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.