Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Covenant Logistics Group, Inc.CVLG · other | |
|---|---|
| Grade |  Cmiddle fifth of 336 graded peers; percentile 51.0, sampling error 2.6 points; lower is stronger |
| Rank | 172 of 336 |
| Profitability | Cpercentile 54.0 |
| Solvency | Cpercentile 54.8 |
| Growth and financing | Bpercentile 34.0 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $1.0B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress |
| Inputs computable | 8 of 14 |
| Graded from | filings received through Feb 27, 2026224 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $32.722026-10-08; market equity $0; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 27, 2026; the document on sec.gov.
We were founded in 1986 as a provider of expedited freight transportation, primarily using two-person driver teams in transcontinental lanes. Since that time, we have grown from 25 tractors to approximately 2,300 tractors and expanded our services to include a wide array of transportation and logistics services for our customers. We are strategically focused on continuing to integrate into the supply chain of our customers and reducing our seasonal and cyclical volatility. Our 2018 acquisition of Landair Holdings, Inc., Landair Transport, LLC, Landair Logistics, LLC, and Landair Leasing, Inc. (collectively, "Landair"), our 2022 acquisition of AAT Carriers, Inc.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 54.0 | |||||||
| Gross profitability | not computable | 27.1% | |||||
| one or more required annual facts are missing | |||||||
| Return on invested capital | 0.4% | [3-11] | 10.0% | 83.3 | 151 | 2025-12-31 | |
| Accruals ratio | (10.4%) | [1,12-14] | (5.9%) | 24.8 | 506 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.2 pts | |||||
| five annual gross margins are required; found 0 | |||||||
| Solvency, sleeve percentile 54.8 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | 1.69 | [1,3,7,15-18] | 2.05 | 45.7 | 386 | 2025-12-31 | |
| Net debt to EBITDA | 3.03x | [3,6,8,19] | 2.52x | 59.6 | 184 | 2025-12-31 | |
| Interest coverage | not computable | 2.18x | |||||
| latest aligned inputs end 2012-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 1.11x | [15-16] | 1.32x | 59.2 | 506 | 2025-12-31 | |
| Growth and financing, sleeve percentile 34.0 | |||||||
| Revenue growth, three-year compound | (1.5%) | [2,20-22] | 5.1% | 72.9 | 403 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 8.7% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | 2,414.7% | [3-5,15-16,19,23-25] | 11.9% | 0.5 | 190 | 2025-12-31 | |
| Asset growth, three years | 9.5% | [1,14,26-27] | 4.1% | 28.6 | 438 | 2025-12-31 | |
| Net share issuance, one year | not computable | (0.4%) | |||||
| two annual share counts are required; found 0 | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.050; sampling error 2.6 percentile points on 336 peers.
Among 336 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 167 | Mistras Group, Inc. (MG) Mistras Group, Inc. (MG) Cmiddle fifth; percentile 49.6 NYSE · Services-Engineering Services market equity $659.3M; last close $20.70 No active warnings; 12 of 14 inputs | 49.6 | C | |
| 168 | Smart Sand, Inc. (SND) Smart Sand, Inc. (SND) Cmiddle fifth; percentile 49.9 Nasdaq · Mining & Quarrying of Nonmetallic Minerals (No Fuels) market equity $224.7M; last close $5.29 Warnings: fortress balance sheet; 9 of 14 inputs | 49.9 | C | fortress balance sheet |
| 169 | APi Group Corp. (APG) APi Group Corp. (APG) Cmiddle fifth; percentile 50.1 NYSE · Services-To Dwellings & Other Buildings market equity $17.3B; last close $39.99 No active warnings; 12 of 14 inputs | 50.1 | C | |
| 170 | XPO, Inc. (XPO) XPO, Inc. (XPO) Cmiddle fifth; percentile 50.4 NYSE · Transportation Services market equity $21.3B; last close $181.82 No active warnings; 7 of 14 inputs | 50.4 | C | |
| 171 | Casella Waste Systems Inc. (CWST) Casella Waste Systems Inc. (CWST) Cmiddle fifth; percentile 50.7 Nasdaq · Refuse Systems last close $84.08 No active warnings; 10 of 14 inputs | 50.7 | C | |
| 172 | Covenant Logistics Group, Inc. (CVLG) Covenant Logistics Group, Inc. (CVLG) Cmiddle fifth; percentile 51.0 NYSE · Trucking (No Local) last close $32.72 No active warnings; 8 of 14 inputs | 51.0 | C | |
| 173 | MGM Resorts International (MGM) MGM Resorts International (MGM) Cmiddle fifth; percentile 51.3 NYSE · Hotels & Motels market equity $7.6B; last close $30.02 No active warnings; 7 of 14 inputs | 51.3 | C | |
| 174 | Louisiana-Pacific Corp. (LPX) Louisiana-Pacific Corp. (LPX) Cmiddle fifth; percentile 51.6 NYSE · Lumber & Wood Products (No Furniture) market equity $4.5B; last close $65.09 No active warnings; 11 of 14 inputs | 51.6 | C | |
| 175 | Wynn Resorts Ltd. (WYNN) Wynn Resorts Ltd. (WYNN) Cmiddle fifth; percentile 51.9 Nasdaq · Hotels & Motels market equity $7.8B; last close $75.30 No active warnings; 9 of 14 inputs | 51.9 | C | |
| 176 | Matson, Inc. (MATX) Matson, Inc. (MATX) Cmiddle fifth; percentile 52.2 NYSE · Water Transportation market equity $6.8B; last close $227.32 No active warnings; 8 of 14 inputs | 52.2 | C | |
| 177 | Reservoir Media, Inc. (RSVR) Reservoir Media, Inc. (RSVR) Cmiddle fifth; percentile 52.5 Nasdaq · Services-Amusement & Recreation Services market equity $619.7M; last close $9.41 No active warnings; 10 of 14 inputs | 52.5 | C |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | C | 54.7 | 2204 |
| sector peers, equal sleeves (the grade) | C | 51.0 | 336 |
| same exchange, equal sleeves | C | 52.3 | 984 |
| sector peers, equal inputs | C | 48.1 | 336 |
Each letter is one fifth of the 336 graded peers, about 67 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 64.1% | 2.0% | 89 | hotter than 89 of 100 peers |
| Distance from 52-week high | (34.4%) | (26.8%) | 35 | closer to its high than 35 of 100 peers |
| EBIT to enterprise value | not computable | 4.4% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 4.1% | required accounting or market input is missing | |
| Book value to price | not computable | 0.34 | required accounting or market input is missing | |
| Sales to price | not computable | 0.70 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | (8.8%) | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | 0.35 | (0.13) | 89 | ahead of 89 of 100 peers |
Inputs: EBIT $2.9M; free cash flow -$33.9M; book equity $412.9M; sales $1.2B; debt $246.5M; cash $2.6M.
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 0.7% | ✓ pass[12,14] |
| Operating cash flow above zero | $113.6M | ✓ pass[13] |
| Return on assets improved | (3.0 pts) | ✗ fail[12,14,26,28] |
| Operating cash flow exceeds net income | $106.4M | ✓ pass[12-13] |
| Long-term leverage fell | 3.7 pts | ✗ fail[1,14,26,29-30] |
| Current ratio improved | (7.1 pts) | ✗ fail[15-16,24-25] |
| No new shares issued | n/a | |
| Gross margin improved | n/a | |
| Asset turnover improved | (1.8 pts) | ✗ fail[2,14,20,26] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $2.6M[31] |
| Operating cash flow, four quarters | $85.0M[13,31-35] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 63 |
| 10-Q received Aug 7, 2026 | |
| Median daily dollar volume | $6.9M |
| 63 sessions | |
| Days since newest grade input | 224 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $1.0B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $1.2B | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 3 | operating income | us-gaap:OperatingIncomeLoss | $2.9M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 4 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $5.6M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 5 | income tax | us-gaap:IncomeTaxExpenseBenefit | $1.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 6 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $261.7M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 7 | book equity | us-gaap:StockholdersEquity | $404.0M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 8 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $4.9M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 9 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $221.6M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | $438.3M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 11 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $35.6M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 12 | net income | us-gaap:NetIncomeLoss | $7.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 13 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $113.6M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 14 | assets | us-gaap:Assets | $997.6M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $232.8M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $210.0M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $278.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 18 | liabilities | us-gaap:Liabilities | $641.6M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 19 | depreciation amortization | us-gaap:Depreciation | $81.9M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 20 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $1.1B | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $1.1B | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $1.2B | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 23 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $147.6M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 24 | current assets | us-gaap:AssetsCurrent | $213.8M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 25 | current liabilities | us-gaap:LiabilitiesCurrent | $181.3M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 26 | assets | us-gaap:Assets | $954.4M | 2023-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 27 | assets | us-gaap:Assets | $796.6M | 2022-12-31 | 2024-02-28 | 10-K | filing · viewer · series |
| 28 | net income | us-gaap:NetIncomeLoss | $35.9M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 29 | long term debt | us-gaap:LongTermDebtNoncurrent | $234.0M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 30 | long term debt | us-gaap:LongTermDebtNoncurrent | $187.1M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 31 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $2.6M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $18.1M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $29.0M | 2026-03-31 | 2026-05-07 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $88.1M | 2025-09-30 | 2025-11-07 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $46.7M | 2025-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 51.0 is 9.0 points from the nearest band edge; sampling error is 2.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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