COVENANT LOGISTICS GROUP, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COVENANT LOGISTICS GROUP, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	705	880	885	839		1,046	1,217	1,104	1,131	1,164
Operating expenses	677	826
Operating income	28.2	55.4	8.77	-14		67.2	121	58.8	44.8	2.94
Interest expense	8.26	7.34	8.22	6.84		2.79	3.08	7.97	13.6	12.1
Pre-tax income	23.3	55.8	7.57	-16.9		79.2	143	72.2	45.9	5.59
Income tax	-32.1	14.9	2.35	-2.8		21	34.9	17.6	10.6	1.18
Income from continuing operations		40.9	5.22	-14.1		58.2	108	54.6	35.3	4.41
Net income	55.4	42.5	8.48	-42.7	60.7	60.7	109	55.2	35.9	7.24
EBITDA	101	131	89.3	51.4		121	178	129	131	95.7
EPS, basic	1.52	1.16	0.23	-1.23		1.81	3.62	2.12	1.37	0.28
EPS, diluted	1.51	1.15	0.23	-1.23		1.79	3.50	2.00	1.30	0.27
Shares, basic (weighted)	36.6	36.7	36.9	34.7		33.6	30	26.1	26.3	25.6
Shares, diluted (weighted)	36.7	36.9	37.3	34.7		34	31	27.7	27.7	26.9

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15.4	23.1	43.6	8.41	8.41	68.7	2.29	35.6	4.95
Receivables	104	151	81.2	91.3	142	120	143	142	152
Other current assets	1.82	1.44	1.13	0.27	0	0.37	0.53	0.34	0.24
Total current assets	162	212	254	148	189	223	186	214	233
Property, plant and equipment	464	451	517	391	346	408	515	525	477
Lease right-of-use assets			58.8	37.4					35.5
Goodwill	0	41.6	42.5	42.5	42.5	58.2	75.7	78.9	80.5
Intangible assets	0	32.5	29.6	24.5	20.5	48.2	99.6	90.1	106
Other non-current assets	23.3	37.1	37.9	60.9	52.4	58.8	78.1	86.5	97.4
Total assets	650	774	882	677	652	797	954	998	1,046
Accounts payable	11.9	22.1	19.5	31.7	29.9	33.9	33.2	31.9	45.5
Accrued liabilities	26.5	49.5	31.8	27.8	38	58.8	59.1	51.3	56
Short-term debt	24.6	28.7	54.4	7.58	5.72	18.9	47.7	64.2	64
Total current liabilities	81.2	127	161	133	143	156	170	181	210
Long-term debt	164	167	200	47.9	20.3	90.4	197	187	234
Lease liabilities			40.9	21.5	21.6	46.4	30.9	31.3	25.3
Other non-current liabilities	1.83	1.64	2.58	9.79	2.15	7.49	14.2	18.8	13.8
Total liabilities	354	430	532	386	302	420	551	559	642
Total debt	189	195	255	55.5	26.1	109	245	251	298
Paid-in capital	137	142	142	143	149	153	156	159	159
Retained earnings	157	201	209	166	225	329	379	278	278
Treasury stock			0	-17.1	-23.7	-107	-132	0	-34.6
Other comprehensive income	0.29	0.2	-1.01	-2.25	-1.31	1.09	0.82	1.04	0.61
Shareholders' equity	295	343	350	291	350	377	403	438	404
Total equity	295	343	350	291	350	377	403	438	404
Total liabilities and equity	650	774	882	677	652	797	954	998	1,046

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	55.4	42.5	8.48	-42.7	60.7	60.7	109	55.2	35.9	7.24
Depreciation and amortization	72.4	75.8	80.5	65.5		53.9	57.5	69.9	86.5	92.7
Stock-based compensation	1	4.8				9.06	6.59	7.1	3.69	3.57
Deferred income tax	-23	13.8	3.45	-15.1		18.4	14	18.7	4.48	2.78
Change in receivables	-23.7	-27.2	-6.71	-60.8		-36.5	39.5	-22.4	2.75	-9.71
Change in inventory	-0.25	0.17	-0.14	1.09		-0.2	-0.19	-0.32	-0.8	-0.68
Change in payables	-3.43	19.2	-15.5	19.8		12.9	-6.22	-9.19	-4.41	9.32
Cash from operations	82.9	125	64	63		73.2	159	84.8	123	114
Capital expenditures	-111	-75.1	-138	-94		-35.3	-100	-218	-153	-148
Acquisitions		-106	0	0		0	-38.5	-108	-4.56	-27.1
Purchases of investments		-1.5	-1.37
Cash from investing	-62.1	-121	-93	138		10.3	-86.2	-236	-108	-140
Stock issued						0	0.38	0.24	1.76	0.4
Share buybacks		0	0	-17.5		-10.3	-84.7	-25.4	0	-36.6
Dividends paid						0	-4.29	-5.78	-5.8	-7.16
Cash from financing	-13.2	3.87	49.5	-236		-83.6	-12.8	84.7	18.1	-4.26
Net change in cash	7.61	7.77	20.5	-35.2		0.01	60.3	-66.4	33.3	-30.7
Free cash flow	-27.9	49.7	-74.2	-31		37.9	58.8	-133	-30.1	-33.9
Interest paid	8.27	8.57	11	7.37		2.76	3.31	5.32	5.67	13.1
Income taxes paid	-2.22	-5.39	0.75	0.87		10.2	16.7	4.19	7.27	4.67

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $32.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-0.1%	Operating income / revenue.
EBITDA margin	7.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.1%	Pre-tax income / revenue.
Net margin	0.3%	Net income / revenue.
FCF margin	-3.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.9%	Cash from operations / revenue.
Effective tax rate	-7.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.4%	Net income / average total assets.
Return on invested capital (ROIC)	-0.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.0%	Capital expenditures / revenue.
D&A / revenue	7.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-93.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-71.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-27.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-18.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-79.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-59.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-79.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-57.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-10.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-7.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	4.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.14x	Current assets / current liabilities.
Quick ratio	0.87x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.70x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.7%	Total debt / total assets.
Liabilities / assets	58.9%	Total liabilities / total assets.
Net debt	$286.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.08x	Operating income / interest expense.
Working capital	$26.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	17.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$232.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.23x	Revenue / average total assets.
Fixed asset turnover	2.66x	Revenue / average property, plant and equipment.
Receivables turnover	7.41x	Revenue / average receivables.
Days sales outstanding	49 days	365 x average receivables / revenue.
FCF conversion	-998.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	144.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.14	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$46.35	Revenue / diluted weighted shares.
FCF per share	-$1.42	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.20	Cash from operations / diluted weighted shares.
Book value per share	$15.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.75	Tangible book value / shares outstanding.
Cash per share	$0.10	(Cash + short-term investments) / shares outstanding.
Payout ratio	185.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$824.0M	Share price x shares outstanding.
Enterprise value	$1.11B	Market cap + total debt - cash - short-term investments.
P/E	217x	Market cap / net income. Only when net income is positive.
P/S	0.67x	Market cap / revenue.
P/B	2.00x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.54x	Market cap / tangible book value, when positive.
P/OCF	9.69x	Market cap / cash from operations, when positive.
EV/Sales	0.90x	Enterprise value / revenue.
EV/EBITDA	11.9x	Enterprise value / EBITDA, when both are positive.
FCF yield	-4.6%	Free cash flow / market cap.
Earnings yield	0.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.

What was COVENANT LOGISTICS GROUP, INC.'s revenue in fiscal 2025?

COVENANT LOGISTICS GROUP, INC. reported revenue of $1.16B for fiscal 2025, 2.9% higher than the year before.

Was COVENANT LOGISTICS GROUP, INC. profitable in fiscal 2025?

Yes. Net income was $7.2M, a net margin of 0.6%.

How much free cash flow did COVENANT LOGISTICS GROUP, INC. generate in fiscal 2025?

Cash from operations of $113.6M minus capital expenditures of $147.6M left free cash flow of -$33.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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