The Idiot Index

← Back to dashboard
Sector
Labor ShareApplied 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

Labor Share in Transportation · FY 2023

26 of 30 companies · highest first
  1. 1
    LUVSouthwest
    49¢ of every $1 of revenue reaches workers
    sector median 0.3104Bottom 2%
    0.4904
    of revenue → workers
  2. 2
    UPSUPS
    48¢ of every $1 of revenue reaches workers
    sector median 0.3104Bottom 6%
    0.4794
    of revenue → workers
  3. 3
    SAIASaia
    46¢ of every $1 of revenue reaches workers
    sector median 0.3104Bottom 10%
    0.4648
    of revenue → workers
  4. 4
    ARCBArcBest
    41¢ of every $1 of revenue reaches workers
    sector median 0.3104Bottom 13%
    0.4056
    of revenue → workers
  5. 5
    AALAmerican Airlines
    40¢ of every $1 of revenue reaches workers
    sector median 0.3104Bottom 17%
    0.3955
    of revenue → workers
  6. 6
    JBLUJetBlue
    39¢ of every $1 of revenue reaches workers
    sector median 0.3104Bottom 21%
    0.3906
    of revenue → workers
  7. 7
    UALUnited Airlines
    39¢ of every $1 of revenue reaches workers
    sector median 0.3104Bottom 25%
    0.3883
    of revenue → workers
  8. 8
    FDXFedEx
    36¢ of every $1 of revenue reaches workers
    sector median 0.3104Median range
    0.3594
    of revenue → workers
  9. 9
    ALKAlaska Airlines
    36¢ of every $1 of revenue reaches workers
    sector median 0.3104Median range
    0.3591
    of revenue → workers
  10. 10
    RRyder
    35¢ of every $1 of revenue reaches workers
    sector median 0.3104Median range
    0.3452
    of revenue → workers

Not yet covered (4)

These companies are in the Transportation cohort but don't have a Labor Share 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 every revenue dollar reaches workers.

Ratio
Labor Share
Sector
Transportation
Methodology version
v1.0.0
Formula
TotalEmployeeCompensation / Revenue
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.

How much of revenue flows to the people creating it. Includes wages, salaries, benefits, and stock-based compensation.

When direct disclosure is missing: approximated as Headcount × Median Pay × 1.30 (1.30 grosses up base pay to fully-loaded compensation including benefits and equity). The approximation is documented per company on its detail page.

Source data: LaborAndRelatedExpense, ShareBasedCompensation (us-gaap), or EmployeeBenefitsExpense (ifrs-full). When approximated: NumberOfEmployees × disclosed median compensation.