Heartland Express (HTLD)
Market Price (12/26/2025): $9.215 | Market Cap: $713.8 MilSector: Industrials | Industry: Cargo Ground Transportation
Heartland Express (HTLD)
Market Price (12/26/2025): $9.215Market Cap: $713.8 MilSector: IndustrialsIndustry: Cargo Ground Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% | Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -123% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -51 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.8% |
| Low stock price volatilityVol 12M is 37% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -20%, Rev Chg QQuarterly Revenue Change % is -24% | |
| Megatrend and thematic driversMegatrends include Future of Freight, and E-commerce & DTC Adoption. Themes include Freight Technology, Autonomous Trucks, Show more. | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.8% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.0% | ||
| Key risksHTLD key risks include [1] operational challenges and losses from integrating significant acquisitions and [2] potential for increased financial risk from debt used to finance its acquisition strategy. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Future of Freight, and E-commerce & DTC Adoption. Themes include Freight Technology, Autonomous Trucks, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -123% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -51 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.8% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -20%, Rev Chg QQuarterly Revenue Change % is -24% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.8% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.0% |
| Key risksHTLD key risks include [1] operational challenges and losses from integrating significant acquisitions and [2] potential for increased financial risk from debt used to finance its acquisition strategy. |
Why The Stock Moved
Qualitative Assessment
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Heartland Express (HTLD) experienced an approximate 7.6% stock price increase between November 21, 2025 ($7.46) and December 1, 2025 ($8.02). This movement occurred within the approximate timeframe requested, and can be attributed to several key points related to the company's third-quarter 2025 financial results and outlook.1. Improved Net Loss: For the third quarter of 2025, Heartland Express reported a net loss of $8.3 million, which was an improvement compared to the $9.3 million net loss recorded in the third quarter of 2024.
2. Sequential Improvement in Operating Ratio: The company noted a sequential improvement in its operating ratio throughout the third quarter of 2025, suggesting progress in operational efficiency.
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Stock Movement Drivers
Fundamental Drivers
The 8.5% change in HTLD stock from 9/25/2025 to 12/25/2025 was primarily driven by a 15.5% change in the company's P/S Multiple.| 9252025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 8.50 | 9.22 | 8.47% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 932.24 | 868.93 | -6.79% |
| P/S Multiple | 0.71 | 0.82 | 15.46% |
| Shares Outstanding (Mil) | 78.08 | 77.47 | 0.79% |
| Cumulative Contribution | 8.46% |
Market Drivers
9/25/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| HTLD | 8.5% | |
| Market (SPY) | 4.9% | 36.7% |
| Sector (XLI) | 4.2% | 47.5% |
Fundamental Drivers
The 6.1% change in HTLD stock from 6/26/2025 to 12/25/2025 was primarily driven by a 20.0% change in the company's P/S Multiple.| 6262025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 8.69 | 9.22 | 6.11% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 996.61 | 868.93 | -12.81% |
| P/S Multiple | 0.68 | 0.82 | 20.03% |
| Shares Outstanding (Mil) | 78.54 | 77.47 | 1.37% |
| Cumulative Contribution | 6.09% |
Market Drivers
6/26/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| HTLD | 6.1% | |
| Market (SPY) | 13.1% | 38.0% |
| Sector (XLI) | 8.8% | 46.2% |
Fundamental Drivers
The -16.4% change in HTLD stock from 12/25/2024 to 12/25/2025 was primarily driven by a -19.6% change in the company's Total Revenues ($ Mil).| 12252024 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 11.03 | 9.22 | -16.45% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1080.28 | 868.93 | -19.56% |
| P/S Multiple | 0.80 | 0.82 | 2.52% |
| Shares Outstanding (Mil) | 78.49 | 77.47 | 1.30% |
| Cumulative Contribution | -16.46% |
Market Drivers
12/25/2024 to 12/25/2025| Return | Correlation | |
|---|---|---|
| HTLD | -16.4% | |
| Market (SPY) | 15.8% | 40.7% |
| Sector (XLI) | 18.6% | 47.1% |
Fundamental Drivers
The -40.4% change in HTLD stock from 12/26/2022 to 12/25/2025 was primarily driven by a -48.7% change in the company's P/S Multiple.| 12262022 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 15.46 | 9.22 | -40.37% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 761.21 | 868.93 | 14.15% |
| P/S Multiple | 1.60 | 0.82 | -48.74% |
| Shares Outstanding (Mil) | 78.94 | 77.47 | 1.86% |
| Cumulative Contribution | -40.40% |
Market Drivers
12/26/2023 to 12/25/2025| Return | Correlation | |
|---|---|---|
| HTLD | -35.4% | |
| Market (SPY) | 48.3% | 37.7% |
| Sector (XLI) | 41.7% | 46.3% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HTLD Return | -14% | -4% | -8% | -7% | -21% | -17% | -53% |
| Peers Return | 15% | 31% | -7% | 10% | -9% | -5% | 34% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 115% |
Monthly Win Rates [3] | |||||||
| HTLD Win Rate | 42% | 50% | 33% | 42% | 33% | 42% | |
| Peers Win Rate | 63% | 65% | 37% | 45% | 47% | 55% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| HTLD Max Drawdown | -25% | -10% | -23% | -24% | -30% | -36% | |
| Peers Max Drawdown | -24% | -4% | -21% | -9% | -21% | -32% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: KNX, JBHT, WERN, SNDR, MRTN. See HTLD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)
How Low Can It Go
| Event | HTLD | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -41.6% | -25.4% |
| % Gain to Breakeven | 71.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -25.3% | -33.9% |
| % Gain to Breakeven | 33.9% | 51.3% |
| Time to Breakeven | 72 days | 148 days |
| 2018 Correction | ||
| % Loss | -31.1% | -19.8% |
| % Gain to Breakeven | 45.2% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -34.7% | -56.8% |
| % Gain to Breakeven | 53.2% | 131.3% |
| Time to Breakeven | 1,724 days | 1,480 days |
Compare to LSTR, SNDR, TRN, WERN, ODFL
In The Past
Heartland Express's stock fell -41.6% during the 2022 Inflation Shock from a high on 4/5/2021. A -41.6% loss requires a 71.1% gain to breakeven.
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Heartland Express, Inc., together with its subsidiaries, operates as a short-to-medium haul truckload carrier in the United States and Canada. It primarily provides nationwide asset-based dry van truckload service for shippers from Washington to Florida and New England to California; and temperature-controlled truckload services. The company offers its services under the Heartland Express and Millis Transfer brand names. It primarily serves retailers and manufacturers in consumer goods, appliances, food products, and automotive industries. The company was founded in 1978 and is headquartered in North Liberty, Iowa.
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The Southwest Airlines of full truckload shipping.
Like J.B. Hunt, but laser-focused on efficient, asset-based truckload freight.
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- Dry Van Truckload Transportation: Moving general commodities in standard enclosed trailers across North America.
- Temperature-Controlled Truckload Transportation: Hauling perishable and temperature-sensitive goods in refrigerated trailers.
- Dedicated Fleet Services: Providing a customized fleet of trucks and drivers exclusively for a single customer's specific transportation needs.
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Heartland Express (HTLD) Major Customers
Heartland Express (HTLD) primarily sells its truckload transportation services to **other companies**, not individuals. According to the company's most recent annual report (10-K filing for the fiscal year ended December 31, 2023), Heartland Express does not have any major customers that individually account for 10% or more of its total revenue. The 10-K explicitly states: "No single customer accounted for more than 10% of total revenue for the years ended December 31, 2023, 2022, and 2021." This indicates a diversified customer base rather than reliance on a few large clients. While specific customer names are not disclosed due to this diversification, Heartland Express's customer base generally consists of: * **Major retailers** * **Manufacturers** * **Consumer product companies** These customers span a diverse range of industries and utilize Heartland Express for their freight transportation needs across the United States, and to a limited extent, Canada and Mexico.AI Analysis | Feedback
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Heartland Express (HTLD) Management Team:Michael J. Gerdin, Chairman of the Board, President and Chief Executive Officer
Michael J. Gerdin began his career with Heartland Express in 1983, starting in the truck wash bay as a teenager. He progressed through various roles in operations, sales, safety, maintenance, and driver recruiting until 1998. From 1998 to 2001, he served as President of A&M Express, a wholly-owned subsidiary of Heartland Express. He was appointed Vice-President of Regional Operations in 2001, President of the Company in 2006, and has served as Chief Executive Officer and Chairman of the Board since September 2011. He earned his BA degree in Business Management from Luther College.
Christopher Alan Strain, Vice President, Finance, Chief Financial Officer, Treasurer and Principal Accounting Officer
Christopher Alan Strain has served as the Chief Financial Officer and Vice President of Finance, Treasurer of Heartland Express, Inc. since 2017. He also holds the title of Principal Accounting Officer. Prior to this, he was the Vice President, Controller, and Secretary from 2015 to 2017. Mr. Strain joined Heartland's accounting and finance department in 2007. Before his time at Heartland, he worked for Deloitte & Touche, LLP, as a certified public accountant from 1997 to 2007.
Kent D. Rigdon, Chief Operating Officer
Kent D. Rigdon has served as the Chief Operating Officer of Heartland Express since July 2022. He previously held the position of Vice President of Sales from May 2014 to June 2022. Mr. Rigdon has been involved in the Operations and Sales departments of Heartland Express since 2002 and possesses 34 years of experience in the transportation industry, including with another company.
Todd A. Trimble, Vice President, Safety and Security
Todd A. Trimble serves as the Vice President, Safety and Security. He has been Vice President of Midwestern Operations since November 2016. From October 2015 to October 2016, he was the Vice President of Operations, and from 2006 to September 2015, he served as Vice President of Regional Operations. Mr. Trimble has been with Heartland Express's Operations department since 1993.
K. Eric Eickman, Vice President, Information Technology
K. Eric Eickman serves as the Vice President, Information Technology at Heartland Express.
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Here are the key risks to Heartland Express's business:- Cyclical Nature of the Trucking Industry and Weak Freight Demand: The trucking industry is highly cyclical and significantly impacted by broader economic conditions, credit availability, and business cycles. Heartland Express has experienced the effects of weak freight demand and excess capacity in the truckload market, leading to declining operating revenues and net losses in recent periods. This environment can also result in lower contract renewals and stagnated freight rates.
- Driver Shortages and Rising Operating Costs: The company faces ongoing challenges in recruiting and retaining qualified drivers, a persistent industry-wide issue that impacts operational efficiency and increases costs. Additionally, Heartland Express is exposed to market risks related to fuel price volatility, and rising operating expenses, including salaries, wages, benefits, and maintenance, which can outpace freight rate improvements and may not be fully offset by fuel surcharges.
- Integration Challenges and Acquisition-Related Risks: Heartland Express has engaged in significant acquisitions, such as CFI, Smith Transport, and Millis Transfer. The integration of these acquired entities has presented operational challenges, with some acquired brands incurring losses due to issues like poor equipment utilization, higher costs, and difficulties with driver retention. While the company aims to maintain a strong balance sheet, increased debt to finance future acquisitions or capital expenditures could also elevate financial risk.
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The clear emerging threat for Heartland Express (HTLD) is the rapid development and eventual deployment of **autonomous long-haul trucking technology**. Several companies, including Waymo (Google's autonomous driving unit), Aurora, and Kodiak Robotics, are actively developing and testing self-driving trucks, with some already conducting pilot programs on public roads and achieving significant milestones towards driver-out operations in specific freight corridors. While not yet fully commercialized at scale, the technology is progressing quickly. For an asset-based carrier like Heartland Express, which relies heavily on human drivers, this represents a fundamental disruption. Companies that successfully adopt and integrate autonomous trucking could achieve significant cost reductions (due to lower labor costs, increased utilization, and potentially optimized fuel efficiency), creating a substantial competitive advantage that could threaten the traditional operating model and market share of carriers that are slow to adapt or invest in this emerging technology.
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Heartland Express (HTLD) primarily offers asset-based dry van truckload services, encompassing long-haul and regional transportation across the United States, with some cross-border freight services to Mexico and Canada, and limited temperature-controlled transportation.
The addressable market for Heartland Express's main products and services is the U.S. full truckload (TL) sector, which is estimated to be $387 billion in 2025.
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Heartland Express (HTLD) is expected to drive future revenue growth over the next 2-3 years through several key factors, primarily contingent on a broader industry recovery and successful internal initiatives.
- Cyclical Recovery in Freight Demand and Pricing: The company's future revenue growth is highly dependent on an anticipated cyclical upswing in the trucking industry. While the current operating environment is characterized by weak freight demand, excess capacity, and unsustainable pricing, Heartland Express and analysts expect a more positive market outlook for freight demand and pricing to emerge later in 2025 and strengthen in 2026. This industry recovery is a crucial external driver for increased revenue.
- Synergies and Market Expansion from Acquisition Integration: Heartland Express made significant acquisitions in 2022, including Smith Transport and CFI Logistica operations in Mexico. Successful integration of these acquired businesses, which includes bringing all operating brands onto a common transportation management system by the end of 2025, is expected to unlock synergies, enhance service offerings, and expand Heartland Express's market reach, particularly in new geographies like Mexico.
- Operational Efficiencies and Cost Management: Although primarily impacting profitability, Heartland Express's ongoing focus on cost reductions, fleet right-sizing, and improved operational efficiencies can indirectly support revenue growth. By improving its operating ratio and reducing costs, the company can potentially offer more competitive pricing, allocate resources more effectively to growth initiatives, and gain market share as the industry environment improves. Furthermore, a stronger, more efficient operational base makes the company better positioned to capitalize on increased demand when the market recovers.
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Share Repurchases
- Heartland Express repurchased a total of 4.3 million shares of common stock for $63.0 million over the past five years, as of September 30, 2025.
- Year-to-date as of September 30, 2025, the company repurchased $10.4 million of common stock.
- As of September 30, 2025, the company had authorization to repurchase an additional 4.8 million shares.
Share Issuance
- The 2021 Restricted Stock Award Plan made available up to 0.6 million shares for restricted stock grants to eligible employees, directors, and consultants.
- As of March 31, 2024, 0.5 million shares remained available for restricted stock grants under the 2021 Plan.
Outbound Investments
- Heartland Express completed the acquisition of Smith Transport in May 2022 and Contract Freighters, Inc. (CFI) in August 2022.
- These acquisitions led to a significant increase in the company's debt.
- The company does not expect to make any significant acquisitions while it is focused on debt reduction.
Capital Expenditures
- Net capital expenditures for the calendar year 2025 are currently expected to be approximately $27 to $30 million.
- For the twelve months ended December 31, 2024, the primary use of cash for investing activities was $46.5 million for net property and equipment transactions.
- Capital expenditures are primarily focused on investments in the fleet and terminal network, with the average age of the consolidated tractor fleet being 2.6 years and the trailer fleet being 7.5 years as of September 30, 2025.
Latest Trefis Analyses
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|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to HTLD. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | CNM | Core & Main | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 18.7% | 18.7% | -1.6% |
| 11212025 | VRRM | Verra Mobility | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.7% | 4.7% | -1.2% |
| 11212025 | LII | Lennox International | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 6.9% | 6.9% | 0.0% |
| 11212025 | ADP | Automatic Data Processing | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.6% | 2.6% | -1.2% |
| 11212025 | CW | Curtiss-Wright | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 6.0% | 6.0% | -0.4% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Heartland Express
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.88 |
| Mkt Cap | 3.3 |
| Rev LTM | 4,303 |
| Op Inc LTM | 114 |
| FCF LTM | -58 |
| FCF 3Y Avg | -4 |
| CFO LTM | 421 |
| CFO 3Y Avg | 523 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.5% |
| Rev Chg 3Y Avg | -3.5% |
| Rev Chg Q | 1.1% |
| QoQ Delta Rev Chg LTM | 0.3% |
| Op Mgn LTM | 2.5% |
| Op Mgn 3Y Avg | 4.4% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 12.0% |
| CFO/Rev 3Y Avg | 13.1% |
| FCF/Rev LTM | -1.3% |
| FCF/Rev 3Y Avg | -0.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.3 |
| P/S | 0.9 |
| P/EBIT | 24.4 |
| P/E | 45.2 |
| P/CFO | 9.0 |
| Total Yield | 3.5% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | -0.8% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 18.3% |
| 3M Rtn | 22.7% |
| 6M Rtn | 13.2% |
| 12M Rtn | -9.8% |
| 3Y Rtn | -8.4% |
| 1M Excs Rtn | 18.1% |
| 3M Excs Rtn | 17.7% |
| 6M Excs Rtn | 0.3% |
| 12M Excs Rtn | -25.7% |
| 3Y Excs Rtn | -89.7% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $9.22 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -22.1% | |
| 50 Days | 200 Days | |
| DMA Price | $8.25 | $8.48 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 11.8% | 8.7% |
| 3M | 1YR | |
| Volatility | 36.9% | 37.4% |
| Downside Capture | 83.67 | 113.29 |
| Upside Capture | 102.91 | 79.06 |
| Correlation (SPY) | 36.9% | 40.7% |
HTLD Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.27 | 1.14 | 1.16 | 1.47 | 0.76 | 0.79 |
| Up Beta | 1.51 | 1.43 | 1.71 | 2.26 | 0.85 | 0.87 |
| Down Beta | -0.06 | 1.92 | 1.65 | 1.34 | 0.46 | 0.49 |
| Up Capture | 170% | 40% | 39% | 79% | 41% | 34% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 10 | 17 | 30 | 60 | 107 | 350 |
| Down Capture | 123% | 99% | 111% | 162% | 110% | 103% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 10 | 22 | 30 | 62 | 136 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of HTLD With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| HTLD | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -19.6% | 20.9% | 19.2% | 71.9% | 8.9% | 6.0% | -10.1% |
| Annualized Volatility | 37.2% | 18.8% | 19.5% | 19.3% | 15.3% | 17.1% | 35.0% |
| Sharpe Ratio | -0.52 | 0.87 | 0.78 | 2.69 | 0.36 | 0.18 | -0.12 |
| Correlation With Other Assets | 46.5% | 40.0% | -5.3% | 4.4% | 39.4% | 19.7% | |
ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of HTLD With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| HTLD | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -11.9% | 14.0% | 14.9% | 18.7% | 11.7% | 4.8% | 32.7% |
| Annualized Volatility | 28.5% | 17.2% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | -0.42 | 0.66 | 0.70 | 0.97 | 0.51 | 0.17 | 0.60 |
| Correlation With Other Assets | 49.5% | 42.3% | 4.0% | 8.6% | 39.1% | 16.3% | |
ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 10-Year Data
| Comparison of HTLD With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| HTLD | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -5.5% | 13.4% | 14.7% | 14.9% | 6.9% | 5.2% | 69.3% |
| Annualized Volatility | 28.2% | 19.9% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | -0.15 | 0.60 | 0.70 | 0.83 | 0.31 | 0.22 | 0.90 |
| Correlation With Other Assets | 51.9% | 47.1% | 0.2% | 14.3% | 40.9% | 11.0% | |
ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | 0.3% | -0.1% | 17.9% |
| 7/29/2025 | -3.2% | -8.2% | 2.4% |
| 5/2/2025 | -1.0% | 8.5% | 15.4% |
| 2/3/2025 | 1.7% | 2.0% | -10.0% |
| 10/29/2024 | -0.5% | -2.0% | 13.2% |
| 7/26/2024 | -1.7% | -5.8% | -5.9% |
| 4/30/2024 | -0.2% | 9.4% | 10.6% |
| 2/2/2024 | -1.8% | 2.2% | -7.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 13 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 1.4% | 2.2% | 7.9% |
| Median Negative | -0.9% | -3.1% | -4.5% |
| Max Positive | 3.7% | 13.6% | 19.8% |
| Max Negative | -5.4% | -8.2% | -10.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11102025 | 10-Q 9/30/2025 |
| 6302025 | 8082025 | 10-Q 6/30/2025 |
| 3312025 | 5122025 | 10-Q 3/31/2025 |
| 12312024 | 2182025 | 10-K 12/31/2024 |
| 9302024 | 11122024 | 10-Q 9/30/2024 |
| 6302024 | 8092024 | 10-Q 6/30/2024 |
| 3312024 | 5102024 | 10-Q 3/31/2024 |
| 12312023 | 2282024 | 10-K 12/31/2023 |
| 9302023 | 11092023 | 10-Q 9/30/2023 |
| 6302023 | 8092023 | 10-Q 6/30/2023 |
| 3312023 | 5082023 | 10-Q 3/31/2023 |
| 12312022 | 3012023 | 10-K 12/31/2022 |
| 9302022 | 11092022 | 10-Q 9/30/2022 |
| 6302022 | 8092022 | 10-Q 6/30/2022 |
| 3312022 | 5092022 | 10-Q 3/31/2022 |
| 12312021 | 2252022 | 10-K 12/31/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | GERDIN MICHAEL J | Chief Executive Officer | 8182025 | Buy | 8.20 | 1,314 | 10,775 | 11,998,092 | Form |
| 1 | PRATT JAMES G | 5162025 | Buy | 8.96 | 6,571 | 58,876 | 268,800 | Form | |
| 2 | Ann S. Gerdin Revocable Trust | 5142025 | Buy | 8.95 | 167,644 | 1,500,045 | 10,867,103 | Form | |
| 3 | Hupfeld Amanda | 5142025 | Buy | 8.76 | 2,000 | 17,520 | 17,520 | Form | |
| 4 | GERDIN MICHAEL J | Chief Executive Officer | 5132025 | Buy | 8.50 | 148,272 | 1,260,668 | 3,726,449 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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