Covenant Logistics (CVLG)
Market Price (10/19/2026): $30.76 | Market Cap: $775.6 MilSector: Industrials | Industry: Cargo Ground Transportation
Covenant Logistics (CVLG)
Market Price (10/19/2026): $30.76Market Cap: $775.6 MilSector: IndustrialsIndustry: Cargo Ground Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32% Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Future of Freight, Automation & Robotics, and E-commerce & DTC Adoption. Themes include Freight Technology, Show more. | Weak multi-year price returns2Y Excs Rtn is -13%, 3Y Excs Rtn is -36% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 53x, P/EPrice/Earnings or Price/(Net Income) is 204x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.1% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.0% Key risksCVLG key risks include [1] significant customer concentration, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32% |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Future of Freight, Automation & Robotics, and E-commerce & DTC Adoption. Themes include Freight Technology, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -13%, 3Y Excs Rtn is -36% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 53x, P/EPrice/Earnings or Price/(Net Income) is 204x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.1% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.0% |
| Key risksCVLG key risks include [1] significant customer concentration, Show more. |
Qualitative Assessment
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Covenant Logistics (CVLG) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. Deterioration in Operating Margin and Profitability in Fiscal Q2 2026.
Covenant Logistics Group reported a significant contraction in its adjusted operating income by 19% to $12.2 million in fiscal Q2 2026 (ended June 30, 2026), despite a 9.9% year-over-year increase in revenue to $332.9 million. This resulted in an operating margin of 2.7%, a notable decrease from 3.8% in the prior year's comparable quarter.
2. Elevated Operating Costs Impacting Profitability.
The primary drivers behind the reduced operating income were elevated insurance-related claims costs and maintenance expenses, specifically affecting the expedited and dedicated segments. Additionally, within the managed freight segment, the company faced rising costs to secure quality brokerage capacity, which outpaced its ability to secure corresponding contractual rate increases from customers.
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Covenant Logistics (CVLG) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. Deterioration in Operating Margin and Profitability in Fiscal Q2 2026.
Covenant Logistics Group reported a significant contraction in its adjusted operating income by 19% to $12.2 million in fiscal Q2 2026 (ended June 30, 2026), despite a 9.9% year-over-year increase in revenue to $332.9 million. This resulted in an operating margin of 2.7%, a notable decrease from 3.8% in the prior year's comparable quarter.
2. Elevated Operating Costs Impacting Profitability.
The primary drivers behind the reduced operating income were elevated insurance-related claims costs and maintenance expenses, specifically affecting the expedited and dedicated segments. Additionally, within the managed freight segment, the company faced rising costs to secure quality brokerage capacity, which outpaced its ability to secure corresponding contractual rate increases from customers.
3. Industry Headwinds from Rising Fuel Costs and Economic Deceleration.
The period since June 30, 2026, has seen the trucking industry contend with rapidly increasing fuel surcharges, partly due to ongoing conflicts in the Middle East, leading to higher overall transportation costs. Furthermore, the broader U.S. economic growth was projected to decelerate meaningfully through the second half of 2026, potentially impacting overall freight demand and pricing power for logistics providers.
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Stock Movement Drivers
Fundamental Drivers
The -30.3% change in CVLG stock from 6/30/2026 to 10/18/2026 was primarily driven by a -27.4% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.09 | 30.72 | -30.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,202 | 1,232 | 2.5% |
| Net Income Margin (%) | 0.4% | 0.3% | -27.4% |
| P/E Multiple | 217.0 | 204.3 | -5.8% |
| Shares Outstanding (Mil) | 25 | 25 | -0.5% |
| Cumulative Contribution | -30.3% |
Market Drivers
6/30/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| CVLG | -30.3% | |
| Market (SPY) | 2.2% | 1.5% |
| Sector (XLI) | -9.4% | 9.7% |
Fundamental Drivers
The 13.6% change in CVLG stock from 3/31/2026 to 10/18/2026 was primarily driven by a 118.9% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.05 | 30.72 | 13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,164 | 1,232 | 5.8% |
| Net Income Margin (%) | 0.6% | 0.3% | -50.5% |
| P/E Multiple | 93.3 | 204.3 | 118.9% |
| Shares Outstanding (Mil) | 25 | 25 | -0.9% |
| Cumulative Contribution | 13.6% |
Market Drivers
3/31/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| CVLG | 13.6% | |
| Market (SPY) | 17.7% | 19.6% |
| Sector (XLI) | 4.0% | 22.6% |
Fundamental Drivers
The 43.2% change in CVLG stock from 9/30/2025 to 10/18/2026 was primarily driven by a 1222.0% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.46 | 30.72 | 43.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,137 | 1,232 | 8.3% |
| Net Income Margin (%) | 3.2% | 0.3% | -90.3% |
| P/E Multiple | 15.5 | 204.3 | 1222.0% |
| Shares Outstanding (Mil) | 26 | 25 | 3.3% |
| Cumulative Contribution | 43.2% |
Market Drivers
9/30/2025 to 10/18/2026| Return | Correlation | |
|---|---|---|
| CVLG | 43.2% | |
| Market (SPY) | 15.5% | 30.5% |
| Sector (XLI) | 9.7% | 35.9% |
Fundamental Drivers
The 44.3% change in CVLG stock from 9/30/2023 to 10/18/2026 was primarily driven by a 3271.7% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.29 | 30.72 | 44.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,149 | 1,232 | 7.3% |
| Net Income Margin (%) | 7.9% | 0.3% | -96.1% |
| P/E Multiple | 6.1 | 204.3 | 3271.7% |
| Shares Outstanding (Mil) | 26 | 25 | 2.6% |
| Cumulative Contribution | 44.3% |
Market Drivers
9/30/2023 to 10/18/2026| Return | Correlation | |
|---|---|---|
| CVLG | 44.3% | |
| Market (SPY) | 84.7% | 47.1% |
| Sector (XLI) | 72.1% | 53.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CVLG Return | 78% | 32% | 35% | 19% | -18% | 41% | 337% |
| Peers Return | 18% | 7% | 1% | 8% | -22% | 19% | 29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| CVLG Win Rate | 83% | 58% | 58% | 58% | 42% | 50% | |
| Peers Win Rate | 60% | 40% | 43% | 45% | 52% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CVLG Max Drawdown | -34% | -32% | -32% | -20% | -39% | -38% | |
| Peers Max Drawdown | -20% | -25% | -34% | -23% | -44% | -32% | |
| 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 10/16/2026 (YTD)
How Low Can It Go
| Event | CVLG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.2% | -18.8% |
| % Gain to Breakeven | 47.5% | 23.1% |
| Time to Breakeven | 100 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.0% | -9.5% |
| % Gain to Breakeven | 22.0% | 10.5% |
| Time to Breakeven | 87 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.8% | -24.5% |
| % Gain to Breakeven | 40.5% | 32.4% |
| Time to Breakeven | 71 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.7% | -33.7% |
| % Gain to Breakeven | 120.6% | 50.9% |
| Time to Breakeven | 94 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -37.6% | -19.2% |
| % Gain to Breakeven | 60.1% | 23.8% |
| Time to Breakeven | 1026 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -23.3% | -3.7% |
| % Gain to Breakeven | 30.4% | 3.9% |
| Time to Breakeven | 32 days | 6 days |
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.
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| Event | CVLG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.2% | -18.8% |
| % Gain to Breakeven | 47.5% | 23.1% |
| Time to Breakeven | 100 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.8% | -24.5% |
| % Gain to Breakeven | 40.5% | 32.4% |
| Time to Breakeven | 71 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.7% | -33.7% |
| % Gain to Breakeven | 120.6% | 50.9% |
| Time to Breakeven | 94 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -37.6% | -19.2% |
| % Gain to Breakeven | 60.1% | 23.8% |
| Time to Breakeven | 1026 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -23.3% | -3.7% |
| % Gain to Breakeven | 30.4% | 3.9% |
| Time to Breakeven | 32 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -43.3% | -12.2% |
| % Gain to Breakeven | 76.3% | 13.9% |
| Time to Breakeven | 598 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -54.7% | -17.9% |
| % Gain to Breakeven | 120.5% | 21.8% |
| Time to Breakeven | 476 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -79.4% | -53.4% |
| % Gain to Breakeven | 385.0% | 114.4% |
| Time to Breakeven | 505 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -42.8% | -8.6% |
| % Gain to Breakeven | 74.9% | 9.5% |
| Time to Breakeven | 2367 days | 47 days |
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. (CVLG) is a comprehensive transportation and logistics provider operating across the United States. Headquartered in Chattanooga, Tennessee, the company specializes in moving goods and managing supply chains for a diverse range of businesses.
The company's service offerings are primarily categorized into four segments. Its Expedited segment focuses on high-service, time-sensitive truckload deliveries, meeting stringent deadlines for urgent freight. The Dedicated segment provides contracted truckload capacity, ensuring committed transportation solutions for customers over specific periods. Through its Managed Freight segment, Covenant Logistics offers brokerage services by outsourcing freight carriage to third parties, as well as providing transport management services for clients who wish to outsource their entire logistics operations. Additionally, the Warehousing segment delivers day-to-day warehouse management, including shuttle and switching services, and the company also engages in the sale and leasing of used equipment.
Covenant Logistics serves a broad customer base, including other transportation companies such as parcel freight forwarders, less-than-truckload (LTL) carriers, and third-party logistics (3PL) providers. It also caters to traditional truckload customers, which include manufacturers, retailers, and food and beverage shippers. As of late 2021, the company maintained a substantial operational fleet comprising over 2,200 tractors and 5,300 trailers.
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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).
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- 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.
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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.
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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.
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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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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.
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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:
- 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.
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Cargo Ground Transportation
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CVLG | Covenant Logistics | 2.5% | 204.3x | 44.7% | 50.0% | 96.3% | — |
| XPO | XPO | 4.1% | 54.1x | 43.7% | 160.9% | 277.0% | +181pp |
| R | Ryder System | 1.5% | 18.5x | 33.0% | 153.0% | 216.1% | +120pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 30 | 0.6% | 110.0% | 170.8% | STRL 1765% · FIX 1720% · AGX 753% |
| Marine Transportation | 5 | 59.5% | 48.6% | 134.6% | MATX 202% · KEX 147% |
| Construction Machinery & Heavy Transportation Equipment | 13 | -2.4% | 49.8% | 87.7% | CAT 302% · ALSN 244% · WAB 224% |
| Aerospace & Defense | 51 | -11.1% | 59.9% | 60.0% | ATI 1013% · FTAI 796% · HWM 625% |
| Trading Companies & Distributors | 19 | 8.6% | 33.7% | 41.3% | DXPE 432% · AIT 254% · URI 205% |
| Industrial Machinery & Supplies & Components | 72 | 10.4% | 51.6% | 38.7% | CRS 1109% · MLI 491% · SYM 292% |
| Rail Transportation | 7 | 30.3% | 66.2% | 35.5% | CSX 52% · UNP 43% · NSC 32% |
| Cargo Ground Transportation ← | 16 | 35.1% | 7.6% | 26.0% | XPO 277% · R 216% · ARCB 56% |
| Diversified Support Services | 34 | 12.0% | 30.7% | 25.2% | CXW 232% · OPLN 143% · CACI 118% |
| Building Products | 33 | -10.5% | 16.9% | 20.5% | GFF 333% · TT 178% · JCI 123% |
| Electrical Components & Equipment | 38 | -8.9% | 64.9% | 9.5% | POWL 2002% · BE 940% · VRT 793% |
| Industrial Conglomerates | 17 | 11.6% | 5.4% | -5.0% | CSW 113% · DD 67% · CSL 63% |
| Agricultural & Farm Machinery | 17 | 1.2% | -9.3% | -13.6% | DE 106% · TTC 11% · AGCO -4% |
| Environmental & Facilities Services | 30 | -27.8% | 27.1% | -16.2% | CECO 715% · GEO 244% · CLH 190% |
| Data Processing & Outsourced Services | 6 | -24.1% | -5.9% | -20.3% | EXLS 57% · BR 8% · G -19% |
| Office Services & Supplies | 9 | 21.2% | 22.3% | -23.1% | PBI 198% · TILE 145% · HNI 46% |
| Security & Alarm Services | 9 | -56.2% | 8.4% | -23.2% | BCO 79% |
| Research & Consulting Services | 13 | -2.1% | -19.2% | -24.2% | HURN 247% · FCN 2% · BAH 1% |
| Passenger Ground Transportation | 3 | -23.8% | 64.7% | -31.6% | UBER 49% · CAR -32% · LYFT -67% |
| Air Freight & Logistics | 11 | -25.2% | -16.0% | -35.6% | FDX 78% · EXPD 75% · CHRW 62% |
| Passenger Airlines | 11 | -1.4% | 9.6% | -38.8% | LTM 2989% · UAL 104% · DAL 91% |
| Human Resource & Employment Services | 22 | 13.0% | -19.5% | -41.9% | ADP 52% · PAYX 9% · FA 2% |
| Airport Services | 4 | -70.2% | -69.3% | -82.4% | JOBY -46% |
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| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 31.14 |
| Mkt Cap | 1.4 |
| Rev LTM | 2,390 |
| Op Inc LTM | 27 |
| FCF LTM | 45 |
| FCF 3Y Avg | -34 |
| CFO LTM | 210 |
| CFO 3Y Avg | 224 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | -0.7% |
| Rev Chg Q | 10.2% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | -36.9% |
| Op Inc Chg 3Y Avg | -29.9% |
| Op Mgn LTM | 1.7% |
| Op Mgn 3Y Avg | 3.2% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 10.1% |
| CFO/Rev 3Y Avg | 10.7% |
| FCF/Rev LTM | 2.0% |
| FCF/Rev 3Y Avg | -2.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Dedicated | 403 | 364 | 320 | 363 | 325 |
| Expedited | 373 | 416 | 424 | 453 | 344 |
| Managed Freight | 287 | 249 | 259 | 321 | 321 |
| Warehousing | 101 | 102 | 101 | 80 | 63 |
| Other revenues | 1 | 0 | 0 | ||
| Elimination of intersegment revenues | -7 | ||||
| Total | 1,164 | 1,131 | 1,104 | 1,217 | 1,046 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Expedited | 21 | 46 | 45 | 64 | 33 |
| Dedicated | 20 | 33 | 26 | 23 | -1 |
| Managed Freight | 12 | 13 | 10 | 39 | 32 |
| Warehousing | 8 | 10 | 6 | 4 | 3 |
| Other | -58 | -29 | -10 | ||
| Total | 61 | 45 | 59 | 121 | 67 |
| $ Mil | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| Truckload | 699 | 557 | 549 | 581 | 464 |
| Managed Freight | 74 | 42 | 31 | ||
| Unallocated Corporate Overhead | 50 | 40 | 40 | 63 | |
| Other | 26 | 27 | |||
| Total | 774 | 650 | 621 | 647 | 554 |
Price Behavior
| Market Price | $30.72 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -38.3% | |
| 50 Days | 200 Days | |
| DMA Price | $33.87 | $33.67 |
| DMA Trend | down | up |
| Distance from DMA | -9.3% | -8.8% |
| 3M | 1YR | |
| Volatility | 37.5% | 40.7% |
| Downside Capture | 181.68 | 81.63 |
| Upside Capture | -88.40 | 114.46 |
| Correlation (S&P 500) | 5.5% | 29.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.34 | 0.69 | -0.03 | 0.63 | 0.97 | 1.13 |
| Up Beta | 2.34 | 0.18 | -0.48 | 0.39 | 0.52 | 1.08 |
| Down Beta | 0.46 | -0.94 | 1.00 | 0.57 | 1.26 | 1.05 |
| Up Capture | -25% | 66% | -70% | 76% | 127% | 147% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 12 | 22 | 31 | 73 | 143 | 383 |
| Down Capture | 98% | 169% | 98% | 67% | 87% | 106% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 10 | 20 | 33 | 53 | 107 | 362 |
[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 | |
|---|---|---|---|---|
| CVLG | 48.0% | 40.7% | 1.06 | - |
| Sector ETF (XLI) | 10.9% | 17.2% | 0.43 | 34.1% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 28.6% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | 7.9% |
| Commodities (DBC) | 52.4% | 20.7% | 1.92 | -18.6% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | 27.5% |
| Bitcoin (BTCUSD) | -26.5% | 43.6% | -0.59 | 6.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVLG | |
|---|---|---|---|---|
| CVLG | 18.2% | 42.3% | 0.52 | - |
| Sector ETF (XLI) | 12.3% | 17.6% | 0.53 | 47.1% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 42.5% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 0.9% |
| Commodities (DBC) | 9.9% | 19.5% | 0.39 | 1.6% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 32.4% |
| Bitcoin (BTCUSD) | 8.6% | 51.8% | 0.34 | 18.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVLG | |
|---|---|---|---|---|
| CVLG | 13.0% | 47.0% | 0.43 | - |
| Sector ETF (XLI) | 13.0% | 20.0% | 0.57 | 48.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 42.2% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | -1.1% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 11.4% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 33.2% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 9.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -11.2% | -13.8% | -14.4% |
| 4/23/2026 | 9.2% | 11.8% | 19.9% |
| 1/29/2026 | -4.8% | 11.5% | 14.9% |
| 10/23/2025 | 0.4% | -0.8% | -4.3% |
| 7/23/2025 | 3.7% | 0.3% | -2.3% |
| 4/23/2025 | 10.4% | 5.9% | 19.5% |
| 1/23/2025 | -2.9% | -2.2% | -15.3% |
| 10/23/2024 | -0.3% | -0.4% | 10.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 19 |
| # Negative | 10 | 10 | 6 |
| Median Positive | 9.2% | 11.5% | 10.5% |
| Median Negative | -5.9% | -4.4% | -11.7% |
| Max Positive | 18.1% | 22.3% | 29.2% |
| Max Negative | -21.9% | -16.6% | -16.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -11.2% | -13.8% | -14.4% |
| 4/23/2026 | 9.2% | 11.8% | 19.9% |
| 1/29/2026 | -4.8% | 11.5% | 14.9% |
| 10/23/2025 | 0.4% | -0.8% | -4.3% |
| 7/23/2025 | 3.7% | 0.3% | -2.3% |
| 4/23/2025 | 10.4% | 5.9% | 19.5% |
| 1/23/2025 | -2.9% | -2.2% | -15.3% |
| 10/23/2024 | -0.3% | -0.4% | 10.5% |
| 7/24/2024 | 8.3% | 10.2% | 2.4% |
| 4/24/2024 | 1.2% | 1.9% | 5.4% |
| 1/23/2024 | 1.9% | 2.7% | 5.7% |
| 10/26/2023 | -4.4% | -6.4% | 3.4% |
| 7/26/2023 | 9.9% | 13.7% | 2.8% |
| 4/27/2023 | 10.6% | 8.3% | 10.2% |
| 1/25/2023 | -21.9% | -9.3% | -9.1% |
| 10/20/2022 | 9.1% | 14.6% | 29.2% |
| 7/25/2022 | 18.1% | 16.2% | 14.3% |
| 4/27/2022 | 9.4% | 22.3% | 16.5% |
| 1/27/2022 | -4.1% | -0.8% | 2.7% |
| 10/21/2021 | -21.3% | -16.6% | -16.8% |
| 7/21/2021 | 3.9% | 4.4% | 13.2% |
| 4/27/2021 | 11.9% | 18.9% | 15.3% |
| 1/26/2021 | -6.9% | -2.3% | 16.3% |
| 10/27/2020 | -11.8% | -16.4% | 5.5% |
| 8/11/2020 | 9.4% | 19.9% | 5.0% |
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 19 |
| # Negative | 10 | 10 | 6 |
| Median Positive | 9.2% | 11.5% | 10.5% |
| Median Negative | -5.9% | -4.4% | -11.7% |
| Max Positive | 18.1% | 22.3% | 29.2% |
| Max Negative | -21.9% | -16.6% | -16.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/05/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/27/2020 | 10-Q |
| 12/31/2019 | 03/09/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Average Age of Tractors | Reported | 25 | 26.5 | 28 | 0 | Affirmed | Guidance: 26.5 for 2026 | |
| 2026 Net Capital Expenditures | Reported | 50.00 Mil | 55.00 Mil | 60.00 Mil | 22.2% | Raised | Guidance: 45.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Capital Equipment Expenditures | Reported | 40.00 Mil | 45.00 Mil | 50.00 Mil | 0 | Affirmed | Guidance: 45.00 Mil for 2026 | |
| 2026 Average Age of Equipment | Reported | 25 | 26.5 | 28 | 6.0% | Raised | Guidance: 25 for 2026 | |
Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Capital Equipment Expenditures | Reported | 40.00 Mil | 45.00 Mil | 50.00 Mil | ||||
| 2026 Average Age of Equipment | Reported | 24 | 25 | 26 | ||||
Q3 2025 Earnings Reported 10/23/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Net Capital Equipment Expenditures | Reported | 15.00 Mil | 17.50 Mil | 20.00 Mil | ||||
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ballard, Joey | EVP, Chief People & Safety Off | Direct | Sell | 6012026 | 40.15 | 4,000 | 160,587 | 527,889 | Form |
| 2 | Hogan, Joey B | Direct | Sell | 5272026 | 39.18 | 12,800 | 501,545 | 3,577,191 | Form | |
| 3 | Ballard, Joey | EVP, Chief People & Safety Off | Direct | Sell | 5272026 | 38.00 | 3,718 | 141,284 | 651,662 | Form |
| 4 | Ballard, Joey | EVP, Chief People & Safety Off | Direct | Sell | 5272026 | 37.40 | 4,282 | 160,165 | 780,516 | Form |
| 5 | Kramer, D Michael | Direct | Sell | 5012026 | 34.72 | 2,650 | 92,009 | 766,835 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ballard, Joey | EVP, Chief People & Safety Off | Direct | Sell | 6012026 | 40.15 | 4,000 | 160,587 | 527,889 | Form |
| 2 | Hogan, Joey B | Direct | Sell | 5272026 | 39.18 | 12,800 | 501,545 | 3,577,191 | Form | |
| 3 | Ballard, Joey | EVP, Chief People & Safety Off | Direct | Sell | 5272026 | 38.00 | 3,718 | 141,284 | 651,662 | Form |
| 4 | Ballard, Joey | EVP, Chief People & Safety Off | Direct | Sell | 5272026 | 37.40 | 4,282 | 160,165 | 780,516 | Form |
| 5 | Kramer, D Michael | Direct | Sell | 5012026 | 34.72 | 2,650 | 92,009 | 766,835 | Form | |
| 6 | Hogan, Joey B | Direct | Sell | 4302026 | 34.76 | 14,700 | 510,928 | 3,617,995 | Form | |
| 7 | Grant, James S Iii | EVP and CFO | Direct | Sell | 4212026 | 30.75 | 22,388 | 688,431 | 643,136 | Form |
| 8 | Parker, David Ray | Chairman and CEO | Direct | Sell | 2202026 | 29.18 | 30,400 | 887,091 | 59,748,625 | Form |
| 9 | Parker, David Ray | Chairman and CEO | Direct | Sell | 2202026 | 29.38 | 55,000 | 1,616,016 | 61,054,358 | Form |
| 10 | Parker, David Ray | Chairman and CEO | Direct | Sell | 2202026 | 29.34 | 65,000 | 1,907,028 | 62,578,231 | Form |
| 11 | Parker, David Ray | Chairman and CEO | Direct | Sell | 2172026 | 29.67 | 100,000 | 2,966,726 | 65,206,986 | Form |
| 12 | Parker, David Ray | Chairman and CEO | Direct | Sell | 2172026 | 28.46 | 15,000 | 426,910 | 65,401,095 | Form |
| 13 | Parker, David Ray | Chairman and CEO | Direct | Sell | 2172026 | 29.02 | 20,000 | 580,394 | 67,120,930 | Form |
| 14 | Parker, David Ray | Chairman and CEO | Direct | Sell | 2112026 | 29.34 | 27,400 | 804,028 | 68,458,097 | Form |
| 15 | Parker, David Ray | Chairman and CEO | Direct | Sell | 2112026 | 29.05 | 70,000 | 2,033,480 | 6,619,616 | Form |
| 16 | Parker, David Ray | Chairman and CEO | Direct | Sell | 2112026 | 28.66 | 56,000 | 1,604,742 | 8,398,358 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Cargo Ground Transportation Resources |
| Transport Topics |
| Commercial Carrier Journal (CCJ) |
| FreightWaves |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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