# Integrated Freight & Logistics — company-by-company sector analysis

> Integrated Freight & Logistics: FedEx Corporation owns the largest revenue base; Cryoport, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Integrated Freight & Logistics has outperformed S&P 500 by 16.2% over 52 weeks and 0.9% over 13 weeks. 7 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 13 beat the sector itself. FedEx Corporation leads with revenue of $94,720 million, based on 11 of 14 comparable companies through Jun 2026.

### Is the Integrated Freight & Logistics sector outperforming S&P 500?

Integrated Freight & Logistics has outperformed S&P 500 by 16.2% over 52 weeks and 0.9% over 13 weeks. 7 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 13 beat the sector itself.

### Which Integrated Freight & Logistics company is largest by revenue?

FedEx Corporation leads with revenue of $94,720 million, based on 11 of 14 comparable companies through Jun 2026.

### Which Integrated Freight & Logistics company is growing fastest?

Cryoport, Inc. has the fastest current revenue growth at 13.8%, across 10 of 14 comparable companies.

### Which Integrated Freight & Logistics company has the strongest 4-Factor Sector Score?

Pitney Bowes Inc. ranks first at 66/100 with 72% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Integrated Freight & Logistics company reports the most CAPEX?

FedEx Corporation reports the largest latest CAPEX at $1,474 million, with 14 of 14 companies comparable.

### Which Integrated Freight & Logistics company has the least gross debt?

Proficient Auto Logistics, Inc. has the lowest comparable gross debt at $82 million. FedEx Corporation has the highest at $42,943 million.

### Which Integrated Freight & Logistics company has the lowest comparable PEG?

Hub Group, Inc. has the lowest comparable Guarded PEG at 0.21, among 7 of 14 companies that pass the metric’s comparability rules.

### How much history does this Integrated Freight & Logistics comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Integrated Freight & Logistics has outperformed S&P 500 by 16.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.9%. 7 of 13 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Pitney Bowes Inc. is the strongest against the sector itself at +26%.

13-week sector return versus NIFTY 500: -0.9%
52-week sector return versus NIFTY 500: 16%
Stocks leading NIFTY: 7/13
Stocks leading sector: 7/13

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 14
Combined market value: ₹2.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Pitney Bowes Inc. (PBI): 66/100 — Favorable setup; evidence 72%
   - Growth & earnings 24.7/35 | Capital efficiency 11.0/25 | Valuation 11.3/20 | Relative strength 19.0/20
   - Exact sum: 24.7 + 11 + 11.3 + 19 = 66
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Expeditors International of Washington, Inc. (EXPD): 63/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.9/35 | Capital efficiency 17.8/25 | Valuation 12.4/20 | Relative strength 15.3/20
   - Exact sum: 17.9 + 17.8 + 12.4 + 15.3 = 63.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Hub Group, Inc. (HUBG): 59/100 — Mixed-positive evidence; evidence 64%
   - Growth & earnings 16.1/35 | Capital efficiency 12.0/25 | Valuation 15.5/20 | Relative strength 15.6/20
   - Exact sum: 16.1 + 12 + 15.5 + 15.6 = 59.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 9.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. J.B. Hunt Transport Services, Inc. (JBHT): 59/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 20.1/35 | Capital efficiency 14.2/25 | Valuation 9.3/20 | Relative strength 15.5/20
   - Exact sum: 20.1 + 14.2 + 9.3 + 15.5 = 59.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Radiant Logistics, Inc. (RLGT): 57/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 16.2/35 | Capital efficiency 11.1/25 | Valuation 14.6/20 | Relative strength 14.7/20
   - Exact sum: 16.2 + 11.1 + 14.6 + 14.7 = 56.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 13.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Landstar System, Inc. (LSTR): 53/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 16.8/35 | Capital efficiency 15.3/25 | Valuation 9.0/20 | Relative strength 12.2/20
   - Exact sum: 16.8 + 15.3 + 9 + 12.2 = 53.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Cryoport, Inc. (CYRX): 48/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 14.0/35 | Capital efficiency 6.0/25 | Valuation 11.5/20 | Relative strength 16.2/20
   - Exact sum: 14 + 6 + 11.5 + 16.2 = 47.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. C.H. Robinson Worldwide, Inc. (CHRW): 41/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 16.0/35 | Capital efficiency 12.4/25 | Valuation 8.4/20 | Relative strength 3.8/20
   - Exact sum: 16 + 12.4 + 8.4 + 3.8 = 40.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. United Parcel Service, Inc. (UPS): 40/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 10.1/35 | Capital efficiency 10.2/25 | Valuation 11.2/20 | Relative strength 8.3/20
   - Exact sum: 10.1 + 10.2 + 11.2 + 8.3 = 39.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Forward Air Corporation (FWRD): 38/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 18.8/35 | Capital efficiency 5.0/25 | Valuation 11.0/20 | Relative strength 3.0/20
   - Exact sum: 18.8 + 5 + 11 + 3 = 37.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. GXO Logistics, Inc. (GXO): 38/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 23.6/35 | Capital efficiency 5.6/25 | Valuation 5.2/20 | Relative strength 3.1/20
   - Exact sum: 23.6 + 5.6 + 5.2 + 3.1 = 37.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -12.9% and the one-year return is 10.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
12. FedEx Corporation (FDX): 36/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 16.1/35 | Capital efficiency 10.3/25 | Valuation 7.1/20 | Relative strength 2.3/20
   - Exact sum: 16.1 + 10.3 + 7.1 + 2.3 = 35.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Proficient Auto Logistics, Inc. (PAL): 32/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 12.0/35 | Capital efficiency 8.1/25 | Valuation 8.5/20 | Relative strength 3.8/20
   - Exact sum: 12 + 8.1 + 8.5 + 3.8 = 32.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. FedEx Freight Holding Company, Inc. (FDXF): 49/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 12.5/35 | Capital efficiency 16.9/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 12.5 + 16.9 + 10 + 10 = 49.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: FedEx Corporation is the scale leader at $94,720 million, 7.3% ahead of United Parcel Service, Inc.. Cryoport, Inc.'s growth is 13.8% from a $182 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: FedEx Corporation is the scale benchmark; Cryoport, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: FedEx Corporation's growth falls below Cryoport, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: FedEx Corporation · $94,720 million | 7.3% versus #2 · United Parcel Service, Inc. | 6/8 recent comparable periods | 11/14 companies · 238 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. FedEx Corporation (FDX): ₹94.7K Cr
2. United Parcel Service, Inc. (UPS): ₹88.3K Cr
3. C.H. Robinson Worldwide, Inc. (CHRW): ₹16.2K Cr
4. GXO Logistics, Inc. (GXO): ₹13.5K Cr
5. Expeditors International of Washington, Inc. (EXPD): ₹11.2K Cr

### Revenue growth — fastest growers
1. Cryoport, Inc. (CYRX): 14%
2. GXO Logistics, Inc. (GXO): 10%
3. FedEx Corporation (FDX): 7.7%
4. Expeditors International of Washington, Inc. (EXPD): 1.1%
5. Radiant Logistics, Inc. (RLGT): 0.6%

### 20-quarter Revenue history
- UPS: Sep 2021 ₹23.2K Cr | Dec 2021 ₹27.8K Cr | Mar 2022 ₹24.4K Cr | Jun 2022 ₹24.8K Cr | Sep 2022 ₹24.2K Cr | Dec 2022 ₹27.0K Cr | Mar 2023 ₹22.9K Cr | Jun 2023 ₹22.1K Cr | Sep 2023 ₹21.1K Cr | Dec 2023 ₹24.9K Cr | Mar 2024 ₹21.7K Cr | Jun 2024 ₹21.8K Cr | Sep 2024 ₹22.2K Cr | Dec 2024 ₹25.3K Cr | Mar 2025 ₹21.5K Cr | Jun 2025 ₹21.2K Cr | Sep 2025 ₹21.4K Cr | Dec 2025 ₹24.5K Cr | Mar 2026 ₹21.2K Cr | Jun 2026 —
- FDX: Sep 2021 ₹22.0K Cr | Dec 2021 ₹23.5K Cr | Mar 2022 ₹23.6K Cr | Jun 2022 ₹24.4K Cr | Sep 2022 ₹23.2K Cr | Dec 2022 ₹22.8K Cr | Mar 2023 ₹22.2K Cr | Jun 2023 ₹21.9K Cr | Sep 2023 ₹21.7K Cr | Dec 2023 ₹22.2K Cr | Mar 2024 ₹21.7K Cr | Jun 2024 ₹22.1K Cr | Sep 2024 ₹21.6K Cr | Dec 2024 ₹22.0K Cr | Mar 2025 ₹22.2K Cr | Jun 2025 ₹22.2K Cr | Sep 2025 ₹22.2K Cr | Dec 2025 ₹23.5K Cr | Mar 2026 ₹24.0K Cr | Jun 2026 ₹25.0K Cr
- JBHT: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- FDXF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 — | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- EXPD: Sep 2021 ₹4.3K Cr | Dec 2021 ₹5.4K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- CHRW: Sep 2021 ₹6.3K Cr | Dec 2021 ₹6.5K Cr | Mar 2022 ₹6.8K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- LSTR: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 — | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- GXO: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- HUBG: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹985 Cr | Mar 2024 ₹999 Cr | Jun 2024 ₹986 Cr | Sep 2024 ₹987 Cr | Dec 2024 ₹974 Cr | Mar 2025 ₹915 Cr | Jun 2025 ₹906 Cr | Sep 2025 ₹934 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 ₹875 Cr | Dec 2021 ₹984 Cr | Mar 2022 ₹927 Cr | Jun 2022 ₹871 Cr | Sep 2022 ₹831 Cr | Dec 2022 ₹909 Cr | Mar 2023 ₹835 Cr | Jun 2023 ₹776 Cr | Sep 2023 ₹503 Cr | Dec 2023 ₹526 Cr | Mar 2024 ₹521 Cr | Jun 2024 ₹490 Cr | Sep 2024 ₹499 Cr | Dec 2024 ₹516 Cr | Mar 2025 ₹493 Cr | Jun 2025 ₹462 Cr | Sep 2025 ₹460 Cr | Dec 2025 ₹478 Cr | Mar 2026 ₹477 Cr | Jun 2026 —
- CYRX: Sep 2021 ₹57 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹48 Cr | Jun 2026 —
- FWRD: Sep 2021 ₹420 Cr | Dec 2021 ₹460 Cr | Mar 2022 ₹467 Cr | Jun 2022 ₹515 Cr | Sep 2022 ₹510 Cr | Dec 2022 — | Mar 2023 ₹358 Cr | Jun 2023 ₹334 Cr | Sep 2023 ₹341 Cr | Dec 2023 ₹338 Cr | Mar 2024 ₹542 Cr | Jun 2024 ₹644 Cr | Sep 2024 ₹656 Cr | Dec 2024 ₹633 Cr | Mar 2025 ₹613 Cr | Jun 2025 ₹619 Cr | Sep 2025 ₹632 Cr | Dec 2025 — | Mar 2026 ₹582 Cr | Jun 2026 —
- RLGT: Sep 2021 ₹299 Cr | Dec 2021 ₹336 Cr | Mar 2022 ₹441 Cr | Jun 2022 ₹383 Cr | Sep 2022 ₹331 Cr | Dec 2022 ₹278 Cr | Mar 2023 ₹244 Cr | Jun 2023 ₹232 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹201 Cr | Mar 2024 ₹185 Cr | Jun 2024 ₹206 Cr | Sep 2024 ₹204 Cr | Dec 2024 ₹265 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹221 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹232 Cr | Mar 2026 ₹214 Cr | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹34 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹92 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹94 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- UPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.7% | Sep 2022 4.2% | Dec 2022 -2.7% | Mar 2023 -6.0% | Jun 2023 -11% | Sep 2023 -13% | Dec 2023 -7.8% | Mar 2024 -5.3% | Jun 2024 -1.1% | Sep 2024 5.6% | Dec 2024 1.5% | Mar 2025 -0.7% | Jun 2025 -2.7% | Sep 2025 -3.7% | Dec 2025 -3.3% | Mar 2026 -1.6% | Jun 2026 —
- FDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.6% | Dec 2022 -2.8% | Mar 2023 -6.2% | Jun 2023 -10% | Sep 2023 -6.7% | Dec 2023 -2.8% | Mar 2024 -1.9% | Jun 2024 0.8% | Sep 2024 -0.5% | Dec 2024 -0.9% | Mar 2025 1.9% | Jun 2025 0.5% | Sep 2025 3.1% | Dec 2025 6.8% | Mar 2026 8.3% | Jun 2026 13%
- JBHT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 22% | Dec 2022 4.4% | Mar 2023 -7.4% | Jun 2023 -18% | Sep 2023 -18% | Dec 2023 -9.5% | Mar 2024 -8.9% | Jun 2024 -6.5% | Sep 2024 -3.0% | Dec 2024 -4.8% | Mar 2025 -0.8% | Jun 2025 -0.0% | Sep 2025 -0.5% | Dec 2025 -1.6% | Mar 2026 4.6% | Jun 2026 —
- FDXF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -2.4% | Dec 2025 -1.8% | Mar 2026 -4.7% | Jun 2026 —
- EXPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 1.0% | Dec 2022 -36% | Mar 2023 -44% | Jun 2023 -51% | Sep 2023 -50% | Dec 2023 -34% | Mar 2024 -15% | Jun 2024 8.9% | Sep 2024 37% | Dec 2024 30% | Mar 2025 21% | Jun 2025 8.7% | Sep 2025 -3.5% | Dec 2025 -3.4% | Mar 2026 4.4% | Jun 2026 —
- CHRW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -4.0% | Dec 2022 -22% | Mar 2023 -32% | Jun 2023 -35% | Sep 2023 -28% | Dec 2023 -17% | Mar 2024 -4.3% | Jun 2024 1.4% | Sep 2024 7.0% | Dec 2024 -0.9% | Mar 2025 -8.3% | Jun 2025 -7.7% | Sep 2025 -11% | Dec 2025 -6.5% | Mar 2026 -0.8% | Jun 2026 —
- LSTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 4.7% | Dec 2022 -14% | Mar 2023 — | Jun 2023 -27% | Sep 2023 -24% | Dec 2023 -28% | Mar 2024 — | Jun 2024 -14% | Sep 2024 -11% | Dec 2024 0.4% | Mar 2025 -1.5% | Jun 2025 -1.1% | Sep 2025 -0.7% | Dec 2025 -2.9% | Mar 2026 1.6% | Jun 2026 —
- GXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 16% | Dec 2022 9.1% | Mar 2023 12% | Jun 2023 11% | Sep 2023 8.1% | Dec 2023 5.0% | Mar 2024 5.7% | Jun 2024 19% | Sep 2024 28% | Dec 2024 25% | Mar 2025 21% | Jun 2025 16% | Sep 2025 7.5% | Dec 2025 7.9% | Mar 2026 11% | Jun 2026 —
- HUBG: Sep 2021 — | Dec 2021 32% | Mar 2022 41% | Jun 2022 43% | Sep 2022 26% | Dec 2022 2.4% | Mar 2023 -11% | Jun 2023 -26% | Sep 2023 -24% | Dec 2023 -23% | Mar 2024 -13% | Jun 2024 -5.2% | Sep 2024 -3.7% | Dec 2024 -1.1% | Mar 2025 -8.4% | Jun 2025 -8.1% | Sep 2025 -5.4% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.1% | Sep 2022 -5.0% | Dec 2022 -7.6% | Mar 2023 -9.9% | Jun 2023 -11% | Sep 2023 -39% | Dec 2023 -42% | Mar 2024 -38% | Jun 2024 -37% | Sep 2024 -0.8% | Dec 2024 -1.9% | Mar 2025 -5.4% | Jun 2025 -5.7% | Sep 2025 -7.8% | Dec 2025 -7.4% | Mar 2026 -3.3% | Jun 2026 —
- CYRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 5.3% | Dec 2022 7.1% | Mar 2023 21% | Jun 2023 -11% | Sep 2023 -6.7% | Dec 2023 -5.0% | Mar 2024 -41% | Jun 2024 -30% | Sep 2024 -32% | Dec 2024 -28% | Mar 2025 11% | Jun 2025 13% | Sep 2025 16% | Dec 2025 9.8% | Mar 2026 17% | Jun 2026 —
- FWRD: Sep 2021 — | Dec 2021 31% | Mar 2022 29% | Jun 2022 22% | Sep 2022 21% | Dec 2022 — | Mar 2023 -23% | Jun 2023 -35% | Sep 2023 -33% | Dec 2023 — | Mar 2024 51% | Jun 2024 93% | Sep 2024 92% | Dec 2024 87% | Mar 2025 13% | Jun 2025 -3.9% | Sep 2025 -3.7% | Dec 2025 — | Mar 2026 -5.1% | Jun 2026 —
- RLGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 11% | Dec 2022 -17% | Mar 2023 -45% | Jun 2023 -39% | Sep 2023 -36% | Dec 2023 -28% | Mar 2024 -24% | Jun 2024 -11% | Sep 2024 -3.3% | Dec 2024 32% | Mar 2025 16% | Jun 2025 7.3% | Sep 2025 11% | Dec 2025 -12% | Mar 2026 0.0% | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 24% | Dec 2025 13% | Mar 2026 -1.1% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Pitney Bowes Inc. leads both opm at 22.3% and margin change at +7.9 percentage points.

Investor read: Pitney Bowes Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Pitney Bowes Inc. · 22.3% | 110.4% versus #2 · Expeditors International of Washington, Inc. | 5/8 recent comparable periods | 14/14 companies · 238 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Pitney Bowes Inc. (PBI): 22%
2. Expeditors International of Washington, Inc. (EXPD): 11%
3. J.B. Hunt Transport Services, Inc. (JBHT): 6.8%
4. FedEx Corporation (FDX): 6.2%
5. FedEx Freight Holding Company, Inc. (FDXF): 6.0%

### Margin change — fastest expanders
1. Pitney Bowes Inc. (PBI): +7.9 pp
2. GXO Logistics, Inc. (GXO): +3.1 pp
3. Forward Air Corporation (FWRD): +2.7 pp
4. Radiant Logistics, Inc. (RLGT): +1.5 pp
5. Landstar System, Inc. (LSTR): +1.1 pp

### 20-quarter OPM history
- UPS: Sep 2021 13% | Dec 2021 14% | Mar 2022 13% | Jun 2022 14% | Sep 2022 13% | Dec 2022 12% | Mar 2023 11% | Jun 2023 13% | Sep 2023 6.4% | Dec 2023 9.9% | Mar 2024 7.4% | Jun 2024 8.9% | Sep 2024 8.9% | Dec 2024 12% | Mar 2025 7.7% | Jun 2025 8.6% | Sep 2025 8.4% | Dec 2025 11% | Mar 2026 6.0% | Jun 2026 —
- FDX: Sep 2021 6.4% | Dec 2021 6.8% | Mar 2022 5.6% | Jun 2022 7.9% | Sep 2022 5.1% | Dec 2022 5.2% | Mar 2023 4.7% | Jun 2023 6.9% | Sep 2023 6.8% | Dec 2023 5.8% | Mar 2024 5.7% | Jun 2024 7.0% | Sep 2024 5.0% | Dec 2024 4.8% | Mar 2025 5.8% | Jun 2025 8.1% | Sep 2025 5.3% | Dec 2025 5.9% | Mar 2026 5.6% | Jun 2026 6.2%
- JBHT: Sep 2021 8.7% | Dec 2021 9.2% | Mar 2022 9.6% | Jun 2022 9.2% | Sep 2022 9.4% | Dec 2022 7.7% | Mar 2023 8.6% | Jun 2023 8.6% | Sep 2023 7.6% | Dec 2023 6.2% | Mar 2024 6.6% | Jun 2024 7.0% | Sep 2024 7.3% | Dec 2024 6.6% | Mar 2025 6.1% | Jun 2025 6.7% | Sep 2025 7.9% | Dec 2025 8.0% | Mar 2026 6.8% | Jun 2026 —
- FDXF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 16% | Dec 2024 13% | Mar 2025 12% | Jun 2025 — | Sep 2025 13% | Dec 2025 10% | Mar 2026 6.0% | Jun 2026 —
- EXPD: Sep 2021 11% | Dec 2021 12% | Mar 2022 9.9% | Jun 2022 11% | Sep 2022 12% | Dec 2022 9.6% | Mar 2023 11% | Jun 2023 11% | Sep 2023 9.9% | Dec 2023 8.8% | Mar 2024 9.7% | Jun 2024 9.2% | Sep 2024 10% | Dec 2024 10% | Mar 2025 10% | Jun 2025 9.3% | Sep 2025 10% | Dec 2025 8.8% | Mar 2026 11% | Jun 2026 —
- CHRW: Sep 2021 5.0% | Dec 2021 4.4% | Mar 2022 5.1% | Jun 2022 6.9% | Sep 2022 4.8% | Dec 2022 3.2% | Mar 2023 3.5% | Jun 2023 3.0% | Sep 2023 2.6% | Dec 2023 2.5% | Mar 2024 2.9% | Jun 2024 4.0% | Sep 2024 3.9% | Dec 2024 4.4% | Mar 2025 4.4% | Jun 2025 5.2% | Sep 2025 5.3% | Dec 2025 4.6% | Mar 2026 4.4% | Jun 2026 —
- LSTR: Sep 2021 7.6% | Dec 2021 7.6% | Mar 2022 8.3% | Jun 2022 7.6% | Sep 2022 7.3% | Dec 2022 7.4% | Mar 2023 — | Jun 2023 7.0% | Sep 2023 6.4% | Dec 2023 6.2% | Mar 2024 5.1% | Jun 2024 5.5% | Sep 2024 5.2% | Dec 2024 4.8% | Mar 2025 3.4% | Jun 2025 4.6% | Sep 2025 2.2% | Dec 2025 2.5% | Mar 2026 4.5% | Jun 2026 —
- GXO: Sep 2021 1.8% | Dec 2021 2.8% | Mar 2022 1.8% | Jun 2022 2.7% | Sep 2022 3.1% | Dec 2022 3.0% | Mar 2023 1.8% | Jun 2023 4.1% | Sep 2023 3.6% | Dec 2023 3.4% | Mar 2024 -1.6% | Jun 2024 2.6% | Sep 2024 2.6% | Dec 2024 3.1% | Mar 2025 -1.9% | Jun 2025 2.7% | Sep 2025 3.5% | Dec 2025 2.7% | Mar 2026 1.2% | Jun 2026 —
- HUBG: Sep 2021 5.6% | Dec 2021 9.4% | Mar 2022 8.9% | Jun 2022 9.8% | Sep 2022 8.7% | Dec 2022 8.1% | Mar 2023 6.8% | Jun 2023 6.0% | Sep 2023 4.2% | Dec 2023 3.0% | Mar 2024 3.7% | Jun 2024 4.0% | Sep 2024 3.3% | Dec 2024 3.2% | Mar 2025 4.1% | Jun 2025 3.8% | Sep 2025 4.2% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 3.6% | Dec 2021 2.5% | Mar 2022 5.1% | Jun 2022 2.1% | Sep 2022 4.1% | Dec 2022 3.4% | Mar 2023 1.4% | Jun 2023 -17% | Sep 2023 11% | Dec 2023 43% | Mar 2024 14% | Jun 2024 4.2% | Sep 2024 -3.2% | Dec 2024 -4.2% | Mar 2025 14% | Jun 2025 14% | Sep 2025 21% | Dec 2025 14% | Mar 2026 22% | Jun 2026 —
- CYRX: Sep 2021 -8.1% | Dec 2021 -15% | Mar 2022 -15% | Jun 2022 -8.2% | Sep 2022 -13% | Dec 2022 -18% | Mar 2023 -16% | Jun 2023 -32% | Sep 2023 -30% | Dec 2023 -122% | Mar 2024 -47% | Jun 2024 -197% | Sep 2024 -35% | Dec 2024 -31% | Mar 2025 -18% | Jun 2025 -21% | Sep 2025 -23% | Dec 2025 -22% | Mar 2026 -20% | Jun 2026 —
- FWRD: Sep 2021 10% | Dec 2021 11% | Mar 2022 12% | Jun 2022 15% | Sep 2022 14% | Dec 2022 — | Mar 2023 13% | Jun 2023 7.9% | Sep 2023 3.4% | Dec 2023 0.9% | Mar 2024 -12% | Jun 2024 -170% | Sep 2024 3.5% | Dec 2024 12% | Mar 2025 0.8% | Jun 2025 2.0% | Sep 2025 2.4% | Dec 2025 — | Mar 2026 3.5% | Jun 2026 —
- RLGT: Sep 2021 3.5% | Dec 2021 3.0% | Mar 2022 4.0% | Jun 2022 5.4% | Sep 2022 3.3% | Dec 2022 2.6% | Mar 2023 2.6% | Jun 2023 1.6% | Sep 2023 1.7% | Dec 2023 0.8% | Mar 2024 -0.5% | Jun 2024 2.4% | Sep 2024 1.9% | Dec 2024 3.3% | Mar 2025 1.6% | Jun 2025 2.4% | Sep 2025 0.9% | Dec 2025 3.2% | Mar 2026 3.1% | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 8.6% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -2.4% | Dec 2024 -3.0% | Mar 2025 -2.5% | Jun 2025 0.1% | Sep 2025 -0.1% | Dec 2025 -31% | Mar 2026 -7.4% | Jun 2026 —

### 20-quarter Margin change history
- UPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 +0.4 pp | Dec 2022 −2.2 pp | Mar 2023 −2.2 pp | Jun 2023 −1.7 pp | Sep 2023 −6.5 pp | Dec 2023 −1.9 pp | Mar 2024 −3.7 pp | Jun 2024 −3.7 pp | Sep 2024 +2.5 pp | Dec 2024 +1.7 pp | Mar 2025 +0.3 pp | Jun 2025 −0.3 pp | Sep 2025 −0.5 pp | Dec 2025 −1.1 pp | Mar 2026 −1.7 pp | Jun 2026 —
- FDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −1.6 pp | Mar 2023 −0.9 pp | Jun 2023 −1.0 pp | Sep 2023 +1.7 pp | Dec 2023 +0.6 pp | Mar 2024 +1.0 pp | Jun 2024 +0.1 pp | Sep 2024 −1.8 pp | Dec 2024 −1.0 pp | Mar 2025 +0.1 pp | Jun 2025 +1.1 pp | Sep 2025 +0.3 pp | Dec 2025 +1.1 pp | Mar 2026 −0.2 pp | Jun 2026 −1.9 pp
- JBHT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 +0.7 pp | Dec 2022 −1.5 pp | Mar 2023 −1.0 pp | Jun 2023 −0.6 pp | Sep 2023 −1.8 pp | Dec 2023 −1.5 pp | Mar 2024 −2.0 pp | Jun 2024 −1.6 pp | Sep 2024 −0.3 pp | Dec 2024 +0.4 pp | Mar 2025 −0.5 pp | Jun 2025 −0.3 pp | Sep 2025 +0.6 pp | Dec 2025 +1.4 pp | Mar 2026 +0.7 pp | Jun 2026 —
- FDXF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −3.0 pp | Dec 2025 −3.1 pp | Mar 2026 −5.6 pp | Jun 2026 —
- EXPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 +0.8 pp | Dec 2022 −2.0 pp | Mar 2023 +0.7 pp | Jun 2023 +0.1 pp | Sep 2023 −2.2 pp | Dec 2023 −0.8 pp | Mar 2024 −0.9 pp | Jun 2024 −1.9 pp | Sep 2024 +0.2 pp | Dec 2024 +1.4 pp | Mar 2025 +0.3 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −1.4 pp | Mar 2026 +0.6 pp | Jun 2026 —
- CHRW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.2 pp | Sep 2022 −0.2 pp | Dec 2022 −1.2 pp | Mar 2023 −1.6 pp | Jun 2023 −3.9 pp | Sep 2023 −2.2 pp | Dec 2023 −0.7 pp | Mar 2024 −0.6 pp | Jun 2024 +1.0 pp | Sep 2024 +1.3 pp | Dec 2024 +1.9 pp | Mar 2025 +1.5 pp | Jun 2025 +1.2 pp | Sep 2025 +1.4 pp | Dec 2025 +0.2 pp | Mar 2026 0.0 pp | Jun 2026 —
- LSTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 −0.3 pp | Dec 2022 −0.2 pp | Mar 2023 — | Jun 2023 −0.6 pp | Sep 2023 −0.9 pp | Dec 2023 −1.2 pp | Mar 2024 — | Jun 2024 −1.5 pp | Sep 2024 −1.2 pp | Dec 2024 −1.4 pp | Mar 2025 −1.7 pp | Jun 2025 −0.9 pp | Sep 2025 −3.0 pp | Dec 2025 −2.3 pp | Mar 2026 +1.1 pp | Jun 2026 —
- GXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.5 pp | Sep 2022 +1.3 pp | Dec 2022 +0.2 pp | Mar 2023 0.0 pp | Jun 2023 +1.4 pp | Sep 2023 +0.5 pp | Dec 2023 +0.4 pp | Mar 2024 −3.4 pp | Jun 2024 −1.5 pp | Sep 2024 −1.0 pp | Dec 2024 −0.3 pp | Mar 2025 −0.3 pp | Jun 2025 +0.1 pp | Sep 2025 +0.9 pp | Dec 2025 −0.4 pp | Mar 2026 +3.1 pp | Jun 2026 —
- HUBG: Sep 2021 — | Dec 2021 +6.1 pp | Mar 2022 +6.3 pp | Jun 2022 +6.0 pp | Sep 2022 +3.1 pp | Dec 2022 −1.3 pp | Mar 2023 −2.1 pp | Jun 2023 −3.8 pp | Sep 2023 −4.5 pp | Dec 2023 −5.1 pp | Mar 2024 −3.1 pp | Jun 2024 −2.0 pp | Sep 2024 −0.9 pp | Dec 2024 +0.2 pp | Mar 2025 +0.4 pp | Jun 2025 −0.2 pp | Sep 2025 +0.9 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.5 pp | Sep 2022 +0.5 pp | Dec 2022 +0.9 pp | Mar 2023 −3.7 pp | Jun 2023 −18.6 pp | Sep 2023 +6.5 pp | Dec 2023 +39.1 pp | Mar 2024 +13.0 pp | Jun 2024 +20.7 pp | Sep 2024 −13.8 pp | Dec 2024 −46.7 pp | Mar 2025 0.0 pp | Jun 2025 +9.7 pp | Sep 2025 +23.7 pp | Dec 2025 +17.7 pp | Mar 2026 +7.9 pp | Jun 2026 —
- CYRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.5 pp | Sep 2022 −4.8 pp | Dec 2022 −3.5 pp | Mar 2023 −1.1 pp | Jun 2023 −23.9 pp | Sep 2023 −17.2 pp | Dec 2023 −103.7 pp | Mar 2024 −30.9 pp | Jun 2024 −164.4 pp | Sep 2024 −4.8 pp | Dec 2024 +91.3 pp | Mar 2025 +29.4 pp | Jun 2025 +175.3 pp | Sep 2025 +12.4 pp | Dec 2025 +8.6 pp | Mar 2026 −2.6 pp | Jun 2026 —
- FWRD: Sep 2021 — | Dec 2021 +5.4 pp | Mar 2022 +6.0 pp | Jun 2022 +4.7 pp | Sep 2022 +4.0 pp | Dec 2022 — | Mar 2023 +0.9 pp | Jun 2023 −6.8 pp | Sep 2023 −10.7 pp | Dec 2023 — | Mar 2024 −25.3 pp | Jun 2024 −178.1 pp | Sep 2024 +0.1 pp | Dec 2024 +11.1 pp | Mar 2025 +12.9 pp | Jun 2025 +172.2 pp | Sep 2025 −1.1 pp | Dec 2025 — | Mar 2026 +2.7 pp | Jun 2026 —
- RLGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.7 pp | Sep 2022 −0.2 pp | Dec 2022 −0.4 pp | Mar 2023 −1.4 pp | Jun 2023 −3.8 pp | Sep 2023 −1.6 pp | Dec 2023 −1.8 pp | Mar 2024 −3.1 pp | Jun 2024 +0.8 pp | Sep 2024 +0.2 pp | Dec 2024 +2.5 pp | Mar 2025 +2.1 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 −0.1 pp | Mar 2026 +1.5 pp | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +2.3 pp | Dec 2025 −28.3 pp | Mar 2026 −4.9 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: United Parcel Service, Inc. leads with $5,249 million of TTM profit, 18.4% above FedEx Corporation. Pitney Bowes Inc. shows 57.5% growth from a $167 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: United Parcel Service, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: United Parcel Service, Inc. · $5,249 million | 18.4% versus #2 · FedEx Corporation | 4/8 recent comparable periods | 11/14 companies · 238 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. United Parcel Service, Inc. (UPS): ₹5.2K Cr
2. FedEx Corporation (FDX): ₹4.4K Cr
3. Expeditors International of Washington, Inc. (EXPD): ₹838 Cr
4. C.H. Robinson Worldwide, Inc. (CHRW): ₹598 Cr
5. Pitney Bowes Inc. (PBI): ₹167 Cr

### Profit growth — fastest growers
1. Pitney Bowes Inc. (PBI): 58%
2. C.H. Robinson Worldwide, Inc. (CHRW): 18%
3. FedEx Corporation (FDX): 8.4%
4. Expeditors International of Washington, Inc. (EXPD): -0.8%
5. Hub Group, Inc. (HUBG): -3.7% — older report

### 20-quarter Net profit history
- UPS: Sep 2021 ₹2.3K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹864 Cr | Jun 2026 —
- FDX: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹558 Cr | Sep 2022 ₹875 Cr | Dec 2022 ₹788 Cr | Mar 2023 ₹771 Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹900 Cr | Mar 2024 ₹879 Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹794 Cr | Dec 2024 ₹741 Cr | Mar 2025 ₹909 Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹824 Cr | Dec 2025 ₹956 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.6K Cr
- JBHT: Sep 2021 ₹200 Cr | Dec 2021 ₹242 Cr | Mar 2022 ₹243 Cr | Jun 2022 ₹255 Cr | Sep 2022 ₹269 Cr | Dec 2022 ₹201 Cr | Mar 2023 ₹198 Cr | Jun 2023 ₹190 Cr | Sep 2023 ₹187 Cr | Dec 2023 ₹154 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹155 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹129 Cr | Sep 2025 ₹171 Cr | Dec 2025 ₹181 Cr | Mar 2026 ₹142 Cr | Jun 2026 —
- FDXF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹345 Cr | Dec 2024 ₹294 Cr | Mar 2025 ₹251 Cr | Jun 2025 — | Sep 2025 ₹223 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- EXPD: Sep 2021 ₹360 Cr | Dec 2021 ₹454 Cr | Mar 2022 ₹349 Cr | Jun 2022 ₹382 Cr | Sep 2022 ₹414 Cr | Dec 2022 ₹215 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹230 Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹201 Cr | Mar 2026 ₹230 Cr | Jun 2026 —
- CHRW: Sep 2021 ₹247 Cr | Dec 2021 ₹230 Cr | Mar 2022 ₹270 Cr | Jun 2022 ₹348 Cr | Sep 2022 ₹226 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹136 Cr | Mar 2026 ₹147 Cr | Jun 2026 —
- LSTR: Sep 2021 ₹99 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹125 Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹100 Cr | Dec 2022 ₹93 Cr | Mar 2023 — | Jun 2023 ₹78 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹39 Cr | Jun 2026 —
- GXO: Sep 2021 ₹73 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹-36 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹-95 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- HUBG: Sep 2021 ₹43 Cr | Dec 2021 ₹84 Cr | Mar 2022 ₹88 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹29 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 ₹8 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-142 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹-62 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹-42 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- CYRX: Sep 2021 ₹-7 Cr | Dec 2021 ₹-260 Cr | Mar 2022 ₹-13 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-62 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-78 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-19 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —
- FWRD: Sep 2021 ₹31 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹52 Cr | Dec 2022 — | Mar 2023 ₹34 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹-89 Cr | Jun 2024 ₹-966 Cr | Sep 2024 ₹-34 Cr | Dec 2024 ₹-35 Cr | Mar 2025 ₹-61 Cr | Jun 2025 ₹-41 Cr | Sep 2025 ₹-24 Cr | Dec 2025 — | Mar 2026 ₹-40 Cr | Jun 2026 —
- RLGT: Sep 2021 ₹8 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-1 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹-28 Cr | Mar 2026 ₹-6 Cr | Jun 2026 —

### 20-quarter Profit growth history
- UPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.5% | Sep 2022 11% | Dec 2022 12% | Mar 2023 -29% | Jun 2023 -27% | Sep 2023 -56% | Dec 2023 -54% | Mar 2024 -41% | Jun 2024 -32% | Sep 2024 37% | Dec 2024 7.2% | Mar 2025 6.7% | Jun 2025 -8.9% | Sep 2025 -15% | Dec 2025 4.1% | Mar 2026 -27% | Jun 2026 —
- FDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -21% | Dec 2022 -25% | Mar 2023 -31% | Jun 2023 176% | Sep 2023 23% | Dec 2023 14% | Mar 2024 14% | Jun 2024 -4.2% | Sep 2024 -26% | Dec 2024 -18% | Mar 2025 3.4% | Jun 2025 12% | Sep 2025 3.8% | Dec 2025 29% | Mar 2026 16% | Jun 2026 -3.0%
- JBHT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 35% | Dec 2022 -17% | Mar 2023 -19% | Jun 2023 -25% | Sep 2023 -30% | Dec 2023 -23% | Mar 2024 -36% | Jun 2024 -28% | Sep 2024 -19% | Dec 2024 0.7% | Mar 2025 -7.1% | Jun 2025 -5.2% | Sep 2025 13% | Dec 2025 17% | Mar 2026 20% | Jun 2026 —
- FDXF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -35% | Dec 2025 -59% | Mar 2026 -80% | Jun 2026 —
- EXPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 15% | Dec 2022 -53% | Mar 2023 -35% | Jun 2023 -49% | Sep 2023 -59% | Dec 2023 -26% | Mar 2024 -25% | Jun 2024 -11% | Sep 2024 35% | Dec 2024 48% | Mar 2025 20% | Jun 2025 5.1% | Sep 2025 -3.0% | Dec 2025 -15% | Mar 2026 13% | Jun 2026 —
- CHRW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79% | Sep 2022 -8.5% | Dec 2022 -58% | Mar 2023 -57% | Jun 2023 -72% | Sep 2023 -64% | Dec 2023 -68% | Mar 2024 -19% | Jun 2024 30% | Sep 2024 18% | Dec 2024 381% | Mar 2025 45% | Jun 2025 21% | Sep 2025 68% | Dec 2025 -8.7% | Mar 2026 8.9% | Jun 2026 —
- LSTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 1.0% | Dec 2022 -18% | Mar 2023 — | Jun 2023 -31% | Sep 2023 -33% | Dec 2023 -38% | Mar 2024 — | Jun 2024 -32% | Sep 2024 -25% | Dec 2024 -21% | Mar 2025 -36% | Jun 2025 -21% | Sep 2025 -62% | Dec 2025 -48% | Mar 2026 30% | Jun 2026 —
- GXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 271% | Sep 2022 -12% | Dec 2022 -19% | Mar 2023 -32% | Jun 2023 27% | Sep 2023 6.3% | Dec 2023 59% | Mar 2024 -238% | Jun 2024 -41% | Sep 2024 -49% | Dec 2024 37% | Mar 2025 — | Jun 2025 -28% | Sep 2025 71% | Dec 2025 -57% | Mar 2026 — | Jun 2026 —
- HUBG: Sep 2021 — | Dec 2021 282% | Mar 2022 418% | Jun 2022 281% | Sep 2022 102% | Dec 2022 -6.0% | Mar 2023 -30% | Jun 2023 -54% | Sep 2023 -66% | Dec 2023 -63% | Mar 2024 -56% | Jun 2024 -38% | Sep 2024 -20% | Dec 2024 -17% | Mar 2025 0.0% | Jun 2025 -14% | Sep 2025 21% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -81% | Sep 2022 -38% | Dec 2022 200% | Mar 2023 -138% | Jun 2023 -3,650% | Sep 2023 260% | Dec 2023 -1,133% | Mar 2024 — | Jun 2024 — | Sep 2024 583% | Dec 2024 — | Mar 2025 9.4% | Jun 2025 — | Sep 2025 -58% | Dec 2025 — | Mar 2026 66% | Jun 2026 —
- CYRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -800% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FWRD: Sep 2021 — | Dec 2021 153% | Mar 2022 153% | Jun 2022 77% | Sep 2022 68% | Dec 2022 — | Mar 2023 -21% | Jun 2023 -69% | Sep 2023 -88% | Dec 2023 — | Mar 2024 -362% | Jun 2024 -5,782% | Sep 2024 -667% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RLGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 55% | Sep 2022 13% | Dec 2022 -29% | Mar 2023 -64% | Jun 2023 -82% | Sep 2023 -67% | Dec 2023 -80% | Mar 2024 -120% | Jun 2024 67% | Sep 2024 0.0% | Dec 2024 600% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 -67% | Dec 2025 -29% | Mar 2026 67% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: FedEx Corporation reports $1,474 million of CAPEX; Cryoport, Inc. has the highest covered intensity at 20.8%. Coverage is only 14 of 14 companies and 240 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: FedEx Corporation · $1,474 million | 43% versus #2 · United Parcel Service, Inc. | 8/8 recent comparable periods | 14/14 companies · 240 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. FedEx Corporation (FDX): ₹1.5K Cr
2. United Parcel Service, Inc. (UPS): ₹1.0K Cr
3. FedEx Freight Holding Company, Inc. (FDXF): ₹152 Cr
4. J.B. Hunt Transport Services, Inc. (JBHT): ₹110 Cr
5. GXO Logistics, Inc. (GXO): ₹65 Cr

### CAPEX intensity — highest reinvestment intensity
1. Cryoport, Inc. (CYRX): 21%
2. FedEx Freight Holding Company, Inc. (FDXF): 7.6%
3. FedEx Corporation (FDX): 5.9%
4. United Parcel Service, Inc. (UPS): 4.9%
5. J.B. Hunt Transport Services, Inc. (JBHT): 3.6%

### 20-quarter CAPEX history
- UPS: Sep 2021 ₹900 Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹548 Cr | Jun 2022 ₹840 Cr | Sep 2022 ₹890 Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹609 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹933 Cr | Sep 2024 ₹843 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹876 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹970 Cr | Dec 2025 ₹716 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- FDX: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹767 Cr | Dec 2024 ₹818 Cr | Mar 2025 ₹997 Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹623 Cr | Dec 2025 ₹757 Cr | Mar 2026 ₹955 Cr | Jun 2026 ₹1.5K Cr
- JBHT: Sep 2021 ₹266 Cr | Dec 2021 ₹375 Cr | Mar 2022 ₹309 Cr | Jun 2022 ₹358 Cr | Sep 2022 ₹420 Cr | Dec 2022 ₹453 Cr | Mar 2023 ₹461 Cr | Jun 2023 ₹598 Cr | Sep 2023 ₹500 Cr | Dec 2023 ₹304 Cr | Mar 2024 ₹203 Cr | Jun 2024 ₹262 Cr | Sep 2024 ₹175 Cr | Dec 2024 ₹224 Cr | Mar 2025 ₹246 Cr | Jun 2025 ₹216 Cr | Sep 2025 ₹134 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹110 Cr | Jun 2026 —
- FDXF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹115 Cr | Dec 2024 ₹115 Cr | Mar 2025 ₹129 Cr | Jun 2025 — | Sep 2025 ₹66 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹152 Cr | Jun 2026 —
- EXPD: Sep 2021 ₹10 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹11 Cr | Dec 2025 — | Mar 2026 ₹13 Cr | Jun 2026 —
- CHRW: Sep 2021 ₹14 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- LSTR: Sep 2021 ₹10 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹5 Cr | Mar 2023 — | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 —
- GXO: Sep 2021 ₹61 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹78 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- HUBG: Sep 2021 ₹58 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 ₹57 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- CYRX: Sep 2021 ₹9 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- FWRD: Sep 2021 ₹14 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- RLGT: Sep 2021 ₹1 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- UPS: Sep 2021 3.9% | Dec 2021 5.8% | Mar 2022 2.2% | Jun 2022 3.4% | Sep 2022 3.7% | Dec 2022 9.2% | Mar 2023 2.7% | Jun 2023 5.5% | Sep 2023 6.1% | Dec 2023 8.2% | Mar 2024 4.8% | Jun 2024 4.3% | Sep 2024 3.8% | Dec 2024 4.3% | Mar 2025 4.1% | Jun 2025 5.3% | Sep 2025 4.5% | Dec 2025 2.9% | Mar 2026 4.9% | Jun 2026 —
- FDX: Sep 2021 7.1% | Dec 2021 6.7% | Mar 2022 5.2% | Jun 2022 9.8% | Sep 2022 5.5% | Dec 2022 8.1% | Mar 2023 5.8% | Jun 2023 8.0% | Sep 2023 5.9% | Dec 2023 5.9% | Mar 2024 6.3% | Jun 2024 5.4% | Sep 2024 3.6% | Dec 2024 3.7% | Mar 2025 4.5% | Jun 2025 6.6% | Sep 2025 2.8% | Dec 2025 3.2% | Mar 2026 4.0% | Jun 2026 5.9%
- JBHT: Sep 2021 8.5% | Dec 2021 11% | Mar 2022 8.9% | Jun 2022 9.3% | Sep 2022 11% | Dec 2022 12% | Mar 2023 14% | Jun 2023 19% | Sep 2023 16% | Dec 2023 9.2% | Mar 2024 6.9% | Jun 2024 8.9% | Sep 2024 5.7% | Dec 2024 7.1% | Mar 2025 8.4% | Jun 2025 7.4% | Sep 2025 4.4% | Dec 2025 4.3% | Mar 2026 3.6% | Jun 2026 —
- FDXF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 5.1% | Dec 2024 5.3% | Mar 2025 6.2% | Jun 2025 — | Sep 2025 3.0% | Dec 2025 3.1% | Mar 2026 7.6% | Jun 2026 —
- EXPD: Sep 2021 0.2% | Dec 2021 0.2% | Mar 2022 0.3% | Jun 2022 0.8% | Sep 2022 0.4% | Dec 2022 0.5% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.4% | Mar 2024 0.5% | Jun 2024 0.3% | Sep 2024 0.4% | Dec 2024 0.4% | Mar 2025 0.5% | Jun 2025 0.6% | Sep 2025 0.4% | Dec 2025 — | Mar 2026 0.5% | Jun 2026 —
- CHRW: Sep 2021 0.2% | Dec 2021 0.1% | Mar 2022 0.1% | Jun 2022 0.4% | Sep 2022 0.2% | Dec 2022 0.2% | Mar 2023 0.2% | Jun 2023 0.2% | Sep 2023 0.1% | Dec 2023 0.1% | Mar 2024 0.2% | Jun 2024 0.2% | Sep 2024 0.1% | Dec 2024 0.1% | Mar 2025 0.1% | Jun 2025 0.2% | Sep 2025 0.1% | Dec 2025 0.1% | Mar 2026 0.1% | Jun 2026 —
- LSTR: Sep 2021 0.6% | Dec 2021 0.3% | Mar 2022 0.2% | Jun 2022 0.2% | Sep 2022 0.8% | Dec 2022 0.3% | Mar 2023 — | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.8% | Mar 2024 0.8% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.2% | Jun 2025 0.2% | Sep 2025 0.2% | Dec 2025 — | Mar 2026 0.5% | Jun 2026 —
- GXO: Sep 2021 3.1% | Dec 2021 3.1% | Mar 2022 3.1% | Jun 2022 4.1% | Sep 2022 3.7% | Dec 2022 4.2% | Mar 2023 3.9% | Jun 2023 2.5% | Sep 2023 2.2% | Dec 2023 2.7% | Mar 2024 3.0% | Jun 2024 3.1% | Sep 2024 3.0% | Dec 2024 3.2% | Mar 2025 2.6% | Jun 2025 1.4% | Sep 2025 4.2% | Dec 2025 1.6% | Mar 2026 2.0% | Jun 2026 —
- HUBG: Sep 2021 5.4% | Dec 2021 3.9% | Mar 2022 2.4% | Jun 2022 3.9% | Sep 2022 5.3% | Dec 2022 4.7% | Mar 2023 2.3% | Jun 2023 3.8% | Sep 2023 3.9% | Dec 2023 3.5% | Mar 2024 1.8% | Jun 2024 1.4% | Sep 2024 1.2% | Dec 2024 0.8% | Mar 2025 2.1% | Jun 2025 1.2% | Sep 2025 1.0% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 6.5% | Dec 2021 4.4% | Mar 2022 3.6% | Jun 2022 3.7% | Sep 2022 4.0% | Dec 2022 3.0% | Mar 2023 3.5% | Jun 2023 3.4% | Sep 2023 4.6% | Dec 2023 5.3% | Mar 2024 2.7% | Jun 2024 3.3% | Sep 2024 3.8% | Dec 2024 4.3% | Mar 2025 3.4% | Jun 2025 2.8% | Sep 2025 3.5% | Dec 2025 4.2% | Mar 2026 3.4% | Jun 2026 —
- CYRX: Sep 2021 16% | Dec 2021 14% | Mar 2022 7.7% | Jun 2022 7.8% | Sep 2022 8.3% | Dec 2022 13% | Mar 2023 16% | Jun 2023 16% | Sep 2023 16% | Dec 2023 21% | Mar 2024 11% | Jun 2024 10% | Sep 2024 11% | Dec 2024 12% | Mar 2025 7.3% | Jun 2025 8.9% | Sep 2025 6.8% | Dec 2025 11% | Mar 2026 21% | Jun 2026 —
- FWRD: Sep 2021 3.3% | Dec 2021 3.3% | Mar 2022 2.1% | Jun 2022 1.7% | Sep 2022 1.4% | Dec 2022 — | Mar 2023 2.0% | Jun 2023 3.0% | Sep 2023 1.5% | Dec 2023 2.7% | Mar 2024 0.9% | Jun 2024 2.2% | Sep 2024 1.5% | Dec 2024 1.1% | Mar 2025 2.0% | Jun 2025 0.8% | Sep 2025 0.6% | Dec 2025 — | Mar 2026 1.2% | Jun 2026 —
- RLGT: Sep 2021 0.3% | Dec 2021 0.9% | Mar 2022 0.5% | Jun 2022 0.3% | Sep 2022 0.3% | Dec 2022 0.7% | Mar 2023 1.6% | Jun 2023 0.4% | Sep 2023 0.9% | Dec 2023 1.5% | Mar 2024 1.1% | Jun 2024 0.5% | Sep 2024 1.0% | Dec 2024 0.8% | Mar 2025 0.5% | Jun 2025 0.5% | Sep 2025 0.4% | Dec 2025 0.4% | Mar 2026 0.5% | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 3.2% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 1.0% | Mar 2026 1.1% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Expeditors International of Washington, Inc. has the clearest covered balance-sheet capacity with $752 million net cash and gross debt of $565 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Proficient Auto Logistics, Inc. · $82 million | 2.4% versus #2 · Radiant Logistics, Inc. | 0/8 recent comparable periods | 14/14 companies · 242 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Proficient Auto Logistics, Inc. (PAL): ₹82 Cr
2. Radiant Logistics, Inc. (RLGT): ₹84 Cr
3. Landstar System, Inc. (LSTR): ₹124 Cr
4. Cryoport, Inc. (CYRX): ₹230 Cr
5. Hub Group, Inc. (HUBG): ₹499 Cr — older report

### Net debt — lowest net debt
1. Expeditors International of Washington, Inc. (EXPD): ₹-752 Cr
2. Landstar System, Inc. (LSTR): ₹-287 Cr
3. Cryoport, Inc. (CYRX): ₹-174 Cr
4. Radiant Logistics, Inc. (RLGT): ₹44 Cr
5. Proficient Auto Logistics, Inc. (PAL): ₹72 Cr

### 20-quarter Gross debt history
- UPS: Sep 2021 ₹25.6K Cr | Dec 2021 ₹25.5K Cr | Mar 2022 ₹25.4K Cr | Jun 2022 ₹24.1K Cr | Sep 2022 ₹23.9K Cr | Dec 2022 ₹23.5K Cr | Mar 2023 ₹26.4K Cr | Jun 2023 ₹25.1K Cr | Sep 2023 ₹25.4K Cr | Dec 2023 ₹26.7K Cr | Mar 2024 ₹24.4K Cr | Jun 2024 ₹26.4K Cr | Sep 2024 ₹26.2K Cr | Dec 2024 ₹25.7K Cr | Mar 2025 ₹25.6K Cr | Jun 2025 ₹28.9K Cr | Sep 2025 ₹29.2K Cr | Dec 2025 ₹28.6K Cr | Mar 2026 ₹28.7K Cr | Jun 2026 —
- FDX: Sep 2021 ₹36.3K Cr | Dec 2021 ₹36.8K Cr | Mar 2022 ₹37.4K Cr | Jun 2022 ₹37.2K Cr | Sep 2022 ₹37.6K Cr | Dec 2022 ₹38.0K Cr | Mar 2023 ₹38.1K Cr | Jun 2023 ₹38.3K Cr | Sep 2023 ₹38.2K Cr | Dec 2023 ₹38.2K Cr | Mar 2024 ₹37.5K Cr | Jun 2024 ₹37.7K Cr | Sep 2024 ₹37.8K Cr | Dec 2024 ₹37.3K Cr | Mar 2025 ₹37.0K Cr | Jun 2025 ₹37.4K Cr | Sep 2025 ₹37.9K Cr | Dec 2025 ₹37.8K Cr | Mar 2026 ₹42.0K Cr | Jun 2026 ₹42.9K Cr
- JBHT: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.1K Cr
- FDXF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1.5K Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- EXPD: Sep 2021 ₹456 Cr | Dec 2021 ₹468 Cr | Mar 2022 ₹470 Cr | Jun 2022 ₹503 Cr | Sep 2022 ₹498 Cr | Dec 2022 ₹518 Cr | Mar 2023 ₹521 Cr | Jun 2023 ₹527 Cr | Sep 2023 ₹519 Cr | Dec 2023 ₹528 Cr | Mar 2024 ₹565 Cr | Jun 2024 ₹553 Cr | Sep 2024 ₹543 Cr | Dec 2024 ₹569 Cr | Mar 2025 ₹588 Cr | Jun 2025 ₹587 Cr | Sep 2025 ₹560 Cr | Dec 2025 ₹571 Cr | Mar 2026 ₹565 Cr | Jun 2026 —
- CHRW: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- LSTR: Sep 2021 ₹186 Cr | Dec 2021 ₹228 Cr | Mar 2022 ₹268 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹207 Cr | Dec 2022 ₹196 Cr | Mar 2023 — | Jun 2023 ₹160 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹117 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹163 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- GXO: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.6K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 —
- HUBG: Sep 2021 ₹347 Cr | Dec 2021 ₹329 Cr | Mar 2022 ₹363 Cr | Jun 2022 ₹381 Cr | Sep 2022 ₹429 Cr | Dec 2022 ₹452 Cr | Mar 2023 ₹519 Cr | Jun 2023 ₹517 Cr | Sep 2023 ₹602 Cr | Dec 2023 ₹576 Cr | Mar 2024 ₹558 Cr | Jun 2024 ₹518 Cr | Sep 2024 ₹525 Cr | Dec 2024 ₹509 Cr | Mar 2025 ₹485 Cr | Jun 2025 ₹463 Cr | Sep 2025 ₹499 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- CYRX: Sep 2021 ₹136 Cr | Dec 2021 ₹427 Cr | Mar 2022 ₹425 Cr | Jun 2022 ₹431 Cr | Sep 2022 ₹434 Cr | Dec 2022 ₹436 Cr | Mar 2023 ₹440 Cr | Jun 2023 ₹441 Cr | Sep 2023 ₹414 Cr | Dec 2023 ₹416 Cr | Mar 2024 ₹415 Cr | Jun 2024 ₹405 Cr | Sep 2024 ₹233 Cr | Dec 2024 ₹243 Cr | Mar 2025 ₹243 Cr | Jun 2025 ₹229 Cr | Sep 2025 ₹231 Cr | Dec 2025 ₹231 Cr | Mar 2026 ₹230 Cr | Jun 2026 —
- FWRD: Sep 2021 ₹306 Cr | Dec 2021 ₹320 Cr | Mar 2022 ₹324 Cr | Jun 2022 ₹322 Cr | Sep 2022 ₹277 Cr | Dec 2022 ₹267 Cr | Mar 2023 ₹335 Cr | Jun 2023 ₹307 Cr | Sep 2023 ₹297 Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- RLGT: Sep 2021 ₹84 Cr | Dec 2021 ₹139 Cr | Mar 2022 ₹160 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹120 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹84 Cr | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹14 Cr | Dec 2022 ₹14 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹94 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹82 Cr | Jun 2026 —

### 20-quarter Net debt history
- UPS: Sep 2021 ₹15.0K Cr | Dec 2021 ₹14.9K Cr | Mar 2022 ₹12.9K Cr | Jun 2022 ₹12.0K Cr | Sep 2022 ₹12.5K Cr | Dec 2022 ₹15.9K Cr | Mar 2023 ₹17.0K Cr | Jun 2023 ₹17.2K Cr | Sep 2023 ₹18.2K Cr | Dec 2023 ₹20.7K Cr | Mar 2024 ₹19.9K Cr | Jun 2024 ₹19.9K Cr | Sep 2024 ₹20.2K Cr | Dec 2024 ₹19.5K Cr | Mar 2025 ₹20.5K Cr | Jun 2025 ₹22.6K Cr | Sep 2025 ₹22.4K Cr | Dec 2025 ₹22.7K Cr | Mar 2026 ₹22.9K Cr | Jun 2026 —
- FDX: Sep 2021 ₹29.5K Cr | Dec 2021 ₹30.0K Cr | Mar 2022 ₹31.3K Cr | Jun 2022 ₹30.3K Cr | Sep 2022 ₹30.8K Cr | Dec 2022 ₹33.4K Cr | Mar 2023 ₹32.7K Cr | Jun 2023 ₹31.5K Cr | Sep 2023 ₹31.2K Cr | Dec 2023 ₹31.5K Cr | Mar 2024 ₹31.9K Cr | Jun 2024 ₹31.2K Cr | Sep 2024 ₹31.8K Cr | Dec 2024 ₹32.2K Cr | Mar 2025 ₹31.9K Cr | Jun 2025 ₹31.9K Cr | Sep 2025 ₹31.7K Cr | Dec 2025 ₹31.2K Cr | Mar 2026 ₹34.0K Cr | Jun 2026 ₹29.6K Cr
- JBHT: Sep 2021 ₹770 Cr | Dec 2021 ₹945 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.1K Cr
- FDXF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1.3K Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- EXPD: Sep 2021 ₹-1.4K Cr | Dec 2021 ₹-1.3K Cr | Mar 2022 ₹-1.7K Cr | Jun 2022 ₹-1.5K Cr | Sep 2022 ₹-1.7K Cr | Dec 2022 ₹-1.5K Cr | Mar 2023 ₹-1.8K Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹-1.1K Cr | Dec 2023 ₹-985 Cr | Mar 2024 ₹-805 Cr | Jun 2024 ₹-719 Cr | Sep 2024 ₹-750 Cr | Dec 2024 ₹-579 Cr | Mar 2025 ₹-731 Cr | Jun 2025 ₹-569 Cr | Sep 2025 ₹-630 Cr | Dec 2025 ₹-743 Cr | Mar 2026 ₹-752 Cr | Jun 2026 —
- CHRW: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- LSTR: Sep 2021 ₹-81 Cr | Dec 2021 ₹-23 Cr | Mar 2022 ₹86 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹-198 Cr | Mar 2023 — | Jun 2023 ₹-228 Cr | Sep 2023 ₹-277 Cr | Dec 2023 ₹-408 Cr | Mar 2024 ₹-413 Cr | Jun 2024 ₹-372 Cr | Sep 2024 ₹-408 Cr | Dec 2024 ₹-404 Cr | Mar 2025 ₹-320 Cr | Jun 2025 ₹-282 Cr | Sep 2025 ₹-309 Cr | Dec 2025 ₹-319 Cr | Mar 2026 ₹-287 Cr | Jun 2026 —
- GXO: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- HUBG: Sep 2021 ₹116 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹156 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹217 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹176 Cr | Jun 2023 ₹175 Cr | Sep 2023 ₹201 Cr | Dec 2023 ₹389 Cr | Mar 2024 ₹363 Cr | Jun 2024 ₹298 Cr | Sep 2024 ₹339 Cr | Dec 2024 ₹382 Cr | Mar 2025 ₹344 Cr | Jun 2025 ₹299 Cr | Sep 2025 ₹352 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- CYRX: Sep 2021 ₹-213 Cr | Dec 2021 ₹-202 Cr | Mar 2022 ₹-175 Cr | Jun 2022 ₹-120 Cr | Sep 2022 ₹-96 Cr | Dec 2022 ₹-87 Cr | Mar 2023 ₹-83 Cr | Jun 2023 ₹-64 Cr | Sep 2023 ₹-52 Cr | Dec 2023 ₹-41 Cr | Mar 2024 ₹-34 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-40 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-197 Cr | Sep 2025 ₹-190 Cr | Dec 2025 ₹-180 Cr | Mar 2026 ₹-174 Cr | Jun 2026 —
- FWRD: Sep 2021 ₹254 Cr | Dec 2021 ₹283 Cr | Mar 2022 ₹262 Cr | Jun 2022 ₹275 Cr | Sep 2022 ₹230 Cr | Dec 2022 ₹221 Cr | Mar 2023 ₹303 Cr | Jun 2023 ₹289 Cr | Sep 2023 ₹278 Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- RLGT: Sep 2021 ₹75 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹95 Cr | Sep 2022 ₹71 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹14 Cr | Dec 2022 ₹14 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹79 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹72 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: FedEx Freight Holding Company, Inc. leads ROCE at 18.3%, 7.6 percentage points above Expeditors International of Washington, Inc.. Pitney Bowes Inc. has the strongest latest improvement at +3.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: FedEx Freight Holding Company, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: FedEx Freight Holding Company, Inc. · 18.3% | 71% versus #2 · Expeditors International of Washington, Inc. | Not enough history | 14/14 companies · 239 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. FedEx Freight Holding Company, Inc. (FDXF): 18%
2. Expeditors International of Washington, Inc. (EXPD): 11%
3. Pitney Bowes Inc. (PBI): 6.8%
4. C.H. Robinson Worldwide, Inc. (CHRW): 5.6%
5. Landstar System, Inc. (LSTR): 5.1%

### ROCE change — fastest improvers
1. Pitney Bowes Inc. (PBI): +3.5 pp
2. Landstar System, Inc. (LSTR): +1.6 pp
3. GXO Logistics, Inc. (GXO): +1.3 pp
4. J.B. Hunt Transport Services, Inc. (JBHT): +1.1 pp
5. Expeditors International of Washington, Inc. (EXPD): +0.9 pp

### 20-quarter ROCE history
- UPS: Sep 2021 6.0% | Dec 2021 8.0% | Mar 2022 6.5% | Jun 2022 6.9% | Sep 2022 6.1% | Dec 2022 6.1% | Mar 2023 4.7% | Jun 2023 5.1% | Sep 2023 2.5% | Dec 2023 4.7% | Mar 2024 3.0% | Jun 2024 3.5% | Sep 2024 3.7% | Dec 2024 5.5% | Mar 2025 3.2% | Jun 2025 3.3% | Sep 2025 3.3% | Dec 2025 4.6% | Mar 2026 2.3% | Jun 2026 —
- FDX: Sep 2021 — | Dec 2021 2.3% | Mar 2022 1.9% | Jun 2022 2.7% | Sep 2022 1.7% | Dec 2022 1.7% | Mar 2023 1.5% | Jun 2023 2.1% | Sep 2023 2.0% | Dec 2023 1.8% | Mar 2024 1.7% | Jun 2024 2.1% | Sep 2024 1.5% | Dec 2024 1.5% | Mar 2025 1.8% | Jun 2025 2.5% | Sep 2025 1.6% | Dec 2025 1.9% | Mar 2026 1.8% | Jun 2026 2.0%
- JBHT: Sep 2021 5.7% | Dec 2021 6.5% | Mar 2022 6.5% | Jun 2022 6.7% | Sep 2022 6.7% | Dec 2022 5.0% | Mar 2023 4.9% | Jun 2023 4.6% | Sep 2023 3.9% | Dec 2023 3.0% | Mar 2024 3.0% | Jun 2024 3.1% | Sep 2024 3.5% | Dec 2024 3.0% | Mar 2025 2.7% | Jun 2025 3.0% | Sep 2025 3.9% | Dec 2025 3.9% | Mar 2026 3.2% | Jun 2026 4.1%
- FDXF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 25% | Mar 2026 18% | Jun 2026 —
- EXPD: Sep 2021 15% | Dec 2021 18% | Mar 2022 12% | Jun 2022 14% | Sep 2022 14% | Dec 2022 8.9% | Mar 2023 7.1% | Jun 2023 7.2% | Sep 2023 6.3% | Dec 2023 6.3% | Mar 2024 6.9% | Jun 2024 8.0% | Sep 2024 11% | Dec 2024 11% | Mar 2025 9.8% | Jun 2025 9.4% | Sep 2025 10% | Dec 2025 9.1% | Mar 2026 11% | Jun 2026 —
- CHRW: Sep 2021 9.3% | Dec 2021 8.2% | Mar 2022 9.5% | Jun 2022 13% | Sep 2022 8.5% | Dec 2022 5.2% | Mar 2023 4.9% | Jun 2023 4.0% | Sep 2023 3.7% | Dec 2023 3.7% | Mar 2024 4.3% | Jun 2024 6.0% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 5.7% | Jun 2025 6.9% | Sep 2025 6.6% | Dec 2025 5.9% | Mar 2026 5.6% | Jun 2026 —
- LSTR: Sep 2021 14% | Dec 2021 16% | Mar 2022 16% | Jun 2022 15% | Sep 2022 13% | Dec 2022 12% | Mar 2023 — | Jun 2023 9.2% | Sep 2023 8.1% | Dec 2023 6.8% | Mar 2024 5.3% | Jun 2024 5.9% | Sep 2024 5.4% | Dec 2024 5.1% | Mar 2025 3.5% | Jun 2025 5.0% | Sep 2025 2.4% | Dec 2025 2.8% | Mar 2026 5.1% | Jun 2026 —
- GXO: Sep 2021 0.7% | Dec 2021 1.3% | Mar 2022 0.7% | Jun 2022 1.0% | Sep 2022 1.3% | Dec 2022 1.3% | Mar 2023 0.7% | Jun 2023 1.5% | Sep 2023 1.4% | Dec 2023 1.3% | Mar 2024 -0.6% | Jun 2024 1.0% | Sep 2024 1.1% | Dec 2024 1.4% | Mar 2025 -0.8% | Jun 2025 1.1% | Sep 2025 1.4% | Dec 2025 1.1% | Mar 2026 0.5% | Jun 2026 —
- HUBG: Sep 2021 3.8% | Dec 2021 7.1% | Mar 2022 6.7% | Jun 2022 7.7% | Sep 2022 6.4% | Dec 2022 5.4% | Mar 2023 3.8% | Jun 2023 3.0% | Sep 2023 2.0% | Dec 2023 1.3% | Mar 2024 1.7% | Jun 2024 1.8% | Sep 2024 1.4% | Dec 2024 1.4% | Mar 2025 1.7% | Jun 2025 1.5% | Sep 2025 1.7% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 0.9% | Dec 2021 0.7% | Mar 2022 1.5% | Jun 2022 0.6% | Sep 2022 1.1% | Dec 2022 1.0% | Mar 2023 0.4% | Jun 2023 -4.6% | Sep 2023 1.8% | Dec 2023 8.3% | Mar 2024 2.9% | Jun 2024 0.8% | Sep 2024 -0.7% | Dec 2024 -1.0% | Mar 2025 3.3% | Jun 2025 3.1% | Sep 2025 5.0% | Dec 2025 3.9% | Mar 2026 6.8% | Jun 2026 —
- CYRX: Sep 2021 -0.9% | Dec 2021 -1.1% | Mar 2022 -0.9% | Jun 2022 -0.6% | Sep 2022 -0.9% | Dec 2022 -1.1% | Mar 2023 -1.0% | Jun 2023 -1.8% | Sep 2023 -1.7% | Dec 2023 -7.3% | Mar 2024 -1.8% | Jun 2024 -8.8% | Sep 2024 -1.7% | Dec 2024 -1.6% | Mar 2025 -0.9% | Jun 2025 -1.3% | Sep 2025 -1.4% | Dec 2025 -1.7% | Mar 2026 -1.7% | Jun 2026 —
- FWRD: Sep 2021 4.7% | Dec 2021 5.7% | Mar 2022 6.3% | Jun 2022 7.8% | Sep 2022 7.5% | Dec 2022 6.2% | Mar 2023 4.6% | Jun 2023 2.6% | Sep 2023 1.2% | Dec 2023 0.2% | Mar 2024 -2.9% | Jun 2024 -60% | Sep 2024 1.3% | Dec 2024 2.9% | Mar 2025 0.2% | Jun 2025 0.8% | Sep 2025 0.6% | Dec 2025 -0.1% | Mar 2026 0.9% | Jun 2026 —
- RLGT: Sep 2021 4.8% | Dec 2021 4.1% | Mar 2022 6.3% | Jun 2022 7.6% | Sep 2022 4.1% | Dec 2022 2.3% | Mar 2023 2.0% | Jun 2023 1.3% | Sep 2023 1.3% | Dec 2023 0.6% | Mar 2024 -0.3% | Jun 2024 1.9% | Sep 2024 1.4% | Dec 2024 3.3% | Mar 2025 1.2% | Jun 2025 1.8% | Sep 2025 0.7% | Dec 2025 2.5% | Mar 2026 2.1% | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -0.9% | Dec 2024 -1.2% | Mar 2025 -1.0% | Jun 2025 0.1% | Sep 2025 0.0% | Dec 2025 -7.6% | Mar 2026 -1.6% | Jun 2026 —

### 20-quarter ROCE change history
- UPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −1.9 pp | Mar 2023 −1.8 pp | Jun 2023 −1.8 pp | Sep 2023 −3.6 pp | Dec 2023 −1.4 pp | Mar 2024 −1.7 pp | Jun 2024 −1.6 pp | Sep 2024 +1.2 pp | Dec 2024 +0.8 pp | Mar 2025 +0.2 pp | Jun 2025 −0.2 pp | Sep 2025 −0.4 pp | Dec 2025 −0.9 pp | Mar 2026 −0.9 pp | Jun 2026 —
- FDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.6 pp | Mar 2023 −0.4 pp | Jun 2023 −0.6 pp | Sep 2023 +0.3 pp | Dec 2023 +0.1 pp | Mar 2024 +0.2 pp | Jun 2024 0.0 pp | Sep 2024 −0.5 pp | Dec 2024 −0.3 pp | Mar 2025 +0.1 pp | Jun 2025 +0.4 pp | Sep 2025 +0.1 pp | Dec 2025 +0.4 pp | Mar 2026 0.0 pp | Jun 2026 −0.5 pp
- JBHT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 −1.5 pp | Mar 2023 −1.6 pp | Jun 2023 −2.1 pp | Sep 2023 −2.8 pp | Dec 2023 −2.0 pp | Mar 2024 −1.9 pp | Jun 2024 −1.5 pp | Sep 2024 −0.4 pp | Dec 2024 0.0 pp | Mar 2025 −0.3 pp | Jun 2025 −0.1 pp | Sep 2025 +0.4 pp | Dec 2025 +0.9 pp | Mar 2026 +0.5 pp | Jun 2026 +1.1 pp
- EXPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −9.1 pp | Mar 2023 −5.2 pp | Jun 2023 −6.4 pp | Sep 2023 −7.4 pp | Dec 2023 −2.6 pp | Mar 2024 −0.2 pp | Jun 2024 +0.8 pp | Sep 2024 +4.3 pp | Dec 2024 +4.6 pp | Mar 2025 +2.9 pp | Jun 2025 +1.4 pp | Sep 2025 −0.2 pp | Dec 2025 −1.8 pp | Mar 2026 +0.9 pp | Jun 2026 —
- CHRW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −3.0 pp | Mar 2023 −4.6 pp | Jun 2023 −8.9 pp | Sep 2023 −4.8 pp | Dec 2023 −1.5 pp | Mar 2024 −0.6 pp | Jun 2024 +2.0 pp | Sep 2024 +2.3 pp | Dec 2024 +2.3 pp | Mar 2025 +1.4 pp | Jun 2025 +0.9 pp | Sep 2025 +0.6 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- LSTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −3.9 pp | Mar 2023 — | Jun 2023 −5.7 pp | Sep 2023 −4.5 pp | Dec 2023 −5.1 pp | Mar 2024 — | Jun 2024 −3.3 pp | Sep 2024 −2.7 pp | Dec 2024 −1.7 pp | Mar 2025 −1.8 pp | Jun 2025 −0.9 pp | Sep 2025 −3.0 pp | Dec 2025 −2.3 pp | Mar 2026 +1.6 pp | Jun 2026 —
- GXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 +0.5 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 −1.3 pp | Jun 2024 −0.5 pp | Sep 2024 −0.3 pp | Dec 2024 +0.1 pp | Mar 2025 −0.2 pp | Jun 2025 +0.1 pp | Sep 2025 +0.3 pp | Dec 2025 −0.3 pp | Mar 2026 +1.3 pp | Jun 2026 —
- HUBG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 −1.7 pp | Mar 2023 −2.9 pp | Jun 2023 −4.7 pp | Sep 2023 −4.4 pp | Dec 2023 −4.1 pp | Mar 2024 −2.1 pp | Jun 2024 −1.2 pp | Sep 2024 −0.6 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.3 pp | Sep 2025 +0.3 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 −1.1 pp | Jun 2023 −5.2 pp | Sep 2023 +0.7 pp | Dec 2023 +7.3 pp | Mar 2024 +2.5 pp | Jun 2024 +5.4 pp | Sep 2024 −2.5 pp | Dec 2024 −9.3 pp | Mar 2025 +0.4 pp | Jun 2025 +2.3 pp | Sep 2025 +5.7 pp | Dec 2025 +4.9 pp | Mar 2026 +3.5 pp | Jun 2026 —
- CYRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 −0.1 pp | Jun 2023 −1.2 pp | Sep 2023 −0.8 pp | Dec 2023 −6.2 pp | Mar 2024 −0.8 pp | Jun 2024 −7.0 pp | Sep 2024 0.0 pp | Dec 2024 +5.7 pp | Mar 2025 +0.9 pp | Jun 2025 +7.5 pp | Sep 2025 +0.3 pp | Dec 2025 −0.1 pp | Mar 2026 −0.8 pp | Jun 2026 —
- FWRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 +0.5 pp | Mar 2023 −1.7 pp | Jun 2023 −5.2 pp | Sep 2023 −6.3 pp | Dec 2023 −6.0 pp | Mar 2024 −7.5 pp | Jun 2024 −62.4 pp | Sep 2024 +0.1 pp | Dec 2024 +2.7 pp | Mar 2025 +3.1 pp | Jun 2025 +60.6 pp | Sep 2025 −0.7 pp | Dec 2025 −3.0 pp | Mar 2026 +0.7 pp | Jun 2026 —
- RLGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −1.8 pp | Mar 2023 −4.3 pp | Jun 2023 −6.3 pp | Sep 2023 −2.8 pp | Dec 2023 −1.7 pp | Mar 2024 −2.3 pp | Jun 2024 +0.6 pp | Sep 2024 +0.1 pp | Dec 2024 +2.7 pp | Mar 2025 +1.5 pp | Jun 2025 −0.1 pp | Sep 2025 −0.7 pp | Dec 2025 −0.8 pp | Mar 2026 +0.9 pp | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −0.9 pp | Dec 2024 −1.2 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +0.9 pp | Dec 2025 −6.4 pp | Mar 2026 −0.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Hub Group, Inc. has the lowest comparable Guarded PEG at 0.21×, 70.8% below Radiant Logistics, Inc.. Only 7 of 14 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Hub Group, Inc. · 0.21× | 70.8% versus #2 · Radiant Logistics, Inc. | 0/8 recent comparable periods | 7/14 companies · 24 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Hub Group, Inc. (HUBG): 0.2 — older report
2. Radiant Logistics, Inc. (RLGT): 0.7
3. Expeditors International of Washington, Inc. (EXPD): 1.0
4. United Parcel Service, Inc. (UPS): 1.6
5. C.H. Robinson Worldwide, Inc. (CHRW): 1.9

### P/E — lowest P/E
1. Cryoport, Inc. (CYRX): 6.9
2. Pitney Bowes Inc. (PBI): 10.7
3. Forward Air Corporation (FWRD): 14.6
4. United Parcel Service, Inc. (UPS): 15.9
5. Hub Group, Inc. (HUBG): 19.9 — older report

### 20-quarter Guarded PEG history
- UPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.6 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FDX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.7 | Sep 2023 0.8 | Dec 2023 0.5 | Mar 2024 0.3 | Jun 2024 1.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.4 | Dec 2025 1.0 | Mar 2026 1.2 | Jun 2026 2.3
- JBHT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3.0 | Mar 2026 1.9 | Jun 2026 —
- EXPD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.3 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 1.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CHRW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.6 | Mar 2025 — | Jun 2025 0.4 | Sep 2025 — | Dec 2025 1.3 | Mar 2026 1.9 | Jun 2026 —
- GXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HUBG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RLGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- UPS: Sep 2021 24.8 | Dec 2021 14.6 | Mar 2022 17.5 | Jun 2022 14.7 | Sep 2022 12.7 | Dec 2022 13.2 | Mar 2023 15.7 | Jun 2023 15.6 | Sep 2023 15.8 | Dec 2023 20.2 | Mar 2024 21.5 | Jun 2024 22.3 | Sep 2024 20.6 | Dec 2024 18.7 | Mar 2025 16.0 | Jun 2025 15.0 | Sep 2025 12.9 | Dec 2025 15.1 | Mar 2026 15.9 | Jun 2026 —
- FDX: Sep 2021 — | Dec 2021 12.7 | Mar 2022 11.7 | Jun 2022 15.7 | Sep 2022 15.6 | Dec 2022 14.3 | Mar 2023 17.6 | Jun 2023 14.1 | Sep 2023 15.9 | Dec 2023 15.3 | Mar 2024 14.4 | Jun 2024 14.8 | Sep 2024 18.4 | Dec 2024 19.3 | Mar 2025 16.5 | Jun 2025 13.0 | Sep 2025 13.5 | Dec 2025 15.2 | Mar 2026 20.6 | Jun 2026 22.2
- JBHT: Sep 2021 26.5 | Dec 2021 28.6 | Mar 2022 24.9 | Jun 2022 17.8 | Sep 2022 16.4 | Dec 2022 18.9 | Mar 2023 19.9 | Jun 2023 22.1 | Sep 2023 25.4 | Dec 2023 28.7 | Mar 2024 31.6 | Jun 2024 27.5 | Sep 2024 31.3 | Dec 2024 30.7 | Mar 2025 26.9 | Jun 2025 26.1 | Sep 2025 23.3 | Dec 2025 31.8 | Mar 2026 32.8 | Jun 2026 41.0
- EXPD: Sep 2021 17.6 | Dec 2021 16.2 | Mar 2022 11.9 | Jun 2022 10.8 | Sep 2022 9.3 | Dec 2022 12.6 | Mar 2023 14.4 | Jun 2023 18.2 | Sep 2023 21.7 | Dec 2023 25.4 | Mar 2024 25.8 | Jun 2024 26.8 | Sep 2024 25.6 | Dec 2024 19.4 | Mar 2025 20.0 | Jun 2025 18.7 | Sep 2025 20.0 | Dec 2025 25.0 | Mar 2026 23.2 | Jun 2026 —
- CHRW: Sep 2021 15.4 | Dec 2021 17.1 | Mar 2022 15.2 | Jun 2022 12.2 | Sep 2022 11.7 | Dec 2022 12.4 | Mar 2023 16.0 | Jun 2023 21.7 | Sep 2023 26.5 | Dec 2023 31.8 | Mar 2024 30.1 | Jun 2024 31.8 | Sep 2024 38.2 | Dec 2024 26.8 | Mar 2025 24.5 | Jun 2025 21.9 | Sep 2025 26.9 | Dec 2025 33.3 | Mar 2026 33.6 | Jun 2026 —
- LSTR: Sep 2021 18.9 | Dec 2021 17.3 | Mar 2022 13.6 | Jun 2022 12.4 | Sep 2022 11.8 | Dec 2022 13.9 | Mar 2023 — | Jun 2023 16.9 | Sep 2023 20.5 | Dec 2023 26.3 | Mar 2024 29.7 | Jun 2024 30.1 | Sep 2024 32.1 | Dec 2024 31.6 | Mar 2025 29.2 | Jun 2025 29.2 | Sep 2025 31.2 | Dec 2025 44.1 | Mar 2026 43.2 | Jun 2026 —
- GXO: Sep 2021 72.6 | Dec 2021 68.8 | Mar 2022 46.9 | Jun 2022 23.3 | Sep 2022 19.8 | Dec 2022 25.6 | Mar 2023 32.1 | Jun 2023 37.6 | Sep 2023 34.7 | Dec 2023 31.9 | Mar 2024 38.7 | Jun 2024 43.2 | Sep 2024 57.9 | Dec 2024 38.8 | Mar 2025 63.0 | Jun 2025 91.9 | Sep 2025 69.6 | Dec 2025 188.0 | Mar 2026 45.5 | Jun 2026 —
- HUBG: Sep 2021 21.2 | Dec 2021 16.7 | Mar 2022 10.8 | Jun 2022 7.6 | Sep 2022 6.5 | Dec 2022 7.5 | Mar 2023 8.4 | Jun 2023 9.6 | Sep 2023 11.7 | Dec 2023 17.6 | Mar 2024 20.6 | Jun 2024 23.3 | Sep 2024 25.8 | Dec 2024 26.2 | Mar 2025 21.9 | Jun 2025 20.3 | Sep 2025 19.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 80.1 | Dec 2021 — | Mar 2022 17.9 | Jun 2022 18.1 | Sep 2022 12.9 | Dec 2022 4.6 | Mar 2023 129.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 25.4 | Dec 2025 12.6 | Mar 2026 10.7 | Jun 2026 —
- CYRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 6.9 | Mar 2026 — | Jun 2026 —
- FWRD: Sep 2021 28.4 | Dec 2021 31.5 | Mar 2022 19.8 | Jun 2022 15.7 | Sep 2022 13.0 | Dec 2022 14.7 | Mar 2023 15.8 | Jun 2023 19.5 | Sep 2023 17.7 | Dec 2023 9.8 | Mar 2024 14.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RLGT: Sep 2021 13.0 | Dec 2021 13.3 | Mar 2022 8.9 | Jun 2022 8.4 | Sep 2022 6.3 | Dec 2022 5.9 | Mar 2023 9.7 | Jun 2023 16.0 | Sep 2023 19.5 | Dec 2023 31.6 | Mar 2024 49.3 | Jun 2024 35.6 | Sep 2024 37.8 | Dec 2024 23.9 | Mar 2025 17.6 | Jun 2025 17.4 | Sep 2025 19.0 | Dec 2025 21.8 | Mar 2026 20.7 | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 157.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Hub Group, Inc. leads ev/ebitda at 7.6×; Proficient Auto Logistics, Inc. leads p/bv at 0.62×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Hub Group, Inc. · 7.6× | 4.4% versus #2 · Pitney Bowes Inc. | 0/8 recent comparable periods | 13/14 companies · 213 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Hub Group, Inc. (HUBG): 7.6 — older report
2. Pitney Bowes Inc. (PBI): 8.0
3. United Parcel Service, Inc. (UPS): 9.4
4. Radiant Logistics, Inc. (RLGT): 10.5
5. FedEx Corporation (FDX): 13.0

### P/BV — lowest P/BV
1. Proficient Auto Logistics, Inc. (PAL): 0.6
2. Cryoport, Inc. (CYRX): 0.8
3. Hub Group, Inc. (HUBG): 1.2 — older report
4. Radiant Logistics, Inc. (RLGT): 1.4
5. GXO Logistics, Inc. (GXO): 2.0

### 20-quarter EV/EBITDA history
- UPS: Sep 2021 12.5 | Dec 2021 12.8 | Mar 2022 12.3 | Jun 2022 10.3 | Sep 2022 9.0 | Dec 2022 10.2 | Mar 2023 11.7 | Jun 2023 11.4 | Sep 2023 11.4 | Dec 2023 12.4 | Mar 2024 12.6 | Jun 2024 12.6 | Sep 2024 11.8 | Dec 2024 10.5 | Mar 2025 9.4 | Jun 2025 9.0 | Sep 2025 7.8 | Dec 2025 9.2 | Mar 2026 9.4 | Jun 2026 —
- FDX: Sep 2021 — | Dec 2021 9.4 | Mar 2022 9.0 | Jun 2022 8.7 | Sep 2022 8.5 | Dec 2022 8.3 | Mar 2023 8.9 | Jun 2023 9.5 | Sep 2023 10.3 | Dec 2023 10.1 | Mar 2024 9.6 | Jun 2024 9.5 | Sep 2024 11.1 | Dec 2024 11.5 | Mar 2025 10.2 | Jun 2025 8.8 | Sep 2025 9.0 | Dec 2025 9.7 | Mar 2026 12.6 | Jun 2026 13.0
- JBHT: Sep 2021 12.0 | Dec 2021 13.5 | Mar 2022 12.3 | Jun 2022 9.0 | Sep 2022 8.4 | Dec 2022 9.4 | Mar 2023 9.5 | Jun 2023 10.0 | Sep 2023 11.1 | Dec 2023 12.1 | Mar 2024 12.5 | Jun 2024 10.5 | Sep 2024 11.2 | Dec 2024 11.0 | Mar 2025 9.7 | Jun 2025 9.4 | Sep 2025 8.6 | Dec 2025 11.8 | Mar 2026 12.5 | Jun 2026 29.8
- EXPD: Sep 2021 11.6 | Dec 2021 10.8 | Mar 2022 7.7 | Jun 2022 6.8 | Sep 2022 5.7 | Dec 2022 7.7 | Mar 2023 8.8 | Jun 2023 11.6 | Sep 2023 13.7 | Dec 2023 17.3 | Mar 2024 17.4 | Jun 2024 18.4 | Sep 2024 17.6 | Dec 2024 13.4 | Mar 2025 13.6 | Jun 2025 12.7 | Sep 2025 13.6 | Dec 2025 18.3 | Mar 2026 16.8 | Jun 2026 —
- CHRW: Sep 2021 12.0 | Dec 2021 13.5 | Mar 2022 12.4 | Jun 2022 10.0 | Sep 2022 9.4 | Dec 2022 9.4 | Mar 2023 11.5 | Jun 2023 15.3 | Sep 2023 17.6 | Dec 2023 19.4 | Mar 2024 18.8 | Jun 2024 19.6 | Sep 2024 21.5 | Dec 2024 18.1 | Mar 2025 16.9 | Jun 2025 15.1 | Sep 2025 19.0 | Dec 2025 22.6 | Mar 2026 23.6 | Jun 2026 —
- LSTR: Sep 2021 12.7 | Dec 2021 11.7 | Mar 2022 9.4 | Jun 2022 8.5 | Sep 2022 7.8 | Dec 2022 9.0 | Mar 2023 — | Jun 2023 10.9 | Sep 2023 13.1 | Dec 2023 16.2 | Mar 2024 18.0 | Jun 2024 18.2 | Sep 2024 19.2 | Dec 2024 18.8 | Mar 2025 17.1 | Jun 2025 16.9 | Sep 2025 17.0 | Dec 2025 30.7 | Mar 2026 30.4 | Jun 2026 —
- GXO: Sep 2021 24.4 | Dec 2021 26.6 | Mar 2022 21.8 | Jun 2022 17.1 | Sep 2022 14.3 | Dec 2022 15.5 | Mar 2023 16.7 | Jun 2023 17.9 | Sep 2023 16.0 | Dec 2023 16.1 | Mar 2024 16.6 | Jun 2024 18.4 | Sep 2024 18.8 | Dec 2024 15.8 | Mar 2025 15.2 | Jun 2025 16.7 | Sep 2025 16.0 | Dec 2025 15.8 | Mar 2026 13.9 | Jun 2026 —
- HUBG: Sep 2021 8.9 | Dec 2021 8.4 | Mar 2022 6.1 | Jun 2022 4.5 | Sep 2022 4.0 | Dec 2022 4.5 | Mar 2023 4.9 | Jun 2023 5.1 | Sep 2023 5.8 | Dec 2023 8.3 | Mar 2024 8.5 | Jun 2024 8.7 | Sep 2024 9.4 | Dec 2024 9.5 | Mar 2025 8.1 | Jun 2025 7.4 | Sep 2025 7.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 11.4 | Dec 2021 11.8 | Mar 2022 8.6 | Jun 2022 8.7 | Sep 2022 7.9 | Dec 2022 6.5 | Mar 2023 10.3 | Jun 2023 11.2 | Sep 2023 10.0 | Dec 2023 14.7 | Mar 2024 1.7 | Jun 2024 2.1 | Sep 2024 2.4 | Dec 2024 16.7 | Mar 2025 20.0 | Jun 2025 17.2 | Sep 2025 11.7 | Dec 2025 8.4 | Mar 2026 8.0 | Jun 2026 —
- CYRX: Sep 2021 955.3 | Dec 2021 240.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FWRD: Sep 2021 15.1 | Dec 2021 19.5 | Mar 2022 12.3 | Jun 2022 10.1 | Sep 2022 8.7 | Dec 2022 10.3 | Mar 2023 12.1 | Jun 2023 14.6 | Sep 2023 13.9 | Dec 2023 18.5 | Mar 2024 91.1 | Jun 2024 63.7 | Sep 2024 — | Dec 2024 — | Mar 2025 75.7 | Jun 2025 49.3 | Sep 2025 24.9 | Dec 2025 15.3 | Mar 2026 49.5 | Jun 2026 —
- RLGT: Sep 2021 8.1 | Dec 2021 9.1 | Mar 2022 6.6 | Jun 2022 5.9 | Sep 2022 4.3 | Dec 2022 3.8 | Mar 2023 5.3 | Jun 2023 7.0 | Sep 2023 7.2 | Dec 2023 10.2 | Mar 2024 10.9 | Jun 2024 10.9 | Sep 2024 12.5 | Dec 2024 10.2 | Mar 2025 8.7 | Jun 2025 8.8 | Sep 2025 9.4 | Dec 2025 10.6 | Mar 2026 10.6 | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 22.0 | Mar 2025 11.2 | Jun 2025 10.1 | Sep 2025 8.3 | Dec 2025 86.0 | Mar 2026 503.5 | Jun 2026 —

### 20-quarter P/BV history
- UPS: Sep 2021 13.1 | Dec 2021 13.1 | Mar 2022 12.2 | Jun 2022 9.8 | Sep 2022 8.2 | Dec 2022 7.6 | Mar 2023 8.3 | Jun 2023 7.7 | Sep 2023 7.0 | Dec 2023 7.8 | Mar 2024 7.5 | Jun 2024 6.9 | Sep 2024 6.9 | Dec 2024 6.4 | Mar 2025 6.0 | Jun 2025 5.4 | Sep 2025 4.5 | Dec 2025 5.2 | Mar 2026 5.3 | Jun 2026 —
- FDX: Sep 2021 — | Dec 2021 2.5 | Mar 2022 2.4 | Jun 2022 2.3 | Sep 2022 2.2 | Dec 2022 2.0 | Mar 2023 2.1 | Jun 2023 2.1 | Sep 2023 2.5 | Dec 2023 2.4 | Mar 2024 2.4 | Jun 2024 2.3 | Sep 2024 2.7 | Dec 2024 2.8 | Mar 2025 2.4 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 2.3 | Mar 2026 3.1 | Jun 2026 3.1
- JBHT: Sep 2021 — | Dec 2021 6.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.2 | Mar 2026 — | Jun 2026 —
- EXPD: Sep 2021 5.9 | Dec 2021 6.4 | Mar 2022 4.5 | Jun 2022 4.5 | Sep 2022 4.0 | Dec 2022 5.2 | Mar 2023 5.3 | Jun 2023 7.0 | Sep 2023 6.7 | Dec 2023 7.7 | Mar 2024 7.8 | Jun 2024 8.1 | Sep 2024 7.8 | Dec 2024 6.9 | Mar 2025 7.2 | Jun 2025 7.0 | Sep 2025 7.2 | Dec 2025 8.5 | Mar 2026 8.3 | Jun 2026 —
- CHRW: Sep 2021 5.8 | Dec 2021 6.9 | Mar 2022 6.6 | Jun 2022 6.2 | Sep 2022 6.9 | Dec 2022 7.9 | Mar 2023 8.4 | Jun 2023 7.9 | Sep 2023 7.1 | Dec 2023 7.1 | Mar 2024 6.2 | Jun 2024 6.8 | Sep 2024 8.0 | Dec 2024 7.1 | Mar 2025 7.0 | Jun 2025 6.4 | Sep 2025 8.4 | Dec 2025 10.3 | Mar 2026 11.5 | Jun 2026 —
- LSTR: Sep 2021 7.0 | Dec 2021 7.5 | Mar 2022 6.7 | Jun 2022 6.3 | Sep 2022 5.9 | Dec 2022 6.6 | Mar 2023 — | Jun 2023 6.9 | Sep 2023 7.0 | Dec 2023 7.0 | Mar 2024 6.8 | Jun 2024 6.5 | Sep 2024 6.5 | Dec 2024 6.3 | Mar 2025 5.5 | Jun 2025 5.2 | Sep 2025 4.7 | Dec 2025 6.3 | Mar 2026 6.7 | Jun 2026 —
- GXO: Sep 2021 3.9 | Dec 2021 4.4 | Mar 2022 3.5 | Jun 2022 2.0 | Sep 2022 1.6 | Dec 2022 1.9 | Mar 2023 2.2 | Jun 2023 2.7 | Sep 2023 2.5 | Dec 2023 2.5 | Mar 2024 2.2 | Jun 2024 2.1 | Sep 2024 2.0 | Dec 2024 1.7 | Mar 2025 1.6 | Jun 2025 1.9 | Sep 2025 2.1 | Dec 2025 2.0 | Mar 2026 2.0 | Jun 2026 —
- HUBG: Sep 2021 1.9 | Dec 2021 2.2 | Mar 2022 1.9 | Jun 2022 1.6 | Sep 2022 1.5 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 1.8 | Mar 2024 1.7 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.7 | Mar 2025 1.4 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PBI: Sep 2021 25.9 | Dec 2021 10.3 | Mar 2022 9.7 | Jun 2022 14.2 | Sep 2022 -49.0 | Dec 2022 10.9 | Mar 2023 11.4 | Jun 2023 -8.2 | Sep 2023 -4.3 | Dec 2023 -2.1 | Mar 2024 -2.0 | Jun 2024 -2.1 | Sep 2024 -2.5 | Dec 2024 -2.3 | Mar 2025 -3.1 | Jun 2025 -3.6 | Sep 2025 -2.8 | Dec 2025 -2.0 | Mar 2026 -1.7 | Jun 2026 —
- CYRX: Sep 2021 4.8 | Dec 2021 4.6 | Mar 2022 2.8 | Jun 2022 2.6 | Sep 2022 2.1 | Dec 2022 1.5 | Mar 2023 2.1 | Jun 2023 1.6 | Sep 2023 1.3 | Dec 2023 1.6 | Mar 2024 1.9 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 0.7 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 —
- FWRD: Sep 2021 4.0 | Dec 2021 5.5 | Mar 2022 4.3 | Jun 2022 3.7 | Sep 2022 3.5 | Dec 2022 3.9 | Mar 2023 4.1 | Jun 2023 4.1 | Sep 2023 2.7 | Dec 2023 2.1 | Mar 2024 0.9 | Jun 2024 1.9 | Sep 2024 4.5 | Dec 2024 4.8 | Mar 2025 4.0 | Jun 2025 5.0 | Sep 2025 5.7 | Dec 2025 6.9 | Mar 2026 6.5 | Jun 2026 —
- RLGT: Sep 2021 1.9 | Dec 2021 2.1 | Mar 2022 1.7 | Jun 2022 1.9 | Sep 2022 1.4 | Dec 2022 1.2 | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 1.2 | Jun 2024 1.3 | Sep 2024 1.4 | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.4 | Jun 2026 —
- PAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.1 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.9 | Mar 2026 0.6 | Jun 2026 —

## Market action

Cryoport, Inc. has the strongest one-year price move in Integrated Freight & Logistics at +108.7%. Pitney Bowes Inc. leads on Mansfield relative strength against the S&P 500 at +33.5%. 7 of 13 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Cryoport, Inc. (CYRX): 109%
2. J.B. Hunt Transport Services, Inc. (JBHT): 99%
3. Pitney Bowes Inc. (PBI): 59%
4. Radiant Logistics, Inc. (RLGT): 50%
5. Expeditors International of Washington, Inc. (EXPD): 50%

### Strongest relative strength versus NIFTY 500
1. Pitney Bowes Inc. (PBI): 33%
2. Cryoport, Inc. (CYRX): 33%
3. J.B. Hunt Transport Services, Inc. (JBHT): 25%
4. Radiant Logistics, Inc. (RLGT): 14%
5. Hub Group, Inc. (HUBG): 9.8%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- United Parcel Service, Inc. (UPS) — market value ₹89.7K Cr; latest fundamentals Mar 2026
- FedEx Corporation (FDX) — market value ₹74.0K Cr; latest fundamentals Jun 2026
- J.B. Hunt Transport Services, Inc. (JBHT) — market value ₹26.1K Cr; latest fundamentals Jun 2026
- FedEx Freight Holding Company, Inc. (FDXF) — market value ₹22.6K Cr; latest fundamentals Mar 2026
- Expeditors International of Washington, Inc. (EXPD) — market value ₹22.4K Cr; latest fundamentals Mar 2026
- C.H. Robinson Worldwide, Inc. (CHRW) — market value ₹20.0K Cr; latest fundamentals Mar 2026
- Landstar System, Inc. (LSTR) — market value ₹6.3K Cr; latest fundamentals Mar 2026
- GXO Logistics, Inc. (GXO) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- Hub Group, Inc. (HUBG) — market value ₹2.9K Cr; latest fundamentals Sep 2025
- Pitney Bowes Inc. (PBI) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Cryoport, Inc. (CYRX) — market value ₹765 Cr; latest fundamentals Mar 2026
- Forward Air Corporation (FWRD) — market value ₹467 Cr; latest fundamentals Mar 2026
- Radiant Logistics, Inc. (RLGT) — market value ₹396 Cr; latest fundamentals Mar 2026
- Proficient Auto Logistics, Inc. (PAL) — market value ₹195 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Integrated Freight & Logistics company is the biggest?

FedEx Corporation is the largest, with trailing-twelve-month revenue of $94,720 million, ahead of United Parcel Service, Inc. at $88,317 million. That covers 11 of 14 companies with comparable reporting through Jun 2026.

### Which Integrated Freight & Logistics company is growing fastest?

Cryoport, Inc. has the fastest revenue growth at 13.8% year on year, across 10 of 14 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Integrated Freight & Logistics company has the best profit margins?

Pitney Bowes Inc. has the highest operating margin at 22.3%, from 14 of 14 comparable companies. Pitney Bowes Inc. shows the biggest recent improvement, at +7.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Integrated Freight & Logistics company makes the most profit?

United Parcel Service, Inc. earns the most, at $5,249 million of trailing-twelve-month net profit, from 11 of 14 comparable companies. Pitney Bowes Inc. has the fastest profit growth at 57.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Integrated Freight & Logistics company earns the highest return on capital?

FedEx Freight Holding Company, Inc. leads on return on capital employed at 18.3%, across 14 of 14 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Integrated Freight & Logistics stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Hub Group, Inc. screens cheapest at 0.21×. Only 7 of 14 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Integrated Freight & Logistics company has the strongest balance sheet?

Proficient Auto Logistics, Inc. carries the lowest comparable gross debt at $82 million, from 14 of 14 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Integrated Freight & Logistics company is investing most in new capacity?

FedEx Corporation reports the largest capital spending at $1,474 million, across 14 of 14 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Integrated Freight & Logistics sector beating the market?

Integrated Freight & Logistics has outperformed S&P 500 by 16.2% over the last 52 weeks and 0.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 13 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Integrated Freight & Logistics stock has the strongest price momentum?

Pitney Bowes Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Integrated Freight & Logistics company scores highest for research priority?

Pitney Bowes Inc. scores 66 out of 100 with 72% evidence confidence, from 24.7 points on growth and earnings, 11 on capital efficiency, 11.3 on valuation and 19 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Integrated Freight & Logistics companies does this comparison cover, and over what period?

It compares 14 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Integrated Freight & Logistics sector?

The 14 Integrated Freight & Logistics companies on this page carry $274,273 million of combined market value. United Parcel Service, Inc. is the largest at $89,701 million, about 33% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Integrated Freight & Logistics sector's P/E ratio?

The median price-to-earnings ratio across the 14 Integrated Freight & Logistics companies on this page is 22.2×, measured on the 13 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Integrated Freight & Logistics sector performing?

7 of the 13 covered Integrated Freight & Logistics companies are beating S&P 500 on Mansfield relative strength. The sector itself is 16.2% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Integrated Freight & Logistics stocks are listed in the US?

This comparison covers 14 listed Integrated Freight & Logistics companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/integrated-freight-logistics