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HUBG, Hub Group

Trucking & Logistics diversified Serial acquirer

Hub Group is a leading supply chain solutions provider that offers comprehensive transportation and logistics management services focused on reliability, visibility and value for our customers.

Our service offerings include a full range of freight transportation and logistics services, some of which are provided using assets we own and operate, and some of which are provided by third parties with whom we contract.

Intermodal and Transportation Solutions ("ITS") and Logistics which are based primarily on the services each segment provides.

Latest annual: FY2024 10-K

HUBG · Hub Group

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2024

$3.9B

−6.1% YoY · 1% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.7B 5-yr avg $4.2B

Operating margin 3.8% 5-yr avg 5.2%

ROIC 6% 5-yr avg 11%

Owner-earnings margin 3% 5-yr avg 4%

Free cash flow margin 3% 5-yr avg 4%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is ITS (57%) and Logistics (46%).
Situation: Serial acquirer. Goodwill and acquired intangibles are 38% of assets, with meaningful acquisition spending in 5 of the record's 9 years; much of what this business is was bought, at prices the record carries.
What moves the needle: Gross margin has run about 12% and operating margin about 3.6% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from 2.3% to 8.9% over the years, so the cost line is where the needle moves. Read this kind of business on volume, density and yield. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 9%). By owner earnings: roughly 3% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 3 lines, the largest ITS at 57%.

Revenue by product line, FY2024

ITS57%$2.2B
Logistics46%$1.8B
Inter-segment-3%($127M)

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2024

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	TTMTTMSep 2025
										Income statement
$2.8B	$3.1B	$3.7B	$3.7B	$3.5B	$4.2B	$5.3B	$4.2B	$3.9B	$3.7B	RevenueRevenue
12%	11%	12%	14%	12%	14%	17%	—	—	—	Gross marginGross mgn
2%	2%	2%	3%	3%	2%	2%	3%	3%	3%	SG&A / revenueSG&A/rev
$97M	$73M	$125M	$152M	$106M	$238M	$475M	$212M	$140M	$143M	Operating incomeOp. inc.
3.5%	2.3%	3.4%	4.2%	3.0%	5.6%	8.9%	5.1%	3.6%	3.8%	Operating marginOp. mgn
$75M	$135M	$202M	$107M	$74M	$171M	$357M	$168M	$104M	$105M	Net incomeNet inc.
33%	—	13%	26%	23%	26%	24%	20%	22%	23%	Effective tax rateTax rate
										Cash flow & returns
$102M	$125M	$211M	$255M	$175M	$253M	$458M	$422M	$194M	$160M	Operating cash flowOp. cash
$45M	$62M	$84M	$117M	$124M	$131M	$154M	$184M	$193M	$188M	DepreciationDeprec.
($26M)	($82M)	($88M)	$14M	($39M)	($69M)	($73M)	$49M	($121M)	($152M)	Working capital & otherWC & other
$107M	$75M	$200M	$95M	$115M	$133M	$219M	$140M	$51M	$47M	CapexCapex
3.9%	2.4%	5.4%	2.6%	3.3%	3.1%	4.1%	3.3%	1.3%	1.3%	Capex / revenueCapex/rev
$58M	$51M	$127M	$160M	$60M	$120M	$304M	$282M	$144M	$113M	Owner earningsOwner earn.
2.1%	1.6%	3.4%	4.4%	1.7%	2.8%	5.7%	6.7%	3.6%	3.0%	Owner earnings marginOE mgn
($5M)	$51M	$11M	$160M	$60M	$120M	$239M	$282M	$144M	$113M	Free cash flowFCF
−0.2%	1.6%	0.3%	4.4%	1.7%	2.8%	4.5%	6.7%	3.6%	3.0%	Free cash flow marginFCF mgn
—	$166M	$249M	$734K	$85M	$122M	$103M	$261M	$15M	$20M	AcquisitionsAcquis.
—	—	—	—	—	—	$0	$0	$30M	$30M	Dividends paidDiv. paid
$100M	—	—	$25M	$0	$0	$75M	$144M	$68M	—	BuybacksBuybacks
10%	7%	9%	10%	6%	12%	22%	9%	6%	6%	ROICROIC
12%	18%	21%	10%	6%	13%	22%	10%	6%	6%	Return on equityROE
—	—	—	—	—	—	22%	10%	4%	4%	Retained to equityRetained/eq
										Balance sheet
$127M	$29M	$61M	$169M	$125M	$160M	$287M	$187M	$98M	$120M	Cash & investmentsCash+inv
$474M	$425M	$477M	$444M	—	—	—	—	—	$444M	ReceivablesReceiv.
$267M	$238M	$273M	$257M	$285M	$425M	$345M	$349M	$280M	$243M	Accounts payablePayables
$207M	$186M	$204M	$186M	—	—	—	—	—	$200M	Operating working capitalOper. WC
$622M	$656M	$589M	$640M	$673M	$894M	$1.1B	$849M	$768M	$788M	Current assetsCur. assets
$418M	$520M	$527M	$507M	$529M	$687M	$692M	$658M	$579M	$535M	Current liabilitiesCur. liab.
1.5×	1.3×	1.1×	1.3×	1.3×	1.3×	1.5×	1.3×	1.3×	1.5×	Current ratioCurr. ratio
$262M	$319M	$484M	$484M	$509M	$577M	$629M	$734M	$814M	$818M	GoodwillGoodwill
$1.4B	$1.7B	$1.9B	$2.0B	$2.1B	$2.4B	$2.8B	$2.9B	$2.9B	$2.9B	Total assetsAssets
$161M	$292M	$331M	$282M	$270M	$275M	$342M	$351M	$264M	$255M	Total debtDebt
$33M	$264M	$269M	$113M	$146M	$115M	$56M	$163M	$166M	$135M	Net debt / (cash)Net debt
26.6×	10.8×	13.0×	13.9×	11.3×	32.6×	63.2×	15.8×	9.7×	11.2×	Interest coverageInt. cov.
$628M	$770M	$981M	$1.1B	$1.2B	$1.3B	$1.6B	$1.6B	$1.6B	$1.7B	Shareholders’ equityEquity
0.3%	0.3%	0.4%	0.4%	0.5%	0.5%	0.4%	0.5%	0.5%	0.5%	Stock comp / revenueSBC/rev
										Per share
33.9M	33.4M	33.6M	33.5M	33.5M	68K	67K	64K	61K	60K	Shares out (diluted)Shares
$81.02	$93.65	$109.76	$109.56	$104.21	$62439.26	$79568.67	$65712.62	$64584.81	$61817.11	Revenue / shareRev/sh
$2.20	$4.05	$6.01	$3.20	$2.19	$2529.71	$5318.22	$2619.51	$1701.90	$1740.19	EPS (diluted)EPS
$1.70	$1.52	$3.78	$4.77	$1.78	$1768.60	$4535.85	$4410.83	$2349.63	$1880.27	Owner earnings / shareOE/sh
$-0.15	$1.52	$0.33	$4.77	$1.78	$1768.60	$3561.24	$4410.83	$2349.63	$1880.27	Free cash flow / shareFCF/sh
—	—	—	—	—	—	$0.00	$0.00	$494.99	$497.55	Dividends / shareDiv/sh
$3.16	$2.24	$5.95	$2.83	$3.44	$1961.41	$3265.00	$2190.14	$832.14	$776.13	Cap. spending / shareCapex/sh
$18.50	$23.08	$29.23	$32.12	$34.52	$19773.31	$23832.68	$25559.70	$26921.27	$28222.61	Book value / shareBVPS

The diluted share count moved ×1/494.85 into 2021 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+130.5%/yr	+258.2%/yr
Owner earnings / share	+146.9%/yr	+245.6%/yr
EPS	+129.6%/yr	+250.9%/yr
Capital spending / share	+100.7%/yr	+211.6%/yr
Book value / share	+148.5%/yr	+284.3%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

ITS-10.1%
“ITS operating income decreased to $57 million, 2.5% of revenue, as compared to $107 million, 4.3% of revenue in the prior year due to lower customer rates in intermodal, lower accessorial income and more normalized bonus expense for employees.”
✓ direction matches the filed record

The record, charted

FY2016–2024

Each measure over its full record; the current point and the worst year marked.

Share count

61Kpeak FY2016

ROIC

6%low FY2024

Gross margin

17%low FY2017

Net debt ÷ owner earnings

1.2×peak FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$144Mowner earningsvs.$104Mnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2024

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business turned $104M of profit into $144M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$104M

Owner earnings$144M · 4% of revenue

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	$104M	$168M	$357M	$171M	$74M
Depreciation & amortizationnon-cash charge added back	+$193M	+$184M	+$154M	+$131M	+$124M
Stock-based compensationreal costnon-cash, but a real cost	+$19M	+$21M	+$20M	+$20M	+$17M
Working capital & othertiming of cash in and out, other non-cash items	−$121M	+$49M	−$73M	−$69M	−$39M
Cash from operations	$194M	$422M	$458M	$253M	$175M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$51M	−$140M	−$154M	−$133M	−$115M
Owner earnings	$144M	$282M	$304M	$120M	$60M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−$65M	—	—
Free cash flow	$144M	$282M	$239M	$120M	$60M
Owner-earnings marginowner earnings ÷ revenue	4%	7%	6%	3%	2%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $19M), owner earnings is nearer $124M.

Much of fiscal 2024's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2024 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 9.7×

Comfortable

Operating income $140M ÷ interest expense $14M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $166M · 1.2× operating profit

Modest net debt

Cash $98M − debt $264M

What this means
Netting $98M of cash and short-term investments against $264M of debt leaves $166M owed, about 1.2× a year's operating profit (1.9× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 18d

Tight

DSO 41 + DIO 0 − DPO 23 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital 9%

Solid through the cycle

9-yr median, range 6%–22%; 6% latest = NOPAT $110M ÷ invested capital $1.8B

Industry peers: median 7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 6% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 3%

Thin through the cycle

9-yr median margin, range 2%–7%; latest $144M = operating cash $194M − maintenance capex $51M

Industry peers: median 1%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 4% of revenue this year, a 3% median across 9 years. Treating stock comp as the real expense it is (less $19M of SBC) leaves $124M.
Are earnings backed by cash? 1.87×

Cash-backed

Cash from ops $194M ÷ net income $104M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 69%

Returns about half

Dividends + buybacks $99M ÷ Owner Earnings $144M

What this means
Of $144M Owner Earnings, $99M (69%) went back to shareholders, $30M dividends, $68M buybacks. Net of $19M stock comp, the real buyback was about $49M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.26×

Harvesting

Capex $51M ÷ depreciation $193M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $3.9B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.33×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Near

Debt ≤ working capital · $264M vs $189M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (9-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 1 of 9 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +53%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $3487.66/share (latest year $1731.31), the averaged base the calculator's gate runs on, and book value is $27386.49/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2024

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 9

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 1 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 3% → 6% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 3% early to 6% lately, median 4% — pricing power intact or improving.
Reinvestment, incremental ROIC 17%

What this means
Every extra dollar the business reinvested came back at a high incremental return — the lens GBM read for a moat that reinvests rather than merely harvests. The record and the 10-K are where you check whether the rate holds.
Owner earnings growth +19%/yr

What this means
Owner earnings grew about 19% a year over the record.
Worst year 2017 · 2.3% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Dividend record paid

What this means
Paid a dividend in 1 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Sep 30, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$788M

Cash & short-term investments$120M
Receivables$444M
Other current assets$225M

Current liabilities$535M

Debt due within a year$95M
Accounts payable$243M
Other current liabilities$197M

Current ratio1.47×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.47×stricter: inventory excluded

Cash ratio0.22×strictest: cash alone against what's due

Working capital$253Mthe cushion left after near-term bills

Debt due this year vs. cash$95M due · $120M cash covered by cash on hand, no refinancing forced · both figures from the Sep 30, 2025 balance sheet

Revenue, latest quarter vs. a year ago−5.3%the freshest read on whether the business is still growing

Current ratio, recent quarters1.3× → 1.5×

Deeper floors

Tangible book value$632Mequity stripped of goodwill & intangibles

Debt incl. operating leases$498M$243M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2024

Over the record, the business generated $2.2B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$1.1B · 52%
Dividends$30M · 1%
Buybacks$412M · 19%
Retained (debt / cash)$618M · 28%

Returned to owners$442M
34% of the owner earnings the business produced over the span, $30M as dividends and $412M as buybacks.
Average price paid for buybacks—
Buybacks ran $412M over the span, but a stock split in the window left the reported buyback-share counts on a basis the diluted-share count doesn't match, so a comparable average price can't be drawn.
Net change in share count−99.8%
The diluted count fell from 34M to 0M, so the buybacks outran the stock issued to staff.
Dividend record$494.99/sh
Paid in 1 of the years on record. It was never cut over the span.
Return on what it retained17%
Of the earnings it kept rather than paid out ($950M over the span), annual owner earnings (first three years vs last three) grew $165M, so each retained $1 added about 0.17 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 9-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$1.1B38% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity50%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$1.0Bover 9 years buying other businesses, against $1.1B of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2020	David P. Yeager	$3.2M	$4.2M	$60M
2021	—	$5.7M	$12.5M	$120M
2022	—	$5.8M	$6.2M	$304M
2023	Phillip D. Yeager	$2.6M	$4.6M	$282M
2024	—	$4.0M	$4.6M	$144M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.

CEO pay ratio54:1
What the chief earns for every dollar the median employee makes, per the 2025 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$19M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 14% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Hub Group is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2024.

None of the 5 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2024

read the 10-K →

Does management own its misses?
1 plain admission in this year's filing
“Annually we review, in hindsight, the percentage of receivables that are collected that aged over one year, those that are not one year old and the accounts that went into bankruptcy.”verify →
Which reported numbers are a judgment call?
Management names Revenue recognition as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Trucking & Logistics

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
GXOGXO Logistics	$13.2B	—	1.9%	4%	2%
EXPDExpeditors International of Washington, Inc.	$11.1B	—	10.0%	66%	7%
RXORXO Inc.	$5.7B	—	1.4%	4%	0%
BCOBrinks Company (The)	$5.3B	23%	8.1%	11%	6%
HUBGHub Group	$3.9B	12%	3.6%	9%	3%
GBTGGlobal Business Travel Group Inc.	$2.7B	—	-5.5%	-7%	-12%
RLGTRadiant Logistics Inc.	$903M	—	2.5%	10%	1%
Group median	—	—	2.5%	9%	2%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Hub Group has delivered.

Today’s price $

Through the cycle, Hub Group earns about $136M on its 3.4% median owner-earnings margin. This year’s 3.6% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($136M) Net of stock comp (−$19M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’20→’24+24%/yr

Owner-earnings growth · ’16→’24+32%/yr

Owner-earnings yield—

P/E (3-yr earnings ’22–’24)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $113M on 0M shares outstanding (a weighted basic average, the only count this filer tags); net debt $135M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh HUBG against another business →

The owners of HUBG: the meeting and the votes →

Cite: Owner Scorecard, "Hub Group (HUBG), the owner's record," https://ownerscorecard.com/c/HUBG, data as of 2026-07-09.

Manual order: ← HUBB its page in the Manual HUBS →

Industry order: ← HTLD the Trucking & Logistics chapter JBHT →