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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -3.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Covenant Logistics Group's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Covenant Logistics Group was -1.39. The lowest was -3.38. And the median was -2.70.
The historical data trend for Covenant Logistics Group's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Covenant Logistics Group Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.67 | -2.30 | -3.38 | -2.54 | - |
Covenant Logistics Group Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.54 | -2.67 | -2.94 | -3.18 | - |
For the Trucking subindustry, Covenant Logistics Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Transportation industry and Industrials sector, Covenant Logistics Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Covenant Logistics Group's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Covenant Logistics Group for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 0.966 | + | 0.528 * 0.8877 | + | 0.404 * 0.9759 | + | 0.892 * 1.0253 | + | 0.115 * 0.8453 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.2249 | + | 4.679 * -0.1003 | - | 0.327 * 0.9555 | |||||||
= | -3.07 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $152 Mil. Revenue was 277.331 + 287.885 + 287.497 + 278.763 = $1,131 Mil. Gross Profit was 46.855 + 45.179 + 51.594 + 46.021 = $190 Mil. Total Current Assets was $214 Mil. Total Assets was $998 Mil. Property, Plant and Equipment(Net PPE) was $525 Mil. Depreciation, Depletion and Amortization(DDA) was $87 Mil. Selling, General, & Admin. Expense(SGA) was $131 Mil. Total Current Liabilities was $181 Mil. Long-Term Debt & Capital Lease Obligation was $222 Mil. Net Income was 6.719 + 13.033 + 12.194 + 3.974 = $36 Mil. Non Operating Income was 3.068 + 3.784 + 3.257 + 2.974 = $13 Mil. Cash Flow from Operations was 21.932 + 56.86 + 22.4 + 21.701 = $123 Mil. |
Total Receivables was $154 Mil. Revenue was 273.985 + 288.721 + 274.016 + 266.851 = $1,104 Mil. Gross Profit was 43.133 + 44.022 + 38.146 + 38.901 = $164 Mil. Total Current Assets was $186 Mil. Total Assets was $954 Mil. Property, Plant and Equipment(Net PPE) was $515 Mil. Depreciation, Depletion and Amortization(DDA) was $70 Mil. Selling, General, & Admin. Expense(SGA) was $105 Mil. Total Current Liabilities was $170 Mil. Long-Term Debt & Capital Lease Obligation was $233 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (152.133 / 1131.476) | / | (153.61 / 1103.573) | |
= | 0.134455 | / | 0.139193 | |
= | 0.966 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (164.202 / 1103.573) | / | (189.649 / 1131.476) | |
= | 0.148791 | / | 0.167612 | |
= | 0.8877 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (213.85 + 524.809) / 997.568) | / | (1 - (185.945 + 514.655) / 954.438) | |
= | 0.25954 | / | 0.265955 | |
= | 0.9759 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 1131.476 | / | 1103.573 | |
= | 1.0253 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
= | (69.943 / (69.943 + 514.655)) | / | (86.529 / (86.529 + 524.809)) | |
= | 0.119643 | / | 0.14154 | |
= | 0.8453 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
= | (131.305 / 1131.476) | / | (104.555 / 1103.573) | |
= | 0.116048 | / | 0.094742 | |
= | 1.2249 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((221.579 + 181.277) / 997.568) | / | ((233.082 + 170.291) / 954.438) | |
= | 0.403838 | / | 0.422629 | |
= | 0.9555 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (35.92 - 13.083 | - | 122.893) | / | 997.568 | |
= | -0.1003 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Covenant Logistics Group has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Covenant Logistics Group's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Joey B Hogan | officer: Exec Vice President and CFO | 400 BIRMINGHAM HIGHWAY, CHATTANOOGA TN 37419 |
Bradley A Moline | director | 610 BROADWAY, IMPERIAL NE 69033 |
Herbert J Schmidt | director | 1950 LAKE RIDGE DRIVE, THE VILLAGES FL 32162 |
D Michael Kramer | director | P O BOX 868, EVANSVILLE IN 47705-0868 |
David Ray Parker | director, 10 percent owner, officer: CEO and President | 400 BIRMINGHAM HIGHWAY, CHATTANOOGA TN 37419 |
George S. Yates | officer: SVP - Brokerage | 400 BIRMINGHAM HIGHWAY, CHATTANOOGA TN 37419 |
Samuel F Hough | officer: EVP - Expedited | 400 BIRMINGHAM HIGHWAY, CHATTANOOGA TN 37419 |
Lynn Doster | officer: EVP - Dedicated & Warehousing | 400 BIRMINGHAM HIGHWAY, CHATTANOOGA TN 37419 |
Wesley Miller Welborn | director | 6401 LEE HIGHWAY, STE B, CHATTANOOGA TN 37421 |
Benjamin Sr Carson | director | PO BOX 3599, BATTLE CREEK MI 49016-3599 |
Paul Bunn | officer: President, COO, and Secretary | COVENANT TRANSPORTATION GROUP, INC., 400 BIRMINGHAM HIGHWAY, CHATTANOOGA TN 37419 |
Rachel Parker-hatchett | director | 400 BIRMINGHAM HIGHWAY, CHATTANOOGA TN 37419 |
Grant James S Iii | officer: EVP and CFO | 400 BIRMINGHAM HIGHWAY, CHATTANOOGA TN 37419 |
Joey Ballard | officer: EVP, People and Safety | 400 BIRMINGHAM HIGHWAY, CHATTANOOGA TN 37419 |
Tracy L. Rosser | director | 400 BIRMINGHAM HIGHWAY, CHATTANOOGA TN 37419 |
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