XPO vs RS Comparison

Following the spinoff of its contract logistics division (GXO) in 2021 and freight brokerage operations (RXO) in 2022, XPO is moving closer to becoming a pure-play asset-based less-than-truckload carrier. We estimate LTL shipping makes up 60% of total revenue, with XPO's European truckload and LTL operations making up 40%. However, XPO's LTL segment EBITDA mix is much higher than 60%. We believe XPO intends to divest its European trucking division once it finds the right buyer.

Reliance Inc operates a network of companies providing diversified metal solutions and is the metals service center company. It distributes a full line of over 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and other specialty steel products. The company services more than 125,000 customers in a variety of industries, including consumer products, general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, industrial machinery and heavy industry. It also services the auto industry, through its toll processing operations where it processes customer-owned metal for a fee.