MRTN

Marten Transport, Ltd.

$13.08

0.24

(1.87%)

Exchange:	NASDAQ
Market Cap:	1.066B
Shares Outstanding:	64.716M

Overview

Earnings

Financials

Valuation

Chart

About The Company

Marten Transport, Ltd. operates as a temperature-sensitive truckload carrier for shippers in the United States, Canada, and Mexico. It operates through four segments: Truckload, Dedicated, Intermodal, and Brokerage. The Truckload segment transports food and other consumer packaged goods that require a temperature-controlled or insulated environment. The Dedicated segment offers customized transportation solutions for individual customers’ requirements using temperature-controlled trailers, dry vans, and other specialized equipment. The Intermodal segment transports customers’ freight utilizing its refrigerated containers and temperature-controlled trailers on railroad flatcars for portions of trips, as well as using tractors and contracted carriers. The Brokerage segment develops contractual relationships with and arranges for third-party carriers to transport freight for customers in temperature-controlled trailers and dry vans. As of December 31, 2021, the company operated a fleet of 3,204 tractors, including 3,111 company-owned tractors and 93 tractors supplied by independent contractors. Marten Transport, Ltd. was founded in 1946 and is headquartered in Mondovi, Wisconsin.

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Revenue Segmentation

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EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Revenue	664,994	671,144	698,120	787,594	843,271	874,374	973,644	1,263,878	1,131,455	963,708
? Cost Of Revenue	550,709	555,978	576,563	647,729	696,319	703,609	790,492	1,025,381	836,149	833,007
? Gross Profit	114,285	115,166	121,557	139,865	146,952	170,765	183,152	238,497	295,306	130,701
? Research And Development Expenses	0	0	0	0	0	0	0	0	0	0
? General And Administrative Expenses	35,138	38,510	44,632	45,291	45,910	55,465	50,337	59,690	66,163	62,138
? Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0
? Operating Expenses	62,910	67,365	70,194	76,761	79,134	87,970	87,758	108,532	205,196	97,481
? Net Interest Income	0	0	0	0	0	0	0	0	0	0
? Interest Income	0	0	0	0	0	0	0	0	0	0
? Interest Expense	0	0	0	0	0	0	0	0	0	0
? Depreciation And Amortization	75,323	82,445	85,120	88,585	95,137	102,893	102,562	111,014	116,722	4,971
? EBITDA	126,698	130,246	135,483	151,689	162,955	185,688	197,956	240,979	193,220	33,220
? EBIT										28,249
? Operating Income	61,063	58,303	56,862	70,348	-35,999	-30,549	-23,463	5,572	90,110	33,220
? Income Before Tax	60,691	57,066	56,473	71,029	77,688	93,386	111,732	144,171	93,916	36,346
? Income Tax Expense	24,946	23,602	-33,811	16,002	16,617	23,886	26,304	33,817	23,543	9,424
? Net Income From Continuing Operations										26,922
? Net Income	35,745	33,464	90,284	55,027	61,071	69,500	85,428	110,354	70,373	26,922
? EPS (Earnings Per Share)	0.430	0.410	1.110	0.670	0.750	0.840	1.030	1.350	0.870	0.330
? EPS Diluted	0.420	0.410	1.100	0.670	0.740	0.840	1.020	1.350	0.860	0.330
? Weighted Average Shares Outstanding	83,692.516	81,265.016	81,738	81,885	81,944.996	82,527	82,872	81,692	81,272	81,437
? Weighted Average Shares Outstanding Diluted	84,287.516	81,692.516	82,275	82,724	82,669.496	83,164	83,408	81,959	81,413	81,492
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Cash And Cash Equivalents	434	488	15,791	56,763	31,461	66,127	56,995	80,600	53,213	17,267
? Short Term Investments	0	0	0	0	0	0	0	0	0	0
? Cash And Short Term Investments	434	488	15,791	56,763	31,461	66,127	56,995	80,600	53,213	17,267
? Net Receivables	81,482	73,635	81,017	84,856	92,441	89,173	101,246	123,448	117,963	96,940
? Accounts Receivables										89,992
? Inventory	4,011	4,350	4,322	3,528	3,394	3,372	4,375	5,427	6,286	0
? Total Current Assets	100,050	93,430	116,618	163,528	154,166	175,658	186,949	235,840	196,582	138,511
? Property Plant Equipment Net	528,009	557,825	571,920	588,230	640,394	654,173	682,277	728,167	792,750	828,613
? Goodwill	0	0	0	0	0	0	0	0	0	0
? Intangible Assets	0	0	0	0	0	0	0	0	0	0
? Long Term Investments	0	0	0	0	0	0	0	0	0	0
? Total Non Current Assets	531,478	560,318	573,785	590,376	642,420	655,978	683,741	729,839	793,757	830,246
? Total Assets	631,528	653,748	690,403	753,904	796,586	831,636	870,690	965,679	990,339	968,757
? Account Payables	12,007	14,391	16,478	15,704	22,917	25,702	20,150	37,299	36,516	25,781
? Short Term Debt	0	0	0	0	0	0	0	0	0	0
? Deferred Revenue	0	0	0	0	-529	-507	-249	137,041	0	0
? Total Current Liabilities	49,876	60,670	64,277	71,973	76,326	89,794	93,559	124,310	110,242	93,519
? Long Term Debt	37,867	7,886	0	0	649	411	291	409	249	282
? Deferred Revenue Non Current	-134,364	-147,854	0	0	-122,022	-121,098	-125,163	-137,041	0	0
? Deferred Tax Liabilities Non Current	134,364	147,854	100,626	105,977	122,022	121,098	125,163	137,041	122,462	107,034
? Total Non Current Liabilities	172,231	155,740	100,626	105,977	122,671	121,509	125,454	137,450	122,711	107,316
? Total Liabilities	222,107	216,410	164,903	177,950	198,997	211,303	219,013	261,760	232,953	200,835
? Treasury Stock										0
? Preferred Stock	0	0	1	0	0	0	0	0	0	0
? Common Stock	328	326	545	545	547	827	830	811	813	815
? Retained Earnings	332,625	362,837	448,542	498,595	517,577	534,436	565,129	655,920	706,784	714,166
? Additional Paid In Capital										0
? Total Stockholders Equity	409,421	437,338	525,500	575,954	597,589	620,333	651,677	703,919	757,386	767,922
? Total Equity	409,421	437,338	525,500	575,954	597,589	620,333	651,677	703,919	757,386	767,922
? Minority Interest	0	0	0	0	0	0	0	0	0	0
? Total Liabilities And Total Equity	631,528	653,748	690,403	753,904	796,586	831,636	870,690	965,679	990,339	968,757
? Total Investments	0	0	0	0	0	0	0	0	0	0
? Total Debt	37,867	7,886	0	0	649	411	291	409	249	282
? Net Debt	37,433	7,398	-15,791	-56,763	-30,812	-65,716	-56,704	-80,191	-52,964	-16,985
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Net Income	35,745	33,464	90,284	55,027	61,071	69,500	85,428	110,354	70,373	26,922
? Depreciation And Amortization	75,323	82,445	85,120	88,585	95,137	102,893	102,562	111,014	116,722	111,653
? Deferred Income Tax	15,093	13,536	-47,228	5,351	16,045	-924	4,065	11,878	-14,579	-15,428
? Stock Based Compensation	1,404	883	1,250	3,323	1,817	1,851	2,518	2,814	2,319	2,236
? Change In Working Capital	10,497	12,957	-2,719	5,362	-12,365	20,154	-13,507	-9,796	-4,017	7,514
? Accounts Receivables	7,968	8,518	-5,974	-8,131	-8,131	-13,638	12,726	-23,547	12,751	19,831
? Inventory	-42,792	-28,915	-49,097	8,131	8,131	13,638	-12,726	0	0	0
? Accounts Payables	-4,853	594	11	1,800	5,259	883	-823	11,893	-3,615	-2,439
? Net Cash Provided By Operating Activities	128,238	133,566	121,879	150,623	153,180	189,598	171,204	219,489	164,378	134,814
? Investments In Property Plant And Equipment	-187,647	-162,353	-156,549	-168,522	-189,403	-173,052	-199,294	-176,623	-240,557	0
? Acquisitions Net	0	65,105	61,274	67,267	1,168	66,766	75,597	41,703	0	0
? Purchases Of Investments	0	0	0	0	-1,168	0	0	0	0	0
? Sales Maturities Of Investments	0	0	0	0	1,168	0	0	0	0	0
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	-152,138
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	0
? Net Dividends Paid	-3,342	-3,252	-4,361	-5,459	-42,089	-52,366	-54,735	-19,563	-19,509	-19,540
? Common Dividends Paid										-19,540
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	-2,846	-36,457	-11,258	-8,381	-41,253	-48,607	-56,602	-60,926	-19,225	-18,622
? Effect Of Forex Changes On Cash	-250,162	0	0	0	0	0	0	0	0	0
? Net Change In Cash	311	54	15,303	40,972	-25,302	34,666	-9,132	23,605	-27,387	-35,946
? Cash At End Of Period	434	488	15,791	56,763	31,461	66,127	56,995	80,600	53,213	17,267
? Cash At Beginning Of Period	123	434	488	15,791	56,763	31,461	66,127	56,995	80,600	53,213
? Operating Cash Flow	128,238	133,566	121,879	150,623	153,180	189,598	171,204	219,489	164,378	134,814
? Capital Expenditure	-187,647	-162,353	-156,549	-168,522	-189,403	-173,052	-199,294	-176,623	-240,557	0
? Free Cash Flow	-59,409	-28,787	-34,670	-17,899	-36,223	16,546	-28,090	42,866	-76,179	134,814
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Estimated Revenue (Low)	690,105.791	788,443.377	803,994.823	870,183.902	965,137.914	1,242,468.215	1,127,517.118	933,716.364	944,976.671	1,038,553.433
Estimated Revenue (High)	697,239.523	796,593.639	812,305.843	879,179.128	975,114.695	1,271,593.870	1,142,246.567	980,768.894	992,596.638	1,090,888.990
Estimated Revenue (Avg)	693,000	791,750	807,366.667	873,833.333	969,185.569	1,257,550	1,134,886.769	960,469.206	972,052.143	1,068,310.066
Estimated Ebitda (Low)	100,214.152	117,501.979	130,457.865	134,157.345	158,762.430	166,350.853	188,967.324	181,208.298	183,393.609	201,554.248
Estimated Ebitda (High)	150,321.229	176,252.967	195,686.800	201,236.017	238,143.645	249,526.281	283,450.989	190,339.881	192,635.316	211,711.120
Estimated Ebitda (Avg)	125,267.691	146,877.473	163,072.333	167,696.681	198,453.038	207,938.567	236,209.157	186,400.278	188,648.203	207,329.180
Estimated Net Income (Low)	69,125.974	40,391.460	46,106.076	47,492.044	63,177.459	72,270.952	56,298.398	25,219.305	27,577.839	53,678.848
Estimated Net Income (High)	103,688.962	60,587.190	69,159.116	71,238.066	94,766.189	108,406.429	84,447.600	26,885.829	37,033.145	57,625.750
Estimated Net Income (Avg)	86,407.468	50,489.325	57,632.596	59,365.055	78,971.824	90,338.691	70,373	26,052.567	33,000	55,652.299
Estimated SGA Expense (Low)	31,716.568	33,559.365	34,648.805	38,114.976	37,220.963	38,707.087	44,021.727	51,406.688	52,026.635	57,178.597
Estimated SGA Expense (High)	47,574.852	50,339.048	51,973.208	57,172.464	55,831.445	58,060.633	66,032.594	53,997.212	54,648.400	60,059.984
Estimated SGA Expense (Avg)	39,645.710	41,949.207	43,311.007	47,643.720	46,526.204	48,383.860	55,027.161	52,879.592	53,517.302	58,816.879
Estimated EPS (Avg)	0.410	0.660	0.730	0.820	0.990	1.330	0.900	0.320	0.400	0.690
Estimated EPS (High)	0.420	0.660	0.740	0.820	1	1.350	0.920	0.330	0.450	0.710
Estimated EPS (Low)	0.410	0.650	0.730	0.810	0.990	1.310	0.860	0.310	0.340	0.660
Number of Analysts (Estimated Revenue)	5	5	1	1	1	1	2	2	2	2
Number of Analysts (Estimated EPS)	4	4	1	1	1	1	1	2	2	2

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Current Key Metrics

?	Revenue (TTM) :	963.708M	?	P/S (TTM) :	1.12
?	Net Income (TTM) :	26.922M	?	P/E (TTM) :	48.42
?	Enterprise Value (TTM) :	1.007B	?	EV/FCF (TTM) :	13.17
?	Dividend Yield (TTM) :	0.02	?	Payout Ratio (TTM) :	0.9
?	ROE (TTM) :	0.03	?	ROIC (TTM) :	0.02
?	Net Debt (TTM) :	-16689000	?	Debt/Equity (TTM) :	0
?	P/B (TTM) :	1.36	?	Current Ratio (TTM) :	1.48