CVLGCOVENANT LOGISTICS GROUP, INC.
Trucking (no Local)
- Revenue
- $1.2B
- 2.9% YoY
- Operating margin
- 0.3%
- 94% YoY
- EBITDA
- $96M
- 27% YoY
- Market cap
- $820M
- Employees
- —
- Net debt / EBITDA
- 2.5×
- $244M net debt
- AI in 10-K
- 0.8
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$2M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo16× net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo38% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo8% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo0.8 per 10K words · 28th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$820M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$15M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.2B | $1.1B | $1.1B | $1.2B | 2.9% |
| Operating income | $67M | $121M | $59M | $45M | $3M | 93% |
| Net income | $61M | $109M | $55K | $36M | $7M | 80% |
| Operating cash flow | $73M | $159M | $85M | $123M | $114M | 7.5% |
| Capex | $35M | $100M | $218M | $153M | $148M | 3.5% |
| Stock-based comp | $9M | $7M | $7M | $4M | $4M | 3.3% |
| Buybacks | $10M | $85M | $25M | $0 | $37M | |
| Dividends | $0 | $4M | $6M | $6M | $7M | 24% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Feb 24, 2026 | PARKER DAVID R & JACQUELINE F | SCHEDULE 13D/A | 30.4% | Passive |
| Feb 11, 2026 | PARKER DAVID R & JACQUELINE F | SCHEDULE 13D/A | 31.5% | Passive |
| Mar 1, 2024 | PARKER DAVID R & JACQUELINE F | SC 13D/A | 30.8% | Passive |
| Nov 14, 2022 | PARKER DAVID R & JACQUELINE F | SC 13D/A | 29.4% | Passive |
| Jan 14, 2021 | PARKER DAVID R & JACQUELINE F | SC 13D/A | 22.2% | Passive |
| Apr 22, 2020 | PARKER DAVID R & JACQUELINE F | SC 13D/A | 26.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $15M · 23
- Net
- −$15M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $2M | $2M | 310 | 139 |
| FY2024 | $2M | $3M | 379 | 126 |
| FY2023 | $1M | $6M | 317 | 123 |
| FY2022 | $2M | $5M | 236 | 92 |
| FY2021 | $6M | $9M | 178 | 113 |