Universal Logistics (ULH) Financials

$12.28 -3.85 (-23.87%)

Closing price 04:00 PM Eastern

Extended Trading

$12.27 -0.01 (-0.08%)

As of 07:55 PM Eastern

Annual Income Statements for Universal Logistics

This table shows Universal Logistics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	169	93	130
Consolidated Net Income / (Loss)	169	93	130
Net Income / (Loss) Continuing Operations	169	93	130
Total Pre-Tax Income	225	124	174
Total Operating Income	240	145	203
Total Gross Profit	1,495	1,119	1,263
Total Revenue	2,015	1,662	1,846
Operating Revenue	2,015	1,662	1,846
Total Cost of Revenue	520	543	583
Operating Cost of Revenue	520	543	583
Total Operating Expenses	1,255	974	1,060
Selling, General & Admin Expense	267	254	378
Marketing Expense	23	27	26
Depreciation Expense	77	77	124
Other Operating Expenses / (Income)	889	616	527
Impairment Charge	0.00	0.00	3.72
Total Other Income / (Expense), net	-15	-21	-29
Interest Expense	16	24	34
Interest & Investment Income	0.13	1.45	4.27
Other Income / (Expense), net	1.14	1.61	0.84
Income Tax Expense	57	31	44
Basic Earnings per Share	$6.37	$3.53	$4.94
Weighted Average Basic Shares Outstanding	26.47M	26.28M	26.32M
Diluted Earnings per Share	$6.37	$3.53	$4.93
Weighted Average Diluted Shares Outstanding	26.49M	26.31M	26.35M
Weighted Average Basic & Diluted Shares Outstanding	26.28M	26.31M	26.32M
Cash Dividends to Common per Share	$0.42	$0.42	$0.42

This table shows Universal Logistics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	10/1/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	48	33	25	24	23	21	52	31	27	20
Consolidated Net Income / (Loss)	48	33	25	24	23	21	52	31	27	20
Net Income / (Loss) Continuing Operations	48	33	25	24	23	21	52	31	27	20
Total Pre-Tax Income	65	44	33	32	31	29	70	41	35	27
Total Operating Income	70	48	38	36	37	34	75	47	43	38
Total Gross Profit	379	329	298	275	286	260	351	327	295	290
Total Revenue	506	459	437	413	421	391	492	462	427	465
Operating Revenue	506	459	437	413	421	391	492	462	427	465
Total Cost of Revenue	127	130	139	138	135	131	141	135	132	175
Operating Cost of Revenue	127	130	139	138	135	131	141	135	132	175
Total Operating Expenses	309	281	260	238	250	226	276	280	252	252
Selling, General & Admin Expense	69	67	66	62	65	61	113	87	81	98
Marketing Expense	5.75	5.83	8.08	5.89	6.83	6.37	7.17	7.87	5.68	5.72
Depreciation Expense	15	18	19	19	19	20	21	37	30	36
Other Operating Expenses / (Income)	219	190	167	151	158	139	135	148	132	112
Total Other Income / (Expense), net	-4.94	-3.85	-4.96	-4.84	-5.91	-5.44	-4.98	-5.99	-7.41	-11
Interest Expense	4.50	5.43	5.73	5.74	6.54	6.20	6.30	7.79	8.55	12
Interest & Investment Income	0.01	0.12	0.75	0.62	0.05	0.04	0.22	0.91	1.13	2.01
Other Income / (Expense), net	-0.45	1.47	0.02	0.28	0.59	0.72	1.10	0.90	0.00	-1.17
Income Tax Expense	16	11	8.36	7.99	7.81	7.24	18	10	8.68	7.11
Basic Earnings per Share	$1.84	$1.28	$0.95	$0.90	$0.88	$0.80	$1.99	$1.17	$1.01	$0.77
Weighted Average Basic Shares Outstanding	26.28M	26.47M	26.28M	26.29M	26.29M	26.28M	26.31M	26.32M	26.32M	26.32M
Diluted Earnings per Share	$1.84	$1.28	$0.95	$0.90	$0.88	$0.80	$1.99	$1.17	$1.01	$0.76
Weighted Average Diluted Shares Outstanding	26.31M	26.49M	26.31M	26.31M	26.31M	26.31M	26.33M	26.35M	26.35M	26.35M
Weighted Average Basic & Diluted Shares Outstanding	26.28M	26.28M	26.29M	26.29M	26.28M	26.31M	26.32M	26.32M	26.32M	26.32M
Cash Dividends to Common per Share	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11	$0.11

This table details how cash moves in and out of Universal Logistics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	33	-35	6.84
Net Cash From Operating Activities	213	210	112
Net Cash From Continuing Operating Activities	213	210	112
Net Income / (Loss) Continuing Operations	169	93	130
Consolidated Net Income / (Loss)	169	93	130
Depreciation Expense	77	77	124
Amortization Expense	0.55	0.81	0.96
Non-Cash Adjustments To Reconcile Net Income	5.51	1.09	4.02
Changes in Operating Assets and Liabilities, net	-38	38	-147
Net Cash From Investing Activities	-104	-237	-463
Net Cash From Continuing Investing Activities	-104	-237	-463
Purchase of Property, Plant & Equipment	-117	-241	-252
Acquisitions	0.00	0.00	-216
Purchase of Investments	-0.93	0.00	0.00
Sale of Property, Plant & Equipment	14	3.51	4.45
Sale and/or Maturity of Investments	0.00	0.27	0.02
Net Cash From Financing Activities	-78	-8.56	365
Net Cash From Continuing Financing Activities	-78	-8.56	365
Repayment of Debt	-834	-256	-491
Repurchase of Common Equity	-14	-0.13	-0.11
Payment of Dividends	-14	-11	-11
Issuance of Debt	784	258	867
Other Financing Activities, net	0.00	0.00	0.00
Effect of Exchange Rate Changes	1.83	0.41	-7.67
Cash Interest Paid	14	23	33
Cash Income Taxes Paid	41	25	19

This table details how cash moves in and out of Universal Logistics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	10/1/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024
Net Change in Cash & Equivalents	-0.04	33	30	-12	-48	-4.30	-1.39	-3.64	4.35	7.52
Net Cash From Operating Activities	75	69	64	40	56	49	37	9.55	6.20	60
Net Cash From Continuing Operating Activities	75	69	64	40	56	49	37	9.55	6.20	60
Net Income / (Loss) Continuing Operations	48	33	25	24	23	21	52	31	27	20
Consolidated Net Income / (Loss)	48	33	25	24	23	21	52	31	27	20
Depreciation Expense	15	18	19	19	19	20	21	37	30	36
Amortization Expense	0.15	0.19	0.19	0.19	0.19	0.24	0.24	0.24	0.24	0.24
Non-Cash Adjustments To Reconcile Net Income	1.35	-0.50	1.56	1.27	-0.41	-1.34	-1.39	2.29	3.93	-0.81
Changes in Operating Assets and Liabilities, net	10	17	19	-3.70	14	8.75	-35	-61	-55	3.74
Net Cash From Investing Activities	-44	-27	-30	-47	-111	-48	-68	-76	-74	-244
Net Cash From Continuing Investing Activities	-44	-27	-30	-47	-111	-48	-68	-76	-74	-244
Purchase of Property, Plant & Equipment	-48	-31	-31	-49	-112	-48	-69	-77	-65	-41
Acquisitions	-	-	-	-	-	-	-	-	-	-206
Sale of Property, Plant & Equipment	4.80	3.92	1.59	0.95	0.75	0.22	0.20	0.91	0.68	2.65
Net Cash From Financing Activities	-29	-14	-3.72	-2.63	6.08	-8.29	29	67	71	199
Net Cash From Continuing Financing Activities	-29	-14	-3.72	-2.63	6.08	-8.29	29	67	71	199
Repayment of Debt	-288	-77	-17	-18	-110	-111	-130	-141	-82	-138
Repurchase of Common Equity	-	-0.02	0.00	-	-0.13	-	0.00	-0.08	-	-0.02
Payment of Dividends	-2.76	-2.76	-2.76	-2.76	-2.76	-2.76	-2.76	-2.76	-2.76	-2.76
Issuance of Debt	261	66	16	18	119	106	162	211	155	339
Effect of Exchange Rate Changes	-1.88	4.64	-1.42	-2.15	0.87	3.11	0.92	-3.57	1.90	-6.93
Cash Interest Paid	3.76	4.93	5.48	5.54	6.04	6.34	6.11	7.40	6.89	13
Cash Income Taxes Paid	16	1.29	1.48	18	0.97	4.93	0.16	10	4.31	3.79

This table presents Universal Logistics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,204	1,254	1,787
Total Current Assets	460	365	410
Cash & Equivalents	47	13	19
Short-Term Investments	10	11	12
Note & Lease Receivable	0.00	0.00	0.00
Accounts Receivable	352	289	295
Prepaid Expenses	26	30	24
Other Current Assets	25	23	60
Plant, Property, & Equipment, net	391	561	742
Total Noncurrent Assets	353	327	635
Goodwill	171	171	207
Intangible Assets	74	61	151
Noncurrent Deferred & Refundable Income Taxes	1.39	1.23	0.33
Other Noncurrent Operating Assets	107	94	277
Total Liabilities & Shareholders' Equity	1,204	1,254	1,787
Total Liabilities	757	721	1,140
Total Current Liabilities	287	260	305
Short-Term Debt	65	71	89
Accounts Payable	87	64	60
Accrued Expenses	74	69	104
Current Deferred & Payable Income Tax Liabilities	12	6.36	0.38
Other Current Liabilities	49	51	52
Total Noncurrent Liabilities	470	461	835
Long-Term Debt	313	311	670
Noncurrent Deferred & Payable Income Tax Liabilities	70	80	109
Other Noncurrent Operating Liabilities	87	70	56
Total Equity & Noncontrolling Interests	447	532	647
Total Preferred & Common Equity	447	532	647
Total Common Equity	447	532	647
Common Stock	36	36	31
Retained Earnings	514	595	623
Treasury Stock	-97	-97	-0.11
Accumulated Other Comprehensive Income / (Loss)	-7.96	-3.87	-8.40
Other Equity Adjustments	2.16	1.35	1.18

This table presents Universal Logistics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	10/1/2022	4/1/2023	7/1/2023	9/30/2023	3/30/2024	6/29/2024	9/28/2024
Total Assets	1,199	1,235	1,235	1,259	1,385	1,472	1,555
Total Current Assets	459	474	448	389	367	383	406
Cash & Equivalents	15	77	65	17	11	7.49	12
Short-Term Investments	8.56	9.99	10	10	12	12	12
Note & Lease Receivable	-	-	0.00	0.00	0.00	0.00	0.00
Accounts Receivable	407	362	319	309	309	289	301
Prepaid Expenses	29	26	28	28	24	27	25
Other Current Assets	-	-	25	24	11	48	56
Plant, Property, & Equipment, net	377	406	439	534	614	658	698
Total Noncurrent Assets	363	355	349	336	404	431	451
Goodwill	171	171	171	171	171	171	167
Intangible Assets	78	71	68	64	56	52	55
Noncurrent Deferred & Refundable Income Taxes	2.06	1.39	1.39	1.39	1.23	1.23	1.23
Other Noncurrent Operating Assets	112	112	109	100	175	208	228
Total Liabilities & Shareholders' Equity	1,199	1,235	1,235	1,259	1,385	1,472	1,555
Total Liabilities	784	767	746	749	801	863	924
Total Current Liabilities	305	300	286	287	301	304	297
Short-Term Debt	62	68	70	70	73	80	86
Accounts Payable	108	84	77	84	74	74	78
Accrued Expenses	73	84	73	74	94	94	83
Current Deferred & Payable Income Tax Liabilities	11	18	9.15	16	13	5.35	3.73
Other Current Liabilities	51	47	57	44	47	50	47
Total Noncurrent Liabilities	479	467	460	462	500	560	627
Long-Term Debt	327	310	308	317	341	404	472
Noncurrent Deferred & Payable Income Tax Liabilities	61	70	70	70	91	98	104
Other Noncurrent Operating Liabilities	91	87	82	75	69	57	51
Total Equity & Noncontrolling Interests	415	468	489	510	584	609	631
Total Preferred & Common Equity	415	468	489	510	584	609	631
Total Common Equity	415	468	489	510	584	609	631
Common Stock	36	36	36	36	31	31	31
Retained Earnings	483	536	557	577	554	582	606
Treasury Stock	-97	-97	-97	-97	0.00	-0.08	-0.08
Accumulated Other Comprehensive Income / (Loss)	-9.30	-8.05	-6.52	-8.72	-1.17	-4.18	-6.35
Other Equity Adjustments	2.29	1.34	-	2.80	-	-	0.48

This table displays calculated financial ratios and metrics derived from Universal Logistics' official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	15.10%	-17.53%	11.06%
EBITDA Growth	78.89%	-29.45%	46.33%
EBIT Growth	119.26%	-39.13%	38.69%
NOPAT Growth	133.56%	-39.56%	39.71%
Net Income Growth	128.71%	-44.91%	39.83%
EPS Growth	132.48%	-44.58%	39.66%
Operating Cash Flow Growth	156.25%	-1.48%	-46.55%
Free Cash Flow Firm Growth	121.49%	-111.66%	-2,292.06%
Invested Capital Growth	8.58%	15.96%	54.36%
Revenue Q/Q Growth	-0.43%	-3.92%	4.19%
EBITDA Q/Q Growth	9.76%	-5.51%	6.03%
EBIT Q/Q Growth	11.86%	-9.15%	1.14%
NOPAT Q/Q Growth	11.42%	-9.10%	1.94%
Net Income Q/Q Growth	11.39%	-11.47%	-0.94%
EPS Q/Q Growth	11.75%	-11.97%	-0.80%
Operating Cash Flow Q/Q Growth	22.63%	-8.63%	10.52%
Free Cash Flow Firm Q/Q Growth	30.91%	-145.48%	-127.76%
Invested Capital Q/Q Growth	-1.63%	2.40%	18.04%
Profitability Metrics	-	-	-
Gross Margin	74.19%	67.34%	68.41%
EBITDA Margin	15.82%	13.53%	17.83%
Operating Margin	11.93%	8.75%	11.00%
EBIT Margin	11.99%	8.85%	11.05%
Profit (Net Income) Margin	8.37%	5.59%	7.04%
Tax Burden Percent	74.81%	74.74%	74.77%
Interest Burden Percent	93.31%	84.53%	85.19%
Effective Tax Rate	25.19%	25.26%	25.23%
Return on Invested Capital (ROIC)	24.37%	13.10%	13.40%
ROIC Less NNEP Spread (ROIC-NNEP)	21.28%	8.46%	9.36%
Return on Net Nonoperating Assets (RNNOA)	20.65%	5.87%	8.63%
Return on Equity (ROE)	45.02%	18.98%	22.03%
Cash Return on Invested Capital (CROIC)	16.15%	-1.68%	-29.34%
Operating Return on Assets (OROA)	20.64%	11.97%	13.42%
Return on Assets (ROA)	14.41%	7.56%	8.55%
Return on Common Equity (ROCE)	45.02%	18.98%	22.03%
Return on Equity Simple (ROE_SIMPLE)	37.73%	17.46%	20.08%
Net Operating Profit after Tax (NOPAT)	180	109	152
NOPAT Margin	8.92%	6.54%	8.23%
Net Nonoperating Expense Percent (NNEP)	3.09%	4.65%	4.04%
Return On Investment Capital (ROIC_SIMPLE)	21.79%	11.89%	10.80%
Cost of Revenue to Revenue	25.81%	32.66%	31.59%
SG&A Expenses to Revenue	13.23%	15.29%	20.49%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	62.26%	58.59%	57.40%
Earnings before Interest and Taxes (EBIT)	242	147	204
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	319	225	329
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.91	1.36	1.86
Price to Tangible Book Value (P/TBV)	4.22	2.42	4.16
Price to Revenue (P/Rev)	0.42	0.44	0.65
Price to Earnings (P/E)	5.06	7.82	9.27
Dividend Yield	1.62%	1.52%	0.92%
Earnings Yield	19.76%	12.79%	10.79%
Enterprise Value to Invested Capital (EV/IC)	1.53	1.22	1.41
Enterprise Value to Revenue (EV/Rev)	0.58	0.65	1.05
Enterprise Value to EBITDA (EV/EBITDA)	3.69	4.82	5.87
Enterprise Value to EBIT (EV/EBIT)	4.86	7.38	9.48
Enterprise Value to NOPAT (EV/NOPAT)	6.53	9.98	12.73
Enterprise Value to Operating Cash Flow (EV/OCF)	5.50	5.16	17.20
Enterprise Value to Free Cash Flow (EV/FCFF)	9.86	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.85	0.72	1.17
Long-Term Debt to Equity	0.70	0.58	1.04
Financial Leverage	0.97	0.69	0.92
Leverage Ratio	3.13	2.51	2.58
Compound Leverage Factor	2.92	2.12	2.20
Debt to Total Capital	45.85%	41.78%	53.98%
Short-Term Debt to Total Capital	7.91%	7.73%	6.32%
Long-Term Debt to Total Capital	37.94%	34.05%	47.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	54.15%	58.22%	46.02%
Debt to EBITDA	1.19	1.70	2.31
Net Debt to EBITDA	1.01	1.59	2.21
Long-Term Debt to EBITDA	0.98	1.38	2.04
Debt to NOPAT	2.10	3.51	5.00
Net Debt to NOPAT	1.79	3.30	4.79
Long-Term Debt to NOPAT	1.74	2.86	4.41
Altman Z-Score	3.78	3.08	2.60
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	1.60	1.40	1.35
Quick Ratio	1.43	1.20	1.07
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	119	-14	-332
Operating Cash Flow to CapEx	207.56%	88.70%	45.47%
Free Cash Flow to Firm to Interest Expense	7.32	-0.57	-9.64
Operating Cash Flow to Interest Expense	13.10	8.69	3.26
Operating Cash Flow Less CapEx to Interest Expense	6.79	-1.11	-3.91
Efficiency Ratios	-	-	-
Asset Turnover	1.72	1.35	1.21
Accounts Receivable Turnover	5.60	5.19	6.33
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	5.47	3.49	2.83
Accounts Payable Turnover	5.08	7.18	9.40
Days Sales Outstanding (DSO)	65.22	70.31	57.70
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	71.90	50.85	38.82
Cash Conversion Cycle (CCC)	-6.69	19.46	18.87
Capital & Investment Metrics	-	-	-
Invested Capital	768	891	1,375
Invested Capital Turnover	2.73	2.00	1.63
Increase / (Decrease) in Invested Capital	61	123	484
Enterprise Value (EV)	1,175	1,085	1,933
Market Capitalization	853	726	1,204
Book Value per Share	$17.01	$20.25	$24.59
Tangible Book Value per Share	$7.70	$11.42	$10.99
Total Capital	825	914	1,406
Total Debt	379	382	759
Total Long-Term Debt	313	311	670
Net Debt	321	359	728
Capital Expenditures (CapEx)	103	237	247
Debt-free, Cash-free Net Working Capital (DFCFNWC)	181	152	163
Debt-free Net Working Capital (DFNWC)	238	176	194
Net Working Capital (NWC)	173	105	105
Net Nonoperating Expense (NNE)	11	16	22
Net Nonoperating Obligations (NNO)	321	359	728
Total Depreciation and Amortization (D&A)	77	78	125
Debt-free, Cash-free Net Working Capital to Revenue	8.97%	9.17%	8.84%
Debt-free Net Working Capital to Revenue	11.81%	10.57%	10.51%
Net Working Capital to Revenue	8.57%	6.32%	5.70%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$6.37	$3.53	$4.94
Adjusted Weighted Average Basic Shares Outstanding	26.47M	26.28M	26.32M
Adjusted Diluted Earnings per Share	$6.37	$3.53	$4.93
Adjusted Weighted Average Diluted Shares Outstanding	26.49M	26.31M	26.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.28M	26.31M	26.32M
Normalized Net Operating Profit after Tax (NOPAT)	180	109	155
Normalized NOPAT Margin	8.92%	6.54%	8.38%
Pre Tax Income Margin	11.18%	7.48%	9.41%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	14.83	6.07	5.92
NOPAT to Interest Expense	11.04	4.49	4.41
EBIT Less CapEx to Interest Expense	8.52	-3.72	-1.25
NOPAT Less CapEx to Interest Expense	4.73	-5.30	-2.76
Payout Ratios	-	-	-
Dividend Payout Ratio	8.27%	11.88%	8.51%
Augmented Payout Ratio	16.76%	12.03%	8.59%

This table displays calculated financial ratios and metrics derived from Universal Logistics' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	10/1/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.49%	-1.85%	-16.51%	-21.74%	-16.70%	-14.78%	12.46%	12.02%	1.33%	18.98%
EBITDA Growth	154.73%	71.21%	-24.26%	-38.41%	-32.64%	-19.25%	70.67%	51.80%	28.53%	34.02%
EBIT Growth	317.52%	106.59%	-35.02%	-42.53%	-46.12%	-29.86%	99.41%	30.87%	14.16%	6.61%
NOPAT Growth	313.34%	103.00%	-33.69%	-43.66%	-47.37%	-29.91%	96.51%	29.54%	16.99%	11.11%
Net Income Growth	371.92%	106.44%	-40.78%	-47.28%	-52.46%	-35.98%	110.87%	30.42%	15.16%	-5.77%
EPS Growth	384.21%	109.84%	-39.10%	-46.75%	-52.17%	-37.50%	109.47%	30.00%	14.77%	-5.00%
Operating Cash Flow Growth	25,646.23%	133.33%	56.81%	43.56%	-25.18%	-28.84%	-42.80%	-76.41%	-88.97%	21.82%
Free Cash Flow Firm Growth	4.80%	-359.64%	-1,023.91%	176.58%	-238.24%	-299.14%	-733.66%	-416.17%	-326.74%	-369.45%
Invested Capital Growth	9.90%	8.58%	6.71%	-6.01%	11.40%	15.96%	28.44%	35.51%	33.90%	54.36%
Revenue Q/Q Growth	-4.08%	-9.29%	-4.65%	-5.68%	2.10%	-7.20%	25.83%	-6.05%	-7.64%	8.97%
EBITDA Q/Q Growth	-7.10%	-19.37%	-16.48%	-1.56%	1.60%	-3.33%	76.52%	-12.44%	-13.98%	0.80%
EBIT Q/Q Growth	8.60%	-28.40%	-23.01%	-4.01%	1.83%	-6.79%	118.87%	-37.00%	-11.17%	-12.96%
NOPAT Q/Q Growth	8.17%	-30.34%	-21.35%	-4.93%	1.04%	-7.21%	120.50%	-37.33%	-8.76%	-11.88%
Net Income Q/Q Growth	8.46%	-31.01%	-25.62%	-5.27%	-2.20%	-7.09%	144.99%	-41.41%	-13.65%	-23.98%
EPS Q/Q Growth	8.88%	-30.43%	-25.78%	-5.26%	-2.22%	-9.09%	148.75%	-41.21%	-13.68%	-24.75%
Operating Cash Flow Q/Q Growth	166.61%	-8.34%	-6.42%	-37.22%	38.94%	-12.82%	-24.79%	-74.11%	-35.06%	863.21%
Free Cash Flow Firm Q/Q Growth	82.09%	-33.66%	21.25%	506.30%	-179.10%	-57.72%	-65.72%	-54.09%	-6.76%	-73.50%
Invested Capital Q/Q Growth	-7.35%	-1.63%	-1.17%	4.35%	9.81%	2.40%	9.55%	10.09%	8.50%	18.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.86%	71.72%	68.20%	66.54%	67.98%	66.55%	71.38%	70.68%	69.06%	62.40%
EBITDA Margin	16.71%	14.86%	13.01%	13.58%	13.51%	14.08%	19.75%	18.40%	17.14%	15.86%
Operating Margin	13.80%	10.50%	8.73%	8.82%	8.73%	8.72%	15.27%	10.19%	9.99%	8.23%
EBIT Margin	13.71%	10.82%	8.74%	8.89%	8.87%	8.91%	15.49%	10.39%	9.99%	7.98%
Profit (Net Income) Margin	9.59%	7.29%	5.69%	5.71%	5.47%	5.48%	10.66%	6.65%	6.22%	4.34%
Tax Burden Percent	74.78%	75.47%	74.85%	74.68%	74.70%	74.73%	74.81%	74.75%	75.35%	73.95%
Interest Burden Percent	93.52%	89.29%	86.98%	86.04%	82.61%	82.30%	92.02%	85.66%	82.61%	73.52%
Effective Tax Rate	25.22%	24.53%	25.15%	25.32%	25.30%	25.27%	25.19%	25.25%	24.65%	26.05%
Return on Invested Capital (ROIC)	28.00%	21.64%	17.14%	14.62%	13.66%	13.06%	22.61%	14.42%	13.11%	9.92%
ROIC Less NNEP Spread (ROIC-NNEP)	27.07%	20.84%	16.03%	13.69%	12.44%	11.86%	21.52%	13.26%	11.86%	8.42%
Return on Net Nonoperating Assets (RNNOA)	30.37%	20.22%	13.37%	12.45%	9.76%	8.24%	13.95%	9.27%	9.29%	7.76%
Return on Equity (ROE)	58.38%	41.86%	30.52%	27.07%	23.42%	21.30%	36.56%	23.69%	22.39%	17.68%
Cash Return on Invested Capital (CROIC)	12.21%	16.15%	15.99%	23.85%	3.70%	-1.68%	-9.18%	-14.69%	-14.34%	-29.34%
Operating Return on Assets (OROA)	23.92%	18.63%	13.90%	13.29%	12.48%	12.05%	20.30%	13.55%	12.58%	9.69%
Return on Assets (ROA)	16.73%	12.55%	9.05%	8.54%	7.70%	7.41%	13.97%	8.68%	7.83%	5.27%
Return on Common Equity (ROCE)	58.38%	41.86%	30.52%	27.07%	23.42%	21.30%	36.56%	23.69%	22.39%	17.68%
Return on Equity Simple (ROE_SIMPLE)	36.48%	0.00%	32.35%	26.64%	20.57%	0.00%	20.63%	20.96%	20.78%	0.00%
Net Operating Profit after Tax (NOPAT)	52	36	29	27	27	25	56	35	32	28
NOPAT Margin	10.32%	7.92%	6.54%	6.59%	6.52%	6.52%	11.42%	7.62%	7.53%	6.09%
Net Nonoperating Expense Percent (NNEP)	0.94%	0.80%	1.11%	0.93%	1.22%	1.20%	1.09%	1.17%	1.25%	1.50%
Return On Investment Capital (ROIC_SIMPLE)	-	4.40%	-	-	-	2.79%	-	-	-	2.01%
Cost of Revenue to Revenue	25.14%	28.28%	31.80%	33.46%	32.02%	33.45%	28.62%	29.32%	30.94%	37.60%
SG&A Expenses to Revenue	13.64%	14.51%	15.15%	15.07%	15.44%	15.54%	22.96%	18.86%	18.87%	20.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	61.06%	61.22%	59.47%	57.72%	59.26%	57.83%	56.11%	60.49%	59.07%	54.17%
Earnings before Interest and Taxes (EBIT)	69	50	38	37	37	35	76	48	43	37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	85	68	57	56	57	55	97	85	73	74
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.96	1.91	1.61	1.53	1.28	1.36	1.66	1.75	1.79	1.86
Price to Tangible Book Value (P/TBV)	4.89	4.22	3.32	2.98	2.38	2.42	2.71	2.76	2.76	4.16
Price to Revenue (P/Rev)	0.40	0.42	0.39	0.41	0.38	0.44	0.56	0.60	0.64	0.65
Price to Earnings (P/E)	5.38	5.06	4.97	5.73	6.23	7.82	8.03	8.37	8.59	9.27
Dividend Yield	1.69%	1.62%	1.83%	1.48%	1.69%	1.52%	1.14%	1.03%	0.98%	0.92%
Earnings Yield	18.60%	19.76%	20.12%	17.45%	16.05%	12.79%	12.45%	11.95%	11.64%	10.79%
Enterprise Value to Invested Capital (EV/IC)	1.51	1.53	1.37	1.33	1.17	1.22	1.39	1.43	1.43	1.41
Enterprise Value to Revenue (EV/Rev)	0.58	0.58	0.54	0.58	0.59	0.65	0.79	0.87	0.94	1.05
Enterprise Value to EBITDA (EV/EBITDA)	4.06	3.69	3.47	3.95	4.26	4.82	5.13	5.21	5.35	5.87
Enterprise Value to EBIT (EV/EBIT)	5.46	4.86	4.72	5.42	6.26	7.38	7.34	7.81	8.23	9.48
Enterprise Value to NOPAT (EV/NOPAT)	7.31	6.53	6.31	7.28	8.48	9.98	9.97	10.62	11.14	12.73
Enterprise Value to Operating Cash Flow (EV/OCF)	6.78	5.50	4.41	4.22	4.41	5.16	7.44	10.10	16.33	17.20
Enterprise Value to Free Cash Flow (EV/FCFF)	12.96	9.86	8.88	5.39	33.18	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.94	0.85	0.81	0.77	0.76	0.72	0.71	0.79	0.88	1.17
Long-Term Debt to Equity	0.79	0.70	0.66	0.63	0.62	0.58	0.58	0.66	0.75	1.04
Financial Leverage	1.12	0.97	0.83	0.91	0.78	0.69	0.65	0.70	0.78	0.92
Leverage Ratio	3.30	3.13	3.02	2.83	2.66	2.51	2.49	2.47	2.47	2.58
Compound Leverage Factor	3.09	2.79	2.63	2.44	2.20	2.07	2.29	2.11	2.04	1.90
Debt to Total Capital	48.39%	45.85%	44.65%	43.58%	43.15%	41.78%	41.49%	44.28%	46.91%	53.98%
Short-Term Debt to Total Capital	7.77%	7.91%	7.98%	8.07%	7.78%	7.73%	7.36%	7.31%	7.22%	6.32%
Long-Term Debt to Total Capital	40.63%	37.94%	36.66%	35.51%	35.37%	34.05%	34.13%	36.97%	39.69%	47.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	51.61%	54.15%	55.35%	56.42%	56.85%	58.22%	58.51%	55.72%	53.09%	46.02%
Debt to EBITDA	1.34	1.19	1.26	1.42	1.63	1.70	1.56	1.64	1.80	2.31
Net Debt to EBITDA	1.26	1.01	0.97	1.14	1.51	1.59	1.48	1.58	1.72	2.21
Long-Term Debt to EBITDA	1.12	0.98	1.03	1.16	1.33	1.38	1.28	1.37	1.52	2.04
Debt to NOPAT	2.41	2.10	2.28	2.62	3.24	3.51	3.04	3.35	3.74	5.00
Net Debt to NOPAT	2.27	1.79	1.76	2.10	3.01	3.30	2.87	3.22	3.58	4.79
Long-Term Debt to NOPAT	2.02	1.74	1.88	2.13	2.65	2.86	2.50	2.80	3.17	4.41
Altman Z-Score	3.22	3.26	3.03	2.96	2.73	2.79	2.76	2.67	2.59	2.29
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.50	1.60	1.58	1.56	1.36	1.40	1.22	1.26	1.36	1.35
Quick Ratio	1.41	1.43	1.49	1.38	1.17	1.20	1.10	1.01	1.09	1.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-18	-24	-19	78	-62	-97	-160	-246	-263	-456
Operating Cash Flow to CapEx	172.96%	251.73%	216.76%	85.13%	50.44%	101.67%	53.94%	12.53%	9.63%	156.63%
Free Cash Flow to Firm to Interest Expense	-4.05	-4.48	-3.35	13.56	-9.42	-15.67	-25.37	-31.59	-30.75	-38.51
Operating Cash Flow to Interest Expense	16.71	12.69	11.26	7.05	8.60	7.91	5.86	1.23	0.73	5.05
Operating Cash Flow Less CapEx to Interest Expense	7.05	7.65	6.06	-1.23	-8.45	0.13	-5.00	-8.56	-6.81	1.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.74	1.72	1.59	1.50	1.41	1.35	1.31	1.30	1.26	1.21
Accounts Receivable Turnover	5.34	5.60	4.92	4.87	4.83	5.19	5.12	5.81	5.80	6.33
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	5.60	5.47	5.19	4.64	3.80	3.49	3.37	3.22	2.88	2.83
Accounts Payable Turnover	4.61	5.08	4.88	5.47	5.66	7.18	6.91	7.19	6.64	9.40
Days Sales Outstanding (DSO)	68.35	65.22	74.23	74.98	75.53	70.31	71.27	62.85	62.92	57.70
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	79.20	71.90	74.78	66.77	64.49	50.85	52.83	50.76	54.95	38.82
Cash Conversion Cycle (CCC)	-10.85	-6.69	-0.55	8.21	11.04	19.46	18.44	12.09	7.97	18.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	781	768	759	792	870	891	975	1,074	1,165	1,375
Invested Capital Turnover	2.71	2.73	2.62	2.22	2.10	2.00	1.98	1.89	1.74	1.63
Increase / (Decrease) in Invested Capital	70	61	48	-51	89	123	216	281	295	484
Enterprise Value (EV)	1,180	1,175	1,044	1,050	1,014	1,085	1,359	1,533	1,660	1,933
Market Capitalization	814	853	753	747	654	726	968	1,068	1,126	1,204
Book Value per Share	$15.79	$17.01	$17.82	$18.62	$19.41	$20.25	$22.20	$23.14	$23.98	$24.59
Tangible Book Value per Share	$6.34	$7.70	$8.63	$9.55	$10.46	$11.42	$13.56	$14.68	$15.53	$10.99
Total Capital	804	825	846	867	897	914	998	1,093	1,188	1,406
Total Debt	389	379	378	378	387	382	414	484	557	759
Total Long-Term Debt	327	313	310	308	317	311	341	404	472	670
Net Debt	366	321	291	303	360	359	391	465	534	728
Capital Expenditures (CapEx)	43	27	30	48	112	48	68	76	64	38
Debt-free, Cash-free Net Working Capital (DFCFNWC)	193	181	154	157	145	152	117	140	171	163
Debt-free Net Working Capital (DFNWC)	216	238	241	232	172	176	140	159	194	194
Net Working Capital (NWC)	154	173	174	162	102	105	67	79	108	105
Net Nonoperating Expense (NNE)	3.70	2.90	3.71	3.61	4.41	4.07	3.72	4.47	5.58	8.13
Net Nonoperating Obligations (NNO)	366	321	291	303	360	359	391	465	534	728
Total Depreciation and Amortization (D&A)	15	19	19	19	20	20	21	37	31	37
Debt-free, Cash-free Net Working Capital to Revenue	9.54%	8.97%	8.00%	8.63%	8.37%	9.17%	6.82%	7.92%	9.63%	8.84%
Debt-free Net Working Capital to Revenue	10.69%	11.81%	12.50%	12.77%	9.95%	10.57%	8.15%	9.00%	10.96%	10.51%
Net Working Capital to Revenue	7.60%	8.57%	9.00%	8.91%	5.91%	6.32%	3.88%	4.48%	6.12%	5.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.84	$1.28	$0.95	$0.90	$0.88	$0.80	$1.99	$1.17	$1.01	$0.77
Adjusted Weighted Average Basic Shares Outstanding	26.28M	26.47M	26.28M	26.29M	26.29M	26.28M	26.31M	26.32M	26.32M	26.32M
Adjusted Diluted Earnings per Share	$1.84	$1.28	$0.95	$0.90	$0.88	$0.80	$1.99	$1.17	$1.01	$0.76
Adjusted Weighted Average Diluted Shares Outstanding	26.31M	26.49M	26.31M	26.31M	26.31M	26.31M	26.33M	26.35M	26.35M	26.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.28M	26.28M	26.29M	26.29M	26.28M	26.31M	26.32M	26.32M	26.32M	26.32M
Normalized Net Operating Profit after Tax (NOPAT)	52	36	29	27	27	25	56	35	35	28
Normalized NOPAT Margin	10.32%	7.92%	6.54%	6.59%	6.52%	6.52%	11.42%	7.62%	8.18%	6.09%
Pre Tax Income Margin	12.82%	9.66%	7.60%	7.65%	7.32%	7.33%	14.25%	8.90%	8.25%	5.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.40	9.14	6.67	6.39	5.71	5.62	12.10	6.16	4.99	3.13
NOPAT to Interest Expense	11.60	6.69	4.99	4.73	4.20	4.11	8.92	4.52	3.76	2.39
EBIT Less CapEx to Interest Expense	5.74	4.10	1.48	-1.89	-11.34	-2.17	1.24	-3.62	-2.55	-0.09
NOPAT Less CapEx to Interest Expense	1.94	1.65	-0.20	-3.55	-12.85	-3.67	-1.94	-5.26	-3.78	-0.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	7.39%	8.27%	7.30%	8.47%	10.52%	11.88%	9.17%	8.65%	8.43%	8.51%
Augmented Payout Ratio	16.83%	16.76%	13.28%	8.48%	10.66%	12.03%	9.28%	8.82%	8.49%	8.59%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused look at Universal Logistics Holdings, Inc. (ULH) using the quarterly statements provided. The analysis focuses on revenue, profitability, cash flow, and balance-sheet trends across the recent four-year window represented by the quarterly data.

Strong gross margins despite revenue swings. In 2024, gross margins hovered in the mid-60s to low-70s range (e.g., Q1 2024: gross margin ≈ 71%: gross profit $351.1m on revenue $491.9m; Q4 2024: ≈ 62%: gross profit $290.3m on revenue $465.1m).
Healthy quarterly operating cash flow, with a notable boost in Q4 2024. Net cash from continuing operating activities was about $59.7m in Q4 2024, after lower prints in prior quarters (Q3 2024 ≈ $6.2m; Q2 2024 ≈ $9.6m; Q1 2024 ≈ $36.9m).
Regular quarterly dividend payments. Cash dividends per share were around $0.105–$0.11 in recent quarters (Q4 2024: $0.11; Q3–Q2 2024: $0.105; Q1 2024: $0.105), signaling ongoing shareholder returns.
Balance sheet strength and equity growth through 2024. Total equity rose from about $609m in mid-2024 to roughly $631m by Q3 2024, reflecting retained earnings and financing activity, helping liquidity visibility.
Revenue volatility with no clear multi-year uptrend. 2022–2024 revenue fluctuated, with peaks around 2022 levels and troughs in late 2023, followed by a rebound in 2024 quarters but no sustained, clear uptrend (e.g., 2024 quarterly revenue ranged from about $426m to $491m).
Material capital expenditures indicate ongoing growth investments. Quarterly purchases of property, plant & equipment were substantial (roughly $41m–$78m per quarter in 2024), contributing to negative investing cash flow and funding needs.
Modest but rising leverage with ongoing debt activity. Long-term debt rose through 2024 (e.g., Q1 2024 ≈ $340m; Q3 2024 ≈ $472m), with related increases in interest expense and a reliance on financing activities to support capex and operations.
Liquidity remains decent but modest. Current assets (~$383m–$406m) and current liabilities (~$297m–$303m) produced a working-capital cushion with current ratios broadly in the 1.2–1.4 range.
Net income margin compressed in Q4 2024. Net income attributable to common shareholders was about $20.2m on $465.1m revenue, translating to a margin around 4.3%—lower than earlier quarters and 2022 highs.
Rising interest expense weighs on profitability as debt grows. Interest expense climbed across 2024 quarters (Q1 ≈ $6.3m; Q4 ≈ $11.8m), contributing to lower pretax and net income margins.
Elevated other operating expenses pressuring pretax results. 2024 saw sizable other operating expenses / (income) and related items (e.g., Q4 2024 ≈ $112.3m), which press down pretax income even as gross margins stay healthy.

05/05/26 08:36 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Universal Logistics' Financials

When does Universal Logistics' financial year end?

According to the most recent income statement we have on file, Universal Logistics' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Universal Logistics' net income changed over the last 2 years?

Universal Logistics' net income appears to be on a downward trend, with a most recent value of $129.91 million in 2024, falling from $168.63 million in 2022. The previous period was $92.90 million in 2023. See Universal Logistics' forecast for analyst expectations on whatâ€™s next for the company.

What is Universal Logistics' operating income?

Universal Logistics' total operating income in 2024 was $203.11 million, based on the following breakdown:

Total Gross Profit: $1.26 billion
Total Operating Expenses: $1.06 billion

How has Universal Logistics' revenue changed over the last 2 years?

Over the last 2 years, Universal Logistics' total revenue changed from $2.02 billion in 2022 to $1.85 billion in 2024, a change of -8.4%.

How much debt does Universal Logistics have?

Universal Logistics' total liabilities were at $1.14 billion at the end of 2024, a 58.0% increase from 2023, and a 50.6% increase since 2022.

How much cash does Universal Logistics have?

In the past 2 years, Universal Logistics' cash and equivalents has ranged from $12.51 million in 2023 to $47.18 million in 2022, and is currently $19.35 million as of their latest financial filing in 2024.

How has Universal Logistics' book value per share changed over the last 2 years?

Over the last 2 years, Universal Logistics' book value per share changed from 17.01 in 2022 to 24.59 in 2024, a change of 44.5%.

Related Companies

Financial statements for NASDAQ:ULH last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Universal Logistics (ULH) Financials

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