NYSE:RLGT
RADIANT LOGISTICS, INC
A North American and European freight forwarding firm providing end-to-end supply chain solutions including warehousing, trucking, and last-mile delivery.
Key Metrics
Investment Thesis
Bull Case
Investors may consider RLGT as a turnaround play given the recent net income recovery in 2025 and the company's established global logistics network which offers barriers to entry for competitors. The asset-light business model provides inherent capital efficiency, allowing the firm to adapt quickly to shifting demand patterns without the burden of heavy fixed assets. With manageable current liabilities relative to assets ($115.1M vs $179.2M), the balance sheet supports potential debt reduction or strategic M&A activity if market conditions stabilize.
Bear Case
The severe revenue decline over three years raises concerns about long-term demand sustainability and the company's ability to regain pre-2022 growth rates. A substantial retained earnings deficit of $150.6M combined with negative non-operating income suggests underlying profitability issues that could persist if market share is not regained. The significant cash outflow from investing activities (-$33.5M) alongside a net decrease in cash reserves indicates aggressive spending that may strain liquidity if operating margins do not improve consistently.
About RADIANT LOGISTICS, INC
Radiant Logistics (RLGT) is a specialized logistics provider operating across North America, Europe, and Asia, offering comprehensive solutions including freight forwarding, warehousing, and last-mile delivery. The company serves diverse markets such as automotive, consumer goods, and technology sectors with a focus on supply chain optimization and customized logistics services. By leveraging its extensive network and operational expertise, RLGT aims to deliver efficient transport solutions while maintaining cost-effective pricing structures for enterprise clients.
Analysis
Management Discussion
Radiant Logistics demonstrated resilience in 2025 with a rebound in net income to $17.4M compared to the low point of $8.2M in 2024, though revenue remains below historical highs at $902.7M versus $1.46B in 2022. The company's cash flow from operations ($13.3M) and strong gross profit margin indicate operational efficiency despite the significant drop in top-line growth over the last three years. However, the net change in cash of -$1.9M reflects continued investing outflows (-$33.5M) likely tied to strategic acquisitions ($28.5M) or fleet expansions that are not yet yielding proportional returns.
Industry Overview
The global logistics and supply chain management industry is characterized by high competition, margin compression due to rising fuel costs, and increasing customer demands for sustainability and speed. Companies must continuously optimize their networks and invest in technology to maintain service levels while controlling expenses in a volatile economic environment. Market consolidation remains a trend as smaller players struggle with cost pressures, creating opportunities for larger firms with diversified revenue streams.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.46B | $1.09B | $802.5M | $902.7M |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $1.46B | $1.09B | $802.5M | $902.7M |
| Operating Expenses | $1.40B | $1.06B | $793.2M | $881.6M |
| Operating Income | $58.6M | $28.1M | $9.3M | $21.1M |
| G&A | $34.0M | $38.5M | $38.7M | $42.5M |
| Stock-Based Comp | $1.8M | $2.5M | $2.6M | $-819.0K |
| D&A | $7.3M | $7.4M | $7.6M | $7.8M |
| Amortization | $11.4M | $15.3M | $10.5M | $10.6M |
| Other OpEx | $1.37B | $1.02B | $754.5M | $839.2M |
| Non-Operating Income | $-440.0K | $-575.0K | $422.0K | $145.0K |
| Interest Expense | $3.2M | $3.3M | $1.1M | — |
| Interest Income | $23.0K | $1.4M | $2.3M | $1.3M |
| Pre-Tax Income | $58.2M | $27.5M | $9.7M | $21.2M |
| Income Tax | $12.7M | $6.3M | $1.5M | $3.8M |
| Continuing Ops | $45.5M | $21.2M | $8.2M | $17.4M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $45.5M | $21.2M | $8.2M | $17.4M |
| Minority Interest | $1.0M | $646.0K | $512.0K | $147.0K |
| Net to Common | $44.5M | $20.6M | $7.7M | $17.3M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $289.3M | $180.6M | $164.2M | $179.2M |
| Cash & Equivalents | $24.4M | $32.5M | $24.9M | $22.9M |
| Accounts Receivable | $186.5M | $126.7M | $118.0M | $134.9M |
| Prepaid Expenses | $17.3M | $15.2M | $10.6M | $12.3M |
| Other Current Assets | $61.2M | $6.2M | $10.7M | $9.1M |
| Long-Term Assets | $208.0M | $213.2M | $207.0M | $247.5M |
| PP&E (Net) | $24.8M | $25.4M | $25.6M | $23.5M |
| Goodwill | $88.2M | $89.2M | $93.0M | $117.6M |
| Operating Leases | $41.1M | $56.8M | $49.9M | $55.1M |
| Other LT Assets | $53.9M | $41.8M | $38.5M | $51.3M |
| Total Assets | $497.4M | $393.7M | $371.2M | $426.8M |
| Current Liabilities | $187.7M | $132.2M | $110.5M | $115.1M |
| Accounts Payable | $137.9M | $84.6M | $73.6M | $74.4M |
| Current Debt | $4.6M | $4.1M | $0 | — |
| Current Leases | $7.6M | $11.3M | $11.6M | $12.7M |
| Other Current Liab | $26.2M | $23.5M | $16.3M | $17.4M |
| Long-Term Liabilities | $115.1M | $56.5M | $51.2M | $85.5M |
| Long-Term Debt | $66.7M | $0 | $0 | — |
| LT Operating Leases | $37.8M | $52.1M | $45.0M | $49.2M |
| Other LT Liab | $10.6M | $4.4M | $6.2M | $36.3M |
| Total Liabilities | $302.8M | $188.6M | $161.7M | $200.7M |
| Shareholders' Equity | $194.6M | $205.1M | $209.5M | $226.1M |
| Paid-In Capital | $106.1M | $108.5M | $110.8M | $110.6M |
| Retained Earnings | $105.0M | $125.6M | $133.3M | $150.6M |
| AOCI | $-796.0K | $-2.2M | $-3.5M | $-3.2M |
| Treasury Stock | $16.0M | $27.1M | $31.2M | $32.0M |
| Total L&E | $497.4M | $393.7M | $371.2M | $426.8M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $45.5M | $21.2M | $8.2M | $17.4M |
| Non-Cash Adjustments | $-114.4M | $262.3M | $51.5M | $11.5M |
| Working Capital Changes | $93.8M | $-185.7M | $-42.4M | $-15.7M |
| Cash from Operations | $24.9M | $97.9M | $17.3M | $13.3M |
| Capital Expenditures | $7.5M | $7.6M | $8.6M | $5.1M |
| Cash from Investing | $-45.7M | $-10.7M | $-15.2M | $-33.5M |
| Share Buybacks | $11.3M | $11.1M | $4.1M | $798.0K |
| Cash from Financing | $28.9M | $-80.2M | $-10.2M | $18.2M |
| FX Effect | $2.6M | $1.0M | $-100.0K | $65.0K |
| Net Change in Cash | $10.7M | $8.0M | $-8.2M | $-1.9M |
| Beginning Cash | $14.3M | $25.1M | $33.1M | $24.9M |
| Ending Cash | $25.1M | $33.1M | $24.9M | $22.9M |
Frequently Asked Questions
How does RADIANT LOGISTICS, INC make money?
Freight Forwarding Services generating the majority of gross profit through consolidated logistics operations; Warehousing and Distribution utilizing owned or leased facilities for inventory management; Last-Mile Delivery networks serving regional retail and e-commerce partners; International Transportation managing cross-border freight movements with a growing focus on emerging markets.
What are the main risks for RLGT?
Significant revenue contraction from 2022 to 2024 indicating potential loss of key contracts or severe pricing pressure in the logistics sector; High levels of goodwill ($117.6M) and retained earnings deficit ($150.6M) suggesting past acquisitions may not have fully realized value or profitability concerns; Volatile cash flow from operations relative to revenue changes exposing the company to liquidity challenges during downturns; Sensitivity to fuel price fluctuations and regulatory changes affecting transportation costs.
What is RLGT's competitive advantage?
Extensive global network spanning multiple continents enabling seamless end-to-end supply chain visibility; Strong relationships with major carriers and customers providing operational flexibility during market disruptions; Cost-efficient asset-light model allowing rapid scalability without heavy capital expenditure burdens.
Related Companies
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.