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1. Company Snapshot

1.a. Company Description

Universal Logistics Holdings, Inc.provides transportation and logistics solutions in the United States, Mexico, Canada, and Colombia.It offers truckload services, which include dry van, flatbed, heavy-haul, and refrigerated operations; domestic and international freight forwarding, and customs brokerage services; and final mile and ground expedite services.


The company transports various commodities comprising automotive parts, machinery, building materials, paper, food, consumer goods, furniture, steel, and other metals.It also provides value-added services for individual customer requirements, including material handling, consolidation, sequencing, sub-assembly, cross-dock, kitting, repacking, warehousing, and returnable container management; and intermodal support services comprising short-to-medium distance delivery of steamship and rail truck containers between the port or railhead, and the customer and drayage services.The company serves automotive, steel, oil and gas, alternative energy, and manufacturing industries, as well as other transportation companies who aggregate loads from various shippers.


The company was formerly known as Universal Truckload Services, Inc.and changed its name to Universal Logistics Holdings, Inc.in April 2016.


Universal Logistics Holdings, Inc.was founded in 1932 and is headquartered in Warren, Michigan.

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1.b. Last Insights on ULH

Universal Logistics Holdings, Inc.'s recent performance was positively driven by its quarterly dividend declaration of $0.105 per share, demonstrating the company's commitment to shareholder value. Despite a decline in Q2 2025 operating revenues and earnings per share, the company's diversified logistics services and cost management efforts remain crucial. According to the recent earnings call, management expressed optimism about the business outlook. Additionally, the company's focus on providing integrated logistics solutions positions it well to capitalize on market opportunities. (Source: PRNewswire, July 24, 2025)

1.c. Company Highlights

2. Universal Logistics Holdings' Q2 2025 Earnings: A Mixed Bag

Universal Logistics Holdings reported Q2 2025 operating revenues of $393.8 million, net income of $8.3 million, or $0.32 per diluted share, and operating income of $19.9 million, representing a 5.1% operating margin. EBITDA was $56.2 million, or 14.3% of revenue. The actual EPS came in slightly lower than estimates of $0.34. The Contract Logistics segment remained the cornerstone of the results, with revenues of $260.6 million and operating income of $21.8 million, with an 8.4% margin.

Publication Date: Jul -29

📋 Highlights
  • Contract Logistics Performance: Generated $260.6 million in revenue with an 8.4% operating margin, solidifying its position as the company's cornerstone segment.
  • Trucking Segment Trends: Revenues dropped 30% year-over-year to $64.1 million, but operating margin improved to 5.2% from 4.8% in Q2 2024.
  • Intermodal Segment Recovery: Revenues fell 13.5% to $68.9 million, but operating loss narrowed to $5.7 million from $8.6 million in Q2 2024.
  • Q3 2025 Outlook: Revenue expected between $390 million to $410 million, with operating margins in the 5% to 7% range and EBITDA margins of 14% to 16%.
  • Future Growth Drivers: The Big Beautiful Bill expected to provide a 5-year tailwind, with significant project contributions anticipated in 2027, 2028, and 2029.

Segment Performance

The Trucking segment revenues were $64.1 million, down 30% year-over-year, but operating margin improved to 5.2% from 4.8% a year ago. The Intermodal segment revenues were $68.9 million, down 13.5% year-over-year, but operating loss narrowed to $5.7 million from $8.6 million in Q2 2024. Tariffs impacted the Intermodal division, particularly with discount retailers that had a large presence of Chinese sourcing.

Guidance and Outlook

Universal expects top-line revenues between $390 million and $410 million in Q3 2025, with operating margins in the 5% to 7% range and EBITDA margins between 14% to 16%. For the full year, they expect revenues between $1.6 billion to $1.7 billion. According to Andrew Baxter Cox, "The Big Beautiful Bill is expected to provide a tailwind for the next 5 years." The company is focused on cost discipline, operational execution, and expanding their sales pipeline to drive long-term profitable growth.

Valuation and Growth Prospects

With a P/E Ratio of 10.43, P/B Ratio of 0.97, and P/S Ratio of 0.38, the stock appears to be reasonably valued. The EV/EBITDA ratio is 3.4, indicating a relatively low valuation. Analysts estimate next year's revenue growth at 7.8%. The company's commitment to navigating the economic environment, providing best-in-class service, and creating shareholder value is evident in the actions taken over the last couple of quarters, positioning them well for future growth.

3. NewsRoom

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Universal Logistics (NASDAQ:ULH) vs. CBL International (NASDAQ:BANL) Critical Contrast

Nov -21

Source: defenseworld.net

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Universal Logistics (ULH) Beats Q3 Earnings Estimates

Nov -06

Source: zacks.com

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Universal Logistics Holdings, Inc. Reports Third Quarter 2025 Financial Results; Declares Dividend

Nov -06

Source: prnewswire.com

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Head-To-Head Analysis: CBL International (NASDAQ:BANL) versus Universal Logistics (NASDAQ:ULH)

Nov -04

Source: defenseworld.net

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Universal Logistics Holdings, Inc. Postpones Third Quarter 2025 Earnings Release

Oct -23

Source: prnewswire.com

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Universal Logistics Holdings, Inc. to Report Third Quarter 2025 Earnings on Thursday, October 23, 2025

Oct -15

Source: prnewswire.com

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Universal Logistics Holdings, Inc. (ULH) Q2 2025 Earnings Call Transcript

Jul -25

Source: seekingalpha.com

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Universal Logistics (ULH) Q2 Earnings and Revenues Lag Estimates

Jul -24

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.12%)

6. Segments

Contract Logistics

Expected Growth: 5%

Contract Logistics growth driven by increasing demand for customized logistics solutions, e-commerce expansion, and supply chain complexity. Universal Logistics Holdings, Inc. benefits from strategic acquisitions, investments in digitalization, and a strong customer base. Additionally, the company's focus on operational efficiency, cost savings, and innovative services further fuels growth.

Intermodal

Expected Growth: 3%

Intermodal growth driven by increasing demand for efficient, cost-effective transportation solutions, rising e-commerce sales, and investments in digitalization and infrastructure expansion. Additionally, Universal Logistics' strategic acquisitions and partnerships have enhanced its network capabilities, further fueling growth.

Trucking

Expected Growth: 4%

Universal Logistics Holdings, Inc.'s trucking segment growth is driven by increasing e-commerce demand, rising freight volumes, and a shortage of truck drivers. Additionally, the company's strategic acquisitions, investments in digitalization, and focus on specialized services such as refrigerated and oversized cargo transportation contribute to its 4% growth.

Company-managed Brokerage

Expected Growth: 2%

The 2% growth in Company-managed Brokerage from Universal Logistics Holdings, Inc. is driven by increasing demand for logistics services, expansion into new markets, and strategic investments in digitalization and technology. Additionally, the company's focus on operational efficiency and cost savings initiatives have contributed to the growth.

Other

Expected Growth: 1%

Universal Logistics Holdings, Inc.'s 'Other' segment growth is driven by increasing demand for value-added services, expansion of existing customer relationships, and strategic acquisitions. Additionally, the company's investments in technology and process improvements have enhanced operational efficiency, leading to higher margins and revenue growth.

7. Detailed Products

Truckload Services

Universal Logistics Holdings, Inc. offers truckload services, providing customers with a reliable and efficient way to transport their goods across the country.

Less Than Truckload (LTL) Services

The company's LTL services cater to customers who need to transport smaller shipments, offering a cost-effective and efficient solution.

Intermodal Services

Universal Logistics Holdings, Inc. provides intermodal services, combining the benefits of truck, rail, and sea transportation to offer a seamless and efficient logistics experience.

Dedicated Services

The company's dedicated services offer customized logistics solutions, tailored to meet the unique needs of each customer.

Warehousing and Distribution

Universal Logistics Holdings, Inc. provides warehousing and distribution services, offering customers a comprehensive solution for storing and shipping their products.

Freight Brokerage

The company's freight brokerage services connect customers with a network of qualified carriers, ensuring timely and cost-effective transportation of goods.

Supply Chain Consulting

Universal Logistics Holdings, Inc. offers supply chain consulting services, helping customers optimize their logistics operations and improve efficiency.

8. Universal Logistics Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Universal Logistics Holdings, Inc. is medium due to the availability of alternative logistics services and transportation modes.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's diverse customer base and lack of concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants is high due to the relatively low barriers to entry in the logistics industry and the increasing demand for logistics services.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the logistics industry and the presence of multiple players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.63%
Debt Cost 6.81%
Equity Weight 56.37%
Equity Cost 8.81%
WACC 7.94%
Leverage 77.40%

11. Quality Control: Universal Logistics Holdings, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Ennis

A-Score: 6.7/10

Value: 7.2

Growth: 4.1

Quality: 7.2

Yield: 10.0

Momentum: 2.5

Volatility: 9.0

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Marten Transport

A-Score: 4.7/10

Value: 5.9

Growth: 3.2

Quality: 5.1

Yield: 5.0

Momentum: 1.0

Volatility: 8.0

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Covenant Logistics Group

A-Score: 4.4/10

Value: 5.9

Growth: 6.9

Quality: 4.2

Yield: 1.0

Momentum: 2.5

Volatility: 6.0

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Heartland Express

A-Score: 4.3/10

Value: 8.9

Growth: 3.7

Quality: 3.8

Yield: 2.0

Momentum: 1.0

Volatility: 6.3

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Universal Logistics Holdings

A-Score: 4.2/10

Value: 9.3

Growth: 5.7

Quality: 3.4

Yield: 4.0

Momentum: 0.0

Volatility: 3.0

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PAM Transportation Services

A-Score: 3.6/10

Value: 8.4

Growth: 2.9

Quality: 2.2

Yield: 0.0

Momentum: 6.5

Volatility: 1.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

15.9$

Current Price

15.9$

Potential

-0.00%

Expected Cash-Flows