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Knight-Swift Transportation Holdings Inc Class A KNX Stock Quote

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Morningstar‘s Stock Analysis KNX

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First-Half Operating Backdrop Held Positive for KnightSwift but Expect Normalization

Matthew Young, CFA Senior Equity Analyst

Business Strategy and Outlook

| Matthew Young, CFA |

Before its 2017 merger with Swift Transportation, Knight Transportation was the 12th-largest asset-based full-truckload carrier in the United States, with a history of exceptional execution, including average ROICs in the low-teens--an unusual accomplishment in trucking. Knight's long-standing laser focus on network efficiency has served it well given the asset-intensive nature of trucking. Its legacy operating ratio (expenses/revenue, excluding fuel surcharges) averaged in the mid-80% range before the Swift deal, versus an industry average that traditionally exceeds 90%.

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Key Statistics KNX

Company Profile KNX

Business Description

Knight-Swift Transportation is by far the largest full-truckload carrier in the United States, but its service offering is quite diversified. About 71% of revenue derives from its asset-based trucking business, with full-truckload (including for-hire dry van, refrigerated, and dedicated contract) making up 58% of total top line and less-than-truckload at 13%. Truck brokerage and other asset-light logistics services make up 15% of revenue, with intermodal near 8%. Knight's intermodal operations use the Class-I railroads for the underlying movement of its shipping containers and also include drayage. The remainder of revenue reflects various services offered to shippers and third-party truckers including insurance, equipment maintenance, and equipment leasing.

2002 West Wahalla Lane
Phoenix, AZ, 85027
T +1 602 269-2000
Industry Trucking
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 27,900

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