Trucking & Logistics

9064 Yamato Holdings

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥29.3B¥15.1B¥70.0B¥19.6B¥91.8B¥11.2B¥54.5B¥32.4B(¥7.3B)¥34.6B

Retained capital Retained ¥6.8B of earnings over 2017–2026; annual owner earnings fell ¥18.2B.

Balance sheet Net cash, +¥41.9B · dividend paid 10 of 10 yrs, cut at least once

9147 Nippon Express Holdings

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2022–2025 ¥251.2B¥133.0B¥170.2B¥140.4B

Retained capital Paid out ¥16.6B more than it earned over 2022–2025; annual owner earnings fell ¥36.9B.

Balance sheet Heavy net debt, ¥595.4B · dividend paid 4 of 4 yrs, cut at least once

ARCB ArcBest

ArcBest Corporation is a multibillion-dollar integrated logistics company that leverages technology and a full suite of solutions across multiple modes of transportation to meet our customers' supply chain needs.

Owner earnings 2016–2025 $44M$86M$211M$79M$163M$265M$323M$177M$137M$114M

Retained capital Retained $673M of earnings over 2016–2025; annual owner earnings grew $29M, $0.04 per $1 retained.

Balance sheet Modest net debt, $140M · dividend paid 10 of 10 yrs, never cut

ASR SOUTHEAST AIRPORT GROUP

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +MX$9.9B

CAAP Corporacion America Airports SA

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $166M($57M)$181M($30M)($8M)$100M$294M$347M$393M$449M

Retained capital Retained $398M of earnings over 2016–2025; annual owner earnings grew $300M, $0.75 per $1 retained.

Balance sheet Modest net debt, $502M · dividend paid 4 of 10 yrs, cut at least once

CHRW C.H. Robinson Worldwide Inc.

We deliver tailored solutions across the world via truckload, less-than-truckload, ocean, air, and more.

Owner earnings 2016–2025 $456M$344M$748M$799M$476M$61M$1.6B$702M$486M$895M

Retained capital Paid out $385M more than it earned over 2016–2025; annual owner earnings grew $179M.

Balance sheet Modest net debt, $929M · dividend paid 10 of 10 yrs, cut at least once

CRGO Freightos Limited

Revenue is Subscriptions (61%), Transactional Platforms Fees (34%) and SaaS Related Professional Services (5%).

Owner earnings 2020–2025 ($8M)($18M)($15M)($27M)($12M)($9M)

Retained capital not read

Balance sheet Net cash, debt-free, +$25M

CVLG Covenant Logistics Group Inc.

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2016–2025 $31M$10M$50M($16M)($2M)$38M$102M$15M$36M$21M

Retained capital Retained $151M of earnings over 2016–2025; annual owner earnings fell $6M, $-0.04 per $1 retained.

Balance sheet Heavy net debt, $293M · dividend paid 4 of 10 yrs, never cut

EXPD Expeditors International of Washington, Inc.

Expeditors International of Washington, Inc. provides a full suite of global logistics services, offering customers access to an international network of people and integrated information systems to support the movement and strategic positioning of goods.

Owner earnings 2016–2025 $483M$439M$525M$725M$607M$832M$2.1B$1.0B$683M$953M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings grew $401M.

Balance sheet Net cash, debt-free, +$1.3B · dividend paid 10 of 10 yrs, never cut

FDX FedEx Corporation

FedEx moves packages and freight from one place to another, fast and on a schedule, using its own fleet of aircraft, trucks, and sorting hubs. Its customers are businesses and people who need something delivered — a document overnight, a pallet of goods across the country, a parcel to a doorstep. It earns a fee for each shipment, and also sells the data and supply-chain coordination that ride along with moving the goods.

Owner earnings 2017–2026 $1.9B$1.6B$2.3B$1.5B$6.3B$5.9B$4.7B$3.1B$3.0B$5.1B

Retained capital Retained $13.3B of earnings over 2017–2026; annual owner earnings grew $1.8B, $0.14 per $1 retained.

Balance sheet Meaningful net debt, $11.7B · buybacks at an average near $233 · dividend paid 10 of 10 yrs, never cut

FDXF FedEx Freight Holding Company Inc.

Revenue is Priority (63%), Economy (32%) and Other (5%).

Owner earnings 2024–2026 $1.1B$1.1B($212M)

Retained capital not read

Balance sheet Heavy net debt, $4.5B

FLX BingEx Limited

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2022–2025 (CN¥90M)CN¥43MCN¥1MCN¥99M

Retained capital Paid out CN¥162M more than it earned over 2022–2025; annual owner earnings grew CN¥63M.

Balance sheet Net cash, debt-free, +CN¥951M

FWRD Forward Air Corporation

Forward Air Corporation is a leading asset-light provider of transportation services.

Owner earnings 2016–2025 $88M$65M$113M$137M$76M$82M$211M$168M($106M)$15M

Retained capital Paid out $770M more than it earned over 2016–2025; annual owner earnings fell $63M.

Balance sheet Heavy net debt, $1.6B · dividend paid 8 of 10 yrs, cut at least once

GXO GXO Logistics

GXO Logistics, Inc. is the largest pure-play contract logistics provider in the world and a foremost innovator in the industry.

Owner earnings 2019–2025 ($77M)$111M$205M$200M$284M$190M$110M

Retained capital Retained $574M of earnings over 2019–2025; annual owner earnings grew $115M, $0.20 per $1 retained.

Balance sheet Heavy net debt, $2.2B · buybacks at an average near $37.04

HTLD Heartland Express Inc.

We are a short, medium, and long-haul truckload carrier and transportation services provider.

Owner earnings 2016–2025 $70M$6M$45M$45M$68M$19M$34M($43M)$35M($67M)

Retained capital Retained $276M of earnings over 2016–2025; annual owner earnings fell $65M, $-0.24 per $1 retained.

Balance sheet Net debt against an operating loss, $137M · buybacks at an average near $15.56 · dividend paid 10 of 10 yrs, cut at least once

HUBG Hub Group

Hub Group is a leading supply chain solutions provider that offers comprehensive transportation and logistics management services focused on reliability, visibility and value for our customers.

Owner earnings 2016–2024 $58M$51M$127M$160M$60M$120M$304M$282M$144M

Retained capital Retained $950M of earnings over 2016–2024; annual owner earnings grew $165M, $0.17 per $1 retained.

Balance sheet Modest net debt, $166M · dividend paid 1 of 9 yrs, never cut

JBHT J.B. Hunt

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2016–2025 $493M$472M$652M$599M$595M$667M$1.1B$1.0B$618M$948M

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $319M, $0.17 per $1 retained.

Balance sheet Modest net debt, $1.4B · buybacks at an average near $125 · dividend paid 10 of 10 yrs, never cut

KNX Knight-swift Transportation Holdings Inc.

Knight-Swift Transportation Holdings Inc. is one of North America's largest and most diversified freight transportation companies, providing multiple full truckload, LTL, intermodal, and other complementary services.

Owner earnings 2016–2025 $128M$115M$452M$377M$399M$656M$635M$427M($20M)$471M

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $61M, $0.03 per $1 retained.

Balance sheet Heavy net debt, $2.1B · buybacks at an average near $18.95 · dividend paid 10 of 10 yrs, never cut

LSTR Landstar

Landstar, is a technology-enabled, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services to a broad range of customers utilizing a network of agents, third party capacity providers and employees.

Owner earnings 2016–2025 $168M$123M$288M$288M$180M$253M$597M$368M$256M$215M

Retained capital Retained $344M of earnings over 2016–2025; annual owner earnings grew $86M, $0.25 per $1 retained.

Balance sheet Net cash, +$385M · dividend paid 10 of 10 yrs, cut at least once

MRTN Marten Transport

We are one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$16M

NCEW New Century Logistics (BVI) Limited

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2022–2025 $6M($3M)

Retained capital not read

Balance sheet Net cash, debt-free, +$646K

ODFL Old Dominion Freight Line Inc.

We are one of the largest North American less-than-truckload motor carriers.

Owner earnings 2016–2025 $376M$331M$670M$730M$708M$953M$1.4B$1.2B$1.3B$955M

Retained capital Retained $2.6B of earnings over 2016–2025; annual owner earnings grew $713M, $0.28 per $1 retained.

Balance sheet Modest net debt, $143M · dividend paid 9 of 10 yrs, never cut

OMAB Central North Airport Group

As operator of the 13 airports under our concessions, we charge fees to airlines, passengers and other users for the use of the airports' facilities.

Owner earnings 2015–2024 MX$1.9BMX$2.3BMX$2.7BMX$3.5BMX$3.7BMX$1.1BMX$4.3BMX$4.7BMX$5.9BMX$5.9B

Retained capital Retained MX$6.4B of earnings over 2015–2024; annual owner earnings grew MX$3.2B, MX$0.50 per MX$1 retained.

Balance sheet Modest net debt, MX$9.6B · dividend paid 8 of 10 yrs, cut at least once

PAC Pacific Airport Group

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +MX$2.4B

PSIG PS International Group Ltd.

We are a renowned air freight and end-to-end supply chain solution providers in Hong Kong, with a focus on providing cross border logistics services.

Owner earnings 2022–2025 $935K$7M($6M)

Retained capital not read

Balance sheet Net cash, +$11M

RLGT Radiant Logistics Inc.

Radiant Logistics, Inc., and its consolidated subsidiaries, operates as a leading third-party logistics company, providing technology-enabled global transportation and value-added logistics services primarily in the United States and Canada.

Owner earnings 2018–2025 ($976K)$33M$25M$3M$17M$90M$9M$8M

Retained capital Retained $119M of earnings over 2018–2025; annual owner earnings grew $17M, $0.14 per $1 retained.

Balance sheet Net cash, +$3M

RXO RXO Inc.

RXO Inc. is a brokered transportation platform defined by cutting-edge technology and an asset-light business model.

Owner earnings 2020–2025 ($22M)$116M$253M$25M($57M)($8M)

Retained capital Paid out $103M more than it earned over 2020–2025; annual owner earnings fell $129M.

Balance sheet Net debt against an operating loss, $387M

SAIA Saia, Inc.

Saia, Inc., through its wholly-owned subsidiaries, is a transportation company headquartered in Johns Creek, Georgia.

Owner earnings 2016–2025 $70M$71M$154M$154M$174M$241M$316M$399M$374M$346M

Retained capital Retained $2.1B of earnings over 2016–2025; annual owner earnings grew $275M, $0.13 per $1 retained.

Balance sheet Modest net debt, $152M

SFWL Shengfeng Development Limited

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2020–2025 ($2M)$14M($2M)$8M$9M$10M

Retained capital Retained $54M of earnings over 2020–2025; annual owner earnings grew $5M, $0.10 per $1 retained.

Balance sheet Net cash, +$43M

SLGB Smart Logistics Global Limited

Revenue is led by Paper (50%) and Food and others (31%), with 2 more lines behind.

Owner earnings 2023–2025 CN¥36MCN¥12M(CN¥41M)

Retained capital not read

Balance sheet net position not read

SNDR Schneider National

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2016–2025 $189M$182M$275M$301M$343M$270M$506M$298M$272M$285M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $69M, $0.04 per $1 retained.

Balance sheet Modest net debt, $154M · dividend paid 10 of 10 yrs, cut at least once

TFII TFI International Inc.

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2019–2025 $227M$468M$587M$621M$652M$670M$705M

Retained capital Retained $1.0B of earnings over 2019–2025; annual owner earnings grew $248M, $0.24 per $1 retained.

Balance sheet Meaningful net debt, $2.1B · dividend paid 7 of 7 yrs, never cut

ULH Universal Logistics Holdings Inc.

Universal Logistics Holdings, Inc. is a holding company whose subsidiaries provide customized transportation and logistics solutions across North America and select international markets.

Owner earnings 2016–2025 $32M$37M$28M$48M$9M$44M$137M$133M($12M)$37M

Retained capital Retained $403M of earnings over 2016–2025; annual owner earnings grew $20M, $0.05 per $1 retained.

Balance sheet Net debt against an operating loss, $771M · dividend paid 10 of 10 yrs, cut at least once

UPS United Parcel Service Inc.

United Parcel Service is a package carrier: it picks up boxes and documents and delivers them through one integrated network of trucks, planes, and sorting hubs that reaches much of the world. Customers run from a single shopper to the largest online sellers, and UPS bills them per shipment, with faster and farther service priced higher. Around this core it also sells freight, customs brokerage, and contract logistics — moving and storing goods on a shipper's behalf.

Owner earnings 2016–2025 $4.2B($803M)$10.5B$6.3B$7.8B$12.1B$10.9B$7.4B$7.1B$4.8B

Retained capital Retained $7.2B of earnings over 2016–2025; annual owner earnings grew $1.8B, $0.25 per $1 retained.

Balance sheet Meaningful net debt, $18.3B · buybacks at an average near $134 · dividend paid 10 of 10 yrs, never cut

WERN Werner Enterprises

Revenue is TTS (69%) and Werner Logistics (29%).

Owner earnings 2016–2025 $100M$65M$188M$177M$183M$67M$175M$185M$49M($69M)

Retained capital Retained $375M of earnings over 2016–2025; annual owner earnings fell $62M, $-0.17 per $1 retained.

Balance sheet Heavy net debt, $692M · buybacks at an average near $36.93 · dividend paid 10 of 10 yrs, cut at least once

XPO XPO Inc.

XPO, Inc. is a leading provider of freight transportation services, with company-specific avenues for value creation.

Owner earnings 2016–2025 $139M$281M$551M$250M$139M$387M$488M$318M$376M$519M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $81M, $0.07 per $1 retained.

Balance sheet Heavy net debt, $3.3B · dividend paid 4 of 10 yrs, never cut

YMM Full Truck Alliance Co. Ltd.

A software business, earning high margins on code once it is written.

Owner earnings 2019–2025 (CN¥934M)CN¥522M(CN¥255M)(CN¥101M)CN¥2.2BCN¥2.9BCN¥4.5B

Retained capital Paid out CN¥1.1B more than it earned over 2019–2025; annual owner earnings grew CN¥3.4B.

Balance sheet Net cash, debt-free, +CN¥17.1B · dividend paid 2 of 7 yrs, never cut

ZTO ZTO Express (Cayman) Inc.

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2016–2025 CN¥2.2BCN¥3.1BCN¥3.6BCN¥5.0BCN¥3.1BCN¥5.0BCN¥8.8BCN¥10.5BCN¥8.4BCN¥8.6B

Retained capital Retained CN¥29.0B of earnings over 2016–2025; annual owner earnings grew CN¥6.2B, CN¥0.21 per CN¥1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 10 yrs, cut at least once