Latest Ratios: P/E Ratio -22.2x · EV/EBITDA 13.3x · ROE -6.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $704M | $884M | $1.1B | $1.2B | $1.3B | $1.5B | $1.7B | $1.5B | $1.9B | $1.7B |
| Enterprise Value | $1.3B | $847M | $1.1B | $1.4B | $1.6B | $1.2B | $1.4B | $1.6B | $1.3B | $1.9B | $1.6B |
| P/E Ratio → | -22.22 | — | — | 75.05 | 9.08 | 16.82 | 20.80 | 23.65 | 20.80 | 25.93 | 29.94 |
| P/S Ratio | 1.43 | 0.87 | 0.84 | 0.93 | 1.25 | 2.21 | 2.28 | 2.89 | 2.47 | 3.20 | 2.77 |
| P/B Ratio | 1.54 | 0.93 | 1.07 | 1.30 | 1.42 | 1.84 | 2.04 | 2.52 | 2.45 | 3.38 | 3.36 |
| P/FCF | — | — | 25.39 | — | 35.48 | — | — | — | — | — | 24.35 |
| P/OCF | 12.92 | 7.88 | 6.12 | 6.82 | 6.22 | 10.85 | 8.24 | 11.80 | 10.29 | 17.76 | 10.90 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.05 | 1.03 | 1.17 | 1.65 | 1.95 | 2.11 | 2.76 | 2.20 | 3.08 | 2.56 |
| EV / EBITDA | 13.32 | 8.70 | 7.02 | 7.07 | 7.11 | 5.64 | 6.67 | 8.45 | 7.05 | 11.17 | 8.21 |
| EV / EBIT | — | — | — | 32.17 | 8.42 | 11.14 | 14.42 | 16.80 | 14.65 | 28.91 | 18.23 |
| EV / FCF | — | — | 31.01 | — | 46.74 | — | — | — | — | — | 22.51 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.4% | 8.4% | 10.5% | 12.0% | 20.7% | 21.1% | 22.9% | 20.5% | 20.6% | 16.9% | 21.9% |
| Operating Margin | -7.7% | -7.7% | -2.6% | 0.1% | 9.4% | 17.4% | 14.5% | 15.8% | 14.7% | 10.5% | 14.0% |
| Net Profit Margin | -6.5% | -6.5% | -2.8% | 1.2% | 13.8% | 13.1% | 11.0% | 12.2% | 11.9% | 12.4% | 9.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.6% | -6.6% | -3.5% | 1.7% | 16.9% | 10.9% | 10.1% | 11.2% | 12.2% | 13.9% | 11.6% |
| ROA | -4.2% | -4.2% | -2.1% | 0.9% | 10.3% | 8.4% | 7.7% | 8.6% | 9.1% | 9.8% | 7.6% |
| ROIC | -4.8% | -4.8% | -1.9% | 0.1% | 7.6% | 13.4% | 11.5% | 13.3% | 14.1% | 10.9% | 15.8% |
| ROCE | -5.4% | -5.4% | -2.1% | 0.1% | 7.7% | 12.1% | 10.9% | 12.0% | 12.3% | 9.2% | 12.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.21 | 0.25 | 0.37 | 0.51 | — | — | — | — | — | — |
| Debt / EBITDA | 1.66 | 1.66 | 1.36 | 1.58 | 1.93 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.19 | 0.24 | 0.33 | 0.45 | -0.22 | -0.16 | -0.11 | -0.26 | -0.13 | -0.25 |
| Net Debt / EBITDA | 1.47 | 1.47 | 1.27 | 1.44 | 1.71 | -0.75 | -0.56 | -0.39 | -0.84 | -0.45 | -0.67 |
| Debt / FCF | — | — | 5.62 | — | 11.26 | — | — | — | — | — | -1.84 |
| Interest Coverage | -4.93 | -4.93 | -1.09 | 1.82 | 22.17 | — | — | 93.37 | — | 369.56 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | 1.08 | 1.37 | 1.47 | 3.26 | 2.72 | 2.39 | 3.59 | 2.27 | 3.08 |
| Quick Ratio | 1.04 | 1.04 | 1.08 | 1.37 | 1.47 | 3.26 | 2.72 | 2.39 | 3.59 | 2.27 | 3.08 |
| Cash Ratio | 0.17 | 0.17 | 0.11 | 0.23 | 0.32 | 2.20 | 1.62 | 1.21 | 2.50 | 1.00 | 1.96 |
| Asset Turnover | — | 0.68 | 0.79 | 0.80 | 0.58 | 0.65 | 0.68 | 0.66 | 0.76 | 0.77 | 0.83 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 34.12 | 32.63 | 34.13 | 53.90 | 34.20 | 31.44 | 34.91 | 29.36 | 42.48 | 30.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.9% | 0.5% | 0.6% | 0.5% | 3.4% | 0.4% | 0.4% | 0.4% | 0.3% | 0.4% |
| Payout Ratio | — | — | — | 42.8% | 4.7% | 57.9% | 9.2% | 9.0% | 9.1% | 8.9% | 11.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 1.3% | 11.0% | 5.9% | 4.8% | 4.2% | 4.8% | 3.9% | 3.3% |
| FCF Yield | — | — | 3.9% | — | 2.8% | — | — | — | — | — | 4.1% |
| Buyback Yield | 0.9% | 1.5% | 0.8% | 0.0% | 0.0% | 2.4% | 1.7% | 0.0% | 1.7% | 0.0% | 0.9% |
| Total Shareholder Yield | 1.4% | 2.4% | 1.4% | 0.6% | 0.5% | 5.8% | 2.2% | 0.4% | 2.1% | 0.4% | 1.3% |
| Shares Outstanding | — | $78M | $79M | $79M | $79M | $80M | $81M | $82M | $82M | $83M | $83M |
Negative operating margin persistence
According to current market data, Heartland Express trades at a forward P/E of 745.67, a valuation multiple that appears disconnected from historical norms and suggests investors are pricing in extreme uncertainty regarding the company's ability to return to profitability in the near term.
The elevated forward P/E ratio indicates that the market is struggling to anchor a valuation on a business currently experiencing negative earnings. Investors should monitor whether this premium reflects a bet on a cyclical recovery or if it represents a mispricing of the company's diminished earnings power following recent acquisitions.
As reported in financial statements, Heartland's ROIC has languished in negative territory for most of the last ten quarters, hitting -0.9% in 2026Q1, which highlights a fundamental decay in the company's ability to generate returns on its invested capital base.
The persistent negative ROIC suggests that the capital deployed for recent acquisitions is not yet contributing to value creation. This trend warrants further investigation into whether the current asset-heavy model can achieve historical return thresholds without a significant improvement in freight rates and utilization.
Based on Heartland's reported figures, the DSO has remained relatively stable near 39 days as of 2026Q1, yet the broader efficiency metrics suggest that the company is struggling to optimize its working capital cycle amidst a period of significant revenue contraction.
While the DSO appears managed, the lack of improvement in asset turnover, which sits at 0.15, implies that the company's fleet is not being utilized with the same intensity as in previous cycles. This suggests that the operational density Heartland was once known for may be diluted by its current multi-brand structure.
According to recent quarterly filings, Heartland's interest coverage ratio fell to -1.40 in 2026Q1, a concerning development that indicates the company's operating income is currently insufficient to cover its interest obligations, thereby increasing the risk profile of its debt-funded acquisition strategy.
The shift from a debt-free balance sheet to one carrying significant leverage has fundamentally altered the company's risk profile. Investors should monitor the debt-to-EBITDA ratio, which at 6.24, suggests that the company has little room for error if the freight recession persists longer than anticipated.
Data from recent filings suggests that the EV/EBITDA multiple is the most commonly misapplied metric for Heartland, as it fails to account for the high depreciation costs inherent in the company's aggressive fleet replacement strategy and the non-recurring gains on equipment sales.
Relying on EV/EBITDA obscures the true cash-generating capacity of the business by ignoring the capital intensity required to maintain a modern fleet. Analysts should instead focus on free cash flow after maintenance capital expenditures to better understand the company's actual ability to fund operations and debt service.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HTLD stock.
Heartland Express, Inc.'s current P/E ratio is -22.2x. The historical average is 23.5x.
Heartland Express, Inc.'s current EV/EBITDA is 13.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.5x.
Heartland Express, Inc.'s return on equity (ROE) is -6.6%. The historical average is 15.1%.
Based on historical data, Heartland Express, Inc. is trading at a P/E of -22.2x. Compare with industry peers and growth rates for a complete picture.
Heartland Express, Inc.'s current dividend yield is 0.54%.
Heartland Express, Inc. has 8.4% gross margin and -7.7% operating margin.
Heartland Express, Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.