Schneider National, Inc. (SNDR) | Investment Case

1. Company Snapshot

1.a. Company Description

Schneider National, Inc., together with its subsidiaries, provides surface transportation and logistics solutions in the United States, Canada, and Mexico.The company operates through three segments: Truckload, Intermodal, and Logistics.The Truckload segment offers standard long-haul and regional shipping services primarily through dry van, bulk, temperature-controlled, and flat-bed equipment, as well as cross dock and customized solutions for time-sensitive loads.

The Intermodal segment provides door-to-door container on flat car services, including rail and dray transportation through company-owned containers, chassis, and trucks.The Logistics segment offers freight brokerage, supply chain, and import/export services; value-added services to manage and move its customers' freight; and transloading and warehousing services.It also leases equipment, such as trucks to owner-operators; and provides insurance for the company drivers and owner-operators.

Schneider National, Inc.was founded in 1935 and is headquartered in Green Bay, Wisconsin.

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1.b. Last Insights on SNDR

Schneider National's recent performance was driven by several positive factors. The company's announcement of a new share repurchase program, authorizing the repurchase of $150 million in outstanding shares, is a bullish sign for investors. Additionally, the increase in quarterly dividend by 5% to $0.10 per share demonstrates the company's commitment to returning value to shareholders. Furthermore, the appointment of Jim Filter as President and CEO, effective July 1, 2026, brings a new perspective to the company's leadership.

1.c. Company Highlights

Last Price	31.47
Change Percentage	1.22%
Open	33.34
Previous Close	31.09
Market Cap ( Millions)	5518
Volume	1716387
Year High	33.34
Year Low	20.11
M A 50	27.33
M A 200	25.6

FCF Yield	8.94%
Dividend Yield	1.22%
ROE	3.24%
Debt / Equity	13.20%
Net Debt / EBIDTA	28.00%
Price To Book	1.82
Price Earnings Ratio	56.29
Price To FCF	11.19
Price To sales	0.97
EV / EBITDA	9.32

2. Schneider National: Navigating a Volatile Freight Landscape

Schneider National reported a 21% decline in adjusted income from operations, driven by a tighter freight market and higher operating costs. The adjusted operating ratio rose 70 basis points, reflecting margin pressure. EPS came in at $0.12 versus an estimate of $0.11, slightly ahead of expectations. The company maintains an aggressive guidance range of $0.70 to $1.00 for 2026, with an effective tax rate of roughly 24%. Valuation metrics show a P/E of 55.61 and an EV/EBITDA of 9.19, underscoring the premium investors pay for Schneider’s multimodal platform and growth prospects.

Publication Date: May -01

                                    📋 Highlights
                                    Adjusted Income Decline::
                                                Adjusted income from operations dropped 21%, with a 70-basis-point rise in adjusted operating ratio to 88.0%.
EPS Guidance Maintained::
                                                2026 EPS guidance unchanged at $0.70–$1.00, assuming a 24% effective tax rate despite market challenges.
Intermodal Growth::
                                                Intermodal revenue growth expected to accelerate, driven by asset-based model and strategic customer demand for supply chain control.
Fleet Optimization::
                                                Over 150 trucks sold in Dedicated business, focusing on revenue per truck per week (7% Q1 improvement) and productivity over truck count.
Balance Sheet Strength::
                                                Strong liquidity allows $500M+ in "dry powder" for accretive acquisitions while maintaining investment-grade ratings.

                                

Market Conditions

James S. Filter cited DOT safety initiatives that have pulled capacity out of the market, intensifying competition. Fuel cost inflation and an impending road check are expected to drive more drivers off the road, further tightening supply.

Operational Initiatives

Filter highlighted a 7% improvement in revenue per truck per week, largely due to productivity gains rather than price increases, signaling effective early cycle playbook execution.

Capital Allocation

Darrell G. Campbell emphasized the strength of Schneider’s balance sheet, noting ample dry powder to preserve an investment‑grade profile while pursuing accretive acquisitions.

Guidance & Outlook

Despite unchanged 2026 guidance, the company stresses the need for a demand inflection to hit the upper end of the EPS range, while remaining cautious of weather and fuel volatility.

Technology & AI

Mark B. Rourke detailed AI initiatives aimed at reducing friction for drivers and customers, with early results improving service performance and lowering cost to serve.

Margin & Productivity

Darrell noted that Network faces the most margin pressure, yet Dedicated, Intermodal, and Logistics are approaching long‑term target ranges thanks to cost and productivity initiatives.

Dedicated & Intermodal

Dedicated contracts average 3–5 years with a 92–93% retention rate; the company is focusing on revenue per truck per week to boost profitability. Intermodal demand is rising, especially among strategic customers prioritizing supply chain control.

Investor Sentiment

UBS analyst Thomas Wadewitz questioned positive momentum; Rourke responded that proactive actions and dynamic capacity shifts position Schneider well for the evolving freight environment, reinforcing investor confidence.

3. NewsRoom

Schneider Offers Less Than A 10% Cycle-Average Yield While Reaching Previous Stock Tops

May -01

Source: seekingalpha.com

Schneider National (SNDR) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

May -01

Source: zacks.com

Schneider National, Inc. (SNDR) Q1 2026 Earnings Call Transcript

May -01

Source: seekingalpha.com

Schneider National (SNDR) Q1 Earnings Beat Estimates

Apr -30

Source: zacks.com

Schneider National, Inc. announces quarterly dividend

Apr -30

Source: businesswire.com

Schneider National, Inc. to report First Quarter 2026 Earnings on April 30, 2026

Apr -02

Source: businesswire.com

Intermodal leader Angela Prill named a Top Woman to Watch in Trucking

Apr -01

Source: businesswire.com

Schneider National, Inc. (SNDR) Presents at Citi's Global Industrial Tech & Mobility Conference 2026 Transcript

Feb -18

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.63%)

6. Segments

Truckload

Expected Growth: 5%

Schneider National's 5% truckload growth driven by increasing demand for dedicated capacity, expansion of e-commerce and retail business, and strategic investments in digital freight marketplace. Additionally, the company's focus on operational efficiency, cost savings, and driver recruitment/retention initiatives contribute to the growth.

Logistics

Expected Growth: 4%

Schneider National's logistics segment growth is driven by increasing demand for e-commerce fulfillment, strategic partnerships with major retailers, and investments in digital freight marketplace technology. Additionally, the company's focus on intermodal services, dedicated truckload, and brokerage solutions has enabled it to capitalize on the growing need for efficient and flexible supply chain management.

Intermodal

Expected Growth: 7%

Schneider National's Intermodal segment growth is driven by increasing demand for efficient and cost-effective transportation solutions, investments in digitalization and technology, expansion of dedicated intermodal services, and strategic partnerships with major railroads. Additionally, growing e-commerce and retail sales, as well as a shift towards more environmentally friendly transportation modes, contribute to the 7% growth.

Fuel Surcharge

Expected Growth: 3%

Schneider National's 3% fuel surcharge growth is driven by increasing diesel fuel prices, rising transportation demand, and a tight trucking capacity market. Additionally, the company's focus on dedicated and intermodal services, which have higher fuel surcharge revenue, contributes to the growth. Furthermore, Schneider's ability to pass through fuel costs to customers through its fuel surcharge program also supports the growth.

Other

Expected Growth: 2%

Schneider National's 'Other' segment growth is driven by increasing demand for logistics services, expansion of its warehousing and distribution network, and strategic acquisitions. Additionally, the company's investments in digitalization and technology, such as its proprietary transportation management system, have improved operational efficiency and enhanced customer experience, contributing to the segment's growth.

Inter-Segment Eliminations

Expected Growth: 1%

Schneider National's 1% Inter-Segment Eliminations growth is driven by increased truckload volumes, improved pricing, and enhanced operational efficiency. The company's focus on digitalization, investments in technology, and strategic acquisitions have also contributed to this growth. Additionally, the rise in e-commerce and demand for logistics services have fueled the growth of Schneider's intermodal and logistics segments.

7. Detailed Products

Truckload

Schneider National's Truckload service provides dedicated capacity solutions for shippers, offering flexible and customized transportation options for their freight.

Intermodal

Schneider National's Intermodal service combines the efficiency of rail transportation with the flexibility of trucking, offering a cost-effective and environmentally friendly solution for shippers.

Dedicated

Schneider National's Dedicated service provides customized, dedicated transportation solutions for shippers, offering a high level of control and flexibility for their freight.

Brokerage

Schneider National's Brokerage service connects shippers with a network of qualified carriers, providing flexible and cost-effective transportation solutions for their freight.

Warehousing and Distribution

Schneider National's Warehousing and Distribution service provides customized logistics solutions for shippers, including warehousing, inventory management, and order fulfillment.

Port Logistics

Schneider National's Port Logistics service provides customized logistics solutions for shippers, including drayage, warehousing, and distribution, to facilitate the movement of international freight.

Supply Chain Management

Schneider National's Supply Chain Management service provides comprehensive logistics solutions for shippers, including transportation management, warehousing, and distribution, to optimize their supply chain operations.

8. Schneider National, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Schneider National, Inc. operates in a highly competitive industry, but the threat of substitutes is moderate due to the high barriers to entry and the complexity of the logistics industry.

Bargaining Power Of Customers

Schneider National, Inc. has a large customer base, but the bargaining power of customers is high due to the availability of alternative logistics providers and the high demand for transportation services.

Bargaining Power Of Suppliers

Schneider National, Inc. has a diverse supplier base, and the bargaining power of suppliers is low due to the company's large scale of operations and its ability to negotiate favorable prices.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the logistics industry, including the need for significant capital investment and regulatory compliance.

Intensity Of Rivalry

The logistics industry is highly competitive, and the intensity of rivalry is high due to the presence of several large players, including J.B. Hunt Transport Services, Inc. and Landstar System, Inc.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	9.27%
Debt Cost	6.03%
Equity Weight	90.73%
Equity Cost	8.25%
WACC	8.04%
Leverage	10.22%

11. Quality Control: Schneider National, Inc. passed 5 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Huntington Ingalls

A-Score: 5.8/10

Value: 4.5

Growth: 4.2

Quality: 5.1

Yield: 4.0

Momentum: 10.0

Volatility: 6.7

1-Year Total Return ->

Lincoln Electric

A-Score: 5.3/10

Value: 2.2

Growth: 6.4

Quality: 6.6

Yield: 2.0

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

Schneider National

A-Score: 4.3/10

Value: 5.9

Growth: 3.4

Quality: 5.1

Yield: 3.0

Momentum: 1.5

Volatility: 7.0

1-Year Total Return ->

Werner Enterprises

A-Score: 4.1/10

Value: 6.4

Growth: 3.7

Quality: 4.4

Yield: 3.0

Momentum: 1.0

Volatility: 6.3

1-Year Total Return ->

Saia

A-Score: 3.8/10

Value: 4.8

Growth: 7.4

Quality: 6.0

Yield: 0.0

Momentum: 1.5

Volatility: 3.3

1-Year Total Return ->

RXO

A-Score: 2.4/10

Value: 5.8

Growth: 1.2

Quality: 4.4

Yield: 0.0

Momentum: 0.5

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-1.07%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.04%

Schneider National, Inc. - US80689H1023

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on SNDR

1.c. Company Highlights

Weak Momentum

Average Yield

Medium Volatility

Earnings Miss

Revenues Miss

Higher Yield

Earnings Beats

Average Growth

Stable Momentum

Less Volatile

Average Quality

2. Schneider National: Navigating a Volatile Freight Landscape

Market Conditions

Operational Initiatives

Capital Allocation

Guidance & Outlook

Technology & AI

Margin & Productivity

Dedicated & Intermodal

Investor Sentiment

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.63%)

6. Segments

Truckload

Expected Growth: 5%

Logistics

Expected Growth: 4%

Intermodal

Expected Growth: 7%

Fuel Surcharge

Expected Growth: 3%

Other

Expected Growth: 2%

Inter-Segment Eliminations

Expected Growth: 1%

7. Detailed Products

Truckload

Intermodal

Dedicated

Brokerage

Warehousing and Distribution

Port Logistics

Supply Chain Management

8. Schneider National, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Schneider National, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

12.e Scoring ^Insights

12.f DCF ^BETA