NASDAQ · Industrials

J.B. Hunt Transport Services, Inc.

JBHT · Integrated Freight & Logistics

$271.22

▲ 3.98 (1.49%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

F⤢

Gross Profit Margin 12.6%

Operating Margin 6.8%

Net Income Margin 4.6%

Fin. Health

D⤢

Years to Pay Off Debt 9.2 yrs

Working Capital vs Long-Term Debt -$950M

Working Capital $352M

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 7.12x

Cash Flow

C⤢

Free Cash Flow $243M

CapEx % of Net Income 77.9%

Owner Earnings $431M

Profitability

Gross Profit Margin 12.6%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 6.8%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 4.6%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 9.2 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$950M

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $352M

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $243M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 77.9%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $431M

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About J.B. Hunt Transport Services, Inc.

J.B. Hunt Transport Services, Inc. provides surface transportation, delivery, and logistic services in the United States. It operates through five segments: Intermodal, Dedicated Contract Services, Integrated Capacity Solutions, Final Mile Services, and Truckload. The JBI segment offers intermodal freight solutions. It operates 124,838 pieces of company-owned trailing equipment; owns and maintains its chassis fleet of 104,474 units; and manages a fleet of 5,880 company-owned tractors, 308 independent contractor trucks, and 8,704 company drivers. The DCS segment designs, develops, and executes supply chain solutions that support various transportation networks. As of December 31, 2025, it operated 11,878 company-owned trucks, 761 customer-owned trucks, and a contractor trucks. It operates 26,767 owned pieces of trailing equipment and 5,218 customer-owned trailers. The ICS segment provides freight brokerage and transportation logistics solutions; flatbed, refrigerated, expedited, and less-than-truckload, as well as dry-van and intermodal solutions; online multimodal marketplace; and logistics management services for customers to outsource their transportation functions. The FMS segment delivers services through 1,085 company-owned trucks, 169 customer-owned trucks, and 39 independent contractor trucks; and 1,091 owned pieces of trailing equipment and 98 customer-owned trailers. The JBT segment provides dry-van freight services by utilizing tractors and trailers operating over roads and highways through two company-owned tractors and 12,658 company-owned trailers. It transports or arranges for the transportation of freight, such as general merchandise, specialty consumer items, appliances, home furnishings, forest, paper, rubber, plastic products, food, beverages, building materials, apparel, accessories, soaps, cosmetics, automotive parts, agricultural products, electronics, and chemicals. The company was incorporated in 1961 and is headquartered in Lowell, Arkansas.

Market Data

Market Cap $25.6B

Enterprise Value $28.0B

P/E (TTM) 42.11

Dividend Yield 0.66%

Exchange NASDAQ

Key Margins

Gross Profit 12.6%

Operating Margin 6.8%

Net Margin 4.6%

Company Info

Sector Industrials

Industry Integrated Freight & Logistics

Employees 31750

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering J.B. Hunt Transport Services, Inc. at $271.22.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

At $271.22, the stock trades at a 659% premium to its Graham Number of $35.75. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	12.6%▼	13.7%•	N/A
Operating Margin %	6.8%▼	8.0%•	N/A
Net Income %	4.6%▼	5.8%•	N/A
Diluted EPS	1.49▼	1.90•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$7.9B	$7.9B	N/A
Total Debt	$1.3B▼	$1.5B•	N/A
Working Capital	$352M▲	-$331M•	N/A
Years to Pay Debt	9.20	8.10	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$243M▼	$251M•	N/A
Owner Earnings	$431M	$495M	N/A
CapEx % of Net Income	77.9%	74.2%	N/A

Income Statement

	2026	2025	2024
Tax Rate For Calcs	0	0
Normalized EBITDA	386,458	429,910
Net Income From Continuing Operation Net Minority Interest	141,553	181,069
Reconciled Depreciation	179,410	179,204
Reconciled Cost Of Revenue	2,670,226	2,673,437
EBITDA	386,458	429,910
EBIT	207,048	250,706
Net Interest Income	-17,900	-13,203
Interest Expense	17,900	17,452
Normalized Income	141,553	181,069
Net Income From Continuing And Discontinued Operation	141,553	181,069
Total Expenses	2,849,443	2,850,169
Rent Expense Supplemental	1,404,900	1,413,783
Total Operating Income As Reported	207,048	246,457
Diluted Average Shares	95,204	95,505
Basic Average Shares	94,299	94,595
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	141,553	181,069
Net Income Common Stockholders	141,553	181,069
Net Income	141,553	181,069
Net Income Including Noncontrolling Interests	141,553	181,069
Net Income Continuous Operations	141,553	181,069
Tax Provision	47,595	52,185
Pretax Income	189,148	233,254
Net Non Operating Interest Income Expense	-17,900	-13,203
Interest Expense Non Operating	17,900	17,452
Operating Income	207,048	246,457
Operating Expense	179,217	176,732
Other Operating Expenses			124,070
Other Taxes	18,533	18,300
Selling General And Administration	160,684	158,432
General And Administrative Expense	160,684	158,432
Other Gand A	72,934	75,613
Insurance And Claims	87,750	82,819
Gross Profit	386,265	423,189
Cost Of Revenue	2,670,226	2,673,437
Total Revenue	3,056,491	3,096,626
Operating Revenue	3,056,491	3,096,626

Balance Sheet

	2026	2025	2024
Treasury Shares Number	72,888	72,505
Ordinary Shares Number	94,299	94,595
Share Issued	167,187	167,099
Net Debt	1,298,275	1,449,513
Total Debt	1,302,838	1,466,797
Tangible Book Value	3,389,039	3,354,728
Invested Capital	4,897,196	5,031,882
Working Capital	352,407	-331,153
Net Tangible Assets	3,389,039	3,354,728
Common Stock Equity	3,594,358	3,565,085
Total Capitalization	4,897,196	4,332,023
Total Equity Gross Minority Interest	3,594,358	3,565,085
Stockholders Equity	3,594,358	3,565,085
Treasury Stock	4,943,909	4,864,562
Retained Earnings	7,899,654	7,800,696
Additional Paid In Capital	636,942	627,280
Capital Stock	1,671	1,671
Common Stock	1,671	1,671
Total Liabilities Net Minority Interest	4,336,182	4,362,070
Total Non Current Liabilities Net Minority Interest	2,971,154	2,426,727
Other Non Current Liabilities	298,895	307,005
Non Current Accrued Expenses	480,696	444,479
Non Current Deferred Liabilities	888,725	908,305
Non Current Deferred Taxes Liabilities	888,725	908,305
Long Term Debt And Capital Lease Obligation	1,302,838	766,938
Long Term Debt	1,302,838	766,938
Current Liabilities	1,365,028	1,935,343
Current Debt And Capital Lease Obligation		699,859	500,000
Current Debt		699,859	500,000
Other Current Borrowings			500,000
Payables And Accrued Expenses	1,365,028	1,235,484
Current Accrued Expenses	613,150	579,880
Payables	751,878	655,604
Accounts Payable	751,878	655,604
Total Assets	7,930,540	7,927,155
Total Non Current Assets	6,213,105	6,322,965
Other Non Current Assets	572,670	574,507
Goodwill And Other Intangible Assets	205,319	210,357
Other Intangible Assets		76,300	97,000
Goodwill		134,057	134,057
Net PPE	5,435,116	5,538,101
Accumulated Depreciation	-3,895,731	-3,810,269
Gross PPE	9,330,847	9,348,370
Other Properties		8,159,003	8,074,739
Machinery Furniture Equipment		876,791	804,967
Land And Improvements		312,576	269,222
Current Assets	1,717,435	1,604,190
Other Current Assets	385,417	184,559
Inventory		42,209	41,662
Receivables	1,327,455	1,360,138
Other Receivables		199,767	257,774
Accounts Receivable	1,327,455	1,160,371
Allowance For Doubtful Accounts Receivable		-30,500	-32,400
Gross Accounts Receivable		1,190,871	1,256,566
Cash Cash Equivalents And Short Term Investments	4,563	17,284
Cash And Cash Equivalents	4,563	17,284

Cash Flow

	2026	2025	2024
Free Cash Flow	242,767	251,274
Repurchase Of Capital Stock	-87,733	-159,017
Repayment Of Debt	-1,176,200	-292,541
Issuance Of Debt	1,011,500	156,700
Capital Expenditure	-110,271	-134,324
Interest Paid Supplemental Data	36,149	-2,116
Income Tax Paid Supplemental Data	2,980	-2,983
End Cash Position	4,563	17,284
Beginning Cash Position	17,284	52,290
Changes In Cash	-12,721	-35,006
Financing Cash Flow	-295,028	-336,749
Cash Flow From Continuing Financing Activities	-295,028	-336,749
Cash Dividends Paid	-42,595	-41,891
Common Stock Dividend Paid	-42,595	-41,891
Net Common Stock Issuance	-87,733	-159,017
Common Stock Payments	-87,733	-159,017
Net Issuance Payments Of Debt	-164,700	-135,841
Net Short Term Debt Issuance
Short Term Debt Payments
Short Term Debt Issuance
Net Long Term Debt Issuance	-164,700	-135,841
Long Term Debt Payments	-1,176,200	-292,541
Long Term Debt Issuance	1,011,500	156,700
Investing Cash Flow	-70,731	-83,855
Cash Flow From Continuing Investing Activities	-70,731	-83,855
Net Investment Purchase And Sale		0	161
Sale Of Investment		0	161
Net PPE Purchase And Sale	-70,731	-83,855
Sale Of PPE	39,540	50,469
Purchase Of PPE	-110,271	-134,324
Operating Cash Flow	353,038	385,598
Cash Flow From Continuing Operating Activities	353,038	385,598
Change In Working Capital	9,481	16,819
Change In Other Working Capital	58,881	115,706
Change In Other Current Assets	30,443	-140,968
Change In Payables And Accrued Expense	87,242	-28,905
Change In Accrued Expense	-12,512	-25,109
Change In Payable	99,754	-3,796
Change In Account Payable	99,754	-3,796
Change In Receivables	-167,085	70,986
Changes In Account Receivables	-167,085	70,986
Other Non Cash Items	23,803	23,702
Stock Based Compensation	18,048	13,058
Deferred Tax	-19,581	-30,055
Deferred Income Tax	-19,581	-30,055
Depreciation Amortization Depletion	179,410	179,204
Depreciation And Amortization	179,410	179,204
Operating Gains Losses	324	1,801
Gain Loss On Sale Of PPE	324	1,801
Net Income From Continuing Operations	141,553	181,069

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $2.9B ▲ $3.1B +4.6%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 12.5% ▲ 12.6% +0.1pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 7.1% ▲ 6.8% -0.3pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 4.0% ▲ 4.6% +0.6pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$3.1B/qtr (≈$12.2B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.26x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$243M

vs Positive

Operating Cash Flow

$353M

Latest quarter · Buffett's cash reality check

ROIC

2.5%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

7.1x

Net Assets: $3.6B

Peers & Industry

No auto-detected peers for Integrated Freight & Logistics. You can manually compare JBHT against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

20.35%

High — management has strong skin in the game

Return on Equity (ROE)

3.9%

Weak — poor returns on equity

Return on Assets (ROA)

1.8%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$948M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-11.2% YoY

Debt is declining — management is deleveraging

Leadership Team

John Roberts III

Executive Chairman

Age 61

Pay: $1,515,183

1.070% of net income

Shelley Simpson

President, CEO & Director

Age 53

Pay: $2,076,842

1.467% of net income

Brad Delco

EVP of Finance & Chief Financial Officer

Age 41

Pay: $560,267

0.396% of net income

Nicholas Hobbs

COO, President of Highway & Final Mile Services and Executive VP

Age 62

Pay: $1,328,142

0.938% of net income

Darren Field

Executive VP & President of Intermodal

Age 54

Pay: $1,138,141

0.804% of net income

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	6.42%	6,054,394
Vanguard Capital Management LLC	5.19%	4,889,563
AQR Capital Management, LLC	4.30%	4,051,092
Janus Henderson Group PLC	4.22%	3,982,720
Vanguard Portfolio Management LLC	4.07%	3,836,381
State Street Corporation	4.03%	3,799,804
Dz Bank Ag Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main	2.68%	2,530,391
Geode Capital Management, LLC	2.23%	2,101,551

Risk Analysis

Beta (Market Risk)

1.30

Moderate volatility — moves slightly more than market

Short Interest

4.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.44x

Conservative balance sheet — low financial risk

Current Ratio

1.26x

Adequate liquidity

52-Week Price Range

Low: $130.12 Current: $271.22 High: $293.54

Currently at 86% of 52-week range

J.B. Hunt Transport Services, Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis