CVLG Industrials

Covenant Logistics Group, Inc.

$33.50+0.09%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Industrials
Industry: Trucking
Country: United States
Market cap: 850.2M USD
Enterprise value: 1.1B USD
Full-time employees: 2,900

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.40 vs a peer median of 0.64) and less short-term liquidity (current ratio 1.14 vs a peer median of 1.62)higher risk: bigger price swings (beta 1.40 vs peers 0.64) and less liquidity (current ratio 1.14 vs peers 1.62)

Ranks #1,901 of 2,308 industrials companies (bottom 18%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Covenant Logistics reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Profit lifted by an asset sale. 2025 operating profit includes a $3M gain on selling assets; without it the operating margin was about 0.0%.
Covenant Logistics's 2025 operating profit of $3M includes a one-off $3M gain on selling assets or businesses. Without it, operations would have earned $0M, an operating margin of about 0.0%.
Paying shareholders without free cash flow. Paid out $81M over the 3 fiscal years to 2025 with -$197M of free cash flow.
Covenant Logistics returned $81M in buybacks and dividends over three fiscal years while its free cash flow totalled -$197M. The money came from its cash pile or from borrowing.
Operating margin at a 5-year low. 0.3% in 2025, the weakest of the last 5 years.
Covenant Logistics's operating margin fell to 0.3% in 2025, its lowest in the 5 years of filings we have.

StockQuotient Score

32/ 100▼ 1 since Oct 27 close

Oct 5 33 → Nov 4 32 (-1)

Valuation

Is the price right?

34/100

Weak▼ 3 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 37 → 34

Share price +11.9%-4
Company's reported figures updated+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.4%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -1.14Sector median: 0.0377 · MAD: 0.0294

EBITDA yield8.0%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.24Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-4.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield46.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

61/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.5%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-89.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.05Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth2.4%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.29Sector median: 0.0421 · MAD: 0.0625

Revenue growth115.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.55Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

17/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-0.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.54Sector median: 0.0773 · MAD: 0.0507

Return on assets0.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.13Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-0.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.30Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin20.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity0.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.40

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.75Sector median: 0.6440 · MAD: 0.2745

Current ratio1.14×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.90Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.70×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.88Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Covenant Logistics

Is Covenant Logistics getting weaker?: Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is 32/100, down 1 since Oct 28, 2026.
How is Covenant Logistics valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 34/100 against 2,459 industrials peers. Free cash flow yield -4.2% vs a peer median of 3.7% (weaker than 100% of peers).Free cash flow yield -4.2% vs peers 3.7% (weaker than 100% of peers).
Is Covenant Logistics growing?: Yes, faster than most of its peers. Growth scores 61/100 against 2,459 industrials peers. Revenue growth 115.4% vs a peer median of 4.4% (stronger than 95% of peers).Revenue growth 115.4% vs peers 4.4% (stronger than 95% of peers). Earnings per share growth -89.3% vs a peer median of 7.1% (weaker than 100% of peers).Earnings per share growth -89.3% vs peers 7.1% (weaker than 100% of peers).
How profitable is Covenant Logistics?: Less profitable than most of its peers. Profitability scores 17/100 against 2,459 industrials peers. Operating margin -0.1% vs a peer median of 7.7% (weaker than 86% of peers).Operating margin -0.1% vs peers 7.7% (weaker than 86% of peers).
How risky is Covenant Logistics?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.40 vs a peer median of 0.64 (weaker than 92% of peers).Beta 1.40 vs peers 0.64 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Covenant Logistics is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.2B USD	1.2B USD	+2.5%
Net income (12 months)	5.1M USD	3.8M USD	−25.6%
Operating margin	0.1%	-0.1%	−0.2 pts
Free cash flow (12 months)	−7.7M USD	−37.9M USD	+389.5%
Debt	253.5M USD	289.1M USD	+14.0%
Cash	11.2M USD	2.6M USD	−76.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Trucking companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	6.4%	9.9%	5.3%	4.0%	0.3%	▼ 3.7 pts
Net margin	5.8%	8.9%	5.0%	3.2%	0.6%	▼ 2.6 pts
Return on assets (ROA)	9.3%	13.6%	5.8%	3.6%	0.7%	▼ 2.9 pts
Return on equity (ROE)	17.4%	28.8%	13.7%	8.2%	1.8%	▼ 6.4 pts
Free cash flow margin	3.6%	4.8%	-12.0%	-2.7%	-2.9%	▼ 0.3 pts
Current ratio	1.32×	1.43×	1.09×	1.18×	1.11×	▼ 6.0%
Debt to equity	0.07×	0.29×	0.61×	0.57×	0.74×	▲ 29%
Interest coverage	24.06×	39.14×	7.38×	3.30×	0.24×	▼ 93%

CVLG price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.40 vs a peer median of 0.64) and less short-term liquidity (current ratio 1.14 vs a peer median of 1.62)higher risk: bigger price swings (beta 1.40 vs peers 0.64) and less liquidity (current ratio 1.14 vs peers 1.62)

Ranks #1,901 of 2,308 industrials companies (bottom 18%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Covenant Logistics reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Profit lifted by an asset sale. 2025 operating profit includes a $3M gain on selling assets; without it the operating margin was about 0.0%.

Covenant Logistics's 2025 operating profit of $3M includes a one-off $3M gain on selling assets or businesses. Without it, operations would have earned $0M, an operating margin of about 0.0%.

Paying shareholders without free cash flow. Paid out $81M over the 3 fiscal years to 2025 with -$197M of free cash flow.

Covenant Logistics returned $81M in buybacks and dividends over three fiscal years while its free cash flow totalled -$197M. The money came from its cash pile or from borrowing.

Operating margin at a 5-year low. 0.3% in 2025, the weakest of the last 5 years.

Covenant Logistics's operating margin fell to 0.3% in 2025, its lowest in the 5 years of filings we have.

Questions investors ask about Covenant Logistics

Is Covenant Logistics getting weaker?

Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is 32/100, down 1 since Oct 28, 2026.

How is Covenant Logistics valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 34/100 against 2,459 industrials peers. Free cash flow yield -4.2% vs a peer median of 3.7% (weaker than 100% of peers).Free cash flow yield -4.2% vs peers 3.7% (weaker than 100% of peers).

Is Covenant Logistics growing?

Yes, faster than most of its peers. Growth scores 61/100 against 2,459 industrials peers. Revenue growth 115.4% vs a peer median of 4.4% (stronger than 95% of peers).Revenue growth 115.4% vs peers 4.4% (stronger than 95% of peers). Earnings per share growth -89.3% vs a peer median of 7.1% (weaker than 100% of peers).Earnings per share growth -89.3% vs peers 7.1% (weaker than 100% of peers).

How profitable is Covenant Logistics?

Less profitable than most of its peers. Profitability scores 17/100 against 2,459 industrials peers. Operating margin -0.1% vs a peer median of 7.7% (weaker than 86% of peers).Operating margin -0.1% vs peers 7.7% (weaker than 86% of peers).

How risky is Covenant Logistics?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.40 vs a peer median of 0.64 (weaker than 92% of peers).Beta 1.40 vs peers 0.64 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.2B USD

1.2B USD

+2.5%

Net income (12 months)

5.1M USD

3.8M USD

−25.6%

Operating margin

0.1%

-0.1%

−0.2 pts

Free cash flow (12 months)

−7.7M USD

−37.9M USD

+389.5%

Debt

253.5M USD

289.1M USD

+14.0%

Cash

11.2M USD

2.6M USD

−76.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

6.4%

9.9%

5.3%

4.0%

0.3%

▼ 3.7 pts

Net margin

5.8%

8.9%

5.0%

3.2%

0.6%

▼ 2.6 pts

Return on assets (ROA)

9.3%

13.6%

5.8%

3.6%

0.7%

▼ 2.9 pts

Return on equity (ROE)

17.4%

28.8%

13.7%

8.2%

1.8%

▼ 6.4 pts

Free cash flow margin

3.6%

4.8%

-12.0%

-2.7%

-2.9%

▼ 0.3 pts

Current ratio

1.32×

1.43×

1.09×

1.18×

1.11×

▼ 6.0%

Debt to equity

0.07×

0.29×

0.61×

0.57×

0.74×

▲ 29%

Interest coverage

24.06×

39.14×

7.38×

3.30×

0.24×

▼ 93%