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Landstar System Inc (LSTR) stock

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NASDAQ: LSTR Nasdaq Cargo Ground Transportation Next results ~January 27, 2027

B Fundamentals grade

Landstar System Inc is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$150

Cash-flow model

Base case. Range ~$120–$190 across our lower- and higher-growth cases (-1.1%–8.9% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 2% below our base value.

Price used: $147.53, November 2, 2026

Landstar System Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling1 purchase and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds289 adding, 195 cuttingOf 67 active managers that changed their stake, 39 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Landstar System files

10-Q filed October 28: Landstar System

Model value +5.7%

Revenue for the twelve months to September 2026 was $5.29bn, up 10.7% on a year earlier, faster than the 4.1% growth a quarter earlier. That growth ranks 1 of 15 among the cargo ground transportation companies we cover. Free-cash-flow margin fell to 3.0% from 4.2% a year earlier. The diluted share count is down 2.8% on a year earlier, which lifts each remaining share. Our model value rises from $142 to $150 a share, against a share price of $142. The rating stays Hold. At that price, our model says the market is pricing in about 4.8% a year of cash-flow growth for five years, faster than the -4.1% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Landstar System

Revenue for the twelve months to June 2026 was $5.29bn, up 10.7% on a year earlier, faster than the 4.1% growth a quarter earlier. That growth ranks 1 of 12 among the cargo ground transportation companies we cover. Free-cash-flow margin fell to 3.0% from 4.2% a year earlier. The diluted share count is down 2.8% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from C+ to B. Our model value is little changed at $142 a share, against a share price of $169. The rating stays Hold. At that price, our model says the market is pricing in about 4.6% a year of cash-flow growth for five years, faster than the -4.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Where Landstar System stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.98bn, up 4.1% on a year earlier, faster than -0.8% a quarter earlier. Free-cash-flow margin held at 3.5%. The diluted share count is down 2.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $119 a share, against a share price of $171. At that price, our model says the market is pricing in about 8.7% a year of cash-flow growth for five years, faster than the -5.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Landstar System Inc's trailing-twelve-month revenue grew 10.7% year on year, with a free-cash-flow margin of 3.0%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 17 cargo ground transportation companies we cover.

Our discounted-cash-flow model values the business at ~$150 per share in the base case (~$120–$190 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 20.7% while net income grew 16.8%: a 38pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 6.6 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 2.8% in a year, so each share owns more of the business.

Things to watch

  • Below peers: days sales outstanding. Days sales outstanding of 62 days ranks 14 of 18 cargo ground transportation companies we cover (median 49 days).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$1.42 against an average estimate of $1.66: missed by 14.7%
Revenue
$1.51bn, up 25.4% on a year earlier
Share reaction
-16.0% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Next report
January 27, 2027; average EPS estimate $1.68

Landstar System's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.4%
  • 1 week-10.7%
  • 1 month-15.0%
  • This year+4.8%
  • 1 year+17.6%
  • 5 years-10.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.3B
Operating margin
4.1%
Net margin
3.0%
EPS (TTM, diluted)
$4.72

Growth

Revenue growth
+10.7%
Change in growth rate
+6.6 pts
Share count change
−2.8%

Cash

Free cash flow (TTM)
$158M
FCF margin
3.0%
Stock pay % of revenue
0.2%

Earnings

Last results
October 27, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Results
  4. Announcement
  5. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Landstar System Inc valuation models and calculator

What the price is pricing in

The share price implies about 5.8% a year of cash-flow growth for five years.That is faster than the -4.1% a year revenue growth Landstar System has delivered.

  • Priced in5.8%
  • Last 12 months10.7%
  • 3 years a year-2.9%
  • 5 years a year-4.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($146.83, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$150
Price used
$146.83close November 3, 2026
Implied change
▲ +2%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Landstar System Inc's free cash flow after stock-based pay with after-tax interest added back ($224M, FY2026 Q3 TTM), growing 12.5% and 6.8% in the next two years (forecasts, guidance and its record), then back to 3.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$120–~$190 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Landstar System Inc's free cash flow after stock-based pay ( $224M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Landstar System Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$150 ~$120–$190 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$110–$180 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$100 ~$80–$140 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$100 ~$87–$120 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$100–$150 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Landstar System Inc with Cargo Ground Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −30%
  • Last year's free-cash-flow margin change, if it persists ▼ −26%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $106$140$185$245$323$423
8.5% $84$108$141$184$239$310
10% $70$89$114$147$189$243

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$48.60$71.69$87.87$81.97$98.07$120.19$155.98$150.25$182.06$166.83$143.04$147.53
Market value$2.1bn$3.0bn$3.7bn$3.4bn$3.9bn$4.6bn$6.0bn$5.5bn$6.5bn$5.9bn$5.0bn$5.0bn
+ Net debt (− = net cash)−$115m−$179m−$242m−$200m−$320m−$249m−$140m−$272m−$481m−$515m−$397m−$297m
Enterprise value$2.0bn$2.8bn$3.5bn$3.2bn$3.6bn$4.4bn$5.8bn$5.2bn$6.1bn$5.4bn$4.6bn$4.7bn
Multiples
Price / sales 0.6x1.0x1.0x0.7x1.0x1.1x0.9x0.7x1.2x1.2x1.0x0.9x
Price / earnings 14.4x22.0x20.9x13.3x17.1x24.2x15.6x12.8x24.7x30.3x43.2x31.3x
Price / free cash flow 10.1x18.1x29.9x11.8x13.5x25.8x23.5x9.2x17.8x23.2x23.1x31.8x
EV / EBITDA 7.4x11.0x12.1x8.5x10.4x14.7x10.5x8.3x15.1x17.7x23.1x18.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

76 /100

Strong moat

How hard Landstar System's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 14.4% of total assets over 10 years.

  • Durability 9 / 20

    Operating margin has been a median 6.8%; its worst year was 3.8%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 4.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 11.3% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 27, 2027, after the close. Analysts expect revenue of $1.5bn and EPS of $1.68 (range $1.48 to $1.89) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.80 +44% $5.7bn +19%
Next $7.51 +30% $6.3bn +12%

Next year's EPS estimate has moved −1.4% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.9% on 90 days ago. In the last 30 days, 4 analysts raised Landstar System Inc's forecast and 5 cut it.

Consensus EPS forecast Landstar System Inc, last 90 days
$5.50 $6.00 $6.50 $7.00 $7.50 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.91 Current fiscal year, 60 days ago: $5.92 Current fiscal year, 30 days ago: $5.92 Current fiscal year, 7 days ago: $5.93 Current fiscal year, Now: $5.80 $5.80 Next fiscal year, 90 days ago: $7.61 Next fiscal year, 60 days ago: $7.64 Next fiscal year, 30 days ago: $7.67 Next fiscal year, 7 days ago: $7.66 Next fiscal year, Now: $7.51 $7.51

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.91$7.61
60 days ago $5.92$7.64
30 days ago $5.92$7.67
7 days ago $5.93$7.66
Now $5.80$7.51

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.66 $1.42 −14.7%
Jun 2026 $1.48 $1.44 −3.0%
Mar 2026 $1.12 $1.16 +3.2%
Dec 2025 $1.09 $0.75 −31.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026

No numeric guidance in Landstar System Inc's latest earnings release (filed October 27, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Landstar System Inc's revenue by +12.5% next year and +6.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+16.4%, weight 69%) and the company's own record (+3.9%, weight 31%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy318%
Hold1271%
Sell212%

Monthly trend

  1. Oct 2026312217
  2. Sep 2026412218
  3. Aug 2026411218
  4. Jul 2026313218

Counts of recommendations published by analysts covering Landstar System Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.2%
of tradable shares
Days to cover
4.88
at average volume
Short interest, 1 month
+11%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
0.8%
of shares
Employees
1,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +17.6%

$125.40 on October 31, 2025 to $147.53

ThenNowEffect
Revenue (last 12 months) $4.8bn $5.0bn +4.1%
Net margin 3.5% 2.6% −24.7%
P/E multiple 26.3x 38.3x +45.7%
Share count 35m 34m +3.0%

Biggest factor: p/e multiple.

Last 3 years −7.6%

$159.61 on November 3, 2023 to $147.53

ThenNowEffect
Revenue (last 12 months) $6.3bn $5.0bn −20.9%
Net margin 5.4% 2.6% −50.8%
P/E multiple 17.0x 38.3x +125.3%
Share count 36m 34m +5.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LSTR+36%−7%+21%−10%−14%+5%
Industry peers (median)+38%−13%+11%−10%−12%+14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LSTR58%33%50%58%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LSTR−17%−22%−21%−16%−32%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 39% from July 26, 2023 to September 23, 2025. Getting back needed a 63% gain, reached on May 22, 2026, 241 days after the low.

Price behaviour

52-week range
$119.03 – $224.86
From 52-week high
−34.4%
vs 50-day average
−12.8%
vs 200-day average
−16.3%
Volatility (1 year)
39%
Beta vs S&P 500
0.64

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 10 down
typical move ±5.0%
After a week
3 up, 8 down
typical move ±3.6%
After a month
5 up, 6 down
typical move ±5.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −16.0% +0.9% — —
July 28, 2026 −7.2% −1.3% −5.2% −5.0%
April 28, 2026 +2.5% −0.5% +0.1% +13.2%
January 28, 2026 −1.1% −0.2% +6.4% +7.7%
January 21, 2026 +4.5% +1.7% +1.6% +1.6%
October 28, 2025 −3.9% +0.3% −1.3% +1.2%
July 29, 2025 −5.6% −0.4% −7.6% −5.5%
May 13, 2025 −0.9% +0.8% −0.6% −2.1%
April 25, 2025 −3.3% +0.8% −2.5% −0.8%
April 2, 2025 −7.6% −4.3% −6.0% −9.1%
January 29, 2025 −5.1% +0.1% −7.9% −9.6%
October 29, 2024 −2.5% −0.1% −0.5% +2.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Landstar System Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Landstar System Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Landstar System Inc
$4.6B $4.8B $5B $5.2B $5.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5.3B Revenue (TTM), FY24 Q1: $5B Revenue (TTM), FY24 Q2: $4.9B Revenue (TTM), FY24 Q3: $4.8B Revenue (TTM), FY24 Q4: $4.8B Revenue (TTM), FY25 Q1: $4.8B Revenue (TTM), FY25 Q2: $4.8B Revenue (TTM), FY25 Q3: $4.8B Revenue (TTM), FY25 Q4: $4.7B Revenue (TTM), FY26 Q1: $4.8B Revenue (TTM), FY26 Q2: $5B Revenue (TTM), FY26 Q3: $5.3B $5.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5.3B
FY24 Q1 $5B
FY24 Q2 $4.9B
FY24 Q3 $4.8B
FY24 Q4 $4.8B
FY25 Q1 $4.8B
FY25 Q2 $4.8B
FY25 Q3 $4.8B
FY25 Q4 $4.7B
FY26 Q1 $4.8B
FY26 Q2 $5B
FY26 Q3 $5.3B
Revenue growth, TTM YoY Landstar System Inc
-30% -20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -28.7% Revenue growth, TTM YoY, FY24 Q1: -27.0% Revenue growth, TTM YoY, FY24 Q2: -22.4% Revenue growth, TTM YoY, FY24 Q3: -16.6% Revenue growth, TTM YoY, FY24 Q4: -9.1% Revenue growth, TTM YoY, FY25 Q1: -4.7% Revenue growth, TTM YoY, FY25 Q2: -2.1% Revenue growth, TTM YoY, FY25 Q3: -0.7% Revenue growth, TTM YoY, FY25 Q4: -1.6% Revenue growth, TTM YoY, FY26 Q1: -0.8% Revenue growth, TTM YoY, FY26 Q2: 4.1% Revenue growth, TTM YoY, FY26 Q3: 10.7% 10.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -28.7%
FY24 Q1 -27.0%
FY24 Q2 -22.4%
FY24 Q3 -16.6%
FY24 Q4 -9.1%
FY25 Q1 -4.7%
FY25 Q2 -2.1%
FY25 Q3 -0.7%
FY25 Q4 -1.6%
FY26 Q1 -0.8%
FY26 Q2 4.1%
FY26 Q3 10.7%
Operating margin (TTM) Landstar System Inc
3% 4% 5% 6% 7% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 6.5% Operating margin (TTM), FY24 Q1: 6.0% Operating margin (TTM), FY24 Q2: 5.8% Operating margin (TTM), FY24 Q3: 5.5% Operating margin (TTM), FY24 Q4: 5.2% Operating margin (TTM), FY25 Q1: 4.8% Operating margin (TTM), FY25 Q2: 4.5% Operating margin (TTM), FY25 Q3: 3.8% Operating margin (TTM), FY25 Q4: 3.2% Operating margin (TTM), FY26 Q1: 3.5% Operating margin (TTM), FY26 Q2: 3.5% Operating margin (TTM), FY26 Q3: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 6.5%
FY24 Q1 6.0%
FY24 Q2 5.8%
FY24 Q3 5.5%
FY24 Q4 5.2%
FY25 Q1 4.8%
FY25 Q2 4.5%
FY25 Q3 3.8%
FY25 Q4 3.2%
FY26 Q1 3.5%
FY26 Q2 3.5%
FY26 Q3 4.1%
FCF margin (TTM) Landstar System Inc
2% 3% 4% 5% 6% 7% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 6.9% FCF margin (TTM), FY24 Q1: 6.4% FCF margin (TTM), FY24 Q2: 6.4% FCF margin (TTM), FY24 Q3: 5.8% FCF margin (TTM), FY24 Q4: 5.3% FCF margin (TTM), FY25 Q1: 4.7% FCF margin (TTM), FY25 Q2: 3.9% FCF margin (TTM), FY25 Q3: 4.2% FCF margin (TTM), FY25 Q4: 4.5% FCF margin (TTM), FY26 Q1: 4.9% FCF margin (TTM), FY26 Q2: 3.5% FCF margin (TTM), FY26 Q3: 3.0% 3.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 6.9%
FY24 Q1 6.4%
FY24 Q2 6.4%
FY24 Q3 5.8%
FY24 Q4 5.3%
FY25 Q1 4.7%
FY25 Q2 3.9%
FY25 Q3 4.2%
FY25 Q4 4.5%
FY26 Q1 4.9%
FY26 Q2 3.5%
FY26 Q3 3.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Landstar System took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $4.7B
  2. Selling, general and admin $231M · 4.9%
  3. Other operating costs $4.4B · 91.9%
  4. Operating income $152M · 3.2%
  5. Income tax $35.6M · 0.7%
  6. Net income $115M · 2.4%

Shares of revenue. Source: Landstar System's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2,009 2,400 2,628 2,771 2,665 3,185 3,321 3,168 3,646 4,615 4,085 4,133 6,538 7,437 5,303 4,819 4,744 5,290
EBITDA 137 165 205 226 204 252 271 259 285 375 343 299 555 629 402 306 198 256
Operating income 114 140 181 201 177 224 242 223 244 332 299 253 506 571 344 249 152 215
Net income 70 88 113 130 146 139 148 137 177 255 228 192 382 431 264 196 115 160
Diluted EPS $1.37 $1.77 $2.38 $2.77 $3.16 $3.07 $3.37 $3.25 $4.21 $6.18 $5.72 $4.98 $9.98 $11.76 $7.36 $5.51 $3.31 $4.72
Growth (year on year)
Revenue — +19.5% +9.5% +5.4% −3.8% +19.5% +4.3% −4.6% +15.1% +26.6% −11.5% +1.2% +58.2% +13.8% −28.7% −9.1% −1.6% +10.7%
EBITDA — +20.0% +24.2% +10.4% −9.6% +23.3% +7.5% −4.3% +9.8% +31.9% −8.5% −13.0% +85.8% +13.2% −36.0% −24.0% −35.2% +12.1%
Operating income — +23.1% +29.2% +11.0% −12.0% +27.1% +7.7% −7.6% +9.3% +36.0% −9.9% −15.4% +99.9% +12.9% −39.7% −27.7% −39.1% +19.3%
Net income — +24.3% +29.1% +14.8% +12.5% −4.9% +6.4% −7.0% +28.9% +44.2% −10.8% −15.6% +98.6% +12.9% −38.6% −25.9% −41.3% +16.8%
Diluted EPS — +29.2% +34.5% +16.4% +14.1% −2.8% +9.8% −3.6% +29.5% +46.8% −7.4% −12.9% +100.4% +17.8% −37.4% −25.1% −39.9% +20.2%
Margins
EBITDA margin 6.8% 6.9% 7.8% 8.2% 7.7% 7.9% 8.2% 8.2% 7.8% 8.1% 8.4% 7.2% 8.5% 8.5% 7.6% 6.3% 4.2% 4.8%
Operating margin 5.7% 5.8% 6.9% 7.2% 6.6% 7.0% 7.3% 7.0% 6.7% 7.2% 7.3% 6.1% 7.7% 7.7% 6.5% 5.2% 3.2% 4.1%
Net margin 3.5% 3.6% 4.3% 4.7% 5.5% 4.4% 4.4% 4.3% 4.9% 5.5% 5.6% 4.6% 5.8% 5.8% 5.0% 4.1% 2.4% 3.0%
Free-cash-flow margin 7.1% 3.4% 4.4% 4.3% 5.5% 2.9% 6.4% 5.3% 3.4% 6.2% 7.1% 4.4% 3.9% 8.0% 6.9% 5.3% 4.5% 3.0%
Cash flow
Cash from operations 145 109 118 126 153 102 216 190 139 298 308 211 277 623 394 287 225 171
Capital spending 3 28 4 5 6 11 5 23 16 10 19 31 23 26 26 31 10 14
Free cash flow 142 81 114 120 146 91 211 168 123 288 288 180 253 597 368 256 215 158
Stock-based pay 5 5 5 6 5 7 7 3 8 18 4 5 28 12 4 3 6 9
Free cash flow after stock pay 137 76 109 114 141 85 204 165 116 270 284 175 226 584 364 252 209 148
Balance sheet
Cash 86 45 81 74 180 164 115 179 242 200 320 249 216 340 481 515 397 297
Total debt 93 122 132 114 102 111 0 0 0 0 0 0 75 67 0 0 0 0
Net debt (negative = net cash) 7 77 51 40 −79 −53 −115 −179 −242 −200 −320 −249 −140 −272 −481 −515 −397 −297
Diluted shares 51m 50m 48m 47m 46m 45m 44m 42m 42m 41m 40m 39m 38m 37m 36m 36m 35m 34m
Returned to shareholders
Dividends 9 9 10 34 — 28 58 14 16 89 28 110 112 116 117 120 125 124
Buybacks 56 103 50 26 59 56 161 51 0 208 89 116 123 286 54 81 180 102
Total returned 64 112 60 60 59 84 219 65 16 297 116 225 235 402 171 202 305 226

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 26, 2026
What it owns · $1.8bn
Short-term assets $1.4bnLonger-term assets $436m
What it owes, and who funded it · $1.6bn
Short-term liabilities $766mShareholders' equity $830m
  • Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $766m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $215m against $5m of interest.

From Landstar System Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$102M
Dividends (TTM)
$124M
Returned to shareholders
143%
of free cash flow
Buybacks, last 3 fiscal years
$315M
Diluted share count
−2.8%
year over year
Total shareholder yield
4.5%
dividends 2.5% + buybacks 2.0% of market value
Dividend payout ratio
77%
of net income paid out
Sales & admin spending
4.7%
of revenue
Days sales outstanding
62 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in cargo ground transportation
Last 12 months unless stated LSTR ODFL SNDR ARCB TFII SAIA Median
Revenue, last 12 months $5.3bn $5.6bn $6.0bn $4.2bn $7.9bn $3.5bn $3.5bn
Revenue growth, last 12 months 10.7% −0.6% 6.0% 3.7% −6.1% 9.3% 7.0%
Revenue growth, 3-year average −2.9% −2.0% 1.5% −3.3% — 8.3% −0.8%
Revenue growth, latest quarter 25.4% 10.4% 9.2% 15.9% — 17.0% 10.4%
Operating margin 4.1% 25.8% 3.4% 0.7% 7.2% 10.7% 3.2%
Operating margin, 3-year average 4.4% 26.4% 3.1% 3.4% — 12.8% 3.4%
Net margin 3.0% 19.4% 2.4% 0.4% 3.9% 8.0% 3.0%
Cash from operations / revenue 3.2% 24.9% 9.9% 6.7% 12.4% 17.5% 9.9%
Free-cash-flow margin 3.0% 19.9% 4.3% 4.1% 8.9% 7.9% 3.0%
Free-cash-flow margin, 3-year average 4.3% 17.1% 4.2% 2.6% — −1.7% 0.9%
Stock pay / revenue 0.2% 0.3% 0.3% 0.2% 0.2% — 0.3%
Change in share count −2.8% −1.9% 0.1% −4.2% −2.1% 0.0% −1.5%

Median of all 19 companies we cover in cargo ground transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

19 cargo ground transportation companies
Measure Company Peer median Rank
Revenue growth Growth 10.7% 7.0% 4 of 19
Change in growth rate Growth +6.6pp +3.0pp 3 of 19
Operating margin Profitability 4.1% 3.4% 8 of 18
Net margin Profitability 3.0% 3.0% 9 of 18
Free-cash-flow margin Cash generation 3.0% 3.0% 10 of 19
Stock pay as % of revenue Cash generation 0.2% 0.3% 4 of 15
Long-term debt as % of assets Balance sheet 0.0% 11.5% 1 of 17
Change in share count Balance sheet -2.8% -1.5% 7 of 18
Days sales outstanding Balance sheet 62 days 49 days 14 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 27, 2025
Segments
Line of business Revenue Share YoY
Transportation Logistics $4.7B 98.8% ▼ 1.5%
Insurance $58.6M 1.2% ▼ 7.3%

From Landstar System Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.1B
Institutions reporting
544
Shares held vs prior quarter
▼ 3.1%
Positions opened / closed
107 / 39

Top buyers and sellers, Q2 2026: 289 institutions bought and 195 sold ; the biggest buyer was AQR Capital Management LLC (+287K shares) and the biggest seller Victory Capital Management Inc (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $699M 3.4M 9.8% ▲ 4.5%
Kayne Anderson Rudnick Investment Management LLC $638M 3.1M 9.0% ▼ 10.1%
AQR Capital Management LLC $439M 2.1M 6.2% ▲ 15.6%
Vanguard Portfolio Management LLC $371M 1.8M 5.2% ▲ 2.5%
Vanguard Capital Management LLC $318M 1.5M 4.5% ▲ 0.3%
Boston Partners $298M 1.4M 4.2% ▲ 1.3%
State Street Corp $236M 1.1M 3.3% ▲ 1.7%
Geode Capital Management, LLC $205M 989K 2.9% ▲ 5.8%
First Trust Advisors LP $173M 837K 2.4% ▼ 25.2%
Jacobs Levy Equity Management, Inc $154M 742K 2.2% ▼ 0.4%
Northern Trust Corp $145M 699K 2.0% ▼ 3.1%
Dimensional Fund Advisors LP $135M 655K 1.9% ▼ 4.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Landstar System Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $714,619 1 trade by 1 insider, last 12 months Insider sales History → $2.8M 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $2M net selling
Insider Date Trade Shares Price Value
Lonegro Frank A President & CEO October 30, 2026 Buy 5,000 $142.92 $714,619
Todd James P VP and CFO June 15, 2026 Sell 1,200 $218.17 $261,804
Murphy Diana M Director June 5, 2026 Sell 11,246 $221.28 $2.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Landstar System Inc disclosed in the last 12 months; 5 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded July 16, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025
  • Thomas MacArthur(NJ):Sale (full), $15,001 - $50,000, traded October 24, 2018, filed December 6, 2018

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • January 28, 2026
  • January 21, 2026
  • October 28, 2025

Recent SEC filings

Data status

When each part of this page on Landstar System Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Landstar System Inc in brief

What does Landstar System Inc do?
Landstar System Inc is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.
What is Landstar System Inc's stock ticker?
Landstar System Inc trades under the ticker LSTR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Landstar System Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Landstar System Inc reported revenue of $5.3B, 10.7% higher than a year earlier, according to its SEC filings.
What is Landstar System Inc's free cash flow?
Landstar System Inc's free-cash-flow margin is 3.0% of revenue over the trailing twelve months, ranking 10 of the 19 cargo ground transportation companies we cover.
What is Landstar System Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Landstar System Inc's free cash flow after stock-based pay gives ~$150 per share in the base case, and ~$120–$190 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Landstar System Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Kayne Anderson Rudnick Investment Management LLC and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Landstar System Inc buying back stock, and does it pay a dividend?
Landstar System Inc spent $102M on share repurchases over the trailing twelve months, and its diluted share count fell 2.8% over the year.
What is Landstar System Inc's market cap?
On November 2, 2026, Landstar System Inc's market capitalisation was about $5B, with a price-to-earnings ratio of 31.3 and net debt of -$297M. Market figures come from third-party market data and may be delayed.
Does Landstar System Inc pay a dividend?
Yes: Landstar System Inc paid $124M in dividends over the trailing twelve months, a dividend yield of 2.48% and a payout ratio of 77.2%.
Who are Landstar System Inc's competitors?
In our Cargo Ground Transportation peer group, the companies closest to Landstar System Inc are Old Dominion, Schneider National, Inc., Arcbest Corp, TFI International Inc. and Saia Inc. The side-by-side comparison below sets their revenue, margins and growth against Landstar System Inc's.
Are insiders buying or selling Landstar System Inc stock?
Over the last 12 months, Landstar System Inc's directors and officers reported 1 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Landstar System Inc's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Landstar System Inc announces its own schedule.