Pamt Corp (NASDAQ: PAMT)

Sector: Industrials Industry: Trucking CIK: 0000798287
Market Cap 286.35 Mn
P/B 1.20
P/E -5.21
P/S 0.46
ROIC (Qtr) -8.02
Div Yield % 0.00
Rev 1y % (Qtr) -17.70
Total Debt (Qtr) 342.43 Mn
Debt/Equity (Qtr) 1.43
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About

PAM Transportation Services, Inc., often referred to as PAM Transport, operates in the transportation industry, providing truckload dry van carrier services across the continental United States, Mexico, and certain Canadian provinces. The company's primary offerings include truckload services, brokerage and logistics services, and equipment leasing. PAM Transport's customer base is diverse, with significant presence in the automotive, consumer goods, and manufactured goods industries. PAM Transport's main business activities revolve around its...

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Investment thesis

Bull case

  • Operating cash flow of 38.39M provides strong 77.09x coverage of stock compensation 498000, indicating sustainable incentive practices.
  • Tangible assets of 715.25M provide robust 45.50x coverage of other current liabilities 15.72M, indicating strong asset backing.
  • Short-term investments of 46.80M provide solid 2.98x coverage of other current liabilities 15.72M, indicating strong liquidity.
  • Robust tangible asset base of 715.25M provides 7.73x coverage of working capital 92.53M, indicating strong operational backing.
  • Retained earnings of 226.75M provide strong 14.42x coverage of other current liabilities 15.72M, indicating earnings quality.

Bear case

  • Operating cash flow of 38.39M barely covers its investment activities of (23.34M), with a coverage ratio of -1.64, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • High receivables of 81.75M relative to inventory of 2.27M (35.98 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Operating cash flow of 38.39M provides minimal -2.18x coverage of tax expenses of (17.57M), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (55.82M) show weak coverage of depreciation charges of 108M, with a -0.52 ratio indicating high capital intensity and potential reinvestment needs.
  • Operating cash flow of 38.39M barely covers operating expenses of 144.62M with a 0.27 ratio, suggesting thin operational efficiency margins and limited flexibility.

Product and Service Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Trucking
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ODFL Old Dominion Freight Line, Inc. 48.73 Bn 782.67 33.27 0.08 Bn
2 XPO XPO, Inc. 23.75 Bn 75.14 2.91 4.09 Bn
3 SAIA Saia Inc 10.38 Bn 36.60 3.21 0.35 Bn
4 TFII TFI International Inc. 10.05 Bn 32.37 1.27 3.33 Bn
5 KNX Knight-Swift Transportation Holdings Inc. 9.89 Bn 11.13 1.36 3.22 Bn
6 SNDR Schneider National, Inc. 4.98 Bn 12.00 1.10 0.52 Bn
7 ARCB Arcbest Corp /De/ 2.70 Bn 45.25 0.96 0.46 Bn
8 RXO RXO, Inc. 2.51 Bn -25.14 0.44 0.67 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.77 1.82
EV to Cash from Ops. EV/CFO 14.29 30.89
EV to Debt EV to Debt 1.60 334.88
EV to EBIT EV/EBIT -9.83 41.39
EV to EBITDA EV/EBITDA 12.37 30.41
EV to Free Cash Flow [EV/FCF] EV/FCF 37.58 8.80
EV to Market Cap EV to Market Cap 1.92 1.18
EV to Revenue EV/Rev 0.88 3.58
Price to Book Value [P/B] P/B 1.20 8.76
Price to Earnings [P/E] P/E -5.21 71.24
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 1.04
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 27.17
Dividend per Basic Share Div per Share (Qtr) 0.00 0.34
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 16.21
Interest Coverage Int. cover (Qtr) -3.34 2,509.13
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 59.06 -384.47
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 43.02 6.65
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.53
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 98.67 -139.40
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -38.67 -265.30
EBIT Growth (1y) % EBIT 1y % (Qtr) -576.12 -150.93
EBT Growth (1y) % EBT 1y % (Qtr) -805,755.56 -53,829.57
EPS Growth (1y) % EPS 1y % (Qtr) -2,016.67 -170.98
FCF Growth (1y) % FCF 1y % (Qtr) 126.16 59.93
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -16.01 -3.53
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.87 1.07
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.05
Cash Ratio Cash Ratio (Qtr) 0.58 0.23
Current Ratio Curr Ratio (Qtr) 1.79 1.44
Debt to Equity Ratio Debt/Equity (Qtr) 1.43 0.64
Interest Cover Ratio Int Coverage (Qtr) -3.34 2,509.13
Times Interest Earned Times Interest Earned (Qtr) -3.34 2,509.13
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 8.40 10.72
EBIT Margin % EBIT Margin % (Qtr) -8.96 1.50
EBT Margin % EBT Margin % (Qtr) -11.63 0.13
Gross Margin % Gross Margin % (Qtr) 58.70 46.24
Net Profit Margin % Net Margin % (Qtr) -8.80 -0.55