NEURACAP
Sector ReportSep 28, 2026 · 20 pages · Free to read

Freight Forwarding and Brokerage Sector Outlook — September 2026

This sector outlook covers the eight listed freight forwarding and brokerage companies, showing how EV/EBITDA (CY2027E) multiples split across three business models and by revenue growth and margin. Written for owners, management teams, boards and investors assessing where their business sits in this range.

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Key figures

14.6x
Sector median valuation
EV/EBITDA (CY2027E), 7 rated companies
6.3x
Higher-margin cohort
EBITDA margin above 10%
15.2x
Lower-margin cohort
EBITDA margin below 10%
50%
Multimodal forwarding share
of the 8-company set

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INDUSTRIALS › TRANSPORTATION › FREIGHT FORWARDING AND BROKERAGE

Freight Forwarding and Brokerage: Value Splits on Earnings

How the eight listed intermediaries in this sector are priced today, and what sits alongside the names at the top of the range.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Seven of the eight companies in this set carry a CY2027E EBITDA estimate, with a sector median of 14.6x and a range running from 4.1x to 18.3x. Higher multiples sit with slower-growing names and with higher-margin names priced below the median, an association the data supports though it does not settle the cause. Multimodal forwarding is half the set, with rate-management platforms and agent-network capacity splitting the rest, and the six recorded precedent transactions carry only three disclosed EBITDA multiples for reference.

Key findings

  • Valuation splits by margin, not growth: 6.3x above the 10% line versus 15.2x below it
  • Multimodal forwarding is half the set; rate platforms and agent networks split the rest
  • Sector median sits at 14.6x, but the rated range runs from 4.1x to 18.3x
  • Only 3 of 6 recorded precedent deals disclose an EBITDA multiple

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INDUSTRIALS › TRANSPORTATION › FREIGHT FORWARDING AND BROKERAGE

    Cover page introducing the Freight Forwarding and Brokerage sector outlook as of September 2026.

    We're opening the Freight Forwarding and Brokerage sector outlook, built on market data as of September 28, 2026. Over the next few pages we'll show how one sector label actually covers three different businesses, priced very differently by the market.

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    INDUSTRIALS › TRANSPORTATION › FREIGHT FORWARDING AND BROKERAGE Freight Forwarding and Brokerage: Value Splits on Earnings How the eight listed intermediaries in this sector are priced today, and what sits alongside the names at the top of the range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    Lists the report's five sections plus appendix, starting with the bottom line.

    This report runs five sections plus an appendix, and we've put the bottom line first on purpose. If you only have time for one section, section one leaves you with the whole story; everything after builds the evidence behind it.

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    CONTENTS What This Report Covers 01 The Bottom Line Three Business Models, One Sector Label, and a Wide Price Range 02 The Landscape Half the Set Forwards Freight; The Rest Sells Rate Tools and Agent Capacity 03 Valuation & Situations One Sector Label, Two Very Different Price Levels 04 Precedent Transactions Buyers Agreed to Earnings Multiples, and Disclosure Stays Thin 05 Strategic Implications The Work That Moves a Multiple Is Operating Work 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Freight Forwarding and Brokerage Holds Three Businesses: Multimodal Forwarding, Rate Platforms and Agent Networks

    States the report's central finding: the sector holds three distinct businesses priced apart on EV/EBITDA (CY2027E).

    Freight Forwarding and Brokerage isn't one business — it's three: multimodal forwarding, rate platforms and agent networks, each priced differently on an EV/EBITDA (CY2027E) basis. Seven of the eight companies carry an estimate we can rate, and that's the group this analysis rests on. So the first thing to take from this page is which group your own business resembles, because that changes every comparison that follows.

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    01 · THE BOTTOM LINE Freight Forwarding and Brokerage Holds Three Businesses: Multimodal Forwarding, Rate Platforms and Agent Networks The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Where You Sit in the Range Matters More than the Sector Average Seven of the eight companies carry a CY2027E EBITDA estimate. The two names at the top of the range sit at 18.3x, the two at the bottom at 4.1x, and the middle of the set sits at 14.6x. Quoting the middle as your reference point hides most of what is going on. 2 The Higher Multiple Is Not Sitting with the Faster Growth Split at 9% forward growth, the four faster-growing names sit at 10.4x and the three slower ones at 15.2x. A forward multiple already credits the growth forecast, so the higher level on the slower half is associated with something else — durability of net revenue through the freight cycle is the candidate this data can suggest but not settle. 3 Which Group You Belong to Changes Your Comparable Set Multimodal forwarding and contract logistics is 50% of the set at 4 of the 8 companies; freight procurement and rate-management platforms and agent-network truckload capacity are 25% each. These are different cost structures serving different buyer groups, so a benchmark taken across all three without adjustment is where owners lose the thread. 4 The Transaction Record Sets Your Reference Points, and It Is Thin Of the 6 transactions here, 3 carry an EBITDA multiple — 13.2x, 10.7x and 7.9x — and two more carry only a revenue multiple. Pricing in this sector is customarily framed on EBITDA measured on a net revenue base, so a small number of reference points carries real weight in any negotiation. 14.6x Sector median EV/EBITDA CY2027E consensus · 7 rated of 8 companies 18.3x Premium end EV/EBITDA vs 4.1x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 6 Transactions with disclosed terms 12 recorded in this tier · 0 told as case studies, the full list in the appendix

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    SECTION 02

    02

    Divider introducing the market-map section on business-model segmentation.

    We're moving into the market map: half the set forwards freight, the rest sells rate tools or agent capacity. Three ways of earning net revenue, three different buyer groups — and the market prices each one apart, which is exactly what the next few pages show.

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    SECTION 02 02 THE LANDSCAPE Half the Set Forwards Freight; The Rest Sells Rate Tools and Agent Capacity Three groups, three ways of earning net revenue, three different buyer groups. 02 of 06 Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Three Business Models Under One Label, and the Market Prices Them Apart

    Groups the eight approved companies by business segment and shows median EV/EBITDA (CY2027E) per group.

    Here we've grouped the eight approved companies by business model and taken the median EV/EBITDA (CY2027E) for each group. One label covers three different economics, and the market is already pricing them apart. So when you benchmark your own business, the group median — not the sector median — is the number to anchor on.

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    02 · MARKET MAP Three Business Models Under One Label, and the Market Prices Them Apart 8 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MULTIMODAL FORWARDING AND CONTRACT LOGISTICS 4 cos median 15.2x Expeditors (EXPD) C.H. Robinson (CHRW) Landstar System (LSTR) Proficient Auto (PAL) Ocean, air and road with customs and contract logistics attached: trade-lane spread and bonded capability dampen the cycle, and this group is half the set. FREIGHT PROCUREMENT AND RATE-MANAGEMENT PLATFORMS 2 cos median 12.3x Full Truck (YMM) Freightos (CRGO) These names sell booking, matching and rate capability rather than freight volume, and the buyers for that capability are not the buyers of lane density. AGENT-NETWORK TRUCKLOAD CAPACITY 2 cos median 10.5x RXO Universal (ULH) Value here sits in the depth and stickiness of the agent and carrier network, and in gross profit per load rather than in gross freight dollars.

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    02 · LANDSCAPE

    Three Ways to Earn Net Revenue Here, Priced at Three Different Levels

    Describes what each of the three segments does and why its pricing differs, using segment-level EV/EBITDA (CY2027E) medians.

    Multimodal forwarding, rate platforms and agent networks each earn net revenue a different way, and that shows up directly in their medians. We walk through what each group does before we get to the numbers, because the economics help explain the pricing gap. So what: knowing which group a company sits in tells you which peer set is actually relevant.

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    02 · LANDSCAPE Three Ways to Earn Net Revenue Here, Priced at Three Different Levels Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Multimodal forwarding and contract logistics 4 50% 15.2x Expeditors International of Washington, Inc. (EXPD) · C.H. Robinson Worldwide, Inc. (CHRW) · +2 more Half the set, cycle-dampened. Four companies — among them Expeditors International of Washington, Inc. (EXPD), C.H. Robinson Worldwide, Inc. (CHRW) and Landstar System, Inc. (LSTR) — move freight across modes with customs and contract logistics attached. Diversified trade lanes and bonded capability are hard to license and staff, and 3 of the 4 carry a CY2027E EBITDA estimate. Freight procurement and rate-management platforms 2 25% 12.3x Full Truck Alliance Co. Ltd. (YMM) · Freightos Limited Ordinary shares (CRGO) Rate tools, not freight volume. Full Truck Alliance Co. Ltd. (YMM) and Freightos Limited Ordinary shares (CRGO) sell matching, booking and rate management rather than purchased transportation. The pair sits at 12.3x on CY2027E EBITDA, but the two names sit at opposite ends of the price range, so the model is not being priced as one thing. Agent-network truckload capacity 2 25% 10.5x RXO, Inc. (RXO) · Universal Logistics Holdings, Inc. (ULH) Agent networks carry the relationships. RXO, Inc. (RXO) and Universal Logistics Holdings, Inc. (ULH) run capacity-light truckload through agents and contracted carriers. The pair sits at 10.5x on CY2027E EBITDA. In this model the retention of agents and producers is the asset, and it travels with individuals rather than with paper.

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    SECTION 03

    03

    Divider introducing the public-market valuation section on the sector's price range.

    We're now moving into valuation: one sector label, two very different price levels. Seven of the eight companies carry a CY2027E EBITDA estimate, and the two ends of that range sit far apart — the next pages show how far, and what's associated with it.

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    SECTION 03 03 VALUATION & SITUATIONS One Sector Label, Two Very Different Price Levels Seven of the eight companies carry a CY2027E EBITDA estimate, and the two ends of the range sit far apart. 03 of 06 Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    Growth Alone Does Not Place a Company in This Price Range

    Ranks all seven rated companies by EV/EBITDA (CY2027E) against a sector median of 14.6x.

    Sorted from highest to lowest, the seven rated companies span a wide range around a sector median of 14.6x. Growth alone doesn't explain who sits where in this range — that's the pattern we unpack on the following pages. So the practical takeaway is: don't assume the median describes your business; find out which tier you actually sit in.

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    03 · PUBLIC MARKET VALUATION Growth Alone Does Not Place a Company in This Price Range EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 14.6x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 18.3x CORE · median 14.6x DISCOUNT · median 4.1x Sector median 14.6x WHAT SEPARATES THE TWO ENDS Two names hold the top. The two names at the top of the range sit at 18.3x on CY2027E EBITDA. That is a forward multiple, so the growth forecast is already inside it; we read a level that survives the forward view as a statement about earnings durability rather than about forecast volume. The bottom holds fast growth. At the other end, two names sit at 4.1x, and one of them carries 54% forward growth. A high growth rate is not sitting with a high multiple here, which is the first thing to understand before benchmarking a private business against this range. Two ends, two different exposures. At the top sit a global forwarder and a rate-management platform; at the bottom, a freight-matching platform and an auto logistics operator. Position in the range is associated with modal spread and with the mix of contracted against spot freight, rather than with the headline growth rate.

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    03 · VALUATION DRIVERS

    Profitability Separates the Two Ends: Names Above the 10% Margin Line Carry 6.3x Against 15.2x Below It

    Splits the rated set by revenue growth and by EBITDA margin, showing 6.3x above the 10% margin line versus 15.2x below it.

    Cut by EBITDA margin, names above the 10% line carry 6.3x while names below it carry 15.2x — the opposite of what a simple growth story would predict. Cut by growth, the faster-growing names sit at 10.4x against 15.2x for the slower group. This is an association the data supports, not a causal claim, but it's a pattern worth testing against your own margin and growth profile.

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    03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 10% Margin Line Carry 6.3x Against 15.2x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 9% · EBITDA-margin split at 10% Split at 9% Growth, the Multiple Runs the Other Way Among the seven names with a CY2027E EBITDA estimate, the four growing faster than 9% sit at 10.4x and the three growing slower sit at 15.2x. On four names against three this is a pattern to test rather than a rule, and the forward lens already contains the growth forecast. Margin and Multiple Do Not Move Together in This Set A 48% EBITDA margin sits at the bottom of the price range, and a 4% margin sits at the middle of it. Margin level on its own is associated with very little here; where in the freight cycle the margin was earned is the question diligence puts to it. The Operating Measures Behind Durability Are Not in These Figures This data covers price, growth and margin. It does not cover contract-versus-spot mix, lane density, tender acceptance or gross profit per load — the measures that sit behind net revenue durability in this sector, and the ones a buyer reconciles against a margin earned in a loose-capacity window.

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    03 · SITUATION MAP

    The Above-Middle Margins Are Mostly Priced Below the Middle

    Cross-tabs EV/EBITDA versus the sector median against EBITDA margin versus the covered median to map situations, not recommendations.

    This grid cuts the set on EV/EBITDA versus the 14.6x median and EBITDA margin versus the 10% median, and most of the above-middle-margin names land below the middle on price. We're not naming a trade here — this is a situation map, not a recommendation. So what: if your margin sits above the covered median and your pricing doesn't, that gap is worth understanding before your next market conversation.

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    03 · SITUATION MAP The Above-Middle Margins Are Mostly Priced Below the Middle Cut on EV / EBITDA vs the sector median (14.6x) (rows) and EBITDA margin vs the covered median (10%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Above on Price, Above on Margin Above-median multiple · above-median EBITDA margin 1 names Expeditors International of Washington, Inc. (EXPD) Expeditors International of Washington, Inc. (EXPD) is the one name above the 14.6x middle on price and above the 10% margin middle on earnings. In this sector that combination tends to travel with customs capability, bonded operations and trade-lane spread rather than with volume growth. Above on Price, Below on Margin Above-median multiple · below-median EBITDA margin 3 names C.H. Robinson Worldwide, Inc. (CHRW) · RXO, Inc. (RXO) · Freightos Limited Ordinary shares (CRGO) C.H. Robinson Worldwide, Inc. (CHRW), RXO, Inc. (RXO) and Freightos Limited Ordinary shares (CRGO) price above the middle while their EBITDA margins sit below it. These three are being priced on the forward earnings line, and the working question is whether productivity per shipment lands before the next bid season. Below on Price, Above on Margin Below-median multiple · above-median EBITDA margin 3 names Full Truck Alliance Co. Ltd. (YMM) · Universal Logistics Holdings, Inc. (ULH) · Proficient Auto Logistics, Inc. Common Stock (PAL) Full Truck Alliance Co. Ltd. (YMM), Universal Logistics Holdings, Inc. (ULH) and Proficient Auto Logistics, Inc. Common Stock (PAL) carry margins above the middle and multiples below it. This is the group where a buyer would want to see how much of the margin holds when capacity tightens. Below on Price, Below on Margin Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    Investment in Growth Durability and Revenue Mix Is Where the Higher Multiples Sit

    Frames growth durability and revenue mix as the open questions behind where the higher multiples sit.

    Based on everything shown so far, we frame this as questions for an owner or acquirer to resolve: what drives durability of growth, and what does the revenue mix actually look like. These are views grounded in the cohort data, not a settled conclusion. So the work in the next twelve months is answering these questions for your own business before the market answers them for you.

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    03 · THE AGENDA Investment in Growth Durability and Revenue Mix Is Where the Higher Multiples Sit NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Shift Mix Toward Contracted, Dense Lanes The upper part of this range sits with names whose earnings look less tied to a spot window. Building awarded volume in repeat lanes changes the composition of net revenue, which is the line buyers in this sector underwrite. What changes the answer: Net revenue margin holding as capacity tightens. Turn Automation into Shipments per Employee Technology spend shows up in value when it lands in headcount productivity and cost to serve. The operating question is gross profit per load rather than gross freight dollars, and whether matching and pricing tools move loads per employee per day. What changes the answer: Loads per employee rising while cost to serve falls. Add Customs and Modal Spread, or Buy It Customs licensing, bonded operations and multi-modal coverage take time to staff and are gated by regulation. Build-versus-buy is live here, and the fragmented market below the listed names sustains a continuous tuck-in opportunity. What changes the answer: A tuck-in available inside the earnings multiples in this record. Hold the Relationship Base Through the Next Bid Season In agent and producer models the customer relationship sits with individuals, and retention terms are standard rather than optional in this sector's transactions. Continuity of agents and salespeople shows up directly in gross profit retention. What changes the answer: Agent and producer continuity through a full rebid cycle.

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    SECTION 04

    04

    Divider introducing the precedent-transactions section.

    Now to precedent transactions: buyers agreed to earnings multiples here, but disclosure stays thin. Of six recorded transactions, only three carry an EBITDA multiple — so the reference points that exist carry real weight, and we walk through them next.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Agreed to Earnings Multiples, and Disclosure Stays Thin Six transactions in the record, three of them with an EBITDA multiple attached. 04 of 06 Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay: Earnings Multiples, Thinly Disclosed

    Walks through one precedent transaction with disclosed terms as a case study, out of six recorded deals.

    We've picked one of the six transactions with disclosed terms to walk through as a case study, on an LTM-at-announcement basis. The complete list sits in the appendix, and we've flagged where records carry data-quality issues rather than smoothing over them. So what: with only three disclosed EBITDA multiples in the whole record, each one is a data point worth scrutinising closely, not averaging away.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay: Earnings Multiples, Thinly Disclosed 1 of 6 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 18 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; duplicate precedent id); figures are shown as recorded in the filing. 6 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jan-2015 n/a CHRW acquires Freightquote EV / LTM revenue n/a EV / LTM EBITDA 10.7x WHY THE DEAL HAPPENED CHRW moved for Freightquote in Jan-2015; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

    05

    Divider introducing the strategic-implications section on operating levers.

    Section five turns to what actually moves a multiple: mix, productivity and continuity of the relationship base. These are the operating questions we've distilled from the valuation pattern, and they're what the next page puts on the table.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Work That Moves a Multiple Is Operating Work Mix, productivity and continuity of the relationship base. 05 of 06 Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    The Range Is Wide, and the Names at Its Upper End Share Durable Growth and Revenue Quality

    Frames durable growth and revenue quality as the shared traits of names at the upper end of the range.

    The range is wide, and the names sitting at its upper end share durable growth and revenue quality rather than simply being larger. We've framed this page as the questions the data puts on the table for the next twelve months, not as a recommendation. So the useful exercise is testing your own business against these traits before assuming the sector median applies to you.

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    05 · STRATEGIC IMPLICATIONS The Range Is Wide, and the Names at Its Upper End Share Durable Growth and Revenue Quality NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Know Which Half of the Range Your Earnings Resemble The spread between the two ends of this set is wide, and position in it is associated with the mix and durability of net revenue rather than with size. The practical work sits in contract-versus-spot mix, lane density and gross profit per load. FOR MANAGEMENT TEAMS Productivity Is the Part of the Story You Control Cycle position moves revenue for most of the set at once. What separates operators within a cycle is shipments per employee, tender acceptance and the cost of holding a routing-guide position. FOR BOARDS AND INVESTORS Test a Margin Against the Capacity Window That Produced It A margin earned in loose capacity is not the same asset as one earned through a tightening market. Among the seven names with a CY2027E EBITDA estimate, three of the four with above-middle margins are priced below the middle.

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    SECTION 06

    06

    Divider introducing the appendix covering the full comparable universe, methodology and sources.

    The final section holds the full universe, the methodology and every source behind the figures in this report. If you want to trace a specific number back to its filing, this is where that trail lives.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Lists all seven rated companies and one unrated company on EV/EBITDA (CY2027E), shaded by tier against the 14.6x median.

    Every rated company sits in this table, shaded against the 14.6x sector median, with one additional name carried but not rated for lack of an eligible multiple. Tickers link back to the underlying source so you can verify any figure directly. This is the complete public comparable set behind everything shown earlier in the deck.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (14.6x); amber marks below · 7 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥16.7x · median 18.3x · 2 companies Freightos Limited Ordinary shares CRGO Freight procurement and rate-management platforms $31M 18.5x 10% 5% 15 Expeditors International of Washington, Inc. EXPD Multimodal forwarding and contract logistics $24.1B 18.2x 1% 10% 11 CORE — 6.3x–16.7x · median 14.6x · 3 companies C.H. Robinson Worldwide, Inc. CHRW Multimodal forwarding and contract logistics $19.0B 15.2x 7% 6% 13 RXO, Inc. RXO Agent-network truckload capacity $4.0B 14.6x 10% 4% 14 Universal Logistics Holdings, Inc. ULH Agent-network truckload capacity $1.4B 6.4x 5% 13% 18 DISCOUNT — <6.3x · median 4.1x · 2 companies Full Truck Alliance Co. Ltd. YMM Freight procurement and rate-management platforms $6.0B 6.1x 9% 48% 57 Proficient Auto Logistics, Inc. Common Stock PAL Multimodal forwarding and contract logistics $170M 2.1x 54% 10% 63

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists all six precedent transactions with disclosed terms, newest first, out of twelve recorded.

    This table carries all six transactions with disclosed terms, newest first, out of twelve recorded in total. Deal values link to the underlying filing, and we've kept the LTM-at-announcement multiples separate from the CY2027E public basis since the two aren't directly comparable. So what: this is the full disclosed record to use as your negotiating reference, not the sector median.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (12 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 18 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; duplicate precedent id); figures are shown as recorded in the filing. 6 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2023 n/a → Freightos Limited $80M 4.2x n/a Completed in January 2023, this transaction records Freightos Limited at $80M and 4.2x revenue. For a booking and rate-management business the revenue basis is the practical one, since purchased transportation does not flow through it the way it does through a… Oct-2022 XPO Logistics, Inc. → RXO, Inc. $2.5B n/a n/a Announced in October 2022 at $2.5B, the record pairs XPO Logistics, Inc. with RXO, Inc., a non-asset brokerage inside an asset-based group. Transactions of this shape sit with the sector's standing question of how capacity-light brokerage is valued on its own footing. Sep-2021 The Jordan Company, L.P. → Echo Global Logistics, Inc. n/a n/a 13.2x Announced in September 2021, The Jordan Company, L.P. and Echo Global Logistics, Inc. are recorded at 13.2x EBITDA, with enterprise value shown as n/a. That is an earnings basis for a domestic brokerage platform, and it sits above the two truckload-side deals in this… Jul-2018 Covenant Transportation Group, Inc. → Landair Holdings, Inc. n/a n/a 7.9x Completed in July 2018, Covenant Transportation Group, Inc. and Landair Holdings, Inc. are recorded at 7.9x EBITDA. Asset-based carriers buying dedicated and logistics operations is a pattern the buyer landscape here repeats, and this multiple sits at the lower end of… Jan-2015 CHRW → Freightquote n/a n/a 10.7x Announced in January 2015, C.H. Robinson Worldwide, Inc. (CHRW) and Freightquote are recorded at 10.7x EBITDA. Adding another domestic brokerage book brings lane density and shipper count to an existing network, which is the fit this pairing suggests. n/a n/a → Expeditors International of Washington, Inc. n/a 0.9x n/a This record carries Expeditors International of Washington, Inc. (EXPD) at 0.9x revenue, with status defaulted to announced. A revenue multiple understates what a forwarder captures, since most of the gross freight dollar is purchased transportation; on this sector's…

  19. 19
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, assumptions and data-quality treatment.

    Every figure in this report links back to the record it came from, and where it doesn't, the appendix names the source and the basis used. We've been explicit about what's excluded and why, because a valuation view is only as useful as its data quality. This page is the reference point if a number in this deck needs tracing.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Freight Forwarding and Brokerage and it clears the coverage gate with 7 of 8 companies (88%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 11 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 258 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (257) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  20. 20

    Across These Seven Names, the Higher Multiples Sat with the Slower-Growing Companies.

    Closes on the finding that higher multiples sat with the slower-growing companies across the seven rated names.

    Across these seven names, the higher multiples sat with the slower-growing companies — the opposite of the simple growth story. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further. That's the note we'd leave you with heading into your next conversation on positioning in this sector.

    Everything on this page

    Across These Seven Names, the Higher Multiples Sat with the Slower-Growing Companies. NeuraCap AI — Freight Forwarding and Brokerage Coverage September 2026 · Prepared by NeuraCap AI · Confidential Freight Forwarding and Brokerage Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Freight Forwarding and Brokerage (Industrials › Transportation › Freight Forwarding and Brokerage) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Freight Forwarding and Brokerage according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: C.H. Robinson Worldwide, Inc. (CHRW), Freightos Limited Ordinary shares (CRGO), Expeditors International of Washington, Inc. (EXPD), Landstar System, Inc. (LSTR), Proficient Auto Logistics, Inc. Common Stock (PAL), RXO, Inc. (RXO), Universal Logistics Holdings, Inc. (ULH), Full Truck Alliance Co. Ltd. (YMM). The market map groups them by business vertical — Multimodal forwarding and contract logistics: 4 companies (EXPD, CHRW, LSTR, PAL); Freight procurement and rate-management platforms: 2 companies (YMM, CRGO); Agent-network truckload capacity: 2 companies (RXO, ULH). 7 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Freight Forwarding and Brokerage (Industrials › Transportation › Freight Forwarding and Brokerage) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Freight Forwarding and Brokerage according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: C.H. Robinson Worldwide, Inc. (CHRW), Freightos Limited Ordinary shares (CRGO), Expeditors International of Washington, Inc. (EXPD), Landstar System, Inc. (LSTR), Proficient Auto Logistics, Inc. Common Stock (PAL), RXO, Inc. (RXO), Universal Logistics Holdings, Inc. (ULH), Full Truck Alliance Co. Ltd. (YMM). The market map groups them by business vertical — Multimodal forwarding and contract logistics: 4 companies (EXPD, CHRW, LSTR, PAL); Freight procurement and rate-management platforms: 2 companies (YMM, CRGO); Agent-network truckload capacity: 2 companies (RXO, ULH). 7 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

11 records failed a validation gate and never feed a statistic in this report (11 excluded from aggregate). Each exclusion, with its reason: CRGO — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · CRGO — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · CRGO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CRGO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CRGO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CRGO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PAL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RXO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · RXO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ULH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ULH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Freight Forwarding and Brokerage and it clears the coverage gate with 7 of 8 companies (88%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 7 of 8 companies; EV / rEVenue: 8 of 8 companies; P/E: 6 of 8 companies. 1 company shows a non-meaningful P / E denominator and is excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥16.7x, Core 6.3x–16.7x, Discount <6.3x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 14.6x = median(ev_ebitda CY2027E) (7 rated companies) · 18.3x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 14.6x = median(ev_ebitda CY2027E) within Core tier (n=3) · 4.1x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 10.4x = median(ev_ebitda CY2027E) | growth ≥ 9% (n=4) · 15.2x = median(ev_ebitda CY2027E) | growth < 9% (n=3) · 6.3x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 10% (n=4) · 15.2x = median(ev_ebitda CY2027E) | EBITDA margin < 10% (n=3) · 15% = median Rule of 40 score (revenue growth + EBITDA margin) (n=7)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Freight Forwarding and Brokerage recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 12 transactions were recorded for this industry; 6 are shown. 6 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 8 × deal value unit unresolved; 7 × no evidence record; 1 × duplicate precedent id; 1 × duplicate filings collapsed; 1 × parent financials detached. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 262 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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