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 →
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