MARTEN TRANSPORT LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MARTEN TRANSPORT LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	671	698	788	843	874	974	1,264	1,131	964	884
Operating expenses	613	641	717	767	781	862	1,121	1,041	930	861
Operating income	58.3	56.9	70.3	76.5	93.2	112	143	90.1	33.2	22.9
Other non-operating income	-1.24	-0.39	0.68	1.19	0.14	0.04	0.83	3.81	3.13	1.46
Pre-tax income	57.1	56.5	71	77.7	93.4	112	144	93.9	36.3	24.4
Income tax	23.6	-33.8	16	16.6	23.9	26.3	33.8	23.5	9.42	6.93
Net income	33.5	90.3	55	61.1	69.5	85.4	110	70.4	26.9	17.4
EBITDA	141	142	159	172	196	214	254	207	145	128
EPS, basic	0.42	1.11	0.67	0.75	0.84	1.03	1.35	0.87	0.33	0.21
EPS, diluted	0.41	1.11	0.67	0.74	0.84	1.02	1.35	0.86	0.33	0.21
Shares, basic (weighted)	80.9	81.3	81.9	81.9	82.5	82.9	81.7	81.3	81.4	81.5
Shares, diluted (weighted)	81.3	81.9	82.7	82.7	83.2	83.4	82	81.4	81.5	81.5
Dividend per share	0.04	0.05	0.07	0.51	0.63	0.66	0.24	0.24	0.24	0.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.49	15.8	56.8	31.5	66.1	57	80.6	53.2	17.3	43.3
Receivables	69.2	74.9	83	90.7	83.4	99	121	106	90	85.8
Other current assets	2.91	2.79	2.97	3.17	3.1	3.5	3.73	3.97	2.84	2.54
Total current assets	93.4	117	164	154	176	187	236	197	139	172
Property, plant and equipment	558	572	588	640	654	682	728	792	829	777
Lease right-of-use assets								0.52	0.58	0.45
Other non-current assets	2.49	1.87	2.15	2.03	1.81	1.46	1.67	1.52	1.63	1.56
Total assets	654	690	754	797	832	871	966	990	969	950
Accounts payable	14.4	16.5	15.7	22.9	25.7	20.2	37.3	36.5	25.8	28.8
Accrued liabilities	26.8	21.6	28.2	21.7	24.5	31.4	41.3	26.7	23.5	19.8
Total current liabilities	60.7	64.3	72	76.3	89.8	93.6	124	110	93.5	92.2
Long-term debt	7.89
Lease liabilities			0	0.65	0.41	0.29	0.41	0.25	0.28	0.19
Total liabilities	216	165	178	199	211	219	262	233	201	182
Total debt	7.89
Paid-in capital	74.2	76.4	76.8	79.5	85.1	85.7	47.2	49.8	52.9	54.8
Retained earnings	363	449	499	517	534	565	656	707	714	712
Shareholders' equity	437	526	576	598	620	652	704	757	768	768
Total equity	437	526	576	598	620	652	704	757	768	768
Total liabilities and equity	654	690	754	797	832	871	966	990	969	950
Shares outstanding	81.2	81.4	54.5	82.1	82.7	83	81.1	81.3	81.5	81.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	33.5	90.3	55	61.1	69.5	85.4	110	70.4	26.9	17.4
Depreciation and amortization	82.4	85.1	88.6	95.1	103	103	111	117	112	105
Stock-based compensation	0.88	1.25	3.32	1.82	1.85	2.52	2.81	2.32	2.24	1.86
Deferred income tax	13.5	-47.2	5.35	16	-0.92	4.07	11.9	-14.6	-15.4	-17.3
Change in receivables	8.52	-5.97	-8.13	-13.6	12.7	-16.7	-23.5	12.8	19.8	-0.66
Change in payables	0.59	0.01	1.8	5.26	0.88	-0.82	11.9	-3.62	-2.44	-1.5
Cash from operations	134	122	154	156	190	171	219	164	135	93.5
Cash from investing	-97.3	-95.3	-105	-141	-106	-124	-135	-173	-152	-42.9
Stock issued	4.4	1.1	0.94	1.6	4.8	1.7	4	2.4	1.8	0.26
Share buybacks	-7.51	0	-3.76	0	-0.6	0	-41.8	0	0
Dividends paid	-3.25	-4.36	-5.46	-42.1	-52.4	-54.7	-19.6	-19.5	-19.5	-19.6
Cash from financing	-36.5	-11.3	-8.38	-41.3	-48.6	-56.6	-60.9	-19.2	-18.6	-19.6
Net change in cash	0.05	15.3	41	-25.3	34.7	-9.13	23.6	-27.4	-35.9	31
Interest paid	0.21	0.15	0.05	0.05	0	0	0.07	0.01	0	0
Income taxes paid	0.03	14.4	9.53	4.95	18	21.7	23.6	37	19.2	27

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.87 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	1.8%	Operating income / revenue.
EBITDA margin	13.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.1%	Pre-tax income / revenue.
Net margin	1.5%	Net income / revenue.
Operating cash flow margin	9.9%	Cash from operations / revenue.
Effective tax rate	28.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.3%	Net income / average total assets.
Return on invested capital (ROIC)	1.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	11.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-31.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-45.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-24.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-11.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-20.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-8.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-35.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-45.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-24.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-36.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-46.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-24.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-30.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-24.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-13.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-17.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.50x	Current assets / current liabilities.
Quick ratio	2.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.09x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	19.8%	Total liabilities / total assets.
Working capital	$142.9M	Current assets - current liabilities.
Tangible book value	$766.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.90x	Revenue / average total assets.
Fixed asset turnover	1.20x	Revenue / average property, plant and equipment.
Receivables turnover	9.32x	Revenue / average receivables.
Days sales outstanding	39 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.15	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.51	Revenue / diluted weighted shares.
Operating cash flow per share	$1.04	Cash from operations / diluted weighted shares.
Book value per share	$9.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.38	Tangible book value / shares outstanding.
Cash per share	$1.27	(Cash + short-term investments) / shares outstanding.
Payout ratio	154.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.05B	Share price x shares outstanding.
Enterprise value	$947.0M	Market cap + total debt - cash - short-term investments.
P/E	83.1x	Market cap / net income. Only when net income is positive.
P/S	1.23x	Market cap / revenue.
P/B	1.37x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.37x	Market cap / tangible book value, when positive.
P/OCF	12.4x	Market cap / cash from operations, when positive.
EV/Sales	1.10x	Enterprise value / revenue.
EV/EBIT	59.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.15x	Enterprise value / EBITDA, when both are positive.
Earnings yield	1.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.

What was MARTEN TRANSPORT LTD's revenue in fiscal 2025?

MARTEN TRANSPORT LTD reported revenue of $883.7M for fiscal 2025, 8.3% lower than the year before.

Was MARTEN TRANSPORT LTD profitable in fiscal 2025?

Yes. Net income was $17.4M, a net margin of 2%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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