Landstar System Inc. (LSTR) intrinsic value & 10-year financials
Landstar System Inc. (LSTR) has a Graham intrinsic value of $25.42 per share. At $171.65 on Oct 17, 2026, the stock trades 575% above that value. Over the last 10 fiscal years revenue grew 4.6% a year to $4.7B, with an average return on invested capital of 45.3%.
- Graham intrinsic value
- $25.42
- Share price (Oct 17, 2026)
- $171.65
- Price vs Graham value
- 575% above
- Market cap
- $6.0B
- Revenue (FY2025)
- $4.7B
- Revenue growth (10-yr CAGR)
- 4.6%
- ROIC (10-yr avg)
- 45.3%
- Free cash flow (FY2025)
- $215.0M
LSTR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.7B | $115.0M | $3.31 | $215.0M | 3.2% | 23.7% |
| FY2024 | $4.8B | $195.9M | $5.51 | $255.6M | 5.2% | 35.7% |
| FY2023 | $5.3B | $264.4M | $7.36 | $368.0M | 6.5% | 45.0% |
| FY2022 | $7.4B | $430.9M | $11.76 | $596.7M | 7.7% | 64.9% |
| FY2021 | $6.5B | $381.5M | $9.98 | $253.5M | 7.7% | 62.5% |
| FY2020 | $4.1B | $192.1M | $4.98 | $180.1M | 6.1% | 39.8% |
| FY2019 | $4.1B | $227.7M | $5.72 | $288.4M | 7.3% | 44.1% |
| FY2018 | $4.6B | $255.3M | $6.18 | $288.2M | 7.2% | 52.6% |
| FY2017 | $3.6B | $177.1M | $4.21 | $123.4M | 6.7% | 46.5% |
| FY2016 | $3.2B | $137.3M | $3.25 | $167.6M | 7.0% | 38.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LANDSTAR SYSTEM INC has demonstrated mature, steady growth, with revenue compounding at 4.6% annually over the past decade.
LANDSTAR SYSTEM INC has earned high returns on invested capital, averaging 45.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, LANDSTAR SYSTEM INC shows that management has aggressively returned capital to shareholders by retiring 17.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, LANDSTAR SYSTEM INC is modeled at 0.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $25.42 per share.