Universal Logistics Holdings, Inc. (ULH) Balance Sheet
ULH balance sheet, 2025
December 31, 2025 · U.S. dollars$1.77B assets = $1.23B liabilities + $540.4M equity
Both columns are drawn to the same scale: what ULH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ULH financial health
Descriptive bands, not a rating. Fiscal 2025.
ULH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $570.5M2016 | $1.77B2025 | +13.4%/yr | |
| Total liabilities | $422.7M2016 | $1.23B2025 | +12.6%/yr | |
| Shareholders’ equity | $147.7M2016 | $540.4M2025 | +15.5%/yr | |
| Cash & short-term investments | $16.1M2016 | $37.2M2025 | +9.7%/yr | |
| Total debt | $261.5M2016 | $971.4M2025 | +15.7%/yr | |
| Net cash (debt) | −$245.3M2016 | −$934.2M2025 | −$688.8M | |
| Working capital | $97.5M2016 | $64.7M2025 | −$32.7M | |
| Book value per share | $5.202016 | $20.522025 | +16.5%/yr | |
| Current ratio | 1.892016 | 1.202025 | −0.68 | |
| Debt / equity | 1.772016 | 1.802025 | +0.03 | |
| Shares outstanding | 28.4M2016 | 26.3M2025 | −0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ULH assets
ULH liabilities and equity
ULH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ULH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $37.2M | $30.9M | $23.3M | $57.2M | $22.0M | $15.3M | $17.1M | $15.1M | $16.8M | $16.1M |
| Cash & equivalents | $26.8M | $19.4M | $12.5M | $47.2M | $13.9M | $8.8M | $7.7M | $5.7M | $1.7M | $1.8M |
| Short-term investments | $10.4M | $11.6M | $10.8M | $10.0M | $8.0M | $6.5M | $9.4M | $9.3M | $15.1M | $14.4M |
| Receivables | $319.8M | $354.9M | $312.0M | $377.7M | $341.4M | $259.2M | $210.5M | $216.0M | $171.0M | $144.7M |
| Inventory | $9.9M | $8.3M | $12.4M | $11.4M | $14.1M | $8.3M | $7.2M | $6.8M | $5.3M | $8.6M |
| Other current assets | $15.9M | $15.7M | $17.8M | $13.4M | $43.2M | $38.8M | $37.1M | $37.5M | $35.5M | $38.0M |
| Total current assets | $382.8M | $409.8M | $365.5M | $459.7M | $420.7M | $321.5M | $271.8M | $275.3M | $228.7M | $207.5M |
| Property, plant & equipment (net) | $988.9M | $816.4M | $648.3M | $490.9M | $345.6M | $364.8M | $339.8M | $303.2M | $267.2M | $246.3M |
| Goodwill & intangible assets | $214.2M | $357.7M | $232.0M | $244.7M | $259.1M | $273.0M | $284.6M | $258.9M | $105.7M | $111.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $186.1M | $203.0M | $7.7M | $8.4M | $112.1M | $103.8M | $74.3M | $5.4M | $9.0M | $5.1M |
| Total assets | $1.77B | $1.79B | $1.25B | $1.20B | $1.14B | $1.06B | $970.5M | $842.8M | $610.6M | $570.5M |
| Liabilities | ||||||||||
| Accounts payable | $61.1M | $60.0M | $64.1M | $87.1M | $117.8M | $97.9M | $91.9M | $92.0M | $84.4M | $65.9M |
| Short-term debt | $144.2M | $117.4M | $100.7M | $93.5M | $85.7M | $81.6M | $87.0M | $51.9M | $40.9M | $34.5M |
| Deferred revenue | — | — | $36.8M | — | −$203.6M | −$179.5M | −$178.9M | $2.7M | −$125.2M | −$100.5M |
| Total current liabilities | $318.1M | $304.6M | $260.4M | $286.9M | $251.6M | $213.1M | $191.4M | $169.3M | $158.2M | $110.0M |
| Long-term debt | $682.7M | $670.3M | $311.2M | $313.2M | $366.2M | $400.4M | $398.1M | $348.5M | $207.1M | $226.9M |
| Lease obligations | $173.8M | $79.4M | $93.6M | $105.8M | $110.5M | $100.0M | $89.2M | — | — | $92,000 |
| Other long-term liabilities | $230.8M | $165.0M | $149.7M | $156.7M | $217.5M | $210.0M | $175.8M | $115.7M | $76.5M | $85.9M |
| Total liabilities | $1.23B | $1.14B | $721.3M | $756.7M | $835.3M | $823.5M | $765.3M | $633.5M | $441.8M | $422.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $26.3M | $26.3M | $31.0M | $31.0M | $31.0M | $31.0M | $31.0M | $31.0M | $30.9M | $30.9M |
| Retained earnings (deficit) | $512.1M | $623.0M | $595.5M | $513.6M | $356.1M | $293.6M | $251.2M | $231.5M | $186.2M | $166.0M |
| Treasury stock | — | — | — | −$96.7M | −$82.4M | −$82.4M | −$77.2M | −$52.5M | −$51.5M | −$50.0M |
| Accumulated other comprehensive income | −$3.3M | −$7.2M | −$2.5M | −$5.8M | −$7.1M | −$7.2M | −$4.0M | −$5.0M | −$713,000 | −$2.6M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $540.4M | $647.0M | $532.2M | $446.9M | $302.2M | $239.6M | $205.2M | $209.3M | $168.8M | $147.7M |
| Key figures | ||||||||||
| Total debt | $971.4M | $838.4M | $475.5M | $484.3M | $451.9M | $482.0M | $485.1M | $400.5M | $248.0M | $261.5M |
| Net cash (debt) | −$934.2M | −$807.5M | −$452.3M | −$427.1M | −$430.0M | −$466.7M | −$468.0M | −$385.4M | −$231.2M | −$245.3M |
| Working capital | $64.7M | $105.2M | $105.1M | $172.8M | $169.1M | $108.4M | $80.5M | $106.0M | $70.5M | $97.5M |
| Tangible book value | $326.1M | $289.3M | $300.2M | $202.2M | $43.1M | −$33.4M | −$79.3M | −$49.6M | $63.0M | $36.1M |
| Book value per share | $20.52 | $24.56 | $20.23 | $16.87 | $11.22 | $8.87 | $7.31 | $7.37 | $5.94 | $5.20 |
| Shares outstanding | 26.3M | 26.3M | 26.3M | 26.5M | 26.9M | 27.0M | 28.1M | 28.4M | 28.4M | 28.4M |
| Current ratio | 1.20 | 1.35 | 1.40 | 1.60 | 1.67 | 1.51 | 1.42 | 1.63 | 1.45 | 1.89 |
| Quick ratio | 1.12 | 1.27 | 1.29 | 1.52 | 1.44 | 1.29 | 1.19 | 1.37 | 1.19 | 1.46 |
| Debt / equity | 1.80 | 1.30 | 0.89 | 1.08 | 1.50 | 2.01 | 2.36 | 1.91 | 1.47 | 1.77 |
| Equity / assets | 30.5% | 36.2% | 42.5% | 37.1% | 26.6% | 22.5% | 21.1% | 24.8% | 27.6% | 25.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $20.3M | $17.9M | $37.2M | $37.2M | $34.2M | $32.6M | $30.9M | $23.5M | $19.1M | $22.9M | $23.3M | $27.3M |
| Cash & equivalents | $20.3M | $17.9M | $26.8M | $27.4M | $24.3M | $20.6M | $19.4M | $11.8M | $7.5M | $11.1M | $12.5M | $16.8M |
| Short-term investments | $10.4M | $0 | $10.4M | $9.8M | $9.9M | $12.0M | $11.6M | $11.7M | $11.6M | $11.8M | $10.8M | $10.5M |
| Receivables | $327.5M | $314.6M | $319.8M | $308.9M | $319.6M | $323.2M | $354.9M | $357.5M | $336.9M | $320.3M | $312.0M | $311.4M |
| Inventory | $0 | $9.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $12.4M | $0 |
| Other current assets | $29.9M | $17.7M | $25.8M | $83.0M | $39.6M | $33.3M | $24.0M | $24.7M | $26.9M | $23.9M | $17.8M | $50.5M |
| Total current assets | $377.7M | $359.2M | $382.8M | $429.0M | $393.4M | $389.1M | $409.8M | $405.7M | $382.8M | $367.1M | $365.5M | $389.2M |
| Property, plant & equipment (net) | $921.1M | $972.6M | $988.9M | $937.6M | $814.8M | $860.8M | $816.4M | $767.0M | $735.6M | $696.3M | $648.3M | $626.5M |
| Goodwill & intangible assets | $208.6M | $211.4M | $214.2M | $260.2M | $344.2M | $349.8M | $357.7M | $222.3M | $222.5M | $227.2M | $232.0M | $235.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $175.6M | $181.0M | $186.1M | $190.3M | $307.3M | $200.5M | $203.0M | $159.9M | $131.2M | $93.9M | $7.7M | $8.4M |
| Total assets | $1.68B | $1.72B | $1.77B | $1.82B | $1.86B | $1.80B | $1.79B | $1.55B | $1.47B | $1.38B | $1.25B | $1.26B |
| Liabilities | ||||||||||||
| Accounts payable | $69.4M | $52.0M | $61.1M | $67.6M | $74.8M | $77.9M | $60.0M | $78.4M | $74.0M | $73.9M | $64.1M | $83.9M |
| Short-term debt | $124.9M | $146.5M | $144.2M | $129.7M | $122.6M | $122.1M | $117.4M | $113.9M | $109.7M | $96.8M | $100.7M | $99.0M |
| Deferred revenue | — | — | — | — | — | — | — | −$85.7M | −$183.7M | −$170.8M | $6.4M | −$182.9M |
| Total current liabilities | $316.0M | $317.6M | $318.1M | $324.3M | $308.0M | $328.8M | $304.6M | $297.4M | $303.6M | $300.6M | $260.4M | $286.9M |
| Long-term debt | $594.1M | $634.3M | $682.7M | $718.9M | $698.2M | $645.2M | $670.3M | $471.7M | $404.0M | $340.6M | $311.2M | $387.2M |
| Lease obligations | $145.9M | $180.3M | $173.8M | $110.3M | $116.2M | $102.1M | $79.4M | $74.8M | $83.5M | $89.0M | $93.6M | $99.0M |
| Other long-term liabilities | $211.9M | $233.7M | $230.8M | $195.8M | $199.9M | $179.8M | $165.0M | $154.8M | $155.6M | $159.4M | $149.7M | $75.0M |
| Total liabilities | $1.12B | $1.19B | $1.23B | $1.24B | $1.21B | $1.15B | $1.14B | $923.9M | $863.2M | $800.7M | $721.3M | $749.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $26.4M | $26.4M | $26.3M | $26.3M | $26.3M | $26.3M | $26.3M | $26.3M | $26.3M | $26.3M | $31.0M | $31.0M |
| Retained earnings (deficit) | $529.2M | $505.8M | $512.1M | $554.3M | $631.8M | $626.3M | $623.0M | $605.6M | $581.8M | $553.9M | $595.5M | $576.8M |
| Accumulated other comprehensive income | −$701,000 | $224,999 | −$3.3M | −$7.8M | −$9.7M | −$11.5M | −$7.2M | −$5.9M | −$4.2M | −$1.2M | −$2.5M | −$5.9M |
| Total shareholders' equity | $561.0M | $538.6M | $540.4M | $578.1M | $653.7M | $646.4M | $647.0M | $631.0M | $608.9M | $583.9M | $532.2M | $510.2M |
| Key figures | ||||||||||||
| Total debt | $838.5M | $930.7M | $971.4M | $934.5M | $911.7M | $838.9M | $838.4M | $632.3M | $567.3M | $503.1M | $475.5M | $486.2M |
| Net cash (debt) | −$818.2M | −$912.7M | −$934.2M | −$897.3M | −$877.5M | −$806.3M | −$807.5M | −$608.7M | −$548.3M | −$480.2M | −$452.3M | −$458.9M |
| Working capital | $61.8M | $41.6M | $64.7M | $104.7M | $85.4M | $60.2M | $105.2M | $108.4M | $79.2M | $66.5M | $105.1M | $102.3M |
| Tangible book value | $352.5M | $327.2M | $326.1M | $317.9M | $309.5M | $296.6M | $289.3M | $408.7M | $386.4M | $356.7M | $300.2M | $275.0M |
| Book value per share | $21.28 | $20.44 | $20.52 | $21.95 | $24.82 | $24.54 | $24.56 | $23.94 | $23.11 | $22.18 | $20.23 | $19.39 |
| Shares outstanding | 26.4M | 26.4M | 26.3M | 26.3M | 26.3M | 26.3M | 26.3M | 26.4M | 26.4M | 26.3M | 26.3M | 26.3M |
| Current ratio | 1.20 | 1.13 | 1.20 | 1.32 | 1.28 | 1.18 | 1.35 | 1.36 | 1.26 | 1.22 | 1.40 | 1.36 |
| Quick ratio | 1.10 | 1.05 | 1.12 | 1.07 | 1.15 | 1.08 | 1.27 | 1.28 | 1.17 | 1.14 | 1.29 | 1.18 |
| Debt / equity | 1.49 | 1.73 | 1.80 | 1.62 | 1.39 | 1.30 | 1.30 | 1.00 | 0.93 | 0.86 | 0.89 | 0.95 |
| Equity / assets | 33.3% | 31.2% | 30.5% | 31.8% | 35.2% | 35.9% | 36.2% | 40.6% | 41.4% | 42.2% | 42.5% | 40.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
ULH financial position
At the end of fiscal 2025 (December 31, 2025), Universal Logistics had total assets of $1.8 billion (down 0.8% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of $540.4 million. It held $37.2 million in cash and short-term investments against $971.4 million of debt, net debt of $934.2 million. Its current ratio was 1.20. In the latest quarter (ended June 30, 2026) total assets were $1.7 billion and equity $561.0 million.
Related: ULH income statement, ULH cash flow statement, ULH key metrics. See the ULH stock overview for the latest quote and news.
ULH balance sheet FAQ
What are Universal Logistics's total assets?
Universal Logistics reported total assets of $1.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.8 billion a year earlier.
How much debt does Universal Logistics have?
Universal Logistics had $971.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.80.
How much cash does Universal Logistics have?
Universal Logistics held $37.2 million in cash and short-term investments at the end of fiscal 2025; with $971.4 million of debt that is net debt of $934.2 million.
What is Universal Logistics's book value?
Universal Logistics's shareholders' equity (book value) was $540.4 million at the end of fiscal 2025, or $20.52 per share.
What is Universal Logistics's current ratio?
Universal Logistics had current assets of $382.8 million and current liabilities of $318.1 million, a current ratio of 1.20 (it can cover its short-term obligations).
How much goodwill does Universal Logistics have?
Universal Logistics carried $214.2 million of goodwill and intangible assets, 12.1% of total assets, at the end of fiscal 2025.