Forensic Analysis · Transportation / Logistics · as of Aug 7, 2026

Marten Transport Ltd (MRTN)

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

D · Weak — demands caution

Forensic grade

Safe

Financial health

10.2

Distress distance

Clean

Earnings quality

Forensic signals

2.3%

ROE

$1.2B

Market cap

-8.3%

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 (red flags, auditor quality, say on pay, board independence). 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.

Marten Transport Ltd earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 10.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

2.0%

FY2025

Return on invested capital. Return on invested capital is 2.0% in the latest fiscal year and slipping from 14% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

-0.2%/yr

FY2022–FY2025

Share count. Diluted share count changed -1% over the last 3 years to FY2025 (-0.2%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

-85%

FY2012→FY2013

Dividend — cut. The payout was CUT ~85% in FY2013 (from FY2012) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$883.7M

Revenue Growth YoY-8.3%

Revenue CAGR (3yr)-11.2%

Net Margin2.0%

Return on Equity2.3%

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Data from SEC EDGAR public filings · metrics as of Aug 7, 2026. Forensic signals flag probability, not certainty.