ULH · CIK 1308208
What Universal Logistics Holdings, Inc. told the SEC could break it.
Universal Logistics' revenue is heavily concentrated in the automotive industry, which was about 45% of 2025 revenue, and in a few customers — General Motors alone was roughly 25% and its top ten customers about 59% — so losing or being scaled back by a major account, or an auto-sector downturn, would be materially adverse. Its business also leans on North American cross-border trade between the U.S., Canada and Mexico, leaving it exposed to changes in trade policy, tariffs and customs rules that could disrupt the supply chains it serves. A smaller thread is currency: about 4% of revenue comes from Mexico and Canada, and a hypothetical 10% weakening of the dollar would add roughly $5.6 million in annual operating expense, which it does not hedge.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- automotive 45% of revenue; GM 25%; top 10 = 59%high
Universal's revenue is concentrated in automotive (45%) and a few customers — GM alone is ~25% and its top ten ~59% — so loss of or reduced demand from a significant customer (or auto-sector downturn) would be materially adverse.
“During the year ended December 31, 2025, customers in the automotive industry accounted for approximately 45% of our revenues, and our top ten customers accounted for approximately 59% of revenues. The loss of, or reduced demand from, any significant customer could materially adversely affect our business.”
SEC filing →As of 2026
Regulatory & policy
- cross-border (US/Canada/Mexico) trade policy & tariffsmedium
Universal's business depends heavily on US-Canada-Mexico cross-border trade; changes in trade policy, tariffs or customs regulations could disrupt the supply chains it serves.
“Our business depends heavily on cross-border trade between the United States, Canada, and Mexico. Changes in trade policy, tariffs, customs regulations, or geopolitical tensions could disrupt supply chains.”
SEC filing →As of 2026
Currency (FX)
- Mexican peso / Canadian dollar exposurelow
About 4% of Universal's revenue comes from outside the US (Mexico/Canada); a hypothetical 10% USD weakening would raise annual operating expenses by ~$5.6M, and it does not use FX hedges.
“For the years ended December 31, 2025 and 2024, approximately 4.0% and 3.0%, respectively, of our revenues were derived from services provided outside the United States.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“In 2025, 2024 and 2023, General Motors accounted for approximately 25 %, 18 % and 20 % of our total operating revenues, respectively, and Ford accounted for approximately 6 %, 17 % and 6 %, respectively.”
Cited →“In 2025, 2024 and 2023, General Motors accounted for approximately 25 %, 18 % and 20 % of our total operating revenues, respectively, and Ford accounted for approximately 6 %, 17 % and 6 %, respectively.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch