Knight-Swift Transportation Holdings Inc.KNX
NYSE•Industrials•Trucking
Knight-Swift Transportation Holdings Inc., together with its subsidiaries, operates as a freight transportation company in the United States and Mexico. The company operates through four segments: Truckload, LTL, Logistics, and Intermodal. The Truckload segment offers irregular route, dedicated, refrigerated, flatbed, expedited, and cross-border services. The LTL segment provides regional direct service and serves its customers' national transportation needs by utilizing key partner carriers for coverage areas outside of its network. The Logistics segment provides brokerage and other freight management services utilizing third-party transportation providers and equipment. The Intermodal segment offers transportation services, including arranging the movement of customers' freight through third-party intermodal rail services on its trailing equipment; and drayage services to transport loads between the railheads and customer locations. The company also provides repair and maintenance shop services, equipment leasing, warranty services, and insurance; and trailer parts manufacturing, warehousing, and certain driving academy activities. It serves retail, food and beverage, consumer and paper products, transportation and logistics, housing and building, automotive, and manufacturing industries. The company was incorporated in 1989 and is headquartered in Phoenix, Arizona.
Knight-Swift Transportation Hol (KNX) reported trailing twelve months revenue of $7.50B as of March 2026, a 1.1% increase year-over-year. Quarterly revenue reached $1.85B, reflecting continued top-line momentum.
Knight-Swift Transportation Hol generated $33.99M in TTM net income, with quarterly EBITDA of $224.29M. The operating margin contracted from 3.7% to 1.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (1.5%) and net margin (-0.1%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 1.7% a year ago, reflecting increased costs or interest expense.
KNX trades at a P/E of 265.0x (a premium multiple) and a P/S of 1.2x. The price-to-book ratio of 1.3x reflects a moderate premium to book value.
The company generated $12.50M in free cash flow over the trailing twelve months, a 196.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $11.95B in total assets with $1.75B in long-term debt against $7.05B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~3.1% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~1.4% on average, adequate but below the threshold typically associated with wide moats.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 39.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF consistently trails net income (avg -12.5x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue has softened, declining in 3 quarters. Monitor for further erosion.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation