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Introduction Landstar System, Inc. was incorporated in January 1991 under the laws of the State of Delaware and has been a publicly held company since its initial public offering in March 1993. The principal executive offices of Landstar System, Inc. (collectively with its subsidiaries and other affiliated companies referred to herein as Landstar or the Company, unless the context otherwise req…
Operating margin is thin at 3.20%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 1.6% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 16% versus the prior year, cash generation momentum has weakened. ROIC dropped from 17.87% to 11.90%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$4.76B
▼ -1.6% YoY
Net Income (TTM)
$125M
▼ -41.3% YoY
Op. Margin
3.47%
▼ -2.0pp YoY
ROIC
13.59%
▼ -6.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$247M
▼ -15.9% YoY
Op. Cash Flow (TTM)
$247M
▼ -21.5% YoY
Net Debt
-$341M
Net Cash Position
Cash & Equiv.
$411M
5Y CAGR: +2.8%
5Y CAGR: +3.6%
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