KNXKnight-Swift Transportation Holdings Inc.

Trucking (no Local)

Revenue: $7.5B; 0.8% YoY
Operating margin: 2.9%; 12% YoY
EBITDA: $1.0B; 3.1% YoY
Market cap: $9.9B
Employees: —
Net debt / EBITDA: 0.4×; $398M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
19× net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 26th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$26M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.0B	$7.4B	$7.1B	$7.4B	$7.5B	0.8%
Operating income	$966M	$1.1B	$338M	$243M	$216M	11%
Net income	$743M	$771M	$217M	$118M	$66M	44%
Operating cash flow	$1.2B	$1.4B	$1.2B	$799M	$1.3B	59%
Stock-based comp	$28M	$34M	$28M	$24M	$29M	21%
Buybacks	$57M	$300M	$0	$0	—
Dividends	$64M	$78M	$91M	$104M	$117M	13%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 11, 2022	MOYES JERRY	SC 13D/A	3.4%	Passive
Sep 23, 2020	MOYES JERRY	SC 13D/A	5.3%	Passive
Jun 2, 2020	MOYES JERRY	SC 13D/A	23.3%	Passive
Mar 24, 2020	MOYES JERRY	SC 13D/A	23.2%	Passive
Feb 19, 2020	MOYES JERRY	SC 13D/A	23.9%	Passive
Nov 13, 2019	MOYES JERRY	SC 13D/A	24.0%	Passive
Sep 13, 2019	MOYES JERRY	SC 13D/A	24.0%	Passive
Aug 29, 2019	MOYES JERRY	SC 13D/A	24.0%	Passive
Feb 15, 2019	MOYES JERRY	SC 13D/A	23.4%	Passive
Jan 2, 2019	MOYES JERRY	SC 13D/A	23.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $26M · 17
Net: −$26M

Pay vs performance

No pay-versus-performance disclosure yet.