Winners and Losers: How Logistics Stocks Are Stacking Up Against the ASX 200
By Steven Ballerini | CEO of Australasian Supply Chain & Logistics Association (ASCLA)
Over the past twelve months, the performance of ASX-listed logistics companies has diverged sharply from the broader Australian share market. While the S&P/ASX 200 has delivered a modest gain of around four to five per cent over the period, logistics stocks have ranged from exceptional outperformers to clear laggards.
This dispersion reflects differences in scale, asset intensity, exposure to global trade flows and, critically, investor sentiment. Examining how major logistics stocks have performed relative to the ASX 200 provides a useful lens through which to assess where confidence and risk currently sit within the sector.
The benchmark: ASX 200 performance
The ASX 200’s subdued performance over the past year reflects a market navigating easing but still elevated inflation, higher interest rates, and uneven economic growth. Strength in parts of the industrials and resources sectors has been offset by weakness in technology and consumer-facing stocks, keeping overall index gains contained.
Against that backdrop, logistics companies delivering double-digit returns have clearly outperformed the broader market, while those posting negative returns have materially lagged.
Outperformers
Silk Logistics (SLH – Delisted August 2025)
Before its acquisition and eventual delisting, Silk Logistics Holdings Ltd’s share price climbed notably as markets reacted to strategic developments and the takeover offer from DP World Australia. In November 2024, the company agreed to a takeover scheme valued at about A$174–175 million, with DP World offering around $2.14 per share — a premium of roughly 45–60 % over Silk’s recent trading prices, which drove a surge of more than 40 % in the share price on the news as investors anticipated a successful transaction and a lucrative exit for shareholders.
Brambles (BXB)
Brambles has delivered solid and well-supported outperformance, albeit at a more measured level. Twelve months ago, Brambles shares were trading at around nineteen dollars. As of early February, the share price sits closer to twenty-three dollars, equating to a twelve-month increase of approximately eighteen percent.
This performance reflects the defensive nature of Brambles’ global pallet pooling model with recurring revenues. Its exposure to everyday consumer goods and industrial supply chains, combined with recurring revenue and international diversification, has made it attractive to investors seeking stability in a more uncertain economic environment.
Qube Holdings (QUB)
Qube Holdings has also outperformed the broader market over the past year, with its share price rising by approximately twenty per cent over the twelve-month period.
Qube’s performance has been reinforced by corporate activity, most notably a non-binding takeover proposal from Macquarie Asset Management at a significant premium to Qube’s prevailing share price. The offer highlighted the underlying value of Qube’s portfolio of ports, intermodal terminals, and logistics infrastructure assets and suggested the market may not have been fully recognising their long-term worth.
Importantly, Qube’s strength has not been driven by takeover speculation alone. Its operating performance remains underpinned by long-term contracts and hard infrastructure that is difficult to replicate, helping insulate the business from short-term economic volatility and support sustained outperformance relative to the ASX 200.
Freightways Group (FRW)
Freightways Group has also delivered a strong performance relative to the broader market. Over the past twelve months, Freightways’ share price has increased by approximately thirty-five per cent, placing it firmly among the better-performing ASX-listed logistics stocks.
The company’s outperformance reflects the resilience of its express freight and courier operations across Australia and New Zealand. Exposure to time-critical delivery services, diversified end markets, and a scalable network model has helped support earnings despite broader economic uncertainty.
Aurizon (AZJ)
Aurizon’s performance has been more modest, but still positive. Over the past twelve months, Aurizon shares have risen by approximately ten per cent, placing the stock around five percentage points ahead of the ASX 200.
As Australia’s largest rail freight operator, Aurizon benefits from long-term haulage contracts, particularly in bulk commodities such as coal and minerals. While not delivering the strong double-digit gains seen in some logistics peers, Aurizon’s result reinforces the defensive characteristics of essential freight infrastructure in a slower-growth environment.
CTI Logistics (CLX)
CTI Logistics has also delivered a strong relative performance. Over the past twelve months, CTI’s share price has increased by approximately twenty-three per cent, comfortably ahead of the ASX 200’s gain.
This outperformance reflects steady demand for CTI’s integrated freight, transport, and warehousing services, particularly within the domestic Australian market. While CTI does not have the scale or global footprint of some larger peers, its diversified service offering and focus on essential freight movements have supported earnings and delivered solid shareholder returns.
Underperformers
At the other end of the spectrum, WiseTech Global (WTC) and Lindsay Australia (LAU) have materially underperformed the broader market over the past twelve months.
WiseTech Global has seen its share price fall by around sixty per cent, reflecting a sharp valuation reset across technology stocks as higher interest rates have driven investors away from high-growth, high-multiple businesses. This has been compounded by internal board and management challenges, further weighing on investor confidence.
Lindsay Australia, by contrast, has declined by roughly twenty per cent. Its underperformance has been driven by more traditional operational pressures, including rising costs, tighter margins, and exposure to softer freight volumes, particularly in temperature-controlled and agricultural supply chains.
Together, these two companies illustrate how very different forces – market sentiment in the case of WiseTech, and operating fundamentals in the case of Lindsay – can lead to similarly weak outcomes relative to the ASX 200.
What the Numbers Tell Us
A few key themes emerge from the data.
First, asset-based logistics companies with physical infrastructure and recurring demand have been rewarded. Brambles, Qube, Freightways Group, Aurizon, and CTI have all delivered returns above the ASX 200 over the past year.
Second, scale and diversification matter. Companies with exposure across multiple parts of the supply chain or across geographies have generally performed better than the market.
Third, investor sentiment remains a decisive factor. WiseTech’s sharp underperformance demonstrates how quickly conditions can turn against technology-oriented stocks, even where the underlying business remains strategically important.
Finally, the gap between winners and losers has been substantial. The difference between the strongest and weakest performers in this group exceeds one hundred percentage points, underscoring how selective investors have been within the logistics sector.
The Final Word
Over the past twelve months, ASX-listed logistics companies have delivered outcomes that are anything but uniform. While the ASX 200 has produced modest gains, several logistics stocks have generated strong double-digit returns, reflecting confidence in asset-based, essential supply chain services. At the same time, logistics-related technology and smaller operators have experienced sharp declines as market sentiment and operating pressures have shifted.
The key takeaway is clear. Logistics is not a single trade. Business model, asset intensity, and investor perception all matter. In the current environment, companies with stable earnings, physical infrastructur,e and diversified exposure appear best placed to continue outperforming the broader market.