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Knight-Swift Transportation Holdings Inc Class A KNX

Morningstar Rating
$55.89 −1.57 (2.73%)
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Company Report

Truckload Backdrop Remains Soft, Though LTL Share Gains a Bright Spot

Before its 2017 merger with Swift Transportation, Knight Transportation was the 12th-largest full-truckload carrier in the United States, with a history of exceptional execution, including average return on invested capital in the low teens—an unusual accomplishment in trucking. Knight's long-standing laser focus on network efficiency has served it well; its legacy operating ratio, or OR, (expenses/revenue, excluding fuel) averaged in the mid-80% range before the Swift deal, versus an industry average that traditionally exceeds 90%.

Price vs Fair Value

KNX is trading within a range we consider fairly valued.
Price
$57.46
Fair Value
$48.00
Uncertainty
Medium
1-Star Price
$42.99
5-Star Price
$65.40
Economic Moat
Shhh
Capital Allocation
Mcbpcqgxm

Bulls Say, Bears Say

Bulls

Market share gains linked to the failure of former industry giant Yellow are providing a material volume boost for Knight's LTL division.

Bears

Truckload-industry contract pricing headwinds from excess capacity will linger into first half 2024.

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News

Trading Information

Previous Close Price
$57.46
Day Range
$55.8357.20
52-Week Range
$45.7360.99
Bid/Ask
$54.89 / $57.86
Market Cap
$9.03 Bil
Volume/Avg
2.1 Mil / 1.9 Mil

Key Statistics

Price/Earnings (Normalized)
32.49
Price/Sales
1.27
Dividend Yield (Trailing)
1.00%
Dividend Yield (Forward)
1.15%
Total Yield
1.00%

Company Profile

Knight-Swift is the largest truckload, or TL, carrier in the U.S., with a diversified transportation offering. Pro forma for the U.S. Xpress deal, about 82% of revenue derives from Knight’s asset-based trucking business, with full-truckload (for-hire dry van, refrigerated, and dedicated contract) making up 69% and LTL at 13%. Truck brokerage and other asset-light logistics services make up 9% of revenue, with intermodal near 6%. Knight's intermodal operations use the Class-I railroads for the underlying movement of its shipping containers and also include drayage (regional trucking services to and from inland intermodal ramps/terminals). The remainder of revenue reflects services offered to shippers and third-party truckers including equipment maintenance and leasing.
Sector
Industrials
Industry
Trucking
Stock Style Box
Mid Value
Total Number of Employees
34,800

Competitors

Valuation

Metric
KNX
JBHT
ODFL
Price/Earnings (Normalized)
32.4927.2439.17
Price/Book Value
1.275.1611.29
Price/Sales
1.271.678.28
Price/Cash Flow
8.3712.7129.89
Price/Earnings
KNX
JBHT
ODFL

Financial Strength

Metric
KNX
JBHT
ODFL
Quick Ratio
0.620.981.93
Current Ratio
0.941.172.10
Interest Coverage
2.9615.063,524.66
Quick Ratio
KNX
JBHT
ODFL

Profitability

Metric
KNX
JBHT
ODFL
Return on Assets (Normalized)
2.36%9.96%24.05%
Return on Equity (Normalized)
3.95%20.81%31.48%
Return on Invested Capital (Normalized)
3.76%16.19%30.55%
Return on Assets
KNX
JBHT
ODFL
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Trucking Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
ODFL
Old Dominion Freight Line Inc Ordinary SharesSthqx$48.0 Bil
SAIA
Saia IncNvh$15.2 Bil
XPO
XPO IncCvpjg$13.8 Bil
TFII
TFI International IncDjjhtn$12.6 Bil
YATRY
Yamato Holdings Co Ltd ADRFscpc$5.3 Bil
YATRF
Yamato Holdings Co LtdZmmz$5.3 Bil
SNDR
Schneider National IncFrvhgk$4.2 Bil
ARCB
ArcBest CorpFmkgrk$3.3 Bil
WERN
Werner Enterprises IncTcpv$2.6 Bil

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