HEARTLAND EXPRESS INC
$10.47
+0.11 (+1.06%) · delayed · Nov 13, 2026
Five-year price
52w $7.00 to $16.64
- Market cap
- $806M
- Enterprise value
- $943M
- P/E
- —
- EV / EBIT
- —
- FCF yield
- −8.3%
- ROIC
- −5.1%
- Debt / equity
- 0.21
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC 4.3%
- ○ROE > 15% (5y avg)5y avg ROE 3.5%
- ○Stable operating marginsMargin volatility 10.5% (σ, 5y)
- ○Earnings convert to cashFCF / net income -93% (5y avg)
- ●Growing revenueRevenue CAGR 5y 4.5%
- ●Shrinking share countDiluted shares -4.3% over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield -8.3%
- –Price below Graham NumberGraham Number n/a
- ●P/B below 3P/B 1.1
Safety
20
- ●Debt / equity below 0.5D/E 0.21
- ○Debt payable in < 4 yrs of earningsNet debt $0.1B
- ○Interest coverage > 8xCoverage -4.7x
- ○Current ratio > 1.5Current ratio 1.04
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
20
- ○Adequate size (revenue > $2B)Revenue $0.8B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.04
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -135%
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
A cash-flow valuation isn’t meaningful here: free cash flow is negative or not reported (common for banks, insurers and early-stage companies). Use book value and earnings power instead.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 613 | 607 | 611 | 597 | 645 | 607 | 968 | 1,207 | 1,048 | 806 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 86 | 64 | 90 | 94 | 93 | 105 | 188 | 42 | (20) | (57) |
| Operating margin | 14.0% | 10.5% | 14.7% | 15.8% | 14.5% | 17.4% | 19.5% | 3.5% | -1.9% | -7.1% |
| Pre-tax income | 86 | 64 | 92 | 97 | 94 | 106 | 181 | 20 | (37) | (68) |
| Income tax | 30 | (11) | 19 | 24 | 23 | 27 | 48 | 5 | (7) | (16) |
| Net income | 56 | 75 | 73 | 73 | 71 | 79 | 134 | 15 | (30) | (52) |
| EPS (diluted) | 0.68 | 0.90 | 0.88 | 0.89 | 0.87 | 1.00 | 1.69 | 0.19 | -0.38 | -0.67 |
| Diluted shares | 83 | 83 | 82 | 82 | 81 | 80 | 79 | 79 | 79 | 78 |
Who owns it
Superinvestors
Filings wire