olivLaw · US equity research
Elite Express Holding Inc. ETS
Trucking & Courier Services (No Air) · SIC 4210 · Vertical: Trucking & Courier Services (No Air) (SIC 4210)
Elite Express Holding Inc. (ETS) is a Delaware holding company that, through its subsidiary JAR Transportation, runs last-mile package delivery in California, almost entirely for FedEx. It matters now because revenue has grown in the latest quarters, while general and administrative and R&D costs have deepened its net loss in 2026, as the company has recently become a listed company after an initial public offering.
At the close of 04 Nov 2026, Elite Express Holding Inc. (ETS) stock was 1.76 USD (+4.14% on the day), with market capitalisation 85.7 m USD, beta -1.16, 52-week range 0.43–2.60 USD. Latest reported quarter (Q3 2026): revenue of 766.4 k USD (+20.9% YoY), net income of -760.1 k USD, diluted EPS -0.02 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)
- 49.9
- neutral
- Bollinger (20, 2)
- 1.31 – 2.34
- in the lower half of the band · %B 0.43 · band width 56.5%
- SMA 50 / 200
- 1.61 / 0.91
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.07
- MACD below 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 | +6.0% | −1.1% | +7.1 pp | — |
| 3 months | +60.0% | −0.5% | +60.5 pp | — |
| 6 months | +205.6% | +4.4% | +201.2 pp | — |
| Year to date | +256.3% | +12.3% | +244.0 pp | — |
| 1 year | +155.1% | +13.5% | +141.5 pp | −53.8% |
| 3 years | unavailable | +76.4% | unavailable | −19.9% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 31 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|
| Revenue | 692.1 k | 630.3 k | 633.9 k | 709.7 k | 805.3 k | 726.8 k | 766.4 k |
| Cost of revenue | 724.6 k | 612.2 k | 627.0 k | 683.9 k | 647.9 k | 645.8 k | 670.7 k |
| Gross profit | -32.4 k | 18.0 k | 6.8 k | 25.8 k | 157.4 k | 81.0 k | 95.8 k |
| Research & development | — | — | — | — | — | 2.2 m | 0 ≈ |
| Operating income | -316.0 k | -123.8 k | -144.8 k | -1.9 m | -307.2 k | -2.8 m | -921.3 k |
| Interest expense | 0 | — | — | — | 1.1 k | 1.5 k | -1.1 k ≈ |
| Pre-tax income | -311.3 k | -107.2 k | -142.5 k | -1.7 m | -108.5 k | -2.5 m | -760.1 k |
| Income tax | -106.3 k | 400 | 43.3 k | -42.5 k | 1.6 k | 0 | 0 |
| Net income | -205.0 k | -107.6 k | -185.9 k | -1.7 m | -110.1 k | -2.5 m | -760.1 k |
| Diluted EPS | -0.02 | -0.01 | -0.01 | -0.10 ≈ | -0.01 | -0.15 | -0.02 |
| Operating cash flow | -297.1 k | 3.0 k ≈ | -346.2 k ≈ | -2.2 m | -1.2 m | -3.1 m ≈ | -397.2 k ≈ |
| Capex | — | — | — | 6.4 k | 6.4 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 | 2025 |
|---|---|
| Revenue | 2.7 m |
| Revenue YoY | unavailable |
| Net income | -2.2 m |
| Net income YoY | unavailable |
| Diluted EPS | -0.16 |
| Diluted EPS YoY | unavailable |
| net % | -82.0% |
| Free cash flow | -2.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Nov 2025
- Cash
- 1.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 13.2 m USD
- Total assets
- 13.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 24.13x
- ROE
- unavailable
- ROA
- -16.0%
- FCF margin
- -109.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 2.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 2.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 18.2 k | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 922.8 k | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | -2.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | -2.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -105.1 k | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -2.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -0.16 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 14.0 m | SEC (XBRL)· 27 Feb 2026verified |
Balance sheet · USD
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 1.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 72.6 k | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 12.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 167.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 668.9 k | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 487.6 k | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 13.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 20.9 k | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 513.2 k | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 513.2 k | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 13.2 m † | SEC (XBRL)· 27 Feb 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 | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | -2.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 86.3 k | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -2.9 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -10.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 14.0 m | SEC (XBRL)· 27 Feb 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
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 85.7 m USD
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -169.2% | 0 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 44.0x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.1% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 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
Elite Express Holding Inc. (ETS). Latest full fiscal year: 2025; data up to 2026-08-31.
Figures computed from the financial statements: revenue 2.7 m USD in 2025; net margin -169.2%; ROE -31.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 44.0x
What contradicts it
- Net margin: -169.2%
- FCF yield: -8.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Trucking & Courier Services (No Air) (SIC 4210) · same industry (4-digit SIC) · compared with 7 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 | |
|---|---|---|---|---|---|---|
| ZTOZTO Express (Cayman) Inc. | 16.3 bn | 12.9 | 14.4% | 18.5% | +15.7% | −0% / −8% |
| TFIITfi International Inc. | 8.5 bn | 26.9 | 11.6% | 3.9% | −6.1% | +15% / −15% |
| FLXBingEx Limited | 331.3 m | 21.6 | 14.1% | 2.7% | −6.7% | −54% / unavailable |
| ETSElite Express Holding Inc. | 85.7 m | — | -31.2% | -169.2% | unavailable | +155% / unavailable |
| TOPPToppoint Holdings Inc. | 2.8 m | — | -58.6% | -35.7% | +3.2% | −91% / unavailable |
| UPSUnited Parcel Service, Inc. | — | 22.0 | 28.7% | 4.8% | −2.6% | +19% / −25% |
| SFWLShengfeng Development Limited | — | — | 9.6% | 2.1% | +13.6% | −71% / −98% |
| HXHXHaoxin Holdings Limited | — | 0.6 | 17.3% | 12.0% | +29.2% | −69% / unavailable |
1- and 3-year price returns: for ETS 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
Scenarios are not available. input data missing
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.
In brief
Elite Express Holding Inc. (ETS) is a Delaware holding company that, through its subsidiary JAR Transportation, runs last-mile package delivery in California, almost entirely for FedEx. It matters now because revenue has grown in the latest quarters, while general and administrative and R&D costs have deepened its net loss in 2026, as the company has recently become a listed company after an initial public offering.
SWOT
Strengths
- Exclusive service zones in the FedEx contract reduce direct competition within the designated perimeter.
- Predictable revenue from weekly fixed charges, supplemented by activity-based charges paid weekly.
- Use of route optimization and driver monitoring software that supports operating efficiency.
Weaknesses
- Total dependence on a single client, exposing the company to the risk of a contract change.
- General and administrative expenses large relative to revenue, which deepened the 2026 net loss.
- Absence of SOC reports on FedEx systems, which limits verification of the data used in revenue recognition.
Opportunities
- Customer diversification and new routes could reduce dependence on FedEx.
- Expansion into long-haul transport could add new revenue if the plan materializes.
- Growth in e-commerce could bring higher volumes in the areas the company serves.
Threats
- Loss or non-renewal of the FedEx contract could seriously affect revenue.
- Large competitors with far greater financial resources could cut prices and reduce market share.
- Road accidents and safety risks from vehicle operation could generate losses and reputational damage.
Risks
- Dependence on FedExhigh
The contract with the sole client can be terminated for cause or by mutual agreement, and there is no obligation to renew, which could sharply reduce revenue.
- Internal control and reportinghigh
The absence of SOC reports from FedEx could delay the audit and affect investor confidence if sufficient assurance is not obtained.
- Operating losseshigh
The net loss grew sharply in 2026, and general and administrative costs rose well above the prior year, which could deplete resources.
- Labor costsmedium
Difficulty recruiting and retaining drivers could raise costs and reduce service quality.
- Fuel pricesmedium
Fuel price swings could directly affect margins, especially if surcharges do not fully cover increases.
Investment thesis
What would need to be true (bull case)
- If revenue keeps growing and gross margin improves, the company could show that its delivery operations are sustainable.
- Successful customer diversification could significantly reduce concentration risk and support a stronger outlook.
- Exclusive service zones and the renewed contract could provide a stable base for medium-term growth.
What would break the thesis
- If FedEx reduces volumes or changes its rates, revenue could fall quickly.
- High general and administrative costs could keep exceeding operating revenue, deepening losses.
- The lack of independent control over FedEx systems could complicate audit and financial reporting.
What to watch
- Renewal or amendment of the FedEx contract, valid through January 1, 20272027
- Trend in general and administrative expenses after the transition to a listed companyQ1 2027
- Announcement of new customers or routes that could reduce FedEx dependencenext 10-K
- Gross margin results and whether revenue growth converts into profitabilityQ1 2027
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.
The business
The company earns revenue from last-mile delivery, meaning picking up packages from distribution hubs and delivering them to the recipient, across a service area of approximately 1,665.28 square miles in California. In fiscal 2025 revenue was $2,665,948, and 100% of revenue came from FedEx, its sole customer, under an independent service provider agreement 1. The agreement was renewed on February 21, 2026, with a term through January 1, 2027 13.
Revenue combines fixed weekly service charges with variable activity-based charges such as stops, packages, e-commerce deliveries and fuel surcharges. On the cost side, labor is the largest component, at approximately 50% or more of total costs, with fuel and maintenance making up the rest. The company uses the GroundCloud software for route optimization and compliance monitoring.
Management says it is pursuing route expansion, customer diversification and, over the longer term, entry into long-haul transport. In one 2026 quarter the company also made loans to third parties at an annual interest rate of 5%, generating interest income unrelated to delivery operations 23.
Segments
Activity-based deliveries
Variable revenue accounted for 75.7% of total revenue in fiscal 2025, up from 70.2% in the prior combined period, reflecting higher FedEx pricing standards and delivery volumes 1.
Fixed service charges
Fixed revenue, including weekly service charges, fell as a share to 24.1% of total revenue in fiscal 2025, after FedEx lowered baseline fixed service fees from October 2024 1.
Loan interest income
In the quarter ended August 31, 2026, interest income from the loan portfolio was $135,359, funded by proceeds of the initial public offering rather than by delivery operations 3.
Market context
The last-mile delivery market is highly competitive, with barriers to entry tied to fleet investment, technology and regulatory compliance, and customers can switch providers at low cost 1. E-commerce growth supports demand, but peak holiday seasons intensify pressure on drivers and vehicles 12.
The company operates almost exclusively in California, so its exposure to the regional economy and state regulation is high. Dependence on a single client remains central to any assessment of growth prospects 1.
Trends
- E-commerce growthtailwind
If online order volumes keep rising, demand for last-mile delivery could support activity-based revenue, especially in e-commerce deliveries 1.
- Labor cost pressureheadwind
Personnel costs are structurally high, and difficulty recruiting and retaining drivers could limit service quality and operating margins 12.
- Fuel and maintenance costsmixed
Fuel prices and repair costs could erode profitability, although fuel surcharges may partly offset these increases 12.
- Public company costsheadwind
The transition to a listed company has brought heavy audit, governance and SEC compliance expenses that have significantly affected quarterly results 3.
Competitive position
Competitors include global giants such as Amazon Logistics, DHL, UPS and USPS, as well as delivery platforms and regional providers that may offer services or prices the company cannot match 1. The company's advantage lies in the exclusive zones in its FedEx contract, which reduce direct competition within the designated perimeter 1.
Competitive pressure could rise if large e-commerce players expand their own delivery networks, which could affect the company's position outside its contracted zones 1.
- Amazon LogisticsAMZN
In-house logistics network of a large online retailer, cited as a rival in last-mile deliveries.
- UPSUPS
American courier and logistics company competing in parcel and residential delivery.
- DHL
Global logistics group cited as a rival, without a US listing.
- DoorDashDASH
Delivery platform that has entered parcel delivery, cited as a source of price pressure.
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 report (amendment)26 Oct 2026Item 4.01 · Financial statements and exhibits
- Current report14 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report14 Oct 2026
- Current report08 Sept 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report07 Aug 2026Other events
- Current report14 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report14 Jul 2026
- Proxy statement10 Jul 2026
- Current report08 Jun 2026Item 3.02 · Departure or appointment of officers · Financial statements and exhibits
- Current report30 Apr 2026Delisting notice
Sources
- [1] Form 10-K, fiscal year ended 2025-11-30 · SEC / Elite Express Holding Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-08-31 · SEC / Elite Express Holding Inc. · 14 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Elite Express Holding Inc. · 14 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.