Hub Group, Inc.
HUBG Industrials Integrated Freight & Logistics
Hub Group, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $3.9 billion, down 6.10% from fiscal 2023. In the quarter to September 2025, revenue fell 5.31%, EPS grew 23.1% and free cash flow fell 37.4%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Hub Group, Inc. (HUBG) Altman Z-score
Hub Group, Inc.'s Altman Z-score for fiscal 2024 is 3.98, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2024 | 3.98 | (0.04) |
| FY2023 | 4.02 | (0.79) |
| FY2022 | 4.81 | 0.29 |
| FY2021 | 4.52 | 0.58 |
| FY2020 | 3.94 | (0.18) |
| FY2019 | 4.12 | 0.39 |
| FY2018 | 3.73 | (0.17) |
| FY2017 | 3.90 | (0.51) |
| FY2016 | 4.41 | (0.64) |
| FY2015 | 5.05 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.08 | |
| Retained earnings / total assets | 0.71 | — | 0.99 | |
| EBIT / total assets | 0.05 | — | 0.16 | |
| Market value of equity / total liabilities | 2.30 | — | 1.38 | |
| Sales / total assets | 1.38 | — | 1.38 | |
| Altman Z-score | Safe zone | 3.98 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.57 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| LSTR Landstar System, Inc. compare | 9.6× |
| JBHT J.B. Hunt Transport Services, Inc. compare | 5.8× |
| ZTO ZTO Express (Cayman) Inc. compare | 4.7× |
| RLGT Radiant Logistics, Inc. compare | 4.3× |
| HUBG Hub Group, Inc. | 4.0× |
| PBI Pitney Bowes Inc. compare | 2.2× |
| GXO GXO Logistics, Inc. compare | 1.6× |
| FWRD Forward Air Corporation compare | 1.0× |
| CYRX CryoPort, Inc. compare | 0.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets