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olivLaw · US equity research

PAMT CORP PAMT

Trucking (No Local) · SIC 4213 · Vertical: Trucking (No Local) (SIC 4213)

12.38USD+4.12% · 1 dayClose 04 Nov 2026

PAMT CORP is a truckload dry van carrier operating across the United States, Mexico and Canada, with a single reporting segment combining its own-fleet trucking and brokerage and logistics. In the second quarter of 2026 it reported revenue of 164.7 million USD, up year over year, but a net loss, amid pressure on rates and driver supply costs.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, PAMT CORP (PAMT) stock was 12.38 USD (+4.12% on the day), with market capitalisation 259.3 m USD, dividend yield 8.08%, beta 0.62, 52-week range 7.53–17.56 USD. Latest reported quarter (Q2 2026): revenue of 164.7 m USD (+8.9% YoY), net income of -7.4 m USD, diluted EPS -0.36 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
259.3 m USD
shares as of 20 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -2.03 · TTM to 30 Jun 2026
E/P (TTM)
-16.38%
TTM to 30 Jun 2026
Dividend yield
8.08%
DPS 12m 1.00
Beta (2y)
0.62
Volatility (1y) 69%
52-week range
7.5317.56

Price history

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Technical reading

RSI (14)
57.4
strong (55–70)
Bollinger (20, 2)
10.16 – 12.81
in the upper half of the band · %B 0.84 · band width 23.1%
SMA 50 / 200
11.92 / 11.89
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
-0.06 / -0.25
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+3.0%−2.0%+5.0 pp—
3 months−14.0%−2.2%−11.8 pp—
6 months+25.6%+4.3%+21.3 pp—
Year to date+2.5%+10.6%−8.1 pp—
1 year+23.6%+10.5%+13.1 pp+31.6%
3 years−33.8%+73.7%−107.5 pp+4.3%
5 years−58.7%+61.7%−120.4 pp—
Max drawdown (1y)
−43.5%
18 Feb 2026 → 18 Mar 2026
Max drawdown (5y)
−81.0%
16 Nov 2021 → 18 Mar 2026
Compound annual growth (5y)
−16.2%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
164.7 m USD
+8.9% YoY
Net income
-7.4 m USD
unavailable YoY
Diluted EPS
-0.36
unavailable YoY
net / operating
-4.5% / -6.3%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue182.6 m166.5 m155.3 m151.1 m150.3 m141.3 m141.9 m164.7 m
Operating income2.3 m-37.7 m-9.2 m-11.1 m-5.7 m-38.1 m-271.0 k-10.4 m
Interest expense2.9 m4.1 m4.0 m4.0 m4.5 m4.9 m4.5 m4.6 m
Pre-tax income3.1 m-41.3 m-10.7 m-12.8 m-7.7 m-39.0 m-10.0 k-9.9 m
Income tax705.0 k-9.7 m-2.6 m-3.2 m-2.1 m-9.8 m-2.0 k-2.5 m
Net income2.4 m-31.6 m-8.1 m-9.6 m-5.6 m-29.3 m-8.0 k-7.4 m
Diluted EPS0.11-1.45 ≈-0.37-0.46-0.27-1.40 ≈0.00-0.36
Operating cash flow15.5 m ≈15.2 m5.0 m12.2 m ≈5.9 m ≈-5.8 m-2.7 m-14.0 m ≈
Capex49.1 m ≈55.2 m11.8 m6.3 m ≈3.4 m ≈19.2 m14.4 m4.4 m ≈
Share repurchases0 ≈0014.9 m ≈0 ≈011.0 k37.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue533.3 m514.2 m486.8 m707.1 m946.9 m810.8 m714.6 m598.1 m
Revenue YoY+21.8%−3.6%−5.3%+45.3%+33.9%−14.4%−11.9%−16.3%
Net income24.0 m7.9 m17.8 m76.5 m90.7 m18.4 m-31.8 m-52.6 m
Net income YoY−38.3%−67.1%+125.7%+329.2%+18.5%−79.7%−272.6%unavailable
Diluted EPS3.900.670.773.354.040.83-1.45-2.48
Diluted EPS YoY−35.9%−82.8%+14.9%+335.1%+20.6%−79.5%−274.7%unavailable
net %4.5%1.5%3.7%10.8%9.6%2.3%-4.4%-8.8%
Free cash flow8.5 m4.9 m19.4 m82.6 m104.9 m80.5 m-81.7 m-23.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
35.2 m USD
Financial debt
333.9 m USD
Net debt
298.6 m USD
Equity
210.5 m USD
Total assets
697.9 m USD
Debt / equity
1.59x
Current ratio
1.23x
ROE
-21.6%
ROA
-7.3%
FCF margin
-3.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
810.8 m
2024
714.6 m
2025
598.1 m

SEC (XBRL)· 12 Mar 2026verified

Operating income
2023
30.3 m
2024
-36.8 m
2025
-64.1 m

SEC (XBRL)· 12 Mar 2026verified

Interest expense
2023
9.2 m
2024
13.2 m
2025
17.5 m

SEC (XBRL)· 12 Mar 2026verified

Pre-tax income
2023
28.6 m
2024
-41.5 m
2025
-70.3 m

SEC (XBRL)· 12 Mar 2026verified

Income tax
2023
10.2 m
2024
-9.8 m
2025
-17.7 m

SEC (XBRL)· 12 Mar 2026verified

Net income
2023
18.4 m
2024
-31.8 m
2025
-52.6 m

SEC (XBRL)· 12 Mar 2026verified

Diluted EPS
2023
0.83
2024
-1.45
2025
-2.48

SEC (XBRL)· 12 Mar 2026verified

Weighted average diluted shares
2023
22.2 m
2024
21.9 m
2025
21.2 m

SEC (XBRL)· 12 Mar 2026verified

Balance sheet · USD

Cash
2023
100.6 m
2024
68.1 m
2025
35.2 m

SEC (XBRL)· 12 Mar 2026verified

Receivables
2023
80.6 m
2024
80.0 m
2025
66.9 m

SEC (XBRL)· 12 Mar 2026verified

Inventories
2023
2.3 m
2024
2.4 m
2025
2.3 m

SEC (XBRL)· 12 Mar 2026verified

Current assets
2023
251.0 m
2024
211.8 m
2025
171.2 m

SEC (XBRL)· 12 Mar 2026verified

Property, plant & equipment, net
2023
504.7 m
2024
527.2 m
2025
516.8 m

SEC (XBRL)· 12 Mar 2026verified

Total assets
2023
760.5 m
2024
741.7 m
2025
697.9 m

SEC (XBRL)· 12 Mar 2026verified

Accounts payable
2023
62.7 m
2024
31.2 m
2025
32.8 m

SEC (XBRL)· 12 Mar 2026verified

Short-term debt
2023
57.6 m
2024
73.0 m
2025
65.5 m

SEC (XBRL)· 12 Mar 2026verified

Long-term debt
2023
204.1 m
2024
252.6 m
2025
268.3 m

SEC (XBRL)· 12 Mar 2026verified

Current liabilities
2023
137.1 m
2024
118.8 m
2025
139.4 m

SEC (XBRL)· 12 Mar 2026verified

Total liabilities
2023
446.2 m
2024
464.1 m
2025
487.4 m

SEC (XBRL)· 12 Mar 2026verified

Equity
2023
314.2 m †
2024
277.5 m †
2025
210.5 m †

SEC (XBRL)· 12 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
114.6 m
2024
59.0 m
2025
17.3 m

SEC (XBRL)· 12 Mar 2026verified

Capex
2023
34.1 m
2024
140.8 m
2025
40.7 m

SEC (XBRL)· 12 Mar 2026verified

Free cash flow
2023
80.5 m ≈
2024
-81.7 m ≈
2025
-23.4 m ≈

SEC (XBRL)· 12 Mar 2026derived

Investing cash flow
2023
-11.3 m
2024
-100.2 m
2025
18.4 m

SEC (XBRL)· 12 Mar 2026verified

Financing cash flow
2023
-76.8 m
2024
8.6 m
2025
-68.6 m

SEC (XBRL)· 12 Mar 2026verified

Share repurchases
2023
4.7 m
2024
5.3 m
2025
14.9 m

SEC (XBRL)· 12 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-16.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
-14.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
4.2%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
-9.1%
computed by olivLawTTM to 30 Jun 2026
Net margin
-7.1%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-9.7%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-18.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-6.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-8.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-9.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
314.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-2.9x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-16.6 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
41.3 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-57.9 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
50 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
259.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
573.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-16.4%
computed by olivLawTTM to 30 Jun 2026
P/B
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
1.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-22.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
8.1%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
0.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 50.0% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

12.38 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 259.3 m USD

Key indicators

Market capitalisation
259.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-18.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-7.1%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-16.3%
computed by olivLawFY 2025
Dividend yield
8.1%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

26/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 20 Jul 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 2270derived 128

Score by group

50% · Insufficient data

Estimated value range

Low
26.28
USD per share
Mid
30.15
USD per share
High
35.34
USD per share
Price: 12.38 USD
The price is below the range
Potential to the central value: 143.5% (value / price − 1)
Margin of safety: 58.9% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.28 – 35.34 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)26.28 – 35.34 (Mid 30.15)
Multiple comparisons use the SIC vertical: Trucking (No Local) (SIC 4213)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 50.0% of at least 60%

FactorValueScoreWeight used
ROIC · Quality-8.9%0 (vs peers)21%
Net margin · Quality-7.1%0 (vs peers)13%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-14.2%0 (on a fixed band)17%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-2.9x0 (on a fixed band)13%
Current ratio · Balance sheet1.3x43 (on a fixed band)8%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-22.3%0 (on a fixed band)17%
Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)13%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet17/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality0/100 · 2/3 factors with a value
  • Returns· partial0/100 · 1/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

PAMT CORP (PAMT). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 598.1 m USD in 2025; YoY growth -16.3%; net margin -7.1%; ROE -18.9%.

The estimated value range is 26.28–35.34 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 30.15 USD, the price of 12.38 USD leaves a potential of 143.5% (value / price − 1) and a margin of safety of 58.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • The price is below the estimated value range

What contradicts it

  • ROIC: -8.9%
  • Net margin: -7.1%
  • Revenue CAGR 3Y: -14.2%
  • Interest coverage: -2.9x
  • FCF yield: -22.3%
  • Shareholder yield (distributions): 0.0%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Trucking (No Local) (SIC 4213) · same industry (4-digit SIC) · compared with 12 companies

Multiples and returns vs the median

P/E
—
vertical median 37.0x
EV/EBITDA
—
vertical median 15.1x
P/S
0.4x
vertical median 1.2x
below median (−62.4%)
P/B
1.3x
vertical median 2.0x
below median (−36.1%)
ROE
-18.9%
vertical median 1.9%
below median (−1,091.6%)
Net margin
-7.1%
vertical median 1.7%
below median (−517.1%)
EBIT margin
-9.1%
vertical median 2.6%
below median (−446.2%)
Revenue YoY
-16.3%
vertical median -1.7%
below median
Net debt/EBITDA
—
vertical median 0.3x
Dividend yield
8.1%
vertical median 1.3%
above median (+539.7%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ODFLOld Dominion Freight Line, Inc.36.8 bn34.224.8%19.4%−5.5%+31% / −9%
JBHTJ.b. Hunt Transport Services, Inc.20.9 bn31.618.8%5.1%−0.7%+29% / +21%
KNXKnight-Swift Transportation Holdings Inc.10.2 bn67.22.2%1.9%+0.8%+36% / +16%
SAIASaia, Inc.9.7 bn34.310.6%8.0%+0.8%+28% / −7%
LSTRLandstar System, Inc.5.1 bn32.018.7%3.0%−1.6%+16% / −12%
ARCBArcbest Corporation3.1 bn201.51.3%0.4%−4.0%+117% / +17%
WERNWerner Enterprises, Inc.1.8 bn—-3.3%-1.4%−1.8%+15% / −27%
MRTNMarten Transport, Ltd.1.0 bn74.81.6%1.5%−8.3%+21% / −34%
ULHUniversal Logistics Holdings, Inc.862.8 m—-15.1%-6.0%−15.6%+118% / +32%
HTLDHeartland Express Inc829.0 m—-2.8%-3.0%−23.1%+36% / −20%
PAMTPamt Corp259.3 m—-18.9%-7.1%−16.3%+24% / −34%
CVLGCovenant Logistics Group, Inc.—237.70.9%0.3%+2.9%+70% / +59%
SNDRSchneider National, Inc.—37.04.6%2.4%+7.3%+32% / +29%

1- and 3-year price returns: for PAMT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results).

    In brief

    PAMT CORP is a truckload dry van carrier operating across the United States, Mexico and Canada, with a single reporting segment combining its own-fleet trucking and brokerage and logistics. In the second quarter of 2026 it reported revenue of 164.7 million USD, up year over year, but a net loss, amid pressure on rates and driver supply costs.

    SWOT

    Strengths

    • A relatively young fleet, with average truck age under two years, lowers maintenance costs and supports safety 1.
    • Diversification between own-fleet trucking and brokerage reduces reliance on a single business model 13.
    • Long-standing relationships with large automotive customers provide recurring volumes and time-sensitive service 1.

    Weaknesses

    • The company reported net losses in the second quarter of 2026 and in 2025, with an operating ratio above 100% for truckload services 23.
    • Dependence on a few large customers and on the automotive industry makes revenue sensitive to that sector's economic cycles 1.
    • Total debt remained high in 2026 and operating cash flow was negative in the first half 3.

    Opportunities

    • If rate per mile keeps correcting, truckload margins could recover over time 3.
    • Reducing empty miles and improving truck productivity could support a return to profitability 3.
    • Expanding brokerage and logistics services could complement the owned fleet in periods of excess capacity 2.

    Threats

    • Tariffs and policy changes affecting Mexico and Canada trade may reduce cross-border volumes 1.
    • Driver shortages and rules on classifying independent contractors could raise personnel costs 1.
    • Price pressure from larger competitors and rail carriers may limit rates 1.

    Risks

    • Repeated net losseshigh

      Losses in recent quarters and an operating ratio above 100% could limit the company's ability to fund investment if the trend persists 23.

    • High debt and negative operating cash flowhigh

      Debt remained elevated and negative operating cash flow in the first half could narrow financing options 3.

    • Tariffs and cross-border trademedium

      United States tariff policy and possible retaliation by trading partners may reduce freight volumes from Mexico and Canada 1.

    • Driver shortage and contractor reclassificationmedium

      A lack of drivers and possible reclassification of independent contractors as employees could raise costs and liability exposure 1.

    • Claims and insurance reservesmedium

      Increased auto liability reserves, including a settlement agreed in 2025, show that liability can affect results unexpectedly 13.

    Investment thesis

    What would need to be true (bull case)

    • If the rate per mile increase seen in the second quarter of 2026 is sustained, truckload margins could gradually recover 3.
    • Better truck productivity and lower empty miles show operational discipline that could support profitability 3.
    • A relatively young fleet and diversification into brokerage could provide a steadier base if the market improves 12.

    What would break the thesis

    • An operating ratio above 100% and repeated net losses could point to a structural cost problem rather than a purely cyclical one 23.
    • High debt and negative operating cash flow could limit financial flexibility if the market does not improve 3.
    • Dependence on the automotive industry and cross-border trade exposes the company to tariffs and policy shifts that are hard to predict 1.

    What to watch

    • Trend in rate per truckload mile and the operating ratio of the truckload divisionQ3 2026
    • Development of operating cash flow and the debt levelQ3 2026
    • Effect of new tariffs on freight volumes from Mexico and Canada2027
    • New chief financial officer and the cost strategy for the coming yearnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results).

    The business

    PAMT CORP is a holding company that owns subsidiaries providing truckload dry van carrier services for general commodities across the continental United States, certain Canadian provinces and, through agreements with Mexican carriers, Mexico. Its headquarters and main terminal are in Tontitown, Arkansas. Freight consists mainly of automotive parts, consumer goods and manufactured goods such as heating and air conditioning units 1.

    Operations split into truckload services using company trucks or contractors, which made up 68.3% of revenue before fuel surcharge in 2025, and brokerage and logistics services using third-party carriers, at 31.7% 1. The company reports a single segment because both activities share similar economic characteristics, and the chief executive evaluates performance by net income and operating ratio 1.

    The strategy centers on a full suite of truckload solutions, concentration on high-density traffic lanes to reduce empty miles, time-sensitive service for automotive manufacturers and strict cost control 1. The five largest customers accounted for about 43% of revenue in 2025, and about 35% of revenue came from the automobile industry 1.

    Segments

    Brokerage and logistics

    This division coordinates freight using third-party carriers. Its revenue grew in the second quarter of 2026 and its operating ratio was 96.4%, better than that of the truckload division 2. It partly offsets pressure on the truckload division and reduces reliance on owned assets 3.

    Market context

    The US trucking industry is highly fragmented and competitive, with thousands of carriers, and the company holds a market share below 1% 1. The market has been marked by excess trucks relative to freight demand, low prices for used equipment and difficulty attracting drivers 1. In the second quarter of 2026 the company reported its first meaningful sequential increase in rate per total mile in more than three years 3.

    The automotive industry and cross-border trade with Mexico and Canada are key drivers, as a large part of volume depends on automaker supply chains 1. Tariffs introduced in 2025 and uncertainty over new measures could shift freight volumes in border regions 1.

    Trends

    • Excess capacity and pressured ratesmixed

      In 2025 and early 2026 the market had more trucks than freight, pushing rates down and reducing fleet utilization 12. The rise in rate per mile in the second quarter of 2026 could signal improvement if it holds 3.

    • Shortage of qualified driversmixed

      Competition for drivers raises wage and recruiting costs, and shortages can leave trucks idle 1. The company said industry constraints continue to limit driver supply, which could support rates over the medium term 3.

    • Tariffs and trade with Mexico and Canadaheadwind

      Tariffs imposed by the United States and uncertainty over their enforcement may reduce cross-border freight and affect automotive customers 1. If tariffs ease, border-region volumes could recover 1.

    • Insurance and equipment costsheadwind

      Insurance premiums and claim reserves have risen, and new equipment prices remain high, pressuring margins 12. Lower depreciation and fleet reduction could partly offset these effects 1.

    Competitive position

    The market is highly competitive, with truckload carriers of varying sizes, rail carriers and private fleets of customers, and many competitors have greater financial resources and larger fleets 1. The company competes mainly on service quality, delivery performance and price 1.

    Its differentiation rests on time-sensitive service for the automotive industry, dense traffic lanes and core-carrier relationships with large customers 1. Price pressure from larger competitors may limit its ability to pass costs on to customers 1.

    • Large US truckload carriers

      Medium and long-haul truckload competitors with larger fleets and greater financial resources, referred to generically in the annual report 1.

    • Railroads

      Competitors for long-distance freight, named as an alternative in the official source 1.

    • Private fleets of customers

      Customers who manage their own transport, which the company treats as a direct competitor 1.

    • Less-than-truckload carriers

      Limited competition noted among the competitive factors in the risk section 1.

    News & filings

    In the press

    The latest news item in our archive is from 21 Oct 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / PAMT CORP · 12 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / PAMT CORP · 07 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / PAMT CORP · 04 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.