Hub Group, Inc.

HUBG

$36.54

+1.70%

N/A+$0.61

Industrials

Integrated Freight & Logistics

NASDAQ

Active Trading

Hub Group, Inc., a supply chain solutions provider, offers transportation and logistics management services in North America. It operates in two segments, ...

Supply Chain of HUBG

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Ferromex (Ferrocarril Mexicano)

Transportes EASO

Hub Group Trucking (formerly Comtrak)

DCLI (Direct ChassisLink, Inc.)

Union Pacific Railroad

NYSE:UNP

Class I railroad – primary long-haul rail provider for intermodal (western US). Exclusive partner for Falcon Premium cross-border service to Mexico.

Norfolk Southern Railway

NYSE:NSC

Class I railroad – primary long-haul rail provider for intermodal (eastern US). Exclusive partner; combined with UP through proposed transcontinental merger.

Canadian National Railway

NYSE:CNI

Class I railroad – intermodal partner for Canada cross-border service via Falcon Premium alliance with UP and Ferromex.

BNSF Railway

NYSE:BRK.B

Class I railroad – secondary intermodal rail partner (western US). Wholly owned by Berkshire Hathaway.

Ferromex (Ferrocarril Mexicano)

BMV:GMXT

Class I railroad – Mexican rail network partner for cross-border intermodal via EASO joint venture (subsidiary of Grupo Mexico Transportes).

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Top 10 Customers (aggregate, incl. unnamed)

Top 50 Customers (aggregate)

The Home Depot, Inc.

NYSE:HD

Long-standing major customer; Hub Group has won multiple annual carrier awards (Intermodal Carrier of the Year, Dedicated Van Carrier of the Year, 3PL of the Year). Likely the single >10% revenue customer referenced in the 10-K. · 12.0%

Walmart Inc.

NYSE:WMT

Hub Group operates retail consolidation programs supporting Walmart's CPG supplier inbound logistics. Provides intermodal and truck brokerage services to Walmart's supply chain network.

Top 10 Customers (aggregate, incl. unnamed)

Hub Group's 10 largest customers collectively accounted for ~44% of total revenue in fiscal 2024. Includes Home Depot and other major retailers/CPG companies. Names not disclosed in SEC filings. · 44.0%

Top 50 Customers (aggregate)

Hub Group's 50 largest customers collectively accounted for ~68% of total revenue in fiscal 2024. Broad base across retail, CPG, industrial, automotive, food & beverage sectors. · 68.0%

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

J.B. Hunt Transport Services, Inc.

C.H. Robinson Worldwide, Inc.

XPO Logistics, Inc.

Schneider National, Inc.

Knight-Swift Transportation Holdings Inc.

J.B. Hunt Transport Services, Inc.

NASDAQ:JBHT

Direct peer – largest competitor in intermodal transportation. Similar asset-light model combining rail partnerships with owned containers and trucking. Primary comparable for valuation and operational benchmarking.

C.H. Robinson Worldwide, Inc.

NASDAQ:CHRW

Largest freight brokerage/logistics 3PL peer. Asset-light model with truck brokerage, intermodal, and Managed TMS services. Comparable for logistics segment and brokerage margin analysis.

XPO Logistics, Inc.

NYSE:XPO

Peer in truck brokerage and LTL. Comparable asset-light brokerage model with technology-driven operations. Competes across intermodal and truck brokerage segments.

Schneider National, Inc.

NYSE:SNDR

Peer in intermodal and dedicated trucking. Operates both asset-based (truck fleet) and asset-light (brokerage/intermodal) services. Comparable intermodal rail partnership model.

Knight-Swift Transportation Holdings Inc.

NYSE:KNX

Largest full-truckload carrier with growing intermodal and brokerage operations. Comparable for dedicated/truckload segment and as a bellwether for US freight demand.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States

Mexico

Canada

The Home Depot, Inc.

Walmart Inc.

Transportes EASO

Ferromex (Grupo Mexico Transportes)

Canadian National Railway

United States

Primary market – ~90%+ of revenue. Dependence on US economic and industrial activity, consumer spending, and retail supply chains.

The Home Depot, Inc.NYSE:HDMajor US-based retail customer

Walmart Inc.NYSE:WMTMajor US-based retail customer via consolidation programs

Mexico

Growing cross-border exposure via EASO JV (2024) and Falcon Premium intermodal service. Subject to US-Mexico trade policy, border crossing delays, and customs risks.

Transportes EASOJoint venture partner for Mexico intermodal/cross-border services

Ferromex (Grupo Mexico Transportes)BMV:GMXTMexican rail carrier partner via EASO JV

Canada

Cross-border service via Canadian National (CN) rail partnership. Smaller but growing exposure to Canadian freight markets.

Canadian National RailwayNYSE:CNIClass I rail provider for Canada cross-border intermodal

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

One undisclosed customer accounts for >10% of annual revenue. Top 10 customers represent ~44% of revenue. Loss of a major customer could materially impact financial performance.

Other

High

Intermodal segment (56.8% of revenue) depends on exclusivity relationships with Union Pacific and Norfolk Southern. The proposed UP-NS merger could alter competitive dynamics and pricing for intermodal services.

Other

High

Rail network dependence: hub Group relies on a small number of Class I railroads (primarily UP, NS, CN). Railroad service disruptions, labor disputes, or capacity constraints directly impact intermodal operations.

Other

Medium

Asset-light model: a significant portion of truck capacity relies on third-party carriers. Rising carrier rates or carrier shortages could compress margins in truck brokerage.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Intermodal

56.8%

$2.2B

Drives demand for Class I rail capacity (Union Pacific, Norfolk Southern, Canadian National, BNSF) and drayage trucking services. Requires container and chassis equipment investment. Largest segment by revenue; rail partners are the most critical upstream dependency.

Logistics

46.4%

$1.8B

Encompasses truck brokerage, dedicated contract carriage, final mile delivery, warehousing/fulfillment, and managed transportation. Depends on a broad network of third-party truck carriers (thousands of mostly unlisted drayage and over-the-road carriers). Includes TAGG Logistics (fulfillment) and Forward Air Final Mile assets.

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Hub Group, Inc.

Supply Chain of HUBG

Upstream

Union Pacific Railroad

Norfolk Southern Railway

Canadian National Railway

BNSF Railway

Ferromex (Ferrocarril Mexicano)

Transportes EASO

Hub Group Trucking (formerly Comtrak)

DCLI (Direct ChassisLink, Inc.)

View More

Downstream

The Home Depot, Inc.

Walmart Inc.

Top 10 Customers (aggregate, incl. unnamed)

Top 50 Customers (aggregate)

Proxies

J.B. Hunt Transport Services, Inc.

C.H. Robinson Worldwide, Inc.

XPO Logistics, Inc.

Schneider National, Inc.

Knight-Swift Transportation Holdings Inc.

Geographic

United States

Mexico

Canada

Supply Chain of HUBG

Upstream

Union Pacific Railroad

Norfolk Southern Railway

Canadian National Railway

BNSF Railway

Ferromex (Ferrocarril Mexicano)

Transportes EASO

Hub Group Trucking (formerly Comtrak)

DCLI (Direct ChassisLink, Inc.)

View More

Downstream

The Home Depot, Inc.

Walmart Inc.

Top 10 Customers (aggregate, incl. unnamed)

Top 50 Customers (aggregate)

Proxies

J.B. Hunt Transport Services, Inc.

C.H. Robinson Worldwide, Inc.

XPO Logistics, Inc.

Schneider National, Inc.

Knight-Swift Transportation Holdings Inc.

Geographic

United States

Mexico

Canada