Paul Transportation
How we got $35.4M
Based on its 150 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 24 years (since 2002)
- Founder still runs it after 24 years
From public records and the company's website, not a statement that it's for sale.
What they do
Paul Logistics (Paul Transportation) is a Tulsa, OK freight carrier and broker offering flatbed, dedicated, LTL and freight brokerage services, and recruits truck drivers.
From the company's website. Industry: General Freight Trucking, Long-Distance, Truckload.
Estimated value over time
▲ 38% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▲ 125% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 150 | $36.7M |
| 2020 | Form 5500 | 157 | $38.4M |
| 2021 | Form 5500 | 188 | $45.9M |
| 2022 | Form 5500 | 240 | $58.6M |
| 2023 | Form 5500 | 308 | $75.3M |
| 2024 | Form 5500 | 337 | $82.3M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| PAUL TRANSPORTATION this business | $68.0M | — |
| J. HIGGINS TRUCKING INC Tulsa · 3 employees | $1.3M | 0.4 mi |
| STARR OILFIELD SERVICES Tulsa · 37 employees | $8.3M | 1.0 mi |
| KD TRUCK LINES, LLC Tulsa · 4 employees | $1.8M | 1.3 mi |
| LAR LOGISTICS LLC Tulsa | $932K | 1.4 mi |
| TULSA TOPSOIL INC Tulsa | $932K | 1.4 mi |
| CROSSROADS FRESH CONNECTION INC Tulsa | $2.1M | 1.5 mi |
The full calculation
| Employees reported to the SBA | 150 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $52.2M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $68.2M |
| Estimate: the two combined (geometric mean) | $68.0M |
| EBITDA margin (industry, adjusted for size) | 9% |
| EBITDA = revenue × margin | $6.4M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $35.4M |
| Multiple for this size and industry | 5.5× |
| Value range | $18.7M – $48.5M |
| Revenue range | $44.8M – $77.6M |
| EBITDA range | $4.2M – $7.3M |
| Industry (NAICS) | General Freight Trucking, Long-Distance, Truckload (484121) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
“Paul Transportation, founded in 2003 by Troy Paul, is a privately held company that offers a diverse portfolio of services and logistics expertise.”
Advisors
- AccountingKatz, Sapper & Miller LLPAudits its 401(k) plan (2024 filing)
- BankingTBK Bank, SSB, Live Oak Banking CompanyPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| Live Oak Banking Company 7(a) 2021 | All 75 borrowers → |
| TBK Bank, SSB PPP 2020 | All 3 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/9/2020 | first | $2.2M | 150 |
Public records
| Sep 2021 | 7(a) | $5.0M |
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Paul Transportation
Paul Transportation is a general freight trucking, long-distance, truckload company in Tulsa, Oklahoma, in business since 2002. It is owned by Troy Paul (Founder). Its estimated annual revenue is about $68.0M, with roughly $6.4M of EBITDA. It has about 337 employees. Its estimated business value is $35.4M (likely range $18.7M–$48.5M).
Common questions
- Who owns Paul Transportation?
- Paul Transportation is owned by Troy Paul (Founder), according to public sources such as the company's website or filings.
- How much revenue does Paul Transportation make?
- SeeBITDA estimates Paul Transportation's annual revenue at about $68.0M (likely between $44.8M and $77.6M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Paul Transportation worth?
- About $35.4M, roughly 5.5× its estimated EBITDA of $6.4M, typical for a general freight trucking, long-distance, truckload company its size. Likely range: $18.7M–$48.5M.
- How many employees does Paul Transportation have?
- About 337, from its 2024 retirement-plan filing.
- When was Paul Transportation founded?
- Paul Transportation has been in business since 2002.