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Landstar System Inc LSTR Stock Quote

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Morningstar‘s Stock Analysis LSTR

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Landstar's Growth Moderates as TL Spot Conditions Soften, but Firm Performing as Expected

Matthew Young, CFA Senior Equity Analyst

Business Strategy and Outlook

| Matthew Young, CFA |

Landstar ranks among the largest third-party logistics providers in the highly fragmented $90 billion domestic asset-light truck brokerage space. Since Landstar doesn't own tractors, only a fleet of trailers, it has much lower operating leverage than pure asset-based truckload carriers. Thus, it enjoys a variable cost structure with relatively low capital intensity that generates solid capital returns--more than 30% on average over the past five years. Moreover, as one of the largest providers, Landstar has built a vast network of shippers, asset-based truckload carriers, and independent sales agents that support a wide economic moat, in our view.

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Key Statistics LSTR

Company Profile LSTR

Business Description

Landstar System is an agent based asset-light third-party logistics provider focused on over-the-road truck transportation (92% of revenue). It also offers intermodal (3%) and global air and ocean forwarding (3%). The remainder of its revenue stems from warehousing services and premiums from insurance programs offered to captive owner-operators.

13410 Sutton Park Drive South
Jacksonville, FL, 32224
T +1 904 398-9400
Industry Integrated Freight & Logistics
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 1,399

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