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Heartland Express, Inc. is a holding company incorporated in Nevada, which directly or indirectly owns all of the stock of the following legal entities: Heartland Express, Inc. of Iowa, Heartland Express Services, Inc., Heartland Express Maintenance Services, Inc. (collectively, "Heartland Express"), and Midwest Holding Group, LLC and Millis Transfer, LLC (together, "Millis Transfer"), and Smit…
The business is unprofitable at the operating level (-7.13% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 23.1% YoY. Margins deteriorated 5.2pp alongside, both lines moving the wrong way.
Free cash flow declined 292% versus the prior year, cash generation momentum has weakened. ROIC dropped from -1.44% to -4.66%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$763M
▼ -23.1% YoY
Net Income (TTM)
-$43M
▼ -76.5% YoY
Op. Margin
-6.01%
▼ -5.2pp YoY
ROIC
-3.83%
▼ -3.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$64M
▼ -292.0% YoY
Op. Cash Flow (TTM)
$87M
▼ -38.1% YoY
Net Debt
$109M
Cash & Equiv.
$44M
5Y CAGR: +4.5%
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