Universal Logistics Holdings, I — Earnings Quality Grade F
ULH · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 61 days, change +3 days YoY
AR growth -11.0% vs revenue growth -15.6%
Revenue -15.6%, CFFO 62.9%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -10.9% vs revenue -15.6%. Normal
SG&A/Gross Profit = 52.2%. Normal
Gross margin swung -6.8pp (17.2% → 10.4%)
Cash Flow Quality
CFFO/NI = -1.83. Below 1.0
FCF < 50% of Net Income for 2 years
Accruals ratio = -16.0%. Low accruals
Cash $0.0B covers only 4% of debt $1.0B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 40% of equity
Debt/EBITDA = 10.2x (>4x). Interest coverage = 1.2x (<2x). Financial stress
Other assets -48.0% vs revenue -15.6%. Normal
Write-offs surged 3244% YoY, = 125% of NI. Possible big bath
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -40% YoY. Normal
Manipulation Score
M-Score = -3.12 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25