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Saia, Inc., through its wholly-owned subsidiaries, is a transportation company headquartered in Johns Creek, Georgia (Saia, Inc. together with its subsidiaries, the Company or Saia). We provide national less-than-truckload (LTL) services through a single integrated organization.
10.89% operating margin is respectable but not wide. ROIC at 9.77%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 0.8%, essentially flat. Margins also contracted 4.1pp. This is a business that needs a catalyst.
ROIC dropped from 15.56% to 9.77%, capital efficiency is deteriorating. Net debt of $286M represents 10.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.25B
▲ +0.8% YoY
Net Income (TTM)
$255M
▼ -29.6% YoY
Op. Margin
10.72%
▼ -4.1pp YoY
ROIC
9.26%
▼ -5.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$195M
▲ +105.9% YoY
Op. Cash Flow (TTM)
$626M
▲ +1.9% YoY
Net Debt
$223M
Cash & Equiv.
$39M
5Y CAGR: +12.2%
5Y CAGR: -18.9%
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