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Covenant Logistics (CVLG)

Market Price (6/3/2026): $41.95 | Market Cap: $1.1 Bil
Sector: Industrials | Industry: Air Freight & Logistics

Covenant Logistics (CVLG)

Market Price (6/3/2026): $41.95
Market Cap: $1.1 Bil
Sector: Industrials
Industry: Air Freight & Logistics

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

0

Low stock price volatility
Vol 12M is 39%

Megatrend and thematic drivers
Megatrends include Future of Freight, Automation & Robotics, and E-commerce & DTC Adoption. Themes include Freight Technology, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 65x, P/EPrice/Earnings or Price/(Net Income) is 206x

Stock price has recently run up significantly
6M Rtn6 month market price return is 104%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 85%

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 -3.1%

Key risks
CVLG key risks include [1] significant customer concentration, Show more.

0 Low stock price volatility
Vol 12M is 39%
1 Megatrend and thematic drivers
Megatrends include Future of Freight, Automation & Robotics, and E-commerce & DTC Adoption. Themes include Freight Technology, Show more.
2 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 65x, P/EPrice/Earnings or Price/(Net Income) is 206x
4 Stock price has recently run up significantly
6M Rtn6 month market price return is 104%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4%
6 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 85%
7 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 -3.1%
8 Key risks
CVLG key risks include [1] significant customer concentration, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/1/2026
Covenant Logistics (CVLG) stock has gained about 45% since 2/28/2026 because of the following key factors:

1. Stronger-than-anticipated Q1 2026 Revenue Performance.

Covenant Logistics reported first-quarter 2026 revenue of $307.16 million, significantly exceeding analyst estimates of $286.99 million by 7.03%. This represented a 14.0% increase year-over-year, with freight revenue specifically rising by 15.9%, demonstrating robust top-line growth.

2. Significant Debt Reduction and Improved Financial Leverage.

The company successfully reduced its total indebtedness by $51.0 million in Q1 2026, bringing the net amount down to $245.3 million. This strategic de-leveraging also lowered its leverage ratio to 2.37, indicating enhanced financial stability.

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Stock Movement Drivers

Fundamental Drivers

The 42.7% change in CVLG stock from 2/28/2026 to 6/2/2026 was primarily driven by a 103.6% change in the company's P/E Multiple.
(LTM values as of)22820266022026Change
Stock Price ($)29.3741.9142.7%
Change Contribution By: 
Total Revenues ($ Mil)1,1641,2023.2%
Net Income Margin (%)0.6%0.4%-31.8%
P/E Multiple101.3206.3103.6%
Shares Outstanding (Mil)2525-0.4%
Cumulative Contribution42.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/2/2026
ReturnCorrelation
CVLG42.7% 
Market (SPY)11.0%45.7%
Sector (XLI)-1.4%40.4%

Fundamental Drivers

The 111.4% change in CVLG stock from 11/30/2025 to 6/2/2026 was primarily driven by a 1239.0% change in the company's P/E Multiple.
(LTM values as of)113020256022026Change
Stock Price ($)19.8341.91111.4%
Change Contribution By: 
Total Revenues ($ Mil)1,1461,2024.9%
Net Income Margin (%)2.8%0.4%-84.9%
P/E Multiple15.4206.31239.0%
Shares Outstanding (Mil)2525-0.2%
Cumulative Contribution111.4%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/2/2026
ReturnCorrelation
CVLG111.4% 
Market (SPY)11.8%41.5%
Sector (XLI)14.0%45.9%

Fundamental Drivers

The 86.8% change in CVLG stock from 5/31/2025 to 6/2/2026 was primarily driven by a 1234.1% change in the company's P/E Multiple.
(LTM values as of)53120256022026Change
Stock Price ($)22.4441.9186.8%
Change Contribution By: 
Total Revenues ($ Mil)1,1221,2027.1%
Net Income Margin (%)3.4%0.4%-87.6%
P/E Multiple15.5206.31234.1%
Shares Outstanding (Mil)27255.8%
Cumulative Contribution86.8%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/2/2026
ReturnCorrelation
CVLG86.8% 
Market (SPY)30.4%42.8%
Sector (XLI)23.6%46.4%

Fundamental Drivers

The 126.5% change in CVLG stock from 5/31/2023 to 6/2/2026 was primarily driven by a 4202.6% change in the company's P/E Multiple.
(LTM values as of)53120236022026Change
Stock Price ($)18.5141.91126.5%
Change Contribution By: 
Total Revenues ($ Mil)1,1921,2020.9%
Net Income Margin (%)8.7%0.4%-95.1%
P/E Multiple4.8206.34202.6%
Shares Outstanding (Mil)27256.5%
Cumulative Contribution126.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/2/2026
ReturnCorrelation
CVLG126.5% 
Market (SPY)88.9%49.4%
Sector (XLI)88.1%55.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CVLG Return78%32%35%19%-18%87%480%
Peers Return18%7%1%8%-22%42%54%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
CVLG Win Rate83%58%58%58%42%83% 
Peers Win Rate60%40%43%45%52%83% 
S&P 500 Win Rate75%42%67%75%67%67% 

Max Drawdowns [4]
CVLG Max Drawdown-34%-32%-32%-20%-39%-18% 
Peers Max Drawdown-20%-25%-34%-23%-44%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: KNX, SNDR, WERN, HTLD, ULH.
[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 6/2/2026 (YTD)

How Low Can It Go

EventCVLGS&P 500
2025 US Tariff Shock
  % Loss-32.2%-18.8%
  % Gain to Breakeven47.5%23.1%
  Time to Breakeven100 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-18.0%-9.5%
  % Gain to Breakeven22.0%10.5%
  Time to Breakeven87 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-28.8%-24.5%
  % Gain to Breakeven40.5%32.4%
  Time to Breakeven71 days427 days
2020 COVID-19 Crash
  % Loss-54.7%-33.7%
  % Gain to Breakeven120.6%50.9%
  Time to Breakeven94 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-37.6%-19.2%
  % Gain to Breakeven60.1%23.8%
  Time to Breakeven1026 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-23.3%-3.7%
  % Gain to Breakeven30.4%3.9%
  Time to Breakeven32 days6 days

Compare to KNX, SNDR, WERN, HTLD, ULH

In The Past

Covenant Logistics's stock fell -32.2% during the 2025 US Tariff Shock. Such a loss loss requires a 47.5% 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.

EventCVLGS&P 500
2025 US Tariff Shock
  % Loss-32.2%-18.8%
  % Gain to Breakeven47.5%23.1%
  Time to Breakeven100 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-28.8%-24.5%
  % Gain to Breakeven40.5%32.4%
  Time to Breakeven71 days427 days
2020 COVID-19 Crash
  % Loss-54.7%-33.7%
  % Gain to Breakeven120.6%50.9%
  Time to Breakeven94 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-37.6%-19.2%
  % Gain to Breakeven60.1%23.8%
  Time to Breakeven1026 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-23.3%-3.7%
  % Gain to Breakeven30.4%3.9%
  Time to Breakeven32 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-43.3%-12.2%
  % Gain to Breakeven76.3%13.9%
  Time to Breakeven598 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-54.7%-17.9%
  % Gain to Breakeven120.5%21.8%
  Time to Breakeven476 days123 days
2008-2009 Global Financial Crisis
  % Loss-79.4%-53.4%
  % Gain to Breakeven385.0%114.4%
  Time to Breakeven505 days1085 days
Summer 2007 Credit Crunch
  % Loss-42.8%-8.6%
  % Gain to Breakeven74.9%9.5%
  Time to Breakeven2367 days47 days

Compare to KNX, SNDR, WERN, HTLD, ULH

In The Past

Covenant Logistics's stock fell -32.2% during the 2025 US Tariff Shock. Such a loss loss requires a 47.5% 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 Covenant Logistics (CVLG)

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

AI Analysis | Feedback

It's like J.B. Hunt, providing a broad range of truckload transportation, logistics, and warehousing services.

Think of it as a hybrid of Schneider National (for its own truck fleet and dedicated services) and C.H. Robinson (for its freight brokerage and managed logistics).

AI Analysis | Feedback

  • Expedited Truckload Services: Provides high-priority truckload freight delivery adhering to strict service and delivery standards.
  • Dedicated Contracted Capacity: Offers customers committed truckload capacity over contracted periods using company-owned or leased equipment.
  • Freight Brokerage Services: Arranges logistics capacity for customers by outsourcing the carriage of their freight to third-party carriers.
  • Transport Management Services: Delivers contractual logistics services for customers who prefer to outsource their entire logistics needs.
  • Warehouse Management Services: Manages day-to-day warehouse operations for customers.
  • Shuttle and Switching Services: Provides services for shuttling containers and trailers.
  • Used Equipment Sales and Leasing: Engages in the sale and leasing of used transportation equipment.

AI Analysis | Feedback

Covenant Logistics (CVLG) primarily sells its services to other companies, not individuals. Based on the provided background information, its major customers fall into the following categories:

  • Transportation companies: These include parcel freight forwarders, less-than-truckload (LTL) carriers, and third-party logistics (3PL) providers.
  • Traditional truckload customers: This category encompasses manufacturers, retailers, and food and beverage shippers.

The background information describes the types of companies Covenant Logistics serves but does not list specific named customer companies or their public symbols.

AI Analysis | Feedback

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AI Analysis | Feedback

Here is the management team of Covenant Logistics Group, Inc.: David R. Parker Founder and CEO David R. Parker is the founder and CEO of Covenant Logistics Group. He has been involved in the trucking industry since the age of 17, working full-time for his father's trucking company. In 1986, he founded Covenant Transport, which, through 39 years and several acquisitions, has grown into a $1 billion enterprise. Paul Bunn President Paul Bunn was appointed President & Chief Operating Officer of Covenant Logistics in January 2023. Prior to this, he served in various executive roles at Covenant, including Senior Executive Vice President and Chief Operating Officer, Executive Vice President and Chief Financial Officer and Secretary (from April 2020 to April 2021), Executive Vice President and Chief Administrative Officer, and Senior Vice President and Chief Accounting Officer and Treasurer. Before joining Covenant, Mr. Bunn was a Senior Manager for Ernst & Young, LLP. James S. Grant Executive Vice President and Chief Financial Officer, Principal Accounting Officer James S. Grant currently serves as the Executive Vice President, Chief Financial Officer, and Principal Accounting Officer for Covenant Logistics Group, Inc. He was designated as the principal accounting officer in August 2025. Dustin Koehl Chief Operating Officer Dustin Koehl joined Covenant Logistics as Chief Operating Officer in May 2024. He brings 17 years of experience in the logistics industry, having started his career at Total Transportation of Mississippi, where he led sales, customer service, and pricing, and founded the company's dedicated division. From 2019 to 2022, he was the SVP of Sales and then SVP of Operations at U.S. Xpress Enterprises. Before his role at Covenant, Mr. Koehl was the Head of Commercialization at Waabi, a leader in AI-driven self-driving truck technology. Stephen Grace Senior Vice President, Star Logistics Solutions Stephen Grace is the Senior Vice President of Star Logistics Solutions, the brokerage division formed through Covenant Logistics' acquisition of Lipsey Logistics in October 2025. He has overseen the transition and integration of Lipsey and Safer Logistics into the Star Logistics structure and now leads the operational and strategic direction of the organization. Mr. Grace spent over a decade at Lipsey Logistics, serving as Senior Vice President beginning in 2013, where he led all operations, asset-based services, and the company's sales group.

AI Analysis | Feedback

The key risks to Covenant Logistics' business include the cyclicality of the freight market and rising operating costs, the increasing burden of regulatory compliance, and intense competition coupled with customer concentration.

The **cyclicality of the freight market and rising operating costs** represent a primary risk to Covenant Logistics. The transportation and logistics sector is highly sensitive to economic fluctuations, which can lead to reduced freight demand, limited pricing power, and consequently, lower revenue and profitability. Compounding this, the company faces persistent inflationary pressures on key operating expenses. These include volatile fuel prices, which can significantly impact margins if fuel surcharge recovery is delayed. The perennial industry challenge of driver shortages and retention also drives up driver wages and recruitment costs. Additionally, elevated insurance premiums and significant casualty claim expenses have been noted as substantial headwinds, directly affecting the company's profitability. Rising costs for equipment and maintenance further contribute to margin compression. Covenant Logistics has experienced earnings misses and margin pressures due to these factors, leading to strategic adjustments like fleet reduction efforts.

A significant **regulatory burden and compliance** risk stems from the continuously evolving regulatory landscape. The transportation and logistics industry is subject to a growing number of regulations, including those related to environmental protection (such as emissions standards), cybersecurity, driver hours-of-service, and compliance for non-domiciled drivers and Electronic Logging Devices (ELDs). These regulations can lead to increased operational costs, necessitate substantial investments in new technologies or equipment, and introduce complexities that affect operational efficiency and capacity. Management has cited these regulatory crackdowns as major industry challenges.

Finally, **intense competition and customer concentration** pose another key risk. The transportation and logistics market is highly fragmented and competitive, with numerous players vying for business. This competitive environment can limit pricing power and impact profitability and growth opportunities. Furthermore, Covenant Logistics has a degree of customer concentration, with a single customer representing over 10% of its consolidated revenue and the top ten customers accounting for approximately 44% of total revenue in 2023. This reliance on a relatively small number of large customers makes the company vulnerable to a significant reduction in business if a major customer reduces its demand or is lost to a competitor.

AI Analysis | Feedback

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The clear emerging threat for Covenant Logistics is the proliferation and increasing sophistication of digital freight brokerage platforms and logistics technology solutions. Covenant Logistics operates a "Managed Freight" segment that provides brokerage services and transport management. New digital platforms (e.g., Uber Freight, Convoy, and advanced offerings from established players) leverage artificial intelligence, advanced algorithms, and mobile technology to connect shippers directly with carriers, optimize routes, provide real-time tracking, and offer dynamic pricing with greater transparency and efficiency. This technology-driven disruption threatens to disintermediate traditional brokerage services like those offered by Covenant Logistics, potentially compressing margins, reducing demand for conventional brokerage intermediaries, and capturing market share due to superior efficiency and scalability.

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AI Analysis | Feedback

Covenant Logistics Group, Inc. (CVLG) operates in several key segments within the transportation and logistics industry in the United States. The addressable markets for its main products and services are sized as follows:

  • Expedited Services: The expedited freight services market in North America was estimated to be valued at approximately USD 58.3 billion in 2024 and is projected to reach USD 102.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2031.
  • Dedicated Services: The U.S. third-party logistics (3PL) market, which includes dedicated contract carriage, was estimated at USD 435.43 billion in 2022 and is projected to reach USD 1028.24 billion by 2032, registering a CAGR of 9.3% from 2023 to 2032.
  • Managed Freight:
    • Brokerage Services: The U.S. freight brokerage market was valued at USD 19.01 billion in 2025 and is estimated to reach USD 20.64 billion in 2026. It is projected to grow to USD 39.93 billion by 2034, with a CAGR of 8.6% from 2026 to 2034.
    • Transport Management Services: The Transportation Management System (TMS) market in North America held a dominant share in 2025, valuing at USD 7.32 billion.
  • Warehousing: The U.S. warehousing market generated a revenue of USD 232.1 billion in 2024 and is expected to reach USD 343.2 billion by 2030, with a CAGR of 6.7% from 2025 to 2030.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Covenant Logistics (CVLG)

Covenant Logistics Group (CVLG) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

  1. Strategic Acquisitions: The company plans to enhance its market position through strategic acquisitions, as exemplified by the recent acquisition of Star Logistics Solutions. This acquisition is expected to be accretive to earnings in the first half of 2026 and aims to bolster its Managed Freight segment.
  2. Expansion in Dedicated and Managed Freight Segments: Covenant Logistics is strategically focused on expanding its Dedicated and Managed Freight operations. This includes growing its dedicated fleet and securing new business awards within specialized, high-service niches across both segments.
  3. Favorable Freight Market Conditions: A positive market outlook, including potential GDP growth and rising spot rates, is expected to create a conducive environment for revenue growth across the company's transportation and logistics services.
  4. Optimization of Service Portfolio: The company is undertaking a strategic transition by evaluating and exiting unprofitable accounts within its Expedited and Dedicated fleets. This move is part of a broader strategy to shift towards less cyclical, higher-margin segments, aiming to produce operating leverage and a more robust, quality-driven revenue stream.

AI Analysis | Feedback

Share Repurchases

  • Covenant Logistics approved a $50 million stock repurchase program on April 23, 2025.
  • In 2025, the company repurchased approximately 1.6 million shares of its Class A common stock for $36.2 million under the authorized program.
  • Approximately $13.8 million remained available under the $50 million share repurchase authorization as of Q2 2025.

Share Issuance

  • On March 6, 2026, Covenant Logistics Group registered a $200 million shelf for future offerings of various securities, including Class A common stock.

Outbound Investments

  • The company's net indebtedness in 2025 increased primarily due to $46.3 million in acquisition-related payments.
  • Covenant Logistics made a strategic acquisition of Star Logistics Solutions, announced around January 2026, aimed at enhancing its market position.
  • The company holds a 49% equity method investment in Transport Enterprise Leasing (TEL), which contributed pre-tax net income of $4.3 million in Q2 2025.

Capital Expenditures

  • Covenant Logistics expects net capital expenditures for 2026 to be between $40 million and $50 million, a significant reduction from 2025.
  • Capital expenditures in Q4 2025 rose to $49.2 million, an increase of approximately 129% compared to the prior year.
  • The focus of capital expenditures for 2026 is on reallocating capital to better returning operations and investing in areas that differentiate the company, particularly in high-value and high-service requirement freight.

Better Bets vs. Covenant Logistics (CVLG)

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Peer Comparisons

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Financials

CVLGKNXSNDRWERNHTLDULHMedian
NameCovenant.Knight-S.Schneide.Werner E.Heartlan.Universa. 
Mkt Price41.9177.6236.3942.9915.5216.6339.15
Mkt Cap1.112.66.42.61.20.41.9
Rev LTM1,2027,4965,6713,0717631,5442,307
Op Inc LTM1927716059-564954
FCF LTM-8496260-44-64-49-26
FCF 3Y Avg-5715373-84-32-73-44
CFO LTM1181,30063923687132184
CFO 3Y Avg1141,008638301119158230

Growth & Margins

CVLGKNXSNDRWERNHTLDULHMedian
NameCovenant.Knight-S.Schneide.Werner E.Heartlan.Universa. 
Rev Chg LTM7.1%1.1%5.5%3.3%-23.5%-11.1%2.2%
Rev Chg 3Y Avg0.4%1.2%-3.6%-2.8%-12.2%-7.0%-3.2%
Rev Chg Q14.0%1.4%-0.2%13.6%-19.7%-3.9%0.6%
QoQ Delta Rev Chg LTM3.2%0.3%-0.1%3.2%-5.4%-1.0%0.1%
Op Inc Chg LTM-61.2%-9.0%-10.3%31.7%-85.2%-66.7%-35.7%
Op Inc Chg 3Y Avg-26.8%-15.7%-29.7%-29.6%-73.8%-34.4%-29.6%
Op Mgn LTM1.6%3.7%2.8%1.9%-7.3%3.2%2.4%
Op Mgn 3Y Avg3.3%3.6%3.4%2.6%-4.3%7.4%3.3%
QoQ Delta Op Mgn LTM-0.2%-0.5%-0.2%0.3%0.4%-0.7%-0.2%
CFO/Rev LTM9.8%17.3%11.3%7.7%11.4%8.6%10.5%
CFO/Rev 3Y Avg10.0%13.6%11.7%9.7%12.2%9.5%10.8%
FCF/Rev LTM-0.6%6.6%4.6%-1.4%-8.4%-3.2%-1.0%
FCF/Rev 3Y Avg-5.1%2.0%1.3%-2.7%-3.6%-4.4%-3.2%

Valuation

CVLGKNXSNDRWERNHTLDULHMedian
NameCovenant.Knight-S.Schneide.Werner E.Heartlan.Universa. 
Mkt Cap1.112.66.42.61.20.41.9
P/S0.91.71.10.81.60.31.0
P/Op Inc54.945.539.843.7-21.58.941.8
P/EBIT64.861.339.092.6-26.7-7.050.2
P/E206.3370.965.1-300.8-27.7-4.030.5
P/CFO8.99.710.010.913.93.39.8
Total Yield1.2%1.0%2.6%1.0%-3.6%-22.4%1.0%
Dividend Yield0.7%0.7%1.1%1.3%0.0%2.5%0.9%
FCF Yield 3Y Avg-9.3%1.7%1.5%-4.2%-3.6%-9.9%-3.9%
D/E0.30.20.10.40.12.10.2
Net D/E0.30.20.00.40.12.10.2

Returns

CVLGKNXSNDRWERNHTLDULHMedian
NameCovenant.Knight-S.Schneide.Werner E.Heartlan.Universa. 
1M Rtn24.4%21.3%15.6%19.7%15.2%-25.3%17.7%
3M Rtn42.5%26.4%30.8%25.0%41.2%-5.4%28.6%
6M Rtn103.8%60.0%56.4%59.6%87.1%14.5%59.8%
12M Rtn87.0%78.9%58.2%68.7%81.4%-27.9%73.8%
3Y Rtn114.0%41.7%42.8%1.3%-1.5%-39.2%21.5%
1M Excs Rtn19.2%16.0%10.4%14.5%10.0%-30.5%12.4%
3M Excs Rtn30.8%14.8%19.2%13.4%29.6%-17.0%17.0%
6M Excs Rtn100.3%59.5%51.1%58.6%87.2%1.8%59.1%
12M Excs Rtn58.1%49.1%30.8%40.1%46.2%-57.6%43.2%
3Y Excs Rtn39.1%-40.2%-38.3%-83.0%-81.6%-118.6%-60.9%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Expedited416424458344320
Dedicated364320363325289
Managed Freight249259321321178
Warehousing102101806352
Other revenues0    
Elimination of intersegment revenues  -6-7 
Total1,1311,1041,2171,046839


Operating Income by Segment
$ Mil20252024202320222021
Expedited46456133-7
Dedicated332621-1-16
Managed Freight131037324
Warehousing106234
Other-58-29   
Total455912167-14


Price Behavior

Price Behavior
Market Price$41.91 
Market Cap ($ Bil)1.1 
First Trading Date12/29/2006 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$32.28$25.69
DMA Trendupup
Distance from DMA29.8%63.1%
 3M1YR
Volatility43.9%38.8%
Downside Capture133.32136.74
Upside Capture208.33169.30
Correlation (SPY)46.5%43.0%
CVLG Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta1.581.261.401.371.401.17
Up Beta3.231.430.860.771.221.17
Down Beta0.20-0.171.321.421.291.05
Up Capture192%215%222%302%221%197%
Bmk +ve Days13283667141432
Stock +ve Days15294279135384
Down Capture60%11%128%85%124%106%
Bmk -ve Days7132757109318
Stock -ve Days5122144112360

[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 CVLG
CVLG87.3%38.7%1.70-
Sector ETF (XLI)23.7%15.4%1.1846.4%
Equity (SPY)30.5%11.8%1.9542.7%
Gold (GLD)35.9%26.7%1.124.3%
Commodities (DBC)44.5%18.9%1.81-22.4%
Real Estate (VNQ)10.1%13.2%0.4731.5%
Bitcoin (BTCUSD)-32.2%41.6%-0.8210.0%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CVLG
CVLG31.9%42.7%0.78-
Sector ETF (XLI)12.7%17.4%0.5748.4%
Equity (SPY)14.2%17.0%0.6643.2%
Gold (GLD)18.3%18.0%0.830.7%
Commodities (DBC)10.4%19.4%0.423.9%
Real Estate (VNQ)2.9%18.8%0.0631.4%
Bitcoin (BTCUSD)13.0%54.6%0.4316.7%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CVLG
CVLG16.0%47.4%0.49-
Sector ETF (XLI)14.2%20.0%0.6348.5%
Equity (SPY)15.9%17.9%0.7642.7%
Gold (GLD)13.2%16.0%0.68-1.6%
Commodities (DBC)7.5%17.9%0.3412.5%
Real Estate (VNQ)5.5%20.7%0.2333.2%
Bitcoin (BTCUSD)66.0%66.9%1.0510.3%

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Short Interest

Short Interest: As Of Date5152026
Short Interest: Shares Quantity0.7 Mil
Short Interest: % Change Since 430202610.1%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest3.9 days
Basic Shares Quantity25.1 Mil
Short % of Basic Shares3.0%

Returns Analyses

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/23/20269.2%11.8%19.9%
1/29/2026-4.8%11.5%14.9%
10/23/20250.4%-0.8%-4.3%
7/23/20253.7%0.3%-2.3%
4/23/202510.4%5.9%19.5%
1/23/2025-2.9%-2.2%-15.3%
10/23/2024-0.3%-0.4%10.5%
7/24/20248.3%10.2%2.4%
...
SUMMARY STATS   
# Positive151519
# Negative995
Median Positive9.2%11.5%10.5%
Median Negative-4.8%-2.3%-9.1%
Max Positive18.1%22.3%29.2%
Max Negative-21.9%-16.6%-16.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/07/202510-Q
03/31/202505/07/202510-Q
12/31/202402/28/202510-K
09/30/202411/01/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/28/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/05/202310-Q
12/31/202202/28/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 4/23/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net Capital Equipment Expenditures40.00 Mil45.00 Mil50.00 Mil0 AffirmedGuidance: 45.00 Mil for 2026
2026 Average Age of Equipment2526.5286.0% RaisedGuidance: 25 for 2026

Prior: Q4 2025 Earnings Reported 1/29/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net Capital Equipment Expenditures40.00 Mil45.00 Mil50.00 Mil157.1% Higher NewGuidance: 17.50 Mil for Q4 2025
2026 Average Age of Equipment242526   

Insider Activity

Updated 5/27/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Hogan, Joey B DirectSell527202639.1812,800501,5453,577,191Form
2Ballard, JoeyEVP, Chief People & Safety OffDirectSell527202638.003,718141,284651,662Form
3Ballard, JoeyEVP, Chief People & Safety OffDirectSell527202637.404,282160,165780,516Form
4Kramer, D Michael DirectSell501202634.722,65092,009766,835Form
5Hogan, Joey B DirectSell430202634.7614,700510,9283,617,995Form

Industry Resources

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Core Cache Last Updated: 6/2/2026