One-glance verdict
Within fair range
$193.10 our estimate vs market $226.27
Wall Street consensus: $279.52 (44.8% higher than our fair-value estimate)
17% above our estimate
Fundamentals snapshot
J.B. Hunt Transport Services, Inc.
JBHT · NMS · Industrials · Integrated Freight & Logistics
Current price
$226.27
52-week range
$157.82 - $299.76
Market cap
$21.09B
Balance sheet
Watch
11.50x Adequate
Net debt $1.44B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 9.7% last year.
- Reward Returns 18.8% on equity, ahead of 50% of its peers.
- Risk Net debt grew 19.8% over 3 years.
- Risk Stock trades 16.0% above its 5-year average P/E.
What this company does
J.B. Hunt Transport Services, Inc.
J.B. Hunt is a trucking company that moves goods for other businesses across the United States. Their main money comes from offering different ways to transport these goods, like using trains with their own trailers (intermodal) or providing dedicated trucks to pick up and drop off items for a specific customer (Dedicated Contract Services). This matters because they are a big part of the supply chain, which is how products get from where they are made to where people buy them.
How the company got here
J.B. Hunt Transport Services, Inc. was founded in 1961 by Johnnie Bryan Hunt and Johnelle Hunt in Arkansas. [2, 12] It began as a small rice hull operation, but Johnnie Hunt's experience as a truck driver inspired him to purchase five trucks and seven trailers in 1969, marking the birth of J.B. Hunt Transport Services, Inc. [6, 12] The company relocated to Lowell, Arkansas, in 1972 to focus on growing the trucking business. [6] By 1983, J.B. Hunt became a publicly held company and experienced rapid growth, becoming the fourth-largest trucking firm in the U.S. by 1989. [2, 6] A significant turning point came in 1989 when J.B. Hunt partnered with Santa Fe Railway (now BNSF Railway) to offer intermodal services, combining truck and rail transport. [2, 7] This innovation, along with a focus on customer service and efficiency, has positioned J.B. Hunt as a leading transportation and logistics provider in North America. [5, 8, 17]
What it actually does
J.B. Hunt Transport Services, Inc. is a major player in the transportation and logistics industry, moving goods across North America. Think of them as a company that helps other businesses get their products from where they are made to where they need to be sold or used. They offer a variety of services, from driving trucks on highways to coordinating complex shipping routes that involve trains and other modes of transport. Essentially, they manage the journey of goods, ensuring they arrive safely and on time for their customers. [5, 8, 17]
Intermodal (JBI)
This segment is the largest part of J.B. Hunt's business, making up about two-thirds of its revenue. [2] Intermodal transportation involves moving freight by combining different types of transport, primarily rail and over-the-road trucking. [14] J.B. Hunt partners with major North American rail carriers to transport goods efficiently across long distances. [3, 14] This method is often more cost-effective and environmentally friendly than solely using trucks. [14] The company has a substantial fleet of its own equipment, including containers and chassis, to support these operations. [3, 5]
Dedicated Contract Services (DCS)
This segment focuses on providing customized transportation solutions for specific clients, often through long-term contracts. [5] J.B. Hunt designs, develops, and manages dedicated fleets, drivers, and equipment tailored to a customer's unique supply chain needs. [3, 16] This can include services like private fleet conversion, where a company outsources its existing trucking operations to J.B. Hunt, or dedicated fleet replacement. [16] The goal is to offer reliable, consistent, and branded transportation services for businesses that want to outsource their logistics. [16, 19]
Integrated Capacity Solutions (ICS)
This segment acts as a freight brokerage and transportation logistics provider. [4] Essentially, J.B. Hunt uses its network and technology platform (J.B. Hunt 360°) to connect shippers with third-party carriers. [3, 15] This means they find the right truck and carrier for a customer's load, even if it's not one of J.B. Hunt's own trucks. [15] ICS offers a wide range of transportation options, including flatbed, refrigerated, expedited, and less-than-truckload (LTL) services, providing flexibility for customers. [3]
Final Mile Services (FMS)
This segment handles the "last mile" of delivery, which is the final leg of a product's journey to its destination, often directly to a customer's home. [4, 21] J.B. Hunt's FMS team specializes in delivering large and bulky items, such as furniture and appliances, and often provides services like white-glove delivery, installation, and assembly. [4, 17, 21] They operate a network of cross-dock and delivery locations to manage these final deliveries efficiently. [4]
Truckload (JBT)
This segment involves traditional truckload transportation services, where a full truckload of goods is moved from one point to another. [3, 4] J.B. Hunt utilizes its own fleet of tractors and trailers to transport freight, such as general merchandise, consumer goods, and building materials, over roads and highways. [3] This is a more straightforward, direct freight movement service compared to the more complex multimodal solutions offered in other segments. [3]
What management is betting on now
J.B. Hunt's management is focused on several key strategic priorities to drive long-term value. [9, 11, 25] A major emphasis is on operational excellence and disciplined growth across all business segments. [9] They are investing heavily in technology, particularly their J.B. Hunt 360° digital platform, to enhance efficiency, customer experience, and carrier collaboration. [8, 11, 25] Expanding their intermodal offerings, including premium services like Quantum, is also a priority to capture more freight that traditionally moved only by truck. [8, 14] Additionally, J.B. Hunt is committed to sustainability, working to reduce carbon emissions through intermodal conversion and investments in alternative-powered equipment. [11, 25] The company is also focused on expanding its global presence, with recent efforts including opening an office in Mexico to support cross-border growth. [25]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$93.35M
FY2025 Q1
$158.38M
FY2025 Q2
$185.57M
FY2025 Q3
$352.36M
FY2025 Q4
$251.27M
FY2026 Q1
$242.77M
FY2026 Q2
$253.32M
FY2026 Q3
$219.13M
Revenue
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Net income
$172.42M
Diluted EPS
1.82
Operating cash flow
$385.16M
Free cash flow
$219.13M
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Sources
Revenue
—
Net income
$181.03M
Diluted EPS
1.91
Operating cash flow
$370.23M
Free cash flow
$253.32M
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Sources
Revenue
—
Net income
$141.55M
Diluted EPS
1.49
Operating cash flow
$353.04M
Free cash flow
$242.77M
Fetching…
Sources
Revenue
—
Net income
$181.07M
Diluted EPS
1.88
Operating cash flow
$385.60M
Free cash flow
$251.27M
Fetching…
Sources
Revenue
—
Net income
$170.85M
Diluted EPS
1.76
Operating cash flow
$486.43M
Free cash flow
$352.36M
Fetching…
Sources
Revenue
—
Net income
$128.62M
Diluted EPS
1.31
Operating cash flow
$402.05M
Free cash flow
$185.57M
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Sources
Revenue
—
Net income
$117.74M
Diluted EPS
1.17
Operating cash flow
$404.19M
Free cash flow
$158.38M
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Sources
Revenue
—
Net income
$155.45M
Diluted EPS
1.53
Operating cash flow
$317.64M
Free cash flow
$93.35M
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Sources
Is it cheap or expensive?
Fair value $193.10 vs current price $226.27
Wall Street consensus is the average analyst price target: $279.52 (44.8% higher than our fair-value estimate).
Our most-likely fair value is $193.10 a share — about 14.7% away from today's price of $226.27, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $1.4B. Interest coverage 11.5x.
Net debt
$1.44B
Interest coverage
11.50x
J.B. Hunt Transport Services, Inc.'s profit covers its interest bill about 11.5 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
JBHT
BASELINE
J.B. Hunt Transport Services, Inc.
Total debt $1.45B Interest coverage 11.50x This is the baseline the peer rows are being compared against.
Total debt $2.61B Interest coverage 1.94x -83% vs JBHT Carries about 5.9x less debt cushion than JBHT.
Total debt $393.20M Interest coverage 5.00x -57% vs JBHT Carries about 2.3x less debt cushion than JBHT.
Total debt $20.00M Interest coverage 4,598.12x +39,874% vs JBHT Carries about 399.7x more debt cushion than JBHT.
Total debt $3.97B Interest coverage 3.33x -71% vs JBHT Carries about 3.5x less debt cushion than JBHT.
Total debt $2.98B Interest coverage 3.81x -67% vs JBHT Carries about 3.0x less debt cushion than JBHT.
What you should know
The case for and against JBHT
3 Rewards
3 Risks
Rewards
-
Revenue grew 9.7% last year.
-
Returns 18.8% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Net debt grew 19.8% over 3 years.
-
Stock trades 16.0% above its 5-year average P/E.
-
Operating margin compressed from 9.0% to 6.7% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
31.91x
Forward P/E
22.98x
P/B
5.80x
P/S
1.58x
EV/EBITDA
13.28x
PEG ratio
1.44x
Profitability
How much profit each dollar creates
Gross margin
17.9%
Operating margin
6.7%
Net margin
5.1%
ROE
18.8%
ROA
7.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.40x
Current ratio
1.23x
Quick ratio
1.02x
Total debt
$1.45B
Total cash
$3.75M
Growth
How the business has been compounding
Revenue TTM
$7.19B
Revenue 5Y CAGR
6.5%
EPS TTM
7.09
EPS 5Y CAGR
-12.7%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.49B
Free CF TTM
$947.59M
FCF margin
13.2%
Dividend
Shareholder payout
Yield
0.8%
Payout ratio
25.2%
Last ex-div date
2026-11-06