Transportation & Logistics Industry Report - Q4 2025

Industry Trends

In Q4, Transportation & Logistics buyers got more comfortable underwriting forward results. Better visibility and cooler cost pressure kept deal discussions moving, but selectivity stayed high. Companies that can prove consistency in revenue and execution continued to command the most attention.

Market Dynamics

• • The Transportation & Logistics Industry exhibited relatively positive performance in EV/EBITDA multiples across segments in Q4 2025.
  • In Q4 2025, moderating inflation, resilient consumer spending, and gradual inventory normalization supported consistent freight demand across the U.S. Transportation & Logistics Industry throughout the quarter. Improved demand visibility and easing cost pressures also contributed to stronger operating performance relative to earlier quarters.
  • The Marine Services Sector recorded the largest increase in EV/EBITDA multiples in Q4, supported by steady offshore energy and infrastructure activity, improving asset utilization, and enhanced earnings visibility from contracted revenue profiles. Disciplined capacity management and strong cash flow characteristics positioned the sector favorably.
  • Asset-based trucking also experienced notable multiple appreciation as ongoing capacity rationalization, contractual freight mix, and cost control initiatives supported margin stability. Operators with modern fleets and diversified customer exposure benefited  from improved operating leverage, reflecting greater confidence in earnings durability as freight fundamentals continued to stabilize.

Learn More

Reach out to Dinan Capital Advisors Managing Director Tom Gerlacher for more report insights.