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Landstar System Inc LSTR

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Stock XNAS Rating as of
$177.26 −0.17 (0.10%)
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Company Report

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Landstar Earnings: Truck Brokerage Backdrop Still Bouncing Along the Bottom, but Execution Steady

Matthew Young

Wide-moat truck broker Landstar System’s first-quarter gross revenue fell 18% year over year and came in below our expected run rate. The operating backdrop for truck brokers continued to face lackluster retailer restocking and abundant truckload market capacity, which has weighed heavily on spot volume and pricing for more than a year. Additionally, shipments Landstar handles for other trucking and logistics providers has normalized relative to robust levels seen during the capacity crunch.

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Price vs Fair Value

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LSTR is trading at a 2% discount.
Price
$171.41
Fair Value
$716.00
Uncertainty
Medium
1-Star Price
$917.38
5-Star Price
$611.60
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Landstar has a history of excellent execution and healthy EPS growth throughout the freight cycle. We expect that to persist.

Bears

Because of excess truckload market capacity, spot rates will likely remain depressed into the first half of 2024.

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News

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Trading Information

Previous Close Price
$177.43
Day Range
$175.84–178.36
52-Week Range
$161.13–208.62
Bid/Ask
$167.34 / $180.27
Market Cap
$6.34 Bil
Volume/Avg
313,188 / 276,454

Key Statistics

Price/Earnings (Normalized)
24.12
Price/Sales
1.26
Dividend Yield (Trailing)
0.73%
Dividend Yield (Forward)
0.73%
Total Yield
1.58%

Company Profile

Landstar System is an agent based asset-light third-party logistics provider focused on domestic truck brokerage (90% of revenue). Historically, around half of its truck transportation freight is hauled by leased owner-operators with the remainder hauled by third-party broker-carriers. To a smaller degree, it offers intermodal, global air and ocean forwarding, and warehousing services. Landstar also runs a small business that offers insurance programs to captive owner-operators. It has a long history of industry-leading execution and operating profitability.
Sector
Industrials
Industry
Integrated Freight & Logistics
Stock Style Box
Small Value
Total Number of Employees
1,468
Website
https://www.landstar.com

Competitors

Valuation

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Metric
LSTR
KNX
JBHT
Price/Earnings (Normalized)
 24.1228.2023.76
Price/Book Value
 6.231.114.01
Price/Sales
 1.261.071.35
Price/Cash Flow
 19.367.2610.29
Price/Earnings
LSTR
KNX
JBHT

Financial Strength

Metric
LSTR
KNX
JBHT
Quick Ratio
 1.970.620.87
Current Ratio
 2.000.941.26
Interest Coverage
 —2.9613.63
Quick Ratio
LSTR
KNX
JBHT

Profitability

Metric
LSTR
KNX
JBHT
Return on Assets (Normalized)
 14.26%2.36%8.95%
Return on Equity (Normalized)
 27.27%3.95%18.53%
Return on Invested Capital (Normalized)
 23.33%3.76%14.53%
Return on Assets
LSTR
KNX
JBHT
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Integrated Freight & Logistics Industry Comparables

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JB Hunt Transport Services IncJfmpppxvgGwqtjt$16.9 Bil
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C.H. Robinson Worldwide IncMjzfhtlqqfJyjsn$8.1 Bil
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Hub Group Inc Class AYscqwrsKnwdyd$2.5 Bil

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