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North America's largest full-truckload trucking company, formed from Knight and Swift Transportation, plus logistics and LTL units.
North America's largest full-truckload trucking company, formed from Knight and Swift Transportation, plus logistics and LTL units.
Truckload is paid per mile or per load, partly on contracts re-priced about once a year and partly at spot rates, so earnings swing with the freight cycle. The 2017 merger of Knight and Swift and the 2023 purchase of U.S. Xpress built the largest fleet, and the 2021 purchase of AAA Cooper started a less-than-truckload network that combines many shippers' freight on each truck.
Moat: narrow (scale). Largest truckload fleet gives purchasing/scale advantages, though truckload itself has low entry barriers.
Headquarters: Phoenix, Arizona, USA · Founded: 2017 · Employees: 37,100
Size Knight-Swift Transportation (KNX) is a United States Industrials company (Trucking) with a market value of $9.51B, the 802nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $58.41 on 6 Nov 2026.
Performance Over six months the shares fell 8.8%, against -13.5% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 12 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +7.6%); the operating margin is 4.0% (peer median 7.3%).
Valuation It trades at 15.6× forward earnings against a peer median of 21.9× (5th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.0 points below its cost of capital (9.7% WACC).
Credit Knight-Swift Transportation has 1 bond outstanding ($1.50B).
Short interest Short interest is 7.5% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.00B | $7.47B | $7.41B | $7.14B | $7.43B |
| Revenue growth | — | +1% | +4% | -4% | — |
| Gross profit | $964M | $825M | $791M | $775M | $1.38B |
| EBITDA | $1.11B | $1.03B | $988M | $1.02B | $1.70B |
| Net income | $153M | $65.9M | $118M | $217M | $771M |
| Free cash flow | $753M | $461M | -$20.1M | $90.1M | $635M |
| Capital expenditure | $771M | $806M | $819M | $1.07B | $801M |
| Total debt | $2.61B | $2.69B | $2.82B | $2.67B | $1.67B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Knight-Swift Transportation KNX | $9.51B | -9% | +7% | 4% | 15.6× | 21.3% |
| J.B. Hunt JBHT | $20.3B | -11% | +11% | 7% | 24.3× | 16.8% |
| Schneider National SNDR | $4.88B | -10% | +6% | 3% | 18.7× | 19.5% |
| Werner Enterprises WERN | $1.62B | -26% | +15% | 2% | 18.8× | n/a |
| Landstar System LSTR | $4.83B | -22% | +11% | 4% | 19.8× | 12.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KNX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.2% | -7.0% | 6th lowest of 13 |
| 6-month return | -8.8% | -13.5% | 4th highest of 12 |
| Distance from 52-week high | -29.5% | -33.7% | 6th highest of 13 |
| Revenue growth (TTM) | +7.0% | +7.6% | 6th lowest of 13 |
| Operating margin | 4.0% | 7.3% | 4th lowest of 13 |
| Forward P/E | 15.6× | 21.9× | 5th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 21.3% | 15.7% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +9.8% | +6.5% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | +11.5 pp | +9.2 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -7.0 pp | -0.0 pp | lowest of 13 |
| EV / EBITDA | 10.6× | 13.3× | 5th cheapest of 11 |
| Net debt / EBITDA | 2.1× | 0.7× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Knight-Swift Transportation KNX | United States | $9.51B | -9% | +7% | 4% | 15.6× | 21.3% | +9.8% |
| Saia SAIA | United States | $8.86B | -26% | +9% | 11% | 24.0× | 27.4% | +12.2% |
| TFI International TFII.TO | Canada | $7.86B | -29% | +3% | 7% | 14.2× | 11.6% | +16.8% |
| FedEx Freight FDXF | United States | $18.5B | n/a | -1% | 6% | 24.7× | n/a | n/a |
| Schneider National SNDR | United States | $4.88B | -10% | +6% | 3% | 18.7× | 19.5% | +4.5% |
| Landstar System LSTR | United States | $4.83B | -22% | +11% | 4% | 19.8× | 12.0% | +2.8% |
| J.B. Hunt JBHT | United States | $20.3B | -11% | +11% | 7% | 24.3× | 16.8% | +4.5% |
| XPO XPO | United States | $20.6B | -13% | +9% | 11% | 26.6× | 26.2% | -4.4% |
| Fujian Highton Development 603162.SS | China | $3.60B | +3% | +72% | 17% | 11.4× | 3.8% | +45.6% |
| NIKKON 9072.T | Japan | $3.25B | -19% | +7% | 9% | 26.9× | 12.0% | +8.1% |
| ArcBest ARCB | United States | $2.86B | +6% | +8% | 3% | 13.6× | 16.5% | +6.4% |
| Old Dominion ODFL | United States | $34.2B | -17% | +4% | 27% | 24.9× | 15.7% | +6.5% |
| Seino 9076.T | Japan | $2.48B | +9% | +7% | 5% | 14.5× | -3.2% | +6.5% |
Knight-Swift Transportation has 1 bond outstanding with $1.50B face value.