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Marten Transport, Ltd. operates as a temperature-sensitive truckload carrier for shippers in the United States, Mexico, and Canada. It operates through Truckload, Dedicated, and Brokerage segments. The Truckload segment transports food and other consumer packaged goods that require a temperature-controlled or insulated environment, as well as dry freight; and regional short-haul and medium-to-long-haul full-load transportation services. The Dedicated segment offers customized transportation solutions for individual customers' requirements using temperature-controlled trailers, dry vans, and other specialized equipment. The Brokerage segment develops contractual relationships with and arranges for third-party carriers to transport freight for customers in temperature-controlled trailers and dry vans. As of December 31, 2025, the company operated a fleet of 2,654 tractors that included 2,577 company-owned tractors and 77 tractors supplied by independent contractors. Marten Transport, Ltd. was founded in 1946 and is headquartered in Mondovi, Wisconsin.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
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 | $884M | $116M | $17M | $-51M | 2.3% | -8.3% | -35.2% |
| 2024 | $964M | $140M | $27M | $-98M | 3.5% | -14.8% | -61.7% |
| 2023 | $1.1B | $193M | $70M | $-76M | 9.3% | -10.5% | -36.2% |
| 2022 | $1.3B | $241M | $110M | $43M | 15.7% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,263.88 | 1,131.46 | 963.71 | 883.65 |
| Operating Revenue | - | 1,263.88 | 1,131.46 | 963.71 | 883.65 |
| Cost Of Revenue | - | 1,025.38 | 942.72 | 833.01 | 767.78 |
| Gross Profit | - | 238.50 | 188.73 | 130.70 | 115.87 |
| Operating Expense | - | 108.53 | 112.24 | 102.45 | 105.02 |
| Selling General And Administration | - | 59.69 | 66.16 | 62.14 | 64.40 |
| Total Expenses | - | 1,133.91 | 1,054.96 | 935.46 | 872.81 |
| Operating Income | - | 129.96 | 76.50 | 28.25 | 10.85 |
| Total Operating Income As Reported | - | 143.34 | 90.11 | 33.22 | 22.91 |
| EBITDA | - | 240.98 | 193.22 | 139.90 | 116.24 |
| Normalized EBITDA | - | 227.60 | 179.61 | 134.93 | 104.17 |
| EBIT | - | 129.96 | 76.50 | 28.25 | 10.85 |
| Other Non Operating Income Expenses | - | 0.83 | 3.81 | 3.13 | 1.46 |
| Other Income Expense | - | 14.21 | 17.42 | 8.10 | 13.53 |
| Pretax Income | - | 144.17 | 93.92 | 36.35 | 24.38 |
| Tax Provision | - | 33.82 | 23.54 | 9.42 | 6.93 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 3.14 | 3.41 | 1.29 | 3.43 |
| Net Income Continuous Operations | - | 110.35 | 70.37 | 26.92 | 17.44 |
| Net Income From Continuing And Discontinued Operation | - | 110.35 | 70.37 | 26.92 | 17.44 |
| Net Income From Continuing Operation Net Minority Interest | - | 110.35 | 70.37 | 26.92 | 17.44 |
| Net Income | - | 110.35 | 70.37 | 26.92 | 17.44 |
| Net Income Common Stockholders | - | 110.35 | 70.37 | 26.92 | 17.44 |
| Net Income Including Noncontrolling Interests | - | 110.35 | 70.37 | 26.92 | 17.44 |
| Normalized Income | - | 100.12 | 60.17 | 23.24 | 8.80 |
| Diluted NI Availto Com Stockholders | - | 110.35 | 70.37 | 26.92 | 17.44 |
| Basic Average Shares | - | 81.69 | 81.27 | 81.41 | 81.51 |
| Diluted Average Shares | - | 81.96 | 81.41 | 81.47 | 81.52 |
| Reconciled Depreciation | - | 111.01 | 116.72 | 111.65 | 105.39 |
| Reconciled Cost Of Revenue | - | 1,025.38 | 942.72 | 833.01 | 767.78 |
| Total Unusual Items | - | 13.38 | 13.61 | 4.97 | 12.07 |
| Total Unusual Items Excluding Goodwill | - | 13.38 | 13.61 | 4.97 | 12.07 |
| Special Income Charges | - | 13.38 | 13.61 | 4.97 | 12.07 |
| General And Administrative Expense | - | 59.69 | 66.16 | 62.14 | 64.40 |
| Other Gand A | - | 9.18 | 10.15 | 9.03 | 8.75 |
| Gain On Sale Of Ppe | - | 13.38 | 13.61 | 4.97 | 12.07 |
| Insurance And Claims | - | 50.51 | 56.01 | 53.11 | 55.64 |
| Other Operating Expenses | - | 38.08 | 35.02 | 30.01 | 30.89 |
| Other Taxes | - | 10.76 | 11.05 | 10.30 | 9.74 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Marten Transport, Ltd.this co. | MRTN | $1.4B | 83.09↑ premium | 1.89 | 2.3% | 12.10 |
| Willdan Group, Inc. | WLDN | $1.5B | 28.15 | 4.85 | 17.2% | 23.01 |
| BlackSky Technology Inc. | BKSY | $1.5B | -20.95 | 15.51 | -74.1% | -67.62 |
| Ryerson Holding Corporation | RYZ | $1.5B | -26.03 | 1.95 | -7.5% | 47.61 |
| SFL Corporation Ltd. | SFL | $1.5B |
| - |
| - |
| - |
| - |
| - |
| - |
| -55.15 |
| 1.52 |
| -2.8% |
| 10.04 |
| TETRA Technologies, Inc. | TTI | $1.5B | 483.12 | 5.12 | 1.1% | 19.83 |
| The Greenbrier Companies, Inc. | GBX | $1.4B | 7.10 | 0.95 | 13.3% | 6.14 |
| Tennant Company | TNC | $1.4B | 32.96 | 2.40 | 7.3% | 13.28 |
| Hillman Solutions Corp. | HLMN | $1.4B | 35.39 | 1.16 | 3.3% | 8.51 |
| Peer Median | - | 17.62 | 2.17 | 2.2% | 11.66 | |