Covenant Logistics Group, Inc. (CVLG) 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

-22.3%

$25.80

vs $33.19 price

Levered DCF

-$15.89

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.4

Grey zone

Rating

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	78.71×	19.89×	10.86×	4.77×	7.3×	-9.14×	14.07×	4.14×
P/B	1.36×	1.64×	1.49×	1.38×	1.27×	0.88×	0.68×	1.03×
P/S	0.47×	0.63×	0.54×	0.43×	0.42×	0.31×	0.27×	0.4×
EV / EBITDA	8.02×	6.7×	5.94×	3.1×	3.75×	6.5×	6.2×	4.31×
Gross margin	8.0%	16.8%	14.9%	15.3%	14.1%	13.1%	11.9%	16.3%
Operating margin	1.2%	4.0%	5.3%	6.6%	6.1%	-1.7%	1.0%	6.7%
Net margin	0.6%	3.2%	5.0%	8.9%	5.8%	-5.1%	1.0%	4.8%
Current ratio	1.11×	1.18×	1.09×	1.43×	1.32×	1.11×	1.58×	1.66×
Debt / equity	0.84×	0.68×	0.73×	0.48×	0.21×	0.38×	1×	0.69×
Interest coverage	1.16×	3.3×	7.38×	26.07×	22.7×	-2.05×	0.79×	6.77×
Dividend yield	1.3%	0.8%	1.0%	0.8%	0.0%	0.0%	0.0%	0.0%
Payout ratio	98.9%	16.1%	10.5%	3.9%	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	1.8%	8.2%	13.7%	28.8%	17.4%	-14.7%	2.4%	12.4%
Return on invested capital	1.2%	3.9%	5.3%	8.9%	8.7%	-2.0%	0.8%	6.3%
Return on assets	0.7%	3.6%	5.8%	13.6%	9.3%	-6.3%	1.0%	5.5%
Free cash flow yield	-6.2%	-4.2%	-22.1%	11.3%	8.5%	-12.1%	-31.1%	14.1%
Earnings yield	1.3%	5.0%	9.2%	21.0%	13.7%	-16.6%	3.6%	12.1%
Enterprise value	$885M	$978.3M	$891.9M	$629.7M	$509.9M	$360.3M	$543.7M	$566.7M
Net debt / EBITDA	3.02×	1.79×	1.94×	0.55×	0.48×	1.86×	3.48×	1.63×
Cash conversion cycle (days)	41	39	40	28	45	33	32	61