Heartland Express Inc. (HTLD) intrinsic value & 10-year financials
Heartland Express Inc. (HTLD) has a Graham intrinsic value of $3.97 per share. At $10.95 on Oct 17, 2026, the stock trades 176% above that value. Over the last 10 fiscal years revenue grew 7.9% a year to $58.1M, with an average return on invested capital of 9.0%.
- Graham intrinsic value
- $3.97
- Share price (Oct 17, 2026)
- $10.95
- Price vs Graham value
- 176% above
- Market cap
- $853.4M
- Revenue (FY2025)
- $58.1M
- Revenue growth (10-yr CAGR)
- 7.9%
- ROIC (10-yr avg)
- 9.0%
- Free cash flow (FY2025)
- -$66.9M
HTLD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $58.1M | -$52.5M | -$0.67 | -$66.9M | -98.8% | -4.6% |
| FY2024 | $78.0M | -$29.7M | -$0.38 | $34.8M | -25.9% | -1.5% |
| FY2023 | $94.8M | $14.8M | $0.19 | -$43.3M | 44.7% | 2.7% |
| FY2022 | $50.7M | $133.6M | $1.69 | $34.1M | 371.5% | 15.5% |
| FY2021 | $11.4M | $79.3M | $1.00 | -$9.2M | 924.6% | 13.8% |
| FY2020 | $14.3M | $70.8M | $0.87 | -$25.5M | 653.3% | 10.0% |
| FY2019 | $13.5M | $73.0M | $0.89 | -$17.4M | 698.3% | 15.6% |
| FY2018 | $14.9M | $72.7M | $0.88 | -$22.7M | 602.6% | 15.6% |
| FY2017 | $24.3M | $75.2M | $0.90 | -$74.6M | 261.5% | 11.8% |
| FY2016 | $29.4M | $56.4M | $0.68 | $69.7M | 291.0% | 11.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HEARTLAND EXPRESS INC has demonstrated mature, steady growth, with revenue compounding at 7.9% annually over the past decade.
HEARTLAND EXPRESS INC returns on capital have been average, hovering around 8.1% ROIC over the decade.
HEARTLAND EXPRESS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HEARTLAND EXPRESS INC is modeled at 7.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.97 per share.