Commercial Vehicle Group, Inc. (CVGI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+23.1%

$3.90

vs $3.17 price

Levered DCF

$13.29

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.9

Grey zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-2.12×	-2.99×	4.67×	-10.01×	10.75×	-7.21×	12.21×	3.88×
P/B	0.37×	0.61×	1.34×	1.83×	2×	2.81×	1.51×	1.5×
P/S	0.08×	0.11×	0.28×	0.28×	0.26×	0.37×	0.22×	0.19×
EV / EBITDA	13.3×	8.43×	6.3×	8.63×	6.45×	16.15×	6.49×	3.35×
Gross margin	10.5%	11.4%	14.6%	10.9%	12.2%	10.3%	11.7%	14.4%
Operating margin	-0.1%	-0.1%	4.8%	3.2%	5.1%	-3.2%	4.5%	7.4%
Net margin	-3.5%	-3.9%	5.9%	-2.8%	2.4%	-5.2%	1.8%	5.0%
Current ratio	2.43×	2.41×	2.26×	1.93×	2.29×	1.88×	2.4×	2.37×
Debt / equity	1.08×	1.23×	1×	1.49×	1.76×	1.89×	1.5×	1.42×
Interest coverage	-0.05×	-0.08×	3.73×	2.53×	4.44×	-1.12×	2.41×	4.56×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-17.1%	-20.6%	28.6%	-18.3%	18.7%	-38.8%	12.3%	38.7%
Return on invested capital	-0.2%	-0.2%	8.2%	-30.8%	10.1%	-6.4%	8.7%	18.9%
Return on assets	-5.8%	-6.6%	10.2%	-4.7%	4.7%	-8.2%	3.6%	10.6%
Free cash flow yield	69.8%	-62.7%	8.0%	22.4%	-18.7%	10.2%	6.6%	15.6%
Earnings yield	-46.8%	-33.6%	21.3%	-10.0%	9.3%	-13.8%	8.1%	25.8%
Enterprise value	$160M	$222.6M	$367.2M	$367.6M	$441.9M	$397.6M	$348.2M	$265.4M
Net debt / EBITDA	9.25×	5.29×	2.33×	3.46×	2.74×	5.28×	2.87×	1.17×
Cash conversion cycle (days)	76	89	78	82	82	65	56	57