Operating cash flow remains volatile, with an OCF/NI ratio of 23.91x in 2026Q1, while capital expenditures continue to consume a substantial portion of revenue, peaking at 33.4% in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 90.32M | 93.49M | 134.81M | 164.38M | 219.49M | 171.2M | 189.6M | 156.46M | 150.62M | 121.88M | 133.57M | 128.24M | 81.97M | 89.19M | 85.54M | 86.21M | 64.52M | 81.69M | 76.36M | 61.81M | 77.07M | 72.47M | 50.89M | 39.55M | 38.15M | 39.95M | 26.96M | 28.33M | 24.49M | 24.35M | 16.59M |
| Operating CF Margin % | - | 10.58% | 13.99% | 14.53% | 17.37% | 17.58% | 21.68% | 18.55% | 19.12% | 17.46% | 19.9% | 19.28% | 12.18% | 13.53% | 13.4% | 14.28% | 12.48% | 16.15% | 12.58% | 11.04% | 14.85% | 15.75% | 13.39% | 11.82% | 13.02% | 14.13% | 10.34% | 12.92% | 12.64% | 14.13% | 11.35% |
| Operating CF Growth % | -129.84% | -30.65% | -17.99% | -25.11% | 28.2% | -9.7% | 21.18% | 3.88% | 23.58% | -8.75% | 4.15% | 56.44% | -8.09% | 4.26% | -0.77% | 33.61% | -21.01% | 6.98% | 23.54% | -19.8% | 6.34% | 42.41% | 28.67% | 3.68% | -4.52% | 48.17% | -4.82% | 15.69% | 0.54% | 46.76% | -22.52% |
| Net Income | 14.49M | 17.44M | 26.92M | 70.37M | 110.35M | 85.43M | 69.5M | 61.07M | 55.03M | 90.28M | 33.46M | 35.74M | 29.83M | 30.15M | 27.27M | 24.29M | 19.74M | 16.27M | 18.07M | 14.97M | 24.52M | 25.06M | 17.54M | 11.84M | 5.97M | 6.51M | 7.93M | 8.46M | 7.57M | 5.31M | 1.63M |
| Depreciation & Amortization | 102.93M | 105.39M | 111.65M | 116.72M | 111.01M | 102.56M | 102.89M | 95.14M | 88.58M | 85.12M | 82.44M | 75.32M | 68.24M | 64.48M | 60.9M | 57.53M | 51.92M | 53.07M | 49.7M | 47.01M | 44.36M | 38.23M | 32.76M | 30.05M | 27.71M | 26.99M | 25.15M | 20.62M | 18.72M | 17.24M | 16.02M |
| Stock-Based Compensation | 1.59M | 1.86M | 2.24M | 2.32M | 2.81M | 2.52M | 1.85M | 1.82M | 3.32M | 1.25M | 883K | 1.4M | 921K | 1.08M | 1.23M | 1.35M | 1.26M | 586K | 666K | 460K | 447K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -17.21M | -17.32M | -15.43M | -14.58M | 11.88M | 4.07M | -924K | 16.05M | 5.35M | -47.23M | 13.54M | 15.09M | 9.58M | 4.49M | 5.23M | 10.24M | 10.55M | 5.56M | 4.84M | -1.24M | 8.87M | 11.77M | 6.17M | 4.22M | 4.38M | 4.15M | 6.01M | 4.01M | 3.31M | 1.97M | 1.74M |
| Other Non-Cash Items | -5.51M | -5.67M | 1.92M | -6.44M | -6.78M | -9.86M | -3.88M | -1.66M | -7.03M | -4.83M | -9.72M | -9.82M | -4.75M | -6.16M | -5.14M | -3.13M | -432K | -1.01M | -2.17M | -3.38M | -6.37M | -3.1M | 391K | -283K | 26K | -1.15M | 724K | -379K | 929K | 582K | 390K |
| Working Capital Changes | -5.96M | -8.22M | 7.51M | -4.02M | -9.8M | -13.51M | 20.15M | -15.95M | 5.36M | -2.72M | 12.96M | 10.5M | -21.86M | -4.85M | -3.95M | -4.06M | -18.52M | 7.21M | 5.24M | 3.99M | 5.25M | 513K | -5.97M | -6.28M | 64K | 3.45M | -12.11M | -2.31M | -5.12M | -502K | -599K |
| Change in Receivables | 211K | -661K | 19.83M | 12.75M | -23.55M | -16.75M | -13.64M | -13.64M | -8.13M | -5.97M | 8.52M | 7.97M | -14.91M | -6.48M | 1.25M | 1.25M | -14.25M | 7.71M | 186K | -3.25M | -105K | -6.9M | -5.54M | -4.73M | -4.71M | 1.72M | -5.81M | -7.92M | -882K | 561K | -1.97M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 13.64M | 0 | 8.13M | -49.1M | -28.91M | -42.79M | -71.89M | -55.08M | -54.85M | -59.14M | -23.74M | -22.64M | -17.74M | -20.1M | -621K | 2.95M | -3.15M | -2.51M | 4.95M | 2.54M | -25.47M | -3.52M | -4.23M | 12.58M | 13.2M |
| Change in Payables | 459K | -1.5M | -2.44M | -3.62M | 11.89M | -823K | 883K | 5.26M | 1.8M | 11K | 594K | -4.85M | -723K | 2.39M | 1.02M | -1.58M | 348K | 3.52M | -2.07M | 2M | 5.01M | 3.07M | 896K | -1.24M | -512K | -99K | -786K | 2.63M | -785K | 650K | 597K |
| Cash from Investing | -36.07M | -42.88M | -152.14M | -172.54M | -134.96M | -123.73M | -106.33M | -140.51M | -101.27M | -95.32M | -97.29M | 125.08M | 118.61M | -74.72M | 88.11M | -48.27M | -81.18M | -77.16M | -37.6M | -46.83M | -86.85M | -88.56M | -77.99M | -38.09M | -29.38M | -23.47M | -45.92M | -40.44M | -29.26M | -24.37M | -25.68M |
| Capital Expenditures | -137.65M | -144.55M | -233.23M | -240.56M | -176.62M | -199.29M | -173.05M | -189.4M | -168.52M | -156.55M | -162.35M | -187.65M | -162.53M | -120.84M | -135.35M | -84.91M | -121.3M | -112.79M | -68.56M | -77.71M | -126.64M | -121.44M | -107.1M | -55.59M | -40.03M | -31.84M | -56.24M | -64.34M | -43.8M | -34.49M | -43.39M |
| CapEx % of Revenue | 15.93% | 16.36% | 24.2% | 21.26% | 13.97% | 20.47% | 19.79% | 22.46% | 21.4% | 22.42% | 24.19% | 28.22% | 24.15% | 18.33% | 21.2% | 14.06% | 23.47% | 22.3% | 11.29% | 13.88% | 24.41% | 26.39% | 28.18% | 16.61% | 13.66% | 11.26% | 21.57% | 29.35% | 22.62% | 20.01% | 29.69% |
| Acquisitions | 10.38M | 0 | 0 | 0 | 0 | 0 | 0 | 1.17M | 0 | 61.27M | 65.11M | 0 | 0 | 0 | 0 | 0 | 0 | 32.91M | 31.94M | 0 | 37.3M | 32.91M | 11.53M | 35.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 91.19M | 101.68M | 81.09M | 68.02M | 41.66M | 75.56M | 66.73M | 47.73M | 67.25M | 61.23M | 65.06M | 312.73M | 281.14M | 46.12M | 223.47M | 36.5M | 40.14M | 233K | 1.28M | 30.93M | 2.3M | 401K | -1.57M | 1.3M | 10.65M | 8.37M | 10.33M | 23.91M | 14.54M | 10.12M | 17.71M |
| Cash from Financing | -19.37M | -19.6M | -18.62M | -19.23M | -60.93M | -56.6M | -48.61M | -41.25M | -8.38M | -11.26M | -36.46M | -2.85M | 23.11M | -4.29M | -14.77M | -22.42M | 16.55M | -1.51M | -39.98M | -14.35M | 11.69M | 16.31M | 27.1M | -1.46M | -10.76M | -14.49M | 18.95M | 11M | 3.84M | -961K | 8.78M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.89M | -29.98M | 13.49M | 24.37M | -2.73M | 2.73M | -19.35M | 17.85M | -1.49M | -39.98M | -14.02M | 9.72M | 15.79M | 5.55M | -70.55M | 70.43M | 68.6M | 20.64M | 13.13M | 3.84M | -1.31M | 8.61M |
| Equity Issued (Net) | 475K | 9K | 1.3M | 1.21M | -41.75M | 876K | -1.03M | 0 | -3.86M | -101K | -7.64M | -16.18M | 0 | 1.13M | 968K | 137K | 303K | 332K | -454K | 303K | 813K | 525K | 3.24M | 53.12M | 535K | 294K | -1.69M | -2.13M | 0 | 353K | 172K |
| Dividends Paid | -19.57M | -14.67M | -19.54M | -19.51M | -19.56M | -54.73M | -52.37M | -42.09M | -5.46M | -4.36M | -3.25M | -3.34M | -3.34M | -2.77M | -18.68M | -1.76M | -877K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -41.75M | 0 | -597K | 0 | -3.76M | -101K | -7.51M | -16.18M | 168.44M | 0 | 0 | 0 | 0 | 0 | -810K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.69M | -2.13M | 0 | 0 | 0 |
| Other Financing | -276K | -4.94M | -382K | -926K | 390K | -2.74M | 4.79M | 836K | 938K | 1.09M | 4.42M | 3.18M | 2.07M | 81K | 213K | -1.45M | -718K | -345K | 456K | -638K | 1.16M | 0 | 0 | 15.98M | -81.79M | -83.39M | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 39.88M | 31.01M | -35.95M | -27.39M | 23.61M | -9.13M | 34.67M | -25.3M | 40.97M | 15.3M | 54K | 311K | -13.53M | 10.18M | -17.35M | 15.52M | -104K | 3.02M | -1.22M | 630K | 1.91M | 225K | 0 | 0 | -10.76M | -14.49M | 0 | 11M | -936K | -976K | -302K |
| Free Cash Flow | -47.32M | -51.06M | -98.42M | -76.18M | 42.87M | -28.09M | 16.55M | -32.94M | -17.9M | -34.67M | -28.79M | -59.41M | -80.56M | -31.65M | -49.81M | 1.3M | -56.78M | -31.1M | 7.79M | -15.9M | -49.58M | -48.97M | -56.21M | -16.04M | -1.88M | 8.11M | -29.28M | -36.02M | -19.32M | -10.14M | -26.79M |
| FCF Margin % | -5.48% | -5.78% | -10.21% | -6.73% | 3.39% | -2.89% | 1.89% | -3.91% | -2.27% | -4.97% | -4.29% | -8.93% | -11.97% | -4.8% | -7.8% | 0.22% | -10.98% | -6.15% | 1.28% | -2.84% | -9.55% | -10.64% | -14.79% | -4.79% | -0.64% | 2.87% | -11.23% | -16.43% | -9.97% | -5.88% | -18.33% |
| FCF Growth % | -160.36% | 48.11% | -29.19% | -277.71% | 252.6% | -269.77% | 150.23% | -84.05% | 48.37% | -20.44% | 51.54% | 26.25% | -154.51% | 36.46% | -3928.9% | 102.29% | -82.56% | -499.18% | 149% | 67.93% | -1.24% | 12.89% | -250.47% | -753.14% | -123.18% | 127.7% | 18.7% | -86.47% | -90.53% | 62.16% | -46.01% |
| FCF per Share | -0.58 | -0.63 | -1.21 | -0.94 | 0.52 | -0.34 | 0.20 | -0.40 | -0.22 | -0.42 | -0.35 | -0.70 | -0.96 | -0.38 | -0.60 | 0.02 | -0.69 | -0.38 | 0.09 | -0.19 | -0.60 | -0.59 | -0.69 | -0.25 | -0.03 | 0.15 | -0.55 | -0.20 | -0.10 | -0.08 | -0.21 |
| FCF Conversion (FCF/Net Income) | -3.27x | 5.36x | 5.01x | 2.34x | 1.99x | 2.00x | 2.73x | 2.56x | 2.74x | 1.35x | 3.99x | 3.59x | 2.75x | 2.96x | 3.14x | 3.55x | 3.27x | 5.02x | 4.23x | 4.13x | 3.14x | 2.89x | 2.90x | 3.34x | 6.39x | 6.13x | 3.40x | 3.35x | 3.23x | 4.59x | 10.18x |
| Interest Paid | 0 | 0 | 0 | 10K | 65K | 0 | 0 | 52K | 50K | 151K | 214K | 252K | 179K | 97K | 9K | 36K | 225K | 200K | 1.24M | 3.97M | 3.62M | 2.35M | 2.13M | 2.94M | 3.58M | 5.55M | 5.56M | 4.01M | 3.67M | 4.21M | 3.58M |
| Taxes Paid | 19.63M | 27.02M | 19.17M | 36.98M | 23.65M | 21.72M | 17.98M | 4.95M | 9.53M | 14.36M | 31K | 2.12M | 26.77M | 16.19M | 8.84M | -2.56M | 13.79M | 4.91M | 6.37M | 6.63M | 2.34M | 2.97M | 4.61M | 538K | 1.29M | 48K | 776K | 854K | 2.17M | 534K | 446K |
Freight market volume contraction
As reported in financial statements, Marten Transport's operating cash flow consistently dwarfs net income, with the OCF/NI ratio reaching an extreme 23.91x in 2026Q1, suggesting that reported earnings significantly understate the actual cash-generating capacity of the underlying asset-heavy business model during this period of contraction.
The persistent gap between net income and operating cash flow indicates that non-cash charges, primarily depreciation, are the dominant drivers of the company's cash profile. Investors should monitor whether this divergence reflects a structural reliance on asset turnover rather than true operational profitability.
According to recent SEC filings, Marten Transport's free cash flow trajectory remains highly erratic, swinging from a positive $21.1 million in 2026Q1 to a significant negative $34.5 million in 2024Q4, reflecting the company's struggle to align capital expenditures with fluctuating operational cash inflows in a soft freight environment.
The inability to maintain consistent positive free cash flow suggests that the company's capital-intensive nature creates a high hurdle for cash generation. This volatility may indicate that management is prioritizing fleet modernization over immediate cash preservation during cyclical downturns.
Based on MRTN's reported figures, capital expenditures have remained elevated, peaking at 33.4% of revenue in 2024Q3, which highlights the heavy reinvestment requirements necessary to maintain a modern, refrigerated fleet despite the broader revenue contraction currently impacting the company's top-line performance and overall margin profile.
The high ratio of CapEx to revenue suggests that the company is locked into a cycle of constant asset replacement to remain competitive in the specialized refrigerated segment. This capital intensity appears to be a primary constraint on the company's ability to generate sustainable free cash flow.
As evidenced by the quarterly data, working capital changes have been highly inconsistent, ranging from a $7.6 million inflow in 2026Q1 to a $20.0 million outflow in 2025Q4, suggesting that the company's cash conversion cycle is sensitive to the timing of freight payments and inventory-related logistics.
The erratic nature of these working capital swings may indicate challenges in managing receivables or inventory levels during periods of shifting freight demand. Investors should investigate whether these fluctuations are indicative of broader operational inefficiencies in the company's collection or payables management processes.
Quick answers to the most common questions about buying MRTN stock.
Marten Transport, Ltd. (MRTN) generated $93.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Marten Transport, Ltd. (MRTN) reported negative free cash flow of $51.1M in 2025, indicating capital requirements exceeded cash from operations.
Marten Transport, Ltd. (MRTN) spent $144.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Marten Transport, Ltd. (MRTN) returned $14.7M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.