Marten Transport, Ltd. — Earnings Quality Grade F
MRTN · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 35 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -8.3%, CFFO -30.7%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -38.0% vs revenue -8.3%. Normal
SG&A/Gross Profit = 55.6%. Normal
Gross margin 13.1%, change -0.4pp. Stable
Cash Flow Quality
CFFO/NI = 5.36. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -8.0%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 0.0x. Healthy
Other assets 4.9% vs revenue -8.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
M-Score = -2.87 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25