Forensic Analysis · General / Diversified · as of Jun 28, 2026
UNIVERSAL LOGISTICS HOLDINGS, INC. (ULH)
A forensic read on UNIVERSAL LOGISTICS HOLDINGS, INC. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.4
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-19.3%
ROE
$403M
Market cap
2.76%
Dividend yield
UNIVERSAL LOGISTICS HOLDINGS, INC. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 1.4, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3%Return on invested capital.Return on invested capital is -3% and slipping from 19% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
$105MGoodwill impairments.Took $105M of goodwill writedowns across 2 year(s) (FY2024 ($3M), FY2025 ($101M)) — about 348% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
-0.2%/yrShare-count dilution.Diluted share count changed -1% over the last 3 years to FY2025 (-0.2%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
-62%Dividend — cut.The payout was CUT ~62% in FY2020 (from FY2019). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-6.4%
Debt / Equity1.48x
Free Cash Flow$-41.1M
Latest Revenue$1.56B
Return on Equity-18.5%
Revenue Growth YoY-15.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on UNIVERSAL LOGISTICS HOLDINGS, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ULH's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown