COVENANT LOGISTICS GROUP, INC. CVLG
We were founded in 1986 as a provider of expedited freight transportation, primarily using two-person driver teams in transcontinental lanes. Since that time, we have grown from 25 tractors to approximately 2,300 tractors and expanded our services to include a wide array of transportation and logistics services for our customers. We are strategically focused on continuing to integrate into the supply chain of our customers and reducing our seasonal and cyclical volatility. Our 2018 acquisition of Landair Holdings, Inc., Landair Transport, LLC, Landair Logistics, LLC, and Landair Leasing, Inc. (collectively, "Landair"), our 2022 acquisition of AAT Carriers, Inc. ("AAT"), and our 2023 acquisitions of Lew Thompson & Son Trucking, LLC, Lew Thompson & Son Leasing LLC, Lew Thompson & Son Dedicated Leasing, LLC, Josh Thompson Trucking, LLC (collectively "LTST") and Sims Transport Services LLC ("Sims"), and our 2025 acquisition of assets we are operating as Star Logistics Solutions ("Star") are examples of that commitment. Landair is a leading dedicated truckload carrier and supplier of transportation management, warehousing, and logistics inventory management systems. AAT specializes in highly regulated, time-sensitive loads for the U.S. government. LTST specializes in poultry feed and live haul transportation. Sims is a specialized brokerage company. Star provides freight brokerage services.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.16B | $1.13B | $1.10B | $1.22B | $1.05B | $838.6M | $885.4M | $880.4M | $705.0M | $670.7M |
| Total operating expenses | $1.16B | $1.09B | $1.04B | $1.10B | $978.8M | $852.6M | $876.6M | $825.0M | $676.9M | $638.2M |
| Operating income | $2.9M | $44.8M | $58.8M | $120.7M | $67.2M | -$14.0M | $8.8M | $55.4M | $28.2M | $32.4M |
| Pre-tax income | $5.6M | $45.9M | $72.2M | $142.8M | $79.2M | -$16.9M | $7.6M | $55.8M | $23.3M | $27.2M |
| Income tax | $1.2M | $10.6M | $17.6M | $34.9M | $21.0M | $2.8M | $2.3M | $14.9M | $32.1M | $10.4M |
| Net income | $7.2M | $35.9M | $55.2K | $108.7M | $60.7M | -$42.7M | $8.5M | $42.5M | $55.4M | $16.8M |
| EPS, basic | 0.28 | 1.37 | 2.12 | 3.62 | 3.61 | -2.46 | 0.46 | 2.32 | 3.03 | 0.93 |
| EPS, diluted | 0.27 | 1.30 | 2.00 | 3.50 | 3.57 | -2.46 | 0.45 | 2.30 | 3.02 | 0.92 |
| Shares, diluted (wtd. avg.) | $26.9M | $27.7M | $27.7M | $31.0M | $17.0M | $17.4M | $18.6M | $18.5M | $18.4M | $18.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.9M | $35.6M | $2.3M | $68.7M | $8.4M | $8.4M | $43.6M | $23.1M | $15.4M | $7.8M |
| Receivables | $151.8M | $141.6M | $142.5M | $119.8M | $142.4M | $91.3M | $81.2M | $151.1M | $104.2M | $96.6M |
| Total current assets | $232.8M | $213.8M | $185.9M | $222.7M | $188.5M | $147.8M | $254.4M | $211.6M | $162.3M | $135.0M |
| Property, plant and equipment | — | $524.8M | $514.7M | $407.7M | $346.5M | $391.5M | $517.2M | $450.6M | $464.1M | $465.5M |
| Goodwill | $80.5M | $78.9M | $75.7M | $58.2M | $42.5M | $42.5M | $42.5M | $41.6M | $0 | $0 |
| Other intangibles | $105.6M | $90.1M | $99.6M | $48.2M | $20.5M | $24.5M | $29.6M | $32.5M | $0 | $0 |
| Total assets | $1.05B | $997.6M | $954.4M | $796.6M | $651.7M | $676.7M | $881.6M | $773.5M | $649.7M | $620.5M |
| Accounts payable | $45.5M | $31.9M | $33.2M | $33.9M | $29.9M | $31.7M | $19.5M | $22.1M | $11.9M | $13.0M |
| Short-term debt | $64.0M | $64.2M | $47.7M | $18.9M | $5.7M | $7.6M | $54.4M | $28.7M | $24.6M | $24.9M |
| Total current liabilities | $210.0M | $181.3M | $170.3M | $156.1M | $142.7M | $133.4M | $161.3M | $127.3M | $81.2M | $87.8M |
| Long-term debt | $234.0M | $187.1M | $196.9M | $90.4M | $20.3M | $47.9M | $200.2M | $166.6M | $164.5M | $168.7M |
| Total liabilities | $641.6M | $559.2M | $551.0M | $419.5M | $302.0M | $386.1M | $531.5M | $430.4M | $354.5M | $384.1M |
| Retained earnings | $278.2M | $278.1M | $378.9M | $329.5M | $225.1M | $166.3M | $209.0M | $200.6M | $157.5M | $102.0M |
| Total equity | $404.0M | $438.3M | $403.4M | $377.1M | $349.7M | $290.6M | $350.1M | $343.1M | $295.2M | $236.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $113.6M | $122.9M | $84.8M | $159.2M | $73.2M | $63.0M | $64.0M | $124.8M | $82.9M | $102.4M |
| Depreciation and amortisation | $81.9M | $77.0M | $62.4M | $53.2M | $49.8M | $60.4M | $77.6M | $74.4M | $71.4M | $71.4M |
| Stock-based compensation | $3.6M | $3.7M | $7.1M | $6.6M | $9.1M | — | — | — | — | $1.2M |
| Capital expenditure | $147.6M | $153.0M | $217.6M | $100.5M | $35.3M | $94.0M | $138.3M | $75.1M | $110.8M | $112.8M |
| Investing cash flow | -$140.1M | -$107.7M | -$235.9M | -$86.2M | $10.3M | $138.0M | -$93.0M | -$120.9M | -$62.1M | -$47.3M |
| Financing cash flow | -$4.3M | $18.1M | $84.7M | -$12.8M | -$83.6M | -$236.3M | $49.5M | $3.9M | -$13.2M | -$51.9M |
| Dividends paid | $7.2M | $5.8M | $5.8M | $4.3M | $0 | — | — | — | — | — |
| Buybacks | $36.6M | $0 | $25.4M | $84.7M | $10.3M | $17.5M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-011971.
Others in SIC 4213
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ODFL | OLD DOMINION FREIGHT LINE, INC. | $38.54B | 38.4x | -5.5% |
| JBHT | HUNT J B TRANSPORT SERVICES INC | $25.71B | 44.7x | -0.7% |
| KNX | Knight-Swift Transportation Holdings Inc. | $11.70B | 175.6x | 0.8% |
| SAIA | SAIA INC | $9.55B | 37.6x | 0.8% |
| SNDR | Schneider National, Inc. | $6.14B | 59.4x | 7.3% |
| LSTR | LANDSTAR SYSTEM INC | $6.04B | 53.8x | -1.6% |
| ARCB | ARCBEST CORP /TX/ | $3.15B | 53.9x | -4.0% |
| WERN | WERNER ENTERPRISES INC | $2.40B | — | -1.9% |