Latest Ratios: P/E Ratio 61.6x · EV/EBITDA 30.8x · ROE 13.0%. (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 | $6.9B | $5.1B | $6.2B | $7.0B | $6.0B | $6.6B | $5.2B | $4.5B | $4.0B | $4.4B | $3.6B |
| Enterprise Value | $6.7B | $4.8B | $5.8B | $6.6B | $5.9B | $6.7B | $5.2B | $4.4B | $3.9B | $4.3B | $3.6B |
| P/E Ratio → | 61.62 | 44.11 | 31.64 | 26.31 | 13.85 | 17.26 | 27.18 | 19.91 | 15.48 | 24.73 | 26.25 |
| P/S Ratio | 1.46 | 1.07 | 1.28 | 1.31 | 0.80 | 1.01 | 1.26 | 1.11 | 0.86 | 1.20 | 1.14 |
| P/B Ratio | 8.90 | 6.37 | 6.37 | 7.07 | 6.73 | 7.64 | 7.55 | 6.28 | 5.73 | 6.69 | 6.64 |
| P/FCF | 32.22 | 23.58 | 24.24 | 18.90 | 10.00 | 25.98 | 29.01 | 15.71 | 13.72 | 35.46 | 21.50 |
| P/OCF | 30.81 | 22.54 | 21.62 | 17.67 | 9.58 | 23.80 | 24.80 | 14.72 | 13.27 | 31.48 | 18.94 |
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 | — | 1.01 | 1.21 | 1.24 | 0.80 | 1.02 | 1.25 | 1.07 | 0.85 | 1.18 | 1.14 |
| EV / EBITDA | 30.79 | 22.20 | 19.12 | 16.42 | 9.43 | 12.02 | 17.24 | 12.76 | 10.49 | 15.11 | 13.89 |
| EV / EBIT | 39.19 | 31.71 | 23.63 | 19.46 | 10.43 | 13.25 | 18.33 | 14.70 | 11.90 | 17.68 | 16.37 |
| EV / FCF | — | 22.35 | 22.86 | 17.96 | 9.93 | 26.33 | 28.60 | 15.19 | 13.66 | 34.85 | 21.47 |
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 | 13.1% | 13.1% | 20.2% | 21.3% | 20.3% | 20.2% | 20.7% | 21.6% | 21.1% | 21.4% | 22.0% |
| Operating Margin | 3.6% | 3.6% | 5.1% | 6.5% | 7.7% | 7.7% | 6.1% | 7.3% | 7.2% | 6.7% | 7.0% |
| Net Profit Margin | 2.4% | 2.4% | 4.1% | 5.0% | 5.8% | 5.8% | 4.6% | 5.6% | 5.5% | 4.9% | 4.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.0% | 13.0% | 20.0% | 28.3% | 49.3% | 49.1% | 27.2% | 32.3% | 38.0% | 29.6% | 27.2% |
| ROA | 6.7% | 6.7% | 10.8% | 14.2% | 21.7% | 20.6% | 12.5% | 16.2% | 18.7% | 14.5% | 13.1% |
| ROIC | 22.1% | 22.1% | 29.7% | 34.8% | 47.7% | 48.4% | 31.9% | 36.0% | 39.7% | 32.8% | 31.9% |
| ROCE | 16.4% | 16.4% | 22.0% | 31.6% | 54.7% | 53.7% | 29.4% | 34.8% | 40.2% | 32.1% | 33.2% |
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 | 0.17 | 0.17 | 0.17 | 0.13 | 0.34 | 0.35 | 0.25 | 0.23 | 0.27 | 0.26 | 0.32 |
| Debt / EBITDA | 0.62 | 0.62 | 0.53 | 0.33 | 0.48 | 0.55 | 0.59 | 0.49 | 0.49 | 0.59 | 0.67 |
| Net Debt / Equity | — | -0.33 | -0.36 | -0.35 | -0.04 | 0.10 | -0.11 | -0.21 | -0.02 | -0.11 | -0.01 |
| Net Debt / EBITDA | -1.22 | -1.22 | -1.15 | -0.87 | -0.06 | 0.16 | -0.25 | -0.44 | -0.04 | -0.26 | -0.02 |
| Debt / FCF | — | -1.22 | -1.38 | -0.95 | -0.07 | 0.35 | -0.41 | -0.52 | -0.06 | -0.61 | -0.03 |
| Interest Coverage | 152.19 | 152.19 | — | — | 156.94 | 126.72 | 71.10 | 94.84 | 98.62 | 76.81 | 57.93 |
Net cash position: cash ($397M) exceeds total debt ($133M)
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 | 1.75 | 1.75 | 1.96 | 2.00 | 1.64 | 1.51 | 1.50 | 1.80 | 1.81 | 1.75 | 1.94 |
| Quick Ratio | 1.75 | 1.75 | 1.96 | 2.00 | 1.64 | 1.51 | 1.50 | 1.80 | 1.81 | 1.75 | 1.94 |
| Cash Ratio | 0.65 | 0.65 | 0.84 | 0.80 | 0.45 | 0.25 | 0.36 | 0.64 | 0.45 | 0.53 | 0.65 |
| Asset Turnover | — | 2.90 | 2.67 | 2.95 | 3.85 | 3.20 | 2.50 | 2.86 | 3.35 | 2.70 | 2.89 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 55.62 | 55.19 | 54.07 | 50.24 | 70.06 | 79.32 | 55.70 | 56.53 | 65.57 | 55.48 |
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 | 1.8% | 2.5% | 1.9% | 1.7% | 1.9% | 1.7% | 2.1% | 0.6% | 2.2% | 0.4% | 0.4% |
| Payout Ratio | 108.5% | 108.5% | 61.5% | 44.3% | 26.8% | 29.3% | 57.0% | 12.2% | 34.8% | 9.0% | 10.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 2.3% | 3.2% | 3.8% | 7.2% | 5.8% | 3.7% | 5.0% | 6.5% | 4.0% | 3.8% |
| FCF Yield | 3.1% | 4.2% | 4.1% | 5.3% | 10.0% | 3.8% | 3.4% | 6.4% | 7.3% | 2.8% | 4.7% |
| Buyback Yield | 2.6% | 3.5% | 1.3% | 0.8% | 4.8% | 1.9% | 2.2% | 2.0% | 5.3% | 1.2% | 1.4% |
| Total Shareholder Yield | 4.4% | 6.0% | 3.3% | 2.5% | 6.7% | 3.6% | 4.3% | 2.6% | 7.5% | 1.5% | 1.8% |
| Shares Outstanding | — | $35M | $36M | $36M | $37M | $38M | $39M | $40M | $41M | $42M | $42M |
Cyclical spot market exposure
Based on current market data, Landstar's forward P/E of 36.79 appears to command a significant premium relative to its historical averages and peer group, suggesting that investors are pricing in a recovery in freight demand that has yet to materialize in the company's recent financial results.
The elevated valuation multiples, including an EV/EBITDA of 31.61, imply that the market is placing a high value on the company's asset-light model and fortress balance sheet. However, this pricing warrants caution, as the current earnings trajectory does not clearly support such a high multiple without a meaningful acceleration in spot market rates.
As reported in recent financial statements, Landstar's ROIC has trended downward to 8.9% in 2026Q1, reflecting the impact of a challenging freight environment on the company's ability to generate superior returns on its invested capital compared to its historical performance in more favorable market cycles.
The decline in ROIC from previous peaks suggests that the company's decentralized agent model is facing headwinds in maintaining historical efficiency levels. Investors should monitor whether this compression is a structural shift or merely a temporary byproduct of the current overcapacity in the North American freight market.
According to quarterly data, Landstar's asset turnover has remained relatively stagnant near 0.72, indicating that the company's ability to generate revenue from its asset base is currently constrained by the broader industry downturn rather than internal operational inefficiencies within its agent-based logistics network.
The stability in DSO, which has hovered around 55-58 days, suggests that the company maintains consistent control over its receivables despite the transactional nature of its business. This consistency is a positive indicator of the quality of the agent-shipper relationships, even as top-line growth remains elusive.
Based on the company's reported figures, Landstar maintains a negligible debt-to-equity ratio of 0.03 as of 2026Q1, providing a substantial buffer that insulates the firm from the interest rate volatility and refinancing risks that currently plague more leveraged participants in the integrated freight and logistics sector.
This minimal leverage profile is a core pillar of the company's defensive posture, allowing management to prioritize shareholder returns through dividends and repurchases even during periods of earnings contraction. The lack of debt service obligations provides significant operational flexibility that is rarely seen in the capital-intensive logistics industry.
The P/E ratio is frequently misapplied to Landstar's business model because it fails to account for the high variability in earnings caused by the company's reliance on the spot market, which can lead to misleading valuation signals during the bottom of a freight cycle.
Analysts should instead focus on EV/Net Revenue or EV/EBITDA, as these metrics better capture the economic value retained by the company after accounting for purchased transportation costs. Relying solely on P/E ignores the structural resilience of the agent-based model, which is designed to preserve cash flow rather than maximize accounting earnings during cyclical troughs.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LSTR stock.
Landstar System, Inc.'s current P/E ratio is 61.6x. The historical average is 21.9x. This places it at the 100th percentile of its historical range.
Landstar System, Inc.'s current EV/EBITDA is 30.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
Landstar System, Inc.'s return on equity (ROE) is 13.0%. The historical average is 34.1%.
Based on historical data, Landstar System, Inc. is trading at a P/E of 61.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Landstar System, Inc.'s current dividend yield is 1.76% with a payout ratio of 108.5%.
Landstar System, Inc. has 13.1% gross margin and 3.6% operating margin.
Landstar System, Inc.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.