olivLaw · US equity research
Saia, Inc. SAIA
Trucking (No Local) · SIC 4213 · Vertical: Trucking (No Local) (SIC 4213)
Saia is a US carrier of less-than-truckload freight with a national network, complemented by brokered truckload and logistics services. In 2026 the company shows higher revenue and operating margin recovery, driven by better pricing and rising volumes, while network investment remains elevated.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Saia, Inc. (SAIA) stock was 361.72 USD (+2.42% on the day), with market capitalisation 9.7 bn USD, P/E 34.3 on diluted EPS of 10.55 USD over the last 12 months, beta 1.48, 52-week range 250.48–487.14 USD. Latest reported quarter (Q3 2026): revenue of 982.5 m USD (+17.0% YoY), net income of 91.4 m USD (+5.9% YoY), diluted EPS 3.41 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)
- 60.2
- strong (55–70)
- Bollinger (20, 2)
- 321.63 – 357.51
- above the upper band · %B 1.12 · band width 10.6%
- SMA 50 / 200
- 342.32 / 388.26
- mixed trend
- MACD (12, 26, 9)
- 2.34 / -0.99
- 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 | +4.5% | −2.0% | +6.5 pp | — |
| 3 months | +1.4% | −2.2% | +3.5 pp | — |
| 6 months | −19.5% | +4.3% | −23.8 pp | — |
| Year to date | +10.8% | +10.6% | +0.2 pp | — |
| 1 year | +25.5% | +10.5% | +15.0 pp | +34.0% |
| 3 years | −6.8% | +73.7% | −80.4 pp | +3.6% |
| 5 years | +5.5% | +61.7% | −56.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 789.0 m | 787.6 m | 817.1 m | 839.6 m | 790.0 m | 806.2 m | 956.5 m | 982.5 m |
| Operating income | 101.5 m | 70.2 m | 99.4 m | 118.6 m | 64.0 m | 66.8 m | 125.2 m | 122.3 m |
| Depreciation & amortisation | 54.1 m | 59.0 m | 62.5 m | 64.0 m | 62.9 m | 62.2 m | 64.2 m | 64.1 m |
| Interest expense | 3.0 m | 4.3 m | 4.7 m | 4.5 m | 2.9 m | 2.6 m | 2.0 m | 2.0 m |
| Pre-tax income | 98.8 m | 65.6 m | 95.6 m | 114.8 m | 61.4 m | 65.0 m | 125.5 m | 121.4 m |
| Income tax | 22.7 m | 15.8 m | 24.2 m | 28.5 m | 13.9 m | 15.2 m | 31.2 m | 29.9 m |
| Net income | 76.1 m | 49.8 m | 71.4 m | 86.3 m | 47.5 m | 49.9 m | 94.3 m | 91.4 m |
| Diluted EPS | 2.83 ≈ | 1.86 | 2.67 | 3.22 | 1.77 ≈ | 1.86 | 3.51 | 3.41 |
| Operating cash flow | 164.7 m | 109.1 m | 170.7 m ≈ | 177.9 m ≈ | 137.3 m | 139.6 m | 151.6 m ≈ | 189.5 m ≈ |
| Capex | 168.3 m | 202.9 m | 174.7 m ≈ | 90.3 m ≈ | 99.8 m | 66.1 m | 94.9 m ≈ | 78.4 m ≈ |
≈ 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.
Today's P/E sits at the 83 percentile of its own 40-quarter history (min 14.0, median 26.9, max 42.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.8 bn | 1.8 bn | 2.3 bn | 2.8 bn | 2.9 bn | 3.2 bn | 3.2 bn |
| Revenue YoY | +17.7% | +8.0% | +2.0% | +25.6% | +22.0% | +3.2% | +11.4% | +0.8% |
| Net income | 105.0 m | 113.7 m | 138.3 m | 253.2 m | 357.4 m | 354.9 m | 362.1 m | 255.0 m |
| Net income YoY | +15.2% | +8.3% | +21.7% | +83.1% | +41.1% | −0.7% | +2.0% | −29.6% |
| Diluted EPS | 3.99 | 4.30 | 5.20 | 9.48 | 13.40 | 13.26 | 13.51 | 9.52 |
| Diluted EPS YoY | +14.3% | +7.8% | +20.9% | +82.3% | +41.4% | −1.0% | +1.9% | −29.5% |
| net % | 6.3% | 6.4% | 7.6% | 11.1% | 12.8% | 12.3% | 11.3% | 7.9% |
| Free cash flow | 32.8 m | -14.8 m | 78.0 m | 96.8 m | 105.6 m | 138.1 m | -459.9 m | 27.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 19.7 m USD
- Financial debt
- 164.0 m USD
- Net debt
- 144.3 m USD
- Equity
- 2.6 bn USD
- Total assets
- 3.5 bn USD
- Debt / equity
- 0.06x
- Current ratio
- 1.64x
- ROE
- 10.4%
- ROA
- 7.7%
- FCF margin
- 0.8%
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 | 1.8 bn | 2.3 bn | 2.8 bn | 2.9 bn | 3.2 bn | 3.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 180.3 m | 335.1 m | 470.5 m | 460.5 m | 482.2 m | 352.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 134.7 m | 141.7 m | 157.2 m | 178.8 m | 210.1 m | 248.6 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 315.0 m ≈ | 476.8 m ≈ | 627.7 m ≈ | 639.3 m ≈ | 692.3 m ≈ | 600.8 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 5.2 m | 3.2 m | 2.6 m | 2.5 m | 8.9 m | 16.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 176.3 m | 332.8 m | 468.0 m | 466.2 m | 476.0 m | 337.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 37.9 m | 79.5 m | 110.6 m | 111.4 m | 113.9 m | 82.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 138.3 m | 253.2 m | 357.4 m | 354.9 m | 362.1 m | 255.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 5.20 | 9.48 | 13.40 | 13.26 | 13.51 | 9.52 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 26.6 m | 26.7 m | 26.7 m | 26.8 m | 26.8 m | 26.8 m | SEC (XBRL)· 24 Feb 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 | 25.3 m | 106.6 m | 187.4 m | 296.2 m | 19.5 m | 19.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 216.9 m | 276.8 m | 290.3 m | 311.7 m | 323.0 m | 332.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 271.7 m | 416.3 m | 530.9 m | 648.7 m | 435.8 m | 434.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.3 bn | 1.5 bn | 1.8 bn | 2.6 bn | 2.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 12.1 m | 12.1 m | 12.1 m | 12.1 m | 12.1 m | 12.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 8.2 m | 7.1 m | — | — | — | — | SEC (XBRL)· 23 Feb 2022verified |
| Total assets | 1.5 bn | 1.8 bn | 2.2 bn | 2.6 bn | 3.2 bn | 3.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 89.4 m | 114.0 m | 99.8 m | 141.9 m | 114.6 m | 107.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 20.6 m | 19.4 m | 14.5 m | 10.2 m | 5.3 m | 980.0 k | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | — | 0 | 0 | 0 | 194.0 m | 163.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 275.8 m | 321.3 m | 274.1 m | 322.1 m | 278.4 m | 265.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 961.3 m † | 1.2 bn † | 1.6 bn † | 1.9 bn † | 2.3 bn † | 2.6 bn † | SEC (XBRL)· 24 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 309.1 m | 382.6 m | 473.0 m | 577.9 m | 583.7 m | 595.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 231.1 m | 285.7 m | 367.4 m | 439.9 m | 1.0 bn | 567.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 78.0 m ≈ | 96.8 m ≈ | 105.6 m ≈ | 138.1 m ≈ | -459.9 m ≈ | 27.3 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -218.8 m | -277.8 m | -365.5 m | -448.7 m | -1.0 bn | -552.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -65.3 m | -23.5 m | -26.7 m | -20.4 m | 175.4 m | -42.2 m | SEC (XBRL)· 24 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
Score: 65 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet97
- Growth21
- Valuation50
- Quality88
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: 147.10 – 629.37 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)147.10 – 221.86 (Mid 176.24)WACC 9.3% · starting FCFF 286.1 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA243.67 – 386.56 (Mid 340.58)6 companies used · median multiple 14.2x · quartiles 10.1x – 16.2xARCB, HTLD, JBHT, KNX, ODFL, ULH
- Peers: P/E343.92 – 629.37 (Mid 375.79)6 companies used · median multiple 35.6x · quartiles 32.6x – 59.6xJBHT, KNX, LSTR, MRTN, ODFL, SNDR
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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
Neutral profile · Score 65/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.6% | 80 (vs peers) | 12% |
| Net margin · Quality | 8.0% | 92 (vs peers) | 7% |
| FCF conversion · Quality | 98.5% | 98 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 5.0% | 42 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -10.8% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.2x | 100 (vs peers) | 12% |
| Interest coverage · Balance sheet | 39.5x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.8x | 86 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 34.3x | 63 (vs peers) | 12% |
| EV/EBITDA · Valuation | 15.1x | 50 (vs peers) | 12% |
| FCF yield · Valuation | 2.9% | 36 (on a fixed band) | 9% |
| 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 sheet97/100 · 3/3 factors with a value
- Growth21/100 · 2/2 factors with a value
- Quality88/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation50/100 · 3/3 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
Saia, Inc. (SAIA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.2 bn USD in 2025; YoY growth 0.8%; net margin 8.0%; ROE 10.6%; net debt/EBITDA -0.2x.
The estimated value range is 243.67–386.56 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 340.58 USD, the price of 361.72 USD leaves a potential of -5.8% (value / price − 1) and a margin of safety of -6.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 65/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 10.6%
- Net margin: 8.0%
- FCF conversion: 98.5%
- Net debt / EBITDA: -0.2x
- Interest coverage: 39.5x
- Current ratio: 1.8x
What contradicts it
- EPS CAGR 3Y: -10.8%
Not assessed (insufficient data or a ratio without meaning): Shareholder yield (distributions), 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
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. | 36.8 bn | 34.2 | 24.8% | 19.4% | −5.5% | +31% / −9% |
| JBHTJ.b. Hunt Transport Services, Inc. | 20.9 bn | 31.6 | 18.8% | 5.1% | −0.7% | +29% / +21% |
| 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% | +25% / −7% |
| LSTRLandstar System, Inc. | 5.1 bn | 32.0 | 18.7% | 3.0% | −1.6% | +16% / −12% |
| ARCBArcbest Corporation | 3.1 bn | 201.5 | 1.3% | 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 bn | 74.8 | 1.6% | 1.5% | −8.3% | +21% / −34% |
| ULHUniversal Logistics Holdings, Inc. | 862.8 m | — | -15.1% | -6.0% | −15.6% | +118% / +32% |
| 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 SAIA 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 | 216.09 Total return -40% · Per year -40% | 381.94 Total return 6% · Per year 6% | 575.17 Total return 59% · Per year 59% |
| 3 years | 211.93 Total return -41% · Per year -16% | 421.27 Total return 16% · Per year 5% | 696.25 Total return 92% · Per year 24% |
| 5 years | 207.85 Total return -43% · Per year -10% | 464.66 Total return 28% · Per year 5% | 842.82 Total return 133% · Per year 18% |
- Exit P/E± 105.32
- Net margin± 73.72
- Annual revenue growth± 60.21
- Annual dilution± 6.19
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 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Saia is a US carrier of less-than-truckload freight with a national network, complemented by brokered truckload and logistics services. In 2026 the company shows higher revenue and operating margin recovery, driven by better pricing and rising volumes, while network investment remains elevated.
SWOT
Strengths
- A dense national network with owned terminals and a largely non-union workforce gives operational flexibility 1.
- Pricing and mix strategy has produced higher revenue per shipment, including in 2026 13.
- A broad service range from LTL to brokered truckload and logistics gives customers integrated solutions 13.
Weaknesses
- Operating margin declined in 2025 from the prior year because of labour, depreciation and insurance costs 1.
- The business is capital-intensive, and heavy investment in terminals and fleet can strain debt and cash flow 13.
- Results depend on diesel costs, and the company does not hedge fuel price risk 1.
Opportunities
- Greater density in existing markets and geographic expansion could improve profitability if volumes keep growing 12.
- Investment in technology and data analytics could lower operating costs and improve customer service 1.
- Consolidation in the industry or exits by smaller rivals could open additional market share 1.
Threats
Risks
- Shortage of qualified staffhigh
Difficulty hiring drivers and dock staff could lead to wage pressure, use of purchased transport and lost customers 1.
- Insurance and claims costshigh
Rising claim amounts and self-insured limits could hurt profit and make earnings more volatile 1.
- Fuel pricesmedium
The company does not hedge diesel prices. If fuel surcharges do not fully offset increases, margins could fall 1.
- Investment and debtmedium
The terminal and fleet programme needs funding, and credit market conditions and debt covenants could matter going forward 13.
- Price pressure from competitionlow
Customers seeking multiple bids or building their own delivery options could reduce rates or volume 1.
Investment thesis
What would need to be true (bull case)
- If LTL pricing and volumes keep rising and costs stay under control, operating margin could recover toward earlier levels, supported by a dense network 23.
- Expanding service offerings and terminals could allow share gains, especially if customers prefer one provider for integrated solutions 13.
- Debt has been reduced compared with the prior year, which could give more financial flexibility for investment or other decisions 3.
What would break the thesis
- If labour, insurance and claims costs stay high, operating margin could remain below earlier years even as revenue grows 1.
- An economic slowdown or a change in customer behaviour could reduce volumes and force price concessions 1.
- Higher fuel surcharge revenue could mask weaker base pricing, making results more exposed to diesel price moves 23.
What to watch
- Trend in LTL revenue per shipment excluding fuel and shipments per workdayQ3 2026
- Delivery against the guided 350 to 400 million USD net capital expenditure budget2026
- Operating ratio and trends in labour and insurance costsQ3 2026
- General rate increases and negotiations with customersnext 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 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Saia, Inc., headquartered in Johns Creek, Georgia, provides national less-than-truckload services through its subsidiary Saia LTL Freight, founded in 1924. About 97% of revenue comes from LTL shipment transport, the rest from brokered truckload, expedited transport and logistics across North America 1. The company operated 213 owned and leased terminals at the end of 2025 and picks up about 35000 shipments daily 1. In 2025 revenue was 3.2 billion USD and operating income 352.2 million USD, compared with 482.2 million USD in 2024 1.
The business model depends on network density, revenue per shipment and control of labour, fuel and insurance costs. Saia aims to grow revenue per shipment and volume, and gradually expands its terminal footprint and fleet to do so 1. The company describes its operations as labour-intensive and capital-intensive, with investment in technology, safety and emission reduction part of its strategy 1.
Its workforce is largely non-union, which gives flexibility on schedules and routes but exposes it to wage pressure in a competitive market for drivers and dock workers 1.
Segments
LTL transport
The core segment, about 97% of revenue, handles shipments of 100 to 10000 pounds with standard and expedited options, direct to the 48 contiguous states and via partners in Canada and Mexico 1.
Truckload and logistics services
The remaining revenue comes from brokered truckload, expedited transport and other logistics services, which help fill empty miles and complete the offering to customers 1.
Market context
The LTL market is more concentrated than truckload because it requires costly terminals, equipment and technology. Shipments of 100 to 10000 pounds are handled by a few national players and many regional carriers 1. The company notes that industry capacity has tightened somewhat and consolidation has occurred, but shippers still have many options 1.
Trends
- Pricing and service mixtailwind
Pricing actions and an expanded service offering supported revenue per shipment. If these adjustments hold, margins could benefit, though the company warns that not all rate increases can be retained over time 1.
- Rising volumestailwind
LTL tonnage and shipments per workday increased in late 2025 and in 2026, pointing to better demand across the network 23.
- Labour and insurance costsheadwind
Shortages of qualified drivers and rising insurance and claims costs have pressed operating margins and could continue to do so 1.
- Investment and fuel pricesmixed
High investment in terminals and fleet can raise depreciation and debt, and diesel price swings affect costs, though fuel surcharges partly offset the impact 123.
Competitive position
Saia competes with a few large national carriers in long-haul LTL, many regional carriers, and truckload carriers, parcel carriers, railroads, air freight and third-party logistics providers 1. Entry barriers are high because of terminal and technology needs, but e-commerce and new digital entrants with large resources could enter 1.
Customers compare service quality, price, geographic coverage, breadth of offering and operational flexibility, and some reduce their number of carriers or request multiple bids, which can press prices 1.
- Large national LTL carriers
A few national operators with wider networks and greater resources dominate long-haul LTL.
- Regional LTL carriers
Many regional operators compete on shorter routes with one- or two-day service.
- Truckload carriers
They compete for the same customers on larger shipments and can absorb volume through their own networks.
- Logistics and e-commerce companies
Large investments by such companies could allow direct entry into the LTL market.
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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Departure or appointment of officers · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report03 Sept 2026Other events · Financial statements and exhibits
- Current report05 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report02 Jun 2026Other events · Financial statements and exhibits
- Current report06 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 May 2026Shareholder vote
- Quarterly report30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Saia, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Saia, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Saia, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.