UNIVERSAL LOGISTICS HOLDINGS, INC. ULH
Universal Logistics Holdings, Inc. is a holding company whose subsidiaries provide customized transportation and logistics solutions across North America and select international markets. Through our operating subsidiaries, we deliver an integrated portfolio of transportation and logistics services designed to support customers throughout their supply chains, including value-added, dedicated, intermodal and trucking services. Our operations primarily serve customers in the automotive, industrial, retail, consumer goods, energy, and metals sectors.
We conduct operations throughout the United States and in Mexico and Canada, providing both domestic and cross-border logistics solutions.
On May 1, 2025, we completed a reincorporation from Michigan to Nevada pursuant to a statutory conversion approved by our stockholders. The reincorporation did not result in any change to our business, management, board of directors, executive officers, assets, liabilities, or operations. The rights of our stockholders are now governed by Nevada law and our Nevada articles of incorporation and bylaws, which differ in certain respects from Michigan law. See Item 1A—Risk Factors
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.56B | $1.85B | $1.66B | $2.02B | $1.75B | $1.39B | $1.51B | $1.46B | $1.22B | $1.07B |
| SG&A | $54.2M | $57.0M | $50.2M | $48.9M | $42.0M | $33.3M | $44.5M | $31.5M | $31.5M | $29.4M |
| Total operating expenses | $1.62B | $1.64B | $1.52B | $1.78B | $1.65B | $1.31B | $1.45B | $1.38B | $1.19B | $1.03B |
| Operating income | -$64.3M | $203.1M | $145.4M | $240.4M | $103.0M | $80.4M | $65.4M | $83.8M | $25.2M | $46.6M |
| Interest expense | $49.0M | $34.5M | $24.2M | $16.3M | $11.6M | $14.6M | $17.1M | $14.7M | $9.5M | $8.3M |
| Pre-tax income | -$100.0M | $173.7M | $124.3M | $225.4M | $98.6M | $63.9M | $50.2M | $69.4M | $17.1M | $39.4M |
| Income tax | $139.0K | $43.8M | $31.4M | $56.8M | $24.8M | $15.8M | $12.6M | $17.2M | $11.0M | $15.2M |
| Net income | -$99.9M | $129.9M | $92.9M | $168.6M | $73.7M | $48.1M | $37.6M | $52.2M | $28.2M | $24.2M |
| EPS, basic | -3.79 | 4.94 | 3.53 | 6.37 | 2.74 | 1.78 | 1.34 | 1.84 | 0.99 | 0.85 |
| EPS, diluted | -3.79 | 4.93 | 3.53 | 6.37 | 2.74 | 1.78 | 1.34 | 1.84 | 0.99 | 0.85 |
| Shares, diluted (wtd. avg.) | $26.3M | $26.3M | $26.3M | $26.5M | $26.9M | $27.0M | $28.1M | $28.4M | $28.4M | $28.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $26.8M | $19.4M | $12.5M | $47.2M | $13.9M | $8.8M | $7.7M | $5.7M | $1.7M | $1.8M |
| Receivables | $261.3M | $293.6M | $287.9M | $350.7M | $341.4M | $259.2M | $210.5M | $216.0M | $171.0M | $144.7M |
| Inventory | $9.9M | $8.3M | $12.4M | $11.4M | $14.1M | $8.3M | $7.2M | $6.8M | $5.3M | $8.6M |
| Total current assets | $382.8M | $409.8M | $365.5M | $459.7M | $420.7M | $321.5M | $271.8M | $275.3M | $228.7M | $207.5M |
| Property, plant and equipment | $819.5M | $742.4M | $561.1M | $391.2M | $345.6M | $364.8M | $339.8M | $303.2M | $267.2M | $246.3M |
| Goodwill | $105.6M | $206.8M | $170.7M | $170.7M | $170.7M | $170.7M | $168.5M | $145.2M | $74.5M | $74.5M |
| Other intangibles | $108.6M | $150.9M | $61.3M | $74.0M | $88.3M | $102.2M | $116.1M | $113.8M | $31.3M | $37.2M |
| Total assets | $1.77B | $1.79B | $1.25B | $1.20B | $1.14B | $1.06B | $935.3M | $843.1M | $610.6M | $570.5M |
| Accounts payable | $61.1M | $60.0M | $64.1M | $87.1M | $117.8M | $97.9M | $91.9M | $92.0M | $84.4M | $65.9M |
| Short-term debt | $114.8M | $88.8M | $70.7M | $65.3M | $61.2M | $59.7M | $59.5M | $51.9M | $40.9M | $34.5M |
| Total current liabilities | $318.1M | $304.6M | $260.4M | $286.9M | $312.7M | $272.8M | $250.0M | $221.2M | $199.1M | $144.5M |
| Long-term debt | $682.7M | $670.3M | $311.2M | $313.2M | $366.2M | $400.4M | $398.1M | $348.5M | $207.1M | $226.8M |
| Retained earnings | $512.1M | $623.0M | $595.5M | $513.6M | $356.1M | $293.6M | $251.2M | $231.5M | $186.2M | $166.0M |
| Total equity | $540.4M | $647.0M | $532.2M | $446.9M | $302.2M | $239.6M | $205.2M | $209.3M | $168.8M | $147.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $183.0M | $112.4M | $210.2M | $213.4M | $83.3M | $99.3M | $128.0M | $94.9M | $83.8M | $68.6M |
| Depreciation and amortisation | $129.6M | $102.7M | $64.4M | $62.3M | $53.6M | $58.9M | $59.0M | $48.7M | $41.0M | $29.2M |
| Stock-based compensation | $457.0K | $779.0K | $262.0K | $222.0K | $162.0K | $195.0K | $73.0K | $413.0K | $414.0K | $571.0K |
| Capital expenditure | $224.2M | $251.6M | $240.6M | $117.1M | $38.8M | $90.7M | $79.8M | $66.6M | $63.4M | $97.4M |
| Investing cash flow | -$203.4M | -$462.9M | -$236.8M | -$103.7M | -$33.2M | -$86.6M | -$143.1M | -$229.2M | -$61.3M | -$94.1M |
| Financing cash flow | $26.1M | $365.0M | -$8.6M | -$78.2M | -$44.6M | -$8.9M | $16.7M | $138.8M | -$23.2M | $14.1M |
| Dividends paid | $11.1M | $11.1M | $11.0M | $13.9M | $11.3M | $5.7M | $15.0M | $10.9M | $8.0M | $8.0M |
| Buybacks | $85.0K | $107.0K | $134.0K | $14.3M | $0 | $5.1M | $24.8M | $930.0K | $1.5M | $26.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-108365.
Others in SIC 4213
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ODFL | OLD DOMINION FREIGHT LINE, INC. | $38.54B | 38.4x | -5.5% |
| JBHT | HUNT J B TRANSPORT SERVICES INC | $25.71B | 44.7x | -0.7% |
| KNX | Knight-Swift Transportation Holdings Inc. | $11.70B | 175.6x | 0.8% |
| SAIA | SAIA INC | $9.55B | 37.6x | 0.8% |
| SNDR | Schneider National, Inc. | $6.14B | 59.4x | 7.3% |
| LSTR | LANDSTAR SYSTEM INC | $6.04B | 53.8x | -1.6% |
| ARCB | ARCBEST CORP /TX/ | $3.15B | 53.9x | -4.0% |
| WERN | WERNER ENTERPRISES INC | $2.40B | — | -1.9% |