Landstar System Inc

Industrials
Trucking Freight/Courier Services
www.landstar.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $6.42B
PE 31
Debt $0.00
Cash $468.83M
EV $5.95B
FCF $280.75M

Earnings

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Sales & Net Margins

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Earnings	$207.74M
EBIT	$272.03M
ROE	20%
ROA	15%
FCF	$280.75M
Equity	$1.02B
Growth Stability	79%
PE	30.91
PEG	4.62
PB	6.32
P/FCF	22.87
P/S	1.33
Price/Cash	0.07
Debt/Equity	0
Debt/FCF	0
Net Margins	4%
Op. Margins	6%
Earnings CAGR	11%
Sales Growth YoY	-6%
Sales Growth QoQ	-1%
Sales CAGR	9%
FCF CAGR	11%
Equity CAGR	9%
Earnings Stability	0.51
Earnings Growth YoY	-19%
Earnings Growth QoQ	-5%
Earnings CAGR 5Y	7%

Sales CAGR 5Y	8%
FCF CAGR 5Y	17%
Equity CAGR 5Y	11%
Earnings CAGR 3Y	-16%
Sales CAGR 3Y	-16%
FCF CAGR 3Y	-0%
Equity CAGR 3Y	8%
Market Cap	$6.42B
Revenue	$4.81B
Dividend Yield	2%
Payout Ratio	58%
Assets	$1.76B
Total Debt	$0.00
Cash	$468.83M
Shares Outstanding	35.42M
EV	5.95B
Earnings Score	64%
Moat Score	89%
Safety Score	97%
Final Score	83%
Working Capital	718.74M
Current Ratio	2.21
Shares Growth 3y	-2%
Equity Growth QoQ	2%
Equity Growth YoY	-3%

Assets & ROA

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Stockholders Equity & ROE

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Landstar System is an agent based asset-light third-party logistics provider focused on over-the-road truck transportation (92% of revenue). It also offers intermodal (3%) and global air and ocean forwarding (3%). The remainder of its revenue stems from warehousing services and premiums from insurance programs offered to captive owner-operators.

SEC Filings

Direct access to Landstar System Inc (LSTR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 28
- 10-Q Jun 29
- 10-Q Mar 30
2023
- 10-K Dec 30
- 10-Q Sep 30
- 10-Q Jul 01
- 10-Q Apr 01
2022
- 10-K Dec 31
- 10-Q Sep 24
- 10-Q Jun 25
- 10-Q Mar 26

Sector Comparison

How does Landstar System Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Landstar System Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 11%

Stability 51%

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Landstar System Inc Discounted Cash Flow

Fully customizable DCF calculator online for Landstar System Inc.

Years

Calculation mode

= $6B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$281M	$311M	$345M	$383M	$425M	$471M	$522M	$579M	$642M	$712M	$789M	$7.9B
DCF		$283M	$285M	$288M	$290M	$292M	$295M	$297M	$299M	$302M	$304M	$3B
Value	$6B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	4%	4%	4%	5%	6%	6%	5%	6%	6%	5%	4%
ROA	-	24%	20%	18%	24%	21%	15%	25%	30%	19%	15%
ROE	-	32%	25%	27%	37%	32%	28%	44%	49%	27%	20%

Bad Net Margins (4.15%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	0	0	0	0	0	0	0.3	0.11	0	0
Debt over Equity	0.3	0	0	0	0	0	0	0.09	0.08	0	0
Growth Stability	-	-	-	100%	100%	100%	87%	100%	100%	79%	79%

Good Debt/FCF ratio (0)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (79%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	4%	-5%	15%	27%	-11%	1%	58%	14%	-29%	8%
Earnings YoY growth	-	6%	-7%	29%	44%	-11%	-16%	99%	13%	-39%	7%
Equity YoY growth	-	-5%	16%	21%	5%	5%	-4%	25%	3%	11%	11%
FCF YoY growth	-	131%	-21%	-26%	134%	0%	-38%	41%	135%	-38%	17%