# Trucking — company-by-company sector analysis

> Trucking: RXO, Inc. owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## Bottom line

Trucking has outperformed S&P 500 by 29.1% over 52 weeks and 7% over 13 weeks. 12 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 14 beat the sector itself. RXO, Inc. leads with revenue of $5,734 million, based on 3 of 14 comparable companies through Mar 2026.

## Sector relative strength

Trucking has outperformed S&P 500 by 29.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 7%. 12 of 14 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. PAMT CORP is the strongest against the sector itself at +17.7%.

13-week sector return versus NIFTY 500: 7.0%
52-week sector return versus NIFTY 500: 29%
Stocks leading NIFTY: 12/14
Stocks leading sector: 4/14

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 14
Combined market value: ₹1.2 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. Old Dominion Freight Line, Inc. (ODFL): 60/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 19.5/35 | Capital efficiency 17.9/25 | Valuation 10.8/20 | Relative strength 11.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 19.5 + 17.9 + 10.8 + 11.5 = 59.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Schneider National, Inc. (SNDR): 57/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 17.3/35 | Capital efficiency 12.1/25 | Valuation 10.5/20 | Relative strength 17.4/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 17.3 + 12.1 + 10.5 + 17.4 = 57.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. XPO, Inc. (XPO): 51/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 19.9/35 | Capital efficiency 14.7/25 | Valuation 10.2/20 | Relative strength 6.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 19.9 + 14.7 + 10.2 + 6.2 = 51
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. TFI International Inc. (TFII): 48/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 17.9/35 | Capital efficiency 14.0/25 | Valuation 11.3/20 | Relative strength 5.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 17.9 + 14 + 11.3 + 5 = 48.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. ArcBest Corporation (ARCB): 46/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 14.3/35 | Capital efficiency 5.7/25 | Valuation 9.3/20 | Relative strength 17.1/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 14.3 + 5.7 + 9.3 + 17.1 = 46.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Knight-Swift Transportation Holdings Inc. (KNX): 44/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 13.8/35 | Capital efficiency 9.2/25 | Valuation 9.0/20 | Relative strength 11.8/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 13.8 + 9.2 + 9 + 11.8 = 43.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Saia, Inc. (SAIA): 44/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 17.3/35 | Capital efficiency 15.2/25 | Valuation 11.0/20 | Relative strength 0.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 17.3 + 15.2 + 11 + 0 = 43.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. RXO, Inc. (RXO): 42/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 17.5/35 | Capital efficiency 5.6/25 | Valuation 8.5/20 | Relative strength 10.6/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 17.5 + 5.6 + 8.5 + 10.6 = 42.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Werner Enterprises, Inc. (WERN): 39/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 16.1/35 | Capital efficiency 7.5/25 | Valuation 10.0/20 | Relative strength 5.8/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 16.1 + 7.5 + 10 + 5.8 = 39.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. PAMT CORP (PAMT): 52/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 18.2/35 | Capital efficiency 7.2/25 | Valuation 10.0/20 | Relative strength 17.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 18.2 + 7.2 + 10 + 17 = 52.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Covenant Logistics Group, Inc. (CVLG): 51/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 17.1/35 | Capital efficiency 11.8/25 | Valuation 8.7/20 | Relative strength 13.5/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 17.1 + 11.8 + 8.7 + 13.5 = 51.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Universal Logistics Holdings, Inc. (ULH): 45/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 18.3/35 | Capital efficiency 11.4/25 | Valuation 11.5/20 | Relative strength 4.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 18.3 + 11.4 + 11.5 + 4 = 45.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Heartland Express, Inc. (HTLD): 43/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 17.3/35 | Capital efficiency 6.5/25 | Valuation 9.8/20 | Relative strength 9.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 17.3 + 6.5 + 9.8 + 9 = 42.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Marten Transport, Ltd. (MRTN): 40/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 14.7/35 | Capital efficiency 10.2/25 | Valuation 9.5/20 | Relative strength 5.6/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 14.7 + 10.2 + 9.5 + 5.6 = 40
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

ArcBest Corporation has the strongest one-year price move in Trucking at +103.5%. PAMT CORP leads on Mansfield relative strength against the S&P 500 at +36.1%. 12 of 14 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. ArcBest Corporation (ARCB): 104%
2. Knight-Swift Transportation Holdings Inc. (KNX): 74%
3. XPO, Inc. (XPO): 69%
4. Heartland Express, Inc. (HTLD): 67%
5. Covenant Logistics Group, Inc. (CVLG): 57%

### Strongest relative strength versus NIFTY 500
1. PAMT CORP (PAMT): 36%
2. ArcBest Corporation (ARCB): 30%
3. Schneider National, Inc. (SNDR): 16%
4. Covenant Logistics Group, Inc. (CVLG): 13%
5. Knight-Swift Transportation Holdings Inc. (KNX): 13%

## Revenue Scale & Growth Durability

What the numbers say: RXO, Inc. is the scale leader at $5,734 million, 652.5% ahead of Heartland Express, Inc.. RXO, Inc.'s growth is 13.1% from a $5,734 million base, with 18 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: RXO, 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: RXO, Inc.'s growth falls below RXO, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: RXO, Inc. · $5,734 million | 652.5% versus #2 · Heartland Express, Inc. | 5/8 recent comparable periods | 3/14 companies · 250 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. RXO, Inc. (RXO): ₹5.7K Cr — older report
2. Heartland Express, Inc. (HTLD): ₹762 Cr — older report
3. PAMT CORP (PAMT): ₹584 Cr — older report

### Revenue growth — fastest growers
1. RXO, Inc. (RXO): 13% — older report
2. PAMT CORP (PAMT): -15% — older report
3. Heartland Express, Inc. (HTLD): -24% — older report

### 20-quarter Revenue history
- ODFL: 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 — | Sep 2026 —
- XPO: 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 — | Sep 2026 —
- KNX: 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 — | Sep 2026 —
- TFII: 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 — | Sep 2026 —
- SAIA: 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 — | Sep 2026 —
- SNDR: 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 — | Sep 2026 —
- RXO: 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 — | Sep 2026 —
- ARCB: 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 — | Sep 2026 —
- WERN: 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 — | Sep 2026 —
- MRTN: 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 — | Sep 2026 —
- HTLD: 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 — | Sep 2026 —
- CVLG: 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 — | Sep 2026 —
- ULH: 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 | Sep 2026 —
- PAMT: 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 — | Sep 2026 —

### 20-quarter Revenue growth history
- ODFL: 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 — | Sep 2026 —
- XPO: 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 — | Sep 2026 —
- KNX: 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 — | Sep 2026 —
- TFII: 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 — | Sep 2026 —
- SAIA: 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 — | Sep 2026 —
- SNDR: 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 — | Sep 2026 —
- RXO: 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 — | Sep 2026 —
- ARCB: 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 — | Sep 2026 —
- WERN: 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 — | Sep 2026 —
- MRTN: 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 — | Sep 2026 —
- HTLD: 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 — | Sep 2026 —
- CVLG: 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 — | Sep 2026 —
- ULH: 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% | Sep 2026 —
- PAMT: 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 — | Sep 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 · 250 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 — older report
2. Heartland Express, Inc. (HTLD): +4.9 pp — older report
3. Werner Enterprises, Inc. (WERN): +1.3 pp
4. XPO, Inc. (XPO): +0.6 pp
5. RXO, Inc. (RXO): +0.1 pp — older report

### 20-quarter OPM history
- ODFL: 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 — | Sep 2026 —
- XPO: 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 — | Sep 2026 —
- KNX: 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 — | Sep 2026 —
- TFII: 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 — | Sep 2026 —
- SAIA: 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 — | Sep 2026 —
- SNDR: 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 — | Sep 2026 —
- RXO: 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 — | Sep 2026 —
- ARCB: 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 — | Sep 2026 —
- WERN: 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 — | Sep 2026 —
- MRTN: 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 — | Sep 2026 —
- HTLD: 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 — | Sep 2026 —
- CVLG: 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 — | Sep 2026 —
- ULH: 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% | Sep 2026 —
- PAMT: 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 — | Sep 2026 —

### 20-quarter Margin change history
- ODFL: 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 — | Sep 2026 —
- XPO: 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 — | Sep 2026 —
- KNX: 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 — | Sep 2026 —
- TFII: 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 — | Sep 2026 —
- SAIA: 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 — | Sep 2026 —
- SNDR: 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 — | Sep 2026 —
- RXO: 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 — | Sep 2026 —
- ARCB: 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 — | Sep 2026 —
- WERN: 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 — | Sep 2026 —
- MRTN: 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 — | Sep 2026 —
- HTLD: 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 — | Sep 2026 —
- CVLG: 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 — | Sep 2026 —
- ULH: 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 | Sep 2026 —
- PAMT: 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 — | Sep 2026 —

## Profit Scale & Acceleration

What the numbers say: Heartland Express, Inc. leads net profit at $43 million net cash; the second comparison lacks enough current evidence.

Investor read: Heartland Express, 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: Heartland Express, Inc. · $43 million net cash | 4.4% versus #2 · PAMT CORP | 0/8 recent comparable periods | 3/14 companies · 250 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. Heartland Express, Inc. (HTLD): ₹-43 Cr — older report
2. PAMT CORP (PAMT): ₹-45 Cr — older report
3. RXO, Inc. (RXO): ₹-93 Cr — older report

### Profit growth — fastest growers

### 20-quarter Net profit history
- ODFL: 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 — | Sep 2026 —
- XPO: 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 — | Sep 2026 —
- KNX: 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 — | Sep 2026 —
- TFII: 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 — | Sep 2026 —
- SAIA: 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 — | Sep 2026 —
- SNDR: 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 — | Sep 2026 —
- RXO: 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 — | Sep 2026 —
- ARCB: 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 — | Sep 2026 —
- WERN: 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 — | Sep 2026 —
- MRTN: 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 — | Sep 2026 —
- HTLD: 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 — | Sep 2026 —
- CVLG: 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 — | Sep 2026 —
- ULH: 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 | Sep 2026 —
- PAMT: 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 — | Sep 2026 —

### 20-quarter Profit growth history
- ODFL: 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 — | Sep 2026 —
- XPO: 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 — | Sep 2026 —
- KNX: 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 — | Sep 2026 —
- TFII: 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 — | Sep 2026 —
- SAIA: 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 — | Sep 2026 —
- SNDR: 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 — | Sep 2026 —
- RXO: 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 — | Sep 2026 —
- ARCB: 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 — | Sep 2026 —
- WERN: 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 — | Sep 2026 —
- MRTN: 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 — | Sep 2026 —
- HTLD: 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 — | Sep 2026 —
- CVLG: 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 — | Sep 2026 —
- ULH: 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% | Sep 2026 —
- PAMT: 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 — | Sep 2026 —

## Return On Capital Employed

What the numbers say: Old Dominion Freight Line, Inc. leads ROCE at 9.1%, 5 percentage points above XPO, Inc.. Universal Logistics Holdings, Inc. has the strongest latest improvement at +11.5 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. · 9.1% | 122% versus #2 · XPO, Inc. | 1/8 recent comparable periods | 14/14 companies · 261 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): 9.1%
2. XPO, Inc. (XPO): 4.1%
3. Saia, Inc. (SAIA): 3.8%
4. TFI International Inc. (TFII): 3.6%
5. Universal Logistics Holdings, Inc. (ULH): 2.8%

### ROCE change — fastest improvers
1. Universal Logistics Holdings, Inc. (ULH): +11.5 pp
2. Old Dominion Freight Line, Inc. (ODFL): +1.8 pp
3. PAMT CORP (PAMT): +1.5 pp — older report
4. XPO, Inc. (XPO): +1.0 pp
5. Heartland Express, Inc. (HTLD): +0.9 pp — older report

### 20-quarter ROCE history
- ODFL: 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 9.1% | Sep 2026 —
- XPO: 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 4.1% | Sep 2026 —
- KNX: 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% | Sep 2026 —
- TFII: 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 3.6% | Sep 2026 —
- SAIA: 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 3.8% | Sep 2026 —
- SNDR: 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 1.7% | Sep 2026 —
- RXO: 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 — | Sep 2026 —
- ARCB: 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 -1.2% | Sep 2026 —
- WERN: 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 0.6% | Sep 2026 —
- MRTN: 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% | Sep 2026 —
- HTLD: 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 — | Sep 2026 —
- CVLG: 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 2.1% | Sep 2026 —
- ULH: 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% | Sep 2026 2.8%
- PAMT: 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 — | Sep 2026 —

### 20-quarter ROCE change history
- ODFL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 +1.8 pp | Sep 2026 —
- XPO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 +1.0 pp | Sep 2026 —
- KNX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Sep 2026 —
- TFII: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 +0.8 pp | Sep 2026 —
- SAIA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 +0.4 pp | Sep 2026 —
- SNDR: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 +0.4 pp | Sep 2026 —
- RXO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 —
- ARCB: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 −3.3 pp | Sep 2026 —
- WERN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 −1.9 pp | Sep 2026 —
- MRTN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 | Sep 2026 —
- HTLD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 —
- CVLG: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 +0.7 pp | Sep 2026 —
- ULH: 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 | Sep 2026 +11.5 pp
- PAMT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | 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 — | Sep 2026 —

## Valuation Against Growth & Quality

What the numbers say: There is not enough comparable evidence to name a reliable peg leader.

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: No comparable leader | Not enough peers | Not enough history | 0/14 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG

### P/E — lowest P/E
1. Universal Logistics Holdings, Inc. (ULH): 11.0
2. TFI International Inc. (TFII): 35.3
3. Saia, Inc. (SAIA): 40.6
4. Old Dominion Freight Line, Inc. (ODFL): 41.7
5. Schneider National, Inc. (SNDR): 57.1

### 20-quarter PEG history
- ODFL: 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 — | Sep 2026 —
- XPO: 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 — | Sep 2026 —
- KNX: 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 — | Sep 2026 —
- SAIA: 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 — | Sep 2026 —
- SNDR: 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 — | Sep 2026 —
- ARCB: 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 — | Sep 2026 —
- MRTN: 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 — | Sep 2026 —
- HTLD: 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 — | Sep 2026 —
- CVLG: 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 — | Sep 2026 —

### 20-quarter P/E history
- ODFL: 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 41.7 | Sep 2026 —
- XPO: 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 60.6 | Sep 2026 —
- KNX: 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 | Sep 2026 —
- TFII: 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 35.3 | Sep 2026 —
- SAIA: 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 40.6 | Sep 2026 —
- SNDR: 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 57.1 | Sep 2026 —
- RXO: 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 — | Sep 2026 —
- ARCB: 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 208.0 | Sep 2026 —
- WERN: 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 — | Sep 2026 —
- MRTN: 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 | Sep 2026 —
- HTLD: 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 — | Sep 2026 —
- CVLG: 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 401.6 | Sep 2026 —
- ULH: 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 — | Sep 2026 —


## 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.
- 3 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Old Dominion Freight Line, Inc. (ODFL) — market value ₹45.6K Cr; latest fundamentals Jun 2026
- XPO, Inc. (XPO) — market value ₹23.8K Cr; latest fundamentals Jun 2026
- Knight-Swift Transportation Holdings Inc. (KNX) — market value ₹11.7K Cr; latest fundamentals Jun 2026
- TFI International Inc. (TFII) — market value ₹11.6K Cr; latest fundamentals Jun 2026
- Saia, Inc. (SAIA) — market value ₹10.0K Cr; latest fundamentals Jun 2026
- Schneider National, Inc. (SNDR) — market value ₹6.4K Cr; latest fundamentals Jun 2026
- RXO, Inc. (RXO) — market value ₹3.7K Cr; latest fundamentals Mar 2026
- ArcBest Corporation (ARCB) — market value ₹3.2K Cr; latest fundamentals Jun 2026
- Werner Enterprises, Inc. (WERN) — market value ₹2.3K Cr; latest fundamentals Jun 2026
- Marten Transport, Ltd. (MRTN) — market value ₹1.2K Cr; latest fundamentals Jun 2026
- Heartland Express, Inc. (HTLD) — market value ₹988 Cr; latest fundamentals Mar 2026
- Covenant Logistics Group, Inc. (CVLG) — market value ₹912 Cr; latest fundamentals Jun 2026
- Universal Logistics Holdings, Inc. (ULH) — market value ₹513 Cr; latest fundamentals Sep 2026
- PAMT CORP (PAMT) — market value ₹368 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Sep 2026; prices through 2026-08-04.
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

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

Trucking has outperformed S&P 500 by 29.1% over 52 weeks and 7% over 13 weeks. 12 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 14 beat the sector itself.

### Which Trucking company is largest by revenue?

RXO, Inc. leads with revenue of $5,734 million, based on 3 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 3 of 14 comparable companies.

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

Old Dominion Freight Line, Inc. ranks first at 59.7/100 with 55.5% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### How much history does this Trucking comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Sep 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.

### Which Trucking company is the biggest?

RXO, Inc. is the largest, with trailing-twelve-month revenue of $5,734 million, ahead of Heartland Express, Inc. at $762 million. That covers 3 of 14 companies with comparable reporting through Mar 2026.

### 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?

Heartland Express, Inc. earns the most, at $43 million of trailing-twelve-month net profit, from 3 of 14 comparable companies.

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

Old Dominion Freight Line, Inc. leads on return on capital employed at 9.1%, 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.

### Is the Trucking sector beating the market?

Trucking has outperformed S&P 500 by 29.1% over the last 52 weeks and 7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 12 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?

PAMT CORP 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?

Old Dominion Freight Line, Inc. scores 59.7 out of 100 with 55.5% evidence confidence, from 19.5 points on growth and earnings, 17.9 on capital efficiency, 10.8 on valuation and 11.5 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, ending Sep 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 $122,222 million of combined market value. Old Dominion Freight Line, Inc. is the largest at $45,612 million, about 37% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 2026-08-04.

### How is the Trucking sector performing?

12 of the 14 covered Trucking companies are beating S&P 500 on Mansfield relative strength. The sector itself is 29.1% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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 Sep 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.