Forensic Analysis · Trucking & Courier · as of Nov 9, 2026

Landstar System Inc (LSTR)

A forensic read on Landstar System Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

9.4

Distress distance

Clean

Earnings quality

Forensic signals

13.0%

ROE

-1.6%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Landstar System Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 9.4, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

142% of FCF

FY2025

Shareholder returns. Returned $305M to shareholders (buybacks + dividends) in FY2025 — 142% of free cash flow. That is $90M (42%) more than free cash flow covered, and more than operating cash flow as well. It came out of the balance sheet's own liquid holdings, not new debt: cash and short-term investments fell $114M over FY2025, with total debt flat. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $6M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 144%.

Key fundamentals

Latest Revenue$4.74B

Revenue Growth YoY-1.6%

Revenue CAGR (2yr)-5.4%

Net Margin2.4%

Free Cash Flow$215.0M

Return on Equity13.0%

Debt / Equity0.00x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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