HTLD
Heartland Express, Inc.Industrials·Trucking
$14.99
$1.2B market cap
Revenue
$355.6M
Free Cash Flow
$-39.1M
Rev Growth
+0.0%
FCF Margin
-11.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Heartland Express, Inc., together with its subsidiaries, operates as a short-to-medium haul truckload carrier in the United States and Canada. It primarily provides nationwide asset-based dry van truckload service for shippers from Washington to Florida and New England to California; and temperature-controlled truckload services. The company offers its services under the Heartland Express and Millis Transfer brand names. It primarily serves retailers and manufacturers in consumer goods, applianc
2-Year Price History
$14.35+27.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 176.3 | 24.6 | -10.6 | -4.8 | 23.2 | 5.1 | -18.0 | 44.5 | 153.2 | 77.5 | -10.4% | 11.1x | -- |
| Act | 2025-Q4 | 179.4 | 14.7 | -16.0 | -19.4 | 14.9 | -44.2 | -59.1 | 18.5 | 161.4 | 77.5 | -10.3% | 5.9x | -- |
Valuation & Metrics
Market Stats
Price$14.99
Market Cap$1.2B
Enterprise Value$1.3B
P/S Ratio3.3x
P/FCF--
EV/FCF--
FCF Margin (TTM)-11.0%
FCF Yield-3.4%
Dividend Yield (TTM)0.7%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$355.6M
Net Income$-24.3M
Free Cash Flow$-39.1M
Revenue Growth (YoY)+0.0%
EBITDA Margin11.0%
Net Margin-6.8%
FCF Margin-11.0%
CapEx % of Revenue21.7%
SBC % of Revenue0.0%
ROIC-10.3%
WC Change % Rev1.3%
Interest Coverage8.3x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares2.1M
Days to Cover4.5
Change (vs Prior)+17.5%
Need at least 2 settlement dates for chart
Employees
Headcount5,220
Revenue / Employee$68,125
Gross Profit / Employee$-725
Cash Runway
13.7months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
17.4%(+2.5% YoY)
163 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
16.7%(+1.0% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-0.3% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $70.6M | $11.93 | −$1.0M | −$65K | -0.2% | $5.69T |
| DIMENSIONAL FUND ADVISORS LPPassive | $40.3M | $11.73 | +$2.1M | +$1.6M | -0.4% | $480.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $23.3M | $10.40 | +$23.3M | +$23.3M | — | $4.04T |
| STATE STREET CORPPassive | $21.5M | $11.08 | +$1.1M | +$1.5M | -0.2% | $2.89T |
| AMERICAN CENTURY COMPANIES INC | $19.0M | $11.34 | +$2.0M | +$6.1M | +0.7% | $193.48B |
| GATE CITY CAPITAL MANAGEMENT, LLC | $16.4M | $9.44 | −$6.4M | +$10.2M | -0.4% | $257M |
| TWO SIGMA INVESTMENTS, LP | $15.0M | $10.22 | +$6.2M | +$9.4M | -0.9% | $117.03B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $12.3M | $12.11 | +$177K | +$741K | +2.3% | $1.61T |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $11.3M | $11.06 | −$7K | +$1.4M | +0.7% | $645.81B |
| AMERIPRISE FINANCIAL INC | $10.2M | $12.15 | −$259K | +$7.0M | -0.1% | $430.96B |
| Wallace Capital Management Inc. | $10.1M | $8.65 | +$257K | +$10.1M | -0.2% | $871M |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $8.4M | $10.40 | +$8.4M | +$8.4M | — | $1.91T |
| GOLDMAN SACHS GROUP INC | $6.6M | $11.77 | +$3.9M | +$4.7M | -0.2% | $760.93B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $6.1M | $11.55 | +$1.6M | −$2.2M | +0.1% | $184.72B |
| UBS Group AG | $5.6M | $10.08 | +$103K | +$3.5M | -0.3% | $562.11B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $5.3M | $12.44 | −$460K | −$838K | -2.3% | $4.93B |
| MORGAN STANLEY | $4.9M | $12.30 | +$128K | −$725K | -0.3% | $1.65T |
| NORTHERN TRUST CORPPassive | $4.7M | $11.67 | +$170K | −$289K | -0.2% | $755.34B |
| Invesco Ltd. | $4.4M | $12.23 | +$205K | −$1.3M | -0.2% | $652.04B |
| AQR CAPITAL MANAGEMENT LLC | $4.2M | $10.43 | +$399K | +$2.4M | -0.2% | $218.19B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.17%
avg per quarter
Holders (ex-self)
-0.15%
excl. this stock
Buyers (this Q)
-0.24%
88 buyers · $0.09B in
Sellers (this Q)
-0.59%
53 sellers · $0.00B out
alpha coverage: 91% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+6.9%
how holders react when this stock falls
On quiet Qs
-2.0%
−10% to +10% baseline
On rallies (+10%+)
-24.8%
how they react when this stock rises
Holders' portfolio flow this Q
+5.6%
inflows — adds are organic
Sellers' portfolio flow this Q
+156.3%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.9%
Holder mid (any stock)
-0.9%
Holder rally (any stock)
-4.8%
Biggest decreases this quarter
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLCexited−$10.4MGATE CITY CAPITAL MANAGEMENT, LLC−$6.4Mα-0.4JANE STREET GROUP, LLCexited−$1.8MGSA CAPITAL PARTNERS LLPexited−$1.1MBlackRock, Inc.−$1.0Mα-0.2BRIDGEWAY CAPITAL MANAGEMENT, LLC−$460Kα-2.3Empowered Funds, LLC−$460Kα+0.2PharVision Advisers, LLCexited−$370KMILLENNIUM MANAGEMENT LLCexited−$342KAMERIPRISE FINANCIAL INC−$259Kα-0.1
New buyers this quarter
Top-5 holders · 46.2%
BlackRock, Inc.--
DIMENSIONAL FUND ADVISORS LP--
VANGUARD CAPITAL MANAGEMENT LLC--
STATE STREET CORP--
AMERICAN CENTURY COMPANIES INC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
AMERICAN CENTURY COMPANIES INC1.8MArrowMark Colorado Holdings LLC—GW&K Investment Management, LLC—GATE CITY CAPITAL MANAGEMENT, LLC1.6MAMERIPRISE FINANCIAL INC983KBank of New York Mellon Corp248KBANK OF AMERICA CORP /DE/233KInvesco Ltd.425KTWO SIGMA INVESTMENTS, LP1.4MWELLINGTON MANAGEMENT GROUP LLP—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (3 analysts)$13.00-1330.0%
Last Year (9 analysts)$10.78-2810.0%
Current Price$14.99
Analyst Ratings
4
14
4
Buy: 4Hold: 14Sell: 4Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$246K
3 txns · 1 insider · 30,000 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-08-18 | BUY | GERDIN MICHAEL J | director, 10 percent owner, officer, other: Chief Executive Officer | 24,798 | $8.19 | $203K | $12.21M |
| 2025-08-15 | BUY | GERDIN MICHAEL J | director, 10 percent owner, officer, other: Chief Executive Officer | 3,888 | $8.20 | $32K | $12.03M |
| 2025-08-14 | BUY | GERDIN MICHAEL J | director, 10 percent owner, officer, other: Chief Executive Officer | 1,314 | $8.20 | $11K | $12.00M |
Order Flow (FINRA, ~3w lag)
15.2%retail-0.7pp
17.4%dark-5.0pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Heartland Express, Inc.: Administrative Metadata Analysis Indicates Standard Compliance but Insufficient Disclosure
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
1/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10