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 Margin1.6%
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-0.1%
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
F
Years to Pay Off Debt-2021.8 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-$1.8B
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-$404M
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.
Valuation
C
Price-to-Book1.71x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
A
Free Cash Flow$13M
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.
Owner Earnings$324M
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.
About Knight-Swift Transportation Holdings Inc.
Knight-Swift Transportation Holdings Inc., together with its subsidiaries, operates as a freight transportation company in the United States and Mexico. The company operates through four segments: Truckload, LTL, Logistics, and Intermodal. The Truckload segment offers irregular route, dedicated, refrigerated, flatbed, expedited, and cross-border services. The LTL segment provides regional direct service and serves its customers' national transportation needs by utilizing key partner carriers for coverage areas outside of its network. The Logistics segment provides brokerage and other freight management services utilizing third-party transportation providers and equipment. The Intermodal segment offers transportation services, including arranging the movement of customers' freight through third-party intermodal rail services on its trailing equipment; and drayage services to transport loads between the railheads and customer locations. The company also provides repair and maintenance shop services, equipment leasing, warranty services, and insurance; and trailer parts manufacturing, warehousing, and certain driving academy activities. It serves retail, food and beverage, consumer and paper products, transportation and logistics, housing and building, automotive, and manufacturing industries. The company was incorporated in 1989 and is headquartered in Phoenix, Arizona.
Knight-Swift Transportation Holdings Inc., together with its subsidiaries, operates as a freight transportation company in the United States and Mexico. The company operates through four segments: Truckload, LTL, Logistics, and Intermodal. The Truckload segment offers irregular route, dedicated, refrigerated, flatbed, expedited, and cross-border services. The LTL segment provides regional direct service and serves its customers' national transportation needs by utilizing key partner carriers for coverage areas outside of its network. The Logistics segment provides brokerage and other freight management services utilizing third-party transportation providers and equipment. The Intermodal segment offers transportation services, including arranging the movement of customers' freight through third-party intermodal rail services on its trailing equipment; and drayage services to transport loads between the railheads and customer locations. The company also provides repair and maintenance shop services, equipment leasing, warranty services, and insurance; and trailer parts manufacturing, warehousing, and certain driving academy activities. It serves retail, food and beverage, consumer and paper products, transportation and logistics, housing and building, automotive, and manufacturing industries. The company was incorporated in 1989 and is headquartered in Phoenix, Arizona.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
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
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
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.
Years to Pay Off Debt
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
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
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.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
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.
Owner Earnings
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.
Net Income From Continuing Operation Net Minority Interest
-1,317
-6,797
Reconciled Depreciation
195,711
197,262
Reconciled Cost Of Revenue
1,607,900
1,601,992
EBITDA
224,920
228,188
EBIT
29,209
30,926
Net Interest Income
-28,923
-37,630
Interest Expense
30,729
39,780
Interest Income
1,806
2,150
Normalized Income
-497
34,648
Net Income From Continuing And Discontinued Operation
-1,317
-6,797
Total Expenses
1,820,757
1,776,982
Rent Expense Supplemental
45,052
39,124
Total Operating Income As Reported
28,584
26,457
Diluted Average Shares
163,135
162,884
Basic Average Shares
162,426
162,339
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-1,317
-6,797
Net Income Common Stockholders
-1,317
-6,797
Net Income
-1,317
-6,797
Minority Interests
96
141
Net Income Including Noncontrolling Interests
-1,413
-6,938
Net Income Continuous Operations
-1,413
-6,938
Tax Provision
-107
-1,916
Pretax Income
-1,520
-8,854
Other Income Expense
-2,063
-50,572
Other Non Operating Income Expenses
-1,181
2,319
Special Income Charges
-882
-52,891
Impairment Of Capital Assets
882
52,891
Net Non Operating Interest Income Expense
-28,923
-37,630
Interest Expense Non Operating
30,729
39,780
Interest Income Non Operating
1,806
2,150
Operating Income
29,466
79,348
Operating Expense
212,857
174,990
Other Operating Expenses
59,864
43,460
Other Taxes
37,394
32,910
Selling General And Administration
115,599
98,620
General And Administrative Expense
115,599
98,620
Other Gand A
6,442
7,515
Insurance And Claims
109,157
91,105
Gross Profit
242,323
254,338
Cost Of Revenue
1,607,900
1,601,992
Total Revenue
1,850,223
1,856,330
Operating Revenue
1,850,223
1,856,330
Balance Sheet
2026
2025
2024
Ordinary Shares Number
162,475
162,339
Share Issued
162,475
162,339
Net Debt
1,141,249
1,433,373
Total Debt
2,662,731
2,685,567
Tangible Book Value
1,202,433
1,212,014
Invested Capital
8,417,791
8,736,247
Working Capital
-404,253
-143,683
Net Tangible Assets
1,202,433
1,212,014
Capital Lease Obligations
1,298,708
1,031,774
Common Stock Equity
7,053,768
7,082,454
Total Capitalization
8,417,791
8,736,247
Total Equity Gross Minority Interest
7,063,319
7,091,866
Minority Interest
9,551
9,412
Stockholders Equity
7,053,768
7,082,454
Gains Losses Not Affecting Retained Earnings
-376
-716
Other Equity Adjustments
-376
-716
Retained Earnings
2,563,347
2,600,822
Additional Paid In Capital
4,489,172
4,480,725
Capital Stock
1,625
1,623
Common Stock
1,625
1,623
Total Liabilities Net Minority Interest
4,883,437
4,863,570
Total Non Current Liabilities Net Minority Interest
3,524,323
3,832,361
Other Non Current Liabilities
203,693
205,117
Non Current Accrued Expenses
374,188
359,546
Non Current Deferred Liabilities
893,960
904,075
Non Current Deferred Taxes Liabilities
893,960
904,075
Long Term Debt And Capital Lease Obligation
2,052,482
2,363,623
Long Term Capital Lease Obligation
688,459
709,830
Long Term Debt
1,364,023
1,653,793
Current Liabilities
1,359,114
1,031,209
Current Debt And Capital Lease Obligation
610,249
321,944
Current Capital Lease Obligation
610,249
321,944
Current Debt
458,983
Other Current Borrowings
458,983
Payables And Accrued Expenses
748,865
709,265
Current Accrued Expenses
492,941
508,430
Payables
255,924
200,835
Accounts Payable
255,924
200,835
Total Assets
11,946,756
11,955,436
Total Non Current Assets
10,991,895
11,067,910
Other Non Current Assets
163,744
165,174
Goodwill And Other Intangible Assets
5,851,335
5,870,440
Other Intangible Assets
1,916,594
1,935,699
Goodwill
3,934,741
3,934,741
Net PPE
4,976,816
5,032,296
Accumulated Depreciation
-2,741,867
-2,662,331
Gross PPE
7,718,683
7,694,627
Leases
42,157
39,193
Other Properties
7,718,683
409,621
Machinery Furniture Equipment
201,497
172,470
Buildings And Improvements
1,017,448
976,354
Land And Improvements
456,186
460,629
Current Assets
954,861
887,526
Other Current Assets
28,973
36,894
Assets Held For Sale Current
61,599
72,985
Restricted Cash
70,447
82,381
Prepaid Assets
96,815
113,985
Receivables
474,253
360,861
Other Receivables
12,570
9,642
Taxes Receivable
36,161
45,895
Accounts Receivable
425,522
305,324
Allowance For Doubtful Accounts Receivable
-30,583
-30,647
Gross Accounts Receivable
456,105
335,971
Cash Cash Equivalents And Short Term Investments
222,774
220,420
Cash And Cash Equivalents
222,774
220,420
Cash Flow
2026
2025
2024
Free Cash Flow
12,503
570,252
Repayment Of Debt
-86,942
-698,278
Issuance Of Debt
62,000
51,000
Issuance Of Capital Stock
1,010
1,019
Capital Expenditure
-130,037
-152,964
Interest Paid Supplemental Data
41,084
43,805
Income Tax Paid Supplemental Data
8,257
-453
End Cash Position
299,578
308,740
Beginning Cash Position
308,740
300,014
Changes In Cash
-9,162
8,726
Financing Cash Flow
-68,124
-618,606
Cash Flow From Continuing Financing Activities
-68,124
-618,606
Net Other Financing Charges
-11,504
56,874
Cash Dividends Paid
-32,688
-29,221
Common Stock Dividend Paid
-32,688
Net Common Stock Issuance
1,010
1,019
Common Stock Issuance
1,010
1,019
Net Issuance Payments Of Debt
-24,942
-647,278
Net Short Term Debt Issuance
Net Long Term Debt Issuance
-24,942
-647,278
Long Term Debt Payments
-86,942
-698,278
Long Term Debt Issuance
62,000
51,000
Investing Cash Flow
-83,578
-95,884
Cash Flow From Continuing Investing Activities
-83,578
-95,884
Net Other Investing Changes
2,025
-659
Net PPE Purchase And Sale
-85,603
-96,080
Sale Of PPE
44,434
57,739
Purchase Of PPE
-130,037
-153,819
Operating Cash Flow
142,540
723,216
Cash Flow From Continuing Operating Activities
142,540
723,216
Change In Working Capital
-89,573
487,332
Change In Other Working Capital
2,929
2,299
Change In Other Current Liabilities
-41,417
-42,787
Change In Payables And Accrued Expense
62,990
-61,702
Change In Accrued Expense
23,542
-17,820
Change In Payable
39,448
-43,882
Change In Account Payable
39,448
-43,882
Change In Receivables
-114,075
589,522
Changes In Account Receivables
-123,809
556,041
Other Non Cash Items
55,055
46,663
Asset Impairment Charge
882
52,891
Deferred Tax
-10,115
-37,048
Deferred Income Tax
-10,115
-37,048
Depreciation Amortization Depletion
195,711
197,262
Depreciation And Amortization
195,711
197,262
Amortization Cash Flow
Amortization Of Intangibles
Depreciation
Operating Gains Losses
-8,007
-16,946
Gain Loss On Investment Securities
-109
-186
Gain Loss On Sale Of PPE
-7,898
-16,760
Net Income From Continuing Operations
-1,413
-6,938
📊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: $1.8B▲ $1.9B+1.4%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 13.5%▼ 13.1%-0.4pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 1.6%▼ 1.6%-0.0pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 1.7%▼ -0.1%-1.8pp
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.
$1.9B/qtr (≈$7.4B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.70x 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.
$13M
vs Positive
Operating Cash Flow
$143M
Latest quarter · Buffett's cash reality check
ROIC
0.2%
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
1.7x
Net Assets: $7.1B
Asset Context — Trucking
Asset-heavy businesses (energy, industrials, utilities, REITs) have physical assets with real replacement value — book value and Net Assets are more meaningful here than for technology or consumer brand companies. A low Market Cap / Net Assets ratio may indicate genuine undervaluation.
⚠️Operating income is positive but net income is negative. This typically reflects below-the-line items: interest expense, impairment charges, tax adjustments, or one-time write-offs. The core business may be healthy — operating margin is a better signal of ongoing profitability here.
Peers & Industry
No auto-detected peers for Trucking. You can manually compare KNX 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
2.93%
Low — management has little skin in the game
Return on Equity (ROE)
-0.0%
Weak — poor returns on equity
Return on Assets (ROA)
-0.0%
Poor — assets are not generating adequate returns
Debt Trend YoY
-0.9% YoY
Debt is declining — management is deleveraging
Leadership Team
Adam Miller CPA
CEO & Director
Age 44
Pay: $1,768,662
Gary Knight
Executive Vice Chairman
Age 73
Pay: $706,553
Andrew Hess
Chief Financial Officer
Age 52
Pay: $861,497
Joseph Sherer
Executive Vice President of Sales & Account Management
Age 45
Michael Liu
Executive Vice President of Operations of Knight
Age 52
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
9.19%
14,931,515
FMR, LLC
5.97%
9,706,667
Dimensional Fund Advisors LP
5.21%
8,458,088
Vanguard Capital Management LLC
4.33%
7,030,867
Vanguard Portfolio Management LLC
4.07%
6,606,340
Victory Capital Management Inc.
3.90%
6,333,931
Wellington Management Group, LLP
3.66%
5,944,965
D1 Capital Partners, LP
3.38%
5,491,563
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
1.20
Moderate volatility — moves slightly more than market
Short Interest
6.3% of float
Moderate short interest
Debt-to-Equity
0.38x
Conservative balance sheet — low financial risk
Current Ratio
0.70x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $38.63Current: $74.15High: $82.86
Currently at 80% of 52-week range
Knight-Swift Transportation Holdings Inc. (KNX) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 13.1%. Operating margin: 1.6%. Net margin: -0.1%. Market cap: $12.0B. Sector: Industrials. Industry: Trucking. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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