Traders tend to be regarded as exploitative towards producers even without knowledge of their businesses. This study examines marketing costs, net-profits and return to invested capital of small ruminant traders from Marsabit County. Based on 84 transactions made between 2014 and 2016, we found low average profits and a high risk of economic losses among local long-distance traders. For traders working in partnerships of two or more, the profits and losses over the study period amounted to incomes barely exceeding Kenya's minimum wage. Although traders play an important role in linking pastoralists to markets, the precariousness they face hinders the sustainability of pastoral small ruminant value chains in Kenya.