# Universal Logistics Holdings, Inc. (ULH)

> Source: Nexqual · https://nexqual.com/ULH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Universal Logistics Holdings, Inc. (ULH), nexqual.com/ULH" · informational, not investment advice.

**Price:** USD 17.35 (+4.33% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 16.63 · day 16.68–17.78 · 52w 11.73–25.8 · market cap $457M · NMS

## Key facts
- Last four reported quarters (through Jul 4, 2026): revenue $1.53B, net income -$91.5M (-6.0% margin), free cash flow $36.7M (SEC filings).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (1 analysts), mean target USD 16 (range 16–16).
- Total return with dividends: 1Y -8.7% vs S&P 500 +14.9%; 5Y -13.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 0.32, revenue estimate $390M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.75B | $2.02B | $1.66B | $1.85B | $1.56B | $1.53B |
| Operating income | $103M | $240M | $145M | $203M | -$64.3M | -$50.0M |
| Net income | $73.7M | $169M | $92.9M | $130M | -$99.9M | -$91.5M |
| EPS (diluted) | $2.74 | $6.37 | $3.53 | $4.93 | -$3.79 | — |
| Free cash flow | $44.4M | $96.3M | -$30.3M | -$139M | -$41.1M | $36.7M |
| Operating margin | 5.9% | 11.9% | 8.8% | 11.0% | -4.1% | -3.3% |
| Net margin | 4.2% | 8.4% | 5.6% | 7.0% | -6.4% | -6.0% |
| Revenue growth | +25.9% | +15.1% | -17.5% | +11.1% | -15.6% | — |
| Cash + short-term investments | $13.9M | $47.2M | $12.5M | $19.4M | $26.8M | — |
| Total debt | $427M | $379M | $382M | $759M | $798M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 4, 2026)
P/S 0.3x · EV/EBITDA 12.1x · EV/Sales 0.7x · P/FCF 12.5x · P/B 0.8x · FCF yield 8.01% · Earnings yield -20.01% · Dividend yield (paid, TTM) 2.42% · Net debt $672M · EV $1.13B
P/E at fiscal year-ends: Dec 2024 9.3x, Dec 2023 7.9x.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 1 analysts; mean target USD 16 (low 16, high 16).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-15 | Stifel | Target lowered | Hold | $17 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -8.7% | -13.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -8.7% | -2.9% |
| Volatility (annualized) | 86.5% | 59.8% |
| Max drawdown | -50.9% (Apr 2026→May 2026) | -74.3% (Nov 2024→May 2026) |

## Peers (Trucking)
CVLG (Covenant Logistics Group, Inc.) USD 29.77 -0.43% · HTLD (Heartland Express, Inc.) USD 10.29 +0.29% · MRTN (Marten Transport, Ltd.) USD 12.3 -2.84% · WERN (Werner Enterprises, Inc.) USD 29.18 -2.34% · ARCB (ArcBest Corporation) USD 130.3 -0.39% · RXO (RXO, Inc.) USD 28.92 +0.49%

## More
Full page: https://nexqual.com/ULH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ULH's own 10-K filed 2026-03-16 (https://www.sec.gov/Archives/edgar/data/1308208/000119312526108365/ulh-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | General Motors (GM) | "Our top customer, General Motors, represented approximately 25% of revenues; and" |
| Customer | Ford (F) | "In 2025, 2024 and 2023, sales to our top 10 customers, including General Motors and Ford, totaled 59%, 56% and 48%, respectively." |

Other companies that name ULH in their own reports (relationship from ULH's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | RADIANT LOGISTICS, INC (RLGT) | 10-K 2026-09-14 | "Universal Logistics, Inc., expanding our operations in Houston, Texas, from the conversion of a former operating partner since 2001, in 2025; and" |

## Revenue by business segment (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Contract Logistics | $271.4M | 71.6% | +4.2% | $24.6M | 9.1% |
| Trucking | $63.8M | 16.8% | -0.4% | $2.9M | 4.5% |
| Intermodal | $44.1M | 11.6% | -36.0% | -$10.4M | -23.7% |
| Corporate costs (not allocated) | — | — | — | $28.1M | — |
| Total revenue | $379.3M | 100% | — | $45.1M | 11.9% |

## Revenue by product line (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Value Added Services | $183.3M | 48.3% | +2.6% |
| Dedicated Services | $88.1M | 23.2% | +7.7% |
| Truckload Services | $45.0M | 11.9% | -1.9% |
| Intermodal Services | $43.4M | 11.4% | -35.9% |
| Brokerage Services | $19.4M | 5.1% | -0.6% |
| Total revenue | $379.3M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.50B | 96.0% | -16.5% |
| Mexico | $51.2M | 3.3% | +4.0% |
| Canada | $10.6M | 0.7% | +215.0% |
| Colombia | $1.2M | 0.1% | -46.8% |
| Total revenue | $1.56B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 45%, 25%, 6% of revenue from unnamed direct customers (10-K, filed 2026-03-16).

## Company outlook (8-K filed 2026-07-31)

- "Universal's operating results for the second quarter 2026 include a $45.3 million gain on the sale of certain real property located in Kearny, New Jersey, a $3.9 million non-cash impairment charge related to a group of tractors that are no longer expected to be utilized in operations and $12.3 million of charges related to developments in outstanding legal matters during the period."
- "The dividend is payable to stockholders of record at the close of business on September 1, 2026 and is expected to be paid on October 1, 2026."
- "Universal assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.32 | $0.34 | -5.9% | $390.4M | 1 |
| Next quarter (ends 2026-12-31) | $0.16 | $0.15 | +6.7% | $391.8M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.50 | $0.55 | -9.1% | $1.53B | 1 |
| Next fiscal year (ends 2027-12-31) | $1.15 | $1.20 | -4.2% | $1.60B | 1 |