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LANDSTAR SYSTEM INC（LSTR）与MARTEN TRANSPORT LTD（MRTN）财务数据对比。点击上方公司名可切换其他公司
LANDSTAR SYSTEM INC的季度营收约是MARTEN TRANSPORT LTD的5.6倍（$1.2B vs $210.1M）。LANDSTAR SYSTEM INC净利率更高（2.0% vs 1.8%，领先0.3%）。LANDSTAR SYSTEM INC同比增速更快（-2.9% vs -8.8%）。过去两年LANDSTAR SYSTEM INC的营收复合增速更高（0.1% vs -8.3%）
Landstar System Inc.是美国专业运输服务企业，主营第三方物流业务，依托由超8800名独立自营车主、1000余名独立货运代理人、7万余家合规认证承运商组成的庞大网络，服务主要覆盖美国全境，同时提供加拿大境内及美加、美墨跨境物流服务。
Marten Transport Ltd是一家总部位于美国威斯康星州蒙多维的公路货运企业，主营业务覆盖美国、加拿大和墨西哥地区，提供冷藏货运和干货厢式货运服务。
LSTR vs MRTN — 直观对比
营收规模更大
LSTR
是对方的5.6倍
$210.1M
营收增速更快
LSTR
高出5.9%
-8.8%
净利率更高
LSTR
高出0.3%
1.8%
两年增速更快
LSTR
近两年复合增速
-8.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $210.1M |
| 净利润 | $23.9M | $3.7M |
| 毛利率 | — | — |
| 营业利润率 | 2.5% | 2.2% |
| 净利率 | 2.0% | 1.8% |
| 营收同比 | -2.9% | -8.8% |
| 净利润同比 | -48.2% | -34.4% |
| 每股收益（稀释后） | $0.70 | $0.04 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收LSTRMRTN
| Q4 25 | $1.2B | $210.1M | ||
| Q3 25 | $1.2B | $220.5M | ||
| Q2 25 | $1.2B | $229.9M | ||
| Q1 25 | $1.2B | $223.2M | ||
| Q4 24 | $1.2B | $230.4M | ||
| Q3 24 | $1.2B | $237.4M | ||
| Q2 24 | $1.2B | $246.2M | ||
| Q1 24 | $1.2B | $249.7M |
净利润LSTRMRTN
| Q4 25 | $23.9M | $3.7M | ||
| Q3 25 | $19.4M | $2.2M | ||
| Q2 25 | $41.9M | $7.2M | ||
| Q1 25 | $29.8M | $4.3M | ||
| Q4 24 | $46.2M | $5.6M | ||
| Q3 24 | $50.0M | $3.8M | ||
| Q2 24 | $52.6M | $7.9M | ||
| Q1 24 | $47.1M | $9.6M |
营业利润率LSTRMRTN
| Q4 25 | 2.5% | 2.2% | ||
| Q3 25 | 2.2% | 1.2% | ||
| Q2 25 | 4.6% | 4.2% | ||
| Q1 25 | 3.4% | 2.6% | ||
| Q4 24 | 4.8% | 2.9% | ||
| Q3 24 | 5.2% | 1.8% | ||
| Q2 24 | 5.6% | 4.1% | ||
| Q1 24 | 5.1% | 4.9% |
净利率LSTRMRTN
| Q4 25 | 2.0% | 1.8% | ||
| Q3 25 | 1.6% | 1.0% | ||
| Q2 25 | 3.5% | 3.1% | ||
| Q1 25 | 2.6% | 1.9% | ||
| Q4 24 | 3.8% | 2.4% | ||
| Q3 24 | 4.1% | 1.6% | ||
| Q2 24 | 4.3% | 3.2% | ||
| Q1 24 | 4.0% | 3.9% |
每股收益（稀释后）LSTRMRTN
| Q4 25 | $0.70 | $0.04 | ||
| Q3 25 | $0.56 | $0.03 | ||
| Q2 25 | $1.20 | $0.09 | ||
| Q1 25 | $0.85 | $0.05 | ||
| Q4 24 | $1.30 | $0.06 | ||
| Q3 24 | $1.41 | $0.05 | ||
| Q2 24 | $1.48 | $0.10 | ||
| Q1 24 | $1.32 | $0.12 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $452.2M | $43.3M |
| 总债务越低越好 | $0 | — |
| 股东权益账面价值 | $795.7M | $767.6M |
| 总资产 | $1.6B | $949.8M |
| 负债/权益比越低杠杆越低 | 0.00× | — |
8季度趋势，按日历期对齐
现金及短期投资LSTRMRTN
| Q4 25 | $452.2M | $43.3M | ||
| Q3 25 | $434.4M | $49.5M | ||
| Q2 25 | $426.2M | $35.1M | ||
| Q1 25 | $473.4M | $39.9M | ||
| Q4 24 | $566.6M | $17.3M | ||
| Q3 24 | $531.3M | $43.0M | ||
| Q2 24 | $504.0M | $77.2M | ||
| Q1 24 | $530.5M | $73.7M |
总债务LSTRMRTN
| Q4 25 | $0 | — | ||
| Q3 25 | $0 | — | ||
| Q2 25 | $0 | — | ||
| Q1 25 | $0 | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $0 | — | ||
| Q2 24 | $0 | — | ||
| Q1 24 | $0 | — |
股东权益LSTRMRTN
| Q4 25 | $795.7M | $767.6M | ||
| Q3 25 | $888.7M | $768.2M | ||
| Q2 25 | $921.8M | $770.7M | ||
| Q1 25 | $930.8M | $767.5M | ||
| Q4 24 | $972.4M | $767.9M | ||
| Q3 24 | $1.0B | $766.5M | ||
| Q2 24 | $1.0B | $766.8M | ||
| Q1 24 | $1.0B | $762.4M |
总资产LSTRMRTN
| Q4 25 | $1.6B | $949.8M | ||
| Q3 25 | $1.7B | $975.7M | ||
| Q2 25 | $1.7B | $991.8M | ||
| Q1 25 | $1.7B | $983.3M | ||
| Q4 24 | $1.8B | $968.8M | ||
| Q3 24 | $1.8B | $1.0B | ||
| Q2 24 | $1.8B | $1.0B | ||
| Q1 24 | $1.7B | $993.0M |
负债/权益比LSTRMRTN
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.00× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $72.7M | $5.6M |
| 自由现金流经营现金流 - 资本支出 | $70.5M | — |
| 自由现金流率自由现金流/营收 | 6.0% | — |
| 资本支出强度资本支出/营收 | 0.2% | — |
| 现金转化率经营现金流/净利润 | 3.04× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $215.0M | — |
8季度趋势，按日历期对齐
经营现金流LSTRMRTN
| Q4 25 | $72.7M | $5.6M | ||
| Q3 25 | $89.3M | $18.5M | ||
| Q2 25 | $7.1M | $33.2M | ||
| Q1 25 | $55.7M | $36.2M | ||
| Q4 24 | $61.1M | $23.8M | ||
| Q3 24 | $83.1M | $29.5M | ||
| Q2 24 | $48.1M | $35.8M | ||
| Q1 24 | $94.2M | $45.7M |
自由现金流LSTRMRTN
| Q4 25 | $70.5M | — | ||
| Q3 25 | $86.0M | — | ||
| Q2 25 | $4.7M | — | ||
| Q1 25 | $53.8M | — | ||
| Q4 24 | $54.4M | — | ||
| Q3 24 | $75.6M | — | ||
| Q2 24 | $40.6M | — | ||
| Q1 24 | $84.9M | — |
自由现金流率LSTRMRTN
| Q4 25 | 6.0% | — | ||
| Q3 25 | 7.1% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | 4.5% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | 7.3% | — |
资本支出强度LSTRMRTN
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 0.8% | — |
现金转化率LSTRMRTN
| Q4 25 | 3.04× | 1.51× | ||
| Q3 25 | 4.61× | 8.33× | ||
| Q2 25 | 0.17× | 4.61× | ||
| Q1 25 | 1.87× | 8.35× | ||
| Q4 24 | 1.32× | 4.22× | ||
| Q3 24 | 1.66× | 7.85× | ||
| Q2 24 | 0.91× | 4.54× | ||
| Q1 24 | 2.00× | 4.74× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
LSTR
| Transportation Logistics | $1.2B | 99% |
| Insurance | $14.6M | 1% |
MRTN
| Revenue Net Of Fuel Surcharge | $91.2M | 43% |
| Dedicated | $65.9M | 31% |
| Brokerage | $38.2M | 18% |
| Truckload Fuel Surcharge Revenue | $14.8M | 7% |
| Fuel Surcharge Revenue | $9.8M | 5% |
