Covenant Logistics Group, Inc.
CVLG Industrials Trucking
Covenant Logistics Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 2.92% from fiscal 2024. In the quarter to June 2026, revenue grew 9.91%, EPS fell 10.5%, free cash flow fell 406.9% and total debt rose 8.09%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Covenant Logistics Group, Inc. (CVLG) Altman Z-score
Covenant Logistics Group, Inc.'s Altman Z-score for fiscal 2025 is 2.05, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.05 | (0.43) |
| FY2024 | 2.48 | (0.11) |
| FY2023 | 2.59 | (0.86) |
| FY2022 | 3.45 | 0.05 |
| FY2021 | 3.40 | 1.46 |
| FY2020 | 1.94 | 0.18 |
| FY2019 | 1.76 | (0.59) |
| FY2018 | 2.36 | (0.25) |
| FY2017 | 2.61 | 0.48 |
| FY2016 | 2.12 | (0.07) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.03 | |
| Retained earnings / total assets | 0.27 | — | 0.37 | |
| EBIT / total assets | 0.00 | — | 0.01 | |
| Market value of equity / total liabilities | 0.88 | — | 0.53 | |
| Sales / total assets | 1.11 | — | 1.11 | |
| Altman Z-score | Grey zone | 2.05 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.69 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MRTN Marten Transport, Ltd. compare | 5.2× |
| ARCB ArcBest Corporation compare | 3.5× |
| SNDR Schneider National, Inc. compare | 3.4× |
| WERN Werner Enterprises, Inc. compare | 2.8× |
| HTLD Heartland Express, Inc. compare | 2.6× |
| RXO RXO INC compare | 2.3× |
| CVLG Covenant Logistics Group, Inc. | 2.1× |
| ULH Universal Logistics Holdings, Inc. compare | 1.4× |
| PAMT PAMT Corp. compare | 1.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets