Heartland Express Inc (HTLD)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	43,737	59,198	101,641	190,134	189,301	189,639	187,814	110,025	105,901	103,162	97,218	94,681	93,590	87,488	87,845	91,886	95,403	107,300	104,565	97,682
Long-term debt	US$ in thousands	290,696	334,796	336,177	352,645	399,062	447,374	8,623	—	0	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	865,260	861,130	872,937	866,619	855,477	840,889	817,902	742,528	727,102	708,816	741,766	722,417	724,334	721,709	702,615	684,688	684,659	673,135	653,329	631,827
Return on total capital		3.78%	4.95%	8.41%	15.59%	15.09%	14.72%	22.72%	14.82%	14.56%	14.55%	13.11%	13.11%	12.92%	12.12%	12.50%	13.42%	13.93%	15.94%	16.00%	15.46%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $43,737K ÷ ($290,696K + $865,260K)
= 3.78%

Heartland Express, Inc.'s return on total capital has fluctuated over the past eight quarters, ranging from a low of 0.11% in Q4 2023 to a high of 9.70% in Q1 2022. The average return on total capital over this period is 6.75%. The return on total capital indicates the efficiency of the company in generating profits from its total invested capital. The downward trend in the most recent quarters suggests a potential decrease in profitability or a less effective utilization of capital. Further analysis of the company's financial performance and capital allocation strategies is recommended to identify the factors driving these fluctuations and to assess the sustainability of the returns generated.