# Landstar System (LSTR.US)

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

Analysis as of: 2026-10-16T07:29:57.707Z. Financial observations: FY1996–FY2025.

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: $172.46 per share; close as of 2026-10-15.

Estimated value: low $96.98 per share, central $109.34 per share, high $125.80 per share. Buy at or below the central value $109.34 per share. Valuation as of 2026-10-16T07:29:57.707Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.06×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.06×

- FY2024: 0.05×

- FY2025: 0.04×

### moat: fail

- Recent gross margin fell 7.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 40.1%

- ROIC, second-lowest year: 32.9%

- Typical minus recent gross margin: 7.8 pp

- Typical gross margin (annual median): 20.9%

- Recent gross margin (lower of latest and 3-year median): 13.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 36.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 32.9%

- FY2017: 36.8%

- FY2018: 43.5%

- FY2019: 46.0%

- FY2020: 36.4%

- FY2021: 44.0%

- FY2022: 57.7%

- FY2023: 49.0%

- FY2024: 36.3%

- FY2025: 29.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.5B

- Net income, five-year total: $1.4B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -1.7 pp

- Working capital / revenue, final three-year average: 7.3%

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

- FY2021: 1.07×

- FY2022: 1.07×

- FY2023: 1.12×

- FY2024: 1.13×

- FY2025: 1.32×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 36.8% vs 36.3%

- Per-share earnings: 3.37 to 5.51 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.3%

- Ordinary dilution, 5-year annual growth: -2.1%

- Market cap gain: $1.4B

- Cumulative retained earnings: $1.3B

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: -2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.3%

- Per-share value change: $2.14

- Per-share value, starting three-year median: $3.37

- Per-share value, ending three-year median: $5.51

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 2.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $54M

- Cumulative net income, 10 years: $2.4B

- ROIC, first three-year median: 36.8%

- ROIC, last three-year median: 36.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.25

- FY2017: $4.21

- FY2018: $6.18

- FY2019: $5.72

- FY2020: $4.98

- FY2021: $9.98

- FY2022: $11.76

- FY2023: $7.36

- FY2024: $5.51

- FY2025: $3.31

### accounting: pass

- Sloan accruals: -6.7%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.96×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.8%

- FY2017: 2.8%

- FY2018: -3.1%

- FY2019: -5.6%

- FY2020: -1.1%

- FY2021: 5.1%

- FY2022: -9.9%

- FY2023: -7.2%

- FY2024: -5.0%

- FY2025: -6.7%

## Holders

## Price story

Price needs cash profits to grow 6.9% a year for ten years · "Landstar says April yields ‘significantly’ outpacing seasonality" (finance.yahoo.com, Apr 2026) · sales -1.9%

Story as of 2026-10-16T09:59:06.211Z; price observation 2026-10-15.

Price needs cash profits to grow 6.9% a year for ten years

- 2025-09-11: Landstar Markets Mexican Subsidiary for Sale After Mixed Quarterly Results ([finance.yahoo.com](https://finance.yahoo.com/news/landstar-markets-mexican-subsidiary-sale-160132556.html))

- 2025-10-29: LSTR Q3 Deep Dive: Margin Compression and Mixed Freight Trends Highlight Challenging Market ([finance.yahoo.com](https://finance.yahoo.com/news/lstr-q3-deep-dive-margin-123120783.html))

- 2026-01-28: Accident claims weigh on Landstar’s Q4 ([finance.yahoo.com](https://finance.yahoo.com/news/accident-claims-weigh-landstar-q4-233603977.html))

- 2026-02-02: Landstar profits take $16.7M hit from court case, crashes ([finance.yahoo.com](https://finance.yahoo.com/news/landstar-profits-16-7m-hit-103400076.html))

- 2026-04-28: Landstar says April yields ‘significantly’ outpacing seasonality ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/landstar-says-april-yields-significantly-232616550.html))

- 2026-07-30: LSTR Q2 Deep Dive: Insurance Costs Pressure Margins Despite Strong Freight Demand ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/lstr-q2-deep-dive-insurance-153302306.html))

### Sales · FY2024–2025

sales -1.9%; source https://www.sec.gov/Archives/edgar/data/853816/000119312526064756/d66072d10k.htm; observed 2026-02-24.

- FY2016: $3.2B 

- FY2017: $3.6B 

- FY2018: $4.6B 

- FY2019: $4.1B 

- FY2020: $4.1B 

- FY2021: $6.5B 

- FY2022: $7.4B 

- FY2023: $5.3B 

- FY2024: $4.8B 

- FY2025: $4.7B 

### Gross margin · FY2025

gross margin 13.1%; source https://www.sec.gov/Archives/edgar/data/853816/000119312526064756/d66072d10k.htm; observed 2026-02-24.

- FY2016: 22.0% 

- FY2017: 21.4% 

- FY2018: 21.1% 

- FY2019: 21.6% 

- FY2020: 20.7% 

- FY2021: 20.2% 

- FY2022: 20.3% 

- FY2023: 21.3% 

- FY2024: 20.2% 

- FY2025: 13.1% 

## Owner memo

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

### How it makes money

Operates in integrated freight & logistics; annual sales are USD 4.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/853816/000119312526064756/d66072d10k.htm (filed 2026-02-24); FY2025: revenue 4743760000; grossProfit 621632000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LSTR.US: Landstar System, Inc. provides transportation management solutions in the United States, Canada, Mexico, and internationally. It operates in two segments, Transportation Logistics and Insurance. The Transportation Logistics segment offers a range of transportation services, including 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, U.S.-Canada and U.S.-Mexico cross-border, intra-Mexico, intra-Canada, project cargo, and customs brokerage services, as well as transportation services to other transportation companies, such as third party logistics and less-than-truckload service providers. This segment serves the automotive parts and assemblies, consumer durables, building products, metals, chemicals, foodstuffs, heavy machinery, retail, electronics, military equipment and general commodities industries. The Insurance segment provides risk and claims management services; and reinsures risks of its independent contractors. The company markets its services through a network of agents, third party capacity providers, and employees. Landstar System, Inc. was founded in 1988 and is headquartered in Jacksonville, Florida.

### Why customers stay

Margins ranged from 13.1% to 21.3% during 2023–25; it earns 40.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 21.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 20.2%.

- Source: https://www.sec.gov/Archives/edgar/data/853816/000119312526064756/d66072d10k.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 13.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on capital observations [[2016,0.3294125592196513],[2017,0.367753232765578],[2018,0.43509317279976467],[2019,0.46023136145563914],[2020,0.3643148526142061],[2021,0.4402543505674937],[2022,0.5765122836553475],[2023,0.48985117517538346],[2024,0.3630587893936258],[2025,0.2932546543992162]]; median 0.4014232027826713. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 20% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/853816/000119312526064756/d66072d10k.htm (filed 2026-02-24); Gross margin observations: [[2021,0.20186685116028394],[2022,0.20294731363690374],[2023,0.21284800515219546]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 179.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2016: growth capex 0; upkeep 22645000; owner earnings 150501000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2017: growth capex 0; upkeep 15586000; cash acquisitions 8460000; owner earnings 202062000. Growth capex plus acquisitions / owner earnings = 0.041868337440983464.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2018: growth capex 0; upkeep 9747000; owner earnings 289104000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2019: growth capex 0; upkeep 19416000; owner earnings 252772000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2020: growth capex 0; upkeep 30626000; owner earnings 207335000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 0; upkeep 23261000; cash acquisitions 0; owner earnings 407872000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2022: growth capex 0; upkeep 26005000; cash acquisitions 0; owner earnings 462362000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: growth capex 0; upkeep 25688000; owner earnings 296859000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: growth capex 0; upkeep 30998000; owner earnings 221686000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/853816/000119312526064756/d66072d10k.htm (filed 2026-02-24); FY2025: growth capex 0; upkeep 9880000; owner earnings 151515000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,14332000],[2017,15938000],[2018,88918000],[2019,27891000],[2020,109504000],[2021,111961000],[2022,115671000],[2023,117130000],[2024,120476000],[2025,124758000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/853816/000119312526064756/d66072d10k.htm (filed 2026-02-24); FY2025: cash repurchases 179856000 USD.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LSTR.US SharesStats.PercentInsiders = 0.775 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.9% yearly over ten years; actual growth was 1.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Ten-year compound average after fade. Initial solved rate 0.08651803176781148. Price 172.46; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.925478739186999 → FY2025 4.364288388973701. Closing-price date 2026-10-15.

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

- 2016-10: $71.15 per share

- 2016-11: $81.45 per share

- 2016-12: $85.30 per share

- 2017-01: $84.60 per share

- 2017-02: $86.80 per share

- 2017-03: $85.65 per share

- 2017-04: $85.45 per share

- 2017-05: $83.55 per share

- 2017-06: $85.60 per share

- 2017-07: $83.15 per share

- 2017-08: $93.35 per share

- 2017-09: $99.65 per share

- 2017-10: $98.75 per share

- 2017-11: $103.20 per share

- 2017-12: $104.10 per share

- 2018-01: $111.05 per share

- 2018-02: $108.80 per share

- 2018-03: $109.65 per share

- 2018-04: $101.65 per share

- 2018-05: $113.40 per share

- 2018-06: $109.20 per share

- 2018-07: $111.15 per share

- 2018-08: $115.80 per share

- 2018-09: $122.00 per share

- 2018-10: $100.09 per share

- 2018-11: $109.08 per share

- 2018-12: $95.67 per share

- 2019-01: $101.58 per share

- 2019-02: $108.68 per share

- 2019-03: $109.39 per share

- 2019-04: $108.96 per share

- 2019-05: $96.25 per share

- 2019-06: $107.99 per share

- 2019-07: $111.27 per share

- 2019-08: $111.52 per share

- 2019-09: $112.58 per share

- 2019-10: $113.15 per share

- 2019-11: $111.41 per share

- 2019-12: $113.87 per share

- 2020-01: $110.75 per share

- 2020-02: $100.97 per share

- 2020-03: $95.86 per share

- 2020-04: $103.31 per share

- 2020-05: $116.26 per share

- 2020-06: $112.31 per share

- 2020-07: $121.78 per share

- 2020-08: $133.09 per share

- 2020-09: $125.49 per share

- 2020-10: $124.70 per share

- 2020-11: $131.42 per share

- 2020-12: $134.66 per share

- 2021-01: $139.40 per share

- 2021-02: $160.14 per share

- 2021-03: $165.06 per share

- 2021-04: $172.28 per share

- 2021-05: $170.50 per share

- 2021-06: $158.02 per share

- 2021-07: $157.00 per share

- 2021-08: $168.03 per share

- 2021-09: $157.82 per share

- 2021-10: $175.81 per share

- 2021-11: $168.55 per share

- 2021-12: $179.02 per share

- 2022-01: $160.00 per share

- 2022-02: $154.41 per share

- 2022-03: $150.83 per share

- 2022-04: $154.90 per share

- 2022-05: $151.43 per share

- 2022-06: $145.42 per share

- 2022-07: $156.58 per share

- 2022-08: $146.63 per share

- 2022-09: $144.37 per share

- 2022-10: $156.22 per share

- 2022-11: $172.98 per share

- 2022-12: $162.90 per share

- 2023-01: $172.83 per share

- 2023-02: $180.79 per share

- 2023-03: $179.26 per share

- 2023-04: $176.03 per share

- 2023-05: $175.38 per share

- 2023-06: $192.54 per share

- 2023-07: $203.59 per share

- 2023-08: $189.81 per share

- 2023-09: $176.94 per share

- 2023-10: $164.78 per share

- 2023-11: $172.65 per share

- 2023-12: $193.65 per share

- 2024-01: $191.72 per share

- 2024-02: $190.20 per share

- 2024-03: $192.76 per share

- 2024-04: $174.41 per share

- 2024-05: $182.03 per share

- 2024-06: $184.48 per share

- 2024-07: $190.25 per share

- 2024-08: $182.56 per share

- 2024-09: $188.87 per share

- 2024-10: $175.77 per share

- 2024-11: $185.92 per share

- 2024-12: $171.86 per share

- 2025-01: $164.66 per share

- 2025-02: $158.80 per share

- 2025-03: $150.20 per share

- 2025-04: $134.15 per share

- 2025-05: $137.22 per share

- 2025-06: $139.02 per share

- 2025-07: $133.37 per share

- 2025-08: $132.33 per share

- 2025-09: $122.56 per share

- 2025-10: $128.43 per share

- 2025-11: $130.84 per share

- 2025-12: $143.70 per share

- 2026-01: $149.36 per share

- 2026-02: $162.95 per share

- 2026-03: $160.31 per share

- 2026-04: $184.07 per share

- 2026-05: $206.90 per share

- 2026-06: $206.81 per share

- 2026-07: $174.77 per share

- 2026-08: $180.63 per share

- 2026-09: $168.65 per share

- 2026-10: $172.46 per share

## Annual estimated value (USD per share)

- FY2016: low $51.61 per share, central $62.03 per share, high $71.67 per share

- FY2017: low $65.14 per share, central $85.49 per share, high $99.26 per share

- FY2018: low $87.61 per share, central $126.17 per share, high $147.67 per share

- FY2019: low $89.46 per share, central $127.38 per share, high $148.53 per share

- FY2020: low $90.67 per share, central $128.54 per share, high $150.08 per share

- FY2021: low $155.11 per share, central $222.57 per share, high $260.96 per share

- FY2022: low $189.88 per share, central $273.82 per share, high $320.68 per share

- FY2023: low $134.65 per share, central $177.09 per share, high $205.42 per share

- FY2024: low $99.88 per share, central $111.99 per share, high $128.13 per share

- FY2025: low $93.73 per share, central $105.24 per share, high $120.56 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

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/853816/000119312526064756/d66072d10k.htm); period 2025-12-27, 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.

## Reported holder observations



# LSTR — Landstar System Inc.

Held by 1 investor · USD 769,009 total · 2025 Q4 · reported price USD 143.74 (split-adjusted).
Page: https://gigainvestors.com/s/LSTR

## Holders (2025 Q4)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Allen Bond (https://gigainvestors.com/JIM) | USD 769,009 | <0.1% | reduce -14.4% |

## Total held by quarter

- 2018 Q3: USD 997,960 · 1 holder · USD 122.00
- 2018 Q4: USD 782,990 · 1 holder · USD 95.72
- 2019 Q1: USD 969,018 · 1 holder · USD 109.37
- 2019 Q2: USD 956,969 · 1 holder · USD 108.01
- 2019 Q3: USD 1,101,962 · 1 holder · USD 112.56
- 2019 Q4: USD 1,290,946 · 1 holder · USD 113.84
- 2020 Q1: USD 1,087,052 · 1 holder · USD 95.86
- 2020 Q2: USD 1,317,044 · 1 holder · USD 112.28
- 2020 Q3: USD 1,471,998 · 1 holder · USD 125.49
- 2020 Q4: USD 2,793,988 · 1 holder · USD 134.65
- 2021 Q1: USD 3,728,931 · 1 holder · USD 165.07
- 2021 Q2: USD 3,569,898 · 1 holder · USD 158.03
- 2021 Q3: USD 4,801,854 · 1 holder · USD 157.80
- 2021 Q4: USD 5,447,883 · 1 holder · USD 179.03
- 2022 Q1: USD 2,528,078 · 1 holder · USD 150.84
- 2022 Q2: USD 2,437,072 · 1 holder · USD 145.41
- 2022 Q3: USD 2,419,976 · 1 holder · USD 144.39
- 2022 Q4: USD 2,558,001 · 1 holder · USD 162.93
- 2023 Q1: USD 0 · 0 holders
- 2023 Q2: USD 0 · 0 holders
- 2023 Q3: USD 0 · 0 holders
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 0 · 0 holders
- 2024 Q2: USD 0 · 0 holders
- 2024 Q3: USD 0 · 0 holders
- 2024 Q4: USD 0 · 0 holders
- 2025 Q1: USD 0 · 0 holders
- 2025 Q2: USD 0 · 0 holders
- 2025 Q3: USD 766,000 · 1 holder · USD 122.56
- 2025 Q4: USD 769,009 · 1 holder · USD 143.74
- 2026 Q1: USD 0 · 0 holders