Commercial Vehicle (CVGI)


Market Price (8/19/2026): $3.3 | Market Cap: $114.7 MilSector: Consumer Discretionary | Industry: Automotive Parts & Equipment

Commercial Vehicle (CVGI)


Market Price (8/19/2026): $3.3
Market Cap: $114.7 Mil
Sector: Consumer Discretionary
Industry: Automotive Parts & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Electric Vehicles & Autonomous Driving, and Advanced Materials. Themes include EV Manufacturing, Autonomous Driving Technology, Show more.

Weak multi-year price returns
2Y Excs Rtn is -38%, 3Y Excs Rtn is -140%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -0.5 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.1%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 56%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.9%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25%

Key risks
CVGI key risks include [1] uncertainty surrounding its electric vehicle strategy and [2] a weakening liquidity position that has resulted in a credit downgrade.

0 Megatrend and thematic drivers
Megatrends include Electric Vehicles & Autonomous Driving, and Advanced Materials. Themes include EV Manufacturing, Autonomous Driving Technology, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -38%, 3Y Excs Rtn is -140%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -0.5 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.1%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 56%
4 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.9%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25%
6 Key risks
CVGI key risks include [1] uncertainty surrounding its electric vehicle strategy and [2] a weakening liquidity position that has resulted in a credit downgrade.

CVGI in ETFs

Weight = CVGI's share of each fund

VTI0.00%
IWM0.00%
AVUV0.01%
IWN0.01%
VTWO0.00%
DFAS0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/10/2026

Commercial Vehicle (CVGI) stock has lost about 20% since 4/30/2026 because of the following key factors:

1. Significant Adjusted EPS Miss in Fiscal Q2 2026.

Commercial Vehicle Group (CVGI) reported an adjusted diluted earnings per share (EPS) of -$0.13 for fiscal Q2 2026 (ended June 30, 2026), significantly missing analysts' consensus estimates of -$0.05 by $0.08. This miss occurred despite revenue exceeding expectations, leading to investor disappointment. The net loss from continuing operations widened to $8.7 million, or $(0.25) per diluted share, compared to a net loss of $4.1 million, or $(0.12) per diluted share in fiscal Q2 2025, partly due to a $3.4 million pre-tax warrant liability revaluation expense.

2. Persistent Unprofitability and Adjusted EBITDA Margin Decline.

Despite reporting strong revenue growth of 13.5% year-over-year to $195.2 million in fiscal Q2 2026, the company continued to post a net loss, indicating ongoing challenges in achieving consistent profitability. While gross margin expanded, the adjusted EBITDA of $5.4 million for fiscal Q2 2026 missed analyst estimates of $6.26 million and represented a slight decrease in adjusted EBITDA margin to 2.8% from 3.0% in the prior year period.

Show more
Updated on 8/10/2026

Commercial Vehicle (CVGI) stock has lost about 20% since 4/30/2026 because of the following key factors:

1. Significant Adjusted EPS Miss in Fiscal Q2 2026.

Commercial Vehicle Group (CVGI) reported an adjusted diluted earnings per share (EPS) of -$0.13 for fiscal Q2 2026 (ended June 30, 2026), significantly missing analysts' consensus estimates of -$0.05 by $0.08. This miss occurred despite revenue exceeding expectations, leading to investor disappointment. The net loss from continuing operations widened to $8.7 million, or $(0.25) per diluted share, compared to a net loss of $4.1 million, or $(0.12) per diluted share in fiscal Q2 2025, partly due to a $3.4 million pre-tax warrant liability revaluation expense.

2. Persistent Unprofitability and Adjusted EBITDA Margin Decline.

Despite reporting strong revenue growth of 13.5% year-over-year to $195.2 million in fiscal Q2 2026, the company continued to post a net loss, indicating ongoing challenges in achieving consistent profitability. While gross margin expanded, the adjusted EBITDA of $5.4 million for fiscal Q2 2026 missed analyst estimates of $6.26 million and represented a slight decrease in adjusted EBITDA margin to 2.8% from 3.0% in the prior year period.

3. Market Caution Amidst Industry Weakness and Execution Risk.

An S&P Global Ratings report in May 2026 highlighted weak demand for CVG's products, citing soft North American Class 8 vehicle production and a slower-than-expected ramp-up of program awards in its electrical systems segment. The report affirmed a 'B-' rating due to expected weaker free operating cash flow in fiscal 2026 and 2027 and noted execution risk if these factors were further delayed, contributing to a cautious market sentiment.

4. Shareholder Dilution and Negative Free Cash Flow in Fiscal Q2 2026.

In July 2026, CVG utilized an at-the-market equity issuance program, generating approximately $11.6 million in net proceeds, which were used to pay down term debt. While this action helped reduce net leverage from 4.1x at the end of fiscal 2025 to 3.3x at the end of fiscal Q2 2026, it also introduced dilution for existing shareholders. Furthermore, free cash flow from continuing operations was an outflow of $1.4 million in fiscal Q2 2026, primarily due to higher working capital investments, despite the company maintaining a full-year outlook for positive free cash flow.

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Stock Movement Drivers

Fundamental Drivers

The -21.5% change in CVGI stock from 4/30/2026 to 8/18/2026 was primarily driven by a -22.7% change in the company's P/S Multiple.
(LTM values as of)43020268182026Change
Stock Price ($)4.183.28-21.5%
Change Contribution By: 
Total Revenues ($ Mil)6496743.8%
P/S Multiple0.20.2-22.7%
Shares Outstanding (Mil)3435-2.3%
Cumulative Contribution-21.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/18/2026
ReturnCorrelation
CVGI-21.5% 
Market (SPY)6.8%26.3%
Sector (XLY)-1.7%23.4%

Fundamental Drivers

The 118.7% change in CVGI stock from 1/31/2026 to 8/18/2026 was primarily driven by a 118.9% change in the company's P/S Multiple.
(LTM values as of)13120268182026Change
Stock Price ($)1.503.28118.7%
Change Contribution By: 
Total Revenues ($ Mil)6586742.5%
P/S Multiple0.10.2118.9%
Shares Outstanding (Mil)3435-2.5%
Cumulative Contribution118.7%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/18/2026
ReturnCorrelation
CVGI118.7% 
Market (SPY)11.2%20.8%
Sector (XLY)-3.8%15.0%

Fundamental Drivers

The 94.1% change in CVGI stock from 7/31/2025 to 8/18/2026 was primarily driven by a 107.6% change in the company's P/S Multiple.
(LTM values as of)73120258182026Change
Stock Price ($)1.693.2894.1%
Change Contribution By: 
Total Revenues ($ Mil)699674-3.5%
P/S Multiple0.10.2107.6%
Shares Outstanding (Mil)3435-3.1%
Cumulative Contribution94.1%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/18/2026
ReturnCorrelation
CVGI94.1% 
Market (SPY)22.4%25.3%
Sector (XLY)5.7%19.9%

Fundamental Drivers

The -68.8% change in CVGI stock from 7/31/2023 to 8/18/2026 was primarily driven by a -60.7% change in the company's P/S Multiple.
(LTM values as of)73120238182026Change
Stock Price ($)10.503.28-68.8%
Change Contribution By: 
Total Revenues ($ Mil)801674-15.8%
P/S Multiple0.40.2-60.7%
Shares Outstanding (Mil)3335-5.5%
Cumulative Contribution-68.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/18/2026
ReturnCorrelation
CVGI-68.8% 
Market (SPY)73.6%29.6%
Sector (XLY)37.0%28.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CVGI Return-7%-16%3%-65%-42%135%-61%
Peers Return24%-29%4%-29%43%14%7%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
CVGI Win Rate50%42%42%25%42%62% 
Peers Win Rate62%33%42%33%57%48% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CVGI Max Drawdown-47%-55%-51%-70%-66%-46% 
Peers Max Drawdown-25%-46%-34%-39%-32%-32% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: LEA, ADNT, APTV, BWA, DAN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/18/2026 (YTD)

How Low Can It Go

EventCVGIS&P 500
2025 US Tariff Shock
  % Loss-58.5%-18.8%
  % Gain to Breakeven141.2%23.1%
  Time to Breakeven77 days79 days
2024 Yen Carry Trade Unwind
  % Loss-32.7%-7.8%
  % Gain to Breakeven48.6%8.5%
  Time to Breakeven631 days18 days
2023 SVB Regional Banking Crisis
  % Loss-20.4%-6.7%
  % Gain to Breakeven25.6%7.1%
  Time to Breakeven47 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-50.8%-24.5%
  % Gain to Breakeven103.2%32.4%
  Time to Breakeven109 days427 days
2020 COVID-19 Crash
  % Loss-72.8%-33.7%
  % Gain to Breakeven267.2%50.9%
  Time to Breakeven117 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-40.9%-19.2%
  % Gain to Breakeven69.2%23.8%
  Time to Breakeven119 days105 days

Compare to LEA, ADNT, APTV, BWA, DAN

In The Past

Commercial Vehicle's stock fell -58.5% during the 2025 US Tariff Shock. Such a loss loss requires a 141.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCVGIS&P 500
2025 US Tariff Shock
  % Loss-58.5%-18.8%
  % Gain to Breakeven141.2%23.1%
  Time to Breakeven77 days79 days
2024 Yen Carry Trade Unwind
  % Loss-32.7%-7.8%
  % Gain to Breakeven48.6%8.5%
  Time to Breakeven631 days18 days
2023 SVB Regional Banking Crisis
  % Loss-20.4%-6.7%
  % Gain to Breakeven25.6%7.1%
  Time to Breakeven47 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-50.8%-24.5%
  % Gain to Breakeven103.2%32.4%
  Time to Breakeven109 days427 days
2020 COVID-19 Crash
  % Loss-72.8%-33.7%
  % Gain to Breakeven267.2%50.9%
  Time to Breakeven117 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-40.9%-19.2%
  % Gain to Breakeven69.2%23.8%
  Time to Breakeven119 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-54.4%-12.2%
  % Gain to Breakeven119.3%13.9%
  Time to Breakeven116 days62 days
2014-2016 Oil Price Collapse
  % Loss-71.9%-6.8%
  % Gain to Breakeven256.4%7.3%
  Time to Breakeven434 days15 days
2008-2009 Global Financial Crisis
  % Loss-97.1%-53.4%
  % Gain to Breakeven3308.5%114.4%
  Time to Breakeven612 days1085 days
Summer 2007 Credit Crunch
  % Loss-31.0%-8.6%
  % Gain to Breakeven44.8%9.5%
  Time to Breakeven1211 days47 days

Compare to LEA, ADNT, APTV, BWA, DAN

In The Past

Commercial Vehicle's stock fell -58.5% during the 2025 US Tariff Shock. Such a loss loss requires a 141.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Commercial Vehicle (CVGI)

Commercial Vehicle Group (CVGI) Business Summary

Commercial Vehicle Group, Inc. (CVGI) is a global enterprise specializing in the design, manufacturing, and sale of a wide array of components and assemblies. The company operates across North America, Europe, and the Asia-Pacific regions, serving various markets through its Vehicle Solutions, Warehouse Automation, Electrical Systems, and Aftermarket & Accessories segments. Essentially, CVGI provides critical parts and systems that enable the functionality, safety, and comfort of a diverse range of vehicles.

CVGI's extensive product portfolio includes essential electrical wire harness assemblies and complex electro-mechanical assemblies, which are vital for electrical interconnections, control functions, and power distribution within vehicles. Beyond electrical systems, the company supplies numerous interior and cab components, such as instrument panels, appliqués, armrests, storage systems, and sound-reducing insulation. Furthermore, CVGI is a key provider of seating systems for various vehicle types, alongside exterior components like mirrors, wipers, and control mechanisms.

The company primarily targets the robust commercial vehicle market, with a significant presence in the medium- and heavy-duty (MD/HD) truck sector. Its comprehensive solutions cater to a broad spectrum of industries, including agriculture, construction, mining, bus, military, industrial, municipal, off-road recreational, and specialty vehicle markets. CVGI serves both original equipment manufacturers and the aftermarket, ensuring its components and systems reach a wide customer base across these diverse applications.

AI Analysis | Feedback

Here are 1-3 brief analogies for Commercial Vehicle Group (CVGI):

  • Foxconn for commercial vehicles and industrial equipment – manufacturing critical electrical, mechanical, and interior components that power a wide range of specialized machines.
  • A Magna International for heavy-duty vehicles – supplying a broad range of essential components like electrical systems, seats, and cab structures for trucks, buses, and off-road equipment.

AI Analysis | Feedback

  • Electrical Wire Harness Assemblies: These assemblies provide electrical interconnections for various vehicle systems and functions by carrying current.
  • Panel Assemblies: Components that are typically integrated control or electrical panels for commercial and other vehicles.
  • Electro-mechanical Assemblies: This category includes complex automated and robotic builds, multi-cabinet control systems, and power distribution units.
  • Interior Trim Products: These are aesthetic and functional components like appliqués, armrests, map pockets, and sound insulation for vehicle interiors.
  • Instrument Panels: Critical dashboard components providing information and control functions within commercial and specialty vehicles.
  • Plastics Decorating and Finishing Products: Products used for enhancing the appearance and surface properties of plastic components.
  • Cab Structures: The structural framework and associated assemblies forming the cabin area of commercial vehicles.
  • Vehicle Interior Design Products: This covers interior items such as grab handles, storage systems, floor coverings, headliners, and privacy curtains.
  • Mirrors, Wipers, and Controls: Essential visibility and operational components for commercial, military, and specialty recreational vehicles.
  • Seats and Seating Systems: A comprehensive range of seating solutions, including suspension seats, static seats, and those for trucks, buses, and office applications.

AI Analysis | Feedback

Commercial Vehicle Group, Inc. (CVGI) primarily sells its products and systems to other companies (B2B).

The provided company description does not list the specific names of its major customers. However, based on the markets it serves, its customers are manufacturers within the following sectors:

  • MD/HD (Medium- and Heavy-Duty) truck market
  • Bus market
  • Construction, mining, and agricultural vehicle markets
  • Military, industrial, municipal, off-road recreational, and specialty vehicle markets

AI Analysis | Feedback

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James R. Ray President and Chief Executive Officer

James R. Ray was appointed President and Chief Executive Officer of Commercial Vehicle Group, Inc. in December 2023. He has served on CVG's Board of Directors as an independent director since March 2020 and currently serves as a non-independent director. Mr. Ray also holds an independent director role on the Board of Spirit AeroSystems, Inc., and previously served on the Boards of Leslie's, Inc. and RR Donnelley. He has provided consulting services to Fortune 100 companies and private equity portfolio companies. Prior to joining CVG's Board, Mr. Ray was President, Engineered Fastening at Stanley Black & Decker, Inc. from 2013 through 2020, where he held various global industrial P&L and operational leadership positions. Before that, he accumulated over 25 years of experience in global P&L and engineering leadership roles at TE Connectivity, Delphi, and General Motors. He earned a bachelor's degree in electrical and electronics engineering from Howard University and a master's degree in manufacturing management from Kettering University.

Andy Cheung Executive Vice President and Chief Financial Officer

Andy Cheung was appointed Executive Vice President and Chief Financial Officer of Commercial Vehicle Group, Inc., effective October 11, 2022. Before joining CVG, Mr. Cheung spent more than 25 years at Johnson Controls, where his most recent role was Vice President & Chief Financial Officer of Global Products. During his tenure at Johnson Controls, he progressed through various roles in finance, general management, procurement, and corporate development, and gained international experience living and working in Japan, China, Belgium, and the United States. He possesses extensive experience with acquisitions, joint ventures, and partnerships. Mr. Cheung holds a Bachelor of Business Administration in Accounting from Hong Kong University of Science & Technology and an MBA from the University of Chicago, and is also a Certified Public Accountant.

Peter Lugo President, Electrical Systems

Peter Lugo joined Commercial Vehicle Group, Inc. as President of its Electrical Systems segment, effective November 1, 2024. In this role, he is responsible for the day-to-day oversight of the electrical business, with a focus on developing and executing commercial, engineering, and product management strategies. Most recently, Mr. Lugo served as Senior Vice President, Electrical Products & Engineered Solutions at Southwire, where he was instrumental in developing and executing the overall business strategy, which included five acquisitions. His prior experience includes progressive leadership roles at Bullard, Eaton Corp., Phillips Petroleum, Switchgear Systems, and General Electric. Mr. Lugo holds a bachelor's degree in electrical engineering from Polytechnical University of Puerto Rico.

Carlos Jimenez Executive Vice President, Global Operations and Supply Chain

Carlos Jimenez joined Commercial Vehicle Group, Inc. as Executive Vice President, Global Operations and Supply Chain, effective October 2024. He is responsible for the effective operation of the company's manufacturing function and for developing and executing supply chain strategies across CVG's global manufacturing footprint of over 20 plants. Before joining CVG, Mr. Jimenez was Vice President, Global Operations at Kennametal, Inc. He has held progressive leadership roles at companies such as Stanley Black and Decker, Valeo Group, GKN Driveline, Mars Electronics International, Apisa, and Ford Motor Company. Mr. Jimenez holds a bachelor's degree in industrial engineering and a degree in business administration, management and operations from INSEAD.

Ms. Mathers Chief Human Resources Officer

Ms. Mathers joined Commercial Vehicle Group, Inc. as Chief Human Resources Officer in September 2021. Prior to CVG, she served as Vice President of Talent Management at Baker Hughes, where she was responsible for all aspects of global talent acquisition, recruitment, succession & retention, leadership programs, and training & development. Ms. Mathers' career also includes extensive HR leadership assignments at GE, where she worked since 2000, across its transportation, appliance, lighting businesses, and corporate headquarters.

AI Analysis | Feedback

The key risks to Commercial Vehicle Group (CVGI) primarily revolve around market demand fluctuations and ongoing financial challenges.

  1. Fluctuations in Demand for Commercial Vehicles: The company faces significant risk from the cyclical nature and volatility of demand in the commercial vehicle market, particularly in the North American Class 8 truck market. This directly impacts revenue and overall business performance. Weak customer demand has contributed to declining revenue in various segments.
  2. Financial Challenges and Elevated Leverage: Commercial Vehicle Group has experienced financial difficulties, including negative net margins and return on equity (ROE), indicating challenges in profitability and generating returns on equity. The company's cash flow has been strained, and it faces elevated interest costs due to prior refinancing. S&P Global downgraded the company's rating due to higher leverage and negative cash flows, anticipating an elevated risk of breaching leverage covenants.
  3. Supply Chain Disruptions and Geopolitical Uncertainty: CVGI is exposed to sector-specific risks such as potential supply chain disruptions and geopolitical uncertainties, particularly in regions like EMEA.

AI Analysis | Feedback

The rapid transition of the commercial vehicle market towards electric vehicles (EVs) presents an emerging threat. Commercial Vehicle Group, Inc. supplies electrical wire harness assemblies and electro-mechanical assemblies for various vehicle functions, including powertrain and transmission sensors, and emissions systems, which are traditionally linked to internal combustion engines (ICE). As commercial vehicles increasingly adopt high-voltage battery-electric and fuel-cell powertrains, the fundamental electrical architecture, power distribution, and safety requirements differ significantly from conventional ICE vehicles. If CVGI's existing electrical system design and manufacturing capabilities do not rapidly adapt or become competitive in these new high-voltage EV domains, specialized electrical system suppliers focused on EVs could capture significant market share, potentially rendering CVGI's legacy electrical system offerings less relevant for future vehicle platforms.

AI Analysis | Feedback

Commercial Vehicle Group, Inc. (CVGI) operates in several key markets related to commercial and electric vehicles. The addressable market sizes for its main products and services are as follows:

  • Commercial Vehicle Seats and Seating Systems: The global commercial vehicle seat market was estimated at USD 13.5 billion in 2025 and is projected to grow to USD 20.7 billion by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of 4.5% from 2026 to 2035. In 2025, the Asia Pacific region dominated this market with a 39% share.
  • Electrical Wire Harness Assemblies: The global commercial vehicle wiring harness market was valued at US$ 14.3 billion in 2022 and is estimated to reach US$ 25.3 billion by the end of 2031, growing at a CAGR of 6.3% from 2023 to 2031. Another report states the global wire harness market (which includes automotive applications) was valued at USD 99.58 billion in 2024 and is projected to reach USD 147.46 billion by 2034, with a CAGR of 4.00% from 2025 to 2034. Asia Pacific held the largest share of the overall automotive wiring harness market in 2024.
  • Cab Structures: The global commercial vehicle cabins market size was valued at USD 20.86 billion in 2021 and is expected to reach USD 35.20 billion in 2030, growing at a CAGR of 6.43% from 2023 to 2030. Another estimate places the global market at USD 100.06 billion in 2023, projected to reach USD 168.47 billion by 2033, with a CAGR of 5.35%. North America is expected to hold the largest share of the global commercial vehicle cabins market.
  • Interior Trim Products and Accessories (including panel assemblies, electro-mechanical assemblies, armrests, instrument panels, mirrors, wipers, and controls): The global commercial vehicle accessories market was valued at USD 93.9 billion in 2023 and is anticipated to reach USD 146.2 billion by 2032, growing at a CAGR of over 5% between 2024 and 2032. Another report projects this market to grow from USD 100.51 billion in 2025 to USD 179.42 billion by 2034, at a CAGR of 6.65%. The automotive interior market, which includes commercial vehicles, was valued at USD 171.89 billion in 2024 and is projected to reach USD 310.44 billion by 2034, expanding at a CAGR of 6.13% from 2025 to 2034. Asia Pacific accounted for the highest market share in the automotive interior market in 2024.
  • Aftermarket Parts and Components: The global commercial vehicle spare parts aftermarket market size was USD 107,837.2 million in 2024, projected to grow to USD 141,542.27 million by 2034, with a CAGR of 2.8%. Another source indicates the global commercial vehicle aftermarket market size was USD 114.6 billion in 2023 and is likely to reach USD 169.9 billion by 2032, expanding at a CAGR of 5.3% during 2024–2032. Asia-Pacific is a dominant player in the aftermarket sector.

AI Analysis | Feedback

Commercial Vehicle Group, Inc. (CVGI) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

  1. Expansion in the Global Electrical Systems Segment: The company anticipates significant growth in its Global Electrical Systems segment, primarily fueled by new business wins. A notable example is the contract with Zoox for the supply of low-voltage wire harness systems for their autonomous vehicle platform, which is projected to drive more than 10% growth in this segment in 2026. This strategic diversification into electric and autonomous vehicle markets is expected to bring new revenue streams and market opportunities.
  2. Recovery in Key End Markets: Despite facing softer demand in some areas, CVGI expects a recovery and stabilization in its core end markets, particularly the North American Class 8 truck market. This anticipated rebound in market demand is projected to contribute to top-line growth and improved capacity utilization for the company in 2026.
  3. New Business Wins and Program Launches: Beyond the specific Zoox contract, Commercial Vehicle Group has a broader focus on securing new business wins and the successful ramp-up of new customer programs across its various segments. The company reported new business wins exceeding $150 million in late 2023, primarily concentrated in the Electrical Systems segment, which are expected to contribute to future revenue diversification and overall growth as they become fully operational.
  4. Strategic Diversification into EV and Autonomous Platforms: CVGI is actively increasing its exposure to autonomous and electrified vehicle platforms. This strategic focus, highlighted by partnerships like the one with Zoox, positions the company to capitalize on the evolving automotive technology landscape, generating new revenue streams beyond traditional commercial vehicles.

AI Analysis | Feedback

Capital Allocation Decisions for Commercial Vehicle Group, Inc. (CVGI)

Share Repurchases

Information regarding the specific dollar amount of share repurchases made or authorized for future repurchases over the last 3-5 years for Commercial Vehicle Group, Inc. (CVGI) is not readily available in the provided search results. While one source indicated a "3-Year Average Share Buyback Ratio" of -1.7, clear dollar values for repurchases were not found.

Share Issuance

  • In August 2025, Commercial Vehicle Group, Inc. issued five-year warrants for the purchase of up to 3,934,776 shares of common stock. These warrants were issued in two equal tranches, with exercise prices of $1.52 and $2.07 per share, respectively, in connection with a Term Loan due in 2030.
  • As of March 10, 2026, the company had 36,636,720 shares of Common Stock outstanding.
  • Commercial Vehicle Group, Inc. has disclosed a risk that it may issue additional Common Stock or equity-linked securities, which could dilute existing stockholders' ownership percentages.

Inbound Investments

  • Lakeview Opportunity Fund LLC disclosed an ownership of 3,126,911 shares of Commercial Vehicle Group, Inc. in February 2026, representing approximately 8.5% of the outstanding shares, with an aggregate purchase price of around $4,341,894.
  • Ari Levy from Lakeview joined Commercial Vehicle Group's board of directors in February 2026.

Capital Expenditures

  • Commercial Vehicle Group, Inc.'s capital expenditures were approximately $18 million in 2021, $20 million in 2022, $20 million in 2023, and $19 million in 2024.
  • For the third quarter of 2025, the company invested $1.8 million in capital expenditures, focused on funding long-term assets and infrastructure. For the fourth quarter of 2025, purchases of property, plant and equipment were -$1.8 million.
  • Management has emphasized a focus on generating free cash flow, partly by reducing capital expenditures and improving working capital management.

Better Bets vs. Commercial Vehicle (CVGI)

Peer Outperformance in Automotive Parts & Equipment

CVGI has trailed 68% of its 37 Automotive Parts & Equipment peers over 5Y. Among the peers that beat it are DAN and VC. Automotive Parts & Equipment ranks 14th of 23 industries in Consumer Discretionary by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Automotive Parts & Equipment constituents that CVGI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
95%
of 38 industry peers · 75.4% return
3Y
18%
of 38 industry peers · -64.6% return
5Y
32%
of 37 industry peers · -62.6% return
Automotive Parts & Equipment peers with revenue growth within 4pp of CVGI's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
CVGI Commercial Vehicle -5.9% -4.9x 75.4%-64.6%-62.6%
DAN Dana -8.0% 3.0x 68.9%110.5%56.7% +119pp
VC Visteon -2.2% 18.7x -11.6%-21.5%3.1% +66pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Automotive Parts & Equipment is CVGI's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Education Services 14 -9.5%105.8%73.4% LINC 348% · CVSA 280% · UTI 274%
Homebuilding 18 -3.5%30.2%54.4% GRBK 185% · TOL 160% · PHM 156%
Hotels, Resorts & Cruise Lines 22 21.3%56.1%22.8% RCL 303% · MAR 186% · HLT 179%
Home Improvement Retail 5 -12.3%3.3%11.5% HD 18% · LOW 17% · HVT 12%
Automotive Retail 18 -10.0%-0.6%10.2% MUSA 279% · PAG 188% · ORLY 126%
Specialty Stores 7 2.4%22.8%8.8% DKS 113% · ASO 39% · SIG 36%
Casinos & Gaming 20 -6.4%-26.2%0.5% BRAG 970% · MCRI 119% · RSI 110%
Home Furnishings 4 4.0%39.0%-0.6% SGI 58% · LZB 31% · MHK -33%
Specialized Consumer Services 10 -14.0%17.3%-3.1% HRB 138% · FTDR 101% · SCI 40%
Footwear 9 69.4%44.3%-7.6% WEYS 161% · SHOO 32% · DECK 26%
Distributors 4 -8.1%-25.0%-9.7% ARMK 171% · GPC 24% · LKQ -44%
Restaurants 34 -6.3%-8.4%-12.7% EAT 365% · CAKE 189% · RAVE 161%
Leisure Products 13 -1.3%-22.0%-30.8% GOLF 90% · HAS 19% · MCFT 5%
Automotive Parts & Equipment ← 38 -4.5%-5.6%-34.1% MOD 1470% · GTX 316% · STRT 102%
Household Appliances 17 14.9%40.9%-36.8% KEQU 163% · FLXS 146% · HBB 129%
Apparel, Accessories & Luxury Goods 27 5.9%-3.8%-37.2% TPR 275% · ELA 268% · RL 264%
Leisure Facilities 12 -11.4%-7.9%-40.1% OSW 186% · JAKK 126% · ESCA 9%
Apparel Retail 25 4.8%3.8%-40.7% DXLG 192% · ANF 176% · TJX 120%
Broadline Retail 15 5.3%9.9%-50.9% DDS 289% · AMZN 63% · EBAY 53%
Computer & Electronics Retail 3 -13.4%-2.2%-53.0% BBY 0% · GME -53% · UPBD -58%
Automobile Manufacturers 8 -68.5%-67.3%-69.2% GM 78% · TSLA 50% · F 50%
Consumer Electronics 11 -19.9%-26.7%-73.0% AXIL 2354% · GRMN 98% · TBCH -54%
Other Specialty Retail 18 -29.4%-44.2%-78.5% BBW 215% · TLF 105% · WINA 97%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CVGILEAADNTAPTVBWADANMedian
NameCommerci.Lear Adient Aptiv BorgWarn.Dana  
Mkt Price3.28123.9019.4848.6067.9530.7939.70
Mkt Cap0.16.21.510.313.83.34.8
Rev LTM67423,70115,12618,72514,3447,66214,735
Op Inc LTM-18704281,8251,420332649
FCF LTM-08492956841,242117490
FCF 3Y Avg-26592871,2571,050117473
CFO LTM111,4795791,3511,725431965
CFO 3Y Avg131,2475511,9831,625422899

Growth & Margins

CVGILEAADNTAPTVBWADANMedian
NameCommerci.Lear Adient Aptiv BorgWarn.Dana  
Rev Chg LTM-0.4%3.5%5.0%5.3%2.2%3.7%3.6%
Rev Chg 3Y Avg-5.9%4.0%-0.3%-0.7%1.8%-8.0%-0.5%
Rev Chg Q13.5%3.0%5.0%2.3%0.3%3.9%3.4%
QoQ Delta Rev Chg LTM3.6%0.8%1.3%0.4%0.1%1.0%0.9%
Op Inc Chg LTM86.7%1.2%-2.1%-4.1%10.1%8,400.0%5.6%
Op Inc Chg 3Y Avg-30.0%1.1%-3.5%1.3%5.5%2,783.3%1.2%
Op Mgn LTM-0.1%3.7%2.8%9.7%9.9%4.3%4.0%
Op Mgn 3Y Avg0.6%3.7%2.9%10.0%9.4%0.6%3.3%
QoQ Delta Op Mgn LTM0.1%0.1%-0.1%0.2%0.5%0.8%0.1%
CFO/Rev LTM1.6%6.2%3.8%7.2%12.0%5.6%5.9%
CFO/Rev 3Y Avg1.6%5.0%3.7%10.6%11.4%5.8%5.4%
FCF/Rev LTM-0.1%3.6%2.0%3.7%8.7%1.5%2.8%
FCF/Rev 3Y Avg-0.5%2.6%1.9%6.7%7.4%1.6%2.3%

Valuation

CVGILEAADNTAPTVBWADANMedian
NameCommerci.Lear Adient Aptiv BorgWarn.Dana  
Mkt Cap0.16.21.510.313.83.34.8
P/S0.20.30.10.51.00.40.3
P/Op Inc-208.57.23.65.69.710.06.4
P/EBIT-112.27.53.49.417.115.38.5
P/E-4.911.231.746.733.23.021.5
P/CFO10.64.22.67.68.07.77.7
Total Yield-20.2%11.5%3.2%2.1%4.0%35.0%3.6%
Dividend Yield0.0%2.6%0.0%0.0%1.0%1.5%0.5%
FCF Yield 3Y Avg-10.2%10.8%16.8%8.0%11.8%5.3%9.4%
D/E0.90.41.60.60.30.50.5
Net D/E0.60.31.00.50.10.40.4

Returns

CVGILEAADNTAPTVBWADANMedian
NameCommerci.Lear Adient Aptiv BorgWarn.Dana  
1M Rtn-27.6%-12.6%-1.6%-15.4%8.8%16.4%-7.1%
3M Rtn-31.8%-3.3%-1.0%-7.6%11.4%-3.8%-3.5%
6M Rtn91.8%-8.3%-24.8%-41.3%9.3%-5.3%-6.8%
12M Rtn75.4%24.0%-15.5%-35.8%65.1%68.9%44.6%
3Y Rtn-64.6%-5.5%-49.1%-49.3%78.3%110.5%-27.3%
1M Excs Rtn-29.8%-14.9%-4.2%-18.5%6.9%14.9%-9.6%
3M Excs Rtn-38.8%-8.4%-9.5%-12.2%6.3%-11.0%-10.3%
6M Excs Rtn79.4%-20.7%-37.2%-53.7%-3.1%-17.7%-19.2%
12M Excs Rtn64.0%4.9%-36.8%-53.7%47.0%49.8%25.9%
3Y Excs Rtn-140.3%-78.3%-122.8%-123.1%1.1%30.4%-100.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Global Seating287315349  
Global Electrical Systems203203242  
Trim Systems and Components159206244  
Aftermarket and Accessories   132116
Electrical Systems   180169
Vehicle Solutions   470499
Corporate/Other    0
Industrial Automation    188
Total649723835783972


Operating Income by Segment
$ Mil20252024202320222021
Global Seating849  
Global Electrical Systems2-523  
Trim Systems and Components-11221  
Corporate and other unallocated costs-10-12-13-24 
Aftermarket and Accessories   1212
Electrical Systems   1815
Vehicle Solutions   2024
Corporate/Other    -24
Industrial Automation    24
Total-1-1402550


Assets by Segment
$ Mil2014
Global Truck & Bus279
Global Construction & Agriculture189
Corporate and Other-26
Total442


Price Behavior

Price Behavior
Market Price$3.28 
Market Cap ($ Bil)0.1 
First Trading Date08/09/2004 
Distance from 52W High-43.3% 
   50 Days200 Days
DMA Price$4.45$3.14
DMA Trendupdown
Distance from DMA-26.3%4.5%
 3M1YR
Volatility74.1%85.9%
Downside Capture248.33145.77
Upside Capture30.48180.07
Correlation (SPY)18.1%24.2%
CVGI Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta2.061.732.371.891.901.46
Up Beta3.67-0.281.810.941.911.12
Down Beta1.103.153.612.772.241.53
Up Capture179%148%233%505%409%229%
Bmk +ve Days11223567138427
Stock +ve Days7172762112329
Down Capture200%195%186%96%121%111%
Bmk -ve Days11212859114326
Stock -ve Days14243461122389

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CVGI
CVGI83.7%85.8%1.06-
Sector ETF (XLY)2.2%19.4%-0.0118.8%
Equity (SPY)20.4%12.8%1.1724.2%
Gold (GLD)29.8%28.5%0.9111.0%
Commodities (DBC)40.2%20.2%1.566.4%
Real Estate (VNQ)13.1%13.9%0.6513.9%
Bitcoin (BTCUSD)-45.4%42.7%-1.3028.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CVGI
CVGI-20.1%64.7%-0.09-
Sector ETF (XLY)5.9%24.0%0.2131.7%
Equity (SPY)13.1%17.2%0.5933.5%
Gold (GLD)19.8%18.6%0.874.5%
Commodities (DBC)9.8%19.6%0.3910.0%
Real Estate (VNQ)2.4%18.9%0.0227.5%
Bitcoin (BTCUSD)7.1%52.6%0.3219.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CVGI
CVGI-3.3%68.9%0.25-
Sector ETF (XLY)12.2%22.2%0.5032.6%
Equity (SPY)15.2%17.9%0.7233.4%
Gold (GLD)12.1%16.2%0.610.5%
Commodities (DBC)7.8%18.1%0.3515.4%
Real Estate (VNQ)4.8%20.7%0.2028.7%
Bitcoin (BTCUSD)59.9%66.0%1.0012.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity1.2 Mil
Short Interest: % Change Since 715202623.7%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest3.8 days
Basic Shares Quantity34.8 Mil
Short % of Basic Shares3.5%

Earnings Returns History

Updated 8/12/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/2026-15.3%-27.9% 
5/5/202623.2%28.0%30.8%
3/10/202625.3%106.8%146.3%
11/10/20250.0%0.3%8.7%
8/4/2025-2.7%-1.1%-9.7%
5/6/202514.4%46.7%52.2%
3/10/2025-3.8%-16.1%-49.3%
11/4/2024-22.1%-12.0%-25.3%
...
SUMMARY STATS   
# Positive121211
# Negative131313
Median Positive8.4%19.7%30.8%
Median Negative-7.7%-12.4%-16.5%
Max Positive37.0%106.8%146.3%
Max Negative-22.1%-32.3%-49.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/2026-15.3%-27.9% 
5/5/202623.2%28.0%30.8%
3/10/202625.3%106.8%146.3%
11/10/20250.0%0.3%8.7%
8/4/2025-2.7%-1.1%-9.7%
5/6/202514.4%46.7%52.2%
3/10/2025-3.8%-16.1%-49.3%
11/4/2024-22.1%-12.0%-25.3%
8/5/2024-15.9%-32.3%-30.2%
5/6/2024-7.0%-8.6%-9.8%
3/4/2024-7.7%-8.4%-3.2%
11/1/2023-10.4%-18.9%-0.3%
8/1/20237.2%-6.1%-16.5%
5/2/202321.0%27.1%35.2%
3/6/2023-12.2%-15.2%-16.5%
11/2/20225.8%26.7%50.6%
8/4/2022-0.4%0.9%-18.1%
5/4/2022-2.7%-12.4%-7.2%
3/1/20227.7%-0.6%9.8%
11/2/2021-12.1%-14.3%-18.3%
8/3/20216.1%10.8%16.1%
5/4/20219.2%12.6%2.3%
3/9/2021-0.3%3.9%-1.4%
11/9/20204.3%9.3%26.7%
8/10/202037.0%48.1%53.9%
SUMMARY STATS   
# Positive121211
# Negative131313
Median Positive8.4%19.7%30.8%
Median Negative-7.7%-12.4%-16.5%
Max Positive37.0%106.8%146.3%
Max Negative-22.1%-32.3%-49.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/03/202610-Q
03/31/202605/05/202610-Q
12/31/202503/10/202610-K
09/30/202511/10/202510-Q
06/30/202508/04/202510-Q
03/31/202505/06/202510-Q
12/31/202403/17/202510-K
09/30/202411/04/202410-Q
06/30/202408/05/202410-Q
03/31/202405/06/202410-Q
12/31/202303/14/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/02/202310-Q
12/31/202203/06/202310-K
09/30/202211/02/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/03/202610-Q
03/31/202605/05/202610-Q
12/31/202503/10/202610-K
09/30/202511/10/202510-Q
06/30/202508/04/202510-Q
03/31/202505/06/202510-Q
12/31/202403/17/202510-K
09/30/202411/04/202410-Q
06/30/202408/05/202410-Q
03/31/202405/06/202410-Q
12/31/202303/14/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/02/202310-Q
12/31/202203/06/202310-K
09/30/202211/02/202210-Q
06/30/202208/04/202210-Q
03/31/202205/04/202210-Q
12/31/202103/02/202210-K
09/30/202111/02/202110-Q
06/30/202108/03/202110-Q
03/31/202105/04/202110-Q
12/31/202003/09/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/18/202010-Q
12/31/201903/16/202010-K
09/30/201911/06/201910-Q

Recent Forward Guidance

Updated 8/4/2026

Latest: Q2 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue725.00 Mil740.00 Mil755.00 Mil8.8% RaisedGuidance: 680.00 Mil for 2026
2026 Adjusted EBITDA26.00 Mil28.50 Mil31.00 Mil5.6% RaisedGuidance: 27.00 Mil for 2026

Prior: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net Sales660.00 Mil680.00 Mil700.00 Mil0 AffirmedGuidance: 680.00 Mil for 2026
2026 Adjusted EBITDA24.00 Mil27.00 Mil30.00 Mil0 AffirmedGuidance: 27.00 Mil for 2026
2026 Free Cash Flow     AffirmedGuidance: 0 for 2026

Q4 2025 Earnings Reported 3/10/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net Sales660.00 Mil680.00 Mil700.00 Mil5.4% Higher NewGuidance: 645.00 Mil for 2025
2026 Adjusted EBITDA24.00 Mil27.00 Mil30.00 Mil50.0% Higher NewGuidance: 18.00 Mil for 2025
2026 Free Cash Flow      

Q3 2025 Earnings Reported 11/10/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Net Sales640.00 Mil645.00 Mil650.00 Mil-2.3% LoweredGuidance: 660.00 Mil for 2025
2025 Adjusted EBITDA17.00 Mil18.00 Mil19.00 Mil-21.7% LoweredGuidance: 23.00 Mil for 2025
2025 Free Cash Flow 30.00 Mil 0 AffirmedGuidance: 30.00 Mil for 2025
Core Cache Last Updated: 8/18/2026