Depreciation of $25-28M per quarter has inflated operating cash flow to 7.8x net income in 2026Q3 ($22.6M OCF vs. $2.9M NI), yet the reported +$22.6M free cash flow appears driven by an abrupt capex freeze that may signal fleet underinvestment rather than sustainable cash generation.
Marten Transport, Ltd. (MRTN) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 88.87M | 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 % | -80.09% | -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 | 13.33M | 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 | 100.78M | 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 | 1.33M | 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 | -1.34M | -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 | -4.94M | -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 | -20.29M | -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 | -5.07M | -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 | -4.63M | -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 | -28.16M | -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 | -85.24M | -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 | 9.91% | 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 | 0 | 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 | 57.09M | 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 | -18.69M | -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) | 1.17M | 9K | 1.3M | 1.21M | -39.75M | 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 | -19.59M | -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 | -1.61M | -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 | 47.02M | 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 | 3.62M | -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 % | 0.42% | -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 % | 105.05% | 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 | 0.04 | -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) | 0.27x | 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 | 13.35M | 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 |
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.
Key Metrics
Top Statement Risk
Capex underinvestment distorting FCF quality
Metrics are mathematically derived from official filings.
Depreciation-Driven OCF Outperformance
MRTN's operating cash flow exceeded net income by 7.8x in 2026Q3, with 10-quarter cumulative OCF of approximately $266M dwarfing cumulative net income of $44M, a divergence driven by quarterly D&A of $25–28M swamping depressed profitability in a rate-depressed freight environment.
The sustained 7x OCF-to-NI ratio reflects a structural accounting reality rather than superior earnings quality: MRTN's depreciation charge of $25–28M per quarter alone exceeds net income in most periods, creating an illusion of exceptional conversion. Working capital changes have been volatile, ranging from -$20.0M in 2025Q4 to +$7.6M in 2026Q1, indicating collections and payables management are not the primary drivers of the OCF premium. The critical analytical implication is that this conversion advantage is entirely a function of the fleet-heavy asset base and reverses sharply if fleet reinvestment resumes at historical levels.
FCF Inflection Driven by Capex Freeze
According to reported cash flow statements, MRTN's free cash flow swung from -$30.7M in 2025Q3 to +$22.6M in 2026Q3, but this reversal appears driven by a near-total capex suspension rather than operational improvement, as revenue declined 8.3% over the same period.
The FCF trajectory from consistently negative territory (averaging roughly -$17M per quarter across 2024Q2–2025Q3) to positive $21–25M per quarter in 2026 coincides precisely with the collapse in capital expenditure, not with revenue recovery or margin expansion. Operating cash flow has remained relatively stable in the $22–36M range throughout the ten-quarter window, confirming that the underlying business has not fundamentally strengthened. The anomalous $125.1M FCF printed in 2024Q3 appears to reflect a discrete non-recurring cash event rather than recurring operating generation, further underscoring that the current positive FCF trend is mechanically driven by underinvestment.
Fleet Reinvestment Abruptly Suspended
As reported in SEC filings, MRTN's quarterly capex collapsed from $79.2M in 2024Q3 to zero in 2026Q3, reducing capital intensity from 33.4% to 0% of revenue, a pattern that may indicate deferred fleet renewal rather than genuine maintenance normalization.
The capex trajectory reveals an aggressive fleet expansion through 2024 (capex/revenue of 25–33%) followed by an abrupt pullback to 1.3–5.9% in 2026, with 2026Q3 posting literally zero capital expenditure. For a refrigerated carrier whose reefer units and tractors have shorter useful lives than dry-van equivalents, this level of underinvestment appears unsustainable and may signal deferred maintenance that will resurface as elevated operating expenses or forced catch-up capex. With D&A running at roughly $110M annually against current capex of $0–48M, MRTN is meaningfully underreplacing its asset base, which could erode service quality and driver retention over time.
Asset Liquidation Disguised as Cash Generation
Based on Marten's reported figures, the extraordinary $25–28M quarterly depreciation charge against near-zero capex suggests the company's recent FCF strength may reflect asset base liquidation rather than sustainable cash generation, particularly for a refrigerated fleet requiring frequent, capital-intensive replacement cycles.
The most important signal the cash flow statement obscures is that MRTN's apparently robust 2026 FCF of $21–25M per quarter is essentially the depreciation charge minus minimal reinvestment—meaning the company is monetizing existing assets rather than generating organic cash from operations. SBC is immaterial at $135K–$1M per quarter and does not distort the picture, but the consistent $4.9M quarterly dividend against this backdrop suggests management may recognize the current capex posture as temporary and is conserving cash for eventual fleet reinvestment. If capex normalizes to even half the 2024 run-rate of roughly $260M annually, the reported FCF would swing decisively negative, warranting scrutiny of whether the debt-free balance sheet is being preserved for a necessary capex catch-up cycle.