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. In the quarter to June 2026, revenue fell 12.5%, EPS grew 200.0%, free cash flow grew 144.9% and total debt fell 30.5%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Heartland Express, Inc. (HTLD) Beneish M-score
Heartland Express, Inc.'s Beneish M-score for fiscal 2025 is −3.24; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.24 | (0.04) |
| FY2024 | −3.19 | (0.28) |
| FY2023 | −2.91 | (0.46) |
| FY2022 | −2.45 | 0.22 |
| FY2021 | −2.68 | 0.46 |
| FY2020 | −3.13 | (0.56) |
| FY2019 | −2.57 | 0.63 |
| FY2018 | −3.20 | (1.05) |
| FY2017 | −2.14 | 1.28 |
| FY2016 | −3.42 | 0.10 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.96 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.04 | — | 0.42 | |
| Sales growth index | 0.77 | — | 0.69 | |
| Depreciation index | 1.00 | — | 0.11 | |
| SG&A index | 1.37 | — | −0.24 | |
| Total accruals to total assets | (0.12) | — | −0.56 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.24 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ULH Universal Logistics Holdings, Inc. compare | −3.3× |
| HTLD Heartland Express, Inc. | −3.2× |
| SNDR Schneider National, Inc. compare | −3.0× |
| WERN Werner Enterprises, Inc. compare | −2.9× |
| CVLG Covenant Logistics Group, Inc. compare | −2.8× |
| MRTN Marten Transport, Ltd. compare | −2.8× |
| RXO RXO INC compare | −2.7× |
| ARCB ArcBest Corporation compare | −2.0× |
| PAMT PAMT Corp. compare | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI