J.B. Hunt Transport Services, I (JBHT) concentration risks

The company's concentration profile combines a moderate customer dependency with a counterparty dependency on two rail partners. On the customer side, the top 10 customers accounted for approximately 33% of revenue, a moderate share by disclosed size with a dependency character — individual order patterns and contract renewals within that cohort can move revenue meaningfully. The filing does not identify a single dominant customer, suggesting the dependency is spread across the group rather than concentrated in one name. The rail dependency is the more structurally distinctive feature of the profile. The majority of business travels on the BNSF and Norfolk Southern railways, a moderate-share counterparty relationship by disclosed size but one with a dependency character: if service on either rail corridor were disrupted — by labor action, infrastructure failure, or capacity constraints — the ability to run the core intermodal operation would be directly impaired. Unlike customer concentration, which can diversify over time through sales efforts, rail dependency reflects the physical infrastructure of intermodal logistics and cannot be quickly rerouted. Taken together, the two exposures are different in nature: the top-10 customer share is a commercial dependency that moves with freight cycles, while the BNSF and Norfolk Southern relationship is an operational dependency tied to the intermodal model itself. Neither is at a high disclosed share, but their combination means revenue and operations are both exposed to a moderate degree of concentration risk.

For the engine’s reasoning on JBHT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.