olivLaw · US equity research
Universal Logistics Holdings, Inc. ULH
Trucking (No Local) · SIC 4213 · Vertical: Trucking (No Local) (SIC 4213)
Universal Logistics Holdings is a North American transportation and logistics group whose business is dominated by value-added and dedicated contract logistics, with operations in the United States, Mexico and Canada. The company is going through a difficult period: losses in intermodal and the 2025 restatement have raised questions about its resilience, while the second quarter of 2026 was largely supported by a gain on a property sale.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Universal Logistics Holdings, Inc. (ULH) stock was 32.72 USD (+2.25% on the day), with market capitalisation 862.8 m USD, dividend yield 1.28%, beta 1.36, 52-week range 12.18–32.72 USD. Latest reported quarter (Q2 2026): revenue of 379.3 m USD (−3.7% YoY), net income of 26.2 m USD (+214.9% YoY), diluted EPS 0.99 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 88.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 8.91 – 29.64
- above the upper band · %B 1.15 · band width 107.5%
- SMA 50 / 200
- 18.51 / 17.60
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.79 / 0.94
- 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +85.6% | −1.1% | +86.7 pp | — |
| 3 months | +77.9% | −0.5% | +78.4 pp | — |
| 6 months | +134.0% | +4.4% | +129.7 pp | — |
| Year to date | +115.4% | +12.3% | +103.1 pp | — |
| 1 year | +102.5% | +13.5% | +88.9 pp | +32.2% |
| 3 years | +38.9% | +76.4% | −37.5 pp | −7.6% |
| 5 years | +52.5% | +63.7% | −11.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 04 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 426.8 m | 465.1 m | 382.4 m | 393.8 m | 396.8 m | 385.4 m | 367.6 m | 379.3 m |
| Operating income | 42.6 m | 38.3 m | 15.7 m | 19.9 m | -117.4 m | 17.5 m | 4.8 m | 45.1 m |
| Depreciation & amortisation | 30.3 m | 36.4 m | 35.5 m | 36.2 m | 35.5 m | 39.1 m | 35.6 m | 33.2 m |
| Interest expense | 8.5 m | 11.8 m | 11.2 m | 11.6 m | 12.8 m | 13.4 m | 12.3 m | 13.1 m |
| Pre-tax income | 35.2 m | 27.3 m | 8.0 m | 11.2 m | -126.6 m | 7.3 m | -4.6 m | 34.6 m |
| Income tax | 8.7 m | 7.1 m | 2.0 m | 2.9 m | -8.6 m | 3.6 m | -1.1 m | 8.4 m |
| Net income | 26.5 m | 20.2 m | 6.0 m | 8.3 m | -117.9 m | 3.7 m | -3.5 m | 26.2 m |
| Diluted EPS | 1.01 | 0.77 ≈ | 0.23 | 0.32 | -4.48 | 0.14 ≈ | -0.13 | 0.99 |
| Operating cash flow | 6.2 m ≈ | 59.7 m | 84.3 m | 25.7 m ≈ | 25.9 m ≈ | 47.1 m | 33.4 m | 40.5 m ≈ |
| Capex | 65.1 m ≈ | 40.8 m | 52.6 m | 84.3 m ≈ | 54.5 m ≈ | 32.9 m | 9.6 m | 13.3 m ≈ |
| Dividends paid | 2.8 m ≈ | 2.8 m | 2.8 m | 2.8 m ≈ | 2.8 m ≈ | 2.8 m | 2.8 m | 2.8 m ≈ |
| Share repurchases | 0 ≈ | 24.0 k | — | — | 0 ≈ | 0 | — | — |
≈ 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 year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 1.5 bn | 1.4 bn | 1.8 bn | 2.0 bn | 1.7 bn | 1.8 bn | 1.6 bn |
| Revenue YoY | +20.1% | +3.4% | −8.0% | +25.9% | +15.1% | −17.5% | +11.1% | −15.6% |
| Net income | 52.2 m | 37.6 m | 48.1 m | 73.7 m | 168.6 m | 92.9 m | 129.9 m | -99.9 m |
| Net income YoY | +85.3% | −28.0% | +28.1% | +53.2% | +128.7% | −44.9% | +39.8% | −176.9% |
| Diluted EPS | 1.84 | 1.34 | 1.78 | 2.74 | 6.37 | 3.53 | 4.93 | -3.79 |
| Diluted EPS YoY | +85.9% | −27.2% | +32.8% | +53.9% | +132.5% | −44.6% | +39.7% | −176.9% |
| net % | 3.6% | 2.5% | 3.5% | 4.2% | 8.4% | 5.6% | 7.0% | -6.4% |
| Free cash flow | 28.3 m | 48.3 m | 8.6 m | 44.4 m | 96.3 m | -30.3 m | -139.2 m | -41.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 26.8 m USD
- Financial debt
- 797.6 m USD
- Net debt
- 770.7 m USD
- Equity
- 540.4 m USD
- Total assets
- 1.8 bn USD
- Debt / equity
- 1.48x
- Current ratio
- 1.20x
- ROE
- -16.8%
- ROA
- -5.6%
- FCF margin
- -2.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.8 bn | 2.0 bn | 1.7 bn | 1.8 bn | 1.6 bn | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | 80.4 m | 103.0 m | 240.4 m | 145.4 m | 203.1 m | -64.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Depreciation & amortisation | 74.1 m | 67.5 m | 76.7 m | 77.0 m | 124.2 m | 146.2 m | SEC (XBRL)· 16 Mar 2026verified |
| EBITDA | 154.5 m ≈ | 170.5 m ≈ | 317.1 m ≈ | 222.5 m ≈ | 327.3 m ≈ | 81.9 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Interest expense | 14.6 m | 11.6 m | 16.3 m | 24.2 m | 34.5 m | 49.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | 63.9 m | 98.6 m | 225.4 m | 124.3 m | 173.7 m | -100.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | 15.8 m | 24.8 m | 56.8 m | 31.4 m | 43.8 m | -139.0 k | SEC (XBRL)· 16 Mar 2026verified |
| Net income | 48.1 m | 73.7 m | 168.6 m | 92.9 m | 129.9 m | -99.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | 1.78 | 2.74 | 6.37 | 3.53 | 4.93 | -3.79 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 27.0 m | 26.9 m | 26.5 m | 26.3 m | 26.3 m | 26.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividend per share | 0.21 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 8.8 m | 13.9 m | 47.2 m | 12.5 m | 19.4 m | 26.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 259.2 m | 341.4 m | 350.7 m | 287.9 m | 293.6 m | 261.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Inventories | 8.3 m | 14.1 m | 11.4 m | 12.4 m | 8.3 m | 9.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 321.5 m | 420.7 m | 459.7 m | 365.5 m | 409.8 m | 382.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 364.8 m | 345.6 m | 391.2 m | 561.1 m | 742.4 m | 819.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Goodwill | 170.7 m | 170.7 m | 170.7 m | 170.7 m | 206.8 m | 105.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | 102.2 m | 88.3 m | 74.0 m | 61.3 m | 150.9 m | 108.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 1.1 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 97.9 m | 117.8 m | 87.1 m | 64.1 m | 60.0 m | 61.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | 59.7 m | 61.2 m | 65.3 m | 70.7 m | 88.8 m | 114.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Long-term debt | 400.4 m | 366.2 m | 313.2 m | 311.2 m | 670.3 m | 682.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 272.8 m | 312.7 m | 286.9 m | 260.4 m | 304.6 m | 318.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 239.6 m † | 302.2 m † | 446.9 m † | 532.2 m † | 647.0 m † | 540.4 m † | SEC (XBRL)· 16 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 99.3 m | 83.3 m | 213.4 m | 210.2 m | 112.4 m | 183.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 90.7 m | 38.8 m | 117.1 m | 240.6 m | 251.6 m | 224.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | 8.6 m ≈ | 44.4 m ≈ | 96.3 m ≈ | -30.3 m ≈ | -139.2 m ≈ | -41.1 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | -86.6 m | -33.2 m | -103.7 m | -236.8 m | -462.9 m | -203.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | -9.0 m | -44.6 m | -78.2 m | -8.6 m | 365.0 m | 26.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividends paid | 5.7 m | 11.3 m | 13.9 m | 11.0 m | 11.1 m | 11.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Share repurchases | 5.1 m | 0 | 14.3 m | 134.0 k | 107.0 k | 85.0 k | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 19 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 862.8 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet7
- Growth0
- Quality9
- Returns51
- Valuation33
Estimated value range
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: 5.52 – 49.41 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)15.92 – 49.41 (Mid 27.56)WACC 7.4% · starting FCFF 80.1 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -1.2%
- Peers: EV/EBITDA10.49 – 26.77 (Mid 22.20)6 companies used · median multiple 13.5x · quartiles 10.2x – 14.8xARCB, HTLD, JBHT, KNX, ODFL, SAIA
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)5.52 – 7.42 (Mid 6.33)
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
Unattractive profile · Score 19/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.2% | 10 (vs peers) | 14% |
| Net margin · Quality | -6.0% | 8 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.2% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 7.2x | 0 (vs peers) | 14% |
| Interest coverage · Balance sheet | -1.0x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 16.4x | 17 (vs peers) | 14% |
| FCF yield · Valuation | 4.2% | 53 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 1.3% | 18 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 30.2% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet7/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation33/100 · 2/3 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
UNIVERSAL LOGISTICS HOLDINGS, INC. (ULH). Latest full fiscal year: 2025; data up to 2026-07-04.
Figures computed from the financial statements: revenue 1.6 bn USD in 2025; YoY growth -15.6%; net margin -6.0%; ROE -15.1%; net debt/EBITDA 7.2x.
The estimated value range is 10.49–26.77 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 22.20 USD, the price of 32.72 USD leaves a potential of -32.2% (value / price − 1) and a margin of safety of -47.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 19/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Payout ratio (FCF): 30.2%
What contradicts it
- ROIC: -3.2%
- Net margin: -6.0%
- Revenue CAGR 3Y: -8.2%
- Net debt / EBITDA: 7.2x
- Interest coverage: -1.0x
- EV/EBITDA: 16.4x
- Shareholder yield (distributions): 1.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM).
Versus the vertical median
Trucking (No Local) (SIC 4213) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ODFLOld Dominion Freight Line, Inc. | 37.0 bn | 32.2 | 26.0% | 20.1% | −5.5% | +33% / −8% |
| JBHTJ.b. Hunt Transport Services, Inc. | 21.2 bn | 31.9 | 18.8% | 5.1% | −0.7% | +31% / +23% |
| KNXKnight-Swift Transportation Holdings Inc. | 10.2 bn | 67.2 | 2.2% | 1.9% | +0.8% | +36% / +16% |
| SAIASaia, Inc. | 9.7 bn | 34.3 | 10.6% | 8.0% | +0.8% | +28% / −7% |
| LSTRLandstar System, Inc. | 5.1 bn | 32.0 | 18.7% | 3.0% | −1.6% | +16% / −12% |
| ARCBArcbest Corporation | 3.1 bn | 109.6 | 2.2% | 0.7% | −4.0% | +117% / +17% |
| WERNWerner Enterprises, Inc. | 1.8 bn | — | -3.3% | -1.4% | −1.8% | +15% / −27% |
| MRTNMarten Transport, Ltd. | 1.0 bn | 74.8 | 1.6% | 1.5% | −8.3% | +21% / −34% |
| ULHUniversal Logistics Holdings, Inc. | 862.8 m | — | -15.1% | -6.0% | −15.6% | +102% / +39% |
| HTLDHeartland Express Inc | 829.0 m | — | -2.8% | -3.0% | −23.1% | +36% / −20% |
| PAMTPamt Corp | 259.3 m | — | -18.9% | -7.1% | −16.3% | +38% / −34% |
| SNDRSchneider National, Inc. | — | 37.0 | 4.6% | 2.4% | +7.3% | +32% / +29% |
| CVLGCovenant Logistics Group, Inc. | — | 237.7 | 0.9% | 0.3% | +2.9% | +70% / +59% |
1- and 3-year price returns: for ULH 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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 |
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 13 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).
In brief
Universal Logistics Holdings is a North American transportation and logistics group whose business is dominated by value-added and dedicated contract logistics, with operations in the United States, Mexico and Canada. The company is going through a difficult period: losses in intermodal and the 2025 restatement have raised questions about its resilience, while the second quarter of 2026 was largely supported by a gain on a property sale 13.
SWOT
Strengths
- The company has durable relationships with large customers in key industries and an integrated portfolio of services covering the whole supply chain 1.
- The model based on agents and independent owner-operators gives flexibility in costs and reduces the need for direct investment 1.
- The contract logistics segment showed higher revenue and margin in the second quarter of 2026, with long-term contracts providing visibility 3.
Weaknesses
- Dependence on a single large customer in the automotive industry concentrates risk in the company's revenue 1.
- The intermodal segment has produced repeated operating losses, and impairments in 2025 significantly reduced reported profit 13.
- The company restated previously issued financial statements and has a material weakness in internal control, which weighs on investor confidence 1.
Opportunities
- Growing outsourcing of logistics functions could bring new long-term contracts in sectors such as energy, healthcare and consumer goods 1.
- If the freight cycle recovers, the intermodal segment could return to profitability and win back part of its lost volumes 3.
- Selective acquisitions in a fragmented market could expand the company's capabilities and geographic reach 1.
Threats
- A recession or a fall in automotive production could reduce volumes and pressure rates across all segments 12.
- Volatility in diesel prices and labor costs could erode margins, especially if they cannot be passed on to customers 12.
- Reclassification of independent owner-operators as employees could create significant wage and tax costs 1.
Risks
- Material weakness in internal controlhigh
The company identified a material weakness in internal control over financial reporting and management concluded it was not effective as of December 31, 2025. Remediation is ongoing and there is no assurance it will be fully effective 1.
- Restatement of financial statementshigh
Quarterly financial statements for 2025 were restated because of an error in the goodwill impairment analysis for the intermodal segment. The restatement could attract regulatory scrutiny and lead to litigation 1.
- Asset impairmentmedium
The company recorded significant impairment of goodwill and customer-relationship intangibles in intermodal in 2025. If actual results of other reporting units differ from estimates, further impairments could follow 1.
- Labor costs and unionsmedium
The labor market is tight and a part of the workforce is unionized. Wage increases or a work stoppage could affect operations and financial results 12.
- Fuel exposure and trade policylow
The company does not hedge fuel price risk, and tariffs and geopolitical tensions can disrupt cross-border volumes. These factors could reduce margins if they cannot be recovered through rates 12.
Investment thesis
What would need to be true (bull case)
- If the recovery in the freight cycle is sustained, the intermodal segment could return to profitability, and long-term contracts in contract logistics could support revenue 3.
- The model based on agents and owner-operators could let the company grow without large equipment investments, and capturing the outsourcing trend could bring new customers 1.
- Gains from asset sales, such as the New Jersey property, could help reduce debt and support the dividend 3.
What would break the thesis
- If intermodal continues to lose volumes and concede rates, operating losses could persist and lead to further impairments 13.
- The internal control weakness and the restatement could weigh on investor confidence and attract additional scrutiny 1.
- Dependence on automotive customers and rising costs could compress margins even in a more favorable market cycle 12.
What to watch
- Trends in intermodal volumes and ratesQ3 2026
- Outcome of any inquiries or litigation linked to the restatement2027
- Debt levels and use of the revolving credit facilityQ3 2026
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 13 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).
The business
Universal Logistics Holdings, Inc. is a holding company whose subsidiaries provide customized transportation and logistics solutions across North America and in select international markets. The company delivers an integrated portfolio of services, including value-added logistics, dedicated, intermodal and trucking services, for customers in the automotive, industrial, retail, consumer goods, energy and metals sectors 1. It operates through three channels: a direct sales organization, a network of company-managed terminals and a nationwide network of independent agents who solicit freight directly from shippers 1.
As of December 31, 2025, the company employed approximately 10,525 people, and a significant part of its workforce was represented by labor unions under collective bargaining agreements 1. The network of agents and owner-operators is a critical component of the operating model: in 2025 agents generated a portion of freight volume, and this flexible model reduces the need for direct equipment investment 1. Universal completed its reincorporation from Michigan to Nevada in May 2025, with no change to its business or management 1.
The strategy relies on selective acquisitions in a fragmented industry, expansion into new verticals such as aerospace, energy and healthcare, and growth of its agent and owner-operator networks 1. Results for 2025 and the first half of 2026 show, however, that dependence on transactional transportation, especially intermodal, can quickly weigh on margins, which makes execution of the strategy a central point to watch 12.
Market context
The North American transportation and logistics market is highly competitive and fragmented, with competition based on service quality, reliability, price and access to capacity 1. Demand remains uneven in many sectors, particularly industrial and automotive, where production has stayed below historical levels, affecting parts of the contract logistics, intermodal and trucking services 2. Management says the freight cycle is moving in a favorable direction, but the recovery is still at an early stage and conditions continue to evolve 3.
Elevated labor, insurance, equipment, fuel and interest costs continue to pressure margins across the sector, and large companies that depend on outsourced logistics are most exposed to economic cycles 12. In the second quarter of 2026 Universal reported weaker intermodal volumes but a recovery in trucking revenue per load, which reflects the tariff pressure that varies by segment 3.
Trends
- Freight cycle recoverymixed
Management says the freight cycle is moving in a favorable direction, though the recovery is still in early stages. If demand in intermodal and the automotive sector recovers, revenues and capacity utilization could benefit 3.
- Outsourcing of logisticstailwind
The company expects continued outsourcing of logistics functions to support long-term growth as supply chains become more complex. This favors integrated providers with facility networks and long-standing customer relationships 1.
- Operating cost pressureheadwind
Labor, insurance, equipment, maintenance, fuel and interest costs rose in the first half of 2026. If these costs cannot be fully passed through in pricing, margins could remain under pressure 2.
- Trade policy and tariffsheadwind
The business depends heavily on cross-border trade between the United States, Canada and Mexico. New tariffs, trade restrictions or geopolitical tensions could reduce volumes and freight activity 12.
Competitive position
Universal competes with asset-based and non-asset-based carriers, integrated logistics providers, railroads and digital freight platforms 1. Larger competitors have greater financial resources, bigger equipment fleets and more advanced technology platforms, which can put pressure on prices and margins 1. Customers that reduce their number of carriers or frequently rebid freight can amplify this pressure 1.
The company's advantage lies in long-standing relationships with large industrial customers, facilities integrated into customer production processes and a flexible model built on independent agents and owner-operators 1. Competition in intermodal appears especially intense, as falling volumes and rates weighed on quarterly results in that area 3.
- Asset-based truck carriers
Carriers operating their own fleets that compete in road transportation, with greater financial resources and larger fleets as described in the annual report.
- Integrated logistics providers
Operators offering complete logistics solutions that compete directly with the contract logistics segment.
- Railroads
Indirect competition in intermodal transport, where freight can be moved by rail.
- Digital freight platforms
Technology-enabled brokers competing in transactional transportation and for access to capacity.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report31 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report26 Jun 2026Material agreement · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report01 May 2026Results of operations · Departure or appointment of officers · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report08 Apr 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement31 Mar 2026
- Current report20 Mar 2026Item 4.01 · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Universal Logistics Holdings, Inc. · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-04 · SEC / Universal Logistics Holdings, Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Universal Logistics Holdings, Inc. · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.