Covenant Logistics Group, Inc. (CVLG) 10-Year Financial Performance & Capital Metrics

CVLG • • Industrial / General

IndustrialsTruckingSpecialized & Dedicated ServicesDedicated Fleet Services

AboutCovenant Logistics Group, Inc., together with its subsidiaries, provides transportation and logistics services in the United States. It operates through four segments: Expedited, Dedicated, Managed Freight, and Warehousing. The Expedited segment primarily provides truckload services with high service freight and delivery standards, such as 1,000 miles in 22 hours or 15-minute delivery windows. The Dedicated segment provides customers with committed truckload capacity over contracted periods using equipment either owned or leased by the company. The Managed Freight segment offers brokerage services, including logistics capacity by outsourcing the carriage of customers' freight to third parties; and transport management services, such as logistics services on a contractual basis to customers who prefer to outsource their logistics needs. The Warehousing segment provides day-to-day warehouse management services to customers. The segment also provides shuttle and switching services to shuttling containers and trailers. The company also engages in used equipment sales and leasing business. It serves transportation companies, such as parcel freight forwarders, less-than-truckload carriers, and third-party logistics providers; and traditional truckload customers, including manufacturers, retailers, and food and beverage shippers. As of December 31, 2021, it operated 2,291 tractors and 5,331 trailers. The company was formerly known as Covenant Transportation Group, Inc. and changed its name to Covenant Logistics Group, Inc. in July 2020. Covenant Logistics Group, Inc. was founded in 1986 and is based in Chattanooga, Tennessee.Show more

Revenue $1.13B +2.5%
EBITDA $131M +2.0%
Net Income $36M -35.0%
EPS (Diluted) 1.30 -35.0%
Gross Margin 16.76% +12.6%
EBITDA Margin 11.6% -0.6%
Operating Margin 3.96% -25.8%
Net Margin 3.17% -36.6%
ROE 8.53% -39.7%
ROIC 4.82% -35.5%
Debt/Equity 0.68 -6.9%
Interest Coverage 3.30 -55.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 33.5%
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 17.5%
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.64%

5Y5.03%

3Y2.65%

TTM1.62%

Profit (Net Income) CAGR

10Y7.27%

5Y33.48%

3Y-16.06%

TTM-23.29%

EPS CAGR

10Y1.23%

5Y23.64%

3Y-10.45%

TTM-39.18%

ROCE

10Y Avg7.39%

5Y Avg7.53%

3Y Avg9.28%

Latest5.59%

Peer Comparison

Dedicated Fleet Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TOPPToppoint Holdings Inc.	14.59M	0.75	64.27	-11.07%	-38.77%	-68.32%		0.67
CVLGCovenant Logistics Group, Inc.	531.47M	26.12	20.09	2.53%	2.81%	7.6%		0.68

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	724.24M	670.65M	705.01M	885.46M	885.39M	838.56M	1.05B	1.22B	1.1B	1.13B
Revenue Growth %	0.01%	-0.07%	0.05%	0.26%	-0%	-0.05%	0.25%	0.16%	-0.09%	0.03%
Cost of Goods Sold+	593.36M	573.43M	612.1M	741.02M	780.47M	729.01M	898.72M	1.03B	939.37M	941.83M
COGS % of Revenue	0.82%	0.86%	0.87%	0.84%	0.88%	0.87%	0.86%	0.85%	0.85%	0.83%
Gross Profit+	130.88M	97.22M	92.91M	144.44M	104.92M	109.55M	147.28M	185.99M	164.2M	189.65M
Gross Margin %	0.18%	0.14%	0.13%	0.16%	0.12%	0.13%	0.14%	0.15%	0.15%	0.17%
Gross Profit Growth %	0.16%	-0.26%	-0.04%	0.55%	-0.27%	0.04%	0.34%	0.26%	-0.12%	0.15%
Operating Expenses+	63.09M	64.78M	64.75M	85.45M	96.15M	123.58M	83.92M	105.63M	105.38M	144.89M
OpEx % of Revenue	0.09%	0.1%	0.09%	0.1%	0.11%	0.15%	0.08%	0.09%	0.1%	0.13%
Selling, General & Admin	52.08M	53.07M	54.88M	73.62M	84.78M	93.09M	73.02M	93.69M	104.56M	131.31M
SG&A % of Revenue	0.07%	0.08%	0.08%	0.08%	0.1%	0.11%	0.07%	0.08%	0.09%	0.12%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	11.02M	11.71M	9.88M	11.83M	11.37M	30.48M	10.9M	11.93M	824K	13.58M
Operating Income+	67.78M	32.45M	28.16M	58.99M	8.77M	-14.03M	63.36M	80.36M	58.82M	44.76M
Operating Margin %	0.09%	0.05%	0.04%	0.07%	0.01%	-0.02%	0.06%	0.07%	0.05%	0.04%
Operating Income Growth %	0.71%	-0.52%	-0.13%	1.1%	-0.85%	-2.6%	5.52%	0.27%	-0.27%	-0.24%
EBITDA+	129.79M	104.09M	100.58M	134.84M	89.3M	51.45M	117.24M	137.87M	128.77M	131.29M
EBITDA Margin %	0.18%	0.16%	0.14%	0.15%	0.1%	0.06%	0.11%	0.11%	0.12%	0.12%
EBITDA Growth %	0.46%	-0.2%	-0.03%	0.34%	-0.34%	-0.42%	1.28%	0.18%	-0.07%	0.02%
D&A (Non-Cash Add-back)	62.01M	71.65M	72.42M	75.86M	80.53M	65.48M	53.88M	57.51M	69.94M	86.53M
EBIT	67.78M	32.45M	28.16M	55.71M	7.12M	-10.08M	63.36M	80.36M	80.21M	59.47M
Net Interest Income+	-8.45M	-8.23M	-8.26M	-7.34M	-8.22M	-6.84M	-2.79M	-3.08M	-7.97M	-13.58M
Interest Income	0	0	0	1.36M	8.22M	0	0	0	0	0
Interest Expense	8.45M	8.23M	8.26M	8.71M	11.11M	6.84M	2.79M	3.08M	7.97M	13.58M
Other Income/Expense	-3.88M	-5.23M	-4.86M	2.59M	-1.2M	-2.9M	15.79M	62.43M	13.42M	1.14M
Pretax Income+	63.91M	27.22M	23.3M	58.01M	7.57M	-16.92M	79.15M	142.79M	72.24M	45.9M
Pretax Margin %	0.09%	0.04%	0.03%	0.07%	0.01%	-0.02%	0.08%	0.12%	0.07%	0.04%
Income Tax+	21.82M	10.39M	-32.14M	15.51M	2.35M	-2.8M	20.96M	34.86M	17.61M	10.58M
Effective Tax Rate %	0.66%	0.62%	2.38%	0.73%	1.12%	2.52%	0.77%	0.76%	0.76%	0.78%
Net Income+	42.09M	16.84M	55.44M	42.5M	8.48M	-42.72M	60.73M	108.68M	55.23M	35.92M
Net Margin %	0.06%	0.03%	0.08%	0.05%	0.01%	-0.05%	0.06%	0.09%	0.05%	0.03%
Net Income Growth %	1.36%	-0.6%	2.29%	-0.23%	-0.8%	-6.04%	2.42%	0.79%	-0.49%	-0.35%
Net Income (Continuing)	42.09M	16.84M	55.44M	40.86M	5.22M	-14.12M	58.19M	107.93M	54.63M	35.32M
Discontinued Operations	0	0	0	0	3.26M	-28.6M	0	0	600K	600K
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.30	0.92	3.02	2.30	0.45	-0.81	1.81	3.50	2.00	1.30
EPS Growth %	1%	-0.6%	2.28%	-0.24%	-0.8%	-2.8%	3.23%	0.93%	-0.43%	-0.35%
EPS (Basic)	2.32	0.93	3.03	2.32	0.46	-0.81	1.81	3.62	2.12	1.37
Diluted Shares Outstanding	36.62M	36.53M	36.74M	36.94M	37.27M	34.72M	34.04M	31.05M	27.67M	27.71M
Basic Shares Outstanding	36.29M	36.36M	36.56M	36.68M	36.87M	34.72M	33.61M	30.01M	26.1M	26.31M
Dividend Payout Ratio	-	-	-	-	-	-	-	0.04%	0.1%	0.16%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	172.84M	134.96M	162.31M	211.64M	254.38M	147.8M	188.53M	222.66M	185.94M	213.85M
Cash & Short-Term Investments	4.49M	7.75M	15.36M	23.13M	43.59M	8.41M	8.41M	68.67M	2.29M	35.62M
Cash Only	4.49M	7.75M	15.36M	23.13M	43.59M	8.41M	8.41M	68.67M	2.29M	35.62M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	130.04M	109.65M	130.77M	168.88M	95.12M	109.07M	161.33M	128.41M	153.61M	152.13M
Days Sales Outstanding	65.54	59.68	67.7	69.61	39.21	47.48	56.3	38.52	50.81	49.08
Inventory	4M	3.98M	4.23M	4.07M	4.21M	3.12M	3.32M	3.52M	4.85M	5.65M
Days Inventory Outstanding	2.46	2.53	2.52	2	1.97	1.56	1.35	1.24	1.88	2.19
Other Current Assets	25.63M	2.69M	3.26M	3.99M	99.76M	15.27M	2.92M	6.32M	7.31M	475K
Total Non-Current Assets+	474.59M	485.57M	487.35M	561.88M	627.25M	528.92M	463.13M	573.99M	768.49M	783.72M
Property, Plant & Equipment	454.05M	465.47M	464.07M	450.6M	517.2M	391.45M	346.48M	407.74M	514.65M	524.81M
Fixed Asset Turnover	1.60x	1.44x	1.52x	1.97x	1.71x	2.14x	3.02x	2.98x	2.14x	2.16x
Goodwill	0	0	0	41.6M	42.52M	42.52M	42.52M	58.22M	75.75M	78.94M
Intangible Assets	169K	0	0	32.54M	29.61M	24.52M	20.48M	48.17M	99.61M	90.13M
Long-Term Investments	16.79M	18.53M	20.14M	26.11M	31.91M	34.37M	44.2M	54.73M	66.33M	77.41M
Other Non-Current Assets	1.98M	1.58M	3.14M	-66.16M	-73.55M	11.69M	9.46M	5.14M	11.74M	12.23M
Total Assets+	646.33M	619.79M	649.67M	773.52M	881.85M	676.72M	651.66M	796.64M	954.44M	997.57M
Asset Turnover	1.12x	1.08x	1.09x	1.14x	1.00x	1.24x	1.61x	1.53x	1.16x	1.13x
Asset Growth %	0.17%	-0.04%	0.05%	0.19%	0.14%	-0.23%	-0.04%	0.22%	0.2%	0.05%
Total Current Liabilities+	126.47M	87.78M	81.22M	127.33M	161.26M	133.38M	142.75M	156.12M	170.29M	181.28M
Accounts Payable	12.27M	13.03M	11.86M	22.1M	19.5M	31.7M	29.91M	33.9M	33.16M	31.94M
Days Payables Outstanding	7.55	8.3	7.07	10.89	9.12	15.87	12.15	12	12.88	12.38
Short-Term Debt	44.09M	25.14M	24.6M	30.57M	54.97M	8.79M	5.72M	18.9M	47.65M	64.21M
Deferred Revenue (Current)	1000K	1000K	1000K	0	1000K	0	0	0	0	0
Other Current Liabilities	18.55M	3.39M	243K	0	-47.21M	1.46M	557K	0	0	0
Current Ratio	1.37x	1.54x	2.00x	1.66x	1.58x	1.11x	1.32x	1.43x	1.09x	1.18x
Quick Ratio	1.33x	1.49x	1.95x	1.63x	1.55x	1.08x	1.30x	1.40x	1.06x	1.15x
Cash Conversion Cycle	60.45	53.91	63.15	60.73	32.06	33.17	45.5	27.76	39.81	38.89
Total Non-Current Liabilities+	318.79M	296.34M	273.25M	303.05M	370.27M	252.69M	159.22M	263.4M	380.73M	377.95M
Long-Term Debt	196.06M	168.68M	164.47M	166.63M	200.18M	47.89M	20.35M	90.37M	196.89M	187.09M
Capital Lease Obligations	10.55M	19.76M	21.78M	35.12M	66.89M	32.23M	25.52M	46.86M	36.19M	34.49M
Deferred Tax Liabilities	76.98M	84.16M	63.34M	77.47M	80.33M	74.55M	84.66M	98.72M	116.09M	117.65M
Other Non-Current Liabilities	34.75M	23.75M	87M	101.3M	0	98.02M	28.69M	27.45M	31.55M	38.72M
Total Liabilities	444.17M	383.38M	354.47M	430.38M	531.74M	386.07M	301.96M	419.52M	551.02M	559.23M
Total Debt+	255.43M	216.01M	213.8M	237.69M	348.76M	111.59M	74.25M	179.63M	293.46M	296.89M
Net Debt	250.94M	208.26M	198.44M	214.57M	305.17M	103.18M	65.84M	110.96M	291.17M	261.27M
Debt / Equity	1.26x	0.91x	0.72x	0.69x	1.00x	0.38x	0.21x	0.48x	0.73x	0.68x
Debt / EBITDA	1.97x	2.08x	2.13x	1.76x	3.91x	2.17x	0.63x	1.30x	2.28x	2.26x
Net Debt / EBITDA	1.93x	2.00x	1.97x	1.59x	3.42x	2.01x	0.56x	0.80x	2.26x	1.99x
Interest Coverage	8.03x	3.94x	3.41x	6.77x	0.79x	-2.05x	22.70x	26.07x	7.38x	3.30x
Total Equity+	202.16M	236.41M	295.2M	343.14M	350.11M	290.64M	349.7M	377.13M	403.42M	438.34M
Equity Growth %	0.19%	0.17%	0.25%	0.16%	0.02%	-0.17%	0.2%	0.08%	0.07%	0.09%
Book Value per Share	5.52	6.47	8.03	9.29	9.39	8.37	10.27	12.15	14.58	15.82
Total Shareholders' Equity	202.16M	236.41M	295.2M	343.14M	350.11M	290.64M	349.7M	377.13M	403.42M	438.34M
Common Stock	194K	194K	195K	195K	197K	197K	185K	185K	185K	265K
Retained Earnings	82.95M	102.03M	157.47M	200.57M	209.04M	166.32M	225.08M	329.47M	378.92M	278.13M
Treasury Stock	-3.41M	-1.08M	0	0	0	-17.07M	-23.66M	-106.5M	-132.35M	0
Accumulated OCI	-17.54M	-2.64M	293K	204K	-1.01M	-2.25M	-1.31M	1.09M	816K	1.03M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	85.48M	102.43M	82.85M	124.8M	64.03M	63.04M	73.22M	159.23M	84.84M	122.89M
Operating CF Margin %	0.12%	0.15%	0.12%	0.14%	0.07%	0.08%	0.07%	0.13%	0.08%	0.11%
Operating CF Growth %	0.16%	0.2%	-0.19%	0.51%	-0.49%	-0.02%	0.16%	1.17%	-0.47%	0.45%
Net Income	42.09M	16.84M	55.44M	42.5M	8.48M	-42.72M	60.73M	108.68M	54.63M	35.92M
Depreciation & Amortization	62.01M	71.65M	72.42M	75.86M	80.53M	65.48M	53.88M	57.51M	69.94M	86.53M
Stock-Based Compensation	1.5M	1.38M	1.2M	5.18M	819K	2.27M	9.06M	6.59M	7.1M	3.69M
Deferred Taxes	20.7M	186K	-22.57M	13.8M	3.35M	-14.93M	18.08M	13.44M	16.48M	3.29M
Other Non-Cash Items	-3.92M	-877K	3.1M	-5.02M	-8.21M	60.13M	-15.77M	-50.49M	-23.84M	-9.47M
Working Capital Changes	-36.9M	13.26M	-26.74M	-7.51M	-20.93M	-7.19M	-52.77M	23.49M	-39.46M	2.93M
Change in Receivables	-28.12M	21.21M	-23.67M	-27.2M	-6.71M	-60.85M	-36.54M	39.47M	-22.42M	2.75M
Change in Inventory	398K	24K	-252K	168K	-143K	1.09M	-204K	-193K	-317K	-800K
Change in Payables	-10.56M	-5.12M	-3.42M	19.23M	-15.51M	19.83M	16.34M	-6.22M	-9.19M	-4.41M
Cash from Investing+	-147.68M	-47.29M	-62.05M	-120.9M	-93.03M	138.05M	10.34M	-86.21M	-235.92M	-107.67M
Capital Expenditures	-181.96M	-112.79M	-110.8M	-75.14M	-138.27M	-94.05M	-35.28M	-100.47M	-217.61M	0
CapEx % of Revenue	0.25%	0.17%	0.16%	0.08%	0.16%	0.11%	0.03%	0.08%	0.2%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	34.29M	65.51M	48.75M	61.69M	46.61M	120.84M	44.15M	53M	91.82M	-103.12M
Cash from Financing+	45.36M	-51.88M	-13.19M	3.87M	49.46M	-236.27M	-83.56M	-12.77M	84.71M	18.11M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	-4.29M	-5.78M	-5.8M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.43M	-1.22M	-945K	-252K	-1.11M	-297K	-1.33M	-1.22M	-13.74M	-6.14M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-96.49M	-10.36M	-27.95M	49.66M	-74.24M	-31.01M	37.93M	58.76M	-132.77M	-30.07M
FCF Margin %	-0.13%	-0.02%	-0.04%	0.06%	-0.08%	-0.04%	0.04%	0.05%	-0.12%	-0.03%
FCF Growth %	-0.07%	0.89%	-1.7%	2.78%	-2.5%	0.58%	2.22%	0.55%	-3.26%	0.77%
FCF per Share	-2.63	-0.28	-0.76	1.34	-1.99	-0.89	1.11	1.89	-4.80	-1.08
FCF Conversion (FCF/Net Income)	2.03x	6.08x	1.49x	2.94x	7.55x	-1.48x	1.21x	1.47x	1.54x	3.42x
Interest Paid	-8.37M	8.45M	0	0	11.03M	7.37M	2.76M	3.31M	5.32M	5.67M
Taxes Paid	8.11M	6.41M	0	0	752K	870K	10.24M	16.65M	4.19M	7.27M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	22.67%	7.68%	20.86%	13.32%	2.45%	-13.33%	18.97%	29.91%	14.15%	8.53%
Return on Invested Capital (ROIC)	12.66%	5.42%	4.5%	8.42%	1.08%	-2.01%	11.74%	13.34%	7.46%	4.82%
Gross Margin	18.07%	14.5%	13.18%	16.31%	11.85%	13.06%	14.08%	15.28%	14.88%	16.76%
Net Margin	5.81%	2.51%	7.86%	4.8%	0.96%	-5.09%	5.81%	8.93%	5%	3.17%
Debt / Equity	1.26x	0.91x	0.72x	0.69x	1.00x	0.38x	0.21x	0.48x	0.73x	0.68x
Interest Coverage	8.03x	3.94x	3.41x	6.77x	0.79x	-2.05x	22.70x	26.07x	7.38x	3.30x
FCF Conversion	2.03x	6.08x	1.49x	2.94x	7.55x	-1.48x	1.21x	1.47x	1.54x	3.42x
Revenue Growth	0.73%	-7.4%	5.12%	25.6%	-0.01%	-5.29%	24.74%	16.33%	-9.31%	2.53%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Cargo and Freight	-	-	-	-	800.4M	776.22M	949.91M	1.05B	970.51M	1.01B
Cargo and Freight Growth	-	-	-	-	-	-3.02%	22.38%	10.16%	-7.25%	4.48%
Fuel Surcharge	-	-	-	-	94.13M	62.34M	96.09M	170.46M	133.06M	117.53M
Fuel Surcharge Growth	-	-	-	-	-	-33.77%	54.13%	77.40%	-21.94%	-11.67%
Corporate	-	-	-	892.75M	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-
Truckload	655.92M	601.23M	612.83M	727.05M	-	-	-	-	-	-
Truckload Growth	-	-8.34%	1.93%	18.64%	-	-	-	-	-	-
Others	71.06M	73.6M	98.18M	165.71M	-	-	-	-	-	-
Others Growth	-	3.58%	33.40%	68.78%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Covenant Logistics Group, Inc. (CVLG) has a price-to-earnings (P/E) ratio of 20.1x. This is roughly in line with market averages.

Growth & Financials

Covenant Logistics Group, Inc. (CVLG) reported $1.15B in revenue for fiscal year 2024. This represents a 76% increase from $652.6M in 2011.

Covenant Logistics Group, Inc. (CVLG) grew revenue by 2.5% over the past year. Growth has been modest.

Yes, Covenant Logistics Group, Inc. (CVLG) is profitable, generating $32.2M in net income for fiscal year 2024 (3.2% net margin).

Dividend & Returns

Yes, Covenant Logistics Group, Inc. (CVLG) pays a dividend with a yield of 0.80%. This makes it attractive for income-focused investors.

Covenant Logistics Group, Inc. (CVLG) has a return on equity (ROE) of 8.5%. This is below average, suggesting room for improvement.

Covenant Logistics Group, Inc. (CVLG) had negative free cash flow of $30.5M in fiscal year 2024, likely due to heavy capital investments.

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