Heartland Express, Inc.

HTLD

IndustrialsSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Heartland Express, Inc., together with its subsidiaries, provides short, medium, and long-haul truckload carrier and transportation services in the United States, Mexico, and Canada. It primarily provides nationwide asset-based dry van truckload services for shippers; cross-border freight and other transportation services; and temperature-controlled truckload services. The company offers its services under the Heartland Express, Millis Transfer, Smith Transport, and CFI brand names. It primarily serves retailers, manufacturers, and parcel carriers in the consumer goods, appliances, food products, and automotive industries. The company was founded in 1978 and is headquartered in North Liberty, Iowa.

Valuation

Market Cap$1.2B

Current Price$14.57as of Jun 23, 2026

P/E Ratio-

P/B Ratio1.62

EV / EBITDA13.29

EV / Sales1.69

Profitability

Operating Margin-7.7%

Net Profit Margin-6.5%

EBITDA Margin12.7%

Returns

ROE-6.9%

ROCE-6.2%

ROIC %-

ROA-4.4%

Solvency

Current Ratio1.04

Debt / Equity0.21

Debt / Assets0.14

CFO / Net Profit-1.70

Price History▲ 65.95% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$806M▼ 23.1%

EBITDA$103M▼ 36.9%

Net Profit$-52M▲ 76.5%

Cash from Ops (CFO)$89M▼ 38.1%

Free Cash Flow (FCF)$-67M▼ 292.0%

Revenue CAGR 3Y-5.9%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$806M	$103M	$-52M	$-67M	-6.9%	-23.1%	76.5%
2024	$1.0B	$162M	$-30M	$35M	-3.6%	-13.2%	-301.2%
2023	$1.2B	$243M	$15M	$-43M	1.7%	24.7%	-88.9%
2022	$968M	$323M	$134M	$34M	15.6%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	968	1,207.46	1,047.51	805.71
Operating Revenue	-	968	1,207.46	1,047.51	805.71
Cost Of Revenue	-	767.31	1,062.18	937.35	738.16
Gross Profit	-	200.69	145.28	110.16	67.54
Operating Expense	-	109.24	143.98	137.90	129.41
Selling General And Administration	-	41.43	55.79	60.32	66.45
Total Expenses	-	876.54	1,206.16	1,075.26	867.58
Operating Income	-	91.45	1.30	-27.74	-61.87
Total Operating Income As Reported	-	188.36	42.38	-20.24	-57.41
EBITDA	-	322.69	243.08	162.43	102.56
Normalized EBITDA	-	225.79	201.99	154.92	98.10
EBIT	-	189.65	44.04	-19.09	-56.64
Interest Income	-	1.29	1.66	1.14	0.77
Interest Expense	-	8.56	24.19	17.58	11.49
Net Interest Income	-	-7.27	-22.53	-16.44	-10.72
Other Income Expense	-	96.91	41.09	7.51	4.46
Interest Income Non Operating	-	1.29	1.66	1.14	0.77
Interest Expense Non Operating	-	8.56	24.19	17.58	11.49
Net Non Operating Interest Income Expense	-	-7.27	-22.53	-16.44	-10.72
Pretax Income	-	181.09	19.85	-36.67	-68.13
Tax Provision	-	47.51	5.08	-6.95	-15.68
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	25.42	10.51	1.43	1.02
Net Income Continuous Operations	-	133.58	14.78	-29.72	-52.45
Net Income From Continuing And Discontinued Operation	-	133.58	14.78	-29.72	-52.45
Net Income From Continuing Operation Net Minority Interest	-	133.58	14.78	-29.72	-52.45
Net Income	-	133.58	14.78	-29.72	-52.45
Net Income Common Stockholders	-	133.58	14.78	-29.72	-52.45
Net Income Including Noncontrolling Interests	-	133.58	14.78	-29.72	-52.45
Normalized Income	-	62.10	-15.80	-35.80	-55.88
Diluted NI Availto Com Stockholders	-	133.58	14.78	-29.72	-52.45
Basic Average Shares	-	78.94	79.01	78.73	77.88
Diluted Average Shares	-	78.97	79.08	78.78	77.94
Reconciled Depreciation	-	133.05	199.04	181.52	159.20
Reconciled Cost Of Revenue	-	767.31	1,062.18	937.35	738.16
Total Unusual Items	-	96.91	41.09	7.51	4.46
Total Unusual Items Excluding Goodwill	-	96.91	41.09	7.51	4.46
Special Income Charges	-	96.91	41.09	7.51	4.46
Impairment Of Capital Assets	-	-	0	0	18.99
General And Administrative Expense	-	41.43	55.79	60.32	66.45
Other Gand A	-	7	10.51	9.45	8.55
Gain On Sale Of Ppe	-	96.91	41.09	7.51	23.45
Insurance And Claims	-	34.44	45.28	50.87	57.90
Rent Expense Supplemental	-	54.29	112.75	80.06	51.67
Other Operating Expenses	-	51.42	66.39	57.17	45.66
Other Taxes	-	16.39	21.80	20.41	17.30

Peer Comparison

Industrials sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Heartland Express, Inc.this co.	HTLD	$1.2B	-	1.62	-6.9%	13.29
Insperity, Inc.	NSP	$1.3B	-182.50	27.77	-15.2%	16.47
Distribution Solutions Group, Inc.	DSGR	$1.3B	153.06	1.97	1.3%	13.07
ICF International, Inc.	ICFI	$1.2B	13.60	1.21	8.9%	9.01
Satellogic Inc.	SATL	$1.2B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Heartland Express, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Stock Market Risks

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$806M

$103M

$-52M

$-67M

-6.9%

-23.1%

76.5%

2024

$1.0B

$162M

$-30M

$35M

-3.6%

-13.2%

-301.2%

2023

$1.2B

$243M

$15M

$-43M

1.7%

24.7%

-88.9%

2022

$968M

$323M

$134M

$34M

15.6%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

968

1,207.46

1,047.51

805.71

Operating Revenue

968

1,207.46

1,047.51

805.71

Cost Of Revenue

767.31

1,062.18

937.35

738.16

Gross Profit

200.69

145.28

110.16

67.54

Operating Expense

109.24

143.98

137.90

129.41

Selling General And Administration

41.43

55.79

60.32

66.45

Total Expenses

876.54

1,206.16

1,075.26

867.58

Operating Income

91.45

1.30

-27.74

-61.87

Total Operating Income As Reported

188.36

42.38

-20.24

-57.41

EBITDA

322.69

243.08

162.43

102.56

Normalized EBITDA

225.79

201.99

154.92

98.10

EBIT

189.65

44.04

-19.09

-56.64

Interest Income

1.29

1.66

1.14

0.77

Interest Expense

8.56

24.19

17.58

11.49

Net Interest Income

-7.27

-22.53

-16.44

-10.72

Other Income Expense

96.91

41.09

7.51

4.46

Interest Income Non Operating

1.29

1.66

1.14

0.77

Interest Expense Non Operating

8.56

24.19

17.58

11.49

Net Non Operating Interest Income Expense

-7.27

-22.53

-16.44

-10.72

Pretax Income

181.09

19.85

-36.67

-68.13

Tax Provision

47.51

5.08

-6.95

-15.68

Tax Rate For Calcs

Tax Effect Of Unusual Items

25.42

10.51

1.43

1.02

Net Income Continuous Operations

133.58

14.78

-29.72

-52.45

Net Income From Continuing And Discontinued Operation

133.58

14.78

-29.72

-52.45

Net Income From Continuing Operation Net Minority Interest

133.58

14.78

-29.72

-52.45

Net Income

133.58

14.78

-29.72

-52.45

Net Income Common Stockholders

133.58

14.78

-29.72

-52.45

Net Income Including Noncontrolling Interests

133.58

14.78

-29.72

-52.45

Normalized Income

62.10

-15.80

-35.80

-55.88

Diluted NI Availto Com Stockholders

133.58

14.78

-29.72

-52.45

Basic Average Shares

78.94

79.01

78.73

77.88

Diluted Average Shares

78.97

79.08

78.78

77.94

Reconciled Depreciation

133.05

199.04

181.52

159.20

Reconciled Cost Of Revenue

767.31

1,062.18

937.35

738.16

Total Unusual Items

96.91

41.09

7.51

4.46

Total Unusual Items Excluding Goodwill

96.91

41.09

7.51

4.46

Special Income Charges

96.91

41.09

7.51

4.46

Impairment Of Capital Assets

18.99

General And Administrative Expense

41.43

55.79

60.32

66.45

Other Gand A

10.51

9.45

8.55

Gain On Sale Of Ppe

96.91

41.09

7.51

23.45

Insurance And Claims

34.44

45.28

50.87

57.90

Rent Expense Supplemental

54.29

112.75

80.06

51.67

Other Operating Expenses

51.42

66.39

57.17

45.66

Other Taxes

16.39

21.80

20.41

17.30

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Heartland Express, Inc.this co.

HTLD

$1.2B

1.62

-6.9%

13.29

Insperity, Inc.

NSP

$1.3B

-182.50

27.77

-15.2%

16.47

Distribution Solutions Group, Inc.

DSGR

$1.3B

153.06

1.97

1.3%

13.07

ICF International, Inc.

ICFI

$1.2B

13.60

1.21

8.9%

9.01

Satellogic Inc.

SATL

$1.2B

Heartland Express, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Heartland Express, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on