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Side-by-side financial comparison of UNIVERSAL LOGISTICS HOLDINGS, INC. (ULH) and Waystar Holding Corp. (WAY). Click either name above to swap in a different company.
UNIVERSAL LOGISTICS HOLDINGS, INC. is the larger business by last-quarter revenue ($385.4M vs $313.9M, roughly 1.2× Waystar Holding Corp.). Waystar Holding Corp. runs the higher net margin — 13.8% vs 1.0%, a 12.8% gap on every dollar of revenue. On growth, Waystar Holding Corp. posted the faster year-over-year revenue change (22.4% vs -17.1%). Waystar Holding Corp. produced more free cash flow last quarter ($90.3M vs $14.3M). Over the past eight quarters, Waystar Holding Corp.'s revenue compounded faster (15.7% CAGR vs -11.5%).
Universal Music Group N.V. is a multinational music corporation under Dutch law. UMG's corporate headquarters are located in Hilversum, Netherlands, and its operational headquarters are located in Santa Monica, California. As the biggest music company in the world, it is one of the "Big Three" record labels, along with Sony Music Entertainment and Warner Music Group. Tencent acquired ten percent of Universal Music Group in March 2020 for €3 billion and acquired an additional ten percent stake...
Waystar Holding Corp is a leading provider of integrated healthcare payment and revenue cycle management solutions. It serves healthcare providers, health systems, and payers across the United States, offering tools that streamline billing, claims processing, patient payment collection, and revenue optimization to reduce administrative burdens and improve financial performance for healthcare organizations.
ULH vs WAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $385.4M | $313.9M |
| Net Profit | $3.7M | $43.3M |
| Gross Margin | — | — |
| Operating Margin | 4.5% | 25.6% |
| Net Margin | 1.0% | 13.8% |
| Revenue YoY | -17.1% | 22.4% |
| Net Profit YoY | -81.5% | 47.9% |
| EPS (diluted) | $0.14 | $0.42 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $313.9M | ||
| Q4 25 | $385.4M | $303.5M | ||
| Q3 25 | $396.8M | $268.7M | ||
| Q2 25 | $393.8M | $270.7M | ||
| Q1 25 | $382.4M | $256.4M | ||
| Q4 24 | $465.1M | $244.1M | ||
| Q3 24 | $426.8M | $240.1M | ||
| Q2 24 | $462.2M | $234.5M |
| Q1 26 | — | $43.3M | ||
| Q4 25 | $3.7M | $20.0M | ||
| Q3 25 | $-117.9M | $30.6M | ||
| Q2 25 | $8.3M | $32.2M | ||
| Q1 25 | $6.0M | $29.3M | ||
| Q4 24 | $20.2M | $19.1M | ||
| Q3 24 | $26.5M | $5.4M | ||
| Q2 24 | $30.7M | $-27.7M |
| Q1 26 | — | 25.6% | ||
| Q4 25 | 4.5% | 19.4% | ||
| Q3 25 | -29.6% | 22.4% | ||
| Q2 25 | 5.1% | 24.0% | ||
| Q1 25 | 4.1% | 25.4% | ||
| Q4 24 | 8.2% | 21.8% | ||
| Q3 24 | 10.0% | 11.3% | ||
| Q2 24 | 10.2% | 3.5% |
| Q1 26 | — | 13.8% | ||
| Q4 25 | 1.0% | 6.6% | ||
| Q3 25 | -29.7% | 11.4% | ||
| Q2 25 | 2.1% | 11.9% | ||
| Q1 25 | 1.6% | 11.4% | ||
| Q4 24 | 4.3% | 7.8% | ||
| Q3 24 | 6.2% | 2.3% | ||
| Q2 24 | 6.7% | -11.8% |
| Q1 26 | — | $0.42 | ||
| Q4 25 | $0.14 | $0.10 | ||
| Q3 25 | $-4.48 | $0.17 | ||
| Q2 25 | $0.32 | $0.18 | ||
| Q1 25 | $0.23 | $0.16 | ||
| Q4 24 | $0.76 | $0.18 | ||
| Q3 24 | $1.01 | $0.03 | ||
| Q2 24 | $1.17 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $26.8M | $34.3M |
| Total DebtLower is stronger | $797.6M | $13.5M |
| Stockholders' EquityBook value | $540.4M | $3.9B |
| Total Assets | $1.8B | $5.8B |
| Debt / EquityLower = less leverage | 1.48× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $34.3M | ||
| Q4 25 | $26.8M | $61.4M | ||
| Q3 25 | $27.4M | $421.1M | ||
| Q2 25 | $24.3M | $290.3M | ||
| Q1 25 | $20.6M | $224.0M | ||
| Q4 24 | $19.4M | $182.1M | ||
| Q3 24 | $11.8M | $127.1M | ||
| Q2 24 | $7.5M | $68.4M |
| Q1 26 | — | $13.5M | ||
| Q4 25 | $797.6M | $1.5B | ||
| Q3 25 | $824.2M | — | ||
| Q2 25 | $795.5M | — | ||
| Q1 25 | $736.7M | — | ||
| Q4 24 | $759.1M | $1.2B | ||
| Q3 24 | $557.4M | — | ||
| Q2 24 | $483.8M | — |
| Q1 26 | — | $3.9B | ||
| Q4 25 | $540.4M | $3.9B | ||
| Q3 25 | $534.9M | $3.2B | ||
| Q2 25 | $653.7M | $3.2B | ||
| Q1 25 | $646.4M | $3.1B | ||
| Q4 24 | $647.0M | $3.1B | ||
| Q3 24 | $631.0M | $3.1B | ||
| Q2 24 | $608.9M | $2.9B |
| Q1 26 | — | $5.8B | ||
| Q4 25 | $1.8B | $5.8B | ||
| Q3 25 | $1.8B | $4.7B | ||
| Q2 25 | $1.9B | $4.7B | ||
| Q1 25 | $1.8B | $4.6B | ||
| Q4 24 | $1.8B | $4.6B | ||
| Q3 24 | $1.6B | $4.5B | ||
| Q2 24 | $1.5B | $4.6B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | 1.48× | 0.38× | ||
| Q3 25 | 1.54× | — | ||
| Q2 25 | 1.22× | — | ||
| Q1 25 | 1.14× | — | ||
| Q4 24 | 1.17× | 0.40× | ||
| Q3 24 | 0.88× | — | ||
| Q2 24 | 0.79× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $47.1M | $84.9M |
| Free Cash FlowOCF − Capex | $14.3M | $90.3M |
| FCF MarginFCF / Revenue | 3.7% | 28.8% |
| Capex IntensityCapex / Revenue | 8.5% | — |
| Cash ConversionOCF / Net Profit | 12.62× | 1.96× |
| TTM Free Cash FlowTrailing 4 quarters | $-41.1M | $314.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $84.9M | ||
| Q4 25 | $47.1M | $66.6M | ||
| Q3 25 | $25.9M | $82.0M | ||
| Q2 25 | $25.7M | $96.8M | ||
| Q1 25 | $84.3M | $64.2M | ||
| Q4 24 | $59.7M | — | ||
| Q3 24 | $6.2M | $78.8M | ||
| Q2 24 | $9.6M | $15.4M |
| Q1 26 | — | $90.3M | ||
| Q4 25 | $14.3M | $57.2M | ||
| Q3 25 | $-28.6M | $76.2M | ||
| Q2 25 | $-58.5M | $91.0M | ||
| Q1 25 | $31.7M | $58.8M | ||
| Q4 24 | $18.9M | — | ||
| Q3 24 | $-58.9M | $70.2M | ||
| Q2 24 | $-67.6M | $8.6M |
| Q1 26 | — | 28.8% | ||
| Q4 25 | 3.7% | 18.9% | ||
| Q3 25 | -7.2% | 28.3% | ||
| Q2 25 | -14.9% | 33.6% | ||
| Q1 25 | 8.3% | 22.9% | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | -13.8% | 29.2% | ||
| Q2 24 | -14.6% | 3.7% |
| Q1 26 | — | — | ||
| Q4 25 | 8.5% | 3.1% | ||
| Q3 25 | 13.7% | 2.2% | ||
| Q2 25 | 21.4% | 2.1% | ||
| Q1 25 | 13.7% | 2.1% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 15.3% | 3.6% | ||
| Q2 24 | 16.7% | 2.9% |
| Q1 26 | — | 1.96× | ||
| Q4 25 | 12.62× | 3.33× | ||
| Q3 25 | — | 2.68× | ||
| Q2 25 | 3.09× | 3.01× | ||
| Q1 25 | 14.02× | 2.20× | ||
| Q4 24 | 2.96× | — | ||
| Q3 24 | 0.23× | 14.56× | ||
| Q2 24 | 0.31× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ULH
| Value Added Services | $183.7M | 48% |
| Dedicated Services | $84.9M | 22% |
| Intermodal | $52.7M | 14% |
| Truckload Services | $48.8M | 13% |
| Brokerage Services | $16.1M | 4% |
WAY
| Subscription | $172.2M | 55% |
| Volume-based | $139.5M | 44% |
