The Idiot Index
Operational Markup in Transportation · FY 2023
3 of 30 companies · highest first- 11.1297× revenue / (cost + opex)verified
- 21.1261× revenue / (cost + opex)verified
- 31.0195× revenue / (cost + opex)verified
Not yet covered (27)
These companies are in the Transportation cohort but don't have a Operational Markup 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.
- AALAmerican Airlines
- ALKAlaska Airlines
- ARCBArcBest
- CHRWC.H. Robinson
- CSXCSX
- DALDelta
- EXPDExpeditors
- FDXFedEx
- FWRDForward Air
- GATXGATX
- HUBGHub Group
- JBHTJ.B. Hunt
- JBLUJetBlue
- KEXKirby
- KNXKnight-Swift
- LSTRLandstar
- LUVSouthwest
- MATXMatson
- MRTNMarten Transport
- NSCNorfolk Southern
- ODFLOld Dominion
- RRyder
- SAIASaia
- UALUnited Airlines
- UNPUnion Pacific
- UPSUPS
- WERNWerner
What this measures
Full methodology →Revenue per dollar of cost + operating expenses. The multiplier after legitimate operations.
- Ratio
- Operational Markup
- Sector
- Transportation
- Methodology version
- v1.0.0
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.
The multiplier after legitimate operations. A high Markup combined with a low Operational Markup tells a specific story: surplus is being reinvested in the business. A high Markup combined with a high Operational Markup tells the opposite story: surplus is going to shareholders.
Source data: Revenues, CostOfGoodsAndServicesSold, OperatingExpenses (us-gaap) or equivalents in IFRS.