Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We'll give you the conclusion up front, the way we like it given to us: J.B. Hunt is a well-run, above-average trucking and intermodal company — probably the best-managed franchise in a structurally difficult industry — trading at the richest multiple in its modern history, right at the moment its earnings are being inflated by a cyclical freight recovery it did nothing to create. The business earns returns on invested capital of roughly 8-9%, which is at or below its cost of capital. It requires enormous, perpetual capital expenditure. Its pricing power, stripped of fuel surcharges, is close to nil. And its crown-jewel intermodal franchise depends on railroad partners whose map is about to be redrawn over J.B. Hunt's head by a merger it cannot control. Charlie's rule was simple: a great business at a fair price beats a fair business at a great price. J.B.
Recent filings analysed: 10-Q (2026-07-24), 8-K (2026-07-15), 8-K (2026-04-24), 10-Q (2026-04-24).
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