MRTN · CIK 0000799167
What Marten Transport, Ltd. told the SEC could break it.
Marten's standout exposure is customer concentration: its largest customer, Walmart, made up 20% of 2025 revenue (excluding fuel surcharges) and 24% of trade receivables, while its top ten customers accounted for 50% and its top thirty for 71% — so the loss of a major account would materially hit revenue and collections. As a trucking operation it also runs on diesel fuel, whose price and availability swing with political, economic and market forces beyond its control. And it operates under DOT, EPA and DHS rules on emissions, ergonomics and safety, where more stringent future regulation could force operating changes, raise costs, or reduce industry capacity and demand.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Walmart 20% of revenue; top 10 = 50%, top 30 = 71%high
Marten's largest customer Walmart was 20% of 2025 revenue (ex-fuel surcharge) and 24% of trade receivables; its top 10 customers made up 50% and top 30 made up 71% of revenue.
“Our largest customer, Walmart, accounted for 20 % of our revenue excluding fuel surcharges in 2025 and 24 % of our trade receivables as of December 31, 2025, 20 % of our revenue in 2024 and 21 % of our trade receivables as of December 31, 2024, and 19 % of our revenue in 2023.”
SEC filing →As of 2026
Regulatory & policy
- DOT/EPA/DHS vehicle emissions and safety regulationsmedium
More stringent future DOT/EPA/DHS regulations on emissions, ergonomics and safety could force operating changes, raise costs or reduce industry capacity and transportation demand.
“Future laws and regulations may be more stringent and require changes in our operating practices, influence the demand for transportation services or require us to incur significa”
SEC filing →As of 2026
Commodity & input dependence
- diesel fuel price and availabilitylow
Operations are heavily dependent on diesel fuel, whose price and availability swing with political, economic and market factors beyond Marten's control.
“Our operations are heavily dependent upon the use of diesel fuel. The price and availability of diesel fuel can vary and are subject to political, economic and market factors that are beyond our control.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Our largest customer, Walmart, accounted for 20 % of our revenue excluding fuel surcharges in 2025 and 24 % of our trade receivables as of December 31, 2025, 20 % of our revenue in 2024 and 21 % of our trade receivables as of December 31, 2024, and 19 % of our revenue in 2023.”
Cited →“Our largest customer, Walmart, accounted for 20 % of our revenue excluding fuel surcharges in 2024 and 21 % of our trade receivables as of December 31, 2024, 19 % of our revenue in 2023 and 19 % of our trade receivables as of December 31, 2023, and 21 % of our revenue in 2022.”
Cited →
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