olivlawolivlaw

olivLaw · US equity research

Marten Transport, Ltd. MRTN

Trucking (No Local) · SIC 4213 · Vertical: Trucking (No Local) (SIC 4213)

12.36USD+2.57% · 1 dayClose 04 Nov 2026

Marten Transport is a US truckload carrier specialising in temperature-controlled transport of food and other consumer packaged goods, with operating revenue of $883.7 million in fiscal 2025. It matters now because the truckload market has tightened sharply in 2026, while the third quarter showed both higher rates and fuel-driven margin pressure.

At the close of 04 Nov 2026, Marten Transport, Ltd. (MRTN) stock was 12.36 USD (+2.57% on the day), with market capitalisation 1.0 bn USD, P/E 74.8 on diluted EPS of 0.17 USD over the last 12 months, dividend yield 1.94%, beta 0.76, 52-week range 9.41–18.28 USD. Latest reported quarter (Q2 2026): revenue of 223.5 m USD (−2.8% YoY), net income of 5.3 m USD (−25.7% YoY), diluted EPS 0.07 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.0 bn USD
shares as of 28 Jul 2026
P/E (TTM)
74.8
Diluted EPS TTM 0.17 · TTM to 30 Jun 2026
E/P (TTM)
1.34%
TTM to 30 Jun 2026
Dividend yield
1.94%
DPS 12m 0.24
Beta (2y)
0.76
Volatility (1y) 31%
52-week range
9.4118.28

Price history

Loading chart…

Technical reading

RSI (14)
47.1
neutral
Bollinger (20, 2)
11.48 – 13.18
in the upper half of the band · %B 0.52 · band width 13.7%
SMA 50 / 200
13.09 / 14.48
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.34 / -0.39
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−5.3%−2.0%−3.3 pp—
3 months−17.2%−2.2%−15.0 pp—
6 months−17.9%+4.3%−22.2 pp—
Year to date+8.6%+10.6%−2.0 pp—
1 year+23.2%+10.5%+12.8 pp+34.0%
3 years−32.7%+73.7%−106.3 pp+4.3%
5 years−28.5%+61.7%−90.2 pp—
Max drawdown (1y)
−36.2%
11 Jun 2026 → 28 Oct 2026
Max drawdown (5y)
−59.8%
16 Aug 2022 → 19 Nov 2025
Compound annual growth (5y)
−6.5%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
223.5 m USD
−2.8% YoY
Net income
5.3 m USD
−25.7% YoY
Diluted EPS
0.07
−22.2% YoY
net / operating
2.4% / 3.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue237.4 m230.4 m223.2 m229.9 m220.5 m210.1 m203.5 m223.5 m
Operating income4.3 m6.7 m5.9 m9.7 m2.7 m4.6 m1.6 m6.9 m
Pre-tax income5.2 m7.1 m6.2 m10.2 m3.0 m5.0 m2.0 m7.6 m
Income tax1.4 m1.5 m1.9 m3.0 m725.0 k1.4 m667.0 k2.3 m
Net income3.8 m5.6 m4.3 m7.2 m2.2 m3.7 m1.4 m5.3 m
Diluted EPS0.050.07 ≈0.050.090.030.05 ≈0.020.07
Operating cash flow29.5 m ≈23.8 m36.2 m33.2 m ≈18.5 m ≈5.6 m33.0 m27.7 m ≈
Dividends paid4.9 m ≈4.9 m4.9 m4.9 m ≈4.9 m ≈4.9 m4.9 m4.9 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 97 percentile of its own 39-quarter history (min 7.4, median 18.2, max 104.9; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue787.6 m843.3 m874.4 m973.6 m1.3 bn1.1 bn963.7 m883.7 m
Revenue YoY+12.8%+7.1%+3.7%+11.4%+29.8%−10.5%−14.8%−8.3%
Net income55.0 m61.1 m69.5 m85.4 m110.4 m70.4 m26.9 m17.4 m
Net income YoY−39.1%+11.0%+13.8%+22.9%+29.2%−36.2%−61.7%−35.2%
Diluted EPS0.670.740.841.021.350.860.330.21
Diluted EPS YoY−59.4%+10.4%+13.5%+21.4%+32.4%−36.3%−61.6%−36.4%
net %7.0%7.2%7.9%8.8%8.7%6.2%2.8%2.0%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
43.3 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
767.6 m USD
Total assets
949.8 m USD
Debt / equity
unavailable
Current ratio
1.86x
ROE
2.3%
ROA
1.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
1.1 bn
2024
963.7 m
2025
883.7 m

SEC (XBRL)· 27 Feb 2026verified

Operating income
2023
90.1 m
2024
33.2 m
2025
22.9 m

SEC (XBRL)· 27 Feb 2026verified

Pre-tax income
2023
93.9 m
2024
36.3 m
2025
24.4 m

SEC (XBRL)· 27 Feb 2026verified

Income tax
2023
23.5 m
2024
9.4 m
2025
6.9 m

SEC (XBRL)· 27 Feb 2026verified

Net income
2023
70.4 m
2024
26.9 m
2025
17.4 m

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
0.86
2024
0.33
2025
0.21

SEC (XBRL)· 27 Feb 2026verified

Weighted average diluted shares
2023
81.4 m
2024
81.5 m
2025
81.5 m

SEC (XBRL)· 27 Feb 2026verified

Dividend per share
2023
0.24
2024
0.24
2025
0.24

SEC (XBRL)· 27 Feb 2026verified

Balance sheet · USD

Cash
2023
53.2 m
2024
17.3 m
2025
43.3 m

SEC (XBRL)· 27 Feb 2026verified

Receivables
2023
105.5 m
2024
90.0 m
2025
85.8 m

SEC (XBRL)· 27 Feb 2026verified

Current assets
2023
196.6 m
2024
138.5 m
2025
171.7 m

SEC (XBRL)· 27 Feb 2026verified

Property, plant & equipment, net
2023
792.2 m
2024
828.6 m
2025
776.5 m

SEC (XBRL)· 27 Feb 2026verified

Total assets
2023
990.3 m
2024
968.8 m
2025
949.8 m

SEC (XBRL)· 27 Feb 2026verified

Accounts payable
2023
36.5 m
2024
25.8 m
2025
28.8 m

SEC (XBRL)· 27 Feb 2026verified

Current liabilities
2023
110.2 m
2024
93.5 m
2025
92.2 m

SEC (XBRL)· 27 Feb 2026verified

Total liabilities
2023
233.0 m
2024
200.8 m
2025
182.1 m

SEC (XBRL)· 27 Feb 2026verified

Equity
2023
757.4 m
2024
767.9 m
2025
767.6 m

SEC (XBRL)· 27 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
164.4 m
2024
134.8 m
2025
93.5 m

SEC (XBRL)· 27 Feb 2026verified

Investing cash flow
2023
-172.5 m
2024
-152.1 m
2025
-42.9 m

SEC (XBRL)· 27 Feb 2026verified

Financing cash flow
2023
-19.2 m
2024
-18.6 m
2025
-19.6 m

SEC (XBRL)· 27 Feb 2026verified

Dividends paid
2023
19.5 m
2024
19.5 m
2025
19.6 m

SEC (XBRL)· 27 Feb 2026verified

Share repurchases
2023
0
2024
0
2025
—

SEC (XBRL)· 28 Feb 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-8.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
-11.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
0.2%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-31.0%
computed by olivLawFY 2025
Net income growth (YoY)
-35.2%
computed by olivLawFY 2025
Net income CAGR 3Y
-45.9%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-24.2%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-36.4%
computed by olivLawFY 2025
EPS CAGR 3Y
-46.2%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-24.2%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
1.8%
computed by olivLawTTM to 30 Jun 2026
Net margin
1.5%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
1.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
1.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
1.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
145.1%
computed by olivLawTTM to 30 Jun 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
2.5x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
1.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
84.8 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
39 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.0 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
79.8x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
74.8x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
1.3%
computed by olivLawTTM to 30 Jun 2026
P/B
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
1.9%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
1.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

12.36 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.0 bn USD

Key indicators

Market capitalisation
1.0 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
74.8x
computed by olivLawTTM to 30 Jun 2026
P/B
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
1.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
1.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-8.3%
computed by olivLawFY 2025
Dividend yield
1.9%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

22/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 28 Jul 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 2057derived 122

Score by group

44% · Insufficient data

Estimated value range

Low
4.23
USD per share
Mid
4.64
USD per share
High
4.95
USD per share
Price: 12.36 USD
The price is above the range
Potential to the central value: -62.5% (value / price − 1)
Margin of safety: -166.5% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.15 – 5.67 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E5.30 – 5.67 (Mid 5.66)
    5 companies used · median multiple 34.2x · quartiles 32.0x – 34.3x
    JBHT, LSTR, ODFL, SAIA, SNDR
  • Dividend discount (DDM)3.15 – 4.24 (Mid 3.62)
Multiple comparisons use the SIC vertical: Trucking (No Local) (SIC 4213)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality1.5%50 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-11.2%0 (on a fixed band)19%
EPS CAGR 3Y · Growth-46.2%0 (on a fixed band)19%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.5x100 (on a fixed band)10%
P/E (TTM) · Valuation74.8x25 (vs peers)24%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns1.9%28 (on a fixed band)14%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality· partial50/100 · 1/3 factors with a value
  • Returns· partial28/100 · 1/2 factors with a value
  • Valuation· partial25/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

MARTEN TRANSPORT, LTD. (MRTN). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 883.7 m USD in 2025; YoY growth -8.3%; net margin 1.5%; ROE 1.6%.

The estimated value range is 4.23–4.95 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 4.64 USD, the price of 12.36 USD leaves a potential of -62.5% (value / price − 1) and a margin of safety of -166.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 2.5x

What contradicts it

  • Revenue CAGR 3Y: -11.2%
  • EPS CAGR 3Y: -46.2%
  • P/E (TTM): 74.8x
  • Shareholder yield (distributions): 1.9%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Trucking (No Local) (SIC 4213) · same industry (4-digit SIC) · compared with 12 companies

Multiples and returns vs the median

P/E
74.8x
vertical median 35.6x
above median (+109.8%)
EV/EBITDA
—
vertical median 15.1x
P/S
1.2x
vertical median 1.0x
above median (+12.6%)
P/B
1.3x
vertical median 2.0x
below median (−34.0%)
ROE
1.6%
vertical median 1.7%
at median
Net margin
1.5%
vertical median 1.2%
above median (+28.0%)
EBIT margin
1.8%
vertical median 2.1%
below median (−10.2%)
Revenue YoY
-8.3%
vertical median -1.7%
below median
Net debt/EBITDA
—
vertical median 0.3x
Dividend yield
1.9%
vertical median 1.3%
above median (+55.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ODFLOld Dominion Freight Line, Inc.36.8 bn34.224.8%19.4%−5.5%+31% / −9%
JBHTJ.b. Hunt Transport Services, Inc.20.9 bn31.618.8%5.1%−0.7%+29% / +21%
KNXKnight-Swift Transportation Holdings Inc.10.2 bn67.22.2%1.9%+0.8%+36% / +16%
SAIASaia, Inc.9.7 bn34.310.6%8.0%+0.8%+28% / −7%
LSTRLandstar System, Inc.5.1 bn32.018.7%3.0%−1.6%+16% / −12%
ARCBArcbest Corporation3.1 bn201.51.3%0.4%−4.0%+117% / +17%
WERNWerner Enterprises, Inc.1.8 bn—-3.3%-1.4%−1.8%+15% / −27%
MRTNMarten Transport, Ltd.1.0 bn74.81.6%1.5%−8.3%+23% / −33%
ULHUniversal Logistics Holdings, Inc.862.8 m—-15.1%-6.0%−15.6%+118% / +32%
HTLDHeartland Express Inc829.0 m—-2.8%-3.0%−23.1%+36% / −20%
PAMTPamt Corp259.3 m—-18.9%-7.1%−16.3%+38% / −34%
CVLGCovenant Logistics Group, Inc.—237.70.9%0.3%+2.9%+70% / +59%
SNDRSchneider National, Inc.—37.04.6%2.4%+7.3%+32% / +29%

1- and 3-year price returns: for MRTN from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
6.19
Total return -49% · Per year -49%
11.00
Total return -10% · Per year -10%
16.64
Total return 36% · Per year 36%
3 years
4.91
Total return -58% · Per year -25%
9.92
Total return -16% · Per year -6%
16.64
Total return 39% · Per year 12%
5 years
3.90
Total return -65% · Per year -19%
8.96
Total return -22% · Per year -5%
16.64
Total return 42% · Per year 7%
What moves the 3-year price the most
  • Exit P/E± 2.48
  • Net margin± 1.74
  • Annual revenue growth± 1.57
  • Annual dilution± 0.15

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Marten Transport is a US truckload carrier specialising in temperature-controlled transport of food and other consumer packaged goods, with operating revenue of $883.7 million in fiscal 2025 1. It matters now because the truckload market has tightened sharply in 2026, while the third quarter showed both higher rates and fuel-driven margin pressure 3.

SWOT

Strengths

  • Leading position in temperature-sensitive trucking, with long relationships with large customers and a relatively new fleet 1.
  • Debt-free balance sheet and internal capacity to fund investment 23.
  • Diversified model across five platforms, reducing reliance on one service type 1.

Weaknesses

  • Revenue concentrated in a few large customers, so losing one would be significant 1.
  • Margins under pressure from the lag between fuel costs and surcharge recovery, as in the third quarter of 2026 3.
  • Revenue and profit declined in 2025 and in the first months of 2026 compared with the prior year 12.

Opportunities

  • A tighter freight market could allow better pricing on premium services if the trend holds 3.
  • Investment in technology and a modern fleet could lower costs over the medium term 13.
  • Organic growth in dedicated and brokerage could offset lower volumes elsewhere 1.

Threats

  • Volatile diesel prices could erode margins if surcharges do not keep pace 13.
  • Insurance and personnel cost pressures could rise if the market stays tight 13.
  • Trade policy and a weaker economy could reduce volumes from industrial customers 1.

Risks

  • Reliance on major customershigh

    A small number of customers generate much of revenue, and contracts are usually one year without firm shipping commitments 1. Losing one could have a material effect on results 1.

  • Fuel price exposurehigh

    Diesel is one of the largest costs, and surcharges do not fully cover lags or off-route miles 13. Rapid increases can compress operating margins 3.

  • Insurance cost exposuremedium

    The company self-insures part of its claims, and rising premiums or claims above reserves could hurt earnings 1. Large claims could exceed coverage limits 1.

  • Driver shortagemedium

    Competition for qualified drivers is intense and could limit fleet use or raise costs 1. Regulatory changes affecting drivers could intensify this pressure 1.

  • Cybersecuritylow

    Information systems are exposed to disruption and attacks, and a serious incident could affect operations and employee data 1.

Investment thesis

What would need to be true (bull case)

  • If the tightening of truckload capacity continues, higher rates on premium services could restore margins 3.
  • A debt-free balance sheet and continued fleet investment could support organic growth 23.
  • Its leading position in temperature-controlled transport could attract customers seeking quality service 1.

What would break the thesis

  • If diesel prices stay high, the lag against surcharge recovery could keep pressing on margins 3.
  • Revenue fell in 2025 and in the first six months of 2026, which could point to softer demand 12.
  • Dependence on a few large customers means any volume cut could show up clearly in results 1.

What to watch

  • Trend in rates per mile and fuel surcharge recoveryQ4 2026
  • Operating margin after fuel and insurance costsQ4 2026
  • Actual capital expenditure against the expected figure of about $109 million2026
  • Whether the tighter freight market turns into new volumes and contracts with major customersnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Marten Transport moved from a refrigerated long-haul carrier to a business with five platforms: temperature-sensitive and dry truckload, dedicated, brokerage and MRTN de Mexico 1. Its customers are mainly food and consumer goods companies, and its largest customer in 2025 was Walmart 1. Intermodal operations were sold effective September 30, 2025 1.

Truckload and dedicated contracts are typically one year, while dedicated contracts run three to five years with annual rate reviews 1. The fleet of 2,654 tractors is mostly company-owned, supported by tracking, route optimisation and auxiliary power units that cut idling 1. Customer concentration is significant, with the top ten customers accounting for about 50% of revenue in 2025 1.

Marten has no long-term debt and ended the third quarter of 2026 with a debt-free balance sheet, giving it room to invest in fleet and technology 3. Management names premium service, efficiency through data and technology, and cost discipline as priorities in its 80th year 3.

Segments

Temperature-sensitive and dry truckload

The truckload segment provides regional and medium-to-long-haul services, focused on temperature-controlled food 1. In the third quarter of 2026 segment revenue rose to $117.3 million, driven mainly by fuel surcharges, while the operating ratio stayed above 100% 3.

Brokerage

Brokerage arranges freight through third-party carriers while Marten keeps billing and customer relationships 1. In the third quarter of 2026 it posted the best operating ratio among the reported segments, while revenue stayed nearly flat 3.

Market context

The temperature-controlled truckload market is competitive and fragmented, with rivals including other truckload carriers, logistics firms and railroads 1. Management says the freight market has sharply tightened since early 2026 as stricter enforcement removes noncompliant driver capacity 3. Demand still depends on US economic activity and consumer inventory levels 1.

Diesel prices are a major cost, and fuel surcharges pass part of increases to customers, but they lag rapid price moves 13. If fuel stays high, margins could remain under pressure even as rates improve 3.

Trends

  • Tighter truckload capacitytailwind

    Stricter enforcement against noncompliant drivers could support rates if the trend holds 3. The company already reports higher pricing on its premium services 3.

  • Fuel price spikesheadwind

    Rapidly rising diesel prices to record levels created a lag in surcharge recovery and cut quarterly margin 3. The impact depends on price paths and on how well consumption is managed 3.

  • Trade policy and tariffsmixed

    Tariffs and trade policy could reduce shipping volumes and raise the cost of new equipment 1. The effect is hard to forecast because policies have changed quickly 1.

  • Insurance and driver costsheadwind

    Insurance premiums for trucking companies have risen, and health costs added pressure to third-quarter profit 13. Competition for qualified drivers remains intense 1.

Competitive position

Marten competes with many truckload carriers, some with larger fleets and greater capital, as well as less-than-truckload carriers, railroads and logistics companies 1. The main competitive factors are service, rates, capacity, technology and financial stability 1.

Large customers tend to reduce the number of carriers they use, so Marten could be left out of core carrier programmes, affecting volumes 1. Industry consolidation could create larger rivals, while procurement aggregators can help smaller carriers compete 1.

  • Temperature-controlled truckload carriers

    Direct competitors in temperature-sensitive food transport, referred to generically in the source 1.

  • Dry van truckload carriers

    Competitors in dry freight, many with larger or more diversified fleets 1.

  • Less-than-truckload carriers

    Partial competitors on some lanes and services, named in the competition section 1.

  • Railroads and logistics companies

    Alternative transport modes and indirect competitors, especially for brokerage freight 1.

News & filings

In the press

The latest news item in our archive is from 17 Oct 2026; the newest SEC filing is from 22 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

  • Current report22 Oct 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report25 Aug 2026
    Material agreement · Creation of a direct financial obligation
  • Quarterly report06 Aug 2026
  • Current report23 Jul 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report18 Jun 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report11 May 2026
    Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
  • Quarterly report08 May 2026
  • Current report23 Apr 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Proxy statement17 Mar 2026
  • Annual report27 Feb 2026

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Marten Transport, Ltd. · 27 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Marten Transport, Ltd. · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Marten Transport, Ltd. · 22 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Marten Transport, Ltd. (MRTN): stock, results, valuation and forecast · olivLaw