Marten Transport Ltd (MRTN)

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	90,110	107,236	123,772	136,496	143,344	141,238	135,968	123,549	111,689	106,570	102,474	99,212	93,246	86,475	82,109	76,797	76,498	77,249	76,208	74,487
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	757,386	749,357	740,020	721,511	703,919	682,437	660,157	648,762	651,677	630,087	653,641	634,978	620,333	644,708	629,398	609,380	597,589	582,857	602,390	587,737
Return on total capital		11.90%	14.31%	16.73%	18.92%	20.36%	20.70%	20.60%	19.04%	17.14%	16.91%	15.68%	15.62%	15.03%	13.41%	13.05%	12.60%	12.80%	13.25%	12.65%	12.67%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $90,110K ÷ ($—K + $757,386K)
= 11.90%

Marten Transport, Ltd.'s return on total capital has shown a downward trend over the past eight quarters. The company's return on total capital stood at 10.10% in Q4 2023, which is lower compared to the previous quarters. The highest return on total capital was recorded in Q4 2022 at 18.46%, followed by a decline in subsequent quarters. This suggests that the company's ability to generate profits from the total capital invested has decreased over time. Further analysis may be required to understand the factors contributing to this declining trend and to identify potential strategies for improvement in the future.