Comparable Company Analysis

Universal Logistics Holdings, Inc.
Benchmarking Analysis - Financial Statistics and Ratios, Page 1
($ in millions, except per share data)

				Market Valuation				LTM Financial Statistics								LTM Profitability Margins			Growth Rates 1 year
																			Revenue		EBITDA		EPS
Company			Ticker	Equity Value		Enterprise Value		Revenue		EBITDA		EBIT		Net Income		EBITDA (%)	EBIT (%)	Net Income (%)	Hist. 1-year	Est. 1-year	Hist. 1-year	Est. 1-year	Hist. 1-year	Est. 1-year
Universal Logistics Holdings, Inc.			ULH	$ 686.4		$ 1,131.3		$ 1,391.1		$ 153.6		$ 80.4		$ 48.1		11%	6%	3%	(8%)	14%	(7%)	33%	33%	68%

Heartland Express, Inc.			HTLD	1,550.8		1,436.9		645.3		189.0		78.6		70.8		29%	12%	11%	8%	3%	15%	17%	(2%)	19%
Marten Transport, Ltd.			MRTN	1,393.6		1,328.4		874.4		192.3		82.8		69.5		22%	9%	8%	4%	9%	13%	13%	14%	19%
ArcBest Corporation			ARCB	1,686.2		1,721.9		2,940.2		213.3		94.9		71.1		7%	3%	2%	(2%)	11%	13%	28%	78%	54%
U.S. Xpress Enterprises, Inc.			USX	510.7		1,147.8		1,742.1		125.7		43.6		17.6		7%	2%	1%	2%	7%	13%	49%	NM	NM
Covenant Logistics Group, Inc.			CVLG	336.9		489.8		838.6		73.2		4.8		(42.7)		9%	1%	(5%)	(6%)	3%	(24%)	32%	NM	NM
P.A.M. Transportation Services, Inc.			PTSI	343.3		601.2		486.8		90.5		34.3		17.8		19%	7%	4%	(5%)	(4%)	33%	(10%)	NM	(30%)

Mean																16%	6%	3%	0%	5%	10%	21%	NM	(9%)
Median																14%	5%	3%	0%	5%	13%	23%	6%	19%

High																29%	12%	11%	8%	11%	33%	49%	NM	NM
Low																7%	1%	(5%)	(6%)	(4%)	(24%)	(10%)	NM	NM
Universal Logistics Holdings, Inc.
Benchmarking Analysis - Financial Statistics and Ratios, Page 2
($ in millions, except per share data)

				General		Return on Investment				LTM Leverage Ratios			LTM Coverage Ratios
Company			Ticker	FYE	Beta	ROIC (%)	ROE (%)	ROA (%)	Implied Div. Yield (%)	Debt / Tot. Cap. (%)	Debt / EBITDA (x)	Net Debt / EBITDA (x)	EBITDA / Int. Exp (x)	(EBITDA - Cpx) / Int. (x)	EBIT / Int. Exp. (x)
Universal Logistics Holdings, Inc.			ULH	Dec-31	1.61	8%	22%	5%	7%	77%	5.4x	5.3x	10.5x	NA	5.5x

Heartland Express, Inc.			HTLD	Dec-31	0.56	9%	10%	8%	2%	24%	1.2x	0.6x	NM	(18.3x)	93.3x
Marten Transport, Ltd.			MRTN	Dec-31	1.07	11%	11%	9%	17%	25%	1.1x	0.8x	NA	NA	NA
ArcBest Corporation			ARCB	Dec-31	1.83	7%	9%	4%	2%	53%	4.5x	2.7x	26.4x	21.0x	11.7x
U.S. Xpress Enterprises, Inc.			USX	Dec-31	2.4	4%	7%	2%	0%	78%	7.3x	7.3x	6.7x	(3.2x)	2.3x
Covenant Logistics Group, Inc.			CVLG	Dec-31	1.82	NA	(13%)	NA	0%	NA	NA	NA	10.7x	NA	0.7x
P.A.M. Transportation Services, Inc.			PTSI	Dec-31	NA	7%	13%	3%	0%	74%	4.7x	4.4x	10.3x	4.8x	3.9x

Mean						8%	6%	5%	3%	51%	3.8x	3.2x	55.7x	1.1x	22.4x
Median						7%	9%	4%	1%	53%	4.5x	2.7x	10.7x	0.8x	3.9x

High						11%	13%	9%	17%	78%	7.3x	7.3x	NM	21.0x	93.3x
Low						4%	(13%)	2%	0%	24%	1.1x	0.6x	6.7x	(18.3x)	0.7x
Universal Logistics Holdings, Inc.
Comparable Companies Analysis
($ in millions, except per share data)

						Enterprise Value /											Price /
Company	Ticker	Current Share Price	% of 52-wk high	Equity Value	Enterprise Value	LTM Revenue	2021E Revenue	2022E Revenue	LTM EBITDA	2021E EBITDA	2022E EBITDA	LTM EBIT	2021E EBIT	2022E EBIT	LTM EBITDA Margin	Total Debt / EBITDA	LTM EPS	2021E EPS	2022E EPS
Universal Logistics Holdings, Inc.	ULH	$ 25.5	100%	$ 686.4	$ 1,131.3	0.8x	0.7x	0.7x	7.4x	5.5x	5.2x	14.1x	9.3x	8.6x	11%	5.4x	14.3x	8.5x	7.6x

Heartland Express, Inc.	HTLD	19.4	85%	1,550.8	1,436.9	2.2x	2.2x	2.1x	7.6x	6.5x	6.2x	18.3x	12.9x	12.1x	29%	1.2x	22.3x	18.7x	18.1x
Marten Transport, Ltd.	MRTN	16.9	84%	1,393.6	1,328.4	1.5x	1.4x	1.3x	6.9x	6.1x	5.8x	16.0x	12.1x	11.5x	22%	1.1x	20.1x	16.9x	15.3x
ArcBest Corporation	ARCB	66.4	96%	1,686.2	1,721.9	0.6x	0.5x	0.5x	8.1x	6.3x	6.1x	18.1x	11.0x	10.4x	7%	4.5x	24.7x	16.0x	14.9x
U.S. Xpress Enterprises, Inc.	USX	10.2	90%	510.7	1,147.8	0.7x	0.6x	0.6x	9.1x	6.1x	5.6x	26.4x	13.1x	10.9x	7%	7.3x	29.3x	10.0x	8.2x
Covenant Logistics Group, Inc.	CVLG	19.7	95%	336.9	489.8	0.6x	0.6x	0.5x	6.7x	5.1x	4.7x	NM	12.2x	11.0x	9%	NA	(24.2x)	11.3x	9.9x
P.A.M. Transportation Services, Inc.	PTSI	59.9	93%	343.3	601.2	1.2x	1.3x	1.1x	6.6x	7.4x	5.6x	17.5x	24.0x	12.8x	19%	4.7x	19.4x	27.7x	11.5x

Mean						1.1x	1.1x	1.0x	7.5x	6.3x	5.7x	32.9x	14.2x	11.5x	16%	3.8x	15.3x	16.8x	13.0x
1st Quartile						0.6x	0.6x	0.5x	6.7x	6.1x	5.6x	17.7x	12.1x	11.0x	8%	1.2x	19.5x	12.5x	10.3x
Median						0.9x	0.9x	0.8x	7.3x	6.2x	5.7x	18.2x	12.5x	11.2x	14%	4.5x	21.2x	16.4x	13.2x
3rd Quartile						1.4x	1.4x	1.3x	8.0x	6.4x	6.0x	24.3x	13.0x	12.0x	21%	4.7x	24.1x	18.2x	15.2x

High						2.2x	2.2x	2.1x	9.1x	7.4x	6.2x	NM	24.0x	12.8x	29%	7.3x	29.3x	27.7x	18.1x
Low						0.6x	0.5x	0.5x	6.6x	5.1x	4.7x	16.0x	11.0x	10.4x	7%	1.1x	(24.2x)	10.0x	8.2x
Universal Logistics Holdings, Inc.
Comparable Companies Analysis
($ in millions, except per share data)

						EV / EBITDA					P/E
Company	Ticker	Current Share Price	% of 52-wk high	Equity Value	Enterprise Value	2021E	2022E	2021E EBITDA Margin	LTM Debt / EBITDA	LTM Int. Exp / EBITDA	2021E	2022E	LT EPS Growth	Dividend Yield
Universal Logistics Holdings, Inc.	ULH	$ 25.5	100%	$ 686.4	$ 1,131.3	5.5x	5.2x	13%	5.4x	0.1x	8.5x	7.6x	2%	7%

Heartland Express, Inc.	HTLD	19.4	85%	1,550.8	1,436.9	6.5x	6.2x	33%	1.2x	0.0x	18.7x	18.1x	56%	2%
Marten Transport, Ltd.	MRTN	16.9	84%	1,393.6	1,328.4	6.1x	5.8x	23%	1.1x	NA	16.9x	15.3x	2%	17%
ArcBest Corporation	ARCB	66.4	96%	1,686.2	1,721.9	6.3x	6.1x	8%	4.5x	0.0x	16.0x	14.9x	(2%)	2%
U.S. Xpress Enterprises, Inc.	USX	10.2	90%	510.7	1,147.8	6.1x	5.6x	10%	7.3x	0.1x	10.0x	8.2x	2%	0%
Covenant Logistics Group, Inc.	CVLG	19.7	95%	336.9	489.8	5.1x	4.7x	11%	NA	0.1x	11.3x	9.9x	2%	0%
P.A.M. Transportation Services, Inc.	PTSI	59.9	93%	343.3	601.2	7.4x	5.6x	17%	4.7x	0.1x	27.7x	11.5x	2%	0%

Mean						6.3x	5.7x	17%	3.8x	0.1x	16.8x	13.0x	10%	3%
1st Quartile						6.1x	5.6x	10%	1.2x	0.0x	12.5x	10.3x	2%	0%
Median						6.2x	5.7x	14%	4.5x	0.1x	16.4x	13.2x	2%	1%
3rd Quartile						6.4x	6.0x	21%	4.7x	0.1x	18.2x	15.2x	2%	2%

High						7.4x	6.2x	33%	7.3x	0.1x	27.7x	18.1x	56%	17%
Low						5.1x	4.7x	8%	1.1x	0.0x	10.0x	8.2x	(2%)	0%