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Knight-Swift Transportation Holdings Inc A KNX

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Morningstar’s Analysis

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Excellent For-Hire Trucking and Highway Brokerage Backdrop Endures in Knight’s Q3; Margins Solid

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Truckload and logistics specialist Knight-Swift's third-quarter revenue-before-fuel surged 36% year over year (it was up 24% last quarter), ahead of our expected run rate on higher-than-expected rate gains across the trucking and brokerage operations. Relative to the year-ago period, growth across all segments--including the new LTL division (AAA Cooper acquisition)--continues to be driven by surging demand rooted in heavy retailer restocking and a recovering industrial sector, while extremely tight TL market capacity is supporting excellent spot and contract pricing.

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Company Profile

Business Description

Knight-Swift Transportation is by far the largest asset-based full-truckload carrier in the United States. About 80% of revenue derives from asset-based truckload shipping operations (including for-hire dry van, refrigerated, and dedicated contract). The remainder stems from truck brokerage and other asset-light logistics services (8%), as well as intermodal (8%), which uses the Class-I railroads for the underlying movement of the firm's shipping containers and also offers drayage services.

Contact
20002 North 19th Avenue
Phoenix, AZ, 85027
T +1 602 269-2000
Sector Industrials
Industry Trucking
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 22,900

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