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TickerULH
SectorTrucking
Mkt cap$344M
EV / EBITDA13.3×
PostureRestatement Risk
Composite88/100
LensTarget-side
SE-Cluster Research·Issuer Brief·Q2 2026CIK 1308208

Universal Logistics Holdings, Inc.

ULHRESTATEMENT RISKFILING INTENSITY

Universal Logistics Holdings, Inc. reads as Restatement Risk (composite 88/100); pressure / disclosure signals dominate the posture this cycle · primary market Industrial Services.

Lens

Disclosed M&A capital (2023–2025)

$216M

+999%

vs $1M in 2020–2022

Disclosed transactions

1

new

1/3 active fiscal years in window

Buyer archetype

Consistent Strategic Buyer

Meaningful spend appears across repeat years.

Composite score

88

/100

Restatement Risk dominates · Filing Intensity

Financial snapshot
Revenue$1.5B
EBITDA$81M
Enterprise value$1.1B
EV / Revenue0.7×
EV / EBITDA13.3×
P/EN/A
Cash$27M
Total debt$798M
as of 2026-05-10
§ I·SE-Cluster Issuer Brief

Behavioral posture, nine reads.

Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.

Active Acquirer

33/100

Companies actively deploying disclosed capital into M&A

  • $1.5B disclosed buyer spend

Buyer Cadence

8/100

Buyer-side companies with recent filing activity

  • 200 8-Ks

Target Probability

18/100

Issuers showing target-side patterns from filings

  • 12 activism filings

Spin/Carve

0/100

Issuers showing spin-off, carve-out, or sum-of-parts posture

  • 12 activism filings

Pressure Watch

41/100

Issuers facing activism, governance, or control pressure

  • 12 activism filings
  • Latest activism 2.9y ago; discounted

Distress Watch

30/100

Issuers showing financial-distress filing patterns

  • 12 activism filings

Restatement Risk

Dominant
88/100

Issuers with accounting-integrity flags from filings

  • 1 non-reliance 8-K
  • 5 auditor changes
  • 1 NT late filing
  • Latest event 4mo ago

Capital Velocity

62/100

Issuers with the highest filing-activity intensity

  • 200 8-Ks
  • 5 form types

Quiet Power

0/100

Large issuers with low signal volume and clean disclosure cadence

  • Enterprise value $1.1B
  • 10-Q 124d ago
  • 3 active signals
§ II·SE-Cluster Issuer Brief

Capital cadence.

Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.

16
17
18
19
20
21
22
23
24
25

Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $216M · Peak count: 5

FYDisclosed buysDisclosed spendAvg ticketAudited tier
2025N/AN/AN/AN/A
20241$216M$216MN/A
2023N/AN/AN/AN/A
2022N/AN/AN/AN/A
2021N/AN/AN/AN/A
2020N/A$1MN/AN/A
§ III·SE-Cluster Issuer Brief

Strategy posture.

The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.

Archetype mix

  • Bolt On
    20%
  • Geographic Expansion
    20%
  • Horizontal Consolidation
    20%
  • Tuck In
    20%
  • Platform
    20%

Strategy keywords

Terms recurring across recent 10-K acquisition disclosures.

  • bolt_on
  • geographic_expansion
  • horizontal_consolidation
  • tuck_in
  • platform
§ IV·SE-Cluster Issuer Brief

Filing language.

Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.

“Value-Added. Our value-added services, which are typically tailored to individual customer requirements, include material handling, consolidation, sequencing, sub-assembly, cross-dock services, kitting, repacking, warehousing and returnable container management.”

10-KFY2023

“the trend toward consolidation in the trucking and third-party logistics industries may create other large providers with greater financial resources and other competitive advantages relating to their size and with whom we may have difficulty competing;”

10-KFY2023

“We provide value-added and dedicated transportation services to support inbound and internal logistics requirements of industrial manufacturers and major retailers, generally under contractual arrangements of one year or longer.”

10-KFY2025

“Contract Logistics - Value-added or dedicated transportation services to support in-bound logistics to industrial customers and major retailers on a contractual basis”

10-KFY2024

“Our facilities and services are often directly integrated into the production processes of our customers and represent a critical part of their supply chains.”

10-KFY2024
§ V·SE-Cluster Issuer Brief

Market context.

Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.

Primary market

Industrial Services

Market spend (2023–2025)
$65.5B
Market spend (2020–2022)
$39.6B
Recent vs prior
+65%
Issuer rank in market
N/A
Share of market capital
0.0%

Valuation positioning

13.3×EV / EBITDA

ULH trades at a +1.9-turn premium to the Industrial Services peer median of 11.4×.

EV / Revenue
0.7×
Net debt / EBITDA
9.5×
Peer median EV / EBITDA
11.4×

Trading comparables

FMP market data · 2026-05-10

CompanyEV / EBITDAEV / RevNet debt / EBITDARevenueM&A 2023–2025
WESCO International, Inc.WCC
15.1×1.0×-0.4×$24.2B$444M
Universal Logistics Holdings, Inc.ULH
13.3×0.7×9.5×$1.5B$216M
Paychex, Inc.PAYX
13.1×5.8×1.1×$6.3B$3.2B
Forward AIR CorporationFWRD
11.4×0.9×7.8×$2.5B$3.9B
United Rentals, Inc.URI
11.3×4.5×0.2×$16.4B$931M
AZZ Inc.AZZ
8.7×3.0×0.8×$1.7B$1.3B

Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Industrial Services. Bars scaled to the highest EV/EBITDA in the set.

§ VI·SE-Cluster Issuer Brief

Buyer landscape.

Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.

Likely buyers

No public buyers surface as a strong target-side fit on current signal.

Likely sellers / divestiture partners

No reciprocal divestiture / strategic-alternatives matches identified.

§ VII·SE-Cluster Issuer Brief

Filing activity & signal stream.

Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.

Filing cadence

  • 10-K (annual)242026-03-16
  • 10-Q (quarterly)642026-03-09
  • 8-K (event)2002026-05-01
  • Proxy / DEF 14A272026-03-31
  • Activism (13D / DFAN / PREC)122023-08-03

Signals on file

  • critical

    Non-reliance disclosure

    2026-03-09

    1 Item 4.02 filing on file; financial-statement non-reliance.

  • elevated

    Auditor change

    2026-03-20

    5 Item 4.01 filings on file; certifying accountant change.

  • watch

    Late-filing notice

    2007-03-19

    1 NT 10-K/10-Q filing on file.

  • elevated

    Activism on file

    2023-08-03

    12 activist filings on file (13D, DFAN14A, PREC14A series).

  • info

    Signal

    Serial acquisition history

  • info

    Signal

    10-K strategy themes

  • info

    Signal

    Restatement risk

§ VIII·SE-Cluster Issuer Brief

Audited corpus.

No audited record on file for this CIK in the current v6 corpus.

This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.