One-glance verdict
Undervalued
$57.75 our estimate vs market $11.75
80% below our estimate, below the bear case
Fundamentals snapshot
PAMT CORP
PAMT · NGM · Industrials · Trucking
Current price
$11.75
52-week range
$7.15 - $17.75
Market cap
$246.07M
Balance sheet
Distressed
-4.56x Concerning
Net debt $282.68M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
3 Risks
2 rewards · 3 risks
- Reward Revenue grew 1.2% last year.
- Reward Free cash flow was positive in 6/10 years.
- Risk Net debt grew 67.7% over 3 years.
- Risk Operating margin compressed from 12.7% to -6.7% over 3 years.
What this company does
PAMT CORP
PAMT CORP is a trucking company that moves large shipments of goods for other businesses across North America. It makes most of its money hauling items like automotive parts and store merchandise, serving as a critical piece of the supply chain (the network that gets products from the factory to the store). Because the company transports essential goods for major industries, its business can often act as a barometer for the overall health of the economy.
How the company got here
PAMT CORP started its journey in 1980 as a small trucking business with just a handful of trucks and trailers. It officially became a corporation in 1986 under the name P.A.M. Transportation Services, Inc. Over the years, the company grew by attracting more customers and acquiring other businesses, expanding its fleet and services. In late 2024, the company changed its name to PAMT CORP and re-organized its corporate structure, but its core business remains the same.
What it actually does
PAMT is a transportation company that moves large shipments of goods for other businesses across the United States, Mexico, and Canada. Think of them as a delivery service for big items, using a large fleet of thousands of trucks and trailers. They specialize in carrying things like car parts, merchandise for retail stores, and manufactured products such as air conditioning units. The company ensures that these general commodities get from factories and warehouses to their destinations safely and on time.
Truckload Services
This is the company's main business, making up about two-thirds of its revenue (the total money it brings in). In this segment, PAMT uses its own fleet of trucks and trailers, operated by either its own employees or independent owner-operators, to haul freight for customers. Customers like automotive companies and retailers pay PAMT to transport a full truckload of their goods from one place to another. This service covers local, regional, and long-haul routes across North America.
Brokerage and Logistics Services
This part of the business, which generates about a third of the company's revenue, works like a matchmaker for shipping. Instead of using its own trucks, PAMT's logistics (the detailed organization and implementation of a complex operation) division arranges for other trucking companies to move a customer's freight. PAMT handles the coordination and planning for the customer, who pays them for this service. This allows the company to offer more transportation options and capacity (the ability to handle more shipments) than its own fleet can provide.
What management is betting on now
The company is currently focused on improving its financial health by carefully managing its spending and making its shipping network more efficient. They are investing in new equipment, planning to buy hundreds of new trucks and trailers to keep their fleet modern. Management has noted that after a long period of low prices, they are starting to see an increase in the rates they can charge for shipping, which they hope will continue. Instead of paying out profits to shareholders as dividends (a regular cash payment), the company plans to reinvest its earnings back into the business.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-33.61M
FY2024 Q4
$-39.93M
FY2025 Q1
$-6.80M
FY2025 Q2
$5.86M
FY2025 Q3
$2.51M
FY2025 Q4
$-24.98M
FY2026 Q1
$-17.09M
FY2026 Q2
$-18.38M
Revenue
—
Net income
$-7.44M
Diluted EPS
-0.36
Operating cash flow
$-14.02M
Free cash flow
$-18.38M
Fetching…
Sources
Revenue
—
Net income
$-8.00K
Diluted EPS
0.00
Operating cash flow
$-2.69M
Free cash flow
$-17.09M
Fetching…
Sources
Revenue
—
Net income
$-29.25M
Diluted EPS
-1.38
Operating cash flow
$-5.81M
Free cash flow
$-24.98M
Fetching…
Sources
Revenue
—
Net income
$-5.59M
Diluted EPS
-0.27
Operating cash flow
$5.94M
Free cash flow
$2.51M
Fetching…
Sources
Revenue
—
Net income
$-9.63M
Diluted EPS
-0.46
Operating cash flow
$12.21M
Free cash flow
$5.86M
Fetching…
Sources
Revenue
—
Net income
$-8.14M
Diluted EPS
-0.37
Operating cash flow
$5.00M
Free cash flow
$-6.80M
Fetching…
Sources
Revenue
—
Net income
$-31.58M
Diluted EPS
-1.44
Operating cash flow
$15.25M
Free cash flow
$-39.93M
Fetching…
Sources
Revenue
—
Net income
$2.41M
Diluted EPS
0.11
Operating cash flow
$15.52M
Free cash flow
$-33.61M
Fetching…
Sources
Is it cheap or expensive?
Fair value $57.75 vs current price $11.75
Our most-likely fair value is $57.75 a share — about 391.5% above today's price of $11.75, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $282.7M. Interest coverage -4.6x.
Net debt
$282.68M
Interest coverage
-4.56x
PAMT CORP's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
PAMT
BASELINE
PAMT CORP
Total debt $339.62M Interest coverage -4.56x This is the baseline the peer rows are being compared against.
Total debt $838.52M Interest coverage 1.23x This peer still has a real interest-payment cushion, while PAMT does not.
Total debt $324.43M Interest coverage 1.70x This peer still has a real interest-payment cushion, while PAMT does not.
Total debt $146.40M Interest coverage -5.38x Neither company has much profit cushion over interest right now.
Total debt $945.79M Interest coverage 1.43x This peer still has a real interest-payment cushion, while PAMT does not.
What you should know
The case for and against PAMT
2 Rewards
3 Risks
Rewards
-
Revenue grew 1.2% last year.
-
Free cash flow was positive in 6/10 years.
Risks
-
Net debt grew 67.7% over 3 years.
-
Operating margin compressed from 12.7% to -6.7% over 3 years.
-
Return on equity was -18.9% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
—
P/B
1.21x
P/S
0.41x
EV/EBITDA
-796.31x
PEG ratio
0.94x
Profitability
How much profit each dollar creates
Gross margin
12.1%
Operating margin
-6.7%
Net margin
-7.1%
ROE
-18.9%
ROA
-7.1%
Health
Liquidity and balance-sheet strength
Debt / equity
1.67x
Current ratio
1.32x
Quick ratio
1.23x
Total debt
$339.62M
Total cash
$56.94M
Growth
How the business has been compounding
Revenue TTM
$437.84M
Revenue 5Y CAGR
2.1%
EPS TTM
-2.01
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-16.58M
Free CF TTM
$-23.41M
FCF margin
-5.3%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
2012-12-13