# Marten Transport, Ltd. (MRTN)

> Source: Nexqual · https://nexqual.com/MRTN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Marten Transport, Ltd. (MRTN), nexqual.com/MRTN" · informational, not investment advice.

**Price:** USD 12.3 (-2.84% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.66 · day 12.29–12.96 · 52w 9.35–18.48 · market cap $1.00B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $858M, net income $12.6M (1.5% margin) (SEC filings).
- Valuation: P/E 79.4x (avg 41.6x at the last 3 fiscal year-ends).
- Analysts: Hold (mean 2.67 on a 1–5 scale) (3 analysts), mean target USD 17 (range 15–19).
- Total return with dividends: 1Y +17.1% vs S&P 500 +14.9%; 5Y -20.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 0.1, revenue estimate $239M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $974M | $1.26B | $1.13B | $964M | $884M | $858M |
| Operating income | $112M | $143M | $90.1M | $33.2M | $22.9M | $15.8M |
| Net income | $85.4M | $110M | $70.4M | $26.9M | $17.4M | $12.6M |
| EPS (diluted) | $1.02 | $1.35 | $0.86 | $0.33 | $0.21 | — |
| Operating margin | 11.5% | 11.3% | 8.0% | 3.4% | 2.6% | 1.8% |
| Net margin | 8.8% | 8.7% | 6.2% | 2.8% | 2.0% | 1.5% |
| Revenue growth | +11.4% | +29.8% | -10.5% | -14.8% | -8.3% | — |
| Cash + short-term investments | $57.0M | $80.6M | $53.2M | $17.3M | $43.3M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 79.4x · P/S 1.2x · P/B 1.3x · Earnings yield 1.26% · Dividend yield (paid, TTM) 1.95%
P/E at fiscal year-ends: Dec 2025 53.2x, Dec 2024 47.2x, Dec 2023 24.3x.

## Analysts
Consensus Hold (mean 2.67 on a 1–5 scale), 3 analysts; mean target USD 17 (low 15, high 19).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-24 | Stephens & Co. | Target lowered | Equal-Weight | $18 → $16 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.1% | -20.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.2% | -4.4% |
| Volatility (annualized) | 32.6% | 28.9% |
| Max drawdown | -32.2% (Jun 2026→Oct 2026) | -56.4% (Jul 2023→Oct 2025) |

## Peers (Trucking)
HTLD (Heartland Express, Inc.) USD 10.29 +0.29% · CVLG (Covenant Logistics Group, Inc.) USD 29.77 -0.43% · WERN (Werner Enterprises, Inc.) USD 29.18 -2.34% · ULH (Universal Logistics Holdings, I) USD 17.35 +4.33% · ARCB (ArcBest Corporation) USD 130.3 -0.39% · RXO (RXO, Inc.) USD 28.92 +0.49%

## More
Full page: https://nexqual.com/MRTN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MRTN's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/799167/000143774926005971/mrtn20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Marten Transport Logistics | "Our Brokerage segment develops contractual relationships with and arranges for third-party carriers to transport freight for our customers in temperature-controlled trailers and dry vans within the United States and into…" |
| Customer | Walmart (WMT) | "In 2025, our largest customer was Walmart." |
| Customer | Hub Group | "On September 30, 2025, we closed on the previously announced agreement to sell the assets related to our Intermodal business to Hub Group, Inc. The transaction was structured as an asset sale of certain Intermodal equipm…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Truckload | $116.3M | 52.0% | +9.2% | $2.4M | 2.1% |
| Dedicated | $67.3M | 30.1% | -6.4% | $2.4M | 3.6% |
| Total revenue | $223.5M | 100% | — | $6.9M | 3.1% |
The lines above cover 82.1% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Revenue Net Of Fuel Surcharge | $92.7M | 41.5% | +0.3% |
| Truckload Fuel Surcharge Revenue | $23.6M | 10.6% | +68.5% |
| Fuel Surcharge Revenue | $14.7M | 6.6% | +39.7% |
| Total revenue | $223.5M | 100% | — |
The lines above cover 58.6% of total revenue.

## Customer concentration

Period ended 2025-12-31: 20% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.10 | $0.10 | -4.8% | $238.8M | 2 |
| Next quarter (ends 2027-03-31) | $0.10 | $0.10 | +0.0% | $231.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.24 | $0.28 | -10.9% | $895.9M | 2 |
| Next fiscal year (ends 2027-12-31) | $0.60 | $0.64 | -6.3% | $981.5M | 2 |