The business behind the dividend
| Measure | MRTN | Median | Formula |
|---|---|---|---|
| Return on equity | 2.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 2.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 2.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.86x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 5.36x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -8.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, Free cash flow, Interest cover, Owner earnings, Return on capital employed — 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 | 2.3% | 3.5% | 9.3% | 15.7% | 13.1% | 11.2% | 10.2% | 9.6% | 17.2% | 7.7% | 9.6% |
| Return on capital employed | — | — | — | — | — | — | — | — | — | 13.1% | 13.1% |
| Operating margin | 2.6% | 3.4% | 8.0% | 11.3% | 11.5% | 10.7% | 9.1% | 8.9% | 8.1% | 8.7% | 8.7% |
| Net margin | 2.0% | 2.8% | 6.2% | 8.7% | 8.8% | 7.9% | 7.2% | 7.0% | 12.9% | 5.0% | 7.0% |
| Debt to equity | — | — | — | — | — | — | — | — | — | 0.02x | 0.02x |
| Current ratio | 1.86x | 1.48x | 1.78x | 1.90x | 2.00x | 1.96x | 2.02x | 2.27x | 1.81x | 1.54x | 1.86x |
| Cash conversion | 5.36x | 5.01x | 2.34x | 1.99x | 2.00x | 2.73x | 2.56x | 2.80x | 1.35x | 4.00x | 2.56x |
How it compares in industrials
Among the 16 industrials companies here measured on operating cash flow, Marten Transport pays out less than 8 of them. The median for that group is 28.0%, against this company’s 20.9%.
Closest on operating cash flow
- GATX (GATX) 13.9%
- Costamare (CMRE) 14.8%
- Zurn Elkay Water Solutions (ZWS) 18.4%
- Safe Bulkers (SB) 28.0%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →