Is Saia, Inc. overvalued or undervalued?

As of 19 September 2025, the valuation grade for Saia, Inc. has moved from fair to expensive, indicating a shift in perception regarding its market value. The company appears to be overvalued, with a P/E ratio of 21, which is significantly lower than its peer J.B. Hunt Transport Services, Inc. at 40.85 and Knight-Swift Transportation Holdings, Inc. at 45.62. Additionally, Saia's EV to EBITDA stands at 10.21, compared to the industry average represented by peers like Landstar System, Inc. at 32.25, further suggesting a premium valuation.
Despite a strong return on capital employed (ROCE) of 18.49% and a return on equity (ROE) of 13.61%, the stock has underperformed against the S&P 500, with a year-to-date return of -33.55% compared to the index's 13.31%. This underperformance, along with the elevated valuation ratios, reinforces the conclusion that Saia, Inc. is currently overvalued.