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Knight-Swift Transportation Holdings Inc A KNX

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Knight-Swift’s Q4 TL Pricing Surges on Tight Capacity and Strong Demand; Shares Fairly Valued

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Trucking and logistics specialist Knight-Swift’s fourth-quarter revenue before fuel grew 11%, slightly ahead of our forecast due to pricing strength. Revenue increased 8% year over year in the second half (versus the 9% first-half decline) as freight demand surged on robust consumer goods spending and retailer restocking, and industry capacity materially tightened, driving a huge uptick in truckers’ pricing power. In fact, the robust backdrop is in many ways similar to the 2018 capacity crunch. 

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Company Profile

Business Description

Knight-Swift Transportation is by far the largest asset-based full-truckload carrier in the United States. About 80% of revenue derives from asset-based truckload shipping operations (including for-hire dry van, refrigerated, and dedicated contract). The remainder stems from truck brokerage and other asset-light logistics services (8%), as well as intermodal (8%), which uses the Class-I railroads for the underlying movement of the firm's shipping containers and also offers drayage services.

20002 North 19th Avenue
Phoenix, AZ, 85027
T +1 602 269-2000
Sector Industrials
Industry Trucking
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 22,900