Saia (SAIA) Stock Forecast & Price Target

Saia has demonstrated a positive trajectory in its operational performance, with facilities experiencing volume growth and margin increases exceeding 100 basis points sequentially in the third quarter of 2025, resulting in an operating ratio (OR) below 95 for the first time. The company has effectively rejuvenated its freight mix, benefiting from year-over-year weight increases and achieving an average growth of over 4% through successful contract renewals, highlighting its strong market position. Furthermore, despite rising expenses, Saia's consolidated operating ratio improved by 20 basis points compared to the previous quarter, showcasing resilience against typical seasonal fluctuations and solidifying its status as a leading player in the less-than-truckload sector.

Saia has experienced a decline in headline revenue per hundredweight (CWT) of 0.1% year-over-year, indicating challenges in revenue generation despite being one of the best performances in the past year. The company's operating ratio (OR) has deteriorated by 250 basis points, reflecting flat revenue against a structurally higher cost base, which positions Saia with one of the highest ORs among its non-union LTL peers. Furthermore, both tonnage and shipments have seen declines of 1.5% and 1.9% year-over-year, contributing to a negative outlook due to constrained long-term margin potential stemming from significant investments in an unfavorable industrial freight environment.