The company exhibits structural margin compression with gross margins frequently hovering near the 11% threshold, reflecting limited pricing power against dominant OEM customers.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'00 |
|---|
| Sales/Revenue | 650.7M | 649M | 723.36M | 835.47M | 782.58M | 971.58M | 717.7M | 901.24M | 897.74M | 755.23M | 662.11M | 825.34M | 839.74M | 747.72M | 857.92M | 832.02M | 597.78M | 458.57M | 763.49M | 696.79M | 918.75M | 754.48M | 380.44M | 287.58M | 298.68M | 244.96M |
| Revenue Growth % | -6.85% | -10.28% | -13.42% | 6.76% | -19.45% | 35.37% | -20.37% | 0.39% | 18.87% | 14.06% | -19.78% | -1.71% | 12.31% | -12.84% | 3.11% | 39.19% | 30.36% | -39.94% | 9.57% | -24.16% | 21.77% | 98.32% | 32.29% | -3.72% | 21.93% | - |
| Cost of Goods Sold | 575.93M | 575.75M | 641.04M | 713.58M | 697.56M | 852.59M | 643.62M | 796.1M | 768.88M | 662.67M | 574.88M | 714.52M | 732.05M | 667.99M | 741.38M | 716.43M | 522.98M | 448.91M | 689.28M | 620.14M | 768.91M | 620.03M | 309.7M | 237.88M | 249.18M | 208.08M |
| COGS % of Revenue | - | 88.71% | 88.62% | 85.41% | 89.14% | 87.75% | 89.68% | 88.33% | 85.65% | 87.74% | 86.83% | 86.57% | 87.18% | 89.34% | 86.42% | 86.11% | 87.49% | 97.89% | 90.28% | 89% | 83.69% | 82.18% | 81.4% | 82.72% | 83.43% | 84.94% |
| Gross Profit | 74.77M | 73.25M | 82.32M | 121.89M | 85.03M | 118.99M | 74.08M | 105.14M | 128.85M | 92.56M | 87.23M | 110.82M | 107.69M | 79.73M | 116.54M | 115.59M | 74.8M | 9.66M | 74.2M | 76.64M | 149.84M | 134.45M | 70.75M | 49.7M | 49.5M | 36.88M |
| Gross Margin % | 11.49% | 11.29% | 11.38% | 14.59% | 10.86% | 12.25% | 10.32% | 11.67% | 14.35% | 12.26% | 13.17% | 13.43% | 12.82% | 10.66% | 13.58% | 13.89% | 12.51% | 2.11% | 9.72% | 11% | 16.31% | 17.82% | 18.6% | 17.28% | 16.57% | 15.06% |
| Gross Profit Growth % | - | -11.02% | -32.47% | 43.36% | -28.54% | 60.63% | -29.54% | -18.4% | 39.2% | 6.12% | -21.29% | 2.91% | 35.07% | -31.59% | 0.82% | 54.54% | 674.54% | -86.99% | -3.18% | -48.85% | 11.45% | 90.04% | 42.37% | 0.4% | 34.21% | - |
| Operating Expenses | 70.61M | 68.44M | 83.08M | 82.02M | 60.21M | 69.41M | 97.25M | 64.5M | 61.98M | 61.12M | 61.85M | 72.8M | 74M | 73.29M | 72.44M | 65.87M | 56.35M | 48.26M | 64.14M | 56.39M | 52.36M | 44.92M | 39.22M | 24.47M | 24.07M | 29.86M |
| OpEx % of Revenue | - | 10.55% | 11.48% | 9.82% | 7.69% | 7.14% | 13.55% | 7.16% | 6.9% | 8.09% | 9.34% | 8.82% | 8.81% | 9.8% | 8.44% | 7.92% | 9.43% | 10.52% | 8.4% | 8.09% | 5.7% | 5.95% | 10.31% | 8.51% | 8.06% | 12.19% |
| Selling, General & Admin | 88.1M | 69.04M | 0 | 81.22M | 60.63M | 0 | 0 | 0 | 60.68M | 59.8M | 60.54M | 71.47M | 72.48M | 71.71M | 71.95M | 65.52M | 56.11M | 47.87M | 62.76M | 55.49M | 51.95M | 44.56M | 28.98M | 24.28M | 23.95M | 21.57M |
| SG&A % of Revenue | - | 10.64% | - | 9.72% | 7.75% | - | - | - | 6.76% | 7.92% | 9.14% | 8.66% | 8.63% | 9.59% | 8.39% | 7.87% | 9.39% | 10.44% | 8.22% | 7.96% | 5.65% | 5.91% | 7.62% | 8.44% | 8.02% | 8.8% |
| Research & Development | 0 | 8M | 8.3M | 6.2M | 7.1M | 9.1M | 6.4M | 9.9M | 9.5M | 7.7M | 7M | 7.4M | 6.3M | 6M | 6.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.23% | 1.15% | 0.74% | 0.91% | 0.94% | 0.89% | 1.1% | 1.06% | 1.02% | 1.06% | 0.9% | 0.75% | 0.8% | 0.75% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | -8.6M | 74.78M | -5.4M | -7.52M | 60.31M | 90.84M | 54.6M | 1.31M | 1.35M | 769K | 152K | -215K | -139K | -69K | 346K | 240K | 389K | 1.38M | 894K | 414K | 358K | 10.23M | 185K | 122K | 8.29M |
| Operating Income | 18.11M | 4.81M | -758K | 39.87M | 24.82M | 49.58M | -23.17M | 40.64M | 66.87M | 31.45M | 25.38M | 38.03M | 33.69M | 6.44M | 44.1M | 49.06M | 16.72M | -89.66M | -191.39M | 18.82M | 97.47M | 89.53M | 31.53M | 25.23M | 25.42M | 7.03M |
| Operating Margin % | 2.78% | 0.74% | -0.1% | 4.77% | 3.17% | 5.1% | -3.23% | 4.51% | 7.45% | 4.16% | 3.83% | 4.61% | 4.01% | 0.86% | 5.14% | 5.9% | 2.8% | -19.55% | -25.07% | 2.7% | 10.61% | 11.87% | 8.29% | 8.77% | 8.51% | 2.87% |
| Operating Income Growth % | - | 734.3% | -101.9% | 60.64% | -49.94% | 314% | -157.02% | -39.23% | 112.67% | 23.88% | -33.25% | 12.86% | 423.35% | -85.4% | -10.11% | 193.47% | 118.64% | 53.15% | -1116.92% | -80.69% | 8.88% | 183.93% | 24.98% | -0.76% | 261.89% | - |
| EBITDA | 40.16M | 19.55M | 16.63M | 57.5M | 43M | 68.08M | -4.68M | 56.15M | 82.14M | 46.79M | 41.83M | 39.35M | 35.21M | 8.02M | 44.59M | 49.4M | 16.96M | -89.28M | -172.33M | 36.1M | 113.35M | 102.44M | 39.1M | 33.83M | 34.75M | 16.1M |
| EBITDA Margin % | 6.17% | 3.01% | 2.3% | 6.88% | 5.49% | 7.01% | -0.65% | 6.23% | 9.15% | 6.2% | 6.32% | 4.77% | 4.19% | 1.07% | 5.2% | 5.94% | 2.84% | -19.47% | -22.57% | 5.18% | 12.34% | 13.58% | 10.28% | 11.76% | 11.64% | 6.57% |
| EBITDA Growth % | 196.39% | 17.56% | -71.09% | 33.72% | -36.83% | 1555.86% | -108.33% | -31.64% | 75.56% | 11.84% | 6.3% | 11.77% | 339.11% | -82.02% | -9.74% | 191.35% | 118.99% | 48.2% | -577.31% | -68.15% | 10.65% | 162% | 15.56% | -2.64% | 115.81% | - |
| D&A (Non-Cash Add-back) | 22.05M | 14.74M | 17.38M | 17.63M | 18.18M | 18.5M | 18.49M | 15.51M | 15.27M | 15.34M | 16.45M | 1.33M | 1.51M | 1.58M | 493K | 346K | 240K | 389K | 19.06M | 17.28M | 15.88M | 12.91M | 7.57M | 8.6M | 9.33M | 9.08M |
| EBIT | 282K | 4.81M | 9.01M | 40.67M | 24.4M | 50.03M | 6.13M | 38.14M | 63.84M | 31.19M | 29.4M | 40.33M | 34.99M | 16.24M | 44.03M | 41.26M | 21.5M | -82.7M | -205.34M | 9.31M | 100.62M | 89.53M | 31.53M | 25.23M | 25.42M | 7.03M |
| Net Interest Income | -12.09M | -14.59M | -9.17M | -10.69M | -9.83M | -11.18M | -20.6M | -16.86M | -14.68M | -19.15M | -19.32M | -21.36M | -20.72M | -21.09M | -20.95M | -19.57M | -16.83M | -15.13M | -15.39M | -14.15M | -14.83M | -13.2M | -7.24M | -9.8M | -12.94M | -12.4M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 16.18M | 14.59M | 9.17M | 10.69M | 9.83M | 11.18M | 20.6M | 16.86M | 14.68M | 19.15M | 19.32M | 21.21M | 20.72M | 21.23M | 21.01M | 19.57M | 16.83M | 15.13M | 15.39M | 14.15M | 14.83M | 13.2M | 7.24M | 9.8M | 12.94M | 12.4M |
| Other Income/Expense | -18.11M | -20.55M | -7.48M | 18.96M | -20.54M | -17.46M | -21.33M | -19.08M | -13.37M | -16.36M | -18.08M | -21.21M | -20.93M | -21.23M | -21.01M | -27.37M | -12.05M | -8.17M | -29.33M | -23.66M | -11.68M | -10.98M | -7.6M | -16M | -14.04M | -10.44M |
| Pretax Income | -11.92M | -15.74M | -8.24M | 58.84M | 4.28M | 32.13M | -44.5M | 21.56M | 53.51M | 13.64M | 6.83M | 16.82M | 12.76M | -14.79M | 23.08M | 21.68M | 4.66M | -97.83M | -220.73M | -4.84M | 85.8M | 78.55M | 23.93M | 9.23M | 11.38M | -3.42M |
| Pretax Margin % | -1.83% | -2.42% | -1.14% | 7.04% | 0.55% | 3.31% | -6.2% | 2.39% | 5.96% | 1.81% | 1.03% | 2.04% | 1.52% | -1.98% | 2.69% | 2.61% | 0.78% | -21.33% | -28.91% | -0.69% | 9.34% | 10.41% | 6.29% | 3.21% | 3.81% | -1.39% |
| Income Tax | 4.52M | 4.74M | 27.49M | 15.2M | 20.9M | 8.39M | -7.45M | 5.78M | 9M | 15.35M | 49K | 9.76M | 5.13M | -2.34M | -26.95M | 3.1M | -1.82M | -16.3M | -13.97M | -1.58M | 27.75M | 29.14M | 6.48M | 5.27M | 5.24M | -2.55M |
| Effective Tax Rate % | -37.91% | -30.12% | -333.61% | 25.84% | 488.64% | 26.13% | 16.74% | 26.8% | 16.81% | 112.5% | 0.72% | 58.02% | 40.21% | 15.8% | -116.75% | 14.27% | -39.15% | 16.66% | 6.33% | 32.78% | 32.34% | 37.1% | 27.08% | 57.06% | 45.98% | 74.65% |
| Net Income | -17.57M | -22.78M | -27.87M | 49.41M | -21.97M | 23.73M | -37.05M | 15.78M | 44.51M | -1.71M | 6.79M | 7.06M | 7.63M | -12.45M | 50.08M | 18.61M | 6.49M | -81.53M | -206.76M | -3.25M | 58.05M | 49.41M | 17.45M | 3.96M | -45.48M | -866K |
| Net Margin % | -2.7% | -3.51% | -3.85% | 5.91% | -2.81% | 2.44% | -5.16% | 1.75% | 4.96% | -0.23% | 1.02% | 0.86% | 0.91% | -1.66% | 5.84% | 2.24% | 1.09% | -17.78% | -27.08% | -0.47% | 6.32% | 6.55% | 4.59% | 1.38% | -15.23% | -0.35% |
| Net Income Growth % | 49.98% | 18.25% | -156.4% | 324.89% | -192.58% | 164.06% | -334.81% | -64.55% | 2710.67% | -125.13% | -3.9% | -7.47% | 161.31% | -124.85% | 169.16% | 186.8% | 107.96% | 60.57% | -6259.86% | -105.6% | 17.48% | 183.17% | 340.19% | 108.72% | -5151.73% | - |
| Net Income (Continuing) | -16.44M | -20.48M | -35.73M | 43.63M | -16.63M | 23.73M | -37.05M | 15.78M | 41.49M | -1.71M | 6.79M | 7.06M | 7.63M | -12.45M | 50.03M | 18.59M | 6.49M | -81.53M | -206.76M | -3.25M | 58.05M | 49.41M | 17.45M | 3.96M | 6.15M | -866K |
| Discontinued Operations | -1.13M | -2.3M | 7.87M | 5.78M | -5.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35K | 33K | 22K | 9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.49 | -0.67 | -0.83 | 1.47 | -0.68 | 0.72 | -1.20 | 0.51 | 1.46 | -0.06 | 0.23 | 0.24 | 0.26 | -0.44 | 1.76 | 0.66 | 0.24 | -3.74 | -9.58 | -0.15 | 2.69 | 2.51 | 1.12 | 0.29 | -3.26 | -0.09 |
| EPS Growth % | 50.04% | 19.28% | -156.46% | 316.18% | -194.44% | 160% | -335.29% | -65.07% | 2665.91% | -124.74% | -4.17% | -7.69% | 159.09% | -125% | 166.67% | 175% | 106.42% | 60.96% | -6286.67% | -105.58% | 7.17% | 124.11% | 286.21% | 108.9% | -3522.22% | - |
| EPS (Basic) | - | -0.67 | -0.83 | 1.50 | -0.68 | 0.75 | -1.20 | 0.52 | 1.47 | -0.06 | 0.23 | 0.24 | 0.26 | -0.44 | 1.77 | 0.67 | 0.25 | -3.74 | -9.58 | -0.15 | 2.74 | 2.54 | 1.13 | 0.29 | -3.29 | -0.06 |
| Diluted Shares Outstanding | 35.51M | 33.84M | 33.42M | 33.58M | 32.33M | 32.79M | 30.94M | 30.82M | 30.59M | 29.94M | 29.88M | 29.4M | 29.12M | 28.58M | 28.43M | 28.19M | 26.99M | 21.81M | 21.58M | 21.44M | 21.55M | 19.7M | 15.58M | 13.67M | 13.94M | 13.89M |
| Basic Shares Outstanding | 34.19M | 33.84M | 33.42M | 33.04M | 32.33M | 31.5M | 30.94M | 30.6M | 30.28M | 29.94M | 29.53M | 29.21M | 28.93M | 28.28M | 28.23M | 27.85M | 26.25M | 21.81M | 21.58M | 21.44M | 21.15M | 19.44M | 15.44M | 13.67M | 13.83M | 13.89M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical Volume Sensitivity
As reported in recent financial filings, CVGI has experienced a sustained period of top-line erosion, with revenue growth consistently negative over the last several quarters, culminating in a 10.28% year-over-year decline that highlights the company's vulnerability to softening North American Class 8 truck production cycles.
The consistent revenue contraction suggests that the company's core vocational and commercial vehicle segments are struggling to offset the broader industry downturn. Investors should monitor whether the recent 1.0% growth in 2026Q1 represents a genuine cyclical bottom or merely a temporary stabilization before further volume degradation.
Based on the provided income statement data, CVGI's gross margins have struggled to maintain double-digit levels, frequently hovering near the 11% threshold, which indicates limited pricing power against dominant OEM customers who demand aggressive annual cost reductions in a highly competitive Tier 1 supply environment.
The inability to expand gross margins during periods of fluctuating volume suggests that the company's manufacturing footprint remains overly burdened by fixed costs. This lack of operational flexibility implies that profitability will likely remain under pressure until the company can successfully rationalize its cost base or improve product mix.
According to the historical income statement, CVGI exhibits significant operating leverage, where minor fluctuations in revenue lead to outsized volatility in operating income, as evidenced by the shift from a 2.3% operating margin in 2024Q1 to a negative 3.2% margin by the end of 2024.
This high sensitivity suggests that the company's cost structure is not sufficiently variable to withstand cyclical demand shocks. The current operating margin of 0.74% indicates that the business is operating at a precarious break-even point where any further volume decline could lead to sustained operating losses.
Analysis of the reported figures reveals that net income has been highly inconsistent, with significant quarterly swings that appear disconnected from core operational performance, suggesting that non-operating items or accounting adjustments may be masking the underlying weakness in the company's primary manufacturing and assembly business lines.
The volatility in net income, including the sharp $38.7M loss in 2024Q4, warrants further investigation into the nature of these non-recurring charges. Investors should be cautious, as the current earnings profile may not accurately reflect the long-term cash-generating capability of the firm's diverse segment portfolio.
Quick answers to the most common questions about buying CVGI stock.
For fiscal year 2025, Commercial Vehicle Group, Inc. (CVGI) reported total revenue of $649.0M. This represents a 164.9% increase compared to $245.0M in 2000.
Commercial Vehicle Group, Inc. (CVGI) reported a net loss of $22.8M for the fiscal year ending 2025.
Commercial Vehicle Group, Inc. (CVGI) reported an operating income of $4.8M, resulting in an operating profit margin of 0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Commercial Vehicle Group, Inc. (CVGI) generated $73.2M in gross profit for the year, representing a gross profit margin of 11.3%. This demonstrates the company's core pricing power and production efficiency.