Landstar System, Inc.
LSTR Industrials Integrated Freight & Logistics
Landstar System, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.8 billion, down 1.58% from fiscal 2024. In the quarter to June 2026, revenue grew 18.1%, EPS grew 20.0%, free cash flow fell 950.3% and total debt fell 21.8%, each against the same quarter a year earlier.
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Landstar System, Inc. (LSTR) Beneish M-score
Landstar System, Inc.'s Beneish M-score for fiscal 2025 is −2.87; 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 | −2.87 | (0.15) |
| FY2024 | −2.71 | 0.30 |
| FY2023 | −3.01 | 0.10 |
| FY2022 | −3.11 | (1.37) |
| FY2021 | −1.74 | 0.49 |
| FY2020 | −2.23 | 0.60 |
| FY2019 | −2.83 | (0.36) |
| FY2018 | −2.46 | (0.43) |
| FY2017 | −2.03 | 0.79 |
| FY2016 | −2.82 | 0.00 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.00 | — | 0.92 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 0.98 | — | 0.88 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | (0.07) | — | −0.31 | |
| Leverage index | 1.11 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.87 | ||
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 |
|---|---|
| JBHT J.B. Hunt Transport Services, Inc. compare | −3.2× |
| PBI Pitney Bowes Inc. compare | −2.9× |
| LSTR Landstar System, Inc. | −2.9× |
| CHRW C.H. Robinson Worldwide, Inc. compare | −2.8× |
| ZTO ZTO Express (Cayman) Inc. compare | −2.7× |
| EXPD Expeditors International of Washington, Inc. compare | −2.7× |
| HUBG Hub Group, Inc. compare | −2.6× |
| GXO GXO Logistics, Inc. compare | −2.5× |
| CYRX CryoPort, Inc. compare | −2.4× |
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