← Universal Logistics Holdings
The business behind the dividend
| Measure | ULH | Median | Formula |
|---|---|---|---|
| Return on equity | -18.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -4.8% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-177.80m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-41.13m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -4.1% | 14.3% | Operating income ÷ revenue |
| Net margin | -6.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.48x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -1.31x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.20x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 10.54x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -16.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -18.5% | 20.1% | 17.5% | 37.7% | 24.4% | 20.1% | 18.3% | 24.9% | 16.7% | 16.4% | 18.3% |
| Return on capital employed | -4.8% | 14.4% | 15.9% | 29.1% | 14.1% | 11.5% | 9.9% | 13.7% | 6.1% | 11.4% | 11.5% |
| Operating margin | -4.1% | 11.0% | 8.8% | 11.9% | 5.9% | 5.8% | 4.3% | 5.7% | 2.1% | 4.3% | 5.7% |
| Net margin | -6.4% | 7.0% | 5.6% | 8.4% | 4.2% | 3.5% | 2.5% | 3.6% | 2.3% | 2.3% | 3.5% |
| Debt to equity | 1.48x | 1.17x | 0.72x | 0.85x | 1.41x | 1.92x | 2.23x | 1.91x | 1.47x | 1.77x | 1.47x |
| Current ratio | 1.20x | 1.35x | 1.40x | 1.60x | 1.35x | 1.18x | 1.09x | 1.24x | 1.15x | 1.44x | 1.24x |
| Cash conversion | — | 0.87x | 2.26x | 1.27x | 1.13x | 2.06x | 3.41x | 1.82x | 2.98x | 2.83x | 2.06x |