Covenant Logistics Group, Inc. (CVLG US) · 30+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	-70.71	13.41	-74.9	40.58	25.45	55.41	67.77	18.16	42.66	23.72	4.14	-22.74	31	39.17	15.58
Return on Assets (%)	-6.32	0.79	-3.27	1.44	1.21	3.54	7.1	2.66	8.73	5.97	1.02	-5.48	9.14	15.01	6.31
Return on Capital (%)	- -	3.63	- -	5.32	4.12	9.39	16.39	3.58	- -	9.17	0.56	- -	21.74	27.45	10.37
Return on Invested Capital (%)	- -	2.8	- -	3.72	2.74	6.13	10.82	4.43	- -	7.51	0.77	- -	11.37	12.48	5.6
Gross Margin (%)	93.4	13.98	12.15	13.09	12.11	15.71	18.07	14.5	13.18	15.98	11.85	13.06	14.08	15.28	14.88
EBITDA Margin (%)	44.19	12.64	9.73	10.58	9.47	12.34	17.92	15.52	14.27	14.94	9.9	8.39	11.21	11.33	10.53
Operating Margin (%)	36.04	4	1.61	3.44	2.98	5.51	9.36	4.84	3.99	6.33	0.8	0.58	6.06	6.6	4.19
Incremental Operating Margin (%)	7.53	-304.85	-539.61	58.87	-27.34	55.91	534.9	65.94	-12.49	15.71	-977.77	4.88	28.21	9.95	30.12
Pretax Margin (%)	-5.1	1.46	-2.52	1.84	1.86	4.53	8.82	4.06	3.3	6.34	0.85	-2.02	7.57	11.73	6.55
Profit Margin (%)	-4.25	0.51	-2.19	0.9	0.77	2.48	5.81	2.51	7.86	4.83	0.96	-5.09	5.81	8.93	5
Net Income to Common Margin (%)	-4.25	0.51	-2.19	0.9	0.77	2.48	5.81	2.51	7.86	4.83	0.96	-5.09	5.81	8.93	5
Effective Tax Rate (%)	- -	65.25	- -	51.09	58.86	45.34	34.15	38.15	- -	26.78	31.04	- -	26.48	24.41	24.38
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.97	10.58
Sustainable Growth Rate (%)	-70.71	13.41	-74.9	40.58	25.45	55.41	67.77	18.16	42.66	23.72	4.14	-22.74	31	37.61	13.94

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	220	230	248	183	238	202	255	216	214	238	349	112	74	180	293
ST Debt	73	75	104	74	56	29	48	28	28	36	82	31	28	42	60
LT Debt	147	155	144	109	183	173	207	188	186	202	267	80	46	137	233
Total Debt/EBITDA	0.85	2.8	3.91	2.57	3.68	2.28	1.96	2.08	2.13	1.81	3.98	1.59	0.63	1.3	2.53
Net Debt/EBITDA	0.75	2.51	3.57	2.25	3.2	1.87	1.82	1.79	1.73	1.32	2.41	0.69	0.15	0.29	2.09
Total Debt/EBIT	1.04	8.84	23.71	7.89	11.69	5.1	3.76	6.66	7.59	4.27	48.99	23.07	1.17	2.24	6.35
Net Debt/EBIT	0.91	7.91	21.62	6.91	10.16	4.19	3.48	5.73	6.17	3.12	29.72	9.98	0.28	0.51	5.24
EBITDA to Interest Expense	18.34	4.96	3.92	5.62	6.24	8.21	15.37	-12.65	-12.18	-17.92	-10.67	10.28	42.01	44.72	14.58
EBITDA-CapEx/Interest Expense	10.37	-3.33	-3.17	2.33	-6.83	-6.94	-6.18	1.06	1.24	-7.68	6.16	-3.47	29.37	12.13	-12.73
EBIT to Interest Expense	14.96	1.57	0.65	1.83	1.96	3.67	8.03	-3.94	-3.41	-7.59	-0.87	0.71	22.7	26.07	5.8
Interest Expense	14	17	16	13	10	11	8	-8	-8	-7	-8	7	3	3	8
Common Equity/Total Assets	5.75	6.05	2.71	4.49	4.98	7.61	12.86	16.47	24.27	25.95	23.73	24.61	34.57	41.38	39.72
Long-Term Debt/Equity (%)	154.8	154.3	165.75	115.36	182.02	102.19	102.2	79.71	63.09	58.8	76.28	27.57	13.12	36.39	57.78
Long-Term Debt/Capital (%)	60.37	60.66	55.42	54.29	69.82	71.04	61.15	59.21	50.14	46.01	47.86	28.81	15.31	26.95	34.66
Long-Term Debt/Total Assets (%)	36.79	35.94	32.81	27.29	39.17	32.06	31.95	30.37	28.67	26.08	30.29	11.84	7.04	17.23	24.42
Total Debt/Equity (%)	232.22	228.36	285.42	193.51	237.54	119.58	126	91.37	72.43	69.27	99.61	38.39	21.23	47.63	72.74
Total Debt/Capital (%)	90.57	89.78	95.42	91.06	91.12	83.13	75.39	67.88	57.56	54.21	62.5	40.12	24.79	35.27	43.63
Total Debt/Total Assets (%)	55.2	53.19	56.49	45.77	51.11	37.52	39.39	34.81	32.91	30.73	39.56	16.49	11.39	22.55	30.75
Net Debt to Equity	204.98	204.35	260.17	169.28	206.47	98.12	116.57	78.7	58.84	50.73	60.43	16.61	5.05	10.77	60.05
Net Debt/Capital (%)	84.19	83.39	88.3	82.47	82.11	74.77	70.69	59.93	48.78	41.91	41.13	17.9	6.07	9.21	36.14
EBITDA	260	82	63	71	65	89	130	104	101	132	88	70	117	138	116
EBITDA-CapEx	147	-55	-51	30	-71	-75	-52	-9	-10	56	-51	-24	82	37	-101
Operating Income (Loss)	212	26	10	23	20	40	68	32	28	56	7	5	63	80	46

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.1	0.08	0.03	0.05	0.08	0.21	0.04	0.09	0.19	0.18	0.27	0.06	0.06	0.44	0.01
Current Ratio	0.85	0.75	0.72	0.84	1.13	1.4	1.37	1.54	2	1.66	1.58	1.11	1.32	1.43	1.09
Quick Ratio	0.67	0.63	0.5	0.68	0.88	1.23	1.07	1.34	1.8	1.51	0.86	0.88	1.19	1.26	0.92
CFO/Avg Current Liab	0.27	0.59	0.24	0.4	0.34	0.7	0.75	0.96	0.98	1.2	0.44	0.43	0.53	1.07	0.52
Common Equity/Total Assets	5.75	6.05	2.71	4.49	4.98	7.61	12.86	16.47	24.27	25.95	23.73	24.61	34.57	41.38	39.72
Long-Term Debt/Equity (%)	154.8	154.3	165.75	115.36	182.02	102.19	102.2	79.71	63.09	58.8	76.28	27.57	13.12	36.39	57.78
Long-Term Debt/Capital (%)	60.37	60.66	55.42	54.29	69.82	71.04	61.15	59.21	50.14	46.01	47.86	28.81	15.31	26.95	34.66
Long-Term Debt/Total Assets (%)	36.79	35.94	32.81	27.29	39.17	32.06	31.95	30.37	28.67	26.08	30.29	11.84	7.04	17.23	24.42
Total Debt/Equity (%)	232.22	228.36	285.42	193.51	237.54	119.58	126	91.37	72.43	69.27	99.61	38.39	21.23	47.63	72.74
Total Debt/Capital (%)	90.57	89.78	95.42	91.06	91.12	83.13	75.39	67.88	57.56	54.21	62.5	40.12	24.79	35.27	43.63
Total Debt/Total Assets (%)	55.2	53.19	56.49	45.77	51.11	37.52	39.39	34.81	32.91	30.73	39.56	16.49	11.39	22.55	30.75
CFO/Total Liabilities	10.18	21.36	9.09	18.03	11.05	19.93	19.23	26.67	23.37	29	12.05	16.33	24.25	37.96	15.4
CFO/CapEx	0.27	0.52	0.28	1.32	0.3	0.45	0.47	0.91	0.75	1.66	0.46	0.67	2.08	1.58	0.39
Altman's Z-Score	3.47	1.99	1.56	2.04	1.92	2.57	2.18	2.13	2.61	2.55	1.89	2.22	3.64	3.62	2.98

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	8.56	10.34	10.4	9.57	8.69	8.12	6.94	6.41	7.02	6.9	7.62	9.72	8.95	9.28	8.42
Days Sales Outstanding	42.62	35.3	35.09	38.14	41.98	44.98	52.57	56.96	51.98	52.91	47.88	37.54	40.77	39.31	43.37
Inventory Turnover	9.84	131.74	126.12	127.93	129.83	132.9	141.18	143.64	149.07	178.26	188.59	198.94	279.02	301.47	224.62
Days Inventory Outstanding	37.1	2.77	2.89	2.85	2.81	2.75	2.59	2.54	2.45	2.05	1.94	1.83	1.31	1.21	1.62
Accounts Payable Turnover	4.94	77.53	73.27	62.38	65.57	67.51	54.16	45.32	49.21	43.56	37.53	28.44	29.18	32.32	28.06
Accounts Payable Turnover Days	73.84	4.71	4.98	5.85	5.57	5.41	6.74	8.05	7.42	8.38	9.73	12.84	12.51	11.29	13.01
Cash Conversion Cycle	5.89	33.36	33	35.14	39.22	42.31	48.41	51.44	47.01	46.58	40.09	26.54	29.57	29.23	31.99
Inventory to Cash Days	5.52	32.53	32.2	35.28	39.17	42.23	49.98	54.42	49.53	50.86	45.95	35.71	39.46	38.1	41.75
Inventories	4	4	5	5	5	4	4	4	4	4	4	3	3	4	5
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	4	4	5	5	5	4	4	4	4	4	4	3	3	4	5

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	57	136	44	79	123	492	331	357	528	347	233	263	441	482	609
- Cash & Cash Equivalents	12	9	4	7	9	21	4	8	15	23	44	8	8	69	2
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	220	230	248	183	238	202	255	216	214	238	349	112	74	180	293
Enterprise Value	265	357	288	255	352	673	581	565	726	562	538	366	506	593	900
Total Capital	243	256	260	201	262	243	338	318	371	438	558	278	300	509	673
Total Debt/Capital (%)	90.57	89.78	95.42	91.06	91.12	83.13	75.39	67.88	57.56	54.21	62.5	40.12	24.79	35.27	43.63
Total Debt / EV	0.83	0.64	0.86	0.72	0.68	0.3	0.44	0.38	0.29	0.42	0.65	0.31	0.15	0.3	0.33
EV/Sales	0.45	0.55	0.44	0.38	0.51	0.94	0.8	0.84	1.03	0.64	0.61	0.44	0.48	0.49	0.82
EV/EBITDA	1.02	4.34	4.54	3.57	5.42	7.58	4.48	5.43	7.22	4.27	6.14	5.2	4.32	4.3	7.74
EV/EBIT	1.25	13.71	27.53	10.98	17.24	16.97	8.57	17.43	25.79	10.09	75.56	75.65	7.99	7.38	19.46
EV/Cash Flow to Firm	6.21	4.66	6.25	4.16	7.86	8.45	6.38	5.81	11.49	4.71	9.22	5.32	6.73	3.67	9.9
EV/Free Cash Flow to Firm	1.7	1.67	1.79	2.47	1.95	2.76	2.13	2.69	4.17	2.89	2.74	2.25	4.58	2.26	2.92
Diluted Market Cap	57	136	44	79	124	422	334	357	529	349	234	266	447	552	644
Diluted Enterprise Value	265	356	288	255	353	603	585	566	727	564	539	369	513	663	935
EV per Share	18.68	24.53	19.59	17.27	23.59	37.17	32.07	30.98	39.61	30.6	29.05	21.35	30.21	43.71	68.83
TTM Sales	589	650	653	674	685	719	724	671	705	880	885	839	1,046	1,217	1,104
TTM EBITDA	260	82	63	71	65	89	130	104	101	132	88	70	117	138	116
TTM Operating Income	212	26	10	23	20	40	68	32	28	56	7	5	63	80	46
TTM Cash Flow to Firm	43	77	46	61	45	80	91	97	63	119	58	69	75	162	91
TTM Free Cash Flow to Firm	156	214	161	103	181	243	273	210	174	195	197	163	111	262	308

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	40.91	- -	12.93	23.26	23.27	7.87	21.14	9.49	8.16	27.34	- -	7.27	4.91	11
Price/Earnings Average	-2.06	30.54	-6.8	9.97	17.48	12.23	11.2	21.66	7.21	12.14	37.71	-5.79	6.2	3.79	9.71
Price/Earnings High	-3.19	42.22	-10.05	14.46	23.2	23.55	15.17	26.41	9.77	14.41	52.91	-8.12	9.21	5.42	13.18
Price/Earnings Low	-0.9	13.85	-2.81	7.24	13.84	6.72	7.4	15.79	5.28	8.04	27.4	-2.69	3.97	2.49	7.09
Price/Book Value	2.51	5.2	3.68	4.37	5.28	11.98	3.98	3.49	3.35	1.73	1.11	1.58	1.96	1.46	1.61
Price/Book Value Average	2.26	3.88	8.16	3.37	3.97	6.3	5.66	3.58	2.54	2.57	1.53	1.47	1.67	1.13	1.42
Price/Book Value High	3.51	5.37	12.06	4.88	5.26	12.12	7.67	4.36	3.45	3.05	2.15	2.06	2.48	1.61	1.92
Price/Book Value Low	0.99	1.76	3.37	2.45	3.14	3.46	3.74	2.61	1.86	1.71	1.11	0.68	1.07	0.74	1.03
Price/Tangible Book Value	0.69	1.53	0.51	0.83	1.23	2.91	1.64	1.51	1.79	1.29	0.84	1.17	1.54	1.78	2.67
Price/Tangible Book Value Average	0.62	1.14	1.13	0.64	0.92	1.53	2.33	1.55	1.36	1.92	1.15	1.09	1.31	1.37	2.36
Price/Tangible Book Value High	0.97	1.58	1.67	0.93	1.22	2.95	3.16	1.89	1.84	2.28	1.62	1.53	1.95	1.97	3.2
Price/Tangible Book Value Low	0.27	0.52	0.47	0.47	0.73	0.84	1.54	1.13	0.99	1.27	0.84	0.51	0.84	0.9	1.72
Price/Sales	0.1	0.21	0.07	0.12	0.18	0.58	0.46	0.53	0.75	0.39	0.26	0.32	0.42	0.44	0.55
Price/Sales Average	0.09	0.15	0.15	0.09	0.13	0.3	0.65	0.54	0.57	0.59	0.36	0.3	0.36	0.34	0.49
Price/Sales High	0.14	0.21	0.22	0.13	0.18	0.58	0.88	0.66	0.77	0.7	0.51	0.41	0.53	0.48	0.66
Price/Sales Low	0.04	0.07	0.06	0.07	0.11	0.17	0.43	0.4	0.41	0.39	0.26	0.14	0.23	0.22	0.35
Price/Cash Flow	1.85	1.9	1.37	1.42	3.02	5.62	3.88	3.47	6.35	2.78	3.62	4.22	6.03	3.35	7.16
Price/Cash Flow Average	1.67	1.42	3.03	1.1	2.27	2.95	5.51	3.56	4.83	4.13	4.99	3.92	5.14	2.59	6.32
Price/Cash Flow High	2.59	1.96	4.47	1.59	3.01	5.69	7.47	4.34	6.54	4.91	7	5.5	7.64	3.7	8.58
Price/Cash Flow Low	0.73	0.64	1.25	0.8	1.79	1.62	3.64	2.6	3.53	2.74	3.63	1.82	3.3	1.7	4.62
Price/Free Cash Flow	0.4	0.65	0.3	0.81	0.7	1.78	1.25	1.66	2.73	1.75	1.16	1.69	4.12	2.12	2.13
Price/Free Cash Flow Average	0.36	0.49	0.66	0.63	0.53	0.93	1.78	1.7	2.08	2.6	1.6	1.57	3.51	1.64	1.88
Price/Free Cash Flow High	0.56	0.67	0.98	0.91	0.7	1.8	2.41	2.08	2.81	3.08	2.24	2.21	5.22	2.35	2.55
Price/Free Cash Flow Low	0.16	0.22	0.27	0.46	0.42	0.51	1.17	1.24	1.52	1.72	1.16	0.73	2.25	1.08	1.37
EV/Sales	0.45	0.55	0.44	0.38	0.51	0.94	0.8	0.84	1.03	0.64	0.61	0.44	0.48	0.49	0.82
EV/Sales Average	0.44	0.5	0.52	0.35	0.47	0.61	1	0.86	0.85	0.83	0.71	0.41	0.42	0.4	0.75
EV/Sales High	0.49	0.56	0.59	0.39	0.51	0.94	1.23	0.98	1.05	0.94	0.85	0.53	0.6	0.53	0.92
EV/Sales Low	0.39	0.41	0.44	0.33	0.44	0.45	0.77	0.71	0.7	0.63	0.61	0.26	0.29	0.29	0.62
EV/EBITDA	1.02	4.34	4.54	3.57	5.42	7.58	4.48	5.43	7.22	4.27	6.14	5.2	4.32	4.3	7.74
EV/EBITDA Average	1	3.92	5.38	3.32	4.95	4.96	5.55	5.52	5.96	5.56	7.14	4.94	3.76	3.5	7.13
EV/EBITDA High	1.11	4.4	6.12	3.7	5.42	7.65	6.84	6.29	7.37	6.29	8.62	6.34	5.32	4.66	8.78
EV/EBITDA Low	0.89	3.25	4.49	3.09	4.66	3.64	4.32	4.56	4.89	4.23	6.14	3.08	2.61	2.58	5.88
EV/EBIT	1.25	13.71	27.53	10.98	17.24	16.97	8.57	17.43	25.79	10.09	75.56	75.65	7.99	7.38	19.46
EV/EBIT Average	1.22	12.39	32.62	10.21	15.75	11.09	10.64	17.7	21.29	13.13	87.97	71.84	6.97	6.01	17.91
EV/EBIT High	1.36	13.88	37.06	11.38	17.23	17.12	13.1	20.17	26.35	14.86	106.14	92.16	9.85	8	22.06
EV/EBIT Low	1.09	10.25	27.18	9.49	14.81	8.15	8.28	14.64	17.46	10	75.64	44.75	4.84	4.42	14.78
Last Price	4.05	9.36	2.98	5.32	8.22	27.17	18.26	19.57	28.78	18.92	12.57	15.33	26.28	35.53	46.56
High Price	5.66	9.66	9.76	5.95	8.2	27.5	35.19	24.45	29.64	33.39	24.33	19.99	33.3	39.25	55.77
Low Price	1.6	3.17	2.73	2.98	4.89	7.85	17.16	14.62	16	18.64	12.6	6.61	14.36	18.04	30.01
Enterprise Value	265	357	288	255	352	673	581	565	726	562	538	366	506	593	900
Enterprise Value Average	259	322	342	237	321	439	721	574	599	731	626	347	441	483	828
Enterprise Value High	288	361	388	264	351	679	888	654	742	828	756	446	624	643	1,020
Enterprise Value Low	230	267	285	220	302	323	561	475	492	557	538	216	307	356	683

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	14	15	15	15	15	18	18	18	18	18	19	17	17	14	13
Diluted Weighted Avg Shares	14	15	15	15	15	16	18	18	18	18	19	17	17	16	14
Basic Weighted Avg Shares	14	14	15	15	15	15	18	18	18	18	18	17	17	15	13
Revenue per Share	41.68	45.2	44.43	45.74	46.14	47.15	39.91	36.89	38.57	48.01	48.03	48.31	62.25	81.09	84.58
EBITDA per Share	18.42	5.71	4.32	4.84	4.37	5.82	7.15	5.73	5.5	7.17	4.75	4.05	6.98	9.19	8.9
Operating Income per Share	15.02	1.81	0.71	1.57	1.37	2.6	3.74	1.78	1.54	3.04	0.39	0.28	3.77	5.36	3.54
Basic EPS, GAAP	-1.77	0.23	-0.97	0.41	0.35	1.17	2.32	0.93	3.03	2.32	0.46	-2.46	3.61	7.24	4.23
Basic EPS from Cont Ops	-1.77	0.23	-0.97	0.41	0.35	1.17	2.32	0.93	3.03	2.23	0.28	-0.81	3.46	7.19	4.19
Diluted EPS, GAAP	-1.77	0.23	-0.97	0.41	0.35	1.15	2.3	0.92	3.02	2.3	0.45	-2.46	3.57	7	3.99
Diluted EPS from Cont Ops	-1.77	0.23	-0.97	0.41	0.35	1.15	2.3	0.92	3.02	2.21	0.28	-0.81	3.42	6.95	3.95
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.29	0.44
Cash Flow per Share	2.19	4.93	2.18	3.74	2.73	4.84	4.71	5.63	4.53	6.8	3.47	3.63	4.36	10.61	6.5
Free Cash Flow per Basic Share	-5.82	-4.63	-5.63	0.9	-6.43	-5.9	-5.32	-0.57	-1.53	2.71	-4.03	-1.79	2.26	3.92	-10.18
Cash & Equivalents per Share	0.86	0.64	0.26	0.46	0.62	1.18	0.25	0.42	0.84	1.26	2.35	0.49	0.5	5.06	0.18
Book Value per Share	1.61	1.8	0.81	1.22	1.56	2.27	4.59	5.6	8.6	10.93	11.3	9.72	13.44	24.31	29
Tangible Book Value per Share	5.86	6.13	5.85	6.38	6.71	9.34	11.15	12.95	16.1	14.65	15.01	13.05	17.1	19.97	17.45

Covenant Logistics Group, Inc.

CVLG US

47.96