olivLaw · US equity research
Proficient Auto Logistics, Inc. PAL
Transportation Services · SIC 4700 · Vertical: Transportation Services (SIC 4700)
Proficient Auto Logistics is a specialized freight company that moves finished vehicles across North America, mainly for automakers and their dealer networks. In the second quarter of 2026 revenue fell 5.3%, and the adjusted operating ratio worsened under cost pressure, which makes it relevant to see how the company balances acquisition-led growth against current profitability.
At the close of 04 Nov 2026, Proficient Auto Logistics, Inc. (PAL) stock was 2.94 USD (−0.34% on the day), with market capitalisation 82.5 m USD, beta 1.69, 52-week range 2.42–10.54 USD. Latest reported quarter (Q2 2026): revenue of 109.4 m USD (−5.3% YoY), net income of -3.9 m USD, diluted EPS -0.14 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)
- 41.8
- weak (30–45)
- Bollinger (20, 2)
- 2.20 – 3.71
- in the lower half of the band · %B 0.49 · band width 51.2%
- SMA 50 / 200
- 3.81 / 6.25
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.31 / -0.39
- 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 | −18.1% | −1.1% | −17.0 pp | — |
| 3 months | −58.2% | −0.5% | −57.8 pp | — |
| 6 months | −59.8% | +4.4% | −64.2 pp | — |
| Year to date | −69.5% | +12.3% | −81.8 pp | — |
| 1 year | −58.5% | +13.5% | −72.0 pp | −0.4% |
| 3 years | unavailable | +76.4% | unavailable | +20.2% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 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 | 91.5 m | — | 95.2 m | 115.5 m | — | — | 93.7 m | 109.4 m |
| SG&A | 1.5 m | 1.2 m | 4.1 m | 4.3 m | 1.4 m | 1.4 m | 4.4 m | 4.5 m |
| Operating income | -2.2 m | — | -2.4 m | 125.4 k | — | — | -6.9 m | -3.2 m |
| Depreciation & amortisation | 775 | 4.3 k | 8.9 m | 25.9 k | 23.2 k | 30.0 k | 10.0 m | 9.6 m ≈ |
| Interest expense | 1.4 m | — | 1.6 m | 1.8 m | — | — | 1.4 m | 1.4 m |
| Pre-tax income | -1.7 m | — | -3.9 m | -1.9 m | — | — | -8.3 m | -4.7 m |
| Income tax | -327.8 k | -1.4 m | -702.6 k | -325.3 k | — | — | -1.8 m | -814.5 k |
| Net income | -1.4 m | -3.2 m | -3.2 m | -1.6 m | -3.0 m | -28.3 m | -6.5 m | -3.9 m |
| Diluted EPS | -0.05 | — | -0.12 | -0.06 | -0.11 | — | -0.23 | -0.14 |
| Operating cash flow | — | — | 1.6 m | 11.6 m ≈ | — | — | 2.0 m | -1.3 m ≈ |
| Capex | — | — | 2.6 m | 319.1 k ≈ | — | — | 784.5 k | 1.8 m ≈ |
| Share repurchases | — | — | — | — | — | — | 517.9 k | 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 | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -8.5 m | -36.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.47 | -1.31 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.3 m USD
- Financial debt
- 74.3 m USD
- Net debt
- 60.0 m USD
- Equity
- 311.4 m USD
- Total assets
- 478.0 m USD
- Debt / equity
- 0.24x
- Current ratio
- 1.12x
- ROE
- -11.1%
- ROA
- -7.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| SG&A | — | — | 3.4 m | 5.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | — | — | 5.4 k | 88.3 k | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 3.1 m | 2.2 m | -1.2 m | -7.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | — | — | -8.5 m | -36.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | — | — | -0.47 | -1.31 | SEC (XBRL)· 31 Mar 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 4.3 k | 15.4 m | 14.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | — | 19.8 m | 37.4 m | 42.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | — | 23.4 m | 67.7 m | 71.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | — | 18.0 m | 122.6 m | 115.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | — | — | 169.1 m | 148.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | 132.5 m | 122.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | — | 43.0 m | 508.1 m | 478.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | — | 2.5 m | 9.8 m | 8.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | — | 1.6 m | 19.1 m | 20.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | — | 5.0 m | 56.3 m | 54.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | — | 15.3 m | 52.6 m | 63.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | — | 26.4 m | 170.1 m | 166.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | — | 7.8 m † | 338.0 m † | 311.4 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
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: 1 of at least 6
- score weight coverage: 4.2% 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: 82.5 m USD
Key indicators
Coverage and freshness
Score by group
4% · 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 · input data missing
- 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: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | 1.2x | 32 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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· partial32/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
PROFICIENT AUTO LOGISTICS, INC. (PAL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: ROE -13.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Transportation Services (SIC 4700) · same industry (4-digit SIC) · compared with 14 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 | |
|---|---|---|---|---|---|---|
| BKNGBooking Holdings Inc. | 127.2 bn | 1.0 | — | — | +13.4% | −13% / +37% |
| EXPEExpedia Group, Inc. | 36.2 bn | 19.7 | 199.1% | 13.0% | +7.6% | +24% / +132% |
| XPOXPO, Inc. | 21.9 bn | 44.3 | 26.5% | 5.7% | +1.1% | +32% / +118% |
| GATXGATX Corporation | 6.7 bn | 17.6 | 14.2% | 17.7% | +9.8% | +19% / +75% |
| GXOGXO Logistics, Inc. | 6.4 bn | 48.4 | 4.6% | 1.0% | +12.5% | +12% / +1% |
| HAFNHafnia Limited | 4.9 bn | 6.5 | 34.5% | 27.0% | +7.4% | +64% / unavailable |
| RXORxo, Inc. | 4.7 bn | — | -5.7% | -1.3% | +26.2% | +115% / +35% |
| LINDLindblad Expeditions Holdings, Inc. | 2.2 bn | 8,279.1 | — | 0.7% | +19.6% | +179% / +327% |
| TOURTuniu Corp | 1.5 bn | 473.0 | 3.0% | 5.4% | +17.5% | −35% / −47% |
| SPCEVirgin Galactic Holdings, Inc. | 380.5 m | — | -75.1% | -23,867.4% | −78.1% | −35% / −94% |
| VRRMVerra Mobility Corporation | 377.0 m | 10.4 | 11.3% | 33.2% | +14.6% | −89% / −88% |
| PALProficient Auto Logistics, Inc. | 82.5 m | — | -13.0% | — | unavailable | −58% / unavailable |
| NTRPNextTrip, Inc. | 18.1 m | — | -296.7% | -319.8% | +641.0% | −68% / −68% |
| MMYTMakeMyTrip Ltd | — | 61.1 | 8.2% | 9.7% | +25.0% | −29% / +20% |
| YTRAMagna Holdings Ltd. | — | — | -2.0% | -1.3% | +85.2% | −50% / −43% |
1- and 3-year price returns: for PAL 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
Proficient Auto Logistics is a specialized freight company that moves finished vehicles across North America, mainly for automakers and their dealer networks. In the second quarter of 2026 revenue fell 5.3% 3, and the adjusted operating ratio worsened under cost pressure, which makes it relevant to see how the company balances acquisition-led growth against current profitability.
SWOT
Strengths
- Fleet scale, broad geographic coverage and long-standing relationships with auto manufacturers are hard to replicate quickly 1.
- The combined model of owned assets and subhauling gives flexibility when demand shifts 1.
- The company has shown acquisition and integration discipline, including the Hansen & Adkins deal 2.
Weaknesses
Opportunities
Risks
- Customer concentrationhigh
A small group of customers generates a large part of revenue, so losing one would strongly affect results 1.
- Margin pressurehigh
Costs rose faster than rates, and price adjustments only began to take effect late in the second quarter of 2026 3.
- Debt and financingmedium
The company has taken on more debt for acquisitions and plans a convertible notes offering, which could limit financial flexibility 2.
- Regulation and driver classificationmedium
Regulatory changes or court rulings on contractor status could materially change costs 1.
- Fuel cost volatilitylow
Swings in fuel prices can hit costs before surcharges fully compensate 1.
Investment thesis
What would need to be true (bull case)
- If rate adjustments continue and industry capacity stays tight, margins could gradually recover toward earlier levels 3.
- Scale and the acquisition strategy could allow share gains in a fragmented industry 1.
- If the Hansen & Adkins integration goes well, synergies could support profitability in coming periods 2.
What to watch
- Trajectory of the adjusted operating ratio and rates after the second-quarter adjustmentsQ3 2026
- Integration of Hansen & Adkins and delivery of the announced synergies2027
- Completion of the convertible notes offering and use of proceeds to refinance debtQ3 2026
- Status of major customers and renewals of contracts disclosed in the next annual reportnext 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.
The business
The company was formed through the combination of five industry operators in connection with its May 2024 IPO and runs one of the largest auto transport fleets in North America, with approximately 800 owned assets 1. From 57 facilities across the United States 1, it moves finished vehicles from factories, ports and rail yards to dealers. Its customers include nearly all global auto manufacturers active in North America, along with dealers, auctions, rental and leasing companies 1. The model combines an owned fleet, which generated a sizable share of revenue 1, with subhauling for additional capacity.
Segments
Company Drivers
The asset-based Company Drivers segment earns revenue from OEM contracts, spot moves and long-term contract services 1. Revenue depends on the average rate per unit and the number of vehicles moved, and operating margin is its key performance indicator 1. Main costs are fuel, driver pay and maintenance, while depreciation of equipment is a major fixed cost 1. In the second quarter of 2026 revenue per unit in this segment was roughly flat year on year 3.
Subhaulers
The Subhaulers segment uses an asset-light model, outsourcing the transport to independent owner-operators and third-party carriers while the company keeps the customer relationship and billing 1. Its main cost is purchased transportation, which varies with volume 1. In the second quarter of 2026 this segment accounted for 62% of revenue, and its unit volume fell more sharply than the other segment 3.
Market context
The auto transport market is fragmented, with many regional and local operators 1, and demand depends directly on new vehicle sales in the United States, Canada and Mexico, a cyclical sector 1. The company has said regulatory pressure, rising operating costs and difficulty attracting drivers are reshaping industry economics and tightening capacity 3. If these trends persist, asset-heavy carriers could benefit from consolidation, but they remain exposed to the auto cycle and to pricing pressure 1.
Trends
- Driver and labour cost pressureheadwind
Rising driver pay and difficulty retaining drivers are described as factors that could weigh on profitability 1. Management indicated that pricing lagged cost inflation in the second quarter of 2026 3.
- Industry consolidation and acquisitionstailwind
The industry is fragmented and the company sees chances to buy regional operators and add network density 1. The Hansen & Adkins deal, closed in August 2026, shows the acquisition strategy continuing 2.
- Regulation and the auto cyclemixed
Rules on drivers, emissions and contractor classification could change costs and operating practices 1. Economic conditions and consumer sentiment affect demand for new vehicles, which directly drives company volumes 1.
- Fuel prices and surchargesmixed
The company partly recovers fuel costs through surcharges, but the mechanism can lag rapid price changes and may not fully offset them 1. In the second quarter of 2026 higher surcharge recoveries partly offset lower volumes 3.
Competitive position
Competition is based on quality, service, timeliness, price and geographic proximity, with large national carriers, smaller regional operators that may have leaner cost structures, and railroads for long-haul moves 1. The company argues it differentiates through service, scale and geographic reach 1. Larger rivals could also have more resources for acquisitions 1.
- Large national auto carriers
National auto transport companies referred to generically in the company's filing, without names in the source texts.
- Regional and local operators
Smaller firms with leaner cost structures that may offer lower rates in particular local markets.
- Railroads
Can deliver long-haul moves at costs below truck delivery, per the risks the company describes.
- Brokers and independent carriers
Compete for capacity and service, and some operate with asset-light models.
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 report30 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)23 Oct 2026Financial statements and exhibits
- Current report05 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report14 Aug 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report10 Aug 2026Material agreement · Results of operations · Financial statements and exhibits
- Current report01 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report07 May 2026Results of operations · Shareholder vote · Financial statements and exhibits
- Proxy statement10 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Proficient Auto Logistics, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Proficient Auto Logistics, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Proficient Auto Logistics, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.