The Idiot Index

← Back to dashboard
Sector
Capital ExtractionApplied to airlines, parcel delivery, freight rail, and trucking. COGS captures fuel, crew, equipment maintenance, and direct operations. Capital intensity is high (fleets, terminals, networks); Operational Markup is the load-bearing signal because pure Markup ignores the…
OrderHighest first

Capital Extraction in Transportation · FY 2023

26 of 30 companies · highest first
  1. 1
    TRNTrinity Industries
    507% of net profit returned to shareholders — funded beyond current-year earnings
    sector median 0.5382Top 2%
    5.0654
    × buybacks+dividends / net income
  2. 2
    GBXGreenbrier
    172% of net profit returned to shareholders — funded beyond current-year earnings
    sector median 0.5382Top 6%
    1.7160
    × buybacks+dividends / net income
  3. 3
    UNPUnion Pacific
    155% of net profit returned to shareholders — funded beyond current-year earnings
    sector median 0.5382Top 10%
    1.5470
    × buybacks+dividends / net income
  4. 4
    NSCNorfolk Southern
    147% of net profit returned to shareholders — funded beyond current-year earnings
    sector median 0.5382Top 13%
    1.4702
    × buybacks+dividends / net income
  5. 5
    CHRWC.H. Robinson
    102% of net profit returned to shareholders — funded beyond current-year earnings
    sector median 0.5382Top 17%
    1.0176
    × buybacks+dividends / net income
  6. 6
    CSXCSX
    99% of net profit returned to shareholders, 1% reinvested
    sector median 0.5382Top 21%
    0.9852
    × buybacks+dividends / net income
  7. 7
    WABWabtec
    70% of net profit returned to shareholders, 30% reinvested
    sector median 0.5382Top 25%
    0.7025
    × buybacks+dividends / net income
  8. 8
    FWRDForward Air
    68% of net profit returned to shareholders, 32% reinvested
    sector median 0.5382Median range
    0.6798
    × buybacks+dividends / net income
  9. 9
    MRTNMarten Transport
    64% of net profit returned to shareholders, 36% reinvested
    sector median 0.5382Median range
    0.6407
    × buybacks+dividends / net income
  10. 10
    LSTRLandstar
    62% of net profit returned to shareholders, 38% reinvested
    sector median 0.5382Median range
    0.6151
    × buybacks+dividends / net income

Not yet covered (4)

These companies are in the Transportation cohort but don't have a Capital Extraction computed for FY 2023. Either the underlying inputs aren't tagged in their XBRL filings, the DEF 14A pay-ratio narrative didn't parse cleanly, or this fiscal year hasn't been ingested for them yet.

What this measures

Full methodology →

How much of net profit goes to shareholders rather than back into the business.

Ratio
Capital Extraction
Sector
Transportation
Methodology version
v1.0.0
Formula
(Buybacks + Dividends) / NetIncome
Sector context

Applied to airlines, parcel delivery, freight rail, and trucking. COGS captures fuel, crew, equipment maintenance, and direct operations. Capital intensity is high (fleets, terminals, networks); Operational Markup is the load-bearing signal because pure Markup ignores the depreciation and SG&A required to keep the network running. Labor Share is closely watched in this sector — most transport firms are unionized.

What share of after-tax profit is returned to shareholders rather than reinvested. Universal across sectors — works for banks, insurers, REITs, and utilities where the Shareholder Extraction ratio (which divides by R&D) is undefined. A value of 1.0 means 100% of net income flows back out to shareholders; above 1.0 means the company is funding shareholder returns from sources beyond current-year earnings (debt, retained cash, asset sales).

Source data: PaymentsForRepurchaseOfCommonStock, PaymentsOfDividends, NetIncomeLoss (us-gaap) or ProfitLoss (ifrs-full).