UBS: Mastio survey shows stability at the top, service-driven drop for ABF Freight

[Heavy Traffic On The Interstate Highway]
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UBS analyst Thomas Wadewitz said the 2025 Mastio survey of less-than-truckload (LTL) carriers points to continued stability among the largest players, though ABF Freight slipped notably in the rankings.

According to the annual survey released Monday, Old Dominion Freight Line (NASDAQ:ODFL [https://seekingalpha.com/symbol/ODFL]) and Estes Express retained the top two positions in overall service quality, unchanged from 2024. The biggest shift came at ArcBest’s (NASDAQ:ARCB [https://seekingalpha.com/symbol/ARCB]) ABF Freight, which fell from third to fifth. XPO Logistics (NYSE:XPO [https://seekingalpha.com/symbol/XPO]) held steady at fourth, while Saia (NASDAQ:SAIA [https://seekingalpha.com/symbol/SAIA]), FedEx Freight (NYSE:FDX [https://seekingalpha.com/symbol/FDX]), and TFI International (NYSE:TFII [https://seekingalpha.com/symbol/TFII]) (TSX:TFII:CA [https://seekingalpha.com/symbol/TFII:CA]) each slipped one slot.

One reason for the reshuffling: the inclusion of privately held R&L Carriers in the national carrier group. Ranked third overall, R&L’s entrance effectively pushed several public carriers lower in the standings.

The survey "shows the public names continue to face meaningful competition from large private players,” Wadewitz wrote.

On Mastio’s price-value chart, FedEx Freight (NYSE:FDX [https://seekingalpha.com/symbol/FDX]) again stood out as the carrier furthest above the fair-value line, with an unchanged service score but slightly better cost ratings. Estes and R&L were deemed the best overall value and the only carriers placed in the “superior offering” quadrant. Old Dominion (NASDAQ:ODFL [https://seekingalpha.com/symbol/ODFL]) maintained its position as the industry’s premium service provider, remaining the only carrier in the “premium offering” quadrant.

ABF Freight’s (NASDAQ:ARCB [https://seekingalpha.com/symbol/ARCB]) decline was linked primarily to service, with its rating falling from about 101 last year to 98.5 in 2025, while costs were relatively unchanged.

Meanwhile, TForce Freight showed improvement in service and ranked closest to fair value. Saia (NASDAQ:SAIA [https://seekingalpha.com/symbol/SAIA]) slipped as higher pricing coincided with weaker service, while XPO (NYSE:XPO [https://seekingalpha.com/symbol/XPO]) posted modest gains on both pricing and service compared with 2024.

Overall, Wadewitz said the survey underscores Old Dominion’s leadership in service quality, while highlighting how competitive pressure from large private players like R&L and Estes continues to shape the national LTL landscape.

MORE ON OLD DOMINION FREIGHT LINE, ARCBEST, ETC.

* ArcBest Corporation (ARCB) Analyst/Investor Day Transcript [https://seekingalpha.com/article/4826734-arcbest-corporation-arcb-analyst-investor-day-transcript]
* ArcBest Corporation (ARCB) Analyst/Investor Day - Slideshow [https://seekingalpha.com/article/4826691-arcbest-corporation-arcb-analyst-investor-day-slideshow]
* FedEx Q1 Earnings Show Why You Should Buy Now [https://seekingalpha.com/article/4824985-fedex-stock-q1-earnings-show-why-you-should-buy-now]
* FedEx FQ1 results beat expectations, but guidance raises questions -- analysts [https://seekingalpha.com/news/4496520-fedex-fq1-results-beat-expectations-but-guidance-raises-questions---analysts]
* FedEx targets $17.20–$19 EPS for FY26 with $1B transformation savings amid global trade headwinds [https://seekingalpha.com/news/4496403-fedex-targets-17_20-19-eps-for-fy26-with-1b-transformation-savings-amid-global-trade]