whether ROIC crosses zero sustainably, as that would be the first evidence the acquisition thesis is working.
Debt Falling but Coverage Remains Negative
According to reported filings, debt-to-equity fell from 0.30 in Q2 2024 to 0.15 in Q3 2026, yet interest coverage stayed negative at -3.48 in the latest quarter, meaning operating earnings did not cover interest expense.
Debt reduction is a genuine improvement, but EBITDA-based leverage of 4.49 times remains elevated relative to the company's pre-acquisition profile. Negative interest coverage suggests debt service may depend on cash reserves or asset sales rather than operating earnings. Investors should watch refinancing terms and whether coverage turns positive as the operating ratio improves.
Current Ratio Falls Below One
As reported in financial statements, the current ratio dropped from 1.58 in Q2 2026 to 0.77 in Q3 2026, with cash of $48.5M against short-term obligations that now exceed liquid current assets.
A current ratio below 1.0 indicates short-term obligations are outpacing liquid resources, a sharp shift from the 1.04 to 1.58 range seen over most of the prior year. Quick ratio equals current ratio here, implying inventory is minimal and liquidity depends mainly on receivables and cash. Under stress, the company may need to rely on equipment sales, which ties liquidity to the used truck market.
Operating Ratio Gains May Be Cost-Driven Only
The most material challenge is that improving ratios may reflect cost cutting within a still-contracting freight market rather than a demand recovery, with revenue down roughly 23% year over year in the latest reported quarter.
If revenue continues to decline, cost reductions may reach a floor and fail to offset the shrinking top line, leaving margins exposed. Net income also appears sensitive to equipment gains, so a normalization in used truck prices could remove a support that the reported figures may currently rely on. Investors should check whether revenue per tractor and utilization stabilize before treating the margin trajectory as durable.