Executive Summary

This report provides a comprehensive investment analysis of Saia, Inc. (SAIA), a major transportation provider specializing in Less-Than-Truckload (LTL) freight services. The central investment thesis for Saia revolves around a high-growth, high-risk strategy centered on an aggressive consolidation of market share through rapid, debt-funded network expansion. The company stands at a critical inflection point, having opportunistically capitalized on the 2023 bankruptcy of competitor Yellow Corporation to acquire a significant number of terminal assets. The core of the investment debate is whether the substantial near-term margin compression and considerable execution risk associated with this expansion will be justified and ultimately outweighed by the long-term benefits of a larger, denser national network capable of delivering superior growth and operating leverage.

Key Findings

• Strategic Repositioning: Saia has strategically transformed itself from a multi-regional carrier into a formidable national LTL player. This was achieved through an aggressive expansion of its terminal footprint to cover all 48 contiguous states.¹ This “land grab” strategy, highlighted by the acquisition of numerous former Yellow Corporation terminals, is designed to increase customer proximity, enhance service capabilities, and capture market share.²
• Capital-Intensive Growth: The expansion strategy has been profoundly capital-intensive. Capital expenditures exceeded $1 billion in 2024 and are projected to be between $600 million and $650 million in 2025.⁴ This investment has been financed by a material shift in the company’s capital structure, moving from a position of minimal debt to total debt exceeding $300 million by mid-2025.⁵
• Divergent Performance Metrics: The company’s recent performance exhibits a clear dichotomy. Key volume metrics, such as LTL tonnage, have shown strong growth as Saia successfully absorbed freight from defunct competitors and opened new markets.⁵ However, this top-line growth has come at a significant cost to profitability. The company’s operating ratio (OR)—a key measure of efficiency where lower is better—deteriorated from a strong 84.0% in 2023 to a weaker 87.8% in the second quarter of 2025, driven by the substantial startup costs and lower initial freight density of its new terminals.¹
• Valuation: Saia’s stock trades at valuation multiples that suggest the market is pricing in a successful execution of its growth strategy. With a Price-to-Earnings (P/E) ratio of approximately 28x and an Enterprise Value-to-EBITDA (EV/EBITDA) multiple around 13x, the company is valued at a premium to many peers but at a slight discount to the industry’s most profitable operator, Old Dominion Freight Line.⁷ This valuation creates potential vulnerability to any operational missteps or a failure to deliver on margin improvement targets.

Primary Opportunities

1. Network Maturity and Operating Leverage: The successful integration and maturation of newly acquired and opened terminals could lead to a significant increase in network density, driving substantial improvements in operational efficiency and profitability.
2. Sustained Market Share Gains: A broader, more capable national footprint positions Saia to continue winning market share and secure its position as a top-tier national LTL carrier.
3. Long-Term Margin Expansion: If Saia can successfully manage its expanded network, there is significant long-term potential for operating leverage, which could drive its operating ratio closer to industry-leading levels and result in substantial earnings growth.¹

Principal Risks

1. Execution Risk: The primary risk is the failure to efficiently integrate the new terminals and manage the associated costs. This could result in a prolonged period of margin pressure and an inability to achieve an adequate return on the capital invested.
2. Economic Cyclicality: The LTL industry is sensitive to economic cycles. A deeper or more prolonged freight recession could severely hamper Saia’s ability to build freight density in its new lanes, straining profitability and stressing its more leveraged balance sheet.
3. Intense Competitive Pressure: The LTL market includes highly efficient and disciplined competitors, notably Old Dominion. This intense competition could limit Saia’s pricing power and ability to expand margins, even with an improved network.

Concluding View

Saia, Inc. represents a higher-risk, higher-reward investment proposition compared to its more established and operationally consistent peers. The success of an investment in SAIA is almost entirely contingent on the management team’s ability to execute its ambitious growth strategy over the next 18 to 24 months. Potential investors must carefully weigh the clear opportunity for above-market growth against the tangible risks of near-term margin dilution, heightened execution challenges, and increased financial leverage in a cyclical industry. The trajectory of the company’s operating ratio will be the most critical metric for gauging the success of this strategic pivot.

1. Corporate Profile and Operational Blueprint

Core Business Operations and Revenue Streams

Saia, Inc. is a leading transportation company founded in 1924, with its primary business centered on providing Less-Than-Truckload (LTL) freight services.⁹ The LTL shipping model involves the consolidation of freight from multiple shippers onto a single truck, making it an economical and flexible option for shipments that do not require a full truckload, typically weighing between 150 and 15,000 pounds.¹¹ This core LTL business is the dominant driver of the company’s financial results, consistently generating over 97% of its total revenue.⁴

To complement its primary LTL offerings, Saia provides a suite of other value-added services, including non-asset truckload brokerage, expedited transportation for time-sensitive freight, and broader logistics services. This allows the company to offer a more comprehensive and integrated solution to meet the diverse supply chain needs of its customers.⁴

Revenue is generated through transportation fees, which are determined through two primary channels. As of the second quarter of 2025, approximately 75% of the company’s operating revenue was subject to customer-specific price negotiations, allowing for tailored pricing based on volume, freight characteristics, and service requirements. The remaining 25% of revenue was subject to a general rate increase (GRI), a periodic, across-the-board price adjustment applied to standard tariff rates. For instance, Saia implemented a 7.9% GRI in late 2024 for this portion of its customer base.¹²

Network Architecture and Geographic Footprint

Saia’s operations are built upon the classic hub-and-spoke LTL network model. This architecture involves a series of smaller “spoke” terminals that collect and distribute freight locally, which is then consolidated at larger, central “hub” facilities for sorting and line-haul transport to other hubs across the country. This model is highly capital-intensive and operationally complex, creating formidable barriers to entry for new competitors.¹⁴

The company has been engaged in an aggressive and transformative network expansion. A few years ago, Saia operated 148 terminals in 34 states, positioning it as a strong multi-regional carrier.¹⁵ By mid-2025, this footprint had expanded dramatically to over 200 terminals across 46 states, establishing Saia as a true national carrier with coverage of all 48 contiguous states.¹

The strategic imperative behind this expansion is to increase network density and enhance customer proximity. A denser network allows for more efficient freight routing, fewer touches per shipment, and improved transit times. By 2025, this strategy had yielded tangible results, with approximately 61% of all U.S. zip codes located within 50 miles of a Saia facility. This represents a dramatic improvement in market coverage from just 35% in 2017, underscoring the scale and success of the expansion initiative.¹

Target Customer Base and Market Segments

Saia serves a highly diversified customer base, a key attribute that provides revenue stability and mitigates concentration risk. The company has intentionally managed its customer portfolio such that no single customer accounts for more than 5% of its total sales.¹ This diversification spans numerous industries, protecting the company from downturns in any single sector.

The company’s client roster includes some of the largest and most recognizable blue-chip corporations in North America. Prominent customers include major retailers like Walmart and Home Depot, technology leaders such as Dell, food and beverage giants like Starbucks, and industrial mainstays like Sherwin-Williams.¹ This customer profile demonstrates Saia’s ability to meet the demanding service requirements of sophisticated shippers across the retail, technology, consumer, and industrial end-markets.

Operational Model and Key Performance Metrics

Saia’s performance is evaluated using a standard set of LTL industry Key Performance Metrics (KPIs). The data from the second quarter of 2025 reveals a nuanced operational picture, reflecting both the challenging macroeconomic environment and the company’s strategic initiatives.

• LTL Shipments: The total number of shipments per workday decreased by 2.8% year-over-year, an indicator of some softness in overall freight demand from customers.⁴
• LTL Tonnage: In contrast, total tonnage per workday increased by 1.1% year-over-year, suggesting that while customers may have been shipping less frequently, the shipments being tendered were, on average, heavier.⁴
• Weight per Shipment: This trend was confirmed by a 4.0% year-over-year increase in the average weight per shipment, pointing to a distinct shift in the company’s freight mix.¹
• Length of Haul: The average distance a shipment traveled remained relatively stable, measuring 893 miles.¹
• Revenue per Hundredweight (Yield): This key measure of pricing, calculated on a per-100-pounds basis, decreased by 2.1%. However, when excluding the volatile impact of fuel surcharges, the decrease was a more modest 1.2%. This decline is a direct mathematical consequence of the increase in average shipment weight, as heavier shipments typically command a lower price per pound.⁴
• Revenue per Shipment: Despite the pressure on yield, revenue per shipment increased by 1.8% (and by a stronger 2.7% excluding fuel surcharges). This demonstrates that the company maintained pricing discipline on a per-transaction basis.⁴
• Service Quality: Saia continues to emphasize service excellence as a key differentiator. In the second quarter of 2025, the company reported a low cargo claims ratio of 0.51% and noted that approximately 60% of its shipments are delivered within 48 hours.¹

The divergence between the trends in shipments and tonnage is a critical indicator of both the prevailing freight environment and Saia’s strategic response. The decrease in the absolute number of shipments aligns with broader industry commentary about a “freight recession” that persisted through 2023 and into 2024, where customers consolidated orders and reduced shipping frequency.¹⁶ Simultaneously, the increase in average tonnage and weight per shipment suggests a deliberate strategy of managing the freight mix, possibly by targeting more industrial-type freight, to build density in key lanes. This shift directly impacts the weight-based yield metric; as shipments get heavier, the revenue per hundredweight naturally declines. However, management’s ability to simultaneously increase the revenue generated by each individual shipment, despite this mix headwind, demonstrates effective and sophisticated pricing actions at the transactional level. This indicates an operator that is not merely a passive recipient of market volumes but is actively managing its business to optimize revenue in a challenging environment.

2. Industry Dynamics & Market Position

LTL Industry Structure and Outlook

The Less-Than-Truckload industry represents a structurally advantaged and highly attractive segment within the broader North American transportation market. Its defining characteristic is the hub-and-spoke operational model, which requires an immense capital investment in a national network of terminals, breakbulk facilities, and sorting equipment. This complex and costly infrastructure creates exceptionally high barriers to entry, protecting incumbent operators from new competition and the threat of digital-only disruptors.¹⁴

Over the past two decades, the LTL industry has undergone significant consolidation. This trend was dramatically accelerated by the August 2023 bankruptcy and subsequent liquidation of Yellow Corporation, which had been the third-largest LTL carrier in the United States.² In the wake of Yellow’s collapse, the top 10 remaining carriers now control an estimated 60% to 70% of the market’s total revenue, a level of concentration that reinforces the pricing power and stability of the leading players.¹⁴

The outlook for the LTL market is robust. Driven by secular tailwinds such as the growth of e-commerce and increasingly complex supply chains, the global LTL market is projected to experience strong growth. One forecast estimates that the market will expand by over $110 billion between 2025 and 2029, reflecting a compound annual growth rate (CAGR) of 6.8%.¹⁸

Capacity, Pricing, and Competition

A hallmark of the modern LTL industry is its remarkable capacity discipline. The sudden exit of Yellow Corporation removed approximately 8% to 10% of total domestic LTL capacity from the market overnight.¹⁴ In response, the remaining carriers have been notably cautious and rational, refraining from flooding the market with excess capacity. Industry estimates suggest that only about 60% of the capacity lost from Yellow’s closure will be replaced by 2026.¹⁴ This disciplined approach prevents the kind of oversupply that often leads to destructive price wars, thereby supporting a stable and rational pricing environment.

This environment allows LTL carriers to consistently implement General Rate Increases (GRIs). In 2025, for example, major carriers announced GRIs in the mid-single-digit range, with Saia implementing a particularly aggressive 7.9% increase, while competitors like FedEx Freight, ABF Freight, and Old Dominion announced hikes of 5.9% and 4.9%, respectively.¹³ This consistent ability to raise prices stands in stark contrast to the highly fragmented and volatile pricing seen in the Full Truckload (FTL) sector, where barriers to entry are low and competition is intense.¹⁴

Regulatory Environment

The LTL industry is facing a significant regulatory shift with the National Motor Freight Traffic Association’s (NMFTA) comprehensive freight classification overhaul, scheduled to take effect in mid-2025. This long-planned update fundamentally changes how a vast array of products are classified for pricing, moving toward a system that more heavily emphasizes freight density. The new rules will impact over 40% of all products shipped via LTL and will require both shippers and carriers to invest in better data capture (accurate dimensions and weight) and more sophisticated pricing systems.¹³ While this change may cause some near-term disruption, it ultimately favors larger, technologically advanced carriers that have the resources to adapt and leverage density-based pricing to their advantage.

Impact of E-commerce and Logistics Trends

The LTL sector is a primary beneficiary of several powerful, long-term secular trends. The continued, rapid growth of e-commerce, which often involves the shipment of smaller, individual parcels and packages over long distances, has been a major driver of LTL demand.¹⁸ Concurrently, the evolution of corporate supply chains toward more “just-in-time” inventory models and the rise of near-shoring and domestic manufacturing also increase the need for smaller, more frequent LTL shipments to keep production lines running and retail shelves stocked.¹⁴ These trends have created sustained demand growth for LTL services that is often independent of the broader industrial economy.

Industry Growth vs. Broader Transport Sector

The structural advantages of the LTL industry have allowed it to consistently outperform other segments of the transportation sector. Historically, LTL pricing has grown faster and more consistently than FTL pricing, reflecting the industry’s oligopolistic structure and high barriers to entry.¹⁴ While the entire freight industry is cyclical and experienced a notable “freight recession” from mid-2022 through 2024, characterized by soft volumes and hesitant shippers, the LTL segment’s consolidated nature and disciplined capacity management have provided it with far greater margin stability and pricing power than its trucking counterparts.¹⁴

The bankruptcy of Yellow Corporation was not merely a cyclical event but a permanent, structural change that has fundamentally strengthened the competitive landscape and long-term profitability outlook for the remaining LTL carriers, including Saia. Yellow had long operated as a chronic price-discounter, often sacrificing margin to maintain market share, which exerted downward pressure on pricing across the entire industry.²⁰ Its exit immediately removed a significant and often irrational competitor, creating a “sizable tailwind” for the remaining players.²⁰ This event tightened market capacity overnight, allowing carriers to command higher rates, with some shippers reportedly seeing increases of up to 20% in the immediate aftermath.²⁰ Furthermore, the liquidation of Yellow’s extensive real estate portfolio provided a once-in-a-generation opportunity for well-capitalized carriers like Saia to acquire strategic terminal locations, thereby accelerating their network expansion plans at a potentially lower cost and faster pace than building new facilities from the ground up.² This confluence of events—the removal of a price-disruptor and the availability of strategic assets—has created a long-term structural tailwind that has raised the floor for both pricing and profitability for the entire LTL industry.

3. Competitive Positioning & Market Share

Competitive Position and Peer Group

Within the highly consolidated $53 billion domestic LTL market, Saia has established itself as a top-ten carrier, ranking as the sixth-largest player by annual revenue.¹ The company’s competitive landscape is composed of a well-defined group of publicly traded LTL specialists and the freight divisions of larger, integrated logistics corporations. A thorough analysis of Saia requires benchmarking against this key peer group:

• Old Dominion Freight Line (ODFL): Widely regarded as the industry’s gold standard, ODFL is the benchmark for operational excellence, profitability, and service quality. The company is known for its premium service levels, entirely union-free workforce, and a consistent track record of producing the industry’s best operating ratio.²¹
• XPO, Inc. (XPO): Following several corporate spin-offs, XPO is now a pure-play, asset-based LTL carrier and one of the largest in North America. The company has a vast network and places a strong emphasis on leveraging proprietary technology to drive efficiency and service.²³
• FedEx Freight: As a key segment of the global logistics behemoth FedEx, this division is one of the largest LTL carriers by revenue. It leverages the broader FedEx network and offers a tiered service model, including both premium/priority and economy LTL options across North America.²⁵
• ArcBest (ARCB): ArcBest operates as an integrated logistics company. Its foundation is its asset-based LTL network, ABF Freight, which has a long history and a unionized workforce. This is complemented by a growing portfolio of asset-light logistics and brokerage services.⁷
• TFI International (TFII): A large, Canadian-based, and highly diversified transportation and logistics holding company. TFI has a significant presence in the U.S. LTL market through its TForce Freight subsidiary, which it acquired from UPS and operates as a standalone entity.²⁸

Competitive Advantages and Differentiation

Saia’s competitive moat, or its ability to maintain long-term advantages over competitors, is built on a foundation of three key pillars:

1. Network Scale and Density: The primary barrier to entry in the LTL industry is the immense capital and time required to build a national terminal network. Saia’s existing and rapidly expanding hub-and-spoke system provides a significant competitive advantage.¹⁴ The company’s aggressive strategy of opening new terminals and increasing its geographic density is a direct effort to widen this moat, making it more difficult for smaller players to compete on service and transit times.¹
2. Service Quality: In a market where reliability is paramount, Saia’s management team has cultivated a “customer-first focus”.⁶ The company’s stated goal is to provide a “superior offering” at a competitive price point, positioning itself as a high-value carrier.¹ This commitment is substantiated by operational metrics such as a consistently low cargo claims ratio and investments aimed at improving on-time delivery performance.¹
3. Technological Investment: Saia is actively investing in modern technology and data analytics to enhance its operations. These investments are focused on optimizing pricing strategies, improving the mix of freight in its network, and elevating the customer service experience.⁴ This aligns with the broader industry trend where technology is becoming a critical differentiator for efficiency and profitability.¹³

Market Share Trends

The mid-2023 collapse of Yellow Corp. was a seismic event that fundamentally reshuffled market share across the LTL industry. Saia positioned itself as one of the most aggressive and immediate beneficiaries of this disruption. As shippers scrambled to find new capacity for the freight previously handled by Yellow, Saia experienced a dramatic surge in volume, reporting a 12.2% year-over-year tonnage increase in early 2025.¹³

More importantly, Saia made a decisive strategic move to permanently capture this displaced market share by actively participating in Yellow’s bankruptcy auctions. The company successfully acquired 17 of Yellow’s terminals for a total of $235.7 million, a move that instantly expanded its operational reach and capacity in key markets.² This proactive strategy stands in contrast to the more cautious approach of some competitors, like Old Dominion, which chose to rely on its existing excess capacity rather than aggressively acquiring new assets, opting to wait for market conditions to improve before absorbing significant new volumes.¹³

Benchmarking vs. Peers

A comparison across key metrics reveals Saia’s distinct position within its peer group:

• Profitability: Saia demonstrates solid profitability, with a net margin of 8.96% and a return on equity (ROE) of 12.42%. These figures are notably superior to those of a competitor like ArcBest, which reported a net margin of 3.90% and an ROE of 8.67%.⁷ However, Saia still lags significantly behind the industry leader, Old Dominion. ODFL consistently delivers best-in-class profitability, with net margins often exceeding 20% and an operating ratio that is routinely in the low-to-mid 70s.³¹ Saia’s recent operating ratio of 87.8% starkly highlights this performance gap.⁴
• Valuation: The market appears to be valuing Saia based on its growth potential rather than its current profitability. Its P/E ratio of approximately 28x is comparable to ODFL’s premium valuation of around 31x, but it is significantly higher than the multiples assigned to ArcBest (~11x) and TFI International (~20x).⁷ This indicates that investors have high expectations for Saia’s future earnings growth, pricing it more like the industry leader than its other peers.

The data reveals a fundamental strategic divergence between Saia and its chief competitor, Old Dominion. This divergence creates a very different risk and reward profile for investors. ODFL is the undisputed leader in operational excellence, a position built on decades of disciplined, profitable growth and an unwavering focus on maintaining premium service and pricing.²¹ Their patient response to the Yellow collapse is indicative of this long-standing strategy.¹³ Saia, in contrast, viewed the Yellow bankruptcy as a “land grab” opportunity to fundamentally alter its competitive standing.² Management made a conscious decision to take on debt, dramatically increase capital expenditures, and knowingly accept a period of lower profitability in order to secure a larger, more defensible long-term network footprint.³

This strategic contrast is evident in the financial results. Post-Yellow, Saia’s revenue and tonnage grew at a faster rate, but its operating ratio deteriorated sharply.⁴ ODFL’s volume growth was more measured, but its best-in-class profitability remained intact.¹³ Consequently, an investment in Saia is a bet on an aggressive growth story—a belief that the current phase of heavy investment will eventually lead to a larger, more profitable enterprise capable of closing the margin gap with the industry leader. An investment in ODFL, conversely, is a bet on continued, steady execution from a high-quality compounder. This strategic dichotomy is the central pillar of the investment thesis.

4. Financial Performance & Growth History

Revenue Growth Patterns

Saia has established a strong and consistent track record of long-term revenue growth. Over the ten-year period leading up to 2025, the company achieved an impressive compound annual growth rate (CAGR) in revenue of 10.4%.³⁴ This growth has shown acceleration in recent years, with revenue increasing by 11.4% in fiscal year 2024.⁵ This expansion has been driven by a potent combination of gaining market share, reflected in an 11.5% increase in shipments, and disciplined pricing actions.⁵

The company’s growth has been primarily organic, fueled by the strategic reinvestment of capital into expanding its network and service capabilities. While Saia has not pursued large-scale corporate mergers, the opportunistic acquisition of terminal real estate from the bankrupt Yellow Corporation has served as a critical catalyst and enabler of its recent organic growth acceleration.²

Profitability Trends

While the top line has been strong, Saia’s profitability has experienced significant pressure as a direct result of its aggressive expansion strategy.

• Operating Ratio (OR): The OR, which measures operating expenses as a percentage of revenue, is the primary profitability metric in the LTL industry. Historically, Saia had been on a positive trajectory, steadily improving its OR to a very strong 84.0% in 2023 and an even better 83.2% in 2022.³⁵ However, the substantial costs associated with opening and staffing dozens of new terminals in 2024 and 2025 caused a sharp reversal of this trend. The OR deteriorated to 87.1% in the fourth quarter of 2024 and further to 87.8% in the second quarter of 2025.⁴ Management has explicitly attributed this decline to the startup costs and initial operational inefficiencies of the new facilities before they reach mature freight density levels.³
• Margins and Net Income: As a direct consequence of the higher operating ratio, Saia’s margins have compressed. Operating income fell by a significant 27.8% year-over-year in the second quarter of 2025.⁴ For the first six months of 2025, net income was $121.2 million, a sharp decline from the $193.2 million earned in the same period of the prior year, reflecting the full impact of the expansion-related costs on the bottom line.¹²

Return Metrics

Saia’s return metrics, such as Return on Equity (ROE), Return on Assets (ROA), and Return on Invested Capital (ROIC), have historically been strong but are now under pressure from the combination of declining profitability and a rapidly expanding asset base. As of mid-2025, the company’s ROE stood at a respectable 12.7%, with ROA at 7.8% and ROIC at 9.4%.³⁷ While these figures are solid in absolute terms, they represent a notable decline from the peak levels achieved prior to the major expansion phase and continue to lag those of the industry leader, Old Dominion, whose return metrics are consistently in the upper echelon of the industrial sector.

Cash Flow Generation

Saia has historically been a robust generator of cash from its operations. However, the company’s massive capital expenditure program has recently overwhelmed its operating cash flow, resulting in negative free cash flow. In the twelve-month period ending with the second quarter of 2025, Saia generated a strong $626.28 million in net cash from operating activities. This was more than offset by $739.18 million in net capital expenditures, leading to a negative free cash flow of -$112.90 million.³⁷ This dynamic clearly illustrates the highly capital-intensive nature of the company’s current growth-focused strategy.

The company’s financial statements tell the clear and compelling story of a strategic decision to “invest through the cycle.” Management is consciously sacrificing superior near-term profitability and free cash flow in pursuit of what it believes will be a larger, more valuable, and more competitive network in the long run. The financial results from 2023 show a healthy, highly profitable company with a fortress-like balance sheet, characterized by very little debt and $296 million in cash.³⁵ This position of strength was the foundation that enabled the aggressive pivot in strategy.

The financial reports for 2024 and the first half of 2025 show the immediate and dramatic impact of this pivot. Capital expenditures exploded from $437 million in 2023 to over $1 billion in 2024.⁵ The balance sheet was transformed as cash was depleted and significant debt was added to fund the expansion.⁵ The income statement reflects this investment phase perfectly: revenue and tonnage grew as new terminals opened and captured market share, but expenses—particularly depreciation from new assets and salaries and wages from new staffing—grew at an even faster rate, causing the operating ratio to deteriorate and net income to fall.⁴ The cash flow statement confirms this narrative, showing strong operating cash flow being more than fully reinvested back into the business. This is a classic “J-curve” effect, where performance dips during a period of heavy investment with the expectation that it will curve back up sharply as those investments mature and begin to generate returns. The central analytical question for investors is determining the potential slope and timing of that upward curve.

Table 1: SAIA Key Financial & Operational Metrics

Metric (in millions USD, except ratios/per share)	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	TTM (Q2 2025)
Revenue	$1,822	$2,289	$2,792	$2,881	$3,209	$3,236
Revenue Growth (YoY)	2.0%	25.6%	22.0%	3.2%	11.4%	4.2%
Operating Income	$177.8	$331.3	$470.5	$461.4	$486.6	$400.7
Operating Ratio	90.2%	85.5%	83.2%	84.0%	85.0%	87.6%
Net Income	$138.3	$253.2	$357.4	$354.9	$362.1	$290.1
Diluted EPS	$5.20	$9.48	$13.40	$13.26	$13.51	$10.83
Return on Invested Capital (ROIC)	9.2%	15.1%	18.8%	16.1%	13.2%	9.4%
Net Capex	$161	$268	$490	$437	$1,041	$739
Total Debt	$186.5	$160.4	$154.5	$138.7	$200.3	$309.1

Data compiled and calculated from company filings and financial data providers.⁵ ROIC is estimated based on reported financials.

5. Growth Opportunities & Strategic Initiatives

Saia’s investment appeal is fundamentally tied to its clearly articulated growth strategy, which is centered on aggressive network expansion, supported by investments in capacity, technology, and service offerings.

Primary Growth Driver: Network Expansion

The cornerstone of Saia’s growth strategy is the rapid and systematic expansion of its physical terminal network. Since the beginning of 2017, the company has opened 69 new terminals, a pace that has accelerated dramatically in the 2024-2025 period.¹ In 2024 alone, Saia opened 21 new terminals and relocated 9 others, with plans to open an additional 15 to 20 new facilities in 2025.⁵ This expansion has been geographically broad, with new terminals opening in states across the country, including Michigan, California, Texas, New Jersey, and Maine, among others.³⁰

The strategic objective of this expansion is to build a denser, more efficient national network. By placing terminals closer to its customers, Saia can reduce the initial and final-mile costs (known as pickup and delivery costs), shorten transit times, and offer more reliable service. This enhanced service proposition is designed to attract new customers and capture a greater share of existing customers’ freight spend. Further extending its geographic reach, Saia announced an exclusive cross-border partnership with Fletes Mexico in April 2024, aiming to capture a piece of the growing U.S.-Mexico trade market.³⁰

Capacity Additions and Infrastructure Investments

Supporting the network expansion is a massive capital investment program. Saia has invested over $2 billion in its business since 2021, with a record $1 billion in capital expenditures in 2024 alone.¹ The company has guided for an additional $600 million to $650 million in net capital expenditures for 2025.⁴

This capital is being deployed across three main areas:

1. Real Estate: A significant portion is allocated to acquiring land and building or leasing new terminal facilities, including the $235.7 million spent to acquire properties from Yellow Corporation.⁵
2. Revenue Equipment: The company is continuously investing in a modern fleet of tractors and trailers to support higher freight volumes and improve fuel efficiency and driver comfort.
3. Technology: Investments are being made in technology infrastructure to improve all aspects of the business.

Technology, Automation, and Operational Improvements

Saia is leveraging technology as a key enabler of its growth strategy. The company is making focused investments in systems that help to optimize pricing and manage its freight mix more effectively, ensuring that it is taking on profitable business that fits its network.⁴ This aligns with the broader industry trend of using artificial intelligence and automation to optimize routes, predict service disruptions, and enhance asset utilization.¹³

Furthermore, Saia is taking a forward-looking approach to its fleet. The company has announced partnerships with both Tesla and Daimler Trucks North America to test and deploy electric semi-trucks in its fleet.³⁰ While still in the early stages, these initiatives position Saia to be a leader in the transition to more sustainable freight transportation technologies.

Management’s Strategic Vision and Execution

Saia’s management team has communicated a clear and consistent long-term vision focused on growth and market share gains. President and CEO Fritz Holzgrefe has expressed strong optimism about the company’s future, stating, “We’re in the early innings of tapping the potential of this business”.¹ This sentiment is echoed by EVP and CFO Matt Batteh, who has highlighted the early success of the expansion strategy, noting that the company’s newest markets are leading the way in volume and revenue growth.⁶ This demonstrates a unified strategic vision and a belief that the current period of heavy investment and margin pressure will yield significant long-term returns as the expanded network matures.

6. Capital Allocation & Financial Management

Saia’s capital allocation strategy has undergone a decisive shift, moving from a balanced approach to one that is now almost entirely focused on aggressive reinvestment to fund its national expansion.

Capital Expenditure Patterns

Capital expenditure is currently the dominant use of capital for Saia. The company’s spending on property and equipment has surged, reflecting the scale of its growth ambitions. After investing $437.2 million in 2023, net capex more than doubled to a record $1.04 billion in 2024.⁵ For 2025, the company anticipates net capital expenditures will remain elevated, guiding for a range of $600 million to $650 million.⁴ This sustained, high level of investment underscores management’s commitment to the network expansion strategy as its top priority.

Debt Management, Leverage, and Financial Flexibility

To fund this unprecedented level of investment, Saia has fundamentally altered its balance sheet. The company began this period from a position of significant financial strength, ending 2023 with $296.2 million in cash and minimal total debt of just $16.5 million.⁵ By the end of the second quarter of 2025, this had reversed, with cash on hand reduced to $18.8 million and total debt increasing to $309.1 million.⁶

This debt has been sourced through two primary facilities:

• A Revolving Credit Facility, which was increased in December 2024 by $300 million to a total aggregate commitment of $600 million.⁴⁰ As of June 30, 2025, Saia had $207.0 million in borrowings outstanding under this facility.¹²
• A $350 million Private Shelf Agreement, under which the company issued $100 million in senior promissory notes in May 2024.¹²

Despite the significant increase in borrowings, the company maintains adequate financial flexibility. As of June 30, 2025, Saia had $356.6 million in available capacity under its revolving credit facility.¹² Furthermore, the company remains in compliance with its debt covenants, which require it to maintain a consolidated net lease adjusted leverage ratio of less than 3.50 to 1.00.¹²

Dividend Policy and Shareholder Returns

Consistent with its focus on reinvestment, Saia does not currently pay a cash dividend on its common stock and has not announced any plans to initiate one.⁴¹ The company also does not have a significant share repurchase program in place. This capital allocation policy makes it clear that all available capital is being directed toward funding the company’s organic growth initiatives. This positions SAIA as a pure-play growth investment, where returns are expected to come from capital appreciation rather than direct cash returns to shareholders.

Acquisition Strategy

Saia’s strategy is not focused on large-scale corporate M&A. Instead, its recent “acquisition” activity has been centered on real estate. The most significant transaction was the purchase of 17 former Yellow Corporation terminals for $235.7 million, with reports suggesting the company may have acquired as many as 31 former Yellow properties in total.² This approach allows Saia to accelerate its network build-out without the complexities and integration risks associated with acquiring an entire operating company.

Working Capital Management

Saia maintains adequate working capital to support its operations. As of June 30, 2025, the company had working capital of $148.3 million, an increase from $118.2 million in the prior year period, indicating sufficient liquidity to manage its day-to-day obligations.¹²

7. Recent Challenges & Industry Headwinds (2023-2025)

Saia’s aggressive expansion has occurred against the backdrop of a challenging period for the entire freight industry, marked by a cyclical downturn, persistent cost inflation, and significant market disruption.

Economic Slowdown and Freight Recession

From mid-2022 through early 2025, the North American trucking industry experienced a prolonged “freight recession”.¹⁶ This downturn was characterized by cooling consumer demand for goods, a broad-based inventory destocking cycle across the economy, and general softness in industrial and manufacturing activity.⁴² For LTL carriers, this translated into hesitant shippers, softer freight volumes, and a more competitive pricing environment as carriers fought to keep their networks full.¹⁶ While the LTL sector’s disciplined nature provided some insulation, the macroeconomic headwinds were a significant challenge for all participants.

Inflationary Cost Pressures

The period was also marked by significant cost inflation, which impacted carriers on multiple fronts. Volatile diesel fuel prices, while often passed through via surcharges, created uncertainty for both carriers and shippers.¹⁸ More structurally, the costs of labor and new equipment rose sharply.¹⁶ Saia was directly impacted by these trends. The company’s salaries, wages, and benefits expense increased by 5.0% year-over-year in the second quarter of 2025, driven in part by a 4.1% general wage increase implemented in July 2024 to remain competitive in a tight labor market.³

Labor Market Challenges

The entire trucking industry continues to grapple with a chronic shortage of qualified drivers and technicians, which puts upward pressure on wages and benefits.¹⁸ Saia’s wage increases are a direct response to this competitive labor environment and are a necessary cost of doing business to attract and retain the talent needed to staff its expanding network.

Self-Imposed Operational Challenges

While navigating these external headwinds, Saia’s most significant recent challenge has been largely self-imposed: managing the operational and financial drag from its rapid network expansion. The process of opening a new terminal involves significant upfront costs for real estate, equipment, and staffing, while revenue generation starts slow and builds over time as freight density is established. This dynamic was the primary driver of Saia’s margin compression. The company’s terminals that have been open for less than three years were operating at a high mid-90s operating ratio during the second quarter of 2025. While this was an improvement from breakeven results in the first quarter, these new facilities acted as a significant drag on the company’s overall profitability.³

In response, management has been actively working to align its cost structure with current volumes, including a 4.2% reduction in headcount between March and June of 2025 to better match staffing levels with demand.³

Navigating the Downturn: A Contrarian Strategy

Saia’s strategic response to the industry downturn was notably contrarian. While many competitors pulled back on capital spending and focused on cost control, Saia did the opposite. Management viewed the combination of the freight recession and the unique opportunity presented by Yellow’s collapse as the ideal time to aggressively invest and expand. This strategy allowed the company to continue growing its revenue and tonnage throughout the downturn, a period when most carriers were experiencing declines.⁵ However, this growth came at the explicit and accepted cost of near-term profitability, a trade-off that lies at the heart of the company’s investment case.

8. Management Quality & Corporate Governance

Management Team Experience and Track Record

Saia is led by an experienced executive team with a clear, long-term strategic vision. Key leaders include President and Chief Executive Officer Frederick J. Holzgrefe, III, and Executive Vice President and Chief Financial Officer, Matt Batteh.⁶ The management team’s public commentary has been consistent and transparent, particularly regarding the rationale behind the company’s aggressive expansion strategy. They have clearly communicated that they are prioritizing long-term market share gains and network enhancement over short-term profitability, and have provided specific data on the performance of new versus mature terminals to help investors track their progress.¹ The successful execution of the complex Yellow terminal acquisitions and the rapid pace of new terminal openings demonstrate strong operational and strategic decision-making capabilities.

Corporate Governance Practices

Saia has established a robust corporate governance framework designed to ensure board independence, oversight, and alignment with shareholder interests.

• Board Leadership and Independence: The company maintains a separation between the roles of Chairman of the Board and Chief Executive Officer, a recognized best practice that enhances board oversight.⁴⁵ The Board is led by an independent Chairman, Richard D. O’Dell, and also has a designated Lead Independent Director, Randolph W. Melville.⁴⁵ A substantial majority of the board is independent, with 8 of the 10 directors qualifying as independent under the stringent rules of the NASDAQ stock exchange.⁴⁵
• Board Policies: The Board operates under a set of comprehensive Corporate Governance Guidelines. These include a mandatory retirement age of 72 for directors and a prohibition on directors serving on more than three other public company boards, ensuring that board members have sufficient time to devote to their duties at Saia.⁴⁶
• Ethics and Accountability: Saia emphasizes a culture of ethical conduct. All employees are required to acknowledge the company’s Code of Business Conduct and Ethics.⁴⁷ To further promote accountability at the executive level, the company has implemented a “clawback” policy. This policy authorizes Saia to recover incentive compensation paid to an executive if it was based on financial results that are later restated, or if the executive engages in other forms of improper conduct.⁴⁸ Additionally, the company has a strict policy that prohibits directors and executives from hedging or pledging their Saia stock, which ensures their financial interests are directly aligned with those of long-term shareholders.⁴⁸

Shareholder Alignment

The company’s governance and compensation structures are designed to align the interests of management and the Board with those of its shareholders.

• Executive Compensation: Saia’s executive compensation program is heavily weighted toward performance-based and long-term incentives. A significant portion of executive pay is delivered in the form of performance stock units (PSUs) and restricted stock, which ties executive wealth directly to the company’s stock performance and total shareholder return over a multi-year period.⁴⁵
• Stock Ownership Guidelines: To ensure a meaningful alignment of interests, the company maintains robust stock ownership guidelines for both its executives and non-employee directors. Executives are required to own Saia stock valued at between two to five times their annual base salary, while non-employee directors are required to own stock valued at five times their annual cash retainer.⁴⁵
• Shareholder Engagement: The company’s approach to governance and compensation appears to be well-received by its investors. At its 2018 annual meeting, the advisory “say-on-pay” proposal, which allows shareholders to vote on executive compensation, was approved by an overwhelming 96.7% of votes cast, indicating strong shareholder support for the company’s compensation practices.⁴⁸

9. Valuation Analysis

An analysis of Saia’s valuation reveals a stock that is priced for significant growth and future margin improvement. The market appears to be looking past the near-term earnings pressure and valuing the company based on the long-term potential of its expanded national network.

Current Valuation Metrics

As of mid-2025, Saia’s key valuation multiples are as follows:

• Price-to-Earnings (P/E) Ratio: The stock trades at a trailing twelve-month (TTM) P/E ratio of approximately 27-28x. The forward P/E ratio, based on consensus earnings estimates for the next fiscal year, is in a similar range, indicating that analysts expect earnings to stabilize after the recent dip.⁷
• Enterprise Value-to-EBITDA (EV/EBITDA) Ratio: This metric, which accounts for debt, values the company at approximately 12-13x its TTM EBITDA.⁸
• Price-to-Sales (P/S) Ratio: Saia’s P/S ratio is approximately 2.5x.⁷
• Price-to-Book (P/B) Ratio: The stock trades at roughly 3.3x to 3.5x its book value per share.⁷

Historical Context

Placing these multiples in historical context is crucial. Saia’s current P/E ratio of ~27x is situated in the middle of its five-year historical range. Over that period, the stock has traded at P/E multiples as high as 42x during periods of peak optimism and as low as 15x during periods of market pessimism or recessionary fears.⁵⁰ The current valuation does not appear to be at a cyclical extreme, suggesting it is neither excessively cheap nor prohibitively expensive relative to its own history.

Peer Comparison

Comparing Saia’s valuation to its direct LTL competitors provides the most valuable insight. The company’s valuation reflects its unique position as a high-growth player undergoing a strategic transformation.

Table 2: Comparative Valuation of LTL Carriers (Mid-2025)

Metric	Saia (SAIA)	Old Dominion (ODFL)	XPO Inc. (XPO)	TFI Intl. (TFII)	ArcBest (ARCB)
Market Cap ($B)	~$8.0	~$35.0	~$16.0	~$7.5	~$2.0
P/E Ratio (TTM)	~28x	~31x	~42x	~20x	~11x
EV/EBITDA (TTM)	~13x	~20x	~13x	~8x	~8x
P/S Ratio (TTM)	~2.5x	~6.2x	~1.9x	~0.9x	~0.4x

Data compiled from financial data providers.⁷ Market caps are approximate.

The comparative analysis reveals several key points:

• Saia trades at a significant valuation premium to peers like TFI International and ArcBest on every multiple. This reflects the market’s expectation that Saia’s growth prospects are superior to these more mature or diversified competitors.
• Saia’s P/E ratio is approaching the premium multiple awarded to the industry leader, Old Dominion. This is noteworthy because ODFL’s profitability and return on capital are substantially higher. The market is essentially valuing Saia as if it will eventually close this profitability gap.
• On an EV/EBITDA basis, Saia’s valuation of ~13x is identical to XPO’s but significantly lower than ODFL’s ~20x. This suggests that when accounting for debt, the market still sees a valuation gap between Saia and the industry’s most profitable player.
• ODFL’s exceptionally high P/S ratio of 6.2x is a direct reflection of its best-in-class margins; the market is willing to pay a much higher premium for each dollar of ODFL’s highly profitable revenue.

Valuation Relative to Growth and Returns

Saia’s current valuation appears stretched when measured against its current financial returns. With an ROE of ~12.7% and an ROIC of ~9.4%, the P/E ratio of ~28x is high.³⁷ This disconnect confirms that the stock’s valuation is not based on its current earnings power but is instead a forward-looking assessment of its potential. The investment thesis is predicated on the belief that the company’s aggressive growth strategy will successfully translate into higher market share, improved network density, and, ultimately, a significant expansion of its profit margins and returns on capital. The current valuation is a vote of confidence from the market that this outcome will be achieved.

10. Risk Assessment

While Saia’s growth strategy presents a compelling opportunity, it is accompanied by a commensurate level of risk across several categories. A comprehensive assessment of these risks is critical for any potential investor.

Business and Operational Risks

• Execution Risk: This is the most significant and immediate risk facing the company. The strategy’s success hinges entirely on the effective integration of the dozens of new terminals acquired and opened in 2024 and 2025.³ Failure to efficiently manage costs, hire and train staff, and build freight density in these new locations could lead to a prolonged period of margin depression. The reported mid-90s operating ratio for these new facilities is a tangible manifestation of this risk; if this metric does not improve on schedule, the company may fail to achieve an adequate return on its massive capital investment.³
• Labor Risk: Like all trucking companies, Saia is exposed to risks associated with the labor market. A persistent shortage of qualified drivers and technicians could lead to further wage inflation, increased recruitment costs, and potential service disruptions if trucks are left unseated.¹⁸ While the company’s workforce is not unionized, the risk of labor disputes or organizing efforts remains a long-term consideration.

Financial Risks

• Financial Leverage: The company’s balance sheet has been transformed from a conservative, net-cash position to one with increased leverage. Total debt has risen to over $300 million.⁶ While the current leverage ratios remain comfortably within the covenants of its credit agreements, a severe or prolonged economic downturn could strain the company’s financial flexibility and its ability to service its debt.¹²
• Interest Rate Risk: The increase in debt, much of which is likely variable-rate, exposes Saia to interest rate risk. A sustained period of higher interest rates would increase interest expense, directly reducing net income and earnings per share.

Cyclicality and Economic Sensitivity

The LTL industry is inherently cyclical and closely tied to the health of the broader economy, particularly industrial production and consumer spending on goods. A deeper-than-expected economic slowdown or a full-blown recession would represent a major headwind. Such a scenario would make it significantly more difficult for Saia to grow volumes and build the necessary freight density in its newly expanded network. This could delay or even derail the expected improvements in profitability, leaving the company with a high-cost network and a leveraged balance sheet in a weak demand environment.

Competitive Risks

The LTL market is intensely competitive. Saia faces constant pressure from highly efficient, well-capitalized operators like Old Dominion, which sets a high bar for service and profitability. This competition could limit Saia’s ability to implement price increases and expand its margins, even as its own network capabilities improve. Additionally, while not an immediate threat, the long-term entry of technologically advanced, deep-pocketed players like Amazon into the LTL brokerage space is a secular trend that warrants monitoring.¹⁶

Regulatory Risks

As a transportation provider, Saia is subject to a wide range of federal and state regulations governing safety, hours-of-service for drivers, vehicle emissions, and more. Changes to these regulations can increase operating costs and capital expenditure requirements. Furthermore, the upcoming NMFTA freight classification overhaul presents a near-term operational and pricing risk. A failure to adapt systems and pricing models to the new density-based rules could lead to revenue leakage or customer disputes.¹³

Conclusion

Saia, Inc. presents a distinct and compelling investment case that is fundamentally a high-risk, high-reward proposition centered on an aggressive, transformative growth strategy. The company has made a clear and decisive strategic pivot, leveraging the unique opportunity presented by a competitor’s failure to accelerate its evolution from a strong regional carrier into a true national LTL powerhouse. The investment’s outcome is now almost entirely dependent on management’s ability to execute this ambitious plan over the coming 18 to 24 months.

The bull case for Saia is clear and powerful. If the company successfully integrates its vastly expanded terminal network, it will have created a more valuable and defensible long-term asset. A larger, denser network will enable superior service, faster transit times, and greater operational efficiency. This, in turn, should allow Saia to continue gaining market share, command better pricing, and unlock significant operating leverage as the new facilities mature and their profitability improves. In this scenario, the current period of margin compression will be viewed in hindsight as a short-term investment that paved the way for a long-term period of above-average growth and a substantial re-rating of the company’s earnings power.

Conversely, the bear case is equally tangible. The execution risk associated with rapidly scaling a complex physical network is substantial. If management stumbles in controlling costs, or if a severe economic downturn prevents the company from building the necessary freight density in its new markets, Saia could be left with a bloated, high-cost network and a newly leveraged balance sheet. Such an outcome would lead to a prolonged period of depressed profitability and returns on capital, likely resulting in a significant de-rating of the stock’s valuation multiple.

Ultimately, an investment in Saia is a bet on execution. The company’s success is not a question of market opportunity, which is ample, but of operational prowess. Investors considering a position in SAIA must possess a high tolerance for risk, a long-term investment horizon, and a deep appreciation for the operational complexities of the LTL industry. The most critical metric to monitor will be the quarterly progression of the company’s operating ratio. A consistent, sequential improvement in this key metric will be the first and most important signal that this bold strategic gamble is beginning to pay off.

Works cited

1. Saia Q2 2025 presentation highlights long-term growth amid …, accessed August 5, 2025, https://www.investing.com/news/company-news/saia-q2-2025-presentation-highlights-longterm-growth-amid-quarterly-challenges-93CH-4164995
2. Yellow Freight’s Impact — Lite-Check, Fleet Solutions, accessed August 5, 2025, https://www.lite-check.com/blog/yellow-freight-impact
3. Saia beginning to shake off growing pains – FreightWaves, accessed August 5, 2025, https://www.freightwaves.com/news/saia-beginning-to-shake-off-growing-pains
4. SAIA INC SEC 10-Q Report – TradingView, accessed August 5, 2025, https://www.tradingview.com/news/tradingview:080c7722fcc29:0-saia-inc-sec-10-q-report/
5. Saia Reports Fourth Quarter Results | Saia, Inc., accessed August 5, 2025, https://saia.gcs-web.com/news-releases/news-release-details/saia-reports-fourth-quarter-results-1
6. Saia Reports Second Quarter Results | Nasdaq, accessed August 5, 2025, https://www.nasdaq.com/press-release/saia-reports-second-quarter-results-2025-07-25
7. Saia (SAIA) Competitors and Alternatives 2025 – MarketBeat, accessed August 5, 2025, https://www.marketbeat.com/stocks/NASDAQ/SAIA/competitors-and-alternatives/
8. SAIA INC (SAIA) Factor Report: Fundamental Analysis, Valuation …, accessed August 5, 2025, https://www.validea.com/factor-report/saia
9. Subscribe to Saia’s RSS Feed | Saia, accessed August 5, 2025, https://www.saia.com/about-us/investor-relations/rss-subscription
10. Saia, Inc. (NASDAQ:SAIA): A Comprehensive Analysis of Its Financial Health and Market Position, accessed August 5, 2025, https://site.financialmodelingprep.com/market-news/saia-inc-nasdaq-saia-financial-health-market-analysis
11. What is Less Than Truckload (LTL) Freight, accessed August 5, 2025, https://www.uberfreight.com/glossary/less-than-truckload-ltl/
12. Saia Inc. (via Public) / Quarterly Report for Quarter Ending JUNE 30 …, accessed August 5, 2025, https://www.publicnow.com/view/A176C796214C2C449CD08F6FBAFC6287C31CEF67
13. 5 Key Trends Shaping the LTL Market in 2025 – Transflo, accessed August 5, 2025, https://www.transflo.com/blog/5-key-trends-shaping-the-ltl-market-in-2025/
14. Less-than-Truckload Offers Many Opportunities | BCG, accessed August 5, 2025, https://www.bcg.com/publications/2025/less-than-truckload-offers-opportunities
15. Saia Inc – AnnualReports.com, accessed August 5, 2025, https://www.annualreports.com/Company/saia-inc
16. Recession vs. Reinvention: Where does LTL go in 2025? – Insider Blog, accessed August 5, 2025, https://smc3blog.com/recession-vs-reinvention-where-does-ltl-go-in-2025/
17. Yellow: End of an Era, and Lessons Lear… | Supply Chain Management Center, accessed August 5, 2025, https://warrington.ufl.edu/supply-chain-management-center/2023/09/05/yellow-end-of-an-era-and-lessons-learned/
18. Less-Than-Truckload (LTL) Market to Grow by USD 110.7 Billion (2025-2029), E-commerce Growth Fuels Expansion, Report Explores How AI is Redefining the Landscape – Technavio – PR Newswire, accessed August 5, 2025, https://www.prnewswire.com/news-releases/less-than-truckload-ltl-market-to-grow-by-usd-110-7-billion-2025-2029-e-commerce-growth-fuels-expansion-report-explores-how-ai-is-redefining-the-landscape—technavio-302359506.html
19. Less than Truckload (LTL) Industry News – FreightWaves, accessed August 5, 2025, https://www.freightwaves.com/news/category/news/trucking/ltl
20. Yellow Closure Reshuffles LTL Sector – TT – Transport Topics, accessed August 5, 2025, https://www.ttnews.com/articles/yellow-competitors-business
21. OD Domestic LTL Freight Carrier – ODFL, accessed August 5, 2025, https://www.odfl.com/us/en/services/od-domestic-ltl.html
22. Old Dominion Freight Line, Inc. (ODFL), accessed August 5, 2025, https://ir.odfl.com/
23. Investors – XPO, Inc., accessed August 5, 2025, https://investors.xpo.com/
24. XPO Logistics Inc Investor Relations – Alpha Spread, accessed August 5, 2025, https://www.alphaspread.com/security/nyse/xpo/investor-relations
25. Shipping Services | FedEx, accessed August 5, 2025, https://www.fedex.com/en-us/shipping/services.html
26. What is Freight shipping? How does it work? – FedEx, accessed August 5, 2025, https://www.fedex.com/en-us/shipping/freight.html
27. ArcBest – Investor Relations, accessed August 5, 2025, https://investors.arcb.com/overview/
28. Investors – TFI International, accessed August 5, 2025, https://tfiintl.com/en/investors/
29. TFI International (TFII) Investor Relations Material – Quartr, accessed August 5, 2025, https://quartr.com/companies/tfi-international-inc_4884
30. Press Releases & News – Saia, accessed August 5, 2025, https://www.saia.com/about-us/news
31. Old Dominion Freight (ODFL) Stock Statistics & Valuation Metrics – TipRanks.com, accessed August 5, 2025, https://www.tipranks.com/stocks/odfl/statistics
32. Old Dominion Freight Line Reports Second Quarter 2025 Earnings …, accessed August 5, 2025, https://ir.odfl.com/news-events/press-releases/detail/329/old-dominion-freight-line-reports-second-quarter-2025
33. TFI International Inc. – PE Ratio – Wisesheets, accessed August 5, 2025, https://www.wisesheets.io/pe-ratio/TFII
34. Saia Inc (SAIA) Stock Price & 30 Year Financial Data | GuruFocus, accessed August 5, 2025, https://www.gurufocus.com/stock/SAIA/financials
35. CELEBRATING A RRECORD-BREEAKING YEAR – Annual Reports, accessed August 5, 2025, https://www.annualreports.com/HostedData/AnnualReportArchive/s/NASDAQ_SAIA_2023.pdf
36. Saia, Inc. Income Statement – Financials – Stock Analysis, accessed August 5, 2025, https://stockanalysis.com/stocks/saia/financials/
37. Saia, Inc. (SAIA) Statistics & Valuation – Stock Analysis, accessed August 5, 2025, https://stockanalysis.com/stocks/saia/statistics/
38. Saia Inc (SAIA) Financial Statements, Cash Flow and Balance Sheet – TipRanks.com, accessed August 5, 2025, https://www.tipranks.com/stocks/saia/financials
39. Financial Statements – Saia Inc SAIA – Morningstar, accessed August 5, 2025, https://global.morningstar.com/en-ca/investments/stocks/0P000004RG/financials
40. 8-K – SEC.gov, accessed August 5, 2025, https://www.sec.gov/Archives/edgar/data/1177702/000095017024134764/saia-20241209.htm
41. Investor Relations Frequently Asked Questions – Saia, accessed August 5, 2025, https://www.saia.com/about-us/investor-relations/investor-faqs
42. Trucking Industry Forecast for 2025 – ACT Research, accessed August 5, 2025, https://www.actresearch.net/resources/blog/trucking-industry-forecast-2025
43. 2024 Freight Market Survey Results – Trinity Logistics, accessed August 5, 2025, https://trinitylogistics.com/blog/2024-freight-market-survey-results
44. Leadership Team – Saia – The Org, accessed August 5, 2025, https://theorg.com/org/saia/teams/leadership-team
45. DEF 14A – SEC.gov, accessed August 5, 2025, https://www.sec.gov/Archives/edgar/data/1177702/000119312525055192/d842528ddef14a.htm
46. SAIA, INC. CORPORATE GOVERNANCE GUIDELINES 1. Director Qualification Standards A majority of the members of the Board of Directo, accessed August 5, 2025, https://assets.ctfassets.net/kjv8gs2ccggb/55T8ZRd8klinV0AoYODTvm/f3b4d8cbda86aac86a2686f195c96e76/Corporate_Governance_Guidelines.pdf
47. Corporate Responsibility and Environment Sustainability – Saia, accessed August 5, 2025, https://www.saia.com/about-us/corporate-responsibility
48. saia-def14a_20190430.htm – SEC.gov, accessed August 5, 2025, https://www.sec.gov/Archives/edgar/data/1177702/000156459019008469/saia-def14a_20190430.htm
49. Saia, Inc. (BMV:SAIA) Statistics & Valuation Metrics – Stock Analysis, accessed August 5, 2025, https://stockanalysis.com/quote/bmv/SAIA/statistics/
50. Saia PE Ratio 2010-2025 | SAIA | MacroTrends, accessed August 5, 2025, https://www.macrotrends.net/stocks/charts/SAIA/saia/pe-ratio
51. Old Dominion Freight Line (ODFL) Stock Price & Overview, accessed August 5, 2025, https://stockanalysis.com/stocks/odfl/
52. XPO Logistics, Inc. – Enterprise Value – Wisesheets, accessed August 5, 2025, https://www.wisesheets.io/enterprise-value/XPO
53. XPO, Inc. (LON:0M1O) Statistics & Valuation Metrics – Stock Analysis, accessed August 5, 2025, https://stockanalysis.com/quote/lon/0M1O/statistics/
54. TFI International Inc (TFII) – Morningstar, accessed August 5, 2025, https://www.morningstar.com/stocks/xnys/tfii/quote
55. ArcBest Corporation (ARCB) Intrinsic Value | Stock Valuation, accessed August 5, 2025, https://valuesense.io/ticker/arcb/intrinsic-value-tools/intrinsic-value-calculator
56. Key Metrics – ArcBest Corp ARCB – Morningstar, accessed August 5, 2025, https://www.morningstar.com/stocks/xnas/arcb/key-metrics
57. ArcBest Corporation Statistics – NASDAQ:ARCB – TradingView, accessed August 5, 2025, https://www.tradingview.com/symbols/NASDAQ-ARCB/financials-statistics-and-ratios/