Value Investor
Start free

Knight-Swift Transportation Holdings

KNX on NYSE. Knight-Swift moves freight by truck for shippers in North America. Market value $10.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Capital spending looks too small to be complete, so we leave free cash flow out.

Recent profit includes a one-time gain, so we price the company excluding that gain.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Industrials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026, without the one-off
48.7×full

You pay 48.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 66 of 100. Price score: 19 of 100. Our list needs 70 on quality and 60 on price.

$64.63 a share, 57% above its 1-year low

Over the past year the price has ranged from $41.24 to $82.86.

Dividend: 1.1% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$6.0bn$7.4bn$7.1bn$7.4bn$7.5bn
Operating margin
16.1%14.7%4.7%3.3%2.9%
Debt to equity
0.280.210.300.340.33
Shares outstanding
0.16bn0.16bn0.16bn0.16bn0.16bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)7 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.33× equity
  • Revenue growth, five yearsSlow, 9.8% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2.1 billion last quarter, up 13% on a year ago.
  • Profit: $43 million, up 26% on a year ago.
  • It keeps 3 cents of each $1 of sales as operating profit, down from 4 cents a year earlier.
  • About the same number of shares as a year ago.
  • Debt is $629 million more than cash, down from $2 billion a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.9bn
December 2024$1.9bn
March 2025$1.8bn
June 2025$1.9bn
September 2025$1.9bn
December 2025$1.9bn
March 2026$1.9bn
June 2026$2.1bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$30m
December 2024$69m
March 2025$31m
June 2025$34m
September 2025$8m
December 2025-$7m
March 2026-$1m
June 2026$43m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
19 February 2026
Next quarterly (estimated, 10-Q)
28 October 2026

Who owns it

5 long-term investors we follow own it, unchanged from 5 last quarter. 629 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 9 sold $26m.

  • Dove Reid
    CEO AAA Cooper Transportation, Director
    Sold
    Date
    13 August 2026
    Shares
    126,864
    Price
    $73.13
    Value
    $9m
  • Dove Reid
    CEO AAA Cooper Transportation, Director
    Sold
    Date
    12 August 2026
    Shares
    42,290
    Price
    $71.49
    Value
    $3m
  • Vander Ploeg David
    Director
    Sold
    Date
    12 August 2026
    Shares
    2,200
    Price
    $52.33
    Value
    $115,126
  • Dove Reid
    Director
    Sold
    Date
    31 July 2026
    Shares
    50,000
    Price
    $70.25
    Value
    $4m
  • Flanagan Cary M
    Exec VP and CAO
    Sold
    Date
    31 July 2026
    Shares
    3,600
    Price
    $70.82
    Value
    $254,952
  • Smith Joshua
    CFO - US Xpress
    Sold
    Date
    26 February 2026
    Shares
    5,770
    Price
    $60.91
    Value
    $351,451
  • KNIGHT KEVIN P
    Executive Chairman, Director
    Sold
    Date
    20 February 2026
    Shares
    30,000
    Price
    $61.00
    Value
    $2m
  • KNIGHT KEVIN P
    Executive Chairman, Director
    Sold
    Date
    18 February 2026
    Shares
    38,857
    Price
    $59.96
    Value
    $2m
  • KNIGHT KEVIN P
    Executive Chairman, Director
    Sold
    Date
    17 February 2026
    Shares
    31,143
    Price
    $60.07
    Value
    $2m
  • Harrington Timothy Sean
    Pres - US Xpress
    Sold
    Date
    10 February 2026
    Shares
    8,500
    Price
    $59.81
    Value
    $508,385

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 48.7× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.