What happened
According to a filing with the Securities and Exchange Commission dated November 12, 2025, Quantum Capital Management, LLC / NJ reduced its stake in Landstar System (LSTR 0.71%) by 61,397 shares in the third quarter. The estimated value change from the transaction, including price movement, was approximately $12.83 million. The updated position now stands at 260,878 shares, with a market value of $31.97 million at quarter-end.
What else to know
- The fund’s latest sale leaves Landstar System representing 4% of reportable AUM, outside its top five equity holdings
- Top holdings after the filing:
- As of November 12, 2025, shares of Landstar System were priced at $130.43, down 29.9% over the prior year, underperforming the S&P 500 by 45 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $4.79 billion |
| Net income (TTM) | $137.26 million |
| Dividend yield | 1.1% |
| Price (as of market close November 12, 2025) | $130.43 |
Company snapshot
- Offers integrated transportation management solutions, including truckload, less-than-truckload, rail intermodal, air and ocean freight, expedited delivery, heavy-haul, and customs brokerage services.
- Operates an asset-light business model by leveraging a network of independent commission sales agents and third-party capacity providers to deliver freight and logistics solutions.
- Serves a diverse customer base across industries such as automotive parts and assemblies, consumer durables, building products, metals, chemicals, foodstuffs, heavy machinery, retail, electronics, and military equipment industries.
Landstar System is a leading provider of integrated freight transportation and logistics services with a scalable, asset-light platform. The company generates revenue by connecting shippers with third-party transportation providers, optimizing capacity and efficiency across North America and internationally. Its flexible business model and broad industry reach provide resilience and adaptability in changing market conditions.
NASDAQ: LSTR
Key Data Points
Foolish take
Landstar System has had a tough 2025, with shares down 31.46% year over year as of Nov. 12, and 15.7% year to date as of Dec. 31.
Over the last five years, Landstar grew its sales at a middling 4.6% compound annual growth rate, which is below the industrials sector average. Its EPS growth has also stalled over the last five years, despite its 4.6% annualized revenue growth, indicating that the company is becoming less profitable on a per-share basis as its business grows.
Yet management is making some moves to reward existing shareholders. On Dec. 3, Landstar's board of directors declared a special dividend of $2 per share, payable on Jan. 21, 2026, to stockholders of record as of the close of business on Jan. 6, 2026. In the first 11 months of its fiscal 2025, the company repurchased nearly 1.3 million shares and returned $124.8 million to stockholders in the form of cash dividends. This may indicate the company views shares as undervalued, and management has said it intends to continue to use its strong cash-flow position to repurchase stock opportunistically.
Landstar's forward P/E ratio of 32 is high compared to industrial sector averages around the low to mid-20s, making it a somewhat pricy investment with much of its potential already factored into its stock price.
Glossary
Asset-light business model: A strategy where a company relies on third parties for assets like trucks, reducing ownership costs.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Reportable U.S. equity AUM: The portion of a fund's U.S. stock holdings that must be disclosed in regulatory filings.
Stake: The amount of ownership or shares held in a company by an investor or fund.
Top holdings: The largest investments in a fund’s portfolio, typically by market value or percentage of AUM.
Quarter-end: The last day of a company’s fiscal quarter, used for financial reporting and position measurement.
Dividend yield: A financial ratio showing how much a company pays in dividends relative to its share price.
Integrated transportation management solutions: Services that coordinate multiple types of freight and logistics for efficient delivery.
Third-party capacity providers: External companies that supply transportation services, such as trucks or ships, for another firm’s logistics needs.
Commission sales agents: Independent representatives who earn fees by arranging business transactions, such as freight shipments.
Freight brokerage: The service of matching shippers with carriers to transport goods, usually for a fee.
TTM: The 12-month period ending with the most recent quarterly report.
