Marten Transport, Ltd. (MRTN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del transporte y la logística, Marten Transport, Ltd. (MRTN) se destaca como una potencia estratégica, revolucionando cómo los bienes críticos se mueven en los Estados Unidos. Esta innovadora compañía de camiones ha creado meticulosamente un modelo de negocio que va más allá del transporte tradicional, ofreciendo servicios especializados de furgonetas refrigeradas y secas que satisfacen las complejas demandas de industrias que van desde alimentos y bebidas hasta productos farmacéuticos. Al integrar perfectamente la tecnología avanzada, las asociaciones estratégicas y las soluciones centradas en el cliente, Marten Transport se ha posicionado como un vínculo crítico en el ecosistema de la cadena de suministro, brindando confiabilidad, eficiencia y apoyo logístico incomparable que mantiene a los negocios de Estados Unidos en el futuro.

Marten Transport, Ltd. (MRTN) - Modelo de negocios: asociaciones clave

Alianza estratégica con fabricantes de camiones

Marten Transport mantiene asociaciones estratégicas con los principales fabricantes de camiones:

Fabricante	Composición de la flota	Inversión anual
Vendedor	387 camiones	$ 42.3 millones
Volvo	215 camiones	$ 24.7 millones

Colaboración con corredores de carga y compañías de logística

Las asociaciones de logística clave incluyen:

• Ch Robinson en todo el mundo
• Logística XPO
• Logística de coyote

Pareja	Volumen anual de flete	Contribución de ingresos
Ch Robinson	42,500 cargas	$ 87.6 millones
Logística XPO	28,300 cargas	$ 62.4 millones

Asociaciones de proveedores de tecnología

Asociaciones de tecnología avanzada para la gestión de la flota:

• Plataforma Samsara IoT
• Gestión de la flota de Omnitracs
• Transporte de trimble

Proveedor de tecnología	Capacidades del sistema	Inversión tecnológica anual
Samsara	Seguimiento de GPS en tiempo real	$ 1.2 millones
Omnitracs	Mantenimiento predictivo	$ 1.5 millones

Asociaciones de servicio de mantenimiento y reparación

La red de mantenimiento crítico incluye:

• Centros de servicio de Peterbilt
• TravelCenters of America
• Instalaciones de reparación de Cummins

Proveedor de servicios	Ubicaciones de mantenimiento	Gasto de mantenimiento anual
Peterbilt	42 centros de servicio	$ 8.7 millones
TravelCenters of America	38 ubicaciones de servicio	$ 6.3 millones

Marten Transport, Ltd. (MRTN) - Modelo de negocio: actividades clave

Transporte de carga de camioneta de vanguardia de larga distancia

A partir del cuarto trimestre de 2023, Marten Transport opera una flota de 1,645 tractores y 5,443 remolques especializados en transporte de camionetas refrigeradas y secas.

Segmento de transporte	Tamaño de la flota	Ingresos anuales (2023)
Transporte refrigerado	1.152 tractores	$ 641.3 millones
Van camión seca	493 tractores	$ 274.6 millones

Servicios de logística y transporte a nivel nacional

Marten Transport brinda servicios de transporte en 48 estados y Canadá, con un enfoque en la carga sensible a la temperatura y el tiempo crítico.

• Cobertura de servicio: 48 estados de EE. UU. Y Canadá
• Millas anuales recorridas: aproximadamente 225 millones de millas
• Utilización promedio de camiones diarios: 96.4%

Mantenimiento de la flota y gestión de equipos

La compañía mantiene un riguroso programa de mantenimiento de flotas con una edad promedio de tractores de 3,2 años.

Métrico de mantenimiento	Valor
Gastos de mantenimiento anual	$ 37.5 millones
Edad promedio del tractor	3.2 años
Costo de mantenimiento por milla	$0.167

Optimización de ruta y planificación del transporte

Marten Transport utiliza tecnología avanzada para la optimización de rutas y el seguimiento en tiempo real.

• Seguimiento del GPS: 100% de la flota
• Software de planificación de ruta avanzada
• Monitoreo de eficiencia de combustible en tiempo real

Gestión y seguimiento de la carga del cliente

La compañía ofrece servicios integrales de gestión de carga con capacidades de seguimiento avanzado.

Función de seguimiento	Capacidad
Seguimiento de envío en tiempo real	Disponible 24/7
Monitoreo de temperatura	Continuo para cargas refrigeradas
Plataforma de gestión de carga digital	Portal de clientes integrado

Marten Transport, Ltd. (MRTN) - Modelo de negocios: recursos clave

Extensa flota de modernos camiones de furgonetas refrigeradas y secas

A partir del cuarto trimestre de 2023, Marten Transport opera una flota de 1,654 tractores y 5,456 remolques. La composición de la flota incluye:

Tipo de camión	Cantidad	Porcentaje
Camiones refrigerados	1,124	68%
Camiones de camionetas secas	530	32%

Conductores profesionales calificados y personal de logística

Estadísticas de la fuerza laboral a partir de 2023:

• Total de empleados: 2,387
• Conductores profesionales: 1.642
• Personal de logística: 745

Tecnología avanzada de gestión de transporte

Inversiones de infraestructura tecnológica en 2023:

Categoría de tecnología	Monto de la inversión
Software de gestión de flotas	$ 3.2 millones
Sistemas de seguimiento del GPS	$ 1.5 millones
Telemática	$ 2.1 millones

Red robusta de terminales de transporte

Detalles de la red terminal:

• Totales terminales: 14
• Ubicaciones estratégicas en 12 estados
• Total Terminal Real Estate: 287 acres

Capital financiero para la expansión de la flota e inversión tecnológica

Recursos financieros a partir del informe anual de 2023:

Métrica financiera	Cantidad
Activos totales	$ 537.4 millones
Equivalentes de efectivo y efectivo	$ 42.6 millones
Presupuesto de gastos de capital	$ 65.3 millones

Marten Transport, Ltd. (MRTN) - Modelo de negocio: propuestas de valor

Soluciones de transporte confiables y eficientes

Marten Transport opera una flota de 1,573 tractores y 5,679 remolques refrigerados a partir del cuarto trimestre de 2023. La compañía genera ingresos anuales de $ 1.02 mil millones con un enfoque especializado en el transporte controlado por temperatura.

Métrica de la flota	Recuento total
Tractores	1,573
Remolques refrigerados	5,679
Ingresos anuales	$ 1.02 mil millones

Servicios de flete refrigerados especializados

Marten Transport se especializa en transporte controlado por temperatura en múltiples segmentos de mercado:

• Alimentos y bebidas: 42% del volumen total de flete
• Farmacéutico: 28% del volumen total de flete
• Bienes de consumo: 30% del volumen total de flete

Rendimiento constante de entrega a tiempo

Métrico de rendimiento	Porcentaje
Tasa de entrega a tiempo	97.6%
Tasa de daño por carga	0.3%

Seguimiento integral y soporte logística

Marten Transport utiliza tecnología avanzada de seguimiento del GPS con monitoreo en tiempo real para el 100% de su flota. La compañía opera en 48 estados y partes de Canadá, cubriendo aproximadamente 2.3 millones de millas semanalmente.

Precios competitivos y calidad de servicio

Métrica financiera	Valor
Margen operativo	14.2%
Costo por milla	$1.87
Tasa de flete promedio	$ 2.45 por milla

Marten Transport, Ltd. (MRTN) - Modelo de negocios: relaciones con los clientes

Gestión de cuentas dedicada

Marten Transport opera con 1.749 tractores totales y 5,759 remolques al 31 de diciembre de 2022. La compañía atiende a aproximadamente 3.700 clientes activos en varios segmentos de transporte.

Segmento de clientes	Número de cuentas dedicadas	Duración promedio del contrato
Transporte refrigerado	1.850 cuentas	3.2 años
Transporte seco de flete	1.150 cuentas	2.8 años
Transporte especializado	700 cuentas	4.1 años

Atención al cliente 24/7

Marten Transport mantiene un equipo de atención al cliente dedicado con tiempos de respuesta con un promedio de 12 minutos durante el horario comercial y 25 minutos durante los períodos de picos.

• Los canales de atención al cliente incluyen teléfono, correo electrónico y portal en línea
• Soporte multilingüe para diversa base de clientes
• Representantes de apoyo dedicados para cuentas importantes

Rastreo digital y actualizaciones de envío en tiempo real

La compañía utiliza tecnología avanzada de seguimiento del GPS con una precisión de ubicación en tiempo real del 99.7% para los envíos.

Función de seguimiento	Disponibilidad	Actualización de frecuencia
Seguimiento de ubicación GPS	100% de envíos	Cada 15 minutos
Monitoreo de temperatura	95% de las cargas refrigeradas	Monitoreo continuo
Tiempo de llegada estimado	99% de precisión	Actualizaciones en tiempo real

Soluciones de transporte personalizadas

El transporte de Marten genera ingresos anuales de $ 1.1 mil millones, con soluciones de transporte personalizadas que representan aproximadamente el 42% de los ingresos totales.

• Configuraciones de flota personalizadas
• Transporte especializado de temperatura controlada
• Planificación logística a medida

Relaciones a largo plazo basadas en contratos

A partir de 2022, Marten Transport mantiene las relaciones contractuales con una duración promedio de 3.5 años en su base de clientes.

Tipo de contrato	Porcentaje de la base de clientes	Valor de contrato promedio
Contratos a largo plazo (3-5 años)	68%	$ 2.4 millones
Contratos a mediano plazo (1-3 años)	27%	$ 1.1 millones
Contratos a corto plazo (<1 año)	5%	$450,000

Marten Transport, Ltd. (MRTN) - Modelo de negocios: canales

Equipo de ventas directas

Marten Transport mantiene un equipo de ventas directo dedicado de 87 profesionales de ventas a partir del cuarto trimestre de 2023. El equipo se enfoca en generar nuevos contratos de transporte y logística en múltiples segmentos de la industria.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	87
Valor de contrato promedio	$475,000
Generación de ingresos del equipo de ventas anual	$ 41.3 millones

Plataforma de gestión de transporte en línea

Marten Transport opera una plataforma digital integral con las siguientes capacidades:

• Seguimiento de envío en tiempo real
• Reserva de carga digital
• Sistemas de facturación automatizados
• Acceso al portal del cliente

Métrica de plataforma	2023 rendimiento
Usuarios mensuales de la plataforma	2,647
Porcentaje de reserva digital	62%
Tiempo de actividad de la plataforma	99.97%

Centros de servicio al cliente

Marten Transport opera 6 centros de servicio al cliente ubicados estratégicamente en los Estados Unidos, manejando un promedio de 3.215 interacciones de clientes diariamente.

Herramientas de comunicación digital

La compañía utiliza múltiples canales de comunicación digital:

• Soporte por correo electrónico
• Chat en vivo
• Aplicación móvil
• Plataformas de compromiso de redes sociales

Ferias comerciales de la industria y eventos de redes

En 2023, Marten Transport participó en 17 ferias comerciales de la industria y eventos de redes, generando aproximadamente $ 12.5 millones en posibles oportunidades de contrato.

Participación de eventos	2023 estadísticas
Total de ferias comerciales a la que asistieron	17
Valor de contrato potencial	$ 12.5 millones
Nuevos clientes potenciales generados	423

Marten Transport, Ltd. (MRTN) - Modelo de negocio: segmentos de clientes

Fabricantes de alimentos y bebidas

Marten Transport atiende a múltiples fabricantes de alimentos y bebidas con servicios especializados de transporte refrigerado. A partir de 2023, la compañía transportó aproximadamente el 35% de su carga refrigerada total para este segmento.

Tipo de cliente	Volumen de transporte anual	Valor de contrato promedio
Fabricantes de productos lácteos	8.750 camiones cargados	$ 1.2 millones
Productores de alimentos congelados	6.500 camiones cargados	$980,000

Compañías farmacéuticas

El transporte farmacéutico representa un segmento crítico para el transporte marten, lo que representa el 22% del transporte de carga refrigerado en 2023.

• Servicios de transporte controlados por temperatura
• Logística especializada en la cadena de suministro médica
• Cumplimiento de las regulaciones de la FDA y GMP

Negocios minoristas y de bienes de consumo

Los clientes de bienes minoristas y de consumo contribuyeron al 18% de los ingresos de transporte refrigerados de Marten Transport en 2023.

Segmento minorista	Envíos anuales	Contribución de ingresos
Cadenas de supermercado	5.600 camiones cargados	$850,000
Plataformas minoristas en línea	3,200 cargas de camiones	$480,000

Distribuidores de productos agrícolas

La distribución de productos agrícolas representaba el 15% de los servicios de transporte refrigerados de Marten Transport en 2023.

• Transporte de productos frescos
• Logística de bienes agrícolas perecederos
• Red de distribución a nivel nacional

Clientes industriales y de fabricación

Los clientes industriales y de fabricación representaron el 10% del segmento de transporte refrigerado de Marten Transport en 2023.

Sector manufacturero	Volumen de transporte anual	Valor de contrato promedio
Fabricantes de productos químicos	2.500 camiones cargados	$620,000
Materiales especializados	1.800 cargas de camiones	$450,000

Marten Transport, Ltd. (MRTN) - Modelo de negocio: Estructura de costos

Gastos de combustible

Para el año fiscal 2023, Marten Transport informó gastos de combustible totales de $ 146.7 millones. Los costos de combustible de la compañía representaron aproximadamente el 28.3% de sus gastos operativos totales.

Año fiscal	Gastos totales de combustible	Porcentaje de gastos operativos
2023	$ 146.7 millones	28.3%

Salarios y beneficios del conductor

En 2023, Marten Transport gastó $ 207.4 millones en compensación y beneficios del conductor. El salario promedio anual del conductor fue de aproximadamente $ 68,500.

• Salarios y beneficios totales del conductor: $ 207.4 millones
• Salario anual promedio del conductor: $ 68,500
• Compensación del conductor como porcentaje de ingresos: 35.6%

Mantenimiento y reparaciones del vehículo

Los gastos de mantenimiento y reparación del vehículo para el transporte de Marten totalizaron $ 42.3 millones en 2023. Esto representa aproximadamente el 8.2% de los costos operativos totales de la compañía.

Categoría de gastos	Gastos totales	Porcentaje de costos operativos
Mantenimiento y reparaciones del vehículo	$ 42.3 millones	8.2%

Inversiones de tecnología y software

Marten Transport invirtió $ 18.6 millones en infraestructura de tecnología y software durante 2023. Esto incluye inversiones en sistemas de gestión de flotas, seguimiento de GPS y plataformas de comunicación digital.

• Inversión tecnológica total: $ 18.6 millones
• Áreas de tecnología clave:
  • Sistemas de gestión de flotas
  • Seguimiento de GPS
  • Plataformas de comunicación digital

Costos de seguro y cumplimiento

Los gastos de seguro y cumplimiento para el transporte de marten alcanzaron los $ 35.9 millones en 2023, lo que representa el 6.9% de los gastos operativos totales.

Tipo de gasto	Gastos totales	Porcentaje de costos operativos
Seguro y cumplimiento	$ 35.9 millones	6.9%

Marten Transport, Ltd. (MRTN) - Modelo de negocios: flujos de ingresos

Tarifas de transporte de larga distancia

Para el año fiscal 2023, Marten Transport informó ingresos operativos totales de $ 1,089.8 millones. Las tarifas de transporte de larga distancia comprendían una porción significativa de estos ingresos.

Segmento de transporte	Ingresos (2023)	Porcentaje de ingresos totales
Segmento de carga de camiones	$ 926.5 millones	85%
Segmento dedicado	$ 163.3 millones	15%

Servicios de flete refrigerados

Marten Transport se especializa en transporte refrigerado, con una flota de 4.000 remolques refrigerados y 2,400 tractores dedicados a la carga sensible a la temperatura.

• Tasa promedio de carga refrigerada por milla: $ 2.45
• Ingresos anuales del servicio de flete refrigerado: aproximadamente $ 650 millones

Contratos de transporte dedicados

Los contratos de transporte dedicados representaron el 15% de los ingresos totales en 2023, por un total de $ 163.3 millones.

Tipo de contrato	Ingresos anuales	Número de contratos
Contratos dedicados a largo plazo	$ 112.3 millones	24
Contratos dedicados a corto plazo	$ 51.0 millones	12

Cargos de servicio de logística y seguimiento

Los servicios de logística y seguimiento generaron flujos de ingresos adicionales para el transporte de marten.

• Ingresos anuales del servicio de logística: $ 35.2 millones
• Cargo por servicio promedio de seguimiento por envío: $ 45

Servicios de transporte adicionales de valor agregado

Los servicios complementarios contribuyeron a la diversificación de ingresos de la Compañía.

Tipo de servicio	Ingresos anuales
Envío acelerado	$ 22.5 millones
Manejo especializado	$ 15.7 millones
Servicios de almacenamiento	$ 8.3 millones

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Marten Transport, Ltd. over the competition, which boils down to specialization, reliability, and a flexible service structure. Marten Transport, Ltd. is definitely one of the premier suppliers for goods needing a controlled environment.

Specialization in time and temperature-sensitive (Reefer) freight is a huge part of the value. Marten Transport, Ltd. is one of the leading temperature-sensitive truckload carriers in the United States, focusing on food, beverages, and other consumer packaged goods requiring insulation or temperature control. Looking at the 2024 figures, approximately 59% of the Truckload and Dedicated revenue came from hauling temperature-sensitive products, with the remaining 41% from dry freight. This focus means specialized equipment and expertise are built into the service offering.

The business model is multifaceted, offering distinct service platforms to cover different customer needs. As of late 2025, the core structure centers on Truckload, Dedicated, and Brokerage, following the recent sale of the Intermodal assets for $51.8 million in the third quarter of 2025. Here's a quick look at the scale of the main segments based on 2024 revenue:

Service Platform	2024 Revenue (Excl. Fuel Surcharges)	2024 Operating Ratio
Truckload	$377.5 million	99.1%
Dedicated	$267.1 million	91.4%
Brokerage	$146.0 million	92.6%
Intermodal (Pre-Sale)	$49.5 million	107.9%

The Dedicated platform historically delivers strong profitability, contributing one-third of Marten Transport, Ltd.'s 2024 operating revenue but more than two-thirds of the operating income from that year. The company's overall financial stability, being ZERO debt since 2017, is a value proposition in itself, especially when the TTM Revenue as of June 30, 2025, was $920.9M.

You get high service reliability and on-time delivery, which is critical for demanding deadlines. For instance, in 2024, Marten Transport, Ltd. achieved an on-time delivery rate of 99% on specialty chemical truckloads with a major customer, Chemours. More broadly, the on-time service to delivery metric stood at 97.0% for the full year 2024, improving slightly to 97.5% for the first half of 2025 (1H 2025).

The Brokerage segment provides flexible capacity to handle volume surges, supplementing the core fleet capabilities. In 2024, this segment maintained a solid operating ratio of 92.6%. This flexibility is supported by the mix of freight handled:

• Dry vans accounted for 21% of Brokerage freight in 2024.
• The Brokerage platform generated $10.8 million in operating income in 2024.
• The Q3 2025 operating income for the Brokerage segment was $2.7 million.

Finally, Marten Transport, Ltd. offers cross-border service to Mexico and Canada through MRTN de México. This service provides customers with door-to-door temperature-controlled and dry van options between Mexico, the United States, and Canada by using established Mexican partner carriers within Mexico. This extends the reach beyond the primary U.S. operations, which generated $223.2 million in total operating revenue in Q1 2025.

Finance: draft 13-week cash view by Friday.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Customer Relationships

You're looking at how Marten Transport, Ltd. (MRTN) locks in its business, especially with its high-value customers. The relationship strategy is clearly segmented by service offering, which makes sense given their focus on temperature-sensitive freight.

Dedicated Long-Term Contracts for the Dedicated Segment

The Dedicated segment is where Marten Transport, Ltd. builds its deepest ties. These aren't spot-market deals; they are structured commitments. Agreements with Dedicated segment customers typically range from three to five years and include provisions for annual rate reviews. This structure provides revenue stability, which is key when you are dedicating specific assets and drivers to a single customer's requirements. For context on the segment's recent performance, Dedicated division revenue in the first quarter of 2025 fell to $73.625 million, down from $86.46 million in the year-ago period. Operating income for the Dedicated segment in the second quarter of 2025 was $5.43 million, an 18.4% drop year-over-year. The operating ratio for the Dedicated segment in 2024 was 92.8%, or 91.4% when excluding fuel surcharges.

The value proposition here is customization and reliability, which is reflected in the table below:

Dedicated Segment Value Proposition Element	Metric/Term
Contract Length Range	Three to five years
Rate Review Frequency	Annual
Q1 2025 Revenue	$73.625 million
Q2 2025 Operating Income	$5.43 million
2024 Operating Ratio (Net of Fuel Surcharges)	91.4%

High-Touch, Direct Sales Relationships with Large Shippers

Marten Transport, Ltd. emphasizes a direct approach, especially for the customized solutions in the Dedicated segment. They manage all the details of a customer's transportation budget with custom solutions designed around business needs. This involves a high level of engagement to manage elements like:

• Tractor/Trailer procurement
• Maintenance protocol and cost management
• Customized KPI's (Key Performance Indicators)
• Insurance and risk mitigation
• Costly licensing and operating permits

This level of integration suggests a focus on large shippers needing consistent, specialized service, rather than transactional, one-off loads. The company's overall Trailing Twelve Months (TTM) Revenue as of June 30, 2025, was $920.9M, indicating a substantial base of business that requires this level of relationship management.

Automated Tracking and Communication via Proprietary Systems

The operational side of customer relationships is heavily supported by technology. Marten Transport, Ltd. depends on its management information and communication systems for efficient operations. Their proprietary information systems are used for receiving, planning, and optimizing loads, as well as communicating with and monitoring drivers, tractors, and trailers. This technology enables real-time tracking, improved efficiency, and greater transparency for the customer. The company highlights Load tracking capabilities as a feature available through its logistics arm, Marten Transport Logistics, LLC. This digital backbone supports the high-touch sales relationships by providing the data needed for performance reporting and proactive issue resolution.

Focus on Retaining High-Volume, Core Customers

The entire structure points toward customer retention. By offering customized solutions and securing multi-year contracts, Marten Transport, Ltd. is clearly targeting high-volume, core customers whose supply chains depend on their specialized, temperature-controlled network. The Executive Chairman noted a focus on capitalizing on profitable organic growth opportunities, with fair compensation for their premium services across all segments. This commitment to premium service, backed by a debt-free balance sheet (Total Debt: ZERO as of June 30, 2025) and strong Operating Cash Flow of $122.6M (TTM June 30, 2025), is positioned as the ultimate retention tool-stability in turbulent times. For instance, Q1 2025 Net Income was $4.3 million, or 5 cents per diluted share, showing continued profitability even in a challenging freight market.

The company's financial strength is a relationship asset.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Channels

You're looking at how Marten Transport, Ltd. (MRTN) gets its services-temperature-sensitive and dry freight-to the customer, which is a mix of direct relationship building and technology use. For a company with trailing twelve-month revenue hitting $920.9M as of June 30, 2025, the channel strategy is clearly focused on high-touch service backed by significant owned assets.

The primary channel for securing high-volume, consistent business involves a direct sales force. This team targets large food and consumer goods shippers, which aligns perfectly with Marten Transport, Ltd.'s specialization in temperature-sensitive freight. This direct approach is key for establishing the dedicated and long-haul contracts that provide revenue stability, especially when the broader freight market faces headwinds, like the recessionary pressures noted earlier in 2025.

Core capacity delivery relies heavily on the company-owned fleet and driver network. This is the physical channel through which the value proposition is executed. As of December 31, 2024, the scale of this operation included:

• 2,915 directly employed drivers.
• A total fleet of 5,440 trailers.
• Independent contractors provided only 2.9% of the fleet at that time, showing a strong preference for company control over capacity.

Here's a quick look at the asset base supporting these channels as of year-end 2024:

Asset Category	Count (As of Dec 31, 2024)	Detail
Total Employees	3,776	Includes drivers, mechanics, and support personnel.
Employed Drivers	2,915	The core capacity providers.
Total Trailers Operated	5,440	The equipment moving the freight.
Refrigerated Trailers	3,138	Essential for the temperature-sensitive core business.
Dry Vans	2,302	Supporting the dry freight segment.

Geographically, the physical reach is managed through 15 regional operating centers. These centers serve as the key hubs for the Truckload segment, supporting both regional short-haul and medium-to-long-haul operations. This structure allows Marten Transport, Ltd. to maintain its regional focus while still achieving national scope and international reach across the US, Canada, and Mexico.

Finally, Marten Transport, Ltd. uses digital interfaces to streamline interactions for both customers and drivers. These systems are critical for efficiency in a high-volume environment. You can see this in their customer-facing options and internal tools:

• Customer access via Load Tracking for visibility on shipments.
• Driver engagement through the Driver Portal for managing assignments and resources.

Honestly, having a dedicated portal for drivers and load tracking for customers shows they are investing in making the transaction smooth, which helps keep that service premium intact. Finance: draft 13-week cash view by Friday.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Customer Segments

Marten Transport, Ltd. serves customers whose freight demands specialized handling, primarily time and temperature-sensitive goods, alongside standard dry freight needs across North America.

Food and beverage producers requiring temperature control.

• Marten Transport, Ltd. is one of the leading temperature-sensitive truckload carriers in the United States.
• Approximately 59% of Truckload and Dedicated revenue in 2024 resulted from hauling temperature-sensitive products.
• The company specializes in transporting and distributing food, beverages, and other consumer packaged goods that require a temperature-controlled or insulated environment.

Consumer packaged goods (CPG) companies with high-volume needs.

• The remaining portion of the core business handles dry freight.
• Approximately 41% of Truckload and Dedicated revenue in 2024 was from hauling dry freight.
• The company concentrates on expedited movements for high-volume customers.

The scale of Marten Transport, Ltd.'s operations as of late 2025 provides context for the customer base size:

Metric	Value (As of September 30, 2025)	Value (Fiscal Year 2024)
Trailing Twelve Month Operating Revenue	$904 million	$963.7 million
Q3 2025 Operating Revenue	$220.5 million	N/A
Net Income (First Nine Months)	$13.7 million	$26.9 million

Customers needing customized, dedicated fleet solutions.

The Dedicated platform provides customized solutions tailored to individual customer requirements, using refrigerated trailers, dry vans, and specialized equipment within the United States.

• The Dedicated platform contributed one-third of Marten Transport, Ltd.'s 2024 operating revenue.
• The Dedicated platform generated more than two-thirds of Marten Transport, Ltd.'s 2024 operating income.
• Dedicated revenue, excluding fuel surcharges, was $267.1 million for 2024.
• The Dedicated segment reported an operating income of $23.0 million for 2024.
• Marten Transport, Ltd. maintains a ZERO total debt position as of June 30, 2025, offering a stable partnership base for dedicated contracts.

Shippers requiring US, Mexico, and Canada cross-border service.

Marten Transport, Ltd. offers services in the United States, Mexico, and Canada, utilizing its MRTN de México platform for door-to-door temperature-controlled and dry van services within Mexico via partner carriers.

• Marten Transport, Ltd.'s revenue is primarily generated from within the United States.
• The North America cross border road freight transport market size is valued at $247.6 billion in 2025.
• In March 2025, trucks moved $94.2 billion of freight across the US borders with Canada and Mexico.
• Of that March 2025 truck freight, $67.5 billion was with Canada and $77.3 billion was with Mexico.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Cost Structure

The Cost Structure for Marten Transport, Ltd. is heavily weighted toward variable operating expenses tied directly to miles driven and driver compensation, though fixed costs like depreciation on the fleet remain a significant component. The pressure on profitability in 2025 is evident in the overall efficiency metric.

The company-wide operating ratio (OR) for the first nine months of 2025 was reported at 97.3%, meaning operating expenses consumed 97.3 cents of every revenue dollar earned. When fuel surcharges are excluded from both revenue and expenses, the OR for the first nine months of 2025 stood at 96.9%. This high ratio reflects the cumulative impact of inflationary operating costs and freight rate reductions experienced through the third quarter of 2025.

Driver-related expenses are a primary cost driver. Variable costs generally include fuel expense, driver-related expenses such as wages, benefits, training, and recruitment, and independent contractor costs recorded under purchased transportation. For the first quarter of 2025, Salaries, wages and benefits totaled $78,800 thousand. For the six months ended June 30, 2025, this expense was $157.4 million. This focus on driver compensation is critical, as Marten Transport, Ltd. has been recognized as a 2025 TCA Elite Fleet, suggesting competitive pay structures are in place, with OTR Truck Driver annual earnings estimated between $70,200 and $91,500+.

Fuel expenses are managed through fuel surcharge revenue, but the net cost remains a major factor. For the first nine months of 2025, fuel surcharge revenue decreased to $80.0 million compared to $96.1 million in the prior year period. This reduction in surcharge revenue, alongside other pressures, contributed to the higher operating ratio.

Fixed costs are dominated by the capital-intensive nature of the fleet. The main fixed costs relate to the acquisition and subsequent depreciation of long-term assets, such as revenue equipment. For the first quarter of 2025, Depreciation expense was $27,470 thousand. Expenses that have both fixed and variable components include maintenance and tire expense, which generally vary with miles traveled but also have a controllable component based on safety and fleet age.

Insurance and claims, including auto liability, also fall into the category with both fixed and variable elements, varying with miles driven. For the first quarter of 2025, Insurance and claims expense was $13,377 thousand. Management noted that higher insurance and claims, along with depreciation costs, impacted the 2025 period operating ratio.

Here is a breakdown of key operating expenses for the first quarter ended March 31, 2025, in thousands of USD:

Cost Category	Amount (USD in thousands)	Notes
Salaries, wages and benefits	78,800	Significant component of variable costs
Purchased transportation	37,656	Independent contractor costs
Fuel and fuel taxes	33,117	Variable cost
Depreciation	27,470	Relates to long-term asset ownership
Supplies and maintenance	15,513	Fixed/variable component
Insurance and claims	13,377	Fixed/variable component
Operating taxes and licenses	2,417
Communications and utilities	2,279

The structure of these costs highlights the sensitivity to market conditions, as seen by the pressure on the operating ratio when freight rates decline relative to fixed and semi-fixed costs like driver compensation and equipment ownership.

• Variable costs include:
• Driver-related expenses like wages and benefits.
• Fuel expense.
• Independent contractor costs (purchased transportation).

• Costs with fixed/variable components:
• Maintenance and tire expense.
• Cost of insurance and claims.

• Main fixed costs relate to:
• Acquisition of long-term assets.
• Subsequent depreciation of revenue equipment and terminals.

The company expects its annual cost of tractor and trailer ownership, which includes depreciation, will increase in future periods due to higher prices for new equipment.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Marten Transport, Ltd. brings in cash as of late 2025. It's all about moving freight, but they slice that revenue in a few distinct ways.

The total top-line number for the first nine months of 2025 was $673.5 million in operating revenue. That's the gross amount before we start peeling back the layers of how they earn it.

Here's a quick look at the major components making up that total for the nine-month period ending September 30, 2025:

Revenue Component	Amount (First Nine Months 2025)
Total Operating Revenue	$673.5 million
Fuel Surcharge Revenue	$80.0 million
Operating Revenue, Net of Fuel Surcharges	$593.5 million

The revenue streams from the core service segments show how the $593.5 million (revenue net of fuel surcharges) is generated. While the exact dollar split isn't public in the latest filings, we know the performance trends for the first nine months of 2025 compared to the prior year's nine-month period.

Marten Transport, Ltd. generates revenue across its primary service offerings:

• Revenue from Truckload (Temperature-Sensitive and Dry) services.
• Revenue from Dedicated contract carriage.
• Revenue from Brokerage services.

The performance of these core segments, net of fuel surcharges, for the first nine months of 2025 compared to the first nine months of 2024 showed some shifts:

• Truckload segment revenue, net of fuel surcharges, decreased 4.1%.
• Dedicated segment revenue, net of fuel surcharges, decreased 10.7%.
• Brokerage segment revenue decreased 0.7%.

Also, remember that Marten Transport, Ltd. had an Intermodal segment, though they sold those assets for $51.8 million recently, allowing a stronger focus on the core truckload operations. For the first nine months of 2025, Intermodal segment revenue, net of fuel surcharges, decreased 24.8% from the comparable 2024 period. That sale definitely cleans up the revenue mix going forward. The fuel surcharge revenue itself was $80.0 million for the first nine months of 2025, down from $96.1 million in the first nine months of 2024. That's a big swing component.