Landstar System, Inc. (LSTR) 10-Year Financial Performance & Capital Metrics

LSTR • • Industrial / General

IndustrialsFreight & LogisticsFreight Forwarding & Logistics ServicesGlobal Freight Forwarders

AboutLandstar System, Inc. provides integrated transportation management solutions in the United States, Canada, Mexico, and internationally. The company operates through two segments: Transportation Logistics, and Insurance. The Transportation Logistics segment offers a range of transportation services, including truckload and less-than-truckload transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul/specialized, U.S.-Canada and U.S.-Mexico cross-border, intra-Mexico, intra-Canada, project cargo, and customs brokerage, as well as offers transportation services to other transportation companies, such as third party logistics, small package and less-than-truckload service providers. It provides truck services through dry and specialty vans of various sizes, unsided/platform trailers, temperature-controlled vans, and containers; rail intermodal services through contracts with domestic and Canadian railroads; and air and ocean services through contracts with domestic and international airlines and ocean lines. This segment serves the automotive parts and assemblies, consumer durables, building products, metals, chemicals, foodstuffs, heavy machinery, retail, electronics, and military equipment industries. The Insurance segment reinsures certain risks of the company's independent contractors. The company markets its services through independent commission sales agents and third party capacity providers. Landstar System, Inc. was founded in 1968 and is headquartered in Jacksonville, Florida.Show more

Revenue $4.83B -9.0%
EBITDA $306M -24.0%
Net Income $196M -25.9%
EPS (Diluted) 5.51 -25.1%
Gross Margin 20.17% -5.3%
EBITDA Margin 6.32% -16.5%
Operating Margin 5.15% -20.5%
Net Margin 4.05% -18.5%
ROE 20.03% -29.1%
ROIC 29.72% -14.6%
Debt/Equity 0.17 +24.6%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 32.5%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.2%
✓Efficient asset utilization: 2.7x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.26%

5Y3.4%

3Y-9.59%

TTM-0.8%

Profit (Net Income) CAGR

10Y3.51%

5Y-2.96%

3Y-19.92%

TTM-33.93%

EPS CAGR

10Y6.02%

5Y-0.75%

3Y-17.96%

TTM-32.76%

ROCE

10Y Avg36.99%

5Y Avg38.25%

3Y Avg36.07%

Latest21.96%

Peer Comparison

Global Freight Forwarders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHRWC.H. Robinson Worldwide, Inc.	20.71B	175.33	45.42	0.73%	3.64%	32.31%	2.35%	1.01
EXPDExpeditors International of Washington, Inc.	21.95B	163.76	28.63	13.98%	7.57%	37.04%	3.11%	0.26
LSTRLandstar System, Inc.	5.36B	156.00	28.31	-9.02%	2.87%	15.44%	4.77%	0.17

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	3.32B	3.17B	3.65B	4.62B	4.09B	4.14B	6.54B	7.44B	5.31B	4.83B
Revenue Growth %	0.04%	-0.05%	0.15%	0.27%	-0.11%	0.01%	0.58%	0.14%	-0.29%	-0.09%
Cost of Goods Sold+	2.6B	2.47B	2.87B	3.65B	3.21B	3.28B	5.22B	5.93B	4.18B	3.86B
COGS % of Revenue	0.78%	0.78%	0.79%	0.79%	0.78%	0.79%	0.8%	0.8%	0.79%	0.8%
Gross Profit+	722.39M	696.19M	781.21M	973.32M	881.83M	855.76M	1.32B	1.51B	1.13B	974.88M
Gross Margin %	0.22%	0.22%	0.21%	0.21%	0.22%	0.21%	0.2%	0.2%	0.21%	0.2%
Gross Profit Growth %	0.06%	-0.04%	0.12%	0.25%	-0.09%	-0.03%	0.54%	0.14%	-0.25%	-0.14%
Operating Expenses+	480.68M	472.94M	537.24M	641.59M	582.92M	602.81M	814.63M	938.79M	786.81M	725.98M
OpEx % of Revenue	0.14%	0.15%	0.15%	0.14%	0.14%	0.15%	0.12%	0.13%	0.15%	0.15%
Selling, General & Admin	420.28M	407.44M	467.99M	566.21M	501.18M	495.82M	728.49M	836.14M	674.47M	610.46M
SG&A % of Revenue	0.13%	0.13%	0.13%	0.12%	0.12%	0.12%	0.11%	0.11%	0.13%	0.13%
Research & Development	0	0	0	0	0	0	0	0	35M	34M
R&D % of Revenue	-	-	-	-	-	-	-	-	0.01%	0.01%
Other Operating Expenses	60.4M	65.5M	69.25M	75.37M	81.74M	106.99M	86.14M	102.64M	77.34M	81.52M
Operating Income+	241.71M	223.25M	243.97M	331.74M	298.9M	252.95M	505.67M	571.08M	344.15M	248.91M
Operating Margin %	0.07%	0.07%	0.07%	0.07%	0.07%	0.06%	0.08%	0.08%	0.06%	0.05%
Operating Income Growth %	0.08%	-0.08%	0.09%	0.36%	-0.1%	-0.15%	1%	0.13%	-0.4%	-0.28%
EBITDA+	270.81M	259.05M	284.53M	375.31M	343.37M	298.81M	555.28M	628.54M	402.3M	305.64M
EBITDA Margin %	0.08%	0.08%	0.08%	0.08%	0.08%	0.07%	0.08%	0.08%	0.08%	0.06%
EBITDA Growth %	0.07%	-0.04%	0.1%	0.32%	-0.09%	-0.13%	0.86%	0.13%	-0.36%	-0.24%
D&A (Non-Cash Add-back)	29.1M	35.8M	40.56M	43.57M	44.47M	45.85M	49.61M	57.45M	58.15M	56.74M
EBIT	241.49M	219.77M	243.19M	330.76M	297.89M	281.04M	503.84M	568.14M	339.57M	247.31M
Net Interest Income+	-2.95M	-3.79M	-3.17M	-3.35M	-3.14M	-3.95M	-3.98M	-3.62M	3.95M	5.42M
Interest Income	0	0	0	0	0	0	0	0	3.95M	5.42M
Interest Expense	2.95M	3.79M	3.17M	3.35M	3.14M	3.95M	3.98M	3.62M	0	0
Other Income/Expense	-2.95M	-3.79M	-3.17M	-3.35M	-3.14M	-3.95M	-3.98M	-3.62M	3.95M	5.42M
Pretax Income+	238.76M	219.46M	240.8M	328.38M	295.76M	249M	501.69M	567.46M	348.1M	254.33M
Pretax Margin %	0.07%	0.07%	0.07%	0.07%	0.07%	0.06%	0.08%	0.08%	0.07%	0.05%
Income Tax+	91.07M	82.11M	63.81M	73.17M	68.06M	56.89M	120.17M	136.55M	83.7M	58.38M
Effective Tax Rate %	0.62%	0.63%	0.74%	0.78%	0.77%	0.77%	0.76%	0.76%	0.76%	0.77%
Net Income+	147.69M	137.35M	177.09M	255.28M	227.72M	192.11M	381.52M	430.91M	264.39M	195.95M
Net Margin %	0.04%	0.04%	0.05%	0.06%	0.06%	0.05%	0.06%	0.06%	0.05%	0.04%
Net Income Growth %	0.06%	-0.07%	0.29%	0.44%	-0.11%	-0.16%	0.99%	0.13%	-0.39%	-0.26%
Net Income (Continuing)	147.69M	137.35M	177M	255.21M	227.7M	192.11M	381.52M	430.91M	264.39M	195.95M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	3.21M	2.31M	0	0	0	0	0	0
EPS (Diluted)+	3.37	3.25	4.21	6.18	5.72	4.98	9.98	11.76	7.36	5.51
EPS Growth %	0.1%	-0.04%	0.3%	0.47%	-0.07%	-0.13%	1%	0.18%	-0.37%	-0.25%
EPS (Basic)	3.38	3.26	4.22	6.19	5.72	4.98	10.12	11.99	7.36	5.51
Diluted Shares Outstanding	43.81M	42.24M	42.02M	41.31M	39.79M	38.6M	38.23M	36.63M	35.92M	35.54M
Basic Shares Outstanding	43.66M	42.11M	41.94M	41.27M	39.79M	38.6M	37.69M	35.93M	35.92M	35.54M
Dividend Payout Ratio	0.39%	0.1%	0.09%	0.35%	0.12%	0.57%	0.29%	0.27%	0.44%	0.61%

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+	662.67M	737.41M	961.2M	971.43M	997.89M	1.21B	1.52B	1.44B	1.35B	1.32B
Cash & Short-Term Investments	163.34M	245.46M	291.34M	239.79M	352.42M	290.73M	251.3M	393.54M	540.7M	566.64M
Cash Only	114.52M	178.9M	242.42M	199.74M	319.51M	249.35M	215.52M	339.58M	481.04M	515.02M
Short-Term Investments	48.82M	66.56M	48.93M	40.06M	32.9M	41.38M	35.78M	53.95M	59.66M	51.62M
Accounts Receivable	481.17M	481.67M	655.47M	715.35M	624.1M	898.93M	1.26B	1.02B	787.1M	731M
Days Sales Outstanding	52.86	55.48	65.57	56.53	55.7	79.32	70.06	50.24	54.07	55.19
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	11.6M	10.28M	14.39M	16.29M	21.37M	18.52M	16.16M	21.83M	24.94M	22.23M
Total Non-Current Assets+	335.4M	359.18M	391.26M	409.13M	429.82M	445.62M	522.57M	492.49M	449.11M	493.44M
Property, Plant & Equipment	225.93M	272.84M	276.01M	284.03M	288.6M	297M	317.39M	314.99M	286M	311.35M
Fixed Asset Turnover	14.71x	11.62x	13.22x	16.26x	14.17x	13.93x	20.61x	23.62x	18.58x	15.53x
Goodwill	31.13M	31.13M	39.06M	38.23M	38.51M	40.95M	40.77M	41.22M	42.27M	40.93M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	-18.16M	-53.58M	-36.74M	-40.32M	84.84M	0	0	0	92.1M	92.25M
Other Non-Current Assets	78.34M	55.21M	76.18M	86.87M	17.88M	107.68M	164.41M	136.28M	28.73M	48.92M
Total Assets+	998.07M	1.1B	1.35B	1.38B	1.43B	1.65B	2.05B	1.93B	1.8B	1.81B
Asset Turnover	3.33x	2.89x	2.70x	3.35x	2.86x	2.50x	3.20x	3.85x	2.95x	2.67x
Asset Growth %	-0.04%	0.1%	0.23%	0.02%	0.03%	0.16%	0.24%	-0.06%	-0.07%	0.01%
Total Current Liabilities+	369.54M	380.31M	548.64M	535.82M	552.9M	806.14M	1.01B	878.13M	675.22M	673.15M
Accounts Payable	223.71M	219.41M	285.13M	314.13M	272M	380.5M	604.13M	527.37M	395.98M	383.63M
Days Payables Outstanding	31.4	32.38	36.29	31.45	30.95	42.33	42.24	32.46	34.56	36.28
Short-Term Debt	78.11M	81.3M	84.29M	98.9M	97.22M	110.16M	116.48M	129.13M	61.54M	61.03M
Deferred Revenue (Current)	0	0	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	25.22M	79.6M	110.2M	23.63M	173.8M	238.7M	177.43M	113.61M	148M	124.75M
Current Ratio	1.79x	1.94x	1.75x	1.81x	1.80x	1.50x	1.51x	1.64x	2.00x	1.96x
Quick Ratio	1.79x	1.94x	1.75x	1.81x	1.80x	1.50x	1.51x	1.64x	2.00x	1.96x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	162.3M	173.72M	149.94M	155.61M	153.34M	155.83M	173.47M	166.52M	142.7M	167.72M
Long-Term Debt	81.79M	93.26M	83.06M	0	0	65.36M	75.24M	67.22M	0	0
Capital Lease Obligations	81.79M	0	0	0	72.25M	0	75.24M	67.22M	43.26M	69.19M
Deferred Tax Liabilities	59.03M	53.58M	36.74M	40.32M	0	51.6M	48.72M	41.03M	0	0
Other Non-Current Liabilities	-1.29M	80.47M	66.88M	155.61M	81.09M	38.87M	-25.73M	-8.96M	99.44M	97.98M
Total Liabilities	531.83M	554.03M	698.58M	691.43M	706.24M	961.96M	1.18B	1.04B	817.92M	840.87M
Total Debt+	159.9M	174.56M	167.35M	183.76M	169.47M	175.52M	303.52M	299.75M	132.68M	163.34M
Net Debt	45.38M	-4.34M	-75.06M	-15.97M	-150.05M	-73.83M	88M	-39.83M	-348.36M	-351.68M
Debt / Equity	0.34x	0.32x	0.26x	0.27x	0.23x	0.25x	0.35x	0.34x	0.13x	0.17x
Debt / EBITDA	0.59x	0.67x	0.59x	0.49x	0.49x	0.59x	0.55x	0.48x	0.33x	0.53x
Net Debt / EBITDA	0.17x	-0.02x	-0.26x	-0.04x	-0.44x	-0.25x	0.16x	-0.06x	-0.87x	-1.15x
Interest Coverage	81.96x	58.84x	77.06x	98.91x	95.16x	63.99x	127.18x	157.76x	-	-
Total Equity+	466.24M	542.56M	653.88M	689.13M	721.47M	691.84M	862.01M	887.22M	983.92M	972.44M
Equity Growth %	-0.05%	0.16%	0.21%	0.05%	0.05%	-0.04%	0.25%	0.03%	0.11%	-0.01%
Book Value per Share	10.64	12.85	15.56	16.68	18.13	17.92	22.55	24.22	27.39	27.36
Total Shareholders' Equity	466.24M	542.56M	650.67M	686.82M	721.47M	691.84M	862.01M	887.22M	983.92M	972.44M
Common Stock	674K	676K	677K	679K	681K	682K	682K	684K	685K	686K
Retained Earnings	1.39B	1.51B	1.61B	1.84B	1.96B	2.05B	2.32B	2.64B	2.78B	2.86B
Treasury Stock	-1.12B	-1.17B	-1.17B	-1.38B	-1.47B	-1.58B	-1.71B	-1.99B	-2.05B	-2.13B
Accumulated OCI	-3.49M	-3.09M	-3.16M	-5.88M	-2.21M	-2M	-5.4M	-15.02M	-6.87M	-12.01M
Minority Interest	0	0	3.21M	2.31M	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+	216.02M	190.24M	138.96M	297.9M	307.84M	210.72M	276.74M	622.66M	393.65M	286.56M
Operating CF Margin %	0.07%	0.06%	0.04%	0.06%	0.08%	0.05%	0.04%	0.08%	0.07%	0.06%
Operating CF Growth %	1.12%	-0.12%	-0.27%	1.14%	0.03%	-0.32%	0.31%	1.25%	-0.37%	-0.27%
Net Income	147.69M	137.35M	177M	255.21M	227.7M	192.11M	381.52M	430.91M	264.39M	195.95M
Depreciation & Amortization	29.1M	35.8M	40.56M	43.57M	44.47M	45.85M	49.61M	57.45M	58.15M	56.74M
Stock-Based Compensation	6.92M	2.75M	7.72M	18.26M	4.24M	4.64M	27.54M	12.4M	4.28M	3.44M
Deferred Taxes	6.79M	6.33M	-17.03M	2.12M	4.77M	1.13M	-3.79M	-5.36M	-7.71M	-6.99M
Other Non-Cash Items	5.89M	2.5M	6.92M	6.69M	9.07M	9.76M	4.34M	9.63M	9.72M	16.93M
Working Capital Changes	19.62M	5.53M	-76.2M	-27.94M	17.6M	-42.77M	-182.48M	117.62M	64.81M	20.5M
Change in Receivables	5.89M	5.74M	5.74M	7.42M	81.42M	-285.17M	-362.23M	219.19M	222.9M	37.83M
Change in Inventory	14.87M	-2.38M	-166.85M	-59.43M	0	0	0	0	0	0
Change in Payables	3.63M	-9.6M	68.86M	22.53M	-42.14M	108.09M	224.13M	-76.76M	-131.39M	-12.36M
Cash from Investing+	-8.67M	-14.17M	-22.08M	-8.19M	-18.56M	-28.42M	-73.34M	-24.77M	-6.48M	-10.5M
Capital Expenditures	-4.8M	-22.64M	-15.59M	-9.75M	-19.42M	-30.63M	-23.26M	-26M	-25.69M	-31M
CapEx % of Revenue	0%	0.01%	0%	0%	0%	0.01%	0%	0%	0%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.69M	10.21M	4.03M	4.02M	3.99M	7.76M	2.97M	-5M	8.29M	9.75M
Cash from Financing+	-254.67M	-112.07M	-54.4M	-330.68M	-170.56M	-252.03M	-232.95M	-475.68M	-247.97M	-237.34M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-57.88M	-14.33M	-15.94M	-88.92M	-27.89M	-109.5M	-111.96M	-115.67M	-117.13M	-120.48M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.55M	-2.71M	-881K	-4.92M	-8M	-3.73M	-2.35M	-11.44M	-9.16M	-3.93M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	211.22M	167.6M	123.38M	288.15M	288.42M	180.09M	253.48M	596.65M	367.96M	255.56M
FCF Margin %	0.06%	0.05%	0.03%	0.06%	0.07%	0.04%	0.04%	0.08%	0.07%	0.05%
FCF Growth %	1.31%	-0.21%	-0.26%	1.34%	0%	-0.38%	0.41%	1.35%	-0.38%	-0.31%
FCF per Share	4.82	3.97	2.94	6.98	7.25	4.67	6.63	16.29	10.24	7.19
FCF Conversion (FCF/Net Income)	1.46x	1.39x	0.78x	1.17x	1.35x	1.10x	0.73x	1.44x	1.49x	1.46x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	30.95%	27.23%	29.6%	38.02%	32.29%	27.19%	49.11%	49.27%	28.26%	20.03%
Return on Invested Capital (ROIC)	36.92%	31.9%	32.76%	39.75%	36.02%	31.9%	48.37%	47.66%	34.81%	29.72%
Gross Margin	21.74%	21.97%	21.41%	21.07%	21.56%	20.69%	20.19%	20.29%	21.28%	20.17%
Net Margin	4.45%	4.33%	4.85%	5.53%	5.57%	4.64%	5.83%	5.79%	4.98%	4.05%
Debt / Equity	0.34x	0.32x	0.26x	0.27x	0.23x	0.25x	0.35x	0.34x	0.13x	0.17x
Interest Coverage	81.96x	58.84x	77.06x	98.91x	95.16x	63.99x	127.18x	157.76x	-	-
FCF Conversion	1.46x	1.39x	0.78x	1.17x	1.35x	1.10x	0.73x	1.44x	1.49x	1.46x
Revenue Growth	4.28%	-4.62%	15.14%	26.59%	-11.46%	1.14%	58.12%	13.75%	-28.58%	-9.02%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Transportation Logistics	3.28B	3.12B	3.6B	4.56B	4.03B	4.08B	6.47B	7.36B	5.23B	4.76B
Transportation Logistics Growth	-	-4.74%	15.32%	26.77%	-11.71%	1.20%	58.61%	13.80%	-28.91%	-9.08%
Insurance	-	-	-	52.35M	56.24M	56.46M	71.86M	78.55M	72.48M	120.71M
Insurance Growth	-	-	-	-	7.44%	0.39%	27.27%	9.32%	-7.74%	66.56%

Frequently Asked Questions

Valuation & Price

Landstar System, Inc. (LSTR) has a price-to-earnings (P/E) ratio of 28.3x. This suggests investors expect higher future growth.

Growth & Financials

Landstar System, Inc. (LSTR) reported $4.79B in revenue for fiscal year 2024. This represents a 81% increase from $2.65B in 2011.

Landstar System, Inc. (LSTR) saw revenue decline by 9.0% over the past year.

Yes, Landstar System, Inc. (LSTR) is profitable, generating $137.3M in net income for fiscal year 2024 (4.1% net margin).

Dividend & Returns

Yes, Landstar System, Inc. (LSTR) pays a dividend with a yield of 2.17%. This makes it attractive for income-focused investors.

Landstar System, Inc. (LSTR) has a return on equity (ROE) of 20.0%. This is excellent, indicating efficient use of shareholder capital.

Landstar System, Inc. (LSTR) generated $198.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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