Heartland Express, Inc. (HTLD) Key Metrics
HTLD valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $846.8M
- Enterprise value
- $998.9M
- P/E (TTM)
- — 10-yr median 22.2
- Forward P/E
- 21.1
- PEG ratio
- 1.68
- Price / sales
- 1.2 10-yr median 2.2
- Price / book
- 1.2 10-yr median 1.9
- EV / EBITDA
- 7.8 10-yr median 6.9
- Dividend yield
- 0.73% $0.08 a year
- Beta
- 1.35
HTLD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHTLD valuation Price multiples at each fiscal year-end price.
HTLD returns How much profit the business earns on the capital it uses.
HTLD per-share figures Results divided by the shares outstanding at year-end.
HTLD financial health Debt, liquidity and how easily interest is covered.
HTLD efficiency & capital use Working capital cycle and where the cash goes.
HTLD valuation history
HTLD returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HTLD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HTLD cash returned to shareholders
HTLD price vs earnings per share
HTLD key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $703.8M | $883.9M | $1.13B | $1.21B | $1.34B | $1.47B | $1.73B | $1.51B | $1.95B | $1.70B |
| Enterprise value | $846.7M | $1.08B | $1.42B | $1.60B | $1.18B | $1.39B | $1.65B | $1.35B | $1.87B | $1.57B |
| P/E ratio | — | — | 76.3 | 9.1 | 16.9 | 20.8 | 23.7 | 20.8 | 25.9 | 30.1 |
| Price / sales | 0.9 | 0.8 | 0.9 | 1.3 | 2.2 | 2.3 | 2.9 | 2.5 | 3.2 | 2.8 |
| Price / book | 0.9 | 1.1 | 1.3 | 1.4 | 1.8 | 2.0 | 2.5 | 2.4 | 3.4 | 3.4 |
| Price / free cash flow | — | 25.4 | — | 35.5 | — | — | — | — | — | 24.4 |
| Price / operating cash flow | 7.9 | 6.1 | 6.8 | 6.2 | 10.8 | 8.2 | 11.8 | 10.3 | 17.8 | 10.9 |
| EV / sales | 1.1 | 1.0 | 1.2 | 1.6 | 1.9 | 2.2 | 2.8 | 2.2 | 3.1 | 2.6 |
| EV / EBITDA | 8.3 | 6.6 | 5.8 | 4.9 | 5.6 | 6.8 | 8.3 | 7.0 | 11.1 | 8.2 |
| EV / free cash flow | — | 31.0 | — | 46.7 | — | — | — | — | — | 22.5 |
| Earnings yield | −7.5% | −3.4% | 1.3% | 11.0% | 5.9% | 4.8% | 4.2% | 4.8% | 3.9% | 3.3% |
| Free cash flow yield | −9.5% | 3.9% | −3.8% | 2.8% | −0.7% | −1.7% | −1.0% | −1.5% | −3.8% | 4.1% |
| Dividend yield | 0.9% | 0.5% | 0.6% | 0.5% | 3.4% | 0.4% | 0.4% | 0.4% | 0.3% | 0.4% |
| Shareholder yield (dividends + buybacks) | 2.4% | 1.4% | 0.6% | 0.6% | 5.8% | 2.2% | 1.1% | 2.1% | 0.4% | 1.3% |
| Share price at fiscal year-end | $9.03 | $11.22 | $14.26 | $15.34 | $16.82 | $18.10 | $21.05 | $18.30 | $23.34 | $20.36 |
| Per share | ||||||||||
| Revenue per share | $10.34 | $13.30 | $15.27 | $12.26 | $7.63 | $7.92 | $7.28 | $7.41 | $7.29 | $7.35 |
| Earnings per share | −$0.67 | −$0.38 | $0.19 | $1.69 | $1.00 | $0.87 | $0.89 | $0.88 | $0.90 | $0.68 |
| Operating cash flow per share | $1.15 | $1.83 | $2.09 | $2.47 | $1.55 | $2.20 | $1.78 | $1.78 | $1.31 | $1.87 |
| Free cash flow per share | −$0.86 | $0.44 | −$0.55 | $0.43 | −$0.12 | −$0.31 | −$0.21 | −$0.28 | −$0.89 | $0.84 |
| Cash per share | $0.24 | $0.16 | $0.36 | $0.64 | $1.98 | $1.40 | $0.93 | $1.96 | $0.90 | $1.54 |
| Book value per share | $9.69 | $10.44 | $10.94 | $10.83 | $9.13 | $8.89 | $8.35 | $7.47 | $6.90 | $6.07 |
| Tangible book value per share | $4.66 | $5.16 | $5.62 | $5.46 | $6.74 | $6.52 | $5.96 | $5.69 | $5.10 | $4.72 |
| Dividends per share | $0.08 | $0.06 | $0.08 | $0.08 | $0.58 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 |
| Capex per share | $2.00 | $1.39 | $2.64 | $2.03 | $1.67 | $2.51 | $2.00 | $2.05 | $2.21 | $1.03 |
| Debt per share | $2.07 | $2.65 | $4.01 | $5.49 | — | $0.38 | — | — | $0.00 | $0.00 |
| Shares outstanding | 77.9M | 78.8M | 79.1M | 79.0M | 79.6M | 81.4M | 82.0M | 82.4M | 83.3M | 83.4M |
| Change in shares outstanding | −1.1% | −0.4% | +0.1% | −0.8% | −2.2% | −0.7% | −0.5% | −1.1% | −0.0% | −4.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −6.6% | −3.5% | 1.7% | 16.9% | 10.9% | 10.1% | 11.2% | 12.2% | 13.9% | 11.6% |
| Return on invested capital (ROIC) | −5.1% | −2.0% | 0.1% | 7.5% | 13.0% | 11.2% | 13.3% | 14.9% | 14.5% | 13.8% |
| Return on assets (ROA) | −4.2% | −2.1% | 0.9% | 10.3% | 8.4% | 7.7% | 8.6% | 9.1% | 9.8% | 7.6% |
| Return on tangible assets | −6.6% | −3.2% | 1.4% | 10.7% | 10.7% | 9.3% | 10.4% | 11.0% | 11.8% | 9.0% |
| Free cash flow margin | −8.3% | 3.3% | −3.6% | 3.5% | −1.5% | −3.9% | −2.9% | −3.7% | −12.3% | 11.4% |
| Income quality (OCF / net income) | — | — | 11.19 | 1.46 | 1.56 | 2.53 | 2.01 | 2.02 | 1.46 | 2.76 |
| Financial health | ||||||||||
| Total debt | $161.4M | $208.6M | $317.4M | $434.0M | — | $31.0M | — | — | $0 | $0 |
| Cash & short-term investments | $18.5M | $12.8M | $28.1M | $50.2M | $157.7M | $113.9M | $76.7M | $161.4M | $75.4M | $128.5M |
| Net debt | $142.9M | $195.8M | $289.3M | $383.7M | −$157.7M | −$82.8M | −$76.7M | −$161.4M | −$75.4M | −$128.5M |
| Debt / equity | 0.21 | 0.25 | 0.37 | 0.51 | — | 0.04 | — | — | 0.00 | 0.00 |
| Debt / assets | 0.14 | 0.16 | 0.21 | 0.26 | — | 0.03 | — | — | 0.00 | 0.00 |
| Net debt / EBITDA | 1.39 | 1.21 | 1.19 | 1.19 | −0.75 | −0.40 | −0.39 | −0.84 | −0.45 | −0.67 |
| Current ratio | 1.04 | 1.08 | 1.37 | 1.47 | 3.26 | 2.72 | 2.39 | 3.59 | 2.27 | 3.08 |
| Quick ratio | 1.04 | 1.08 | 1.37 | 1.39 | 3.13 | 2.60 | 2.25 | 3.45 | 2.12 | 2.96 |
| Interest coverage | -5.4 | -1.6 | 0.1 | 10.7 | 0.6 | 0.7 | 89.6 | 513.1 | 363.1 | — |
| Working capital | $4.4M | $9.9M | $45.8M | $73.0M | $161.6M | $122.0M | $88.4M | $167.8M | $95.5M | $136.6M |
| Invested capital | $898.3M | $1.02B | $1.15B | $1.24B | $569.4M | $641.5M | $608.0M | $454.5M | $499.3M | $377.3M |
| Tangible asset value | $363.2M | $406.5M | $444.1M | $431.1M | $536.5M | $531.3M | $489.2M | $469.1M | $425.2M | $393.5M |
| Net current asset value | −$321.7M | −$382.1M | −$475.1M | −$584.2M | $31.8M | −$33.8M | −$62.5M | $42.3M | −$43.7M | −$30.3M |
| Graham number | — | — | $6.78 | $20.30 | $14.30 | $13.19 | $12.93 | $12.18 | $11.83 | $9.61 |
| Graham net-net per share | −$4.64 | −$5.44 | −$6.72 | −$8.24 | $0.04 | −$0.82 | −$1.10 | $0.15 | −$0.97 | −$0.73 |
| Capital allocation | ||||||||||
| Dividends paid | $6.2M | $4.7M | $6.3M | $6.3M | $45.9M | $6.5M | $6.6M | $6.6M | $6.7M | $6.7M |
| Share buybacks (net) | $10.4M | $7.3M | $290,000 | $603,000 | $32.0M | $25.7M | $12.3M | $25.1M | $198,000 | $14.7M |
| Dividend payout ratio | — | — | 42.8% | 4.7% | 57.9% | 9.2% | 9.0% | 9.1% | 8.9% | 11.8% |
| Dividends + buybacks / free cash flow | — | 34.5% | — | 20.3% | — | — | — | — | — | 30.6% |
| Capex / revenue | 19.4% | 10.5% | 17.3% | 16.6% | 21.8% | 31.7% | 27.4% | 27.7% | 30.3% | 14.0% |
| Capex / operating cash flow | 174.9% | 75.9% | 126.2% | 82.5% | 107.5% | 114.3% | 111.9% | 115.5% | 168.1% | 55.3% |
| Capex / depreciation | 0.98 | 0.60 | 1.05 | 1.21 | 1.27 | 1.85 | 1.62 | 1.67 | 1.77 | 0.82 |
| Stock-based compensation / revenue | 0.3% | 0.1% | 0.1% | 0.1% | 0.2% | 0.3% | 0.3% | 0.1% | 0.1% | 0.1% |
| SG&A / revenue | 8.2% | 5.8% | 5.1% | 4.8% | 4.2% | 4.5% | 4.0% | 4.1% | 4.4% | 5.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 38.3 | 36.0 | 38.7 | 37.7 | 33.8 | 31.9 | 32.5 | 35.8 | 36.7 | 35.8 |
| Days of inventory on hand | — | — | 2.0 | 4.9 | 6.6 | 6.4 | 7.1 | 7.7 | 6.9 | 13.1 |
| Days payables outstanding | 17.0 | 14.2 | 17.3 | 19.8 | 12.7 | 8.7 | 8.3 | 9.4 | 9.7 | 7.6 |
| Cash conversion cycle (days) | 21.3 | 21.7 | 23.4 | 22.7 | 27.8 | 29.5 | 31.3 | 34.1 | 34.0 | 41.3 |
| Receivables turnover | 9.54 | 10.14 | 9.44 | 9.69 | 10.80 | 11.46 | 11.24 | 10.20 | 9.93 | 10.20 |
| Payables turnover | 21.44 | 25.63 | 21.14 | 18.43 | 28.78 | 41.81 | 43.93 | 38.91 | 37.76 | 48.18 |
| Inventory turnover | — | — | 182.74 | 75.00 | 55.03 | 57.39 | 51.36 | 47.60 | 52.64 | 27.81 |
| Asset turnover | 0.64 | 0.74 | 0.76 | 0.75 | 0.65 | 0.70 | 0.70 | 0.77 | 0.80 | 0.83 |
| Average receivables | $84.5M | $103.3M | $127.9M | $99.9M | $56.2M | $56.3M | $53.1M | $59.9M | $61.1M | $60.1M |
| Average payables | $34.4M | $36.6M | $50.2M | $41.6M | $16.6M | $11.9M | $10.8M | $12.5M | $13.4M | $9.9M |
| Average inventory | — | — | $5.8M | $10.2M | $8.7M | $8.7M | $9.2M | $10.2M | $9.6M | $17.2M |
| Intangibles / total assets | 32.9% | 31.2% | 27.9% | 25.4% | 20.5% | 20.3% | 21.7% | 18.2% | 18.9% | 15.2% |
Computed from HTLD's annual financial statements (latest annual report filed March 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HTLD valuation and financial ratios
Heartland Express earned a return on equity of −6.6% and a return on invested capital of −5.1% in fiscal 2025. It ended the year with $161.4 million of debt and $18.5 million in cash and short-term investments, net debt of $142.9 million. It returned $16.6 million to shareholders: $6.2 million in dividends and $10.4 million in share buybacks. The share count fell 6.5% from 83.4M to 77.9M over 9 years.
See the HTLD income statement, the HTLD chart for price history, or the HTLD stock overview for the latest quote and news.
HTLD key metrics FAQ
What is Heartland Express's EV/EBITDA?
Heartland Express's enterprise value was 8.3 times EBITDA at the end of fiscal 2025 (enterprise value $846.7 million, EBITDA $102.6 million); the current EV/EBITDA is 7.8.
What is Heartland Express's return on equity?
Heartland Express's return on equity (ROE) was −6.6% in fiscal 2025: net income of -$52.5 million on average shareholders' equity of $789.0 million.
What is Heartland Express's ROIC?
Heartland Express's return on invested capital was −5.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Heartland Express have?
Heartland Express had total debt of $161.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.21 and $142.9 million of net debt (1.39 times EBITDA).
What is Heartland Express's dividend yield?
Heartland Express's forward dividend yield is 0.73%. Heartland Express paid $6.2 million in dividends in fiscal 2025 ($0.08 per share), a payout ratio of —.
Does Heartland Express buy back its shares?
Yes. Heartland Express spent $10.4 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.1% over the year, to 77.9M..
What is Heartland Express's free cash flow yield?
Heartland Express generated -$66.9 million of free cash flow in fiscal 2025, a free cash flow yield of −9.5% on its market value at year-end ($703.8 million).
What is Heartland Express's current ratio?
Heartland Express's current ratio was 1.04 at the end of fiscal 2025: current assets were 1.04 times current liabilities.