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MRTN

Marten Transport, Ltd.

MRTN

Marten Transport, Ltd. • NASDAQ
$10.25 ▼ -0.10% (-0.01)
Market Cap $835.58 M
52w High $17.54
52w Low $9.35
Dividend Yield 0.24%
P/E 42.71
Volume 167.30K
Outstanding Shares 81.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $341.726M ▲ $217.732M ▲ $2.226M ▼ 0.651% ▼ $0.027 ▼ $28.398M ▼
Q2-2025 $229.922M ▲ $22.991M ▼ $7.186M ▲ 3.125% ▲ $0.088 ▲ $31.859M ▲
Q1-2025 $223.152M ▼ $24.737M ▼ $4.335M ▼ 1.943% ▼ $0.053 ▼ $31.664M ▼
Q4-2024 $230.432M ▼ $26.614M ▲ $5.633M ▲ 2.445% ▲ $0.069 ▲ $33.868M ▲
Q3-2024 $237.366M $25.156M $3.754M 1.582% $0.046 $30.78M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $49.485M ▲ $975.651M ▼ $207.451M ▼ $768.2M ▼
Q2-2025 $35.052M ▼ $991.816M ▲ $221.1M ▲ $770.716M ▲
Q1-2025 $39.905M ▲ $983.332M ▲ $215.832M ▲ $767.5M ▼
Q4-2024 $17.267M ▼ $968.757M ▼ $200.835M ▼ $767.922M ▲
Q3-2024 $42.99M $1B $233.543M $766.461M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.226M ▼ $18.538M ▼ $5.786M ▲ $-4.891M $19.433M ▲ $-30.711M ▼
Q2-2025 $7.186M ▲ $33.153M ▼ $-33.115M ▼ $-4.891M ▲ $-4.853M ▼ $-23.818M ▼
Q1-2025 $4.335M ▲ $36.215M ▲ $-8.413M ▲ $-5.164M ▼ $22.638M ▲ $17.373M ▲
Q4-2024 $0 ▲ $23.793M ▼ $-44.891M ▲ $-4.625M ▼ $-25.723M ▲ $-34.547M ▼
Q3-2024 $-17.535M $29.478M $-59.222M $-4.465M $-34.209M $125.12M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Brokerage
Brokerage
 $70.00M ▲$30.00M ▼$40.00M ▲$40.00M ▲
Dedicated
Dedicated
 $160.00M ▲$70.00M ▼$70.00M ▲$70.00M ▲
Intermodal
Intermodal
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Truckload
Truckload
 $220.00M ▲$100.00M ▼$110.00M ▲$100.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue climbed through the early 2020s but has slipped from its recent peak, and profits have fallen more sharply than sales. Margins have compressed, with operating and net income now well below prior highs. The business remains clearly profitable, but earnings power looks to be in a downcycle versus the strong period a few years ago, suggesting a tougher freight environment and/or higher cost pressures impacting results.

Balance Sheet

Balance Sheet The balance sheet is conservative and straightforward. Assets have grown gradually over time, funded largely by retained earnings, and the company carries essentially no financial debt. Equity has built steadily, although the cash balance has come down from earlier levels, likely reflecting investment in equipment and operations. Overall, financial risk looks low, but the cushion of excess cash is thinner than before.

Cash Flow

Cash Flow The core business generates solid cash from operations, but the company spends heavily on new trucks, trailers, and related assets. As a result, free cash flow has often been negative or modest, reflecting a strategy of reinvesting most of the cash back into the fleet and technology. This supports long-term competitiveness but leaves less flexibility in the short term and makes results more sensitive to any downturn in operating cash generation.

Competitive Edge

Competitive Edge Marten occupies a defensible niche in temperature-controlled and time-sensitive freight, which is harder for generic carriers to replicate. Its focus on refrigerated transport, cross-border capabilities, and a sizable logistics and brokerage arm create a differentiated service mix. A young, well-maintained fleet and better-than-industry driver retention add to its edge in reliability and service quality. However, it still operates in a highly competitive, cyclical trucking market where pricing pressure, fuel costs, and freight demand swings can quickly affect performance.

Innovation and R&D

Innovation and R&D Innovation is centered on operations rather than formal R&D, with substantial investment in proprietary transportation management software, in-cab safety technology, and fuel-saving and sustainability features. The in-house systems allow tailored solutions for customers and tighter control over routing, utilization, and driver management. Efforts in solar power, auxiliary power units, and early moves into electric and natural gas trucks show a push toward lower emissions and fuel costs. These initiatives can strengthen differentiation but require ongoing spending and careful execution to deliver the expected benefits.

Summary

Marten combines a specialized, higher-value segment of trucking with a conservative, debt-free balance sheet and a strong focus on technology and driver quality. Financially, the company has shifted from a period of very strong profitability to a more challenging phase, with lower margins and earnings despite ongoing investment in the fleet and systems. Cash generation from operations remains healthy but is largely absorbed by capital spending, indicating a long-term reinvestment mindset. The main positives are its niche positioning, operational discipline, and solid financial foundation; the key risks are industry cyclicality, recent earnings pressure, and the need to translate heavy investment and sustainability initiatives into improved profitability over time amid a competitive freight market.

NEWS

November 24, 2025 · 4:02 PM UTC

MARTEN TRANSPORT DECLARES QUARTERLY DIVIDEND

Read more

October 23, 2025 · 4:05 PM UTC

Marten Transport Announces Third Quarter Results

Read more