# Trucking — company-by-company sector analysis

> Trucking: XPO, Inc. owns the largest revenue base; RXO, Inc. has the fastest current growth.

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

## Bottom line

Trucking has outperformed S&P 500 by 33% over 52 weeks and 6.7% over 13 weeks. 13 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 14 beat the sector itself. XPO, Inc. leads with revenue of $8,298 million, based on 11 of 14 comparable companies through Mar 2026.

### Is the Trucking sector outperforming S&P 500?

Trucking has outperformed S&P 500 by 33% over 52 weeks and 6.7% over 13 weeks. 13 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 14 beat the sector itself.

### Which Trucking company is largest by revenue?

XPO, Inc. leads with revenue of $8,298 million, based on 11 of 14 comparable companies through Mar 2026.

### Which Trucking company is growing fastest?

RXO, Inc. has the fastest current revenue growth at 13.1%, across 11 of 14 comparable companies.

### Which Trucking company has the strongest 4-Factor Sector Score?

ArcBest Corporation ranks first at 55.5/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Trucking company reports the most CAPEX?

Knight-Swift Transportation Holdings Inc. reports the largest latest CAPEX at $130 million, with 14 of 14 companies comparable.

### Which Trucking company has the least gross debt?

Marten Transport, Ltd. has the lowest comparable gross debt at $0 million. XPO, Inc. has the highest at $4,031 million.

### Which Trucking company has the lowest comparable PEG?

Covenant Logistics Group, Inc. has the lowest comparable Guarded PEG at 0.25, among 6 of 14 companies that pass the metric’s comparability rules.

### How much history does this Trucking 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

Trucking has outperformed S&P 500 by 33% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.7%. 13 of 14 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. ArcBest Corporation is the strongest against the sector itself at +20%.

13-week sector return versus NIFTY 500: 6.7%
52-week sector return versus NIFTY 500: 33%
Stocks leading NIFTY: 13/14
Stocks leading sector: 5/14

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: ₹1.3 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. ArcBest Corporation (ARCB): 56/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 12.8/35 | Capital efficiency 10.0/25 | Valuation 15.0/20 | Relative strength 17.7/20
   - Exact sum: 12.8 + 10 + 15 + 17.7 = 55.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 41.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Covenant Logistics Group, Inc. (CVLG): 56/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 13.8/35 | Capital efficiency 11.4/25 | Valuation 14.0/20 | Relative strength 16.3/20
   - Exact sum: 13.8 + 11.4 + 14 + 16.3 = 55.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 41.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Schneider National, Inc. (SNDR): 53/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.0/35 | Capital efficiency 14.1/25 | Valuation 6.0/20 | Relative strength 15.9/20
   - Exact sum: 17 + 14.1 + 6 + 15.9 = 53
   - Decision use: Price leads the evidence: RS versus the benchmark is 20.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. RXO, Inc. (RXO): 51/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 20.7/35 | Capital efficiency 5.8/25 | Valuation 8.5/20 | Relative strength 15.6/20
   - Exact sum: 20.7 + 5.8 + 8.5 + 15.6 = 50.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. PAMT CORP (PAMT): 50/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 19.7/35 | Capital efficiency 5.0/25 | Valuation 10.0/20 | Relative strength 15.6/20
   - Exact sum: 19.7 + 5 + 10 + 15.6 = 50.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Old Dominion Freight Line, Inc. (ODFL): 50/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 13.8/35 | Capital efficiency 18.9/25 | Valuation 5.5/20 | Relative strength 12.0/20
   - Exact sum: 13.8 + 18.9 + 5.5 + 12 = 50.2
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
7. XPO, Inc. (XPO): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 20.5/35 | Capital efficiency 11.3/25 | Valuation 12.8/20 | Relative strength 4.6/20
   - Exact sum: 20.5 + 11.3 + 12.8 + 4.6 = 49.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Heartland Express, Inc. (HTLD): 45/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.3/35 | Capital efficiency 7.6/25 | Valuation 9.5/20 | Relative strength 9.8/20
   - Exact sum: 18.3 + 7.6 + 9.5 + 9.8 = 45.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. TFI International Inc. (TFII): 45/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 11.6/35 | Capital efficiency 12.4/25 | Valuation 11.3/20 | Relative strength 9.7/20
   - Exact sum: 11.6 + 12.4 + 11.3 + 9.7 = 45
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Marten Transport, Ltd. (MRTN): 45/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 14.8/35 | Capital efficiency 14.5/25 | Valuation 9.3/20 | Relative strength 6.2/20
   - Exact sum: 14.8 + 14.5 + 9.3 + 6.2 = 44.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Knight-Swift Transportation Holdings Inc. (KNX): 45/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.6/35 | Capital efficiency 12.1/25 | Valuation 8.7/20 | Relative strength 8.3/20
   - Exact sum: 15.6 + 12.1 + 8.7 + 8.3 = 44.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Werner Enterprises, Inc. (WERN): 43/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 19.6/35 | Capital efficiency 7.8/25 | Valuation 10.0/20 | Relative strength 5.9/20
   - Exact sum: 19.6 + 7.8 + 10 + 5.9 = 43.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Saia, Inc. (SAIA): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.1/35 | Capital efficiency 16.7/25 | Valuation 8.1/20 | Relative strength 2.9/20
   - Exact sum: 14.1 + 16.7 + 8.1 + 2.9 = 41.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Universal Logistics Holdings, Inc. (ULH): 34/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 11.7/35 | Capital efficiency 7.7/25 | Valuation 11.5/20 | Relative strength 3.0/20
   - Exact sum: 11.7 + 7.7 + 11.5 + 3 = 33.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: XPO, Inc. is the scale leader at $8,298 million, 5.4% ahead of TFI International Inc.. RXO, Inc.'s growth is 13.1% from a $5,734 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: XPO, Inc. is the scale benchmark; RXO, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

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

Evidence: XPO, Inc. · $8,298 million | 5.4% versus #2 · TFI International Inc. | 6/8 recent comparable periods | 11/14 companies · 264 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. XPO, Inc. (XPO): ₹8.3K Cr
2. TFI International Inc. (TFII): ₹7.9K Cr
3. RXO, Inc. (RXO): ₹5.7K Cr
4. Schneider National, Inc. (SNDR): ₹5.7K Cr
5. Old Dominion Freight Line, Inc. (ODFL): ₹5.5K Cr

### Revenue growth — fastest growers
1. RXO, Inc. (RXO): 13%
2. Covenant Logistics Group, Inc. (CVLG): 7.2%
3. Schneider National, Inc. (SNDR): 5.6%
4. XPO, Inc. (XPO): 3.6%
5. Werner Enterprises, Inc. (WERN): 3.3%

### 20-quarter Revenue history
- ODFL: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- XPO: Sep 2021 ₹3.3K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- TFII: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- KNX: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- SAIA: Sep 2021 ₹616 Cr | Dec 2021 ₹617 Cr | Mar 2022 ₹661 Cr | Jun 2022 ₹746 Cr | Sep 2022 ₹730 Cr | Dec 2022 ₹656 Cr | Mar 2023 ₹661 Cr | Jun 2023 ₹695 Cr | Sep 2023 ₹775 Cr | Dec 2023 ₹751 Cr | Mar 2024 ₹755 Cr | Jun 2024 ₹823 Cr | Sep 2024 ₹842 Cr | Dec 2024 ₹789 Cr | Mar 2025 ₹788 Cr | Jun 2025 ₹817 Cr | Sep 2025 ₹840 Cr | Dec 2025 ₹790 Cr | Mar 2026 ₹806 Cr | Jun 2026 —
- SNDR: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- RXO: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹963 Cr | Sep 2023 ₹976 Cr | Dec 2023 ₹978 Cr | Mar 2024 ₹913 Cr | Jun 2024 ₹930 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- ARCB: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹967 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹973 Cr | Mar 2026 ₹999 Cr | Jun 2026 —
- WERN: Sep 2021 ₹703 Cr | Dec 2021 ₹765 Cr | Mar 2022 ₹765 Cr | Jun 2022 ₹836 Cr | Sep 2022 ₹828 Cr | Dec 2022 ₹861 Cr | Mar 2023 ₹833 Cr | Jun 2023 ₹811 Cr | Sep 2023 ₹818 Cr | Dec 2023 ₹822 Cr | Mar 2024 ₹769 Cr | Jun 2024 ₹761 Cr | Sep 2024 ₹746 Cr | Dec 2024 ₹755 Cr | Mar 2025 ₹712 Cr | Jun 2025 ₹753 Cr | Sep 2025 ₹771 Cr | Dec 2025 ₹738 Cr | Mar 2026 ₹809 Cr | Jun 2026 —
- MRTN: Sep 2021 ₹251 Cr | Dec 2021 ₹267 Cr | Mar 2022 ₹287 Cr | Jun 2022 ₹330 Cr | Sep 2022 ₹324 Cr | Dec 2022 ₹323 Cr | Mar 2023 ₹298 Cr | Jun 2023 ₹286 Cr | Sep 2023 ₹280 Cr | Dec 2023 ₹268 Cr | Mar 2024 ₹250 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹237 Cr | Dec 2024 ₹230 Cr | Mar 2025 ₹223 Cr | Jun 2025 ₹230 Cr | Sep 2025 ₹220 Cr | Dec 2025 ₹210 Cr | Mar 2026 ₹204 Cr | Jun 2026 —
- CVLG: Sep 2021 ₹275 Cr | Dec 2021 ₹294 Cr | Mar 2022 ₹292 Cr | Jun 2022 ₹317 Cr | Sep 2022 ₹312 Cr | Dec 2022 ₹296 Cr | Mar 2023 ₹267 Cr | Jun 2023 ₹274 Cr | Sep 2023 ₹289 Cr | Dec 2023 ₹274 Cr | Mar 2024 ₹279 Cr | Jun 2024 ₹287 Cr | Sep 2024 ₹288 Cr | Dec 2024 ₹277 Cr | Mar 2025 ₹269 Cr | Jun 2025 ₹303 Cr | Sep 2025 ₹297 Cr | Dec 2025 ₹295 Cr | Mar 2026 ₹307 Cr | Jun 2026 —
- HTLD: Sep 2021 ₹153 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹151 Cr | Jun 2022 ₹188 Cr | Sep 2022 ₹274 Cr | Dec 2022 ₹355 Cr | Mar 2023 ₹331 Cr | Jun 2023 ₹306 Cr | Sep 2023 ₹295 Cr | Dec 2023 ₹275 Cr | Mar 2024 ₹270 Cr | Jun 2024 ₹275 Cr | Sep 2024 ₹260 Cr | Dec 2024 ₹243 Cr | Mar 2025 ₹219 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹197 Cr | Dec 2025 ₹179 Cr | Mar 2026 ₹176 Cr | Jun 2026 —
- ULH: Sep 2021 ₹423 Cr | Dec 2021 ₹446 Cr | Mar 2022 — | Jun 2022 ₹524 Cr | Sep 2022 ₹527 Cr | Dec 2022 ₹506 Cr | Mar 2023 — | Jun 2023 ₹437 Cr | Sep 2023 ₹413 Cr | Dec 2023 ₹391 Cr | Mar 2024 ₹492 Cr | Jun 2024 ₹462 Cr | Sep 2024 ₹427 Cr | Dec 2024 ₹465 Cr | Mar 2025 ₹382 Cr | Jun 2025 ₹394 Cr | Sep 2025 ₹397 Cr | Dec 2025 ₹385 Cr | Mar 2026 — | Jun 2026 ₹368 Cr
- PAMT: Sep 2021 ₹183 Cr | Dec 2021 ₹214 Cr | Mar 2022 ₹219 Cr | Jun 2022 ₹237 Cr | Sep 2022 ₹253 Cr | Dec 2022 ₹238 Cr | Mar 2023 ₹222 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹183 Cr | Jun 2024 ₹183 Cr | Sep 2024 ₹183 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹150 Cr | Dec 2025 ₹141 Cr | Mar 2026 ₹142 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- ODFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 15% | Dec 2022 5.8% | Mar 2023 -3.7% | Jun 2023 -15% | Sep 2023 -5.6% | Dec 2023 0.3% | Mar 2024 1.3% | Jun 2024 6.1% | Sep 2024 -3.0% | Dec 2024 -7.4% | Mar 2025 -5.8% | Jun 2025 -6.1% | Sep 2025 -4.3% | Dec 2025 -5.7% | Mar 2026 -2.9% | Jun 2026 —
- XPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -36% | Sep 2022 -40% | Dec 2022 0.0% | Mar 2023 0.7% | Jun 2023 -6.4% | Sep 2023 1.8% | Dec 2023 6.0% | Mar 2024 5.8% | Jun 2024 8.5% | Sep 2024 3.7% | Dec 2024 -0.9% | Mar 2025 -3.2% | Jun 2025 0.1% | Sep 2025 2.8% | Dec 2025 4.6% | Mar 2026 7.3% | Jun 2026 —
- TFII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 7.1% | Dec 2022 -8.6% | Mar 2023 -16% | Jun 2023 -26% | Sep 2023 -15% | Dec 2023 0.6% | Mar 2024 1.1% | Jun 2024 26% | Sep 2024 14% | Dec 2024 5.5% | Mar 2025 5.0% | Jun 2025 -10% | Sep 2025 -9.9% | Dec 2025 -7.9% | Mar 2026 -0.8% | Jun 2026 —
- KNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 16% | Dec 2022 -4.0% | Mar 2023 -10% | Jun 2023 -21% | Sep 2023 6.5% | Dec 2023 11% | Mar 2024 11% | Jun 2024 19% | Sep 2024 -7.1% | Dec 2024 -3.5% | Mar 2025 0.1% | Jun 2025 0.8% | Sep 2025 2.7% | Dec 2025 -0.4% | Mar 2026 1.4% | Jun 2026 —
- SAIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 19% | Dec 2022 6.3% | Mar 2023 0.0% | Jun 2023 -6.8% | Sep 2023 6.2% | Dec 2023 14% | Mar 2024 14% | Jun 2024 18% | Sep 2024 8.7% | Dec 2024 5.1% | Mar 2025 4.4% | Jun 2025 -0.7% | Sep 2025 -0.2% | Dec 2025 0.1% | Mar 2026 2.3% | Jun 2026 —
- SNDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 16% | Dec 2022 -0.8% | Mar 2023 -12% | Jun 2023 -23% | Sep 2023 -19% | Dec 2023 -12% | Mar 2024 -7.7% | Jun 2024 -2.2% | Sep 2024 -2.7% | Dec 2024 -2.4% | Mar 2025 6.3% | Jun 2025 7.9% | Sep 2025 10% | Dec 2025 4.6% | Mar 2026 -0.2% | Jun 2026 —
- RXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 -5.0% | Dec 2022 -16% | Mar 2023 -23% | Jun 2023 -21% | Sep 2023 -14% | Dec 2023 -13% | Mar 2024 -9.6% | Jun 2024 -3.4% | Sep 2024 6.6% | Dec 2024 70% | Mar 2025 57% | Jun 2025 53% | Sep 2025 37% | Dec 2025 -12% | Mar 2026 -0.6% | Jun 2026 —
- ARCB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 25% | Dec 2022 -1.8% | Mar 2023 -13% | Jun 2023 -17% | Sep 2023 -12% | Dec 2023 -6.4% | Mar 2024 -6.3% | Jun 2024 -2.3% | Sep 2024 -5.8% | Dec 2024 -8.1% | Mar 2025 -6.7% | Jun 2025 -5.2% | Sep 2025 -1.4% | Dec 2025 -2.9% | Mar 2026 3.3% | Jun 2026 —
- WERN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 18% | Dec 2022 13% | Mar 2023 8.9% | Jun 2023 -3.0% | Sep 2023 -1.2% | Dec 2023 -4.5% | Mar 2024 -7.7% | Jun 2024 -6.2% | Sep 2024 -8.8% | Dec 2024 -8.2% | Mar 2025 -7.4% | Jun 2025 -1.1% | Sep 2025 3.4% | Dec 2025 -2.3% | Mar 2026 14% | Jun 2026 —
- MRTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 29% | Dec 2022 21% | Mar 2023 3.8% | Jun 2023 -13% | Sep 2023 -14% | Dec 2023 -17% | Mar 2024 -16% | Jun 2024 -14% | Sep 2024 -15% | Dec 2024 -14% | Mar 2025 -11% | Jun 2025 -6.5% | Sep 2025 -7.2% | Dec 2025 -8.7% | Mar 2026 -8.5% | Jun 2026 —
- CVLG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 13% | Dec 2022 0.7% | Mar 2023 -8.6% | Jun 2023 -14% | Sep 2023 -7.4% | Dec 2023 -7.4% | Mar 2024 4.5% | Jun 2024 4.7% | Sep 2024 -0.4% | Dec 2024 1.1% | Mar 2025 -3.6% | Jun 2025 5.6% | Sep 2025 3.1% | Dec 2025 6.5% | Mar 2026 14% | Jun 2026 —
- HTLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 79% | Dec 2022 140% | Mar 2023 119% | Jun 2023 63% | Sep 2023 7.7% | Dec 2023 -23% | Mar 2024 -18% | Jun 2024 -10% | Sep 2024 -12% | Dec 2024 -12% | Mar 2025 -19% | Jun 2025 -24% | Sep 2025 -24% | Dec 2025 -26% | Mar 2026 -20% | Jun 2026 —
- ULH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 13% | Mar 2023 — | Jun 2023 -17% | Sep 2023 -22% | Dec 2023 -23% | Mar 2024 — | Jun 2024 5.7% | Sep 2024 3.4% | Dec 2024 19% | Mar 2025 -22% | Jun 2025 -15% | Sep 2025 -7.0% | Dec 2025 -17% | Mar 2026 — | Jun 2026 -6.6%
- PAMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 38% | Dec 2022 11% | Mar 2023 1.4% | Jun 2023 -13% | Sep 2023 -20% | Dec 2023 -24% | Mar 2024 -18% | Jun 2024 -12% | Sep 2024 -9.4% | Dec 2024 -7.2% | Mar 2025 -15% | Jun 2025 -17% | Sep 2025 -18% | Dec 2025 -16% | Mar 2026 -8.4% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Old Dominion Freight Line, Inc. leads opm at 23.8%; PAMT CORP leads margin change at +5.7 percentage points.

Investor read: Old Dominion Freight Line, 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: Old Dominion Freight Line, Inc. · 23.8% | 186.7% versus #2 · Saia, Inc. | 1/8 recent comparable periods | 14/14 companies · 264 observations

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

### OPM — highest
1. Old Dominion Freight Line, Inc. (ODFL): 24%
2. Saia, Inc. (SAIA): 8.3%
3. XPO, Inc. (XPO): 8.3%
4. TFI International Inc. (TFII): 5.0%
5. Schneider National, Inc. (SNDR): 2.4%

### Margin change — fastest expanders
1. PAMT CORP (PAMT): +5.7 pp
2. Heartland Express, Inc. (HTLD): +4.9 pp
3. Werner Enterprises, Inc. (WERN): +1.3 pp
4. XPO, Inc. (XPO): +0.6 pp
5. RXO, Inc. (RXO): +0.1 pp

### 20-quarter OPM history
- ODFL: Sep 2021 27% | Dec 2021 26% | Mar 2022 27% | Jun 2022 31% | Sep 2022 31% | Dec 2022 29% | Mar 2023 27% | Jun 2023 28% | Sep 2023 29% | Dec 2023 28% | Mar 2024 27% | Jun 2024 28% | Sep 2024 27% | Dec 2024 24% | Mar 2025 25% | Jun 2025 25% | Sep 2025 26% | Dec 2025 23% | Mar 2026 24% | Jun 2026 —
- XPO: Sep 2021 3.4% | Dec 2021 0.2% | Mar 2022 3.3% | Jun 2022 8.4% | Sep 2022 7.1% | Dec 2022 0.2% | Mar 2023 3.0% | Jun 2023 5.6% | Sep 2023 7.8% | Dec 2023 6.1% | Mar 2024 6.8% | Jun 2024 9.5% | Sep 2024 8.6% | Dec 2024 7.8% | Mar 2025 7.7% | Jun 2025 9.5% | Sep 2025 7.8% | Dec 2025 7.1% | Mar 2026 8.3% | Jun 2026 —
- TFII: Sep 2021 9.1% | Dec 2021 10% | Mar 2022 10% | Jun 2022 16% | Sep 2022 14% | Dec 2022 11% | Mar 2023 9.0% | Jun 2023 11% | Sep 2023 11% | Dec 2023 10% | Mar 2024 8.1% | Jun 2024 9.1% | Sep 2024 9.2% | Dec 2024 7.7% | Mar 2025 5.8% | Jun 2025 8.4% | Sep 2025 7.8% | Dec 2025 6.6% | Mar 2026 5.0% | Jun 2026 —
- KNX: Sep 2021 16% | Dec 2021 19% | Mar 2022 16% | Jun 2022 17% | Sep 2022 14% | Dec 2022 12% | Mar 2023 8.8% | Jun 2023 6.1% | Sep 2023 4.0% | Dec 2023 0.9% | Mar 2024 1.1% | Jun 2024 3.4% | Sep 2024 4.3% | Dec 2024 4.2% | Mar 2025 3.7% | Jun 2025 3.9% | Sep 2025 2.6% | Dec 2025 1.4% | Mar 2026 1.5% | Jun 2026 —
- SAIA: Sep 2021 17% | Dec 2021 16% | Mar 2022 16% | Jun 2022 20% | Sep 2022 18% | Dec 2022 14% | Mar 2023 15% | Jun 2023 17% | Sep 2023 17% | Dec 2023 15% | Mar 2024 16% | Jun 2024 17% | Sep 2024 15% | Dec 2024 13% | Mar 2025 8.9% | Jun 2025 12% | Sep 2025 14% | Dec 2025 8.1% | Mar 2026 8.3% | Jun 2026 —
- SNDR: Sep 2021 11% | Dec 2021 11% | Mar 2022 8.3% | Jun 2022 10% | Sep 2022 8.7% | Dec 2022 9.2% | Mar 2023 8.0% | Jun 2023 7.7% | Sep 2023 3.5% | Dec 2023 2.3% | Mar 2024 2.2% | Jun 2024 3.9% | Sep 2024 3.3% | Dec 2024 3.2% | Mar 2025 3.0% | Jun 2025 3.9% | Sep 2025 2.4% | Dec 2025 2.6% | Mar 2026 2.4% | Jun 2026 —
- RXO: Sep 2021 3.2% | Dec 2021 4.1% | Mar 2022 3.9% | Jun 2022 4.7% | Sep 2022 1.3% | Dec 2022 -0.1% | Mar 2023 0.5% | Jun 2023 1.5% | Sep 2023 0.6% | Dec 2023 1.4% | Mar 2024 -1.3% | Jun 2024 0.0% | Sep 2024 -1.9% | Dec 2024 -1.4% | Mar 2025 -2.1% | Jun 2025 0.0% | Sep 2025 -0.5% | Dec 2025 -2.0% | Mar 2026 -2.0% | Jun 2026 —
- ARCB: Sep 2021 8.6% | Dec 2021 7.0% | Mar 2022 7.3% | Jun 2022 10% | Sep 2022 9.0% | Dec 2022 4.3% | Mar 2023 1.9% | Jun 2023 3.8% | Sep 2023 4.0% | Dec 2023 5.9% | Mar 2024 2.2% | Jun 2024 4.5% | Sep 2024 13% | Dec 2024 3.8% | Mar 2025 0.7% | Jun 2025 3.6% | Sep 2025 5.2% | Dec 2025 -0.8% | Mar 2026 0.3% | Jun 2026 —
- WERN: Sep 2021 10% | Dec 2021 13% | Mar 2022 11% | Jun 2022 9.0% | Sep 2022 9.2% | Dec 2022 10% | Mar 2023 6.4% | Jun 2023 5.8% | Sep 2023 4.6% | Dec 2023 4.6% | Mar 2024 2.0% | Jun 2024 2.6% | Sep 2024 2.4% | Dec 2024 1.8% | Mar 2025 -0.8% | Jun 2025 8.8% | Sep 2025 -1.7% | Dec 2025 -4.9% | Mar 2026 0.5% | Jun 2026 —
- MRTN: Sep 2021 11% | Dec 2021 12% | Mar 2022 13% | Jun 2022 12% | Sep 2022 10% | Dec 2022 10% | Mar 2023 9.7% | Jun 2023 9.9% | Sep 2023 6.2% | Dec 2023 5.8% | Mar 2024 4.9% | Jun 2024 4.1% | Sep 2024 1.8% | Dec 2024 2.9% | Mar 2025 2.6% | Jun 2025 4.2% | Sep 2025 1.2% | Dec 2025 2.2% | Mar 2026 0.8% | Jun 2026 —
- CVLG: Sep 2021 7.3% | Dec 2021 6.2% | Mar 2022 8.2% | Jun 2022 8.5% | Sep 2022 19% | Dec 2022 3.7% | Mar 2023 6.6% | Jun 2023 4.3% | Sep 2023 5.2% | Dec 2023 5.2% | Mar 2024 1.6% | Jun 2024 5.4% | Sep 2024 5.6% | Dec 2024 3.1% | Mar 2025 2.8% | Jun 2025 3.8% | Sep 2025 2.7% | Dec 2025 -8.2% | Mar 2026 2.0% | Jun 2026 —
- HTLD: Sep 2021 22% | Dec 2021 18% | Mar 2022 15% | Jun 2022 56% | Sep 2022 13% | Dec 2022 7.4% | Mar 2023 6.9% | Jun 2023 5.3% | Sep 2023 -2.5% | Dec 2023 3.9% | Mar 2024 -5.3% | Jun 2024 0.1% | Sep 2024 -2.7% | Dec 2024 0.4% | Mar 2025 -6.8% | Jun 2025 -5.9% | Sep 2025 -3.7% | Dec 2025 -13% | Mar 2026 -1.9% | Jun 2026 —
- ULH: Sep 2021 7.4% | Dec 2021 3.8% | Mar 2022 — | Jun 2022 11% | Sep 2022 12% | Dec 2022 14% | Mar 2023 — | Jun 2023 8.7% | Sep 2023 8.8% | Dec 2023 8.7% | Mar 2024 15% | Jun 2024 10% | Sep 2024 10% | Dec 2024 8.2% | Mar 2025 4.1% | Jun 2025 5.1% | Sep 2025 -30% | Dec 2025 4.5% | Mar 2026 — | Jun 2026 1.3%
- PAMT: Sep 2021 17% | Dec 2021 16% | Mar 2022 14% | Jun 2022 16% | Sep 2022 14% | Dec 2022 8.5% | Mar 2023 3.8% | Jun 2023 6.6% | Sep 2023 4.4% | Dec 2023 -0.5% | Mar 2024 -0.4% | Jun 2024 -0.4% | Sep 2024 1.3% | Dec 2024 -23% | Mar 2025 -5.9% | Jun 2025 -7.3% | Sep 2025 -3.8% | Dec 2025 -27% | Mar 2026 -0.2% | Jun 2026 —

### 20-quarter Margin change history
- ODFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.8 pp | Sep 2022 +3.5 pp | Dec 2022 +2.4 pp | Mar 2023 −0.5 pp | Jun 2023 −2.8 pp | Sep 2023 −1.5 pp | Dec 2023 −0.6 pp | Mar 2024 −0.1 pp | Jun 2024 +0.4 pp | Sep 2024 −2.1 pp | Dec 2024 −4.1 pp | Mar 2025 −1.9 pp | Jun 2025 −2.7 pp | Sep 2025 −1.6 pp | Dec 2025 −0.8 pp | Mar 2026 −0.8 pp | Jun 2026 —
- XPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.4 pp | Sep 2022 +3.7 pp | Dec 2022 0.0 pp | Mar 2023 −0.3 pp | Jun 2023 −2.8 pp | Sep 2023 +0.7 pp | Dec 2023 +5.9 pp | Mar 2024 +3.8 pp | Jun 2024 +3.9 pp | Sep 2024 +0.8 pp | Dec 2024 +1.7 pp | Mar 2025 +0.9 pp | Jun 2025 0.0 pp | Sep 2025 −0.8 pp | Dec 2025 −0.7 pp | Mar 2026 +0.6 pp | Jun 2026 —
- TFII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −9.5 pp | Sep 2022 +5.1 pp | Dec 2022 +1.1 pp | Mar 2023 −1.0 pp | Jun 2023 −5.4 pp | Sep 2023 −3.7 pp | Dec 2023 −1.0 pp | Mar 2024 −0.9 pp | Jun 2024 −1.6 pp | Sep 2024 −1.3 pp | Dec 2024 −2.4 pp | Mar 2025 −2.3 pp | Jun 2025 −0.7 pp | Sep 2025 −1.4 pp | Dec 2025 −1.1 pp | Mar 2026 −0.8 pp | Jun 2026 —
- KNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.1 pp | Sep 2022 −2.4 pp | Dec 2022 −7.2 pp | Mar 2023 −7.5 pp | Jun 2023 −10.5 pp | Sep 2023 −10.0 pp | Dec 2023 −10.7 pp | Mar 2024 −7.7 pp | Jun 2024 −2.7 pp | Sep 2024 +0.3 pp | Dec 2024 +3.3 pp | Mar 2025 +2.6 pp | Jun 2025 +0.5 pp | Sep 2025 −1.7 pp | Dec 2025 −2.8 pp | Mar 2026 −2.2 pp | Jun 2026 —
- SAIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.1 pp | Sep 2022 +0.4 pp | Dec 2022 −1.7 pp | Mar 2023 −0.6 pp | Jun 2023 −2.3 pp | Sep 2023 −1.0 pp | Dec 2023 +0.9 pp | Mar 2024 +0.6 pp | Jun 2024 −0.6 pp | Sep 2024 −1.7 pp | Dec 2024 −2.1 pp | Mar 2025 −6.7 pp | Jun 2025 −4.5 pp | Sep 2025 −0.8 pp | Dec 2025 −4.8 pp | Mar 2026 −0.6 pp | Jun 2026 —
- SNDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 −1.9 pp | Dec 2022 −2.1 pp | Mar 2023 −0.3 pp | Jun 2023 −2.4 pp | Sep 2023 −5.2 pp | Dec 2023 −6.9 pp | Mar 2024 −5.8 pp | Jun 2024 −3.8 pp | Sep 2024 −0.2 pp | Dec 2024 +0.9 pp | Mar 2025 +0.8 pp | Jun 2025 0.0 pp | Sep 2025 −0.9 pp | Dec 2025 −0.6 pp | Mar 2026 −0.6 pp | Jun 2026 —
- RXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 −1.9 pp | Dec 2022 −4.2 pp | Mar 2023 −3.4 pp | Jun 2023 −3.2 pp | Sep 2023 −0.7 pp | Dec 2023 +1.5 pp | Mar 2024 −1.8 pp | Jun 2024 −1.5 pp | Sep 2024 −2.5 pp | Dec 2024 −2.8 pp | Mar 2025 −0.8 pp | Jun 2025 0.0 pp | Sep 2025 +1.4 pp | Dec 2025 −0.6 pp | Mar 2026 +0.1 pp | Jun 2026 —
- ARCB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.5 pp | Sep 2022 +0.4 pp | Dec 2022 −2.7 pp | Mar 2023 −5.4 pp | Jun 2023 −6.5 pp | Sep 2023 −5.0 pp | Dec 2023 +1.6 pp | Mar 2024 +0.3 pp | Jun 2024 +0.7 pp | Sep 2024 +8.7 pp | Dec 2024 −2.1 pp | Mar 2025 −1.5 pp | Jun 2025 −0.9 pp | Sep 2025 −7.5 pp | Dec 2025 −4.6 pp | Mar 2026 −0.4 pp | Jun 2026 —
- WERN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.8 pp | Sep 2022 −0.9 pp | Dec 2022 −2.6 pp | Mar 2023 −4.5 pp | Jun 2023 −3.2 pp | Sep 2023 −4.6 pp | Dec 2023 −5.7 pp | Mar 2024 −4.4 pp | Jun 2024 −3.2 pp | Sep 2024 −2.2 pp | Dec 2024 −2.8 pp | Mar 2025 −2.8 pp | Jun 2025 +6.2 pp | Sep 2025 −4.1 pp | Dec 2025 −6.7 pp | Mar 2026 +1.3 pp | Jun 2026 —
- MRTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −0.9 pp | Dec 2022 −1.3 pp | Mar 2023 −2.8 pp | Jun 2023 −2.5 pp | Sep 2023 −4.2 pp | Dec 2023 −4.4 pp | Mar 2024 −4.8 pp | Jun 2024 −5.8 pp | Sep 2024 −4.4 pp | Dec 2024 −2.9 pp | Mar 2025 −2.3 pp | Jun 2025 +0.1 pp | Sep 2025 −0.6 pp | Dec 2025 −0.7 pp | Mar 2026 −1.8 pp | Jun 2026 —
- CVLG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 +11.6 pp | Dec 2022 −2.5 pp | Mar 2023 −1.6 pp | Jun 2023 −4.2 pp | Sep 2023 −13.7 pp | Dec 2023 +1.5 pp | Mar 2024 −5.0 pp | Jun 2024 +1.1 pp | Sep 2024 +0.4 pp | Dec 2024 −2.1 pp | Mar 2025 +1.2 pp | Jun 2025 −1.6 pp | Sep 2025 −2.9 pp | Dec 2025 −11.3 pp | Mar 2026 −0.8 pp | Jun 2026 —
- HTLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +38.2 pp | Sep 2022 −9.1 pp | Dec 2022 −10.5 pp | Mar 2023 −7.9 pp | Jun 2023 −50.6 pp | Sep 2023 −15.2 pp | Dec 2023 −3.5 pp | Mar 2024 −12.2 pp | Jun 2024 −5.2 pp | Sep 2024 −0.2 pp | Dec 2024 −3.5 pp | Mar 2025 −1.5 pp | Jun 2025 −6.0 pp | Sep 2025 −1.0 pp | Dec 2025 −13.1 pp | Mar 2026 +4.9 pp | Jun 2026 —
- ULH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.9 pp | Dec 2022 +10.0 pp | Mar 2023 — | Jun 2023 −2.3 pp | Sep 2023 −3.5 pp | Dec 2023 −5.1 pp | Mar 2024 — | Jun 2024 +1.5 pp | Sep 2024 +1.2 pp | Dec 2024 −0.5 pp | Mar 2025 −11.2 pp | Jun 2025 −5.1 pp | Sep 2025 −39.6 pp | Dec 2025 −3.7 pp | Mar 2026 — | Jun 2026 −3.8 pp
- PAMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.5 pp | Sep 2022 −2.7 pp | Dec 2022 −7.7 pp | Mar 2023 −10.5 pp | Jun 2023 −8.9 pp | Sep 2023 −9.7 pp | Dec 2023 −9.0 pp | Mar 2024 −4.2 pp | Jun 2024 −7.0 pp | Sep 2024 −3.1 pp | Dec 2024 −22.1 pp | Mar 2025 −5.5 pp | Jun 2025 −6.9 pp | Sep 2025 −5.1 pp | Dec 2025 −4.4 pp | Mar 2026 +5.7 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Old Dominion Freight Line, Inc. leads with $1,007 million of TTM profit, 189.4% above XPO, Inc.. XPO, Inc. shows -10.5% growth from a $348 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Old Dominion Freight Line, 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: Old Dominion Freight Line, Inc. · $1,007 million | 189.4% versus #2 · XPO, Inc. | 1/8 recent comparable periods | 11/14 companies · 264 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. Old Dominion Freight Line, Inc. (ODFL): ₹1.0K Cr
2. XPO, Inc. (XPO): ₹348 Cr
3. TFI International Inc. (TFII): ₹298 Cr
4. Saia, Inc. (SAIA): ₹255 Cr
5. Schneider National, Inc. (SNDR): ₹97 Cr

### Profit growth — fastest growers
1. XPO, Inc. (XPO): -11%
2. Old Dominion Freight Line, Inc. (ODFL): -12%
3. Saia, Inc. (SAIA): -21%
4. Schneider National, Inc. (SNDR): -22%
5. TFI International Inc. (TFII): -23%

### 20-quarter Net profit history
- ODFL: Sep 2021 ₹287 Cr | Dec 2021 ₹279 Cr | Mar 2022 ₹300 Cr | Jun 2022 ₹376 Cr | Sep 2022 ₹377 Cr | Dec 2022 ₹324 Cr | Mar 2023 ₹285 Cr | Jun 2023 ₹292 Cr | Sep 2023 ₹339 Cr | Dec 2023 ₹323 Cr | Mar 2024 ₹292 Cr | Jun 2024 ₹322 Cr | Sep 2024 ₹309 Cr | Dec 2024 ₹263 Cr | Mar 2025 ₹255 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹271 Cr | Dec 2025 ₹229 Cr | Mar 2026 ₹238 Cr | Jun 2026 —
- XPO: Sep 2021 ₹21 Cr | Dec 2021 ₹-36 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹96 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹-36 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹101 Cr | Jun 2026 —
- TFII: Sep 2021 ₹132 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹148 Cr | Jun 2022 ₹277 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹131 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- KNX: Sep 2021 ₹206 Cr | Dec 2021 ₹255 Cr | Mar 2022 ₹208 Cr | Jun 2022 ₹219 Cr | Sep 2022 ₹195 Cr | Dec 2022 ₹149 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹-11 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —
- SAIA: Sep 2021 ₹80 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹109 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹50 Cr | Jun 2026 —
- SNDR: Sep 2021 ₹110 Cr | Dec 2021 ₹134 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹130 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- RXO: Sep 2021 ₹33 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-243 Cr | Dec 2024 ₹-25 Cr | Mar 2025 ₹-31 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹-34 Cr | Mar 2026 ₹-36 Cr | Jun 2026 —
- ARCB: Sep 2021 ₹64 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹100 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —
- WERN: Sep 2021 ₹65 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹-21 Cr | Dec 2025 ₹-35 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —
- MRTN: Sep 2021 ₹21 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- CVLG: Sep 2021 ₹16 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- HTLD: Sep 2021 ₹24 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹77 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-19 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —
- ULH: Sep 2021 ₹26 Cr | Dec 2021 ₹10 Cr | Mar 2022 — | Jun 2022 ₹42 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹48 Cr | Mar 2023 — | Jun 2023 ₹25 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹-118 Cr | Dec 2025 ₹4 Cr | Mar 2026 — | Jun 2026 ₹-4 Cr
- PAMT: Sep 2021 ₹21 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹-32 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-29 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Profit growth history
- ODFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 31% | Dec 2022 16% | Mar 2023 -5.0% | Jun 2023 -22% | Sep 2023 -10% | Dec 2023 -0.3% | Mar 2024 2.5% | Jun 2024 10% | Sep 2024 -8.9% | Dec 2024 -19% | Mar 2025 -13% | Jun 2025 -16% | Sep 2025 -12% | Dec 2025 -13% | Mar 2026 -6.7% | Jun 2026 —
- XPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 338% | Dec 2022 — | Mar 2023 -47% | Jun 2023 -68% | Sep 2023 -6.5% | Dec 2023 — | Mar 2024 294% | Jun 2024 384% | Sep 2024 10% | Dec 2024 29% | Mar 2025 3.0% | Jun 2025 -29% | Sep 2025 -14% | Dec 2025 -21% | Mar 2026 46% | Jun 2026 —
- TFII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 86% | Dec 2022 6.3% | Mar 2023 -24% | Jun 2023 -54% | Sep 2023 -46% | Dec 2023 -14% | Mar 2024 -17% | Jun 2024 -9.4% | Sep 2024 -5.3% | Dec 2024 -33% | Mar 2025 -40% | Jun 2025 -16% | Sep 2025 -33% | Dec 2025 -18% | Mar 2026 -23% | Jun 2026 —
- KNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 -5.3% | Dec 2022 -42% | Mar 2023 -50% | Jun 2023 -71% | Sep 2023 -69% | Dec 2023 -107% | Mar 2024 -103% | Jun 2024 -68% | Sep 2024 -50% | Dec 2024 — | Mar 2025 — | Jun 2025 70% | Sep 2025 -73% | Dec 2025 -110% | Mar 2026 -103% | Jun 2026 —
- SAIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 76% | Sep 2022 23% | Dec 2022 -4.1% | Mar 2023 -3.8% | Jun 2023 -17% | Sep 2023 0.0% | Dec 2023 25% | Mar 2024 20% | Jun 2024 13% | Sep 2024 -5.1% | Dec 2024 -15% | Mar 2025 -45% | Jun 2025 -31% | Sep 2025 -7.5% | Dec 2025 -37% | Mar 2026 0.0% | Jun 2026 —
- SNDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 15% | Dec 2022 -18% | Mar 2023 6.5% | Jun 2023 -40% | Sep 2023 -71% | Dec 2023 -75% | Mar 2024 -81% | Jun 2024 -55% | Sep 2024 -14% | Dec 2024 22% | Mar 2025 37% | Jun 2025 2.9% | Sep 2025 -39% | Dec 2025 -33% | Mar 2026 -23% | Jun 2026 —
- RXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 -61% | Dec 2022 -110% | Mar 2023 -100% | Jun 2023 -93% | Sep 2023 -108% | Dec 2023 — | Mar 2024 — | Jun 2024 -333% | Sep 2024 — | Dec 2024 -1,350% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARCB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 39% | Dec 2022 -42% | Mar 2023 -72% | Jun 2023 -61% | Sep 2023 -61% | Dec 2023 36% | Mar 2024 -116% | Jun 2024 18% | Sep 2024 186% | Dec 2024 -41% | Mar 2025 — | Jun 2025 -45% | Sep 2025 -61% | Dec 2025 -128% | Mar 2026 -133% | Jun 2026 —
- WERN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.8% | Sep 2022 -14% | Dec 2022 -22% | Mar 2023 -35% | Jun 2023 -59% | Sep 2023 -57% | Dec 2023 -62% | Mar 2024 -83% | Jun 2024 -70% | Sep 2024 -71% | Dec 2024 -48% | Mar 2025 -267% | Jun 2025 389% | Sep 2025 -400% | Dec 2025 -392% | Mar 2026 — | Jun 2026 —
- MRTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 24% | Dec 2022 4.0% | Mar 2023 -18% | Jun 2023 -31% | Sep 2023 -46% | Dec 2023 -54% | Mar 2024 -57% | Jun 2024 -64% | Sep 2024 -71% | Dec 2024 -50% | Mar 2025 -60% | Jun 2025 -13% | Sep 2025 -50% | Dec 2025 -33% | Mar 2026 -75% | Jun 2026 —
- CVLG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 213% | Dec 2022 18% | Mar 2023 -27% | Jun 2023 -52% | Sep 2023 -74% | Dec 2023 -35% | Mar 2024 -75% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 -43% | Mar 2025 75% | Jun 2025 -17% | Sep 2025 -54% | Dec 2025 -206% | Mar 2026 -43% | Jun 2026 —
- HTLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 267% | Sep 2022 0.0% | Dec 2022 -25% | Mar 2023 -24% | Jun 2023 -90% | Sep 2023 -146% | Dec 2023 -67% | Mar 2024 -215% | Jun 2024 -138% | Sep 2024 — | Dec 2024 -140% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ULH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 73% | Dec 2022 380% | Mar 2023 — | Jun 2023 -40% | Sep 2023 -47% | Dec 2023 -56% | Mar 2024 — | Jun 2024 24% | Sep 2024 13% | Dec 2024 -4.8% | Mar 2025 -88% | Jun 2025 -74% | Sep 2025 -537% | Dec 2025 -80% | Mar 2026 — | Jun 2026 -150%
- PAMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 60% | Sep 2022 19% | Dec 2022 -36% | Mar 2023 -79% | Jun 2023 -63% | Sep 2023 -76% | Dec 2023 -111% | Mar 2024 -100% | Jun 2024 -133% | Sep 2024 -67% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -400% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Knight-Swift Transportation Holdings Inc. reports $130 million of CAPEX; Heartland Express, Inc. has the highest covered intensity at 10.2%. Coverage is only 14 of 14 companies and 264 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: Knight-Swift Transportation Holdings Inc. · $130 million | 17.1% versus #2 · XPO, Inc. | 8/8 recent comparable periods | 14/14 companies · 264 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. Knight-Swift Transportation Holdings Inc. (KNX): ₹130 Cr
2. XPO, Inc. (XPO): ₹111 Cr
3. Schneider National, Inc. (SNDR): ₹68 Cr
4. Saia, Inc. (SAIA): ₹66 Cr
5. Old Dominion Freight Line, Inc. (ODFL): ₹63 Cr

### CAPEX intensity — highest reinvestment intensity
1. Heartland Express, Inc. (HTLD): 10%
2. PAMT CORP (PAMT): 9.9%
3. Saia, Inc. (SAIA): 8.2%
4. Knight-Swift Transportation Holdings Inc. (KNX): 7.0%
5. Werner Enterprises, Inc. (WERN): 6.6%

### 20-quarter CAPEX history
- ODFL: Sep 2021 ₹179 Cr | Dec 2021 ₹165 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹229 Cr | Sep 2022 ₹182 Cr | Dec 2022 ₹270 Cr | Mar 2023 ₹235 Cr | Jun 2023 ₹245 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹120 Cr | Jun 2024 ₹238 Cr | Sep 2024 ₹243 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- XPO: Sep 2021 ₹77 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹167 Cr | Mar 2023 ₹224 Cr | Jun 2023 ₹131 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹306 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹199 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹156 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹111 Cr | Jun 2026 —
- TFII: Sep 2021 ₹69 Cr | Dec 2021 ₹102 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹121 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹119 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- KNX: Sep 2021 ₹142 Cr | Dec 2021 ₹146 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹131 Cr | Sep 2022 ₹201 Cr | Dec 2022 ₹304 Cr | Mar 2023 ₹261 Cr | Jun 2023 ₹258 Cr | Sep 2023 ₹335 Cr | Dec 2023 ₹219 Cr | Mar 2024 ₹192 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹227 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹209 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹154 Cr | Mar 2026 ₹130 Cr | Jun 2026 —
- SAIA: Sep 2021 ₹55 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹123 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹128 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹457 Cr | Jun 2024 ₹225 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹66 Cr | Jun 2026 —
- SNDR: Sep 2021 ₹154 Cr | Dec 2021 ₹119 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹179 Cr | Dec 2022 ₹229 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹214 Cr | Sep 2023 ₹165 Cr | Dec 2023 ₹168 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- RXO: Sep 2021 ₹11 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- ARCB: Sep 2021 ₹18 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- WERN: Sep 2021 ₹103 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹154 Cr | Sep 2022 ₹153 Cr | Dec 2022 ₹127 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹200 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- MRTN: Sep 2021 ₹60 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹65 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- CVLG: Sep 2021 ₹8 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- HTLD: Sep 2021 ₹46 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- ULH: Sep 2021 ₹12 Cr | Dec 2021 ₹9 Cr | Mar 2022 — | Jun 2022 ₹6 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹48 Cr | Mar 2023 — | Jun 2023 ₹31 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹33 Cr | Mar 2026 — | Jun 2026 ₹10 Cr
- PAMT: Sep 2021 ₹11 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹14 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- ODFL: Sep 2021 13% | Dec 2021 12% | Mar 2022 6.3% | Jun 2022 14% | Sep 2022 11% | Dec 2022 18% | Mar 2023 16% | Jun 2023 17% | Sep 2023 11% | Dec 2023 7.1% | Mar 2024 8.2% | Jun 2024 16% | Sep 2024 17% | Dec 2024 12% | Mar 2025 6.4% | Jun 2025 13% | Sep 2025 6.7% | Dec 2025 3.5% | Mar 2026 4.7% | Jun 2026 —
- XPO: Sep 2021 2.4% | Dec 2021 5.5% | Mar 2022 6.5% | Jun 2022 5.8% | Sep 2022 5.8% | Dec 2022 9.1% | Mar 2023 12% | Jun 2023 6.8% | Sep 2023 7.0% | Dec 2023 54% | Mar 2024 15% | Jun 2024 9.1% | Sep 2024 6.2% | Dec 2024 8.6% | Mar 2025 10% | Jun 2025 9.4% | Sep 2025 7.4% | Dec 2025 5.3% | Mar 2026 5.3% | Jun 2026 —
- TFII: Sep 2021 3.3% | Dec 2021 4.8% | Mar 2022 4.1% | Jun 2022 3.1% | Sep 2022 3.3% | Dec 2022 5.7% | Mar 2023 4.1% | Jun 2023 4.7% | Sep 2023 6.3% | Dec 2023 4.1% | Mar 2024 4.2% | Jun 2024 5.3% | Sep 2024 5.7% | Dec 2024 3.5% | Mar 2025 1.8% | Jun 2025 4.1% | Sep 2025 3.7% | Dec 2025 4.3% | Mar 2026 1.3% | Jun 2026 —
- KNX: Sep 2021 8.6% | Dec 2021 8.0% | Mar 2022 9.0% | Jun 2022 6.7% | Sep 2022 11% | Dec 2022 17% | Mar 2023 16% | Jun 2023 17% | Sep 2023 17% | Dec 2023 11% | Mar 2024 11% | Jun 2024 9.8% | Sep 2024 12% | Dec 2024 12% | Mar 2025 6.7% | Jun 2025 11% | Sep 2025 16% | Dec 2025 8.3% | Mar 2026 7.0% | Jun 2026 —
- SAIA: Sep 2021 8.9% | Dec 2021 21% | Mar 2022 7.0% | Jun 2022 15% | Sep 2022 17% | Dec 2022 13% | Mar 2023 19% | Jun 2023 14% | Sep 2023 15% | Dec 2023 13% | Mar 2024 61% | Jun 2024 27% | Sep 2024 23% | Dec 2024 21% | Mar 2025 26% | Jun 2025 21% | Sep 2025 11% | Dec 2025 13% | Mar 2026 8.2% | Jun 2026 —
- SNDR: Sep 2021 11% | Dec 2021 7.6% | Mar 2022 4.6% | Jun 2022 6.1% | Sep 2022 11% | Dec 2022 15% | Mar 2023 11% | Jun 2023 16% | Sep 2023 12% | Dec 2023 12% | Mar 2024 10% | Jun 2024 8.0% | Sep 2024 8.8% | Dec 2024 9.2% | Mar 2025 8.6% | Jun 2025 5.4% | Sep 2025 9.5% | Dec 2025 3.4% | Mar 2026 4.9% | Jun 2026 —
- RXO: Sep 2021 0.9% | Dec 2021 0.7% | Mar 2022 0.9% | Jun 2022 1.0% | Sep 2022 1.3% | Dec 2022 1.6% | Mar 2023 1.2% | Jun 2023 1.7% | Sep 2023 1.8% | Dec 2023 1.8% | Mar 2024 1.2% | Jun 2024 1.2% | Sep 2024 1.1% | Dec 2024 0.7% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 1.0% | Dec 2025 1.1% | Mar 2026 1.2% | Jun 2026 —
- ARCB: Sep 2021 1.8% | Dec 2021 1.3% | Mar 2022 1.5% | Jun 2022 2.3% | Sep 2022 2.0% | Dec 2022 6.2% | Mar 2023 3.2% | Jun 2023 4.4% | Sep 2023 4.2% | Dec 2023 8.2% | Mar 2024 5.3% | Jun 2024 4.6% | Sep 2024 6.1% | Dec 2024 5.3% | Mar 2025 1.6% | Jun 2025 2.6% | Sep 2025 6.2% | Dec 2025 0.8% | Mar 2026 1.0% | Jun 2026 —
- WERN: Sep 2021 15% | Dec 2021 9.8% | Mar 2022 9.7% | Jun 2022 18% | Sep 2022 19% | Dec 2022 15% | Mar 2023 19% | Jun 2023 25% | Sep 2023 21% | Dec 2023 8.4% | Mar 2024 7.5% | Jun 2024 18% | Sep 2024 18% | Dec 2024 11% | Mar 2025 3.4% | Jun 2025 12% | Sep 2025 6.9% | Dec 2025 12% | Mar 2026 6.6% | Jun 2026 —
- MRTN: Sep 2021 24% | Dec 2021 15% | Mar 2022 4.2% | Jun 2022 14% | Sep 2022 19% | Dec 2022 17% | Mar 2023 15% | Jun 2023 27% | Sep 2023 19% | Dec 2023 24% | Mar 2024 12% | Jun 2024 26% | Sep 2024 33% | Dec 2024 25% | Mar 2025 8.5% | Jun 2025 25% | Sep 2025 22% | Dec 2025 9.0% | Mar 2026 5.9% | Jun 2026 —
- CVLG: Sep 2021 2.9% | Dec 2021 4.4% | Mar 2022 3.1% | Jun 2022 6.0% | Sep 2022 11% | Dec 2022 13% | Mar 2023 6.0% | Jun 2023 16% | Sep 2023 18% | Dec 2023 39% | Mar 2024 17% | Jun 2024 18% | Sep 2024 12% | Dec 2024 7.6% | Mar 2025 12% | Jun 2025 12% | Sep 2025 17% | Dec 2025 9.8% | Mar 2026 3.6% | Jun 2026 —
- HTLD: Sep 2021 30% | Dec 2021 26% | Mar 2022 15% | Jun 2022 15% | Sep 2022 15% | Dec 2022 19% | Mar 2023 13% | Jun 2023 22% | Sep 2023 23% | Dec 2023 12% | Mar 2024 1.9% | Jun 2024 4.0% | Sep 2024 4.2% | Dec 2024 34% | Mar 2025 11% | Jun 2025 16% | Sep 2025 25% | Dec 2025 27% | Mar 2026 10% | Jun 2026 —
- ULH: Sep 2021 2.8% | Dec 2021 2.0% | Mar 2022 — | Jun 2022 1.1% | Sep 2022 5.9% | Dec 2022 9.5% | Mar 2023 — | Jun 2023 7.1% | Sep 2023 12% | Dec 2023 12% | Mar 2024 14% | Jun 2024 17% | Sep 2024 15% | Dec 2024 8.8% | Mar 2025 14% | Jun 2025 21% | Sep 2025 14% | Dec 2025 8.6% | Mar 2026 — | Jun 2026 2.7%
- PAMT: Sep 2021 6.0% | Dec 2021 1.9% | Mar 2022 4.6% | Jun 2022 5.1% | Sep 2022 8.3% | Dec 2022 8.8% | Mar 2023 2.7% | Jun 2023 3.4% | Sep 2023 6.9% | Dec 2023 3.9% | Mar 2024 12% | Jun 2024 8.2% | Sep 2024 27% | Dec 2024 33% | Mar 2025 7.7% | Jun 2025 4.0% | Sep 2025 2.0% | Dec 2025 14% | Mar 2026 9.9% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Old Dominion Freight Line, Inc. has the clearest covered balance-sheet capacity with $248 million net cash and gross debt of $40 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: Marten Transport, Ltd. · $0 million | 100% versus #2 · Old Dominion Freight Line, Inc. | 8/8 recent comparable periods | 14/14 companies · 266 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. Marten Transport, Ltd. (MRTN): ₹0 Cr
2. Old Dominion Freight Line, Inc. (ODFL): ₹40 Cr
3. Heartland Express, Inc. (HTLD): ₹153 Cr
4. Saia, Inc. (SAIA): ₹262 Cr
5. Covenant Logistics Group, Inc. (CVLG): ₹292 Cr

### Net debt — lowest net debt
1. Old Dominion Freight Line, Inc. (ODFL): ₹-248 Cr
2. Marten Transport, Ltd. (MRTN): ₹-104 Cr
3. Heartland Express, Inc. (HTLD): ₹109 Cr
4. Schneider National, Inc. (SNDR): ₹134 Cr
5. Saia, Inc. (SAIA): ₹223 Cr

### 20-quarter Gross debt history
- ODFL: Sep 2021 ₹100 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹100 Cr | Dec 2022 ₹100 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹170 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹40 Cr | Jun 2026 —
- XPO: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- TFII: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- KNX: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹2.7K Cr
- SAIA: Sep 2021 ₹162 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹151 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹155 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹135 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹209 Cr | Jun 2024 ₹300 Cr | Sep 2024 ₹309 Cr | Dec 2024 ₹324 Cr | Mar 2025 ₹418 Cr | Jun 2025 ₹444 Cr | Sep 2025 ₹348 Cr | Dec 2025 ₹305 Cr | Mar 2026 ₹262 Cr | Jun 2026 —
- SNDR: Sep 2021 ₹308 Cr | Dec 2021 ₹270 Cr | Mar 2022 ₹212 Cr | Jun 2022 ₹212 Cr | Sep 2022 ₹213 Cr | Dec 2022 ₹215 Cr | Mar 2023 ₹215 Cr | Jun 2023 ₹216 Cr | Sep 2023 ₹289 Cr | Dec 2023 ₹302 Cr | Mar 2024 ₹306 Cr | Jun 2024 ₹265 Cr | Sep 2024 ₹264 Cr | Dec 2024 ₹527 Cr | Mar 2025 ₹577 Cr | Jun 2025 ₹526 Cr | Sep 2025 ₹522 Cr | Dec 2025 ₹402 Cr | Mar 2026 ₹399 Cr | Jun 2026 —
- RXO: Sep 2021 ₹135 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹140 Cr | Jun 2022 ₹174 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹617 Cr | Mar 2023 ₹610 Cr | Jun 2023 ₹621 Cr | Sep 2023 ₹629 Cr | Dec 2023 ₹558 Cr | Mar 2024 ₹571 Cr | Jun 2024 ₹600 Cr | Sep 2024 ₹703 Cr | Dec 2024 ₹664 Cr | Mar 2025 ₹685 Cr | Jun 2025 ₹679 Cr | Sep 2025 ₹682 Cr | Dec 2025 ₹670 Cr | Mar 2026 ₹699 Cr | Jun 2026 —
- ARCB: Sep 2021 ₹354 Cr | Dec 2021 ₹337 Cr | Mar 2022 ₹389 Cr | Jun 2022 ₹354 Cr | Sep 2022 ₹424 Cr | Dec 2022 ₹439 Cr | Mar 2023 ₹449 Cr | Jun 2023 ₹438 Cr | Sep 2023 ₹446 Cr | Dec 2023 ₹438 Cr | Mar 2024 ₹418 Cr | Jun 2024 ₹422 Cr | Sep 2024 ₹406 Cr | Dec 2024 ₹413 Cr | Mar 2025 ₹463 Cr | Jun 2025 ₹491 Cr | Sep 2025 ₹461 Cr | Dec 2025 ₹465 Cr | Mar 2026 ₹460 Cr | Jun 2026 —
- WERN: Sep 2021 ₹350 Cr | Dec 2021 ₹428 Cr | Mar 2022 ₹426 Cr | Jun 2022 ₹451 Cr | Sep 2022 ₹574 Cr | Dec 2022 ₹694 Cr | Mar 2023 ₹691 Cr | Jun 2023 ₹652 Cr | Sep 2023 ₹705 Cr | Dec 2023 ₹649 Cr | Mar 2024 ₹598 Cr | Jun 2024 ₹670 Cr | Sep 2024 ₹690 Cr | Dec 2024 ₹650 Cr | Mar 2025 ₹640 Cr | Jun 2025 ₹725 Cr | Sep 2025 ₹725 Cr | Dec 2025 ₹752 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- MRTN: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- CVLG: Sep 2021 ₹85 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹180 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹251 Cr | Sep 2023 ₹242 Cr | Dec 2023 ₹293 Cr | Mar 2024 ₹292 Cr | Jun 2024 ₹318 Cr | Sep 2024 ₹316 Cr | Dec 2024 ₹297 Cr | Mar 2025 ₹278 Cr | Jun 2025 ₹311 Cr | Sep 2025 ₹309 Cr | Dec 2025 ₹339 Cr | Mar 2026 ₹292 Cr | Jun 2026 —
- HTLD: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹489 Cr | Dec 2022 ₹434 Cr | Mar 2023 ₹384 Cr | Jun 2023 ₹363 Cr | Sep 2023 ₹355 Cr | Dec 2023 ₹317 Cr | Mar 2024 ₹278 Cr | Jun 2024 ₹249 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹209 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹161 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹153 Cr | Jun 2026 —
- ULH: Sep 2021 ₹536 Cr | Dec 2021 ₹559 Cr | Mar 2022 — | Jun 2022 ₹519 Cr | Sep 2022 ₹527 Cr | Dec 2022 ₹499 Cr | Mar 2023 — | Jun 2023 ₹489 Cr | Sep 2023 ₹485 Cr | Dec 2023 ₹476 Cr | Mar 2024 ₹503 Cr | Jun 2024 ₹567 Cr | Sep 2024 ₹632 Cr | Dec 2024 ₹838 Cr | Mar 2025 ₹839 Cr | Jun 2025 ₹912 Cr | Sep 2025 ₹934 Cr | Dec 2025 ₹971 Cr | Mar 2026 — | Jun 2026 ₹931 Cr
- PAMT: Sep 2021 ₹231 Cr | Dec 2021 ₹222 Cr | Mar 2022 ₹259 Cr | Jun 2022 ₹249 Cr | Sep 2022 ₹257 Cr | Dec 2022 ₹264 Cr | Mar 2023 ₹251 Cr | Jun 2023 ₹230 Cr | Sep 2023 ₹228 Cr | Dec 2023 ₹262 Cr | Mar 2024 ₹272 Cr | Jun 2024 ₹266 Cr | Sep 2024 ₹289 Cr | Dec 2024 ₹326 Cr | Mar 2025 ₹309 Cr | Jun 2025 ₹331 Cr | Sep 2025 ₹342 Cr | Dec 2025 ₹334 Cr | Mar 2026 ₹321 Cr | Jun 2026 —

### 20-quarter Net debt history
- ODFL: Sep 2021 ₹-465 Cr | Dec 2021 ₹-617 Cr | Mar 2022 ₹-441 Cr | Jun 2022 ₹-321 Cr | Sep 2022 ₹-276 Cr | Dec 2022 ₹-136 Cr | Mar 2023 ₹-132 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹-127 Cr | Dec 2023 ₹-354 Cr | Mar 2024 ₹-501 Cr | Jun 2024 ₹-45 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹-37 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹-80 Cr | Mar 2026 ₹-248 Cr | Jun 2026 —
- XPO: Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- TFII: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 — | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- KNX: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 ₹2.4K Cr
- SAIA: Sep 2021 ₹40 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-32 Cr | Mar 2023 ₹-21 Cr | Jun 2023 ₹-100 Cr | Sep 2023 ₹-100 Cr | Dec 2023 ₹-157 Cr | Mar 2024 ₹197 Cr | Jun 2024 ₹289 Cr | Sep 2024 ₹295 Cr | Dec 2024 ₹305 Cr | Mar 2025 ₹401 Cr | Jun 2025 ₹425 Cr | Sep 2025 ₹312 Cr | Dec 2025 ₹285 Cr | Mar 2026 ₹223 Cr | Jun 2026 —
- SNDR: Sep 2021 ₹-242 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹-109 Cr | Jun 2022 ₹-165 Cr | Sep 2022 ₹-181 Cr | Dec 2022 ₹-217 Cr | Mar 2023 ₹-228 Cr | Jun 2023 ₹-88 Cr | Sep 2023 ₹174 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹108 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹361 Cr | Mar 2025 ₹423 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹286 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹134 Cr | Jun 2026 —
- RXO: Sep 2021 ₹106 Cr | Dec 2021 ₹106 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹-38 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹519 Cr | Mar 2023 ₹489 Cr | Jun 2023 ₹497 Cr | Sep 2023 ₹525 Cr | Dec 2023 ₹553 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹593 Cr | Sep 2024 ₹648 Cr | Dec 2024 ₹629 Cr | Mar 2025 ₹669 Cr | Jun 2025 ₹661 Cr | Sep 2025 ₹657 Cr | Dec 2025 ₹653 Cr | Mar 2026 ₹678 Cr | Jun 2026 —
- ARCB: Sep 2021 ₹-114 Cr | Dec 2021 ₹212 Cr | Mar 2022 ₹288 Cr | Jun 2022 ₹150 Cr | Sep 2022 ₹123 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹198 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹215 Cr | Dec 2024 ₹256 Cr | Mar 2025 ₹364 Cr | Jun 2025 ₹351 Cr | Sep 2025 ₹328 Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹374 Cr | Jun 2026 —
- WERN: Sep 2021 ₹305 Cr | Dec 2021 ₹374 Cr | Mar 2022 ₹300 Cr | Jun 2022 ₹397 Cr | Sep 2022 ₹448 Cr | Dec 2022 ₹587 Cr | Mar 2023 ₹561 Cr | Jun 2023 ₹605 Cr | Sep 2023 ₹662 Cr | Dec 2023 ₹587 Cr | Mar 2024 ₹538 Cr | Jun 2024 ₹600 Cr | Sep 2024 ₹635 Cr | Dec 2024 ₹609 Cr | Mar 2025 ₹588 Cr | Jun 2025 ₹674 Cr | Sep 2025 ₹674 Cr | Dec 2025 ₹692 Cr | Mar 2026 ₹979 Cr | Jun 2026 —
- MRTN: Sep 2021 ₹-84 Cr | Dec 2021 ₹-57 Cr | Mar 2022 ₹-67 Cr | Jun 2022 ₹-68 Cr | Sep 2022 ₹-71 Cr | Dec 2022 ₹-81 Cr | Mar 2023 ₹-96 Cr | Jun 2023 ₹-81 Cr | Sep 2023 ₹-68 Cr | Dec 2023 ₹-53 Cr | Mar 2024 ₹-74 Cr | Jun 2024 ₹-77 Cr | Sep 2024 ₹-43 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹-40 Cr | Jun 2025 ₹-35 Cr | Sep 2025 ₹-49 Cr | Dec 2025 ₹-43 Cr | Mar 2026 ₹-70 Cr | Jun 2026 ₹-104 Cr
- CVLG: Sep 2021 ₹63 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹111 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹243 Cr | Sep 2023 ₹235 Cr | Dec 2023 ₹291 Cr | Mar 2024 ₹289 Cr | Jun 2024 ₹317 Cr | Sep 2024 ₹281 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹267 Cr | Jun 2025 ₹311 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹334 Cr | Mar 2026 ₹281 Cr | Jun 2026 —
- HTLD: Sep 2021 ₹-180 Cr | Dec 2021 ₹-158 Cr | Mar 2022 ₹-187 Cr | Jun 2022 ₹-98 Cr | Sep 2022 ₹424 Cr | Dec 2022 ₹385 Cr | Mar 2023 ₹328 Cr | Jun 2023 ₹317 Cr | Sep 2023 ₹335 Cr | Dec 2023 ₹289 Cr | Mar 2024 ₹254 Cr | Jun 2024 ₹225 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹196 Cr | Mar 2025 ₹182 Cr | Jun 2025 ₹175 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹109 Cr | Jun 2026 —
- ULH: Sep 2021 ₹515 Cr | Dec 2021 ₹538 Cr | Mar 2022 — | Jun 2022 ₹495 Cr | Sep 2022 ₹504 Cr | Dec 2022 ₹476 Cr | Mar 2023 — | Jun 2023 ₹402 Cr | Sep 2023 ₹410 Cr | Dec 2023 ₹453 Cr | Mar 2024 ₹480 Cr | Jun 2024 ₹548 Cr | Sep 2024 ₹608 Cr | Dec 2024 ₹807 Cr | Mar 2025 ₹806 Cr | Jun 2025 ₹878 Cr | Sep 2025 ₹897 Cr | Dec 2025 ₹934 Cr | Mar 2026 — | Jun 2026 ₹913 Cr
- PAMT: Sep 2021 ₹173 Cr | Dec 2021 ₹164 Cr | Mar 2022 ₹140 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹197 Cr | Dec 2024 ₹215 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹214 Cr | Sep 2025 ₹226 Cr | Dec 2025 ₹250 Cr | Mar 2026 ₹240 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Old Dominion Freight Line, Inc. leads ROCE at 6.3%, 3.6 percentage points above XPO, Inc.. PAMT CORP has the strongest latest improvement at +1.5 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: Old Dominion Freight Line, 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: Old Dominion Freight Line, Inc. · 6.3% | 133.3% versus #2 · XPO, Inc. | 0/8 recent comparable periods | 14/14 companies · 265 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. Old Dominion Freight Line, Inc. (ODFL): 6.3%
2. XPO, Inc. (XPO): 2.7%
3. Saia, Inc. (SAIA): 2.1%
4. TFI International Inc. (TFII): 1.6%
5. Knight-Swift Transportation Holdings Inc. (KNX): 1.0%

### ROCE change — fastest improvers
1. PAMT CORP (PAMT): +1.5 pp
2. Heartland Express, Inc. (HTLD): +0.9 pp
3. RXO, Inc. (RXO): +0.5 pp
4. Knight-Swift Transportation Holdings Inc. (KNX): +0.3 pp
5. Werner Enterprises, Inc. (WERN): +0.3 pp

### 20-quarter ROCE history
- ODFL: Sep 2021 9.7% | Dec 2021 8.9% | Mar 2022 10% | Jun 2022 12% | Sep 2022 12% | Dec 2022 9.9% | Mar 2023 9.0% | Jun 2023 9.1% | Sep 2023 10% | Dec 2023 9.1% | Mar 2024 8.1% | Jun 2024 9.1% | Sep 2024 8.4% | Dec 2024 6.7% | Mar 2025 6.7% | Jun 2025 7.3% | Sep 2025 7.3% | Dec 2025 6.1% | Mar 2026 6.3% | Jun 2026 —
- XPO: Sep 2021 1.2% | Dec 2021 0.0% | Mar 2022 0.7% | Jun 2022 2.0% | Sep 2022 2.3% | Dec 2022 0.1% | Mar 2023 1.1% | Jun 2023 2.0% | Sep 2023 2.8% | Dec 2023 2.2% | Mar 2024 2.6% | Jun 2024 3.6% | Sep 2024 3.1% | Dec 2024 2.4% | Mar 2025 2.5% | Jun 2025 3.1% | Sep 2025 2.5% | Dec 2025 2.2% | Mar 2026 2.7% | Jun 2026 —
- TFII: Sep 2021 5.3% | Dec 2021 5.6% | Mar 2022 5.2% | Jun 2022 8.6% | Sep 2022 7.4% | Dec 2022 4.8% | Mar 2023 3.5% | Jun 2023 4.0% | Sep 2023 4.2% | Dec 2023 4.1% | Mar 2024 2.9% | Jun 2024 3.8% | Sep 2024 3.5% | Dec 2024 2.8% | Mar 2025 1.9% | Jun 2025 2.8% | Sep 2025 2.5% | Dec 2025 2.0% | Mar 2026 1.6% | Jun 2026 —
- KNX: Sep 2021 3.2% | Dec 2021 4.0% | Mar 2022 3.5% | Jun 2022 3.7% | Sep 2022 2.7% | Dec 2022 2.1% | Mar 2023 1.5% | Jun 2023 0.9% | Sep 2023 0.8% | Dec 2023 0.2% | Mar 2024 0.2% | Jun 2024 0.6% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 0.6% | Jun 2025 0.7% | Sep 2025 0.4% | Dec 2025 0.2% | Mar 2026 0.3% | Jun 2026 1.0%
- SAIA: Sep 2021 7.7% | Dec 2021 7.0% | Mar 2022 7.1% | Jun 2022 9.5% | Sep 2022 7.9% | Dec 2022 5.4% | Mar 2023 5.6% | Jun 2023 6.4% | Sep 2023 6.4% | Dec 2023 5.4% | Mar 2024 5.4% | Jun 2024 5.9% | Sep 2024 5.1% | Dec 2024 3.9% | Mar 2025 2.6% | Jun 2025 3.4% | Sep 2025 4.0% | Dec 2025 2.1% | Mar 2026 2.1% | Jun 2026 —
- SNDR: Sep 2021 4.7% | Dec 2021 5.7% | Mar 2022 4.3% | Jun 2022 5.4% | Sep 2022 4.3% | Dec 2022 4.1% | Mar 2023 3.2% | Jun 2023 2.8% | Sep 2023 1.2% | Dec 2023 0.8% | Mar 2024 0.8% | Jun 2024 1.3% | Sep 2024 1.1% | Dec 2024 1.0% | Mar 2025 1.0% | Jun 2025 1.3% | Sep 2025 0.8% | Dec 2025 0.9% | Mar 2026 0.8% | Jun 2026 —
- RXO: Sep 2021 3.0% | Dec 2021 4.4% | Mar 2022 8.3% | Jun 2022 8.2% | Sep 2022 1.2% | Dec 2022 -0.1% | Mar 2023 0.4% | Jun 2023 1.1% | Sep 2023 0.5% | Dec 2023 1.2% | Mar 2024 -1.0% | Jun 2024 0.0% | Sep 2024 -1.1% | Dec 2024 -1.4% | Mar 2025 -1.7% | Jun 2025 0.0% | Sep 2025 -0.3% | Dec 2025 -1.3% | Mar 2026 -1.2% | Jun 2026 —
- ARCB: Sep 2021 6.7% | Dec 2021 6.2% | Mar 2022 6.8% | Jun 2022 9.6% | Sep 2022 7.6% | Dec 2022 3.2% | Mar 2023 1.3% | Jun 2023 2.5% | Sep 2023 2.6% | Dec 2023 3.7% | Mar 2024 1.3% | Jun 2024 2.8% | Sep 2024 7.7% | Dec 2024 2.2% | Mar 2025 0.4% | Jun 2025 2.1% | Sep 2025 3.1% | Dec 2025 -0.5% | Mar 2026 0.2% | Jun 2026 —
- WERN: Sep 2021 3.5% | Dec 2021 4.7% | Mar 2022 3.9% | Jun 2022 3.3% | Sep 2022 3.2% | Dec 2022 3.5% | Mar 2023 2.1% | Jun 2023 1.8% | Sep 2023 1.4% | Dec 2023 1.4% | Mar 2024 0.6% | Jun 2024 0.7% | Sep 2024 0.6% | Dec 2024 0.5% | Mar 2025 -0.2% | Jun 2025 2.5% | Sep 2025 -0.5% | Dec 2025 -1.4% | Mar 2026 0.1% | Jun 2026 —
- MRTN: Sep 2021 3.7% | Dec 2021 4.0% | Mar 2022 4.7% | Jun 2022 5.2% | Sep 2022 4.3% | Dec 2022 4.1% | Mar 2023 3.5% | Jun 2023 3.4% | Sep 2023 2.0% | Dec 2023 1.8% | Mar 2024 1.4% | Jun 2024 1.1% | Sep 2024 0.5% | Dec 2024 0.8% | Mar 2025 0.7% | Jun 2025 1.1% | Sep 2025 0.3% | Dec 2025 0.5% | Mar 2026 0.2% | Jun 2026 0.8%
- CVLG: Sep 2021 3.9% | Dec 2021 3.5% | Mar 2022 4.5% | Jun 2022 5.2% | Sep 2022 11% | Dec 2022 1.9% | Mar 2023 3.1% | Jun 2023 1.9% | Sep 2023 2.3% | Dec 2023 2.0% | Mar 2024 0.6% | Jun 2024 2.0% | Sep 2024 2.1% | Dec 2024 1.1% | Mar 2025 1.0% | Jun 2025 1.4% | Sep 2025 1.0% | Dec 2025 -2.9% | Mar 2026 0.8% | Jun 2026 —
- HTLD: Sep 2021 3.9% | Dec 2021 3.1% | Mar 2022 2.6% | Jun 2022 11% | Sep 2022 2.9% | Dec 2022 2.2% | Mar 2023 2.0% | Jun 2023 1.3% | Sep 2023 -0.5% | Dec 2023 0.7% | Mar 2024 -1.0% | Jun 2024 0.0% | Sep 2024 -0.5% | Dec 2024 0.1% | Mar 2025 -1.2% | Jun 2025 -1.0% | Sep 2025 -0.6% | Dec 2025 -2.0% | Mar 2026 -0.3% | Jun 2026 —
- ULH: Sep 2021 — | Dec 2021 2.1% | Mar 2022 — | Jun 2022 7.2% | Sep 2022 7.6% | Dec 2022 8.1% | Mar 2023 — | Jun 2023 4.3% | Sep 2023 4.0% | Dec 2023 3.6% | Mar 2024 7.4% | Jun 2024 4.4% | Sep 2024 3.8% | Dec 2024 3.1% | Mar 2025 1.2% | Jun 2025 1.5% | Sep 2025 -8.7% | Dec 2025 1.2% | Mar 2026 — | Jun 2026 0.3%
- PAMT: Sep 2021 7.2% | Dec 2021 7.5% | Mar 2022 6.4% | Jun 2022 7.3% | Sep 2022 6.8% | Dec 2022 3.7% | Mar 2023 1.5% | Jun 2023 2.4% | Sep 2023 1.5% | Dec 2023 -0.1% | Mar 2024 -0.1% | Jun 2024 -0.1% | Sep 2024 0.4% | Dec 2024 -6.0% | Mar 2025 -1.5% | Jun 2025 -1.8% | Sep 2025 -0.9% | Dec 2025 -6.4% | Mar 2026 0.0% | Jun 2026 —

### 20-quarter ROCE change history
- ODFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.3 pp | Dec 2022 +1.0 pp | Mar 2023 −1.2 pp | Jun 2023 −3.3 pp | Sep 2023 −2.0 pp | Dec 2023 −0.8 pp | Mar 2024 −0.9 pp | Jun 2024 0.0 pp | Sep 2024 −1.6 pp | Dec 2024 −2.4 pp | Mar 2025 −1.4 pp | Jun 2025 −1.8 pp | Sep 2025 −1.1 pp | Dec 2025 −0.6 pp | Mar 2026 −0.4 pp | Jun 2026 —
- XPO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +0.1 pp | Mar 2023 +0.4 pp | Jun 2023 0.0 pp | Sep 2023 +0.5 pp | Dec 2023 +2.1 pp | Mar 2024 +1.5 pp | Jun 2024 +1.6 pp | Sep 2024 +0.3 pp | Dec 2024 +0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −0.5 pp | Sep 2025 −0.6 pp | Dec 2025 −0.2 pp | Mar 2026 +0.2 pp | Jun 2026 —
- TFII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 −0.8 pp | Mar 2023 −1.7 pp | Jun 2023 −4.6 pp | Sep 2023 −3.2 pp | Dec 2023 −0.7 pp | Mar 2024 −0.6 pp | Jun 2024 −0.2 pp | Sep 2024 −0.7 pp | Dec 2024 −1.3 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −0.8 pp | Mar 2026 −0.3 pp | Jun 2026 —
- KNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −1.9 pp | Mar 2023 −2.0 pp | Jun 2023 −2.8 pp | Sep 2023 −1.9 pp | Dec 2023 −1.9 pp | Mar 2024 −1.3 pp | Jun 2024 −0.3 pp | Sep 2024 −0.1 pp | Dec 2024 +0.5 pp | Mar 2025 +0.4 pp | Jun 2025 +0.1 pp | Sep 2025 −0.3 pp | Dec 2025 −0.5 pp | Mar 2026 −0.3 pp | Jun 2026 +0.3 pp
- SAIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −1.6 pp | Mar 2023 −1.5 pp | Jun 2023 −3.1 pp | Sep 2023 −1.5 pp | Dec 2023 0.0 pp | Mar 2024 −0.2 pp | Jun 2024 −0.5 pp | Sep 2024 −1.3 pp | Dec 2024 −1.5 pp | Mar 2025 −2.8 pp | Jun 2025 −2.5 pp | Sep 2025 −1.1 pp | Dec 2025 −1.8 pp | Mar 2026 −0.5 pp | Jun 2026 —
- SNDR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −1.6 pp | Mar 2023 −1.1 pp | Jun 2023 −2.6 pp | Sep 2023 −3.1 pp | Dec 2023 −3.3 pp | Mar 2024 −2.4 pp | Jun 2024 −1.5 pp | Sep 2024 −0.1 pp | Dec 2024 +0.2 pp | Mar 2025 +0.2 pp | Jun 2025 0.0 pp | Sep 2025 −0.3 pp | Dec 2025 −0.1 pp | Mar 2026 −0.2 pp | Jun 2026 —
- RXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 −4.5 pp | Mar 2023 −7.9 pp | Jun 2023 −7.1 pp | Sep 2023 −0.7 pp | Dec 2023 +1.3 pp | Mar 2024 −1.4 pp | Jun 2024 −1.1 pp | Sep 2024 −1.6 pp | Dec 2024 −2.6 pp | Mar 2025 −0.7 pp | Jun 2025 0.0 pp | Sep 2025 +0.8 pp | Dec 2025 +0.1 pp | Mar 2026 +0.5 pp | Jun 2026 —
- ARCB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 −3.0 pp | Mar 2023 −5.5 pp | Jun 2023 −7.1 pp | Sep 2023 −5.0 pp | Dec 2023 +0.5 pp | Mar 2024 0.0 pp | Jun 2024 +0.3 pp | Sep 2024 +5.1 pp | Dec 2024 −1.5 pp | Mar 2025 −0.9 pp | Jun 2025 −0.7 pp | Sep 2025 −4.6 pp | Dec 2025 −2.7 pp | Mar 2026 −0.2 pp | Jun 2026 —
- WERN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −1.2 pp | Mar 2023 −1.8 pp | Jun 2023 −1.5 pp | Sep 2023 −1.8 pp | Dec 2023 −2.1 pp | Mar 2024 −1.5 pp | Jun 2024 −1.1 pp | Sep 2024 −0.8 pp | Dec 2024 −0.9 pp | Mar 2025 −0.8 pp | Jun 2025 +1.8 pp | Sep 2025 −1.1 pp | Dec 2025 −1.9 pp | Mar 2026 +0.3 pp | Jun 2026 —
- MRTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +0.1 pp | Mar 2023 −1.2 pp | Jun 2023 −1.8 pp | Sep 2023 −2.3 pp | Dec 2023 −2.3 pp | Mar 2024 −2.1 pp | Jun 2024 −2.3 pp | Sep 2024 −1.5 pp | Dec 2024 −1.0 pp | Mar 2025 −0.7 pp | Jun 2025 0.0 pp | Sep 2025 −0.2 pp | Dec 2025 −0.3 pp | Mar 2026 −0.5 pp | Jun 2026 −0.3 pp
- CVLG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.9 pp | Dec 2022 −1.6 pp | Mar 2023 −1.4 pp | Jun 2023 −3.3 pp | Sep 2023 −8.5 pp | Dec 2023 +0.1 pp | Mar 2024 −2.5 pp | Jun 2024 +0.1 pp | Sep 2024 −0.2 pp | Dec 2024 −0.9 pp | Mar 2025 +0.4 pp | Jun 2025 −0.6 pp | Sep 2025 −1.1 pp | Dec 2025 −4.0 pp | Mar 2026 −0.2 pp | Jun 2026 —
- HTLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −0.9 pp | Mar 2023 −0.6 pp | Jun 2023 −10.0 pp | Sep 2023 −3.4 pp | Dec 2023 −1.5 pp | Mar 2024 −3.0 pp | Jun 2024 −1.3 pp | Sep 2024 0.0 pp | Dec 2024 −0.6 pp | Mar 2025 −0.2 pp | Jun 2025 −1.0 pp | Sep 2025 −0.1 pp | Dec 2025 −2.1 pp | Mar 2026 +0.9 pp | Jun 2026 —
- ULH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +6.0 pp | Mar 2023 — | Jun 2023 −2.9 pp | Sep 2023 −3.6 pp | Dec 2023 −4.5 pp | Mar 2024 — | Jun 2024 +0.1 pp | Sep 2024 −0.2 pp | Dec 2024 −0.5 pp | Mar 2025 −6.2 pp | Jun 2025 −2.9 pp | Sep 2025 −12.5 pp | Dec 2025 −1.9 pp | Mar 2026 — | Jun 2026 −1.2 pp
- PAMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −3.8 pp | Mar 2023 −4.9 pp | Jun 2023 −4.9 pp | Sep 2023 −5.3 pp | Dec 2023 −3.8 pp | Mar 2024 −1.6 pp | Jun 2024 −2.5 pp | Sep 2024 −1.1 pp | Dec 2024 −5.9 pp | Mar 2025 −1.4 pp | Jun 2025 −1.7 pp | Sep 2025 −1.3 pp | Dec 2025 −0.4 pp | Mar 2026 +1.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Covenant Logistics Group, Inc. has the lowest comparable Guarded PEG at 0.25×, 40.5% below ArcBest Corporation. Only 6 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: Covenant Logistics Group, Inc. · 0.25× | 40.5% versus #2 · ArcBest Corporation | 0/8 recent comparable periods | 6/14 companies · 15 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. Covenant Logistics Group, Inc. (CVLG): 0.3
2. ArcBest Corporation (ARCB): 0.4
3. XPO, Inc. (XPO): 0.8
4. Saia, Inc. (SAIA): 2.8
5. Schneider National, Inc. (SNDR): 4.5

### P/E — lowest P/E
1. Universal Logistics Holdings, Inc. (ULH): 11.0
2. TFI International Inc. (TFII): 30.3
3. Saia, Inc. (SAIA): 36.9
4. ArcBest Corporation (ARCB): 40.5
5. Old Dominion Freight Line, Inc. (ODFL): 40.9

### 20-quarter Guarded PEG history
- ODFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 4.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- XPO: 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 0.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KNX: 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 1.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.6 | Sep 2024 2.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SNDR: 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 4.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARCB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.4 | Dec 2024 — | Mar 2025 0.2 | Jun 2025 0.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MRTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | 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 —
- CVLG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HTLD: 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 —

### 20-quarter P/E history
- ODFL: Sep 2021 35.4 | Dec 2021 40.3 | Mar 2022 30.5 | Jun 2022 23.8 | Sep 2022 21.3 | Dec 2022 23.3 | Mar 2023 28.0 | Jun 2023 32.1 | Sep 2023 36.4 | Dec 2023 36.0 | Mar 2024 38.6 | Jun 2024 30.3 | Sep 2024 34.7 | Dec 2024 32.2 | Mar 2025 31.0 | Jun 2025 31.7 | Sep 2025 28.3 | Dec 2025 32.4 | Mar 2026 40.9 | Jun 2026 —
- XPO: Sep 2021 49.3 | Dec 2021 15.7 | Mar 2022 8.1 | Jun 2022 5.1 | Sep 2022 3.9 | Dec 2022 20.9 | Mar 2023 24.9 | Jun 2023 80.8 | Sep 2023 233.3 | Dec 2023 54.7 | Mar 2024 52.4 | Jun 2024 32.2 | Sep 2024 31.9 | Dec 2024 40.6 | Mar 2025 33.1 | Jun 2025 43.7 | Sep 2025 46.5 | Dec 2025 51.5 | Mar 2026 66.6 | Jun 2026 —
- TFII: Sep 2021 14.0 | Dec 2021 14.2 | Mar 2022 12.1 | Jun 2022 10.7 | Sep 2022 10.3 | Dec 2022 11.1 | Mar 2023 13.7 | Jun 2023 15.8 | Sep 2023 21.3 | Dec 2023 23.4 | Mar 2024 28.3 | Jun 2024 26.3 | Sep 2024 25.1 | Dec 2024 27.3 | Mar 2025 17.1 | Jun 2025 20.7 | Sep 2025 22.7 | Dec 2025 27.8 | Mar 2026 30.3 | Jun 2026 —
- KNX: Sep 2021 13.6 | Dec 2021 13.7 | Mar 2022 10.3 | Jun 2022 8.7 | Sep 2022 9.2 | Dec 2022 11.1 | Mar 2023 13.7 | Jun 2023 17.6 | Sep 2023 21.6 | Dec 2023 43.0 | Mar 2024 82.1 | Jun 2024 121.8 | Sep 2024 234.6 | Dec 2024 72.7 | Mar 2025 46.3 | Jun 2025 43.4 | Sep 2025 44.9 | Dec 2025 127.5 | Mar 2026 274.2 | Jun 2026 299.5
- SAIA: Sep 2021 28.9 | Dec 2021 35.6 | Mar 2022 22.1 | Jun 2022 14.7 | Sep 2022 14.1 | Dec 2022 15.7 | Mar 2023 20.5 | Jun 2023 27.2 | Sep 2023 31.7 | Dec 2023 33.1 | Mar 2024 42.4 | Jun 2024 33.4 | Sep 2024 31.2 | Dec 2024 33.7 | Mar 2025 29.1 | Jun 2025 25.3 | Sep 2025 28.2 | Dec 2025 34.3 | Mar 2026 36.9 | Jun 2026 —
- SNDR: Sep 2021 11.6 | Dec 2021 11.8 | Mar 2022 10.2 | Jun 2022 8.5 | Sep 2022 7.5 | Dec 2022 9.1 | Mar 2023 10.3 | Jun 2023 12.5 | Sep 2023 15.4 | Dec 2023 19.0 | Mar 2024 25.7 | Jun 2024 37.2 | Sep 2024 46.0 | Dec 2024 44.4 | Mar 2025 32.6 | Jun 2025 34.5 | Sep 2025 33.1 | Dec 2025 45.0 | Mar 2026 47.1 | Jun 2026 —
- RXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 21.8 | Mar 2023 42.7 | Jun 2023 206.1 | Sep 2023 — | Dec 2023 775.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARCB: Sep 2021 12.8 | Dec 2021 14.5 | Mar 2022 8.3 | Jun 2022 6.2 | Sep 2022 5.8 | Dec 2022 6.0 | Mar 2023 7.9 | Jun 2023 10.5 | Sep 2023 13.8 | Dec 2023 15.2 | Mar 2024 28.7 | Jun 2024 20.2 | Sep 2024 13.4 | Dec 2024 12.8 | Mar 2025 9.3 | Jun 2025 11.5 | Sep 2025 16.6 | Dec 2025 28.3 | Mar 2026 40.5 | Jun 2026 —
- WERN: Sep 2021 12.4 | Dec 2021 12.5 | Mar 2022 10.3 | Jun 2022 9.6 | Sep 2022 9.5 | Dec 2022 10.8 | Mar 2023 13.1 | Jun 2023 15.7 | Sep 2023 16.7 | Dec 2023 24.1 | Mar 2024 29.9 | Jun 2024 36.2 | Sep 2024 52.9 | Dec 2024 65.3 | Mar 2025 101.0 | Jun 2025 31.8 | Sep 2025 64.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MRTN: Sep 2021 16.0 | Dec 2021 16.8 | Mar 2022 15.4 | Jun 2022 13.1 | Sep 2022 14.3 | Dec 2022 14.7 | Mar 2023 16.1 | Jun 2023 18.2 | Sep 2023 19.1 | Dec 2023 24.4 | Mar 2024 26.0 | Jun 2024 34.2 | Sep 2024 42.1 | Dec 2024 47.3 | Mar 2025 50.8 | Jun 2025 50.0 | Sep 2025 44.4 | Dec 2025 54.2 | Mar 2026 69.1 | Jun 2026 102.1
- CVLG: Sep 2021 19.9 | Dec 2021 7.7 | Mar 2022 5.1 | Jun 2022 5.1 | Sep 2022 3.9 | Dec 2022 5.0 | Mar 2023 5.1 | Jun 2023 7.0 | Sep 2023 11.3 | Dec 2023 11.5 | Mar 2024 14.9 | Jun 2024 16.0 | Sep 2024 17.4 | Dec 2024 21.0 | Mar 2025 16.0 | Jun 2025 18.4 | Sep 2025 18.2 | Dec 2025 81.6 | Mar 2026 181.0 | Jun 2026 —
- HTLD: Sep 2021 16.7 | Dec 2021 16.8 | Mar 2022 13.5 | Jun 2022 8.0 | Sep 2022 8.2 | Dec 2022 9.1 | Mar 2023 9.7 | Jun 2023 21.3 | Sep 2023 45.9 | Dec 2023 75.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ULH: Sep 2021 — | Dec 2021 7.4 | Mar 2022 — | Jun 2022 5.6 | Sep 2022 6.4 | Dec 2022 5.6 | Mar 2023 — | Jun 2023 5.1 | Sep 2023 5.8 | Dec 2023 7.9 | Mar 2024 8.1 | Jun 2024 8.4 | Sep 2024 8.6 | Dec 2024 9.3 | Mar 2025 8.6 | Jun 2025 11.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Schneider National, Inc. leads ev/ebitda at 7.82×; PAMT CORP leads p/bv at 0.84×.

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: Schneider National, Inc. · 7.82× | 8.5% versus #2 · Heartland Express, Inc. | 0/8 recent comparable periods | 14/14 companies · 247 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. Schneider National, Inc. (SNDR): 7.8
2. Heartland Express, Inc. (HTLD): 8.6
3. Werner Enterprises, Inc. (WERN): 8.8
4. ArcBest Corporation (ARCB): 9.8
5. Covenant Logistics Group, Inc. (CVLG): 10.0

### P/BV — lowest P/BV
1. PAMT CORP (PAMT): 0.8
2. Universal Logistics Holdings, Inc. (ULH): 1.1
3. Heartland Express, Inc. (HTLD): 1.1
4. Werner Enterprises, Inc. (WERN): 1.3
5. Schneider National, Inc. (SNDR): 1.5

### 20-quarter EV/EBITDA history
- ODFL: Sep 2021 21.2 | Dec 2021 24.6 | Mar 2022 18.7 | Jun 2022 14.7 | Sep 2022 13.3 | Dec 2022 14.7 | Mar 2023 17.7 | Jun 2023 20.3 | Sep 2023 22.7 | Dec 2023 22.3 | Mar 2024 23.9 | Jun 2024 18.8 | Sep 2024 21.5 | Dec 2024 19.9 | Mar 2025 19.0 | Jun 2025 19.2 | Sep 2025 16.9 | Dec 2025 18.9 | Mar 2026 23.7 | Jun 2026 —
- XPO: Sep 2021 9.8 | Dec 2021 13.4 | Mar 2022 10.2 | Jun 2022 8.5 | Sep 2022 7.9 | Dec 2022 8.6 | Mar 2023 8.6 | Jun 2023 13.6 | Sep 2023 15.5 | Dec 2023 15.9 | Mar 2024 18.7 | Jun 2024 15.2 | Sep 2024 14.7 | Dec 2024 16.7 | Mar 2025 14.2 | Jun 2025 16.0 | Sep 2025 16.1 | Dec 2025 16.7 | Mar 2026 22.1 | Jun 2026 —
- TFII: Sep 2021 9.2 | Dec 2021 9.0 | Mar 2022 7.8 | Jun 2022 6.4 | Sep 2022 6.0 | Dec 2022 6.5 | Mar 2023 7.9 | Jun 2023 8.6 | Sep 2023 10.8 | Dec 2023 11.2 | Mar 2024 13.0 | Jun 2024 12.3 | Sep 2024 11.3 | Dec 2024 11.1 | Mar 2025 7.3 | Jun 2025 8.3 | Sep 2025 8.4 | Dec 2025 9.8 | Mar 2026 10.3 | Jun 2026 —
- KNX: Sep 2021 7.6 | Dec 2021 7.8 | Mar 2022 5.9 | Jun 2022 5.0 | Sep 2022 5.1 | Dec 2022 5.8 | Mar 2023 6.7 | Jun 2023 7.9 | Sep 2023 8.8 | Dec 2023 11.2 | Mar 2024 12.0 | Jun 2024 11.2 | Sep 2024 12.1 | Dec 2024 10.7 | Mar 2025 8.8 | Jun 2025 8.8 | Sep 2025 8.9 | Dec 2025 10.8 | Mar 2026 12.2 | Jun 2026 71.8
- SAIA: Sep 2021 14.7 | Dec 2021 18.7 | Mar 2022 12.0 | Jun 2022 8.3 | Sep 2022 8.0 | Dec 2022 8.8 | Mar 2023 11.5 | Jun 2023 14.8 | Sep 2023 17.1 | Dec 2023 18.0 | Mar 2024 23.7 | Jun 2024 18.7 | Sep 2024 17.2 | Dec 2024 18.0 | Mar 2025 14.8 | Jun 2025 12.3 | Sep 2025 13.2 | Dec 2025 15.0 | Mar 2026 16.0 | Jun 2026 —
- SNDR: Sep 2021 5.0 | Dec 2021 5.7 | Mar 2022 4.9 | Jun 2022 4.0 | Sep 2022 3.5 | Dec 2022 4.2 | Mar 2023 4.9 | Jun 2023 5.7 | Sep 2023 6.5 | Dec 2023 6.8 | Mar 2024 6.9 | Jun 2024 7.8 | Sep 2024 9.0 | Dec 2024 9.5 | Mar 2025 7.3 | Jun 2025 7.4 | Sep 2025 6.4 | Dec 2025 7.8 | Mar 2026 7.8 | Jun 2026 —
- RXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 12.1 | Mar 2023 17.4 | Jun 2023 27.9 | Sep 2023 29.2 | Dec 2023 30.9 | Mar 2024 36.0 | Jun 2024 51.0 | Sep 2024 101.0 | Dec 2024 145.3 | Mar 2025 131.0 | Jun 2025 77.1 | Sep 2025 53.0 | Dec 2025 73.7 | Mar 2026 68.6 | Jun 2026 —
- ARCB: Sep 2021 5.7 | Dec 2021 8.0 | Mar 2022 4.8 | Jun 2022 3.5 | Sep 2022 3.4 | Dec 2022 3.4 | Mar 2023 5.0 | Jun 2023 7.0 | Sep 2023 8.4 | Dec 2023 9.2 | Mar 2024 11.0 | Jun 2024 8.2 | Sep 2024 6.6 | Dec 2024 6.2 | Mar 2025 5.2 | Jun 2025 5.6 | Sep 2025 6.3 | Dec 2025 7.7 | Mar 2026 9.8 | Jun 2026 —
- WERN: Sep 2021 6.0 | Dec 2021 6.2 | Mar 2022 5.0 | Jun 2022 4.8 | Sep 2022 4.7 | Dec 2022 5.3 | Mar 2023 6.0 | Jun 2023 6.2 | Sep 2023 6.0 | Dec 2023 7.0 | Mar 2024 7.0 | Jun 2024 7.0 | Sep 2024 8.0 | Dec 2024 8.1 | Mar 2025 7.4 | Jun 2025 6.3 | Sep 2025 6.6 | Dec 2025 8.5 | Mar 2026 8.8 | Jun 2026 —
- MRTN: Sep 2021 5.7 | Dec 2021 6.2 | Mar 2022 6.0 | Jun 2022 5.3 | Sep 2022 5.8 | Dec 2022 5.8 | Mar 2023 6.2 | Jun 2023 6.7 | Sep 2023 6.6 | Dec 2023 7.7 | Mar 2024 7.3 | Jun 2024 8.1 | Sep 2024 8.6 | Dec 2024 8.3 | Mar 2025 7.5 | Jun 2025 7.2 | Sep 2025 5.9 | Dec 2025 6.6 | Mar 2026 7.8 | Jun 2026 82.9
- CVLG: Sep 2021 4.6 | Dec 2021 4.2 | Mar 2022 3.2 | Jun 2022 3.4 | Sep 2022 2.6 | Dec 2022 3.3 | Mar 2023 3.4 | Jun 2023 5.0 | Sep 2023 6.5 | Dec 2023 6.9 | Mar 2024 7.4 | Jun 2024 7.5 | Sep 2024 7.3 | Dec 2024 7.5 | Mar 2025 6.3 | Jun 2025 6.9 | Sep 2025 6.8 | Dec 2025 9.3 | Mar 2026 10.0 | Jun 2026 —
- HTLD: Sep 2021 5.2 | Dec 2021 5.6 | Mar 2022 4.4 | Jun 2022 3.5 | Sep 2022 5.2 | Dec 2022 5.0 | Mar 2023 4.6 | Jun 2023 5.7 | Sep 2023 5.8 | Dec 2023 5.9 | Mar 2024 5.9 | Jun 2024 6.5 | Sep 2024 6.5 | Dec 2024 6.7 | Mar 2025 5.8 | Jun 2025 6.1 | Sep 2025 6.0 | Dec 2025 8.3 | Mar 2026 8.6 | Jun 2026 —
- ULH: Sep 2021 — | Dec 2021 6.2 | Mar 2022 — | Jun 2022 5.2 | Sep 2022 5.1 | Dec 2022 4.5 | Mar 2023 — | Jun 2023 3.9 | Sep 2023 4.4 | Dec 2023 5.3 | Mar 2024 5.6 | Jun 2024 5.6 | Sep 2024 5.7 | Dec 2024 6.2 | Mar 2025 5.4 | Jun 2025 6.1 | Sep 2025 15.2 | Dec 2025 16.3 | Mar 2026 — | Jun 2026 20.8
- PAMT: 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 9.2 | Mar 2025 8.2 | Jun 2025 9.6 | Sep 2025 10.5 | Dec 2025 26.2 | Mar 2026 16.8 | Jun 2026 —

### 20-quarter P/BV history
- ODFL: Sep 2021 9.6 | Dec 2021 11.2 | Mar 2022 9.7 | Jun 2022 8.1 | Sep 2022 7.8 | Dec 2022 8.6 | Mar 2023 10.0 | Jun 2023 10.6 | Sep 2023 11.0 | Dec 2023 10.4 | Mar 2024 10.8 | Jun 2024 9.2 | Sep 2024 10.2 | Dec 2024 8.9 | Mar 2025 8.3 | Jun 2025 8.1 | Sep 2025 6.9 | Dec 2025 7.6 | Mar 2026 9.2 | Jun 2026 —
- XPO: Sep 2021 5.3 | Dec 2021 4.6 | Mar 2022 3.1 | Jun 2022 1.9 | Sep 2022 1.7 | Dec 2022 3.8 | Mar 2023 3.5 | Jun 2023 6.1 | Sep 2023 7.2 | Dec 2023 8.0 | Mar 2024 10.7 | Jun 2024 8.2 | Sep 2024 7.6 | Dec 2024 9.6 | Mar 2025 7.7 | Jun 2025 8.4 | Sep 2025 8.3 | Dec 2025 8.5 | Mar 2026 12.4 | Jun 2026 —
- TFII: Sep 2021 4.5 | Dec 2021 4.5 | Mar 2022 4.3 | Jun 2022 3.0 | Sep 2022 3.4 | Dec 2022 3.5 | Mar 2023 4.1 | Jun 2023 3.8 | Sep 2023 4.2 | Dec 2023 4.4 | Mar 2024 5.2 | Jun 2024 4.7 | Sep 2024 4.2 | Dec 2024 4.3 | Mar 2025 2.5 | Jun 2025 2.8 | Sep 2025 2.7 | Dec 2025 3.2 | Mar 2026 3.4 | Jun 2026 —
- KNX: Sep 2021 1.4 | Dec 2021 1.6 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 1.2 | Mar 2026 1.3 | Jun 2026 1.8
- SAIA: Sep 2021 5.5 | Dec 2021 7.3 | Mar 2022 5.0 | Jun 2022 3.5 | Sep 2022 3.3 | Dec 2022 3.5 | Mar 2023 4.4 | Jun 2023 5.2 | Sep 2023 5.7 | Dec 2023 6.0 | Mar 2024 7.7 | Jun 2024 5.9 | Sep 2024 5.2 | Dec 2024 5.2 | Mar 2025 3.9 | Jun 2025 3.0 | Sep 2025 3.2 | Dec 2025 3.4 | Mar 2026 3.6 | Jun 2026 —
- SNDR: Sep 2021 1.8 | Dec 2021 2.0 | Mar 2022 1.8 | Jun 2022 1.5 | Sep 2022 1.3 | Dec 2022 1.5 | Mar 2023 1.6 | Jun 2023 1.7 | Sep 2023 1.7 | Dec 2023 1.5 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.7 | Dec 2024 1.7 | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.2 | Dec 2025 1.5 | Mar 2026 1.5 | Jun 2026 —
- RXO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.4 | Mar 2023 3.9 | Jun 2023 4.5 | Sep 2023 3.9 | Dec 2023 4.6 | Mar 2024 4.4 | Jun 2024 5.3 | Sep 2024 2.7 | Dec 2024 2.4 | Mar 2025 2.0 | Jun 2025 1.6 | Sep 2025 1.6 | Dec 2025 1.4 | Mar 2026 1.6 | Jun 2026 —
- ARCB: Sep 2021 2.2 | Dec 2021 3.2 | Mar 2022 2.0 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 1.5 | Mar 2023 1.9 | Jun 2023 2.0 | Sep 2023 2.0 | Dec 2023 2.3 | Mar 2024 2.7 | Jun 2024 2.1 | Sep 2024 2.0 | Dec 2024 1.7 | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.7 | Jun 2026 —
- WERN: Sep 2021 2.3 | Dec 2021 2.4 | Mar 2022 2.0 | Jun 2022 1.8 | Sep 2022 1.7 | Dec 2022 1.8 | Mar 2023 2.0 | Jun 2023 1.9 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 1.6 | Jun 2024 1.5 | Sep 2024 1.7 | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.3 | Mar 2026 1.3 | Jun 2026 —
- MRTN: Sep 2021 2.1 | Dec 2021 2.2 | Mar 2022 2.2 | Jun 2022 2.1 | Sep 2022 2.3 | Dec 2022 2.3 | Mar 2023 2.4 | Jun 2023 2.4 | Sep 2023 2.1 | Dec 2023 2.3 | Mar 2024 2.0 | Jun 2024 2.0 | Sep 2024 1.9 | Dec 2024 1.7 | Mar 2025 1.5 | Jun 2025 1.4 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.4 | Jun 2026 1.9
- CVLG: Sep 2021 1.4 | Dec 2021 1.3 | Mar 2022 1.0 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.5 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 1.6 | Dec 2024 1.7 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 1.3 | Dec 2025 1.4 | Mar 2026 1.7 | Jun 2026 —
- HTLD: Sep 2021 1.8 | Dec 2021 1.8 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.5 | Jun 2023 1.5 | Sep 2023 1.4 | Dec 2023 1.3 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.1 | Jun 2026 —
- ULH: Sep 2021 — | Dec 2021 1.9 | Mar 2022 — | Jun 2022 1.6 | Sep 2022 2.0 | Dec 2022 2.0 | Mar 2023 — | Jun 2023 1.6 | Sep 2023 1.6 | Dec 2023 1.4 | Mar 2024 1.7 | Jun 2024 1.8 | Sep 2024 1.8 | Dec 2024 1.9 | Mar 2025 1.1 | Jun 2025 1.0 | Sep 2025 1.2 | Dec 2025 0.7 | Mar 2026 — | Jun 2026 1.1
- PAMT: 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 1.0 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 1.2 | Mar 2026 0.8 | Jun 2026 —

## Market action

ArcBest Corporation has the strongest one-year price move in Trucking at +113.2%. It also leads on Mansfield relative strength against the S&P 500 at +41.7%. 13 of 14 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. ArcBest Corporation (ARCB): 113%
2. Covenant Logistics Group, Inc. (CVLG): 87%
3. Heartland Express, Inc. (HTLD): 78%
4. XPO, Inc. (XPO): 72%
5. TFI International Inc. (TFII): 71%

### Strongest relative strength versus NIFTY 500
1. ArcBest Corporation (ARCB): 42%
2. Covenant Logistics Group, Inc. (CVLG): 41%
3. PAMT CORP (PAMT): 39%
4. Schneider National, Inc. (SNDR): 21%
5. RXO, Inc. (RXO): 20%

## 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.

## Every company
- Old Dominion Freight Line, Inc. (ODFL) — market value ₹47.1K Cr; latest fundamentals Mar 2026
- XPO, Inc. (XPO) — market value ₹24.0K Cr; latest fundamentals Mar 2026
- TFI International Inc. (TFII) — market value ₹12.0K Cr; latest fundamentals Mar 2026
- Knight-Swift Transportation Holdings Inc. (KNX) — market value ₹11.4K Cr; latest fundamentals Jun 2026
- Saia, Inc. (SAIA) — market value ₹10.9K Cr; latest fundamentals Mar 2026
- Schneider National, Inc. (SNDR) — market value ₹6.3K Cr; latest fundamentals Mar 2026
- RXO, Inc. (RXO) — market value ₹3.7K Cr; latest fundamentals Mar 2026
- ArcBest Corporation (ARCB) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Werner Enterprises, Inc. (WERN) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- Marten Transport, Ltd. (MRTN) — market value ₹1.2K Cr; latest fundamentals Jun 2026
- Covenant Logistics Group, Inc. (CVLG) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Heartland Express, Inc. (HTLD) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Universal Logistics Holdings, Inc. (ULH) — market value ₹393 Cr; latest fundamentals Jun 2026
- PAMT CORP (PAMT) — market value ₹360 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 Trucking company is the biggest?

XPO, Inc. is the largest, with trailing-twelve-month revenue of $8,298 million, ahead of TFI International Inc. at $7,870 million. That covers 11 of 14 companies with comparable reporting through Mar 2026.

### Which Trucking company is growing fastest?

RXO, Inc. has the fastest revenue growth at 13.1% year on year, across 11 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 Trucking company has the best profit margins?

Old Dominion Freight Line, Inc. has the highest operating margin at 23.8%, from 14 of 14 comparable companies. PAMT CORP shows the biggest recent improvement, at +5.7 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Trucking company makes the most profit?

Old Dominion Freight Line, Inc. earns the most, at $1,007 million of trailing-twelve-month net profit, from 11 of 14 comparable companies. XPO, Inc. has the fastest profit growth at -10.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Trucking company earns the highest return on capital?

Old Dominion Freight Line, Inc. leads on return on capital employed at 6.3%, 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 Trucking stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Covenant Logistics Group, Inc. screens cheapest at 0.25×. Only 6 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 Trucking company has the strongest balance sheet?

Marten Transport, Ltd. carries the lowest comparable gross debt at $0 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 Trucking company is investing most in new capacity?

Knight-Swift Transportation Holdings Inc. reports the largest capital spending at $130 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 Trucking sector beating the market?

Trucking has outperformed S&P 500 by 33% over the last 52 weeks and 6.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 13 of 14 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Trucking stock has the strongest price momentum?

ArcBest Corporation 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 Trucking company scores highest for research priority?

ArcBest Corporation scores 55.5 out of 100 with 82% evidence confidence, from 12.8 points on growth and earnings, 10 on capital efficiency, 15 on valuation and 17.7 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 Trucking companies does this comparison cover, and over what period?

It compares 14 listed companies over up to 20 reported quarters of fundamentals and 5 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 Trucking sector?

The 14 Trucking companies on this page carry $125,214 million of combined market value. Old Dominion Freight Line, Inc. is the largest at $47,059 million, about 38% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Trucking sector's P/E ratio?

The median price-to-earnings ratio across the 14 Trucking companies on this page is 64.2×, 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 Trucking sector performing?

13 of the 14 covered Trucking companies are beating S&P 500 on Mansfield relative strength. The sector itself is 33% 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 Trucking stocks are listed in the US?

This comparison covers 14 listed Trucking 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/trucking