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 Margin5.0%
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 Margin2.1%
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 Debt62.2 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-$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-$132M
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
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book1.59x
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
C
Free Cash Flow$57M
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 Income580.3%
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$491M
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.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
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.
CapEx % of Net Income
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
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.
Mr. Market is currently offering Knight-Swift Transportation Holdings Inc. at $68.41.
The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.
At $68.41, the stock trades at a 332% premium to its Graham Number of $15.84. 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
Q2 2026
Q4 2025
Gross Profit %
15.3%▲
13.7%
Operating Margin %
5.0%▲
4.3%
Net Income %
2.1%▲
-0.4%
Diluted EPS
0.26▲
-0.04
Balance Sheet Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Total Assets
$12.0B
$12.0B
N/A
Total Debt
$2.7B▼
$2.7B•
N/A
Working Capital
-$132M▲
-$144M•
N/A
Years to Pay Debt
62.17
-395.11
N/A
Cash Flow Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Free Cash Flow
$57M▼
$570M•
N/A
Owner Earnings
$491M
$343M
N/A
CapEx % of Net Income
580.3%
N/A
N/A
Income Statement
2026
2025
Tax Effect Of Unusual Items
0
-11,446
Tax Rate For Calcs
0
0
Normalized EBITDA
285,751
281,079
Total Unusual Items
0
-52,891
Total Unusual Items Excluding Goodwill
0
-52,891
Net Income From Continuing Operation Net Minority Interest
43,189
-6,797
Reconciled Depreciation
196,995
197,262
Reconciled Cost Of Revenue
1,775,630
1,601,992
EBITDA
285,751
228,188
EBIT
88,756
30,926
Net Interest Income
-21,427
-37,630
Interest Expense
23,251
39,780
Interest Income
1,824
2,150
Normalized Income
43,189
34,648
Net Income From Continuing And Discontinued Operation
43,189
-6,797
Total Expenses
1,990,861
1,776,982
Rent Expense Supplemental
43,876
39,124
Total Operating Income As Reported
104,851
26,457
Diluted Average Shares
163,283
162,884
Basic Average Shares
162,579
162,339
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
43,189
-6,797
Net Income Common Stockholders
43,189
-6,797
Net Income
43,189
-6,797
Minority Interests
39
141
Net Income Including Noncontrolling Interests
43,150
-6,938
Net Income Continuous Operations
43,150
-6,938
Tax Provision
22,355
-1,916
Pretax Income
65,505
-8,854
Other Income Expense
-17,919
-50,572
Other Non Operating Income Expenses
-17,919
2,319
Special Income Charges
0
-52,891
Impairment Of Capital Assets
0
52,891
Net Non Operating Interest Income Expense
-21,427
-37,630
Interest Expense Non Operating
23,251
39,780
Interest Income Non Operating
1,824
2,150
Operating Income
104,851
79,348
Operating Expense
215,231
174,990
Other Operating Expenses
73,087
43,460
Other Taxes
34,735
32,910
Selling General And Administration
107,409
98,620
General And Administrative Expense
107,409
98,620
Other Gand A
7,245
7,515
Insurance And Claims
100,164
91,105
Gross Profit
320,082
254,338
Cost Of Revenue
1,775,630
1,601,992
Total Revenue
2,095,712
1,856,330
Operating Revenue
2,095,712
1,856,330
Balance Sheet
2026
2025
2024
Ordinary Shares Number
162,736
162,339
Share Issued
162,736
162,339
Net Debt
1,511,144
1,433,373
Total Debt
2,685,164
2,685,567
Tangible Book Value
1,148,773
1,212,014
Invested Capital
8,678,531
8,736,247
Working Capital
-132,415
-143,683
Net Tangible Assets
1,148,773
1,212,014
Capital Lease Obligations
987,906
1,031,774
Common Stock Equity
6,981,273
7,082,454
Total Capitalization
8,678,531
8,736,247
Total Equity Gross Minority Interest
6,990,810
7,091,866
Minority Interest
9,537
9,412
Stockholders Equity
6,981,273
7,082,454
Gains Losses Not Affecting Retained Earnings
-143
-716
Other Equity Adjustments
-143
-716
Retained Earnings
2,565,098
2,600,822
Additional Paid In Capital
4,414,691
4,480,725
Capital Stock
1,627
1,623
Common Stock
1,627
1,623
Total Liabilities Net Minority Interest
5,013,535
4,863,570
Total Non Current Liabilities Net Minority Interest
3,938,204
3,832,361
Other Non Current Liabilities
238,922
205,117
Non Current Accrued Expenses
396,082
359,546
Non Current Deferred Liabilities
898,110
904,075
Non Current Deferred Taxes Liabilities
898,110
904,075
Long Term Debt And Capital Lease Obligation
2,405,090
2,363,623
Long Term Capital Lease Obligation
707,832
709,830
Long Term Debt
1,697,258
1,653,793
Current Liabilities
1,075,331
1,031,209
Current Debt And Capital Lease Obligation
280,074
321,944
Current Capital Lease Obligation
280,074
321,944
Current Debt
458,983
Other Current Borrowings
458,983
Payables And Accrued Expenses
795,257
709,265
Current Accrued Expenses
513,584
508,430
Payables
281,673
200,835
Accounts Payable
281,673
200,835
Total Assets
12,004,345
11,955,436
Total Non Current Assets
11,061,429
11,067,910
Other Non Current Assets
165,360
165,174
Goodwill And Other Intangible Assets
5,832,500
5,870,440
Other Intangible Assets
1,897,759
1,935,699
Goodwill
3,934,741
3,934,741
Net PPE
5,063,569
5,032,296
Accumulated Depreciation
-2,809,508
-2,662,331
Gross PPE
7,873,077
7,694,627
Leases
42,157
39,193
Other Properties
7,873,077
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
942,916
887,526
Other Current Assets
27,680
36,894
Assets Held For Sale Current
51,801
72,985
Restricted Cash
74,715
82,381
Prepaid Assets
106,917
113,985
Receivables
495,689
360,861
Other Receivables
12,014
9,642
Taxes Receivable
48,899
45,895
Accounts Receivable
434,776
305,324
Allowance For Doubtful Accounts Receivable
-29,354
-30,647
Gross Accounts Receivable
464,130
335,971
Cash Cash Equivalents And Short Term Investments
186,114
220,420
Cash And Cash Equivalents
186,114
220,420
Cash Flow
2026
2025
2024
Free Cash Flow
57,173
570,252
Repayment Of Debt
-1,484,252
-698,278
Issuance Of Debt
1,466,250
51,000
Issuance Of Capital Stock
2,177
1,019
Capital Expenditure
-250,645
-152,964
Interest Paid Supplemental Data
41,084
43,805
Income Tax Paid Supplemental Data
8,257
-453
End Cash Position
267,659
308,740
Beginning Cash Position
299,578
300,014
Changes In Cash
-31,919
8,726
Financing Cash Flow
-166,252
-618,606
Cash Flow From Continuing Financing Activities
-166,252
-618,606
Net Other Financing Charges
-117,308
56,874
Cash Dividends Paid
-33,119
-29,221
Common Stock Dividend Paid
-33,119
Net Common Stock Issuance
2,177
1,019
Common Stock Issuance
2,177
1,019
Net Issuance Payments Of Debt
-18,002
-647,278
Net Long Term Debt Issuance
-18,002
-647,278
Long Term Debt Payments
-1,484,252
-698,278
Long Term Debt Issuance
1,466,250
51,000
Investing Cash Flow
-173,485
-95,884
Cash Flow From Continuing Investing Activities
-173,485
-95,884
Net Other Investing Changes
830
-659
Net PPE Purchase And Sale
-174,315
-96,080
Sale Of PPE
76,330
57,739
Purchase Of PPE
-250,645
-153,819
Operating Cash Flow
307,818
723,216
Cash Flow From Continuing Operating Activities
307,818
723,216
Change In Working Capital
-4,670
487,332
Change In Other Working Capital
8,911
2,299
Change In Other Current Liabilities
-36,220
-42,787
Change In Payables And Accrued Expense
45,946
-61,702
Change In Accrued Expense
39,122
-17,820
Change In Payable
6,824
-43,882
Change In Account Payable
6,824
-43,882
Change In Receivables
-23,307
589,522
Changes In Account Receivables
-10,569
556,041
Other Non Cash Items
66,400
46,663
Asset Impairment Charge
0
52,891
Deferred Tax
30,303
-37,048
Deferred Income Tax
30,303
-37,048
Depreciation Amortization Depletion
196,995
197,262
Depreciation And Amortization
196,995
197,262
Amortization Cash Flow
Amortization Of Intangibles
Depreciation
Operating Gains Losses
-24,360
-16,946
Gain Loss On Investment Securities
-86
-186
Gain Loss On Sale Of PPE
-24,274
-16,760
Net Income From Continuing Operations
43,150
-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: $1.9B▲ $2.1B+12.6%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 13.9%▲ 15.3%+1.4pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 5.6%▲ 5.0%-0.6pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 1.8%▲ 2.1%+0.2pp
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.
$2.1B/qtr (≈$8.4B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.88x 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.
$57M
vs Positive
Operating Cash Flow
$308M
Latest quarter · Buffett's cash reality check
ROIC
0.8%
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
1.6x
Net Assets: $7.0B
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.
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
2.92%
Low — management has little skin in the game
Return on Equity (ROE)
0.6%
Weak — poor returns on equity
Return on Assets (ROA)
0.4%
Poor — assets are not generating adequate returns
Debt Trend YoY
+0.8% YoY
Debt is roughly stable
Leadership Team
David Vander Ploeg CPA
Executive Chairman of the Board
Age 66
Pay: $149,788
0.347% of net income
Adam Miller CPA
CEO & Director
Age 44
Pay: $1,768,662
4.095% of net income
Gary Knight
Executive Vice Chairman
Age 73
Pay: $706,553
1.636% of net income
Andrew Hess
Chief Financial Officer
Age 52
Pay: $861,497
1.995% of net income
Joseph Sherer
Executive Vice President of Sales & Account Management
Age 45
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
9.17%
14,931,515
FMR, LLC
5.96%
9,706,667
Dimensional Fund Advisors LP
5.20%
8,458,088
Vanguard Capital Management LLC
4.32%
7,030,867
Vanguard Portfolio Management LLC
4.06%
6,606,340
Victory Capital Management Inc.
3.89%
6,333,931
Wellington Management Group, LLP
3.65%
5,944,965
D1 Capital Partners, LP
3.37%
5,491,563
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
1.19
Moderate volatility — moves slightly more than market
Short Interest
6.4% of float
Moderate short interest
Debt-to-Equity
0.38x
Conservative balance sheet — low financial risk
Current Ratio
0.88x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $38.63Current: $68.41High: $82.86
Currently at 67% of 52-week range
Knight-Swift Transportation Holdings Inc. (KNX) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $15.84. Margin of safety: 0%. Gross profit margin: 15.3%. Operating margin: 5.0%. Net margin: 2.1%. Market cap: $11.1B. Sector: Industrials. Industry: Trucking. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.