Filing Flows › Hunt J B Transport Services (JBHT) › Takeover & LBO
Is Hunt J B Transport Services (JBHT) a takeover target?
A leveraged buyout at today's price plus 30% ($284.69 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $175.60 a share (−20% against today's $218.99).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $284.69 | today's $218.99 plus 30% |
| × shares | 94.6 million | |
| = Equity value | $26.9B | |
| + Debt refinanced | $1.1B | |
| − Cash | $3.8M | |
| = Enterprise value | $28.1B | 16.7× EBITDA of $1.7B |
| Fees | $561M | 2% of the price |
| New debt | $9.3B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $19.4B | 68% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $14.4B | $1.8B | $708M | $352M | $8.9B |
| Year 2 | $15.4B | $1.9B | $681M | $449M | $8.5B |
| Year 3 | $16.2B | $2.0B | $647M | $546M | $7.9B |
| Year 4 | $16.9B | $2.1B | $605M | $640M | $7.3B |
| Year 5 | $17.4B | $2.2B | $556M | $731M | $6.5B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 13.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $28.5B | |
| − Debt left | $6.5B | |
| = Buyer's equity | $22.0B | |
| Money multiple | 1.14× | on $19.4B put in |
| Buyer's yearly return (IRR) | 2.6% |
Price against return
What the buyer makes at other premiums over today's $218.99; the IRR reaches 20% at $175.60 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $240.89 | 7.8% |
| 20% | $262.79 | 5.0% |
| 30% | $284.69 | 2.6% |
| 40% | $306.59 | 0.5% |
| 50% | $328.49 | −1.4% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $13.3B | |
| EBITDA, last 12 months | $1.7B | 12.6% of revenue |
| Depreciation and amortization | $723M | |
| Capital spending | $528M | |
| Debt | $1.1B | |
| Cash | $3.8M | |
| Share price | $218.99 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 25% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Hunt J B Transport Services would cost about $306.59 a share, $29.0B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $251.18 | $23.8B |
| Median | 40% | $306.59 | $29.0B |
| High end (a quarter paid more) | 60.2% | $350.82 | $33.2B |
Hunt J B Transport Services' latest quarter
Hunt J B Transport Services, Q3 2026: revenue $3.7B (+20% year over year), operating margin 6.7%, net earnings $172M, operating cash flow $385M. The chart follows the revenue to costs, profit and cash.
Questions
Is Hunt J B Transport Services being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Hunt J B Transport Services?
A leveraged buyout at today's price plus 30% ($284.69 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $175.60 a share (−20% against today's $218.99).
What would a takeover of Hunt J B Transport Services cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Hunt J B Transport Services would cost about $306.59 a share, $29.0B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.