Morningstar Rating

Stock Research and Analysis

by Matthew Young, CFA

Bulls Say

We expect constrained truckload-industry capacity to support favorable pricing conditions for top-shelf domestic highway brokers in the year ahead.
Landstar's vast network of third-party truckload carriers crafts a robust value proposition for shippers, particularly during periods of tight supply.
We expect the truck brokerage industry to expand faster than the underlying transportation market, driven by share gains from asset-based carriers and incremental logistics outsourcing among small and midsize shippers. Read more 

Bears Say

High returns on capital are attracting competition to the 3PL industry, including startups and truck brokerage operations of traditional asset-based truckers.
Small brokerage operations once limited in scope are becoming more efficient (and more of a competitive threat) as they are acquired by larger, more capable 3PLs.
The driver shortage is making it more difficult and costly for Landstar to recruit qualified owner-operators. Read more 


In our view, Landstar enjoys a strong management team. CEO Henry Gerkens has been at the helm since 2004 and has held a number of roles (including COO) during his 20-year-plus tenure at the firm. Jim Gattoni has been CFO since early 2007. Senior management's   Read more 


Landstar System is an asset-light third-party logistics provider focused on over-the-road truck transportation (94% of revenue). It also offers intermodal (3%) and international   Read more 

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