LSTRLandstar System, Inc.
Is the business good?
The checks split: earnings fully cash-backed (2.0×), but margins compressing.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Efficiency-driven, thin margins turned over fast (the retail model). ROE 16% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is LSTR?
Landstar System, Inc. earns 34% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 25 points above what the capital costs: growth creates value
- Operating margin
- 3.5%
Operating margin · Integrated Freight & Logistics median 5.3% · 12 months to Q1 2026
- Cash conversion
- 1.97×
Cash conversion · 1.41× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −3.4%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 6.1% |
| FY2021 | 7.7% |
| FY2022 | 7.7% |
| FY2023 | 6.5% |
| FY2024 | 5.2% |
| FY2025 | 3.2% |
Details›
- Operating margin12 months to Q1 2026
- 3.5%
- Net margin12 months to Q1 2026
- 2.6%
- Free cash flow margin
- 4.9%
- Revenue, trailing twelve months
- $4.76B
- Free cash flow, trailing twelve months
- $234M
- Net income, trailing twelve months
- $125M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 34%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Integrated Freight & Logistics
Ranks #3 of 8 by RyuScore