- TFI International Inc. (TFII)
- Knight-Swift Transportation Holdings Inc. (KNX)
- Old Dominion Freight Line Inc. (ODFL)
- Saia Inc. (SAIA)
KNX also operates in the transportation industry; the company provides freight services, including truckload, less-than-truckload, logistics, and intermodal. KNX’s growth has been driven through a combination of organic investments and acquisitions. That being said, KNX’s operational efficiency track record is inferior to ODFL or TFII in terms of EBIT margins or Return on Equity (ROE). In addition, both revenue and profitability have been much more volatile relative to other operators due to the cyclicality of the industry. We think investors are better off sticking with high-quality operators and industry leaders like TFII, ODFL, and SAIA.