The business behind the dividend
| Measure | JBHT | Median | Formula |
|---|---|---|---|
| Return on equity | 16.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 17.2% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $582.38m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $947.59m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 7.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 5.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.41x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 11.50x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.83x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.81x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -13.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 16.8% | 14.2% | 17.7% | 26.4% | 24.4% | 19.5% | 22.8% | 23.3% | 37.3% | 30.6% | 22.8% |
| Return on capital employed | 17.2% | 15.1% | 17.5% | 27.0% | 23.7% | 18.3% | 20.6% | 21.0% | 21.3% | 30.0% | 20.6% |
| Operating margin | 7.2% | 6.9% | 7.7% | 9.0% | 8.6% | 7.4% | 8.0% | 7.9% | 8.7% | 11.0% | 7.9% |
| Net margin | 5.0% | 4.7% | 5.7% | 6.5% | 6.3% | 5.3% | 5.6% | 5.7% | 9.5% | 6.6% | 5.7% |
| Debt to equity | 0.41x | 0.37x | 0.38x | 0.34x | 0.42x | 0.50x | 0.57x | 0.55x | 0.59x | 0.70x | 0.42x |
| Current ratio | 0.83x | 1.06x | 1.35x | 1.41x | 1.34x | 1.70x | 1.43x | 1.11x | 1.45x | 1.54x | 1.35x |
| Cash conversion | 2.81x | 2.60x | 2.40x | 1.83x | 1.61x | 2.22x | 2.13x | 2.22x | 1.25x | 1.98x | 2.13x |
How it compares in industrials
Among the 289 industrials companies here measured on free cash flow, Hunt J B Transport Services pays out less than 180 of them. The median for that group is 24.4%, against this company’s 18.1%.
Closest on free cash flow
- Dana (DAN) 18.1%
- Hawkins (HWKN) 18.2%
- World Kinect (WKC) 18.2%
- Global Ship Lease (GSL) 18.7%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →