# JB Hunt Transport Services (JBHT.US)

Canonical: https://gigainvestors.com/s/JBHT

Analysis as of: 2026-10-16T07:34:40.333Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $235.31 per share; close as of 2026-10-15.

Estimated value: low $71.75 per share, central $81.64 per share, high $94.81 per share. Buy at or below the central value $81.64 per share. Valuation as of 2026-10-16T07:34:40.333Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.07×

- FY2021: 0.09×

- FY2022: 0.09×

- FY2023: 0.08×

- FY2024: 0.07×

- FY2025: 0.07×

- LTM to Jun 2026: 0.08×

### moat: pass

- ROIC, median of available years: 15.9%

- ROIC, second-lowest year: 12.3%

- Typical minus recent gross margin: 3.3 pp

- Typical gross margin (annual median): 16.6%

- Recent gross margin (lower of latest and 3-year median): 13.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.6%

- ROIC including acquisitions, ten-year median: 12.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.6%

- FY2017: 15.8%

- FY2018: 16.2%

- FY2019: 16.0%

- FY2020: 15.3%

- FY2021: 19.2%

- FY2022: 20.8%

- FY2023: 13.2%

- FY2024: 11.1%

- FY2025: 12.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.66×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.4B

- Net income, five-year total: $3.6B

- Return on incremental invested capital: 4.2%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.5 pp

- Working capital / revenue, final three-year average: 6.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -0.54×

- FY2024: 0.82×

- FY2025: 0.97×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 16.2% vs 12.3%

- Per-share earnings: 3.81 to 6.12 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.8%

- Ordinary dilution, 5-year annual growth: -1.8%

- Market cap gain: $7.6B

- Cumulative retained earnings: $4.6B

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -1.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.1%

- Per-share value change: $2.31

- Per-share value, starting three-year median: $3.81

- Per-share value, ending three-year median: $6.12

- Buybacks concentrated in cheaper years (correlation): -0.22

- Average buyback yield: 2.1%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $474M

- Cumulative net income, 10 years: $6.3B

- ROIC, first three-year median: 16.2%

- ROIC, last three-year median: 12.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.81

- FY2017: $6.18

- FY2018: $4.43

- FY2019: $4.77

- FY2020: $4.74

- FY2021: $7.14

- FY2022: $9.21

- FY2023: $6.97

- FY2024: $5.56

- FY2025: $6.12

### accounting: pass

- Sloan accruals: -13.3%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.0%

- FY2017: -3.9%

- FY2018: -11.7%

- FY2019: -10.6%

- FY2020: -10.4%

- FY2021: -6.7%

- FY2022: -10.4%

- FY2023: -11.5%

- FY2024: -10.7%

- FY2025: -13.3%

## Holders

## Price story

Price needs cash profits to grow 14.3% a year for ten years · "J.B. Hunt Transport Services Faces Persistent Cost Pressures, UBS Says" (finance.yahoo.com, Sep 2026) · sales +5.9%

Story as of 2026-10-16T10:00:01.804Z; price observation 2026-10-15.

Price needs cash profits to grow 14.3% a year for ten years

- 2025-09-25: J.B. Hunt Transport Services (JBHT) Slid Due to Sluggish Freight Cycle And Below-Expected Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/j-b-hunt-transport-services-131142085.html))

- 2025-10-16: J.B. Hunt Third-Quarter Earnings Unexpectedly Rise; Revenue Tops Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/j-b-hunt-third-quarter-102203001.html))

- 2026-01-16: J.B. Hunt targets $100M+ cost savings momentum through 2026 as freight market remains fragile ([seekingalpha.com](https://seekingalpha.com/news/4539685-j-b-hunt-targets-100m-cost-savings-momentum-through-2026-as-freight-market-remains-fragile?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-04-15: JB Hunt Earnings Growth Accelerates On First Sales Gain Since 2022 ([finance.yahoo.com](https://finance.yahoo.com/m/c0b56c05-aca5-356e-b62f-9d64aaa41935/jb-hunt-earnings-growth.html))

- 2026-09-16: Intel-SK Hynix Potential Tie Up; JB Hunt Lower on Costs | Stock Movers ([finance.yahoo.com](https://finance.yahoo.com/video/intel-sk-hynix-potential-tie-140106472.html))

### Sales · FY2025–2026

sales +5.9%; source https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm; observed 2026-02-24.

- FY2017: $7.2B 

- FY2018: $8.6B 

- FY2019: $9.2B 

- FY2020: $9.6B 

- FY2021: $12B 

- FY2022: $15B 

- FY2023: $13B 

- FY2024: $12B 

- FY2025: $12B 

- FY2026: $13B 

### Gross margin · FY2025

gross margin 13.3%; source https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm; observed 2026-02-24.

- FY2016: 18.1% 

- FY2017: 16.7% 

- FY2018: 15.8% 

- FY2019: 16.4% 

- FY2020: 15.0% 

- FY2021: 15.4% 

- FY2022: 16.7% 

- FY2023: 17.2% 

- FY2024: 17.1% 

- FY2025: 13.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in integrated freight & logistics; annual sales are USD 12 billion.

- Source: https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm (filed 2026-02-24); FY2025: revenue 11999096000; grossProfit 1596624000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JBHT.US: J.B. Hunt Transport Services, Inc. provides surface transportation, delivery, and logistic services in the United States. It operates through five segments: Intermodal, Dedicated Contract Services, Integrated Capacity Solutions, Final Mile Services, and Truckload. The JBI segment offers intermodal freight solutions. It operates 124,838 pieces of company-owned trailing equipment; owns and maintains its chassis fleet of 104,474 units; and manages a fleet of 5,880 company-owned tractors, 308 independent contractor trucks, and 8,704 company drivers. The DCS segment designs, develops, and executes supply chain solutions that support various transportation networks. As of December 31, 2025, it operated 11,878 company-owned trucks, 761 customer-owned trucks, and a contractor trucks. It operates 26,767 owned pieces of trailing equipment and 5,218 customer-owned trailers. The ICS segment provides freight brokerage and transportation logistics solutions; flatbed, refrigerated, expedited, and less-than-truckload, as well as dry-van and intermodal solutions; online multimodal marketplace; and logistics management services for customers to outsource their transportation functions. The FMS segment delivers services through 1,085 company-owned trucks, 169 customer-owned trucks, and 39 independent contractor trucks; and 1,091 owned pieces of trailing equipment and 98 customer-owned trailers. The JBT segment provides dry-van freight services by utilizing tractors and trailers operating over roads and highways through two company-owned tractors and 12,658 company-owned trailers. It transports or arranges for the transportation of freight, such as general merchandise, specialty consumer items, appliances, home furnishings, forest, paper, rubber, plastic products, food, beverages, building materials, apparel, accessories, soaps, cosmetics, automotive parts, agricultural products, electronics, and chemicals. The company was incorporated in 1961 and is headquartered in Lowell, Arkansas.

### Why customers stay

Margins ranged from 13.3% to 17.2% during 2023–25; it earns 15.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 17.1%.

- Source: https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on capital observations [[2016,0.19576877160122008],[2017,0.15761612897764757],[2018,0.16245224317418952],[2019,0.16009256194377458],[2020,0.1532635581411608],[2021,0.1919358547052309],[2022,0.20803073636147637],[2023,0.1323662196724744],[2024,0.1111072394710599],[2025,0.12291567570018706]]; median 0.1588543454607111. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 17% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm (filed 2026-02-24); Gross margin observations: [[2021,0.1536630994201163],[2022,0.16690476352806558],[2023,0.17226786513911313]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 948.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2016: growth capex 148627865.3500998; upkeep 489802134.6499002; owner earnings 303797865.3500998. Growth capex / owner earnings = 0.48923275079243733.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2017: growth capex 143410000; upkeep 383518000; cash acquisitions 136879000; owner earnings 686263000. Growth capex plus acquisitions / owner earnings = 0.4084279642061425.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2018: growth capex 559757000; upkeep 435893000; cash acquisitions 0; owner earnings 489585000. Growth capex plus acquisitions / owner earnings = 1.1433295546227928.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2019: growth capex 228572185.9585476; upkeep 625542814.0414524; cash acquisitions 115654000; owner earnings 389922185.9585476. Growth capex plus acquisitions / owner earnings = 0.8828073865874924.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2020: growth capex 190666950.08889103; upkeep 547878049.911109; cash acquisitions 12136000; owner earnings 485531950.088891. Growth capex plus acquisitions / owner earnings = 0.41769228585629004.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 390470000; upkeep 557093000; cash acquisitions 0; owner earnings 760806000. Growth capex plus acquisitions / owner earnings = 0.513232019726448.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2022: growth capex 896276000; upkeep 644520000; cash acquisitions 118175000; owner earnings 969351000. Growth capex plus acquisitions / owner earnings = 1.0465259745953737.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: growth capex 0; upkeep 865373000; cash acquisitions 3785000; owner earnings 466654000. Growth capex plus acquisitions / owner earnings = 0.008110934439649076.

- Source: https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm (filed 2026-02-24); FY2025: growth capex 0; upkeep 730687000; cash acquisitions 0; owner earnings 582380000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,98990000],[2017,101362000],[2018,104994000],[2019,111817000],[2020,114234000],[2021,124442000],[2022,166724000],[2023,173898000],[2024,175543000],[2025,171048000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm (filed 2026-02-24); FY2025: cash repurchases 948407000 USD.

### Are managers owners

Insiders own 20.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JBHT.US SharesStats.PercentInsiders = 20.436 percentage points; cache date 2026-10-16.

### What could break it

"Insurance and claims expenses could significantly reduce our earnings." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm (filed 2026-02-24); Insurance and claims expenses could significantly reduce our earnings.

### What the price says

The price assumes cash profits grow 14.3% yearly over ten years; actual growth was 30%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Ten-year compound average after fade. Initial solved rate 0.1934116117097845. Price 235.31; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.43248619165622576 → FY2025 5.96163295389403. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $81.61 per share

- 2016-11: $95.37 per share

- 2016-12: $97.07 per share

- 2017-01: $99.08 per share

- 2017-02: $98.17 per share

- 2017-03: $91.74 per share

- 2017-04: $89.66 per share

- 2017-05: $85.38 per share

- 2017-06: $91.38 per share

- 2017-07: $90.71 per share

- 2017-08: $98.89 per share

- 2017-09: $111.08 per share

- 2017-10: $106.39 per share

- 2017-11: $111.14 per share

- 2017-12: $114.98 per share

- 2018-01: $120.83 per share

- 2018-02: $118.57 per share

- 2018-03: $117.15 per share

- 2018-04: $117.43 per share

- 2018-05: $128.10 per share

- 2018-06: $121.55 per share

- 2018-07: $119.90 per share

- 2018-08: $120.75 per share

- 2018-09: $118.94 per share

- 2018-10: $110.61 per share

- 2018-11: $106.36 per share

- 2018-12: $93.04 per share

- 2019-01: $107.04 per share

- 2019-02: $107.67 per share

- 2019-03: $101.29 per share

- 2019-04: $94.48 per share

- 2019-05: $85.14 per share

- 2019-06: $91.41 per share

- 2019-07: $102.37 per share

- 2019-08: $108.04 per share

- 2019-09: $110.65 per share

- 2019-10: $117.56 per share

- 2019-11: $115.62 per share

- 2019-12: $116.78 per share

- 2020-01: $107.93 per share

- 2020-02: $96.44 per share

- 2020-03: $92.23 per share

- 2020-04: $101.12 per share

- 2020-05: $119.67 per share

- 2020-06: $120.34 per share

- 2020-07: $129.40 per share

- 2020-08: $140.54 per share

- 2020-09: $126.38 per share

- 2020-10: $121.74 per share

- 2020-11: $135.28 per share

- 2020-12: $136.65 per share

- 2021-01: $134.66 per share

- 2021-02: $146.87 per share

- 2021-03: $168.07 per share

- 2021-04: $170.71 per share

- 2021-05: $171.54 per share

- 2021-06: $162.95 per share

- 2021-07: $168.45 per share

- 2021-08: $177.40 per share

- 2021-09: $167.22 per share

- 2021-10: $197.19 per share

- 2021-11: $191.16 per share

- 2021-12: $204.40 per share

- 2022-01: $192.54 per share

- 2022-02: $202.93 per share

- 2022-03: $200.79 per share

- 2022-04: $170.85 per share

- 2022-05: $172.58 per share

- 2022-06: $157.47 per share

- 2022-07: $183.27 per share

- 2022-08: $174.02 per share

- 2022-09: $156.42 per share

- 2022-10: $171.07 per share

- 2022-11: $183.89 per share

- 2022-12: $174.36 per share

- 2023-01: $189.05 per share

- 2023-02: $180.79 per share

- 2023-03: $175.46 per share

- 2023-04: $175.29 per share

- 2023-05: $166.97 per share

- 2023-06: $181.03 per share

- 2023-07: $203.94 per share

- 2023-08: $187.88 per share

- 2023-09: $188.52 per share

- 2023-10: $171.87 per share

- 2023-11: $185.27 per share

- 2023-12: $199.74 per share

- 2024-01: $200.98 per share

- 2024-02: $206.31 per share

- 2024-03: $199.25 per share

- 2024-04: $162.57 per share

- 2024-05: $160.75 per share

- 2024-06: $160.00 per share

- 2024-07: $173.15 per share

- 2024-08: $173.20 per share

- 2024-09: $172.33 per share

- 2024-10: $180.62 per share

- 2024-11: $189.11 per share

- 2024-12: $170.66 per share

- 2025-01: $171.22 per share

- 2025-02: $161.19 per share

- 2025-03: $147.95 per share

- 2025-04: $130.58 per share

- 2025-05: $138.85 per share

- 2025-06: $143.60 per share

- 2025-07: $144.05 per share

- 2025-08: $144.99 per share

- 2025-09: $134.17 per share

- 2025-10: $168.86 per share

- 2025-11: $173.96 per share

- 2025-12: $194.34 per share

- 2026-01: $202.72 per share

- 2026-02: $233.41 per share

- 2026-03: $211.90 per share

- 2026-04: $251.53 per share

- 2026-05: $276.43 per share

- 2026-06: $289.43 per share

- 2026-07: $271.75 per share

- 2026-08: $265.47 per share

- 2026-09: $224.05 per share

- 2026-10: $235.31 per share

## Annual estimated value (USD per share)

- FY2016: low $35.50 per share, central $49.37 per share, high $57.92 per share

- FY2017: low $40.79 per share, central $58.27 per share, high $68.45 per share

- FY2018: low $48.35 per share, central $67.92 per share, high $79.72 per share

- FY2019: low $53.32 per share, central $76.16 per share, high $89.47 per share

- FY2020: low $61.09 per share, central $84.12 per share, high $98.48 per share

- FY2021: low $89.25 per share, central $127.05 per share, high $149.05 per share

- FY2022: low $108.72 per share, central $155.31 per share, high $182.43 per share

- FY2023: low $80.71 per share, central $110.46 per share, high $129.49 per share

- FY2024: low $64.78 per share, central $73.71 per share, high $85.60 per share

- FY2025: low $65.16 per share, central $74.15 per share, high $86.11 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:26.133Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.