At a glance
Marten Transport Ltd is worth $952.2M, about 56 times its fiscal 2025 earnings. Revenue fell 8.3% to $883.7M in fiscal 2025, with 2.0% kept as profit; over 5 years it has grown 0.2% a year. It pays a 2.06% dividend yield, and returned $174.7M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +20.2% over the past year with dividends reinvested and −5.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 27.0% in the 2020 crash (S&P 500: 33.7%) and 20.9% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Marten Transport, based in Mondovi, Wisconsin, is a trucking company that hauls food and other consumer packaged goods across the United States, with some service into and out of Mexico and Canada. Its specialty is temperature-sensitive freight, meaning loads that need refrigerated or insulated trailers. In 2025, about 59% of its Truckload and Dedicated revenue came from those loads and 41% from dry freight. Walmart was its largest customer, and its top ten customers made up 50% of revenue.
Marten makes money by charging shippers to move their freight. Operating revenue was $883.7 million in the year ended December 31, 2025. Truckload, which runs regional and longer-haul routes under contracts that usually last a year, brought in 47.7%. Dedicated, which builds custom fleets around one customer's needs under three- to five-year agreements, added 31.5%. Brokerage, which hires outside carriers to move customers' loads while Marten handles billing and the relationship, added 17%. Its MRTN de Mexico service, run with Mexican partner carriers, is reported within Truckload and Brokerage.
The last 3.8% came from Intermodal, which moved refrigerated containers partly by rail. Marten sold that business effective September 30, 2025. As of December 31, 2025, it ran 2,654 tractors, 77 of them supplied by independent contractors; its own tractors averaged about 2.3 years old.
Price history
The interactive chart needs JavaScript.
MRTN +20.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Truckload | $421.7M | 47.7% |
| Dedicated | $278.4M | 31.5% |
| Brokerage | $149.8M | 17% |
| Intermodal | $33.7M | 3.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $223.5M, down 2.8% from a year earlier, and net income was $5.3M (-25.7%).
- For fiscal 2025, revenue was $883.7M (-8.3% year over year; +0.2% a year from FY2020 to FY2025) with a 2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +0.2% watch |
|---|---|
| Operating margin | 2.6% weak |
| Return on equity (FY2025) | 2.3% weak |
| Return on assets (FY2025) | 1.8% weak |
| Cash and investments | $104.0M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $874.4M | $69.5M | — |
| FY2021 | $973.6M | $85.4M | — |
| FY2022 | $1.26B | $110.4M | — |
| FY2023 | $1.13B | $70.4M | — |
| FY2024 | $963.7M | $26.9M | — |
| FY2025 | $883.7M | $17.4M | — |
Valuation snapshot
| Market value | $952.2M |
|---|---|
| P/E ratio | 55.5 |
| Dividend yield | 2.06% |
Rank among 1514 US companies
Market value at each year end
Marten Transport Ltd’s market value went from $454.4M at the end of 2016 to $952.2M on Oct 28, 2026, about 2.1 times as much; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $952.2M | +2.6% |
| 2025 | $927.7M | -27.0% |
| 2024 | $1.27B | -25.5% |
| 2023 | $1.71B | +6.3% |
| 2022 | $1.60B | +12.7% |
| 2021 | $1.42B | -0.1% |
| 2020 | $1.42B | +21.2% |
| 2019 | $1.18B | +33.3% |
| 2018 | $881.8M | -20.3% |
| 2017 | $1.11B | +143.6% |
| 2016 | $454.4M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MRTN price data to Oct 28, 2026 | +3.8% | +20.2% | -11.1% | -5.9% | +5.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.8% |
| 2025 | -25.7% |
| 2024 | -24.6% |
| 2023 | +7.3% |
| 2022 | +16.7% |
| 2021 | +3.9% |
| 2020 | +24.7% |
| 2019 | +33.6% |
| 2018 | -19.8% |
| 2017 | +46.5% |
| 2016 | +32.9% |
| 2015 | -18.2% |
| 2014 | +9.3% |
| 2013 | +65.8% |
| 2012 | +4.2% |
| 2011 | -15.7% |
| 2010 | +19.2% |
| 2009 | -5.3% |
| 2008 | +35.9% |
| 2007 | -25.1% |
| 2006 | +2.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 6.6% over that stretch · deepest drop along the way 32.8%, back to its old high 2.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 19.9% over that stretch · deepest drop along the way 27%, back to its old high 1.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 18% over that stretch · deepest drop along the way 20.9%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (18 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Dimensional Fund Advisors LP | 6% | Dec 31, 2025 |
| The Vanguard Group | 4.92% | Dec 31, 2025 |
| Nuance Investments LLC | 4.9% | Apr 10, 2026 |
| Victory Capital Management, Inc. | 3.91% | Jun 30, 2025 |
ETFs with the most weight in MRTN
| JPSV JPMorgan Active Small Cap Value ETF | 0.96% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.76% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.41% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.4% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.36% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.28% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.2% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.16% |
What could go wrong
- A few big customers drive revenue. In 2025, Marten's top ten customers produced 50% of revenue, with Walmart the largest. Nine of them have been major customers for ten years, but losing one or more could seriously hurt results.
- Finding and keeping enough truck drivers. Competition for qualified drivers is intense and has increased. Shortages have at times left Marten's trucks underused and raised costs, and higher driver pay to fill seats can squeeze already thin profit margins.
- Truck prices and used-equipment values. Marten replaces its tractors about every 4.2 years and has no deals with manufacturers to repurchase them. Weak used-truck prices could cause losses on sales, while pricier new equipment raises capital needs.
- Accidents, insurance claims and winter weather. Accident claims and insurance costs can significantly affect earnings. Winter adds strain: bad weather slows trucks, some shippers cut loads, and accidents, claims and repairs tend to rise.
- Price competition from carriers and brokers. Marten competes with many truckload carriers, some larger with more capital, plus freight brokers. Rivals periodically cut rates when the economy slows, and shippers trim carrier lists, which can limit Marten's pricing.
- Economic slowdowns, tariffs and fuel costs. Recessions and customer slumps cut freight demand. Marten warns tariffs imposed during 2025 may reduce shipping and raise equipment and fuel costs. Fuel surcharges (extra fees for fuel) may not fully cover rising fuel prices.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Marten pays a dividend but has not been a dividend grower. Dividends per share fell from $0.66 in 2021 to $0.24 in 2022 and stayed at $0.24 through 2025, so there is no streak of increases. The yield was 2.06% as of October 28, 2026. In 2025, dividends paid equaled about 112% of net income, meaning the company paid out more than it earned. Share repurchases have been occasional: $41.8 million in 2022 and none in 2021, 2023 or 2024. Shares outstanding fell just 1.5% between October 2021 and July 2026.
The stock fell about 33% during the 2008 financial crisis and 27% in the 2020 COVID crash, regaining its prior peak within about three months and one month, respectively. During the 2022 bear market it rose 18%, but it had not regained its August 2022 high as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Marten Transport make money?
Marten makes money mainly by hauling full truckloads of food and consumer packaged goods, many of which need refrigerated or insulated trailers. Of its $883.7 million in 2025 operating revenue, Truckload brought in 47.7%, Dedicated (custom fleets built around one customer) 31.5%, and Brokerage (arranging outside carriers for customers' loads) 17%. The other 3.8% came from Intermodal, which used rail for part of each trip and was sold effective September 30, 2025. Walmart was its largest customer in 2025.
Does Marten Transport pay a dividend?
Yes. Marten paid $0.24 a share in each year from 2022 through 2025, down from $0.66 in 2021. The dividend yield (annual dividends divided by share price) was 2.06% as of October 28, 2026. In 2025, dividends paid came to about 112% of net income, so the company paid out more than it earned. As of June 30, 2026, it held about $104.0 million in cash and investments, and its balance sheet showed no borrowings.
Why is Marten Transport's P/E ratio so high?
Because earnings have fallen much faster than the share price. The price-to-earnings (P/E) ratio, the share price divided by a year's earnings per share, was 55.5 as of October 28, 2026, based on 2025 diluted earnings of $0.21 a share. That compares with $1.35 a share in 2022. Net income dropped from $110.4 million in 2022 to $17.4 million in 2025, and the 2025 operating margin was just 2.6%, or about 2.6 cents of operating profit per dollar of revenue.
Does Marten Transport have debt?
Not as of June 30, 2026, when Marten's balance sheet showed no borrowings. At that date it held about $104.0 million in cash and investments, and shareholders' equity was $766.0 million on total assets of $955.5 million. One caveat: the company filed reports of a major agreement and a new debt or financial obligation in June and August 2026, so later filings are worth checking for any new borrowing.
How has Marten Transport stock performed?
Mixed: weak over three and five years, positive over ten. As of October 28, 2026, the share price had risen about 5.6% a year over 10 years (73% in total), but lost 5.9% a year over five years and 11.1% a year over three. It fell 24.6% in 2024 and 25.7% in 2025, then gained 3.8% in 2026 through October 28. Its deepest drop over the three years to that date was 54.6%.