COMP <GO>

MRTN vs HTLD // EV/EBITDA & P/E VALUATION

Marten Transport Ltd. (NASDAQ) VS. Heartland Express Inc. (NASDAQ) • 15-METRIC TALLY: MRTN 5 — HTLD 1

■ METRIC PARITY

LAST: $11.76 (+0.86%) • MKT CAP: $960.3M

valuation

40.0x

LAST: $10.38 (+1.87%) • MKT CAP: $802.7M

valuation

—

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (MRTN VS. HTLD) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	MRTN	HTLD	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	2.50%	-5.10%	+7.60	MRTN	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	40.0x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	9.73%	-8.33%	+18.06	MRTN	/fcf-yield <GO>
Operating Margin	—	-7.10%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	-6.50%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	-23.10%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	2.04%	0.77%	+1.27	MRTN	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	4/9	+1.00	MRTN	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	31.0	35.8	-4.80	HTLD	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	51.2x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$960.3M	$802.7M	$157.6M	MRTN	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	MRTN REV	HTLD REV	MRTN GROSS %	HTLD GROSS %	MRTN FCF	HTLD FCF
FY 2025	$0	$805.7M	—	—	$93.5M	-$66.9M
FY 2024	$0	$1.05B	—	—	$134.8M	$34.8M
FY 2023	$1.13B	$1.21B	—	—	$164.4M	$165.3M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

MRTN // BETA —

HTLD // BETA —