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Heartland Express, Inc.

HTLD Industrials Trucking

Heartland Express, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $805.7 million, down 23.1% from fiscal 2024.

Revenue
−12.5%
EPS
+200.0%
Free cash flow
+144.9%
Total debt
−30.5%

Quarter to June 2026, against a year earlier

10.11 0.61 −5.69%
Market cap
$784.9M
P/E
0.0×
Fwd P/E
88.0×
Dividend yield
0.79%
F-score
5/9
Altman Z
2.62
Beneish M
−3.24
Dividend safety
57/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.03
Sold, $m 0.49
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 1 — — — — —
Sell — — — — — — 1 — — — — —
Insider Ownership 39.72%

Capital & Financial Ratios $m

Size
Market Cap 784.93
Revenue ttm 736.28
Net income ttm (21.96)
Free cash flow ttm 108.91
Net debt Q 72.51
Valuation
P/E 0.00
Forward P/E 88.00 (above 35: high)
Price / sales 1.06
Forward P/S Powerpack
Price / FCF 7.19
Price / book 1.03
Financial health
Current ratio Q 1.58 (at or above 1.5: strong)
Debt / equity Q 0.18 (at or below 0.5: strong)
Interest coverage Q 8.81
Growth
Revenue growth Q −12.48% (below 0%: shrinking)
Operating income growth Q +233.26% (above 0%: growing)
EPS, this year +121.07% (at or above 15%: strong)
EPS, next year A +208.77% (at or above 15%: strong)
Revenue, next year A −10.70% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +43.20% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, against a ten-year median of 2.1×; over the ten years it ranged from 0.8× in 2025 to 3.5× in 2017.
P/S against its own 10 years 25.52%
10-year low 10-year high
P/B against its own 10 years 9.64%
10-year low 10-year high
EV/Sales against its own 10 years 21.60%
10-year low 10-year high
EV/FCF against its own 10 years 8.29%
10-year low 10-year high

Dividends

Yield
0.79%
Annual rate
0.08
Payout ratio
—
Growth, 2017–25
0.00%/yr
  1. 0.08 ’17
  2. 0.08 ’18 +0
  3. 0.08 ’19 +0
  4. 0.08 ’20 +0
  5. 0.08 ’21 +0
  6. 0.08 ’22 +0
  7. 0.08 ’23 +0
  8. 0.08 ’24 +0
  9. 0.08 ’25 +0
  10. 0.08 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 28 13 18 62
Receivables 113 94 75 77
Inventory — — — —
Other 18 13 9 36
169 129 115 186
2023 2024 2025 Q'26
Payables 38 35 33 34
ST’ Debt — — — —
Other 28 27 25 25
123 120 110 117

Compound Annual Growth %

10y 5y 3y
Sales 0.90% 4.54% (5.93%)
Cash Flow (7.29%) (12.97%) (22.88%)
Earnings 0.00% 0.00% 0.00%
Book Value 4.86% 0.84% (4.07%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.02 Actual 0.01

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.07 −0.06 Beat by 0.01
Q1 FY26 −0.13 −0.06 Beat by 0.07
Q2 FY26 0.00 0.14 Beat by 0.14
Q3 FY26 0.02 0.01 Miss by 0.01
Q4 FY26 0.03 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.06) 0.14 — — —
’25 (0.18) (0.14) (0.11) (0.25) (0.67)
’24 (0.19) (0.04) (0.12) (0.02) (0.38)
’23 0.16 0.10 (0.14) 0.06 0.19
’22 0.21 0.97 0.31 0.20 1.69
’21 0.17 0.26 0.31 0.26 1.00
’20 0.16 0.24 0.25 0.22 0.87
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 176 184 — — —
’25 219 210 197 179 806
’24 270 275 260 243 1,048
’23 331 306 295 275 1,207
’22 151 188 274 355 968
’21 152 154 153 148 607
’20 166 161 162 156 645
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 23 13 — — —
’25 26 21 28 15 89
’24 31 40 36 38 144
’23 66 31 27 41 165
’22 38 21 54 82 195
’21 35 27 33 28 123
’20 40 44 49 46 179
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 38 37 — — —
’25 14 15 21 13 63
’24 33 35 40 (10) 98
’23 53 10 (21) 52 94
’22 29 109 29 40 207
’21 51 20 30 20 121
’20 0 19 1 47 68
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 613 607 611 597 645 607 968 1,207 1,048 806 736 +3.1% 720 749 782 (1.0%)
Gross margin, % 39.13 34.00 37.09 37.25 39.89 38.26 34.48 28.52 27.85 28.14 29.10 (11.0) pt
EBT 86 64 92 97 94 106 181 20 (37) (68) (25) n/m
EBT margin, % 14.04 10.62 15.05 16.28 14.61 17.46 18.71 1.64 (3.50) (8.46) (3.44) (22.5) pt
Net income 56 75 73 73 71 79 134 15 (30) (52) (22) n/m
Per share, $
Per share, $ Revenue 7.36 7.29 7.41 7.28 7.93 7.63 12.26 15.28 13.30 10.35 9.51 +3.9%
Earnings 0.68 0.90 0.88 0.89 0.87 1.00 1.69 0.19 (0.38) (0.67) (0.28) n/m
Cash flow 1.87 1.32 1.78 1.79 2.20 1.55 2.47 2.09 1.83 1.15 1.01 (5.3%)
Capex (0.35) (0.44) (0.47) (0.86) (1.37) (0.03) 0.15 (0.90) (0.59) (0.34) 0.39 (0.3%)
Free cash flow 1.52 0.88 1.31 0.92 0.83 1.52 2.62 1.19 1.24 0.81 1.41 (6.8%)
Book value 6.07 6.90 7.48 8.35 8.90 9.14 10.84 10.95 10.45 9.70 9.77 +5.3%
Shares, m 83 83 82 82 81 80 79 79 79 78 78 (0.7%)
Valuation, ×
Valuation, × P/E 30.16 25.98 20.80 23.65 20.80 16.82 9.22 77.39 0.00 0.00 0.00 22.5
P/S 2.79 3.24 2.47 2.89 2.28 2.20 1.27 0.91 0.84 0.87 1.06 2.0
P/B 3.38 3.43 2.45 2.52 2.03 1.84 1.44 1.27 1.07 0.93 1.03 2.0
EV/Sales 2.62 3.16 2.24 2.85 2.19 2.03 1.65 1.14 1.02 1.05 1.17 2.0
EV/FCF 12.64 26.28 12.69 22.54 20.88 10.20 7.71 14.60 10.95 13.39 7.90 15.2
Cash, $m
Cash, $m Operating cash flow 156 110 147 146 179 123 195 165 144 89 78 (6.0%)
Capex (29) (37) (39) (71) (111) (2) 12 (71) (47) (26) 30 (1.0%)
Free cash flow 127 73 108 76 68 121 207 94 98 63 109 (7.5%)
Balance, $m
Balance, $m Working capital 137 96 168 88 122 162 73 46 10 4 69 (31.7%)
Net debt (129) (75) (161) (77) (114) (158) 350 263 179 136 73 n/m
Shareholders’ equity 506 575 616 685 724 727 855 865 823 755 756 +4.6%
Returns, %
Returns, % ROA 7.65 9.84 9.11 8.56 7.65 8.43 10.28 0.93 (2.09) (4.15) (1.78) (11.8) pt
ROIC 14.17 7.95 12.35 9.69 9.56 11.57 9.77 2.35 (1.26) (4.03) (1.27) (18.2) pt
ROE 11.56 13.91 12.21 11.22 10.05 10.92 16.88 1.72 (3.52) (6.65) (2.85) (18.2) pt
People
People Employees 3,600 3,800 3,450 4,050 3,780 3,180 6,500 6,320 5,700 4,560 — +2.7%
Revenue/emp, $m 0.17 0.16 0.18 0.15 0.17 0.19 0.15 0.19 0.18 0.18 — +0.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Heartland Express, Inc. vs peers in Trucking (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SNDR Schneider National, Inc. $5.0B 34.8× 28.4× +9.15% (above 0%: growing) +154.55% (above 0%: growing) +5.52% (above 0%: growing) 52.35% 3.92% Compare
RXO RXO INC $4.6B — (loss-making) — (loss-making) +31.67% (above 0%: growing) n/m +33.33% (above 0%: growing) 14.70% 0.91% Compare
ARCB ArcBest Corporation $3.0B 104× 35.1× +15.49% (above 0%: growing) +33.79% (above 0%: growing) +77.41% (above 0%: growing) 6.06% 6.06% Compare
WERN Werner Enterprises, Inc. $1.7B — (loss-making) 70.4× +23.20% (above 0%: growing) n/m +581.60% (above 0%: growing) 50.52% 1.79% Compare
MRTN Marten Transport, Ltd. $978.3M 66.1× 59.6× +1.25% (above 0%: growing) +33.33% (above 0%: growing) +100,952.63% (above 0%: growing) 60.93% 1.37% Compare
CVLG Covenant Logistics Group, Inc. $821.5M 215× 20.2× +9.91% (above 0%: growing) −10.53% (below 0%: shrinking) −406.90% (below 0%: shrinking) 58.97% 2.66% Compare
HTLD Heartland Express, Inc. $784.9M — (loss-making) 88.0× −12.48% (below 0%: shrinking) n/m +144.91% (above 0%: growing) 27.63% 8.99%
ULH Universal Logistics Holdings, Inc. $777.1M — (loss-making) 16.9× −3.67% (below 0%: shrinking) +209.37% (above 0%: growing) +220.86% (above 0%: growing) 37.71% 11.90% Compare
PAMT PAMT Corp. $274.4M — (loss-making) — (loss-making) +8.94% (above 0%: growing) n/m −109.49% (below 0%: shrinking) 60.74% (6.32%) Compare
Median of peers $1.3B 85.1× 31.8× +9.53% +33.79% +55.37% 51.44% 2.23%

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stockrow.com/HTLD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com