Landstar System, Inc. Financial Ratios — LSTR Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	40.92	38.17	35.02	29.45	30.95	27.23	29.68	38.17	32.34	27.19	49.11	49.27	28.26	20.03	13.01
Return on Assets (%)	15.15	15.38	15.78	13.78	14.51	13.16	14.46	18.68	16.22	12.47	20.63	21.67	14.16	10.84	6.67
Return on Capital (%)	26.87	26.73	26.65	23.12	23.73	20.8	23.34	30.45	26.14	22.23	39.29	39.9	24.03	17.4	11.14
Return on Invested Capital (%)	26.46	26.28	20.03	23.13	23.75	20.81	23.25	30.31	25.89	23.74	39.38	40.03	23.31	16.19	12.74
Gross Margin (%)	14.72	14.33	14.22	13.98	14.16	14.27	13.8	13.51	13.96	13.39	13.25	12.91	13.47	12.96	13.1
EBITDA Margin (%)	7.72	8.1	7.61	7.87	8.11	8.13	7.73	8.05	8.28	7.58	8.45	8.41	7.39	6.03	4.56
Operating Margin (%)	6.81	7.19	6.57	7	7.24	7	6.62	7.11	7.19	6.48	7.69	7.64	6.3	4.86	3.58
Incremental Operating Margin (%)	17.84	14.08	22.69	9.21	12.71	12.1	4.12	8.92	6.42	-54.2	9.78	7.24	10.97	20.64	84.83
Pretax Margin (%)	6.76	7.13	6.51	6.95	7.19	6.93	6.6	7.12	7.24	6.02	7.67	7.63	6.56	5.28	3.17
Profit Margin (%)	4.3	4.68	5.48	4.36	4.45	4.34	4.86	5.53	5.58	4.65	5.84	5.79	4.99	4.07	2.42
Net Income to Common Margin (%)	4.3	4.68	5.48	4.36	4.45	4.34	4.86	5.53	5.58	4.65	5.84	5.79	4.99	4.07	2.42
Effective Tax Rate (%)	37.24	35.96	37.18	37.25	38.14	37.41	26.5	22.28	23.01	22.85	23.95	24.06	24.05	22.95	23.62
Dvd Payout Ratio (%)	8.95	26.85	- -	19.89	39.19	10.43	9.01	34.85	12.25	57	29.35	26.84	44.3	61.48	108.48
Sustainable Growth Rate (%)	37.26	27.92	35.02	23.59	18.82	24.39	27.01	24.87	28.38	11.69	34.7	36.04	15.74	7.72	-1.1

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	158	148	129	146	160	175	167	184	167	176	228	196	133	163	133
ST Debt	43	53	55	70	78	81	84	99	97	110	153	129	89	94	85
LT Debt	115	95	74	76	82	93	83	85	70	65	75	67	43	69	48
Total Debt/EBITDA	0.78	0.66	0.64	0.58	0.59	0.68	0.59	0.49	0.49	0.56	0.41	0.31	0.34	0.56	0.62
Net Debt/EBITDA	0.38	0.33	-0.25	-0.07	0.17	-0.02	-0.27	-0.04	-0.45	-0.24	-0.04	-0.23	-1.07	-1.56	-1.57
Total Debt/EBIT	0.88	0.74	0.74	0.65	0.67	0.79	0.69	0.56	0.57	0.66	0.45	0.35	0.4	0.7	0.78
Net Debt/EBIT	0.43	0.37	-0.29	-0.08	0.19	-0.02	-0.31	-0.05	-0.52	-0.28	-0.05	-0.25	-1.26	-1.94	-2
EBITDA to Interest Expense	65.3	72.15	63.15	78.87	91.36	67.88	89.08	110.76	107.71	79.3	138.94	172.76	- -	- -	- -
EBITDA-CapEx/Interest Expense	64.14	70.42	61.17	75.55	89.73	61.91	84.16	107.85	101.53	71.55	133.09	165.57	- -	- -	- -
EBIT to Interest Expense	57.61	64.04	54.54	70.19	81.49	58.45	76.27	97.77	93.56	67.7	126.46	156.88	- -	- -	- -
Interest Expense	3	3	3	3	3	4	3	3	3	4	4	4	- -	- -	- -
Common Equity/Total Assets	37.18	43.15	46.82	46.76	47.02	49.48	48.11	49.75	50.53	41.83	42.14	45.93	54.61	53.63	48.64
Long-Term Debt/Equity (%)	38.3	25.07	16.27	15.62	17.54	17.19	12.7	12.31	9.73	9.45	8.73	7.58	4.4	7.12	6.09
Long-Term Debt/Capital (%)	25.09	18.04	12.67	12.02	13.06	13	10.11	9.72	7.91	7.54	6.9	6.2	3.87	6.09	5.22
Long-Term Debt/Total Assets (%)	14.24	10.82	7.62	7.3	8.25	8.5	6.14	6.15	4.92	3.95	3.68	3.48	2.4	3.82	2.96
Total Debt/Equity (%)	52.65	38.95	28.45	29.89	34.3	32.17	25.59	26.67	23.11	25.37	26.48	22.13	13.48	16.8	16.78
Total Debt/Capital (%)	34.49	28.03	22.15	23.01	25.54	24.34	20.38	21.05	18.77	20.24	20.94	18.12	11.88	14.38	14.37
Total Debt/Total Assets (%)	19.57	16.81	13.32	13.98	16.13	15.92	12.37	13.31	11.68	10.61	11.16	10.16	7.36	9.01	8.16
Net Debt to Equity	25.73	19.37	-11.23	-3.69	9.73	-0.8	-11.48	-2.32	-21.18	-10.67	-2.76	-16.14	-42.64	-46.69	-42.74
Net Debt/Capital (%)	20.47	16.23	-12.64	-3.83	8.87	-0.81	-12.97	-2.37	-26.87	-11.95	-2.72	-19.25	-66	-73.13	-63.86
EBITDA	203	224	203	251	269	258	282	371	338	313	552	625	392	291	216
EBITDA-CapEx	199	219	196	240	265	235	266	362	319	283	529	599	366	260	207
Operating Income (Loss)	179	199	175	223	240	222	241	328	294	268	503	568	334	234	170

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.33	0.32	0.57	0.49	0.44	0.65	0.53	0.45	0.64	0.36	0.25	0.45	0.8	0.84	0.65
Current Ratio	1.67	1.72	1.82	1.78	1.78	1.94	1.75	1.81	1.8	1.5	1.51	1.64	2	1.96	1.75
Quick Ratio	1.6	1.67	1.78	1.73	1.74	1.91	1.73	1.78	1.77	1.48	1.49	1.61	1.97	1.93	1.69
CFO/Avg Current Liab	0.39	0.37	0.45	0.26	0.55	0.51	0.3	0.55	0.57	0.31	0.3	0.66	0.51	0.43	0.33
Common Equity/Total Assets	37.18	43.15	46.82	46.76	47.02	49.48	48.11	49.75	50.53	41.83	42.14	45.93	54.61	53.63	48.64
Long-Term Debt/Equity (%)	38.3	25.07	16.27	15.62	17.54	17.19	12.7	12.31	9.73	9.45	8.73	7.58	4.4	7.12	6.09
Long-Term Debt/Capital (%)	25.09	18.04	12.67	12.02	13.06	13	10.11	9.72	7.91	7.54	6.9	6.2	3.87	6.09	5.22
Long-Term Debt/Total Assets (%)	14.24	10.82	7.62	7.3	8.25	8.5	6.14	6.15	4.92	3.95	3.68	3.48	2.4	3.82	2.96
Total Debt/Equity (%)	52.65	38.95	28.45	29.89	34.3	32.17	25.59	26.67	23.11	25.37	26.48	22.13	13.48	16.8	16.78
Total Debt/Capital (%)	34.49	28.03	22.15	23.01	25.54	24.34	20.38	21.05	18.77	20.24	20.94	18.12	11.88	14.38	14.37
Total Debt/Total Assets (%)	19.57	16.81	13.32	13.98	16.13	15.92	12.37	13.31	11.68	10.61	11.16	10.16	7.36	9.01	8.16
CFO/Total Liabilities	23.24	25.12	31.38	18.32	41.13	34.34	19.89	43.08	43.59	21.9	23.38	59.6	48.13	34.08	26.76
CFO/CapEx	32.57	23.31	25.42	9.67	44.97	8.4	8.92	30.56	15.85	6.88	11.9	23.94	15.32	9.24	22.76
Altman's Z-Score	9.05	9.23	8.63	9.49	9.51	9.91	9.23	9.88	9.82	8.41	9.44	10.59	11.39	10.18	9.69

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	7.78	7.13	6.77	7.31	6.95	6.84	6.66	6.98	6.38	6.11	6.82	7.01	6.2	6.75	7.01
Days Sales Outstanding	46.92	51.19	53.93	49.93	52.5	53.34	54.77	52.31	57.2	59.73	53.56	52.08	58.9	54.06	52.09
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	14.91	13.48	13.18	14.5	12.85	12.26	12.46	13.32	11.99	10.97	11.52	11.45	9.94	10.76	10.95
Accounts Payable Turnover Days	24.47	27.09	27.69	25.17	28.41	29.78	29.3	27.4	30.44	33.27	31.68	31.89	36.72	33.92	33.35
Cash Conversion Cycle	22.44	24.1	26.25	24.76	24.09	23.56	25.47	24.91	26.76	26.46	21.87	20.19	22.18	20.14	18.74
Inventory to Cash Days	46.92	51.19	53.93	49.93	52.5	53.34	54.77	52.31	57.2	59.73	53.56	52.08	58.9	54.06	52.09
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	2,239	2,437	2,613	3,249	2,488	3,569	4,371	3,838	4,495	5,169	6,748	5,853	6,917	6,069	4,894
- Cash & Cash Equivalents	81	74	180	164	115	179	242	200	320	249	216	340	481	515	397
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	3	2	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	158	148	129	146	160	175	167	184	167	176	228	196	133	163	133
Enterprise Value	2,288	2,475	2,527	3,194	2,484	3,498	4,250	3,784	4,309	5,054	6,725	5,655	6,509	5,666	4,575
Total Capital	459	527	584	634	626	717	821	873	888	867	1,090	1,084	1,117	1,136	929
Total Debt/Capital (%)	34.49	28.03	22.15	23.01	25.54	24.34	20.38	21.05	18.77	20.24	20.94	18.12	11.88	14.38	14.37
Total Debt / EV	0.07	0.06	0.05	0.05	0.06	0.05	0.04	0.05	0.04	0.03	0.03	0.03	0.02	0.03	0.03
EV/Sales	0.87	0.89	0.95	1	0.75	1.1	1.17	0.82	1.05	1.22	1.03	0.76	1.23	1.18	0.96
EV/EBITDA	11.27	11.03	12.46	12.75	9.22	13.58	15.07	10.19	12.74	16.12	12.17	9.04	16.6	19.48	21.14
EV/EBIT	12.77	12.42	14.43	14.32	10.34	15.77	17.6	11.54	14.66	18.88	13.37	9.96	19.49	24.2	26.9
EV/Cash Flow to Firm	19.07	19.4	15.41	30.75	11.4	18.16	30.08	12.59	13.89	23.64	24.04	9.04	16.53	19.77	20.35
EV/Free Cash Flow to Firm	18.51	18.61	14.83	27.92	11.16	16.25	27.09	12.2	13.07	20.68	22.19	8.68	15.52	17.84	19.49
Diluted Market Cap	2,277	2,459	2,655	3,276	2,570	3,603	4,375	3,952	4,530	5,198	6,845	5,968	6,956	6,108	4,989
Diluted Enterprise Value	2,355	2,533	2,604	3,258	2,615	3,598	4,303	3,938	4,378	5,124	6,858	5,824	6,608	5,756	4,726
EV per Share	48.98	53.28	55.56	71.3	58.57	83.61	101.22	94.33	109.17	131.66	178.41	157.41	182.23	160.44	134.34
TTM Sales	2,628	2,771	2,665	3,185	3,321	3,168	3,646	4,615	4,085	4,133	6,538	7,437	5,303	4,819	4,744
TTM EBITDA	203	224	203	251	269	258	282	371	338	313	552	625	392	291	216
TTM Operating Income	179	199	175	223	240	222	241	328	294	268	503	568	334	234	170
TTM Cash Flow to Firm	120	128	164	104	218	193	141	301	310	214	280	625	394	287	225
TTM Free Cash Flow to Firm	124	133	170	114	223	215	157	310	330	244	303	651	419	318	235

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	18.72	18.78	15.77	29.14	11.64	16.92	28.31	12.85	13.84	21.54	22.82	9.2	16.59	19.23	21.25
EV/EBIT	12.77	12.42	14.43	14.32	10.34	15.77	17.6	11.54	14.66	18.88	13.37	9.96	19.49	24.2	26.9
Enterprise Value	2,288	2,475	2,527	3,194	2,484	3,498	4,250	3,784	4,309	5,054	6,725	5,655	6,509	5,666	4,575
Low Price	36.64	46.01	50.39	56	53.99	53.03	80	90.23	93.58	85.3	132.36	137.15	160.05	165.39	119.32
EV/Sales	0.87	0.89	0.95	1	0.75	1.1	1.17	0.82	1.05	1.22	1.03	0.76	1.23	1.18	0.96
EV/EBITDA	11.27	11.03	12.46	12.75	9.22	13.58	15.07	10.19	12.74	16.12	12.17	9.04	16.6	19.48	21.14
Price/Earnings	20.12	18.88	18.11	23.49	17.34	26.15	24.65	15.47	19.89	27.06	17.69	13.58	26.31	31.17	43.38
Price/Earnings Average	18.53	18.5	17.4	21.33	19.4	20.93	21.29	17.72	19.01	23.65	16.17	12.87	24.65	33.44	42.61
Price/Earnings High	20.85	21.24	18.91	26.49	21.76	27.84	25.48	20.81	21.01	28.21	18.64	15.17	28.34	36.35	54.26
Price/Earnings Low	15.38	16.56	15.89	18.14	15.96	16.26	18.95	14.59	16.35	17.14	13.08	11.43	21.74	30	36.02
Price/Book Value	7.45	6.42	5.75	6.65	5.34	6.58	6.72	5.59	6.23	7.47	7.83	6.6	7.03	6.24	6.15
Price/Book Value Average	6.86	6.29	5.52	6.04	5.97	5.27	5.8	6.4	5.95	6.53	7.16	6.25	6.59	6.7	6.04
Price/Book Value High	7.72	7.22	6	7.5	6.7	7	6.94	7.52	6.58	7.79	8.25	7.37	7.57	7.28	7.69
Price/Book Value Low	5.7	5.63	5.04	5.14	4.91	4.09	5.16	5.27	5.12	4.73	5.79	5.55	5.81	6.01	5.11
Price/Tangible Book Value	9.21	7.57	6.17	7.11	5.72	6.98	7.15	5.92	6.58	7.94	8.22	6.92	7.35	6.52	6.43
Price/Tangible Book Value Average	8.48	7.42	5.93	6.45	6.4	5.59	6.17	6.78	6.29	6.94	7.51	6.55	6.88	6.99	6.31
Price/Tangible Book Value High	9.54	8.51	6.44	8.02	7.18	7.43	7.39	7.96	6.95	8.28	8.66	7.73	7.91	7.6	8.04
Price/Tangible Book Value Low	7.04	6.64	5.41	5.49	5.26	4.34	5.49	5.58	5.41	5.03	6.08	5.82	6.07	6.27	5.34
Price/Sales	0.86	0.88	0.99	1.02	0.77	1.13	1.2	0.86	1.11	1.26	1.03	0.79	1.31	1.27	1.05
Price/Sales Average	0.8	0.87	0.95	0.93	0.86	0.91	1.03	0.98	1.06	1.1	0.94	0.75	1.23	1.36	1.03
Price/Sales High	0.9	0.99	1.04	1.15	0.97	1.21	1.24	1.15	1.17	1.31	1.09	0.88	1.41	1.48	1.32
Price/Sales Low	0.66	0.78	0.87	0.79	0.71	0.71	0.92	0.81	0.91	0.8	0.76	0.66	1.08	1.22	0.87
Price/Cash Flow	19.26	19.51	16.33	32.01	11.85	18.88	31.42	13.25	14.72	24.67	24.38	9.4	17.67	21.31	22.18
Price/Cash Flow Average	17.74	19.12	15.68	29.06	13.26	15.11	27.13	15.19	14.06	21.56	22.3	8.91	16.55	22.87	21.79
Price/Cash Flow High	19.96	21.95	17.04	36.1	14.88	20.1	32.47	17.83	15.54	25.72	25.69	10.5	19.04	24.86	27.75
Price/Cash Flow Low	14.73	17.11	14.32	24.71	10.91	11.74	24.14	12.5	12.09	15.63	18.03	7.91	14.6	20.51	18.42
Price/Free Cash Flow Average	17.24	18.4	15.14	26.46	13.02	13.55	24.44	14.72	13.23	18.83	20.87	8.72	15.54	20.63	20.87
Price/Free Cash Flow High	19.4	21.12	16.46	32.87	14.6	18.01	29.26	17.28	14.62	22.46	24.04	10.28	17.87	22.43	26.58
Price/Free Cash Flow Low	14.31	16.47	13.83	22.5	10.71	10.52	21.75	12.12	11.38	13.64	16.87	7.75	13.71	18.51	17.65
EV/Sales Average	0.81	0.89	0.92	0.92	0.85	0.9	1.02	0.95	1.01	1.08	0.95	0.73	1.16	1.28	0.96
EV/Sales High	0.91	1.02	1	1.14	0.95	1.2	1.22	1.12	1.12	1.29	1.09	0.86	1.34	1.4	1.23
EV/Sales Low	0.68	0.8	0.84	0.78	0.7	0.7	0.9	0.78	0.87	0.77	0.77	0.64	1.01	1.14	0.8
EV/EBITDA Average	10.54	10.97	12.13	11.7	10.5	11.08	13.13	11.8	12.24	14.18	11.19	8.64	15.63	21.18	20.99
EV/EBITDA High	11.81	12.54	13.2	14.55	11.76	14.73	15.77	13.86	13.58	16.96	12.89	10.23	18.11	23.13	27.07
EV/EBITDA Low	8.81	9.85	11.05	9.94	8.67	8.6	11.66	9.71	10.47	10.21	9.05	7.65	13.69	18.87	17.56
EV/EBIT Average	11.94	12.36	14.04	13.15	11.77	12.86	15.33	13.37	14.1	16.61	12.3	9.51	18.36	26.31	26.72
EV/EBIT High	13.38	14.13	15.29	16.35	13.18	17.11	18.41	15.7	15.63	19.86	14.17	11.26	21.27	28.73	34.45
EV/EBIT Low	9.99	11.1	12.8	11.17	9.72	9.99	13.61	11	12.05	11.96	9.95	8.42	16.07	23.45	22.35
Last Price	47.92	52.46	57.45	72.53	58.65	85.3	104.1	95.67	113.87	134.66	179.02	162.9	193.65	171.86	143.7
High Price	49.66	59.02	59.97	81.8	73.6	90.8	107.6	128.7	120.23	140.4	188.63	182	208.62	200.43	179.74
Enterprise Value Average	2,139	2,462	2,459	2,932	2,828	2,852	3,702	4,384	4,142	4,445	6,184	5,402	6,131	6,160	4,544
Enterprise Value High	2,397	2,815	2,677	3,646	3,167	3,795	4,446	5,149	4,593	5,316	7,123	6,395	7,103	6,727	5,858
Enterprise Value Low	1,789	2,211	2,241	2,490	2,336	2,214	3,287	3,606	3,541	3,200	5,002	4,784	5,368	5,489	3,801

Shares Outstanding	47	46	45	45	42	42	42	40	39	38	38	36	36	35	34
Diluted Weighted Avg Shares	48	47	46	45	44	42	42	41	40	39	38	37	36	36	35
Basic Weighted Avg Shares	47	47	46	45	44	42	42	41	40	39	38	36	36	36	35
Revenue per Share	55.4	59.33	57.88	70.84	76.06	75.22	86.95	111.82	102.66	107.07	173.44	206.99	147.64	135.61	136.64
EBITDA per Share	4.28	4.81	4.4	5.57	6.17	6.12	6.72	9	8.5	8.12	14.66	17.41	10.92	8.18	6.23
Operating Income per Share	3.78	4.27	3.8	4.96	5.5	5.27	5.76	7.95	7.39	6.93	13.34	15.81	9.3	6.59	4.9
Basic EPS, GAAP	2.38	2.78	3.17	3.09	3.38	3.26	4.22	6.19	5.72	4.98	10.12	11.99	7.36	5.51	3.31
Basic EPS from Cont Ops	2.35	2.71	2.37	3.09	3.38	3.26	4.22	6.18	5.72	4.98	10.12	11.99	7.36	5.51	3.31
Diluted EPS, GAAP	2.38	2.77	3.16	3.07	3.37	3.25	4.21	6.18	5.72	4.98	9.98	11.76	7.36	5.51	3.31
Diluted EPS from Cont Ops	2.35	2.7	2.36	3.07	3.37	3.25	4.21	6.18	5.72	4.98	9.98	11.76	7.36	5.51	3.31
Dividend per Share	0.21	0.73	- -	0.61	1.33	0.34	0.38	2.15	0.7	2.84	2.97	3.22	3.26	3.39	3.59
Cash Flow per Share	2.49	2.69	3.52	2.27	4.95	4.52	3.31	7.22	7.74	5.46	7.34	17.33	10.96	8.06	6.48
Free Cash Flow per Basic Share	2.41	2.57	3.38	2.03	4.84	3.98	2.94	6.98	7.25	4.67	6.72	16.61	10.24	7.19	6.19
Cash & Equivalents per Share	2.33	2.36	4.73	4.49	3.85	5.87	6.94	5.98	8.93	7.57	6.67	10.95	15.14	16.04	13.28
Book Value per Share	6.43	8.17	9.99	10.9	10.99	12.97	15.5	17.12	18.28	18.02	22.87	24.7	27.55	27.54	23.36
Tangible Book Value per Share	5.2	6.93	9.31	10.2	10.26	12.22	14.57	16.17	17.3	16.96	21.79	23.55	26.36	26.38	22.36

Landstar System, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)