Latest Ratios: P/E Ratio 163.5x · EV/EBITDA 12.8x · ROE 1.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $551M | $755M | $637M | $537M | $450M | $257M | $241M | $355M | $528M | $353M |
| Enterprise Value | $1.4B | $885M | $1.0B | $928M | $648M | $516M | $360M | $546M | $569M | $726M | $562M |
| P/E Ratio → | 163.52 | 81.63 | 20.97 | 11.51 | 4.94 | 7.30 | — | 14.38 | 4.17 | 4.75 | 10.51 |
| P/S Ratio | 0.95 | 0.47 | 0.67 | 0.58 | 0.44 | 0.43 | 0.31 | 0.27 | 0.40 | 0.75 | 0.53 |
| P/B Ratio | 2.73 | 1.36 | 1.72 | 1.58 | 1.42 | 1.29 | 0.88 | 0.69 | 1.03 | 1.79 | 1.49 |
| P/FCF | — | — | — | — | 9.13 | 11.86 | — | — | 7.14 | — | — |
| P/OCF | 9.77 | 4.85 | 6.15 | 7.51 | 3.37 | 6.14 | 4.08 | 3.77 | 2.84 | 6.37 | 3.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.76 | 0.90 | 0.84 | 0.53 | 0.49 | 0.43 | 0.62 | 0.64 | 1.03 | 0.84 |
| EV / EBITDA | 12.76 | 7.82 | 7.74 | 7.21 | 4.70 | 4.40 | 7.00 | 6.12 | 4.22 | 7.22 | 5.39 |
| EV / EBIT | 103.38 | 50.15 | 17.09 | 11.57 | 4.44 | 6.29 | — | 76.74 | 10.22 | 25.79 | 17.31 |
| EV / FCF | — | — | — | — | 11.02 | 13.59 | — | — | 11.46 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.0% | 8.0% | 16.8% | 14.9% | 15.3% | 14.1% | 13.1% | 11.9% | 16.3% | 13.2% | 14.5% |
| Operating Margin | 1.2% | 1.2% | 4.0% | 5.3% | 6.6% | 6.1% | -1.7% | 1.0% | 6.7% | 4.0% | 4.8% |
| Net Profit Margin | 0.6% | 0.6% | 3.2% | 5.0% | 8.9% | 5.8% | -5.1% | 1.0% | 4.8% | 7.9% | 2.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.7% | 1.7% | 8.5% | 14.2% | 29.9% | 19.0% | -13.3% | 2.4% | 13.3% | 20.9% | 7.7% |
| ROA | 0.7% | 0.7% | 3.7% | 6.3% | 15.0% | 9.1% | -5.5% | 1.0% | 6.0% | 8.7% | 2.7% |
| ROIC | 1.5% | 1.5% | 4.8% | 7.5% | 13.3% | 11.7% | -2.0% | 1.1% | 8.4% | 4.5% | 5.4% |
| ROCE | 1.6% | 1.6% | 5.6% | 8.3% | 14.0% | 12.0% | -2.2% | 1.3% | 9.7% | 5.1% | 6.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.84 | 0.84 | 0.68 | 0.73 | 0.48 | 0.21 | 0.38 | 1.00 | 0.69 | 0.72 | 0.91 |
| Debt / EBITDA | 2.99 | 2.99 | 2.26 | 2.28 | 1.30 | 0.63 | 2.17 | 3.91 | 1.76 | 2.13 | 2.08 |
| Net Debt / Equity | — | 0.83 | 0.60 | 0.72 | 0.29 | 0.19 | 0.36 | 0.87 | 0.63 | 0.67 | 0.88 |
| Net Debt / EBITDA | 2.95 | 2.95 | 1.99 | 2.26 | 0.80 | 0.56 | 2.01 | 3.42 | 1.59 | 1.97 | 2.00 |
| Debt / FCF | — | — | — | — | 1.89 | 1.74 | — | — | 4.32 | — | — |
| Interest Coverage | 1.46 | 1.46 | 4.38 | 10.07 | 47.32 | 29.36 | -1.47 | 0.64 | 6.40 | 3.41 | 3.94 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.11 | 1.11 | 1.18 | 1.09 | 1.43 | 1.32 | 1.11 | 1.58 | 1.66 | 2.00 | 1.54 |
| Quick Ratio | 1.08 | 1.08 | 1.15 | 1.06 | 1.40 | 1.30 | 1.08 | 1.55 | 1.63 | 1.95 | 1.49 |
| Cash Ratio | 0.02 | 0.02 | 0.20 | 0.01 | 0.44 | 0.06 | 0.06 | 0.27 | 0.18 | 0.19 | 0.09 |
| Asset Turnover | — | 1.06 | 1.13 | 1.16 | 1.53 | 1.61 | 1.24 | 1.00 | 1.14 | 1.09 | 1.08 |
| Inventory Turnover | 168.90 | 168.90 | 166.75 | 193.76 | 293.19 | 270.46 | 233.73 | 185.38 | 182.20 | 144.64 | 144.08 |
| Days Sales Outstanding | — | 54.40 | 49.08 | 50.81 | 38.52 | 56.30 | 47.48 | 39.21 | 69.61 | 67.70 | 59.68 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 1.3% | 0.8% | 0.9% | 0.8% | — | — | — | — | — | — |
| Payout Ratio | 98.9% | 98.9% | 16.1% | 10.5% | 3.9% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 1.2% | 4.8% | 8.7% | 20.2% | 13.7% | — | 7.0% | 24.0% | 21.0% | 9.5% |
| FCF Yield | — | — | — | — | 10.9% | 8.4% | — | — | 14.0% | — | — |
| Buyback Yield | 3.3% | 6.6% | 0.0% | 4.0% | 15.8% | 2.3% | 6.8% | 0.0% | 0.1% | 0.1% | 0.3% |
| Total Shareholder Yield | 3.9% | 7.9% | 0.8% | 4.9% | 16.6% | 2.3% | 6.8% | 0.0% | 0.1% | 0.1% | 0.3% |
| Shares Outstanding | — | $25M | $28M | $28M | $31M | $34M | $35M | $37M | $37M | $37M | $37M |
Thin operating margin volatility
Based on current market data, CVLG trades at a trailing P/E of 166.70, which appears significantly elevated compared to industry peers like Marten Transport, suggesting that investors are pricing in a potential turnaround or strategic re-rating that the company's current earnings power has yet to justify.
The forward P/E of 26.87 implies that the market anticipates a substantial recovery in earnings, likely tied to the success of the shift toward asset-light logistics services. However, given the historical volatility in net income, this valuation appears aggressive and warrants caution until the company demonstrates consistent margin expansion.
As reported in recent financial statements, CVLG's operating margin of 1.20% highlights a structurally thin profitability profile, which leaves the company with minimal cushion to absorb fluctuations in fuel costs or shifts in freight demand compared to more established industry competitors.
The reliance on high-cost team-driven expedited freight creates a rigid cost structure that struggles to scale during industry downturns. Investors should monitor whether the transition to managed freight can effectively decouple the company from these thin-margin cycles and improve overall return on capital.
According to quarterly data, CVLG's ROIC has remained suppressed, hovering near 0.9% in 2026Q1, which indicates that the company is currently failing to generate returns that exceed its cost of capital due to the heavy asset requirements of its tractor fleet.
The persistent need for capital expenditure to maintain a modern fleet prevents the company from compounding returns effectively. This trend suggests that the current business model is more focused on asset maintenance than on generating the high-margin growth required to drive long-term shareholder value.
Based on reported figures, the company's cash conversion cycle of 38 days in 2026Q1 reflects a stable but unoptimized working capital position, which is heavily influenced by the timing of freight collections and the management of payables within the logistics network.
While the DSO of 51 days suggests a consistent collection process, the lack of significant improvement in the CCC indicates that the company has limited leverage over its supply chain partners. This operational rigidity further complicates the company's ability to improve cash flow during periods of tightening liquidity.
The P/E ratio is frequently misapplied to CVLG, as it obscures the impact of non-recurring gains on asset sales and heavy depreciation charges that characterize the company's asset-heavy business model, leading to a distorted view of true operational profitability.
Analysts should instead prioritize EV/EBITDA or FCF-based metrics to better capture the underlying cash-generating capability of the logistics operations. Relying on P/E in this context ignores the significant capital intensity required to sustain the fleet, which is the primary driver of the company's financial performance.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CVLG stock.
Covenant Logistics Group, Inc.'s current P/E ratio is 163.5x. The historical average is 15.0x. This places it at the 100th percentile of its historical range.
Covenant Logistics Group, Inc.'s current EV/EBITDA is 12.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.5x.
Covenant Logistics Group, Inc.'s return on equity (ROE) is 1.7%. The historical average is 4.9%.
Based on historical data, Covenant Logistics Group, Inc. is trading at a P/E of 163.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Covenant Logistics Group, Inc.'s current dividend yield is 0.65% with a payout ratio of 98.9%.
Covenant Logistics Group, Inc. has 8.0% gross margin and 1.2% operating margin.
Covenant Logistics Group, Inc.'s Debt/EBITDA ratio is 3.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.