Landstar System, Inc. LSTR

IndustrialsFreight & Logistics ServicesUnited States of America

Last close 142.70 USD on Nov 1, 2026, +2.7% year to date

Quant rating

Quant rating C Rank 266 of 486 in Industrials

Growth C 252 of 486
Valuation C 270 of 486
Quality A 42 of 486
Revisions C 311 of 486
Momentum D 374 of 486

Wall Street consensus Hold (2.72)Average target 181.96 USD +27.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.8B
Enterprise value: 4.6B
52-week range: 119.80 – 228.15
3-year range: 119.08 – 228.15
Dividend yield: 1.23%
Beta (5 years): 0.87
Shares outstanding: 33.7M
Next earnings: Jan 28, 2027

About the company

Landstar System, Inc. is a technology-enabled, asset-light provider of integrated transportation management solutions delivering transportation services to a range of customers utilizing a network of agents, third party capacity providers and employees. The Company operates through two segments: The transportation logistics segment provides a range of integrated transportation management solutions. Transportation services of the Company include truckload, less-than-truckload and other truck transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul/specialized, hazardous materials, cold chain/temperature-controlled, United States (US)-Canada and U.S.-Mexico cross-border, intra-Mexico, intra-Canada, project cargo and customs brokerage. The Insurance segment provides risk and claims management services to certain Landstars Operating Subsidiaries.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,757	4,834	5,313	7,440	6,540	–
Revenue growth	−1.6%	−9.0%	−28.6%	13.7%	58.1%	2.8%
EPS (basic, normalized)	3.31	5.51	7.36	11.76	9.98	–
EPS growth	−39.9%	−25.1%	−37.4%	17.8%	–	–
Gross margin	14.3%	14.4%	14.7%	13.7%	14.0%	14.2%
Net margin	2.4%	4.1%	5.0%	5.8%	5.8%	4.6%
ROE	13.0%	20.0%	28.3%	49.3%	49.1%	31.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	351
Current ratio	1.79x
Long-term debt (mil)	56.9
Net debt (mil)	−200
Total equity (mil)	830
Net debt / equity	−0.24x
Net debt / EBITDA	−1.01x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,757	−1.6%	1.0x	198	−36.4%	23.3x	3.31	−39.9%	43.1x
2026	5,642	+18.6%	0.8x	304	+53.4%	15.2x	5.77	+74.3%	24.7x
2027	6,338	+12.3%	0.7x	375	+23.6%	12.3x	7.61	+32.0%	18.7x
2028	6,842	+8.0%	0.7x	404	+7.7%	11.4x	8.59	+12.8%	16.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,642	+1.5%	+3.3%	+10.7%	5.77	−2.6%	−2.0%	+3.5%
2027	6,338	+2.2%	+4.1%	+13.7%	7.61	−0.7%	+0.8%	+9.0%
2028	6,842	+1.8%	+4.4%	+15.7%	8.59	−3.5%	−1.5%	+7.5%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,171	1,225	1,214	1,209	1,153	1,211	1,205	1,174	1,171	1,432
Sales mean (mil)	1,122	1,248	1,224	1,197	1,133	1,205	1,205	1,187	1,156	1,341
Surprise	+4.4%	−1.9%	−0.8%	+1.0%	+1.7%	+0.5%	0.0%	−1.1%	+1.3%	+6.8%
EPS reported	1.32	1.48	1.41	1.31	0.85	1.20	1.22	0.70	1.16	1.44
EPS mean	1.28	1.45	1.45	1.34	0.98	1.20	1.20	1.22	1.12	1.48
Surprise	+3.4%	+2.2%	−2.7%	−2.6%	−13.4%	+0.4%	+1.5%	−42.7%	+3.2%	−2.7%

Peer comparison Freight & Logistics Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LSTR Landstar System, Inc.	4.8B	−1.01x	2.4%	5.80x	24.7x	18.7x	15.2x	12.3x
UNP Union Pacific Corporation	180.7B	2.19x	29.1%	8.20x	23.1x	21.1x	15.2x	14.1x
CNR Canadian National Railway Co	74.8B	2.56x	27.3%	4.77x	21.2x	19.3x	13.9x	13.1x
CSX CSX Corporation	95.8B	2.70x	20.5%	6.67x	25.3x	22.2x	15.3x	14.0x
UPS United Parcel Service Inc	92.1B	1.60x	6.3%	6.11x	14.9x	13.4x	8.9x	8.2x
NSC Norfolk Southern Corp	77.0B	2.68x	23.6%	4.60x	26.2x	23.5x	15.5x	14.4x
Mean		1.79x	18.2%	6.03x	22.6x	19.7x	14.0x	12.7x
Median		2.38x	22.0%	5.95x	23.9x	20.2x	15.2x	13.6x

Technical analysis

1M−13.7%
3M−22.8%
1Y+14.4%
3Y−4.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Landstar System, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,757	4,834	5,313	7,440	6,540	4,136
Cost of revenue	4,076	4,138	4,531	6,419	5,622	3,534
Gross profit	682	696	783	1,021	919	603
Selling, general & administrative expenses	390	332	326	347	327	243
Research & development	–	–	–	–	–	–
Depreciation/amortization	46.4	56.7	58.2	57.5	49.6	45.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	32.2	–	–	0	0	30.7
Other operating expenses	61.6	58.8	54.2	45.2	36.5	30.5
Operating income	152	249	344	571	506	253
Net interest income (expense)	−1.0	5.4	3.9	−3.6	−4.0	−4.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	151	254	348	567	502	249
Provision for taxes	35.6	58.4	83.7	137	120	56.9
Minority interest	–	–	–	–	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	115	196	264	431	382	192
Extraordinary items	–	–	–	–	–	–
Net income	115	196	264	431	382	192
EBIT, normalized	184	249	344	571	506	284
EBITDA, normalized	230	306	402	629	555	329
Basic EPS, normalized	3.31	5.51	7.36	11.76	9.98	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Landstar System, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	452	567	541	394	251	291
Receivables	723	731	787	1,024	1,255	899
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	41.2	22.2	24.9	21.8	16.2	18.5
Total current assets	1,216	1,320	1,353	1,439	1,523	1,208
Property, plant & equipment	262	312	286	317	319	300
Goodwill	34.0	40.9	42.3	41.2	40.8	40.9
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	124	140	121	134	162	105
Total assets	1,636	1,813	1,802	1,932	2,045	1,654
Liabilities
Accounts payable	370	384	396	527	604	381
Payable/accrued	–	–	–	–	–	–
Accrued expenses	0.3	0.5	0.8	0.8	0.7	0.7
Short-term debt	56.7	61.0	61.5	93.0	116	74.7
Current portion of long-term debt	28.3	33.1	27.9	36.2	36.6	35.4
Other current liabilities	241	195	189	221	252	315
Total current liabilities	696	673	675	878	1,010	806
Long-term debt	48.5	69.2	43.3	67.2	75.2	65.4
Minority interest	–	–	–	–	–	–
Other liabilities	95.9	98.5	99.4	99.3	98.2	90.5
Total liabilities	840	841	818	1,045	1,183	962
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.7	0.7	0.7	0.7	0.7	0.7
Additional paid-in capital	261	255	255	258	255	229
Retained earnings (accumulated deficit)	2,853	2,860	2,784	2,636	2,317	2,046
Treasury stock	−2,313	−2,131	−2,048	−1,993	−1,706	−1,582
Other equity	−5.7	−12.0	−6.9	−15.0	−5.4	−2.0
Total equity	796	972	984	887	862	692
Total liabilities & shareholders' equity	1,636	1,813	1,802	1,932	2,045	1,654

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Landstar System, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	115	196	264	431	382	192
Depreciation, depletion & amortization	46.4	56.7	58.2	57.5	49.6	45.9
Deferred taxes	2.6	−7.0	−7.7	−5.4	−3.8	1.1
Non-cash items	53.2	20.4	14.0	22.0	31.9	14.4
Changes in working capital	7.5	20.5	64.8	118	−182	−42.8
Cash from operations	225	287	394	623	277	211
Investing activities
Capital expenditures	−9.9	−31.0	−25.7	−26.0	−23.3	−30.6
Other investing cash flows	7.5	20.5	19.2	1.2	−50.1	2.2
Cash from investing	−2.4	−10.5	−6.5	−24.8	−73.3	−28.4
Financing activities
Financing cash flow items	−0.9	−3.9	−9.2	−11.5	−2.5	−4.5
Cash dividends paid	−125	−120	−117	−116	−112	−110
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−217	−113	−122	−349	−118	−138
Cash from financing	−343	−237	−248	−476	−233	−252
Foreign exchange effects	2.5	−4.7	2.3	−2.2	−0.2	−0.4
Net change in cash	−118	34.0	141	120	−29.8	−70.2
Free cash flow	215	256	368	597	253	180

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.