Marten Transport, Ltd.
- Open
- 17.64
- Day high
- 17.75
- Day low
- 17.33
- Prev close
- 17.65
- Volume
- 438K
- Mkt cap
- $1.4B
- P/E (TTM)
- 97.9
- EPS (TTM)
- $0.18
- P/B
- 1.9
- P/S
- 1.6
- Yield
- 1.38%
- Per share
- $0.24
Marten Transport, Ltd. (MRTN) is a Industrials company listed on NASDAQ. The stock is up 36% over the past year.
Marten Transport, Ltd. (MRTN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MRTN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.03 | $0.02 | -33.3% | $204M | -4.1% |
| Jan 27, 2026 | $0.03 | $0.05 | +66.7% | $210M | +3.5% |
| Oct 23, 2025 | $0.04 | $0.03 | -25.0% | $342M | +64.9% |
| Jul 16, 2025 | $0.09 | $0.09 | +0.0% | $230M | -0.5% |
| Apr 16, 2025 | $0.05 | $0.05 | +0.0% | $223M | -1.7% |
| Jan 27, 2025 | $0.06 | $0.07 | +16.7% | $230M | -1.1% |
| Oct 17, 2024 | $0.06 | $0.05 | -16.7% | $237M | +1.9% |
| Jul 18, 2024 | $0.11 | $0.10 | -9.1% | $246M | -1.2% |
| Apr 18, 2024 | $0.13 | $0.12 | -7.7% | $250M | -5.0% |
| Jan 25, 2024 | $0.18 | $0.15 | -16.7% | $268M | -1.3% |
| Oct 18, 2023 | $0.18 | $0.17 | -5.6% | $280M | -3.1% |
| Jul 19, 2023 | $0.28 | $0.27 | -3.6% | $286M | -7.4% |
MRTN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 7, 2026 | IVERSON KATHLEEN Pdirector | Grant | 4,100 | — |
| May 7, 2026 | Phillips Adam Danielofficer: EVP & Chief Operating Officer | Grant | 4,661 | — |
| May 7, 2026 | DEMOREST ROBERT Ldirector | Grant | 4,100 | — |
| May 7, 2026 | Jones Patricia Ldirector | Grant | 4,100 | — |
| May 7, 2026 | MARTEN RANDOLPH Ldirector, 10 percent owner, officer: Chairman of the Board and CEO | Grant | 12,300 | — |
| May 7, 2026 | Baier Randall Johnofficer: Exec. VP & Chief Tech. Officer | Grant | 4,817 | — |
| May 7, 2026 | Petit Douglas Paulofficer: President | Grant | 6,423 | — |
| May 7, 2026 | BAUER JERRY Mdirector | Grant | 4,100 | — |
| May 7, 2026 | Booth Ronald Richarddirector | Grant | 4,100 | — |
| May 7, 2026 | Hinnendael James Jofficer: EVP & Chief Financial Officer | Grant | 6,766 | — |
| May 7, 2026 | HAGNESS LARRY Bdirector | Grant | 4,100 | — |
| Feb 23, 2026 | Hinnendael James Jofficer: Exec. VP and CFO | Tax | 2,885 | $13.90 |
| Feb 23, 2026 | MARTEN RANDOLPH Ldirector, 10 percent owner, officer: Chairman of the Board and CEO | Tax | 4,657 | $13.90 |
| Feb 23, 2026 | Phillips Adam Danielofficer: EVP & Chief Operating Officer | Tax | 1,131 | $13.90 |
| Feb 23, 2026 | Petit Douglas Paulofficer: President | Tax | 2,299 | $13.90 |
Source: MRTN SEC Form 4 filings, latest May 7, 2026. For informational purposes only — not investment advice.
See the full MRTN insider & 13F page →Marten Transport, Ltd. company profile
Overview
Marten Transport, Ltd. (NASDAQ:MRTN) is a temperature-controlled transportation company founded in 1946 and headquartered in Mondovi, Wisconsin. The company went public in 1986 and has established itself as a specialized carrier focused on transporting temperature-sensitive freight across the United States, Canada, and Mexico. With nearly eight decades of experience, Marten operates one of the largest refrigerated trucking fleets in North America, serving customers who require precise temperature control for their shipments, particularly in the food and consumer packaged goods industries.
Business
Marten Transport operates in the specialized trucking industry, specifically focusing on temperature-controlled logistics. The trucking industry is a critical component of the North American supply chain, moving goods from manufacturers and distributors to retailers and end consumers. Unlike general freight carriers that transport dry goods, Marten specializes in refrigerated transportation, which requires sophisticated equipment and expertise to maintain specific temperature ranges during transit. The company operates through four distinct business segments: 1. **Truckload segment** represents the core business, transporting food products, pharmaceuticals, and other consumer packaged goods that require temperature-controlled environments. This includes frozen foods that must remain at sub-zero temperatures, fresh produce requiring refrigeration, and pharmaceuticals with strict temperature requirements. This segment likely accounts for the majority of revenue. 2. **Dedicated segment** provides customized transportation solutions tailored to individual customers' specific requirements. This involves assigning trucks and drivers exclusively to particular customers, using specialized equipment including temperature-controlled trailers, dry vans, and other specialized equipment. This segment typically generates higher margins due to its contract-based nature. 3. **Intermodal segment** combines trucking with rail transportation, utilizing refrigerated containers and temperature-controlled trailers on railroad flatcars for long-distance portions of trips. This multimodal approach offers cost efficiencies for longer hauls while maintaining temperature integrity throughout the journey. 4. **Brokerage segment** acts as an intermediary, arranging transportation services with third-party carriers for customers requiring temperature-controlled and dry van services. This asset-light model generates revenue through commissions without requiring significant capital investment in equipment. The company operates a substantial fleet of approximately 3,200 tractors, with the vast majority being company-owned rather than operated by independent contractors, providing greater control over service quality and equipment maintenance.
Revenue model
Marten Transport generates revenue primarily through freight transportation services, charging customers based on mileage, weight, and specialized handling requirements. The company's business model centers on providing premium-priced services due to the specialized nature of temperature-controlled transportation, which commands higher rates than standard dry freight. The revenue structure varies by segment: the Truckload segment generates revenue through per-mile rates and fuel surcharges; the Dedicated segment operates on contractual agreements with guaranteed capacity and often includes management fees; the Intermodal segment combines trucking rates with rail transportation savings; and the Brokerage segment earns commissions typically ranging from 10-20% of the freight value. Several factors influence the company's margins and profitability. Fuel costs represent a significant expense, though the company typically passes these through to customers via fuel surcharges with some lag time. Driver availability and wages directly impact operational costs, as the trucking industry faces chronic driver shortages that drive up compensation expenses. Equipment utilization rates are crucial, as the company's substantial fleet of refrigerated trucks and trailers represents significant fixed costs that must be spread across revenue-generating miles. Freight demand cycles significantly affect pricing power and capacity utilization. During strong economic periods, tight capacity allows for higher rates, while economic downturns typically lead to pricing pressure and reduced volumes. Regulatory changes regarding driver hours of service, environmental standards, and safety requirements can increase operational costs. Seasonal factors also play a role, with demand for refrigerated transportation typically higher during harvest seasons and holiday periods when food distribution peaks. The company's specialized focus on temperature-controlled freight provides some insulation from general freight market volatility, as this niche requires specific equipment and expertise that creates barriers to entry and supports premium pricing.
Competitive moat
Marten Transport possesses a moderate competitive moat built primarily around its specialized expertise in temperature-controlled logistics and established customer relationships. The company's nearly 80-year operating history has allowed it to develop deep knowledge of the complex requirements for transporting temperature-sensitive goods, including regulatory compliance, equipment specifications, and handling procedures that are not easily replicated by general freight carriers. The specialized equipment requirements create a meaningful barrier to entry. Refrigerated trucks and trailers cost significantly more than standard dry vans, require specialized maintenance capabilities, and demand experienced technicians who understand both trucking and refrigeration systems. This capital intensity and technical complexity limit the number of competitors who can effectively serve this market. Customer relationships and contracts provide additional defensive characteristics. Food manufacturers, pharmaceutical companies, and grocery chains require reliable partners who can maintain product integrity throughout the supply chain. Once established, these relationships tend to be sticky due to the critical nature of temperature control and the operational complexity of switching providers. The Dedicated segment particularly benefits from this dynamic through long-term contractual arrangements. However, the moat faces several challenges. Large diversified trucking companies like Schneider National and J.B. Hunt have substantial resources to invest in refrigerated fleets and can leverage their existing customer relationships to expand into temperature-controlled services. Regional competitors with lower cost structures can compete aggressively on price, particularly during economic downturns when capacity exceeds demand. Technological disruption poses a longer-term threat, as autonomous trucking technology continues to advance and could eventually reduce the labor cost advantage that specialized carriers currently enjoy through driver expertise. Additionally, improvements in packaging technology and alternative preservation methods could reduce demand for traditional refrigerated transportation in certain segments. The moat is further limited by the cyclical nature of the trucking industry, where periods of overcapacity can erode pricing power regardless of specialization. While temperature-controlled freight is somewhat more stable than general freight, it is not immune to economic cycles affecting food consumption and distribution patterns.
Risks & safety
Marten Transport demonstrates a **strong financial position** with minimal solvency risk, though recent capital expenditures have pressured free cash flow generation. **Cash and Debt Position:** - Minimal debt with debt-to-equity ratio of just 0.0004 as of Q4 2024 - Cash position of $17.3 million at year-end 2024, down from $77.2 million in Q2 2024 - Strong current ratio of 1.48, indicating adequate short-term liquidity - Negative free cash flow of -$98.4 million for FY 2024 due to heavy capital expenditures on fleet expansion **Valuation Metrics:** - EV/EBITDA of 8.5x for FY 2024, reasonable for a specialized transportation company - P/E ratio of 47.2x appears elevated, reflecting reduced earnings in 2024 compared to prior years - Price-to-book ratio of 1.65x suggests modest premium to book value - Graham number of 8.38 compared to current price of $14.72, indicating potential overvaluation **Other Considerations:** - Revenue declined from $1.26 billion in 2022 to $964 million in 2024, reflecting challenging freight market conditions - Net income dropped significantly from $110 million in 2022 to $27 million in 2024 - Strong operating cash flow of $135 million in 2024 demonstrates underlying business cash generation despite negative free cash flow
Recent development
Based on the financial data trends, Marten Transport has navigated a challenging period in the freight transportation market over the past few years. The company experienced significant revenue contraction from peak levels of $1.26 billion in 2022 to $964 million in 2024, reflecting the broader freight recession that impacted the trucking industry following the post-pandemic freight boom. Despite revenue pressures, the company has maintained substantial capital investment in fleet expansion and modernization. The negative free cash flow of -$98.4 million in 2024, despite positive operating cash flow of $135 million, indicates significant capital expenditures on new equipment. This strategic investment suggests management's confidence in long-term market recovery and positions the company with newer, more efficient equipment. The company has demonstrated financial discipline during the downturn, maintaining minimal debt levels and preserving operational cash flow generation even as profitability declined. The quarterly progression through 2024 shows some stabilization, with the company managing to maintain positive EBITDA margins throughout the challenging period. Operational adjustments appear to have been implemented to align capacity with market conditions, as evidenced by the company's ability to generate positive operating cash flows despite the revenue decline. The maintenance of current ratios above 1.4x throughout the period indicates continued financial stability and liquidity management.
MRTN company profile · for informational purposes only — not investment advice.
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