Covenant Logistics Group, Inc. (CVLG) Stock

Covenant Logistics Group, Inc. (CVLG) is a Industrials stock trading at $34.61 (as of 2026-08-24), with a market capitalization of $920.25M and a trailing P/E of 34.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Covenant Logistics Group, Inc., through subsidiaries, provides transportation and logistics services in the United States, operating segments including Expedited, Dedicated, Managed Freight, and Warehousing. Services span truckload transportation, capacity and transport management, brokerage and freight carriage through third parties, and day-to-day warehouse management, along with shuttle and switching, serving customers such as transportation companies.

Understand Covenant Logistics Group, Inc.: how it makes money

Covenant Logistics Group provides transportation and logistics services in the United States, it earns revenue by delivering truckload capacity and freight services through Expedited, Dedicated, Managed Freight brokerage, and Warehousing.

Profit is primarily driven by how much revenue the company can generate from its truckload freight and managed freight services, given its operational model of providing committed capacity (Dedicated) and service level based delivery execution (Expedited), while also maintaining its warehousing business.

Revenue by segment (latest quarter)
Expedited	$0.1B
Dedicated	$0.0B
Managed Freight	$0.1B
Warehousing	$0.0B
Other	$0.1B

Business quality (Weak): Clear operating model by segment (Expedited, Dedicated, Managed Freight, Warehousing), but limited operating metrics provided, so investors mostly have to follow freight revenue trends and how the mix of these services affects operating income.

Valuation: At 214× earnings, CVLG trades 1116% above the Transportation average (18×). Note: one-time items can distort reported P/E.

Bull case

Segmented operating model tied to freight execution, Expedited focuses on truckload service with high delivery standards, Dedicated provides committed truckload capacity over contracted periods, and Managed Freight adds a service layer for arranging freight: This structure can support steady revenue generation when customers value reliability and contracted capacity.
Warehousing is an additional logistics offering alongside transportation segments: If customers bundle transportation and warehousing needs, it can diversify where revenue comes from within the logistics workflow.

Bear case

Operating results may be sensitive to freight market conditions, because revenue is generated from freight and logistics services: If freight demand or pricing weakens, revenue headwinds can pressure operating income.
Dedicated operations rely on committed truckload capacity using equipment owned or leased by the company: If utilization or demand falls, fixed capacity obligations tied to equipment could make it harder to protect profitability.

Valuation — source: SEC EDGAR (first-party)
Price	$34.61
Market Cap	$920.25M
P/E Ratio	34.8
EV / EBITDA	9.8
Price / Book	2.23
Price / Sales	0.74
FCF Yield	-2.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.16B
Net Margin	0.6%
Revenue Growth (YoY)	2.9%
EPS Growth (YoY)	-79.6%
FCF Growth (YoY)	12.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.39 (grey)

Valuation vs Sector & Industry
Stock P/E	34.8
Sector P/E (Industrials)	26.0
Industry P/E (Transportation)	17.0
vs Sector	33.8%
vs Industry	104.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($53.69M)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Transportation
CEO	David Ray Parker
Employees	3,100
Country	US
IPO Date	1994-10-28

Related Companies (Transportation; 8 comparable transport companies)

Data as of 2026-08-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.