JB Hunt Transport Services Inc (JBHT)

Return on total capital

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before interest and tax (EBIT)	US$ in thousands	1,000,820	1,332,620	1,046,020	713,605	735,579
Long-term debt	US$ in thousands	1,326,110	1,261,740	945,257	1,305,420	1,295,740
Total stockholders’ equity	US$ in thousands	4,103,760	3,666,770	3,117,820	2,600,140	2,267,030
Return on total capital		18.43%	27.04%	25.74%	18.27%	20.65%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $1,000,820K ÷ ($1,326,110K + $4,103,760K)
= 18.43%

The return on total capital for J.B. Hunt Transport Services, Inc. has shown some fluctuations over the past five years. In 2023, the return on total capital decreased to 17.49% from 27.02% in 2022. This decline could be indicative of changes in the company's operational efficiency or financial performance. Despite the decrease in 2023, the return on total capital remained relatively strong compared to previous years, with the highest return recorded in 2022 at 27.02%.

Overall, J.B. Hunt Transport Services, Inc. has maintained a consistently positive return on total capital over the past five years, indicating that the company has been able to generate profits from its total capital investment. However, the fluctuation in the return on total capital suggests that the company's financial performance may have been influenced by various factors such as economic conditions, industry trends, or internal operational changes. Further analysis of the company's financial statements and market conditions would be needed to fully understand the drivers behind these fluctuations in return on total capital.