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Covenant Logistics Group, Inc. (CVLG) stock

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NYSE: CVLG NYSE Cargo Ground Transportation Next results ~January 28, 2027

C Fundamentals grade

Covenant Logistics Group, Inc. is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$31

Valuation models combined (4)

Base case. Range ~$23–$44. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, revenue-to-maturity model).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Covenant Logistics Group, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 23 sales by directors and officers, last 12 monthsInsider trades
  • Funds94 adding, 64 cuttingOf 41 active managers that changed their stake, 21 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Covenant Logistics Group files

Where Covenant Logistics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.23bn, up 8.3% on a year earlier, faster than the 7.1% growth a quarter earlier. That growth ranks 3 of 12 among the cargo ground transportation companies we cover. Free-cash-flow margin fell to -3.1% from 0.1% a year earlier. Operating margin narrowed to -0.1% from 3.9%. The diluted share count is down 4.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 7 financial-health checks. Our valuation models combined value is $30.77 a share, against a share price of $29.16.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Covenant Logistics Group, Inc.'s trailing-twelve-month revenue grew 8.3% year on year, with a free-cash-flow margin of -3.1%. Where it stands out: change in share count of -4.6% ranks 2 of 18 cargo ground transportation companies we cover. Where it lags: net margin of 0.3% ranks 15 of 18 cargo ground transportation companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 8.3% (+1.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 4.6% in a year, so each share owns more of the business.

Things to watch

  • Loss-making. Operating margin is -0.1%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 4.0 points on a year ago.
  • Burning cash. Free cash flow was -3.1% of revenue over the last 12 months.
  • High earnings multiple. The shares trade at 233 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 6 insiders sold $15M of stock over the past 365 days and none bought (8% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was -999% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.50 against an average estimate of $0.43: beat by 16.3%
Revenue
$333m, up 9.9% on a year earlier
Share reaction
+6.7% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
net capital equipment expenditures $35m to $40m (the balance of 2026); average age of tractors 25 to 28 (going forward)
Next report
January 28, 2027; average EPS estimate $0.51

Covenant Logistics Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+8.2%
  • 1 week+15.3%
  • 1 month-0.9%
  • This year+52.8%
  • 1 year+67.5%
  • 5 years+142.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.2B
Operating margin
-0.1%
Net margin
0.3%
EPS (TTM, diluted)
$0.14

Growth

Revenue growth
+8.3%
Change in growth rate
+1.2 pts
Share count change
−4.6%

Cash

Free cash flow (TTM)
-$37.9M
FCF margin
-3.1%
Stock pay % of revenue
0.2%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Leadership
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Covenant Logistics Group, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Covenant Logistics Group, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$44 ~$40–$64 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$28 ~$19–$42 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$28 ~$24–$34 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$23 ~$15–$32 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$31 ~$23–$44 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Covenant Logistics Group, Inc. with Cargo Ground Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.00$9.22$13.69$9.15$6.16$7.06$12.60$16.65$22.41$26.77$21.91$33.47
Market value$659m$673m$1.0bn$676m$459m$490m$857m$517m$620m$742m$589m$883m
+ Net debt (− = net cash)$246m$208m$198m$213m$305m$102m$66m$111m$291m$261m$334m$322m
Enterprise value$905m$881m$1.2bn$889m$764m$592m$923m$628m$911m$1.0bn$923m$1.2bn
Multiples
Price / sales 0.9x1.0x1.4x0.8x0.5x0.6x0.8x0.4x0.6x0.7x0.5x0.7x
Price / earnings 15.7x40.0x18.1x15.9x54.2x—14.1x4.8x11.2x20.6x81.4xn/m
Price / free cash flow ———13.6x——22.6x8.8x————
EV / EBITDA 7.0x8.5x12.0x6.8x8.6x11.5x7.6x3.5x7.1x7.6x9.7x12.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

32 /100

Weak moat

How hard Covenant Logistics Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.6% of total assets over 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.1%; its worst year was -3.8%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -2.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 64.4% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, after the close. Analysts expect revenue of $337m and EPS of $0.51 (range $0.46 to $0.55) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.62 +6% $1.3bn +13%
Next $2.64 +63% $1.4bn +9%

Next year's EPS estimate has moved −7.9% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −8.0% on 90 days ago. In the last 30 days, 0 analysts raised Covenant Logistics Group, Inc.'s forecast and 3 cut it.

Consensus EPS forecast Covenant Logistics Group, Inc., last 90 days
$1.50 $2.00 $2.50 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.76 Current fiscal year, 60 days ago: $1.71 Current fiscal year, 30 days ago: $1.72 Current fiscal year, 7 days ago: $1.66 Current fiscal year, Now: $1.62 $1.62 Next fiscal year, 90 days ago: $2.86 Next fiscal year, 60 days ago: $2.75 Next fiscal year, 30 days ago: $2.73 Next fiscal year, 7 days ago: $2.69 Next fiscal year, Now: $2.64 $2.64

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.76$2.86
60 days ago $1.71$2.75
30 days ago $1.72$2.73
7 days ago $1.66$2.69
Now $1.62$2.64

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.43 $0.50 +16.3%
Jun 2026 $0.42 $0.42 −1.2%
Mar 2026 $0.24 $0.26 +7.8%
Dec 2025 $0.33 $0.31 −7.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • net capital equipment expenditures the balance of 2026 $35m to $40m Lowered vs 50m to 60m
    “For the balance of 2026, our expectations for net capital equipment expenditures range from $35.0 million to $40.0 million.” source
  • average age of tractors going forward 25 to 28
    “Given the mix change between our high mileage expedited fleet and lower mileage dedicated fleets, going forward, we anticipate the average age of our tractors to range from 25 to 28 months.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

5 analysts, Oct 2026
Buy480%
Hold120%
Sell00%

Monthly trend

  1. Oct 20261315
  2. Sep 20261315
  3. Aug 20261315
  4. Jul 20261214

Counts of recommendations published by analysts covering Covenant Logistics Group, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.7%
of tradable shares
Days to cover
7.55
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
74%
of shares
Held by insiders
26.0%
of shares
Employees
2,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +67.5%

$19.98 on October 31, 2025 to $33.47

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.2bn +8.3%
Net margin 3.2% 0.3% −90.3%
P/E multiple 15.3x n/m +1423.2%
Share count 28m 26m +4.9%

Biggest factor: p/e multiple.

Last 3 years +68.6%

$19.85 on November 3, 2023 to $33.47

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.2bn +7.3%
Net margin 7.9% 0.3% −96.1%
P/E multiple 6.3x n/m +3573.3%
Share count 29m 26m +10.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CVLG+79%+32%+35%+19%−18%+53%
Industry peers (median)+36%−13%+11%−11%−12%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CVLG83%58%58%58%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CVLG−34%−32%−32%−20%−39%−42%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 81% from June 12, 2018 to April 3, 2020. Getting back needed a 412% gain, reached on October 20, 2021, 565 days after the low.

Price behaviour

52-week range
$17.90 – $49.78
From 52-week high
−32.8%
vs 50-day average
+1.8%
vs 200-day average
−1.5%
Volatility (1 year)
41%
Beta vs S&P 500
0.82

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.0%
After a week
8 up, 3 down
typical move ±7.0%
After a month
7 up, 4 down
typical move ±11.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +6.7% −2.1% — —
July 29, 2026 −15.1% +0.1% −17.6% −18.1%
April 23, 2026 +9.9% +0.4% +12.5% +20.7%
January 29, 2026 −3.1% −0.5% +13.4% +17.0%
October 23, 2025 −8.5% +1.4% −9.5% −12.7%
July 23, 2025 +4.4% +0.9% +1.0% −1.7%
April 23, 2025 +11.0% +3.7% +6.4% +20.1%
January 23, 2025 −0.4% +0.3% +0.2% −13.1%
October 23, 2024 −2.3% −0.7% −2.4% +8.4%
July 24, 2024 +6.8% −2.8% +8.8% +1.0%
April 24, 2024 +1.1% −0.4% +1.8% +5.2%
January 23, 2024 +2.7% +0.4% +3.5% +6.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Covenant Logistics Group, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Covenant Logistics Group, Inc.
$1.1B $1.2B $1.2B $1.3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.1B Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1.1B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.1B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.2B $1.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.1B
FY23 Q4 $1.1B
FY24 Q1 $1.1B
FY24 Q2 $1.1B
FY24 Q3 $1.1B
FY24 Q4 $1.1B
FY25 Q1 $1.1B
FY25 Q2 $1.1B
FY25 Q3 $1.1B
FY25 Q4 $1.2B
FY26 Q1 $1.2B
FY26 Q2 $1.2B
Revenue growth, TTM YoY Covenant Logistics Group, Inc.
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -7.4% Revenue growth, TTM YoY, FY23 Q4: -9.3% Revenue growth, TTM YoY, FY24 Q1: -6.4% Revenue growth, TTM YoY, FY24 Q2: -1.7% Revenue growth, TTM YoY, FY24 Q3: 0.2% Revenue growth, TTM YoY, FY24 Q4: 2.5% Revenue growth, TTM YoY, FY25 Q1: 0.6% Revenue growth, TTM YoY, FY25 Q2: 0.7% Revenue growth, TTM YoY, FY25 Q3: 1.6% Revenue growth, TTM YoY, FY25 Q4: 2.9% Revenue growth, TTM YoY, FY26 Q1: 7.1% Revenue growth, TTM YoY, FY26 Q2: 8.3% 8.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -7.4%
FY23 Q4 -9.3%
FY24 Q1 -6.4%
FY24 Q2 -1.7%
FY24 Q3 0.2%
FY24 Q4 2.5%
FY25 Q1 0.6%
FY25 Q2 0.7%
FY25 Q3 1.6%
FY25 Q4 2.9%
FY26 Q1 7.1%
FY26 Q2 8.3%
Operating margin (TTM) Covenant Logistics Group, Inc.
-2% 0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 4.9% Operating margin (TTM), FY23 Q4: 5.3% Operating margin (TTM), FY24 Q1: 4.1% Operating margin (TTM), FY24 Q2: 4.4% Operating margin (TTM), FY24 Q3: 4.5% Operating margin (TTM), FY24 Q4: 4.0% Operating margin (TTM), FY25 Q1: 4.3% Operating margin (TTM), FY25 Q2: 3.9% Operating margin (TTM), FY25 Q3: 3.1% Operating margin (TTM), FY25 Q4: 0.3% Operating margin (TTM), FY26 Q1: 0.1% Operating margin (TTM), FY26 Q2: -0.1% -0.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 4.9%
FY23 Q4 5.3%
FY24 Q1 4.1%
FY24 Q2 4.4%
FY24 Q3 4.5%
FY24 Q4 4.0%
FY25 Q1 4.3%
FY25 Q2 3.9%
FY25 Q3 3.1%
FY25 Q4 0.3%
FY26 Q1 0.1%
FY26 Q2 -0.1%
FCF margin (TTM) Covenant Logistics Group, Inc.
-15% -10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -5.3% FCF margin (TTM), FY23 Q4: -12.0% FCF margin (TTM), FY24 Q1: -13.5% FCF margin (TTM), FY24 Q2: -12.5% FCF margin (TTM), FY24 Q3: -9.2% FCF margin (TTM), FY24 Q4: -2.7% FCF margin (TTM), FY25 Q1: -1.1% FCF margin (TTM), FY25 Q2: 0.1% FCF margin (TTM), FY25 Q3: -2.7% FCF margin (TTM), FY25 Q4: -2.9% FCF margin (TTM), FY26 Q1: -0.6% FCF margin (TTM), FY26 Q2: -3.1% -3.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -5.3%
FY23 Q4 -12.0%
FY24 Q1 -13.5%
FY24 Q2 -12.5%
FY24 Q3 -9.2%
FY24 Q4 -2.7%
FY25 Q1 -1.1%
FY25 Q2 0.1%
FY25 Q3 -2.7%
FY25 Q4 -2.9%
FY26 Q1 -0.6%
FY26 Q2 -3.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 589 650 653 674 685 719 724 671 705 880 885 839 1,046 1,217 1,104 1,131 1,164 1,232
EBITDA 43 78 45 66 65 89 130 104 101 131 89 51 121 178 129 131 96 93
Operating income −5 26 −1 23 20 40 68 32 28 55 9 −14 67 121 59 45 3 −1
Net income −25 3 −14 6 5 18 42 17 55 43 8 −43 61 109 55 36 7 4
Diluted EPS −$0.44 $0.06 −$0.24 $0.10 $0.09 $0.29 $0.57 $0.23 $0.76 $0.57 $0.11 −$0.61 $0.89 $3.50 $2.00 $1.30 $0.27 $0.14
Growth (year on year)
Revenue — +10.4% +0.4% +3.3% +1.5% +5.0% +0.7% −7.4% +5.1% +24.9% +0.6% −5.3% +24.7% +16.3% −9.3% +2.5% +2.9% +8.3%
EBITDA — +79.9% −41.9% +46.9% −2.4% +36.8% +46.3% −19.8% −3.4% +30.5% −32.0% −42.4% +135.3% +47.2% −27.7% +2.0% −27.1% −29.3%
Operating income — — −104.1% — −12.1% +94.4% +71.0% −52.1% −13.2% +96.8% −84.2% — — +79.7% −51.3% −23.9% −93.4% −102.6%
Net income — — — — — — +136.3% −60.0% +229.3% −23.3% −80.1% — — +79.0% −49.2% −35.0% −79.8% −89.5%
Diluted EPS — — — — — — +100.0% −60.0% +228.3% −23.8% −80.4% — — +292.2% −42.9% −35.0% −79.2% −89.0%
Margins
EBITDA margin 7.3% 12.0% 6.9% 9.9% 9.5% 12.3% 17.9% 15.5% 14.3% 14.9% 10.1% 6.1% 11.6% 14.6% 11.7% 11.6% 8.2% 7.6%
Operating margin −0.8% 4.0% −0.2% 3.4% 3.0% 5.5% 9.4% 4.8% 4.0% 6.3% 1.0% −1.7% 6.4% 9.9% 5.3% 4.0% 0.3% −0.1%
Net margin −4.3% 0.5% −2.2% 0.9% 0.8% 2.5% 5.8% 2.5% 7.9% 4.8% 1.0% −5.1% 5.8% 8.9% 5.0% 3.2% 0.6% 0.3%
Free-cash-flow margin −14.0% −10.2% −12.7% 2.0% −13.9% −12.5% −13.3% −1.5% −4.0% 5.6% −8.4% −3.7% 3.6% 4.8% −12.0% −2.7% −2.9% −3.1%
Cash flow
Cash from operations 31 71 32 55 40 74 85 102 83 125 64 63 73 159 85 123 114 85
Capital spending 113 137 115 42 136 164 182 113 111 75 138 94 35 100 218 153 148 123
Free cash flow −82 −67 −83 13 −95 −90 −96 −10 −28 50 −74 −31 38 59 −133 −30 −34 −38
Stock-based pay 1 1 1 1 1 1 1 1 1 5 1 — 9 7 7 4 4 3
Free cash flow after stock pay −83 −68 −84 12 −96 −91 −98 −12 −29 45 −75 — 29 52 −140 −34 −37 −41
Balance sheet
Cash 12 9 4 7 9 21 4 8 15 23 44 8 8 69 2 36 5 3
Total debt 0 210 258 175 235 202 250 216 214 236 348 110 74 180 293 297 339 324
Net debt (negative = net cash) −12 201 255 168 226 181 246 208 198 213 305 102 66 111 291 261 334 322
Diluted shares 56m 58m 59m 59m 60m 62m 73m 73m 73m 74m 75m 69m 68m 31m 28m 28m 27m 26m
Returned to shareholders
Dividends — — — — — — — — — — — — 0 4 6 6 7 7
Buybacks — — — — — — 5 — — 0 0 17 10 85 25 0 37 —
Total returned — — — — — — 5 — — 0 0 17 10 89 31 6 44 7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $1.0bn
Short-term assets $220mLonger-term assets $786m
What it owes, and who funded it · $1.0bn
Short-term liabilities $193mLonger-term liabilities $399mShareholders' equity $413m
  • Short-term assets cover short-term liabilities $220m of assets due within a year against $193m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $220m short-term assets against $399m of longer-dated liabilities.
  • More cash than debt $3m of cash against $289m of debt.
  • Debt below 40% of shareholders' equity Debt is 70% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 6% to 70% over five years.
  • A year's operating cash flow covers at least 20% of debt $85m of operating cash flow against $289m of debt.
  • Operating profit covers interest at least five times over Operating income of −$1m against $14m of interest.

From Covenant Logistics Group, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$7M
Buybacks, last 3 fiscal years
$62M
Diluted share count
−4.6%
year over year
Total shareholder yield
0.8%
dividends 0.8% + buybacks 0.0% of market value
Dividend payout ratio
186%
of net income paid out
Days sales outstanding
49 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in cargo ground transportation
Last 12 months unless stated CVLG ULH MRTN HTLD PAMT SFWL Median
Revenue, last 12 months $1.2bn $1.5bn $858m $736m $598m $572m $3.5bn
Revenue growth, last 12 months 8.3% −8.3% −6.9% −21.0% −8.8% 13.6% 7.0%
Revenue growth, 3-year average 2.4% −5.5% −11.3% −16.5% −13.4% — −0.8%
Revenue growth, latest quarter 9.9% −3.7% −2.8% −12.5% 8.9% — 10.4%
Operating margin −0.1% −3.3% 1.8% −2.3% −9.1% 2.9% 3.2%
Operating margin, 3-year average 2.7% 4.9% 3.3% −2.3% −5.6% — 3.4%
Net margin 0.3% −6.0% 1.5% 12.5% −7.1% 2.1% 3.0%
Cash from operations / revenue 6.9% 9.6% 9.9% 10.7% −2.8% 2.8% 9.9%
Free-cash-flow margin −3.1% 2.4% −1.8% −11.6% −9.7% −0.5% 3.0%
Free-cash-flow margin, 3-year average −5.1% −3.5% 0.9% −4.3% −6.2% — 0.9%
Stock pay / revenue 0.2% 0.1% 0.2% 0.3% 0.1% — 0.3%
Change in share count −4.6% −0.0% 0.1% −1.2% −2.9% 2.3% −1.5%

Median of all 19 companies we cover in cargo ground transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

19 cargo ground transportation companies
Measure Company Peer median Rank
Revenue growth Growth 8.3% 7.0% 9 of 19
Change in growth rate Growth +1.2pp +3.0pp 15 of 19
Operating margin Profitability -0.1% 3.4% 13 of 18
Net margin Profitability 0.3% 3.0% 15 of 18
Free-cash-flow margin Cash generation -3.1% 3.0% 15 of 19
Stock pay as % of revenue Cash generation 0.2% 0.3% 7 of 15
Long-term debt as % of assets Balance sheet 22.3% 11.5% 11 of 17
Change in share count Balance sheet -4.6% -1.5% 2 of 18
Days sales outstanding Balance sheet 49 days 49 days 10 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Dedicated $403M ▲ 10.6%
Managed Freight $287M ▲ 15.2%
All Other Segments $637,000 —

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue Share YoY
Cargo and Freight $1.1B 91.0% ▲ 4.5%
Fuel Surcharge $105M 9.0% ▼ 10.5%

From Covenant Logistics Group, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$659M
Institutions reporting
182
Shares held vs prior quarter
▲ 3.7%
Positions opened / closed
27 / 13

Top buyers and sellers, Q2 2026: 94 institutions bought and 64 sold ; the biggest buyer was First Eagle Investment Management, LLC (+470K shares) and the biggest seller LSV Asset Management (−456K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $89.7M 2.0M 13.6% ▲ 2.7%
Dimensional Fund Advisors LP $59.2M 1.3M 9.0% ▼ 3.6%
T. Rowe Price Investment Management, Inc. $46.5M 1.1M 7.1% ▼ 1.4%
American Century Companies Inc $38M 860K 5.8% ▲ 26.0%
First Eagle Investment Management, LLC $31.7M 718K 4.8% ▲ 189.3%
Vanguard Capital Management LLC $29.9M 677K 4.5% ▲ 2.0%
Patton Albertson Miller Group, LLC $25.8M 585K 3.9% ▲ 0.7%
Next Century Growth Investors LLC $24.4M 552K 3.7% ▲ 87.2%
State Street Corp $19.6M 444K 3.0% ▲ 3.5%
Geode Capital Management, LLC $17.2M 388K 2.6% ▲ 7.0%
Royce & Associates LP $15.7M 355K 2.4% ▲ 3.7%
Russell Investments Group, Ltd. $14.6M 329K 2.2% ▼ 17.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Covenant Logistics Group, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $15.1M 23 trades by 6 insiders · 8% under pre-set plans
Net ▼ $15.1M net selling
Insider Date Trade Shares Price Value
Ballard Joey EVP, Chief People & Safety Off June 1, 2026 Sell pre-set plan 4,000 $40.15 $160,600
Hogan Joey B Director May 27, 2026 Sell 12,800 $39.18 $501,504
Ballard Joey EVP, Chief People & Safety Off May 26, 2026 Sell pre-set plan 3,718 $38.00 $141,284
Ballard Joey EVP, Chief People & Safety Off May 22, 2026 Sell pre-set plan 4,282 $37.40 $160,147
Kramer D Michael Director April 29, 2026 Sell 2,650 $34.72 $92,008
Hogan Joey B Director April 28, 2026 Sell 14,700 $34.76 $510,972
Grant James S Iii EVP and CFO April 20, 2026 Sell pre-set plan 22,388 $30.75 $688,431
Parker Jacqueline F 10% owner February 20, 2026 Sell 12,452 $29.47 $366,960
Parker Jacqueline F 10% owner February 20, 2026 Sell 17,948 $28.98 $520,133
Parker Jacqueline F 10% owner February 19, 2026 Sell 55,000 $29.38 $1.6M
Parker Jacqueline F 10% owner February 18, 2026 Sell 65,000 $29.34 $1.9M
Parker David Ray Chairman and CEO February 17, 2026 Sell 3,667 $28.85 $105,793

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 29, 2026
  • April 23, 2026
  • January 29, 2026
  • October 23, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Covenant Logistics Group, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Covenant Logistics Group, Inc. in brief

What does Covenant Logistics Group, Inc. do?
Covenant Logistics Group, Inc. is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.
What is Covenant Logistics Group, Inc.'s stock ticker?
Covenant Logistics Group, Inc. trades under the ticker CVLG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Covenant Logistics Group, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Covenant Logistics Group, Inc. reported revenue of $1.2B, 8.3% higher than a year earlier, according to its SEC filings.
What is Covenant Logistics Group, Inc.'s free cash flow?
Covenant Logistics Group, Inc.'s free-cash-flow margin is -3.1% of revenue over the trailing twelve months, ranking 15 of the 19 cargo ground transportation companies we cover.
Who are Covenant Logistics Group, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and T. Rowe Price Investment Management, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Covenant Logistics Group, Inc.'s market cap?
On November 2, 2026, Covenant Logistics Group, Inc.'s market capitalisation was about $883M, with a price-to-earnings ratio of 233.0 and net debt of $322M. Market figures come from third-party market data and may be delayed.
Does Covenant Logistics Group, Inc. pay a dividend?
Yes: Covenant Logistics Group, Inc. paid $7M in dividends over the trailing twelve months, a dividend yield of 0.79% and a payout ratio of 185.6%.
How much debt does Covenant Logistics Group, Inc. have?
Covenant Logistics Group, Inc.'s debt-to-equity ratio is 70.0%, from its latest balance sheet (5.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Covenant Logistics Group, Inc.'s competitors?
In our Cargo Ground Transportation peer group, the companies closest to Covenant Logistics Group, Inc. are Universal Logistics Holdings, Inc., Marten Transport LTD, Heartland Express Inc, Pamt Corp and Shengfeng Development Ltd. The side-by-side comparison below sets their revenue, margins and growth against Covenant Logistics Group, Inc.'s.
Are insiders buying or selling Covenant Logistics Group, Inc. stock?
Over the last 12 months, Covenant Logistics Group, Inc.'s directors and officers reported 0 open-market purchases and 23 sales on Form 4. The insider trading page charts every trade.
When is Covenant Logistics Group, Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Covenant Logistics Group, Inc. announces its own schedule.