MRTNMarten Transport, Ltd.
Is the business good?
The checks split: earnings fully cash-backed (7.5×), but margins compressing.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
A balanced mix of margins, efficiency, and leverage. ROE 2% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MRTN?
Marten Transport, Ltd. earns 1.9% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 7.1 points below what the capital costs: growth destroys value
- Operating margin
- 1.8%
Operating margin · Trucking median 1.3% · 12 months to Q2 2026
- Cash conversion
- 7.50×
Cash conversion · 6.33× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.14%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 11% |
| FY2021 | 11% |
| FY2022 | 11% |
| FY2023 | 8.0% |
| FY2024 | 3.5% |
| FY2025 | 2.6% |
Details›
- Operating margin12 months to Q2 2026
- 1.8%
- Net margin12 months to Q2 2026
- 1.5%
- Revenue, trailing twelve months
- $858M
- Net income, trailing twelve months
- $13M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 1.9%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from MRTN and who it buys from, as the companies report it.
- WMTWalmart20%
Share of revenue · FY2025 10-K
- Top ten customers50%
Combined share of revenue · FY2025 10-K
- Top five customers38%
Combined share of revenue · FY2025 10-K
- Top two customers28%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; MRTN’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.