Commercial Vehicle Group (CVGI)
NASDAQ:CVGI
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Commercial Vehicle Group
(NASDAQ:CVGI)
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Rating:59Neutral
Price Target:
$5.50
▲(36.48% Upside)
Action:Reiterated
Date:05/19/26
The score is driven by strong technical momentum and improving operational trajectory (reaffirmed 2026 growth/EBITDA guidance plus ongoing deleveraging and positive free cash flow). These positives are tempered by still-weak underlying profitability (TTM net loss and very thin operating margin), inconsistent free-cash-flow conversion versus the prior period, and a relatively high P/E with no stated dividend yield.
Positive Factors
OEM supplier model & recurring program revenue
CVG's core business is durable program-based supply to OEMs (seating, electrical, trim) with aftermarket support. Contractual per-unit invoicing tied to production volumes creates recurring revenue streams and long-term customer ties, supporting predictable manufacturing cash flows across model cycles.
Negative Factors
Weak profitability and thin margins
Despite revenue recovery, multi-year profitability has deteriorated to a TTM net loss and very thin operating margins. Persistent low margins limit internal reinvestment, depress return metrics, and increase dependence on cost actions or volume growth to sustainably restore earnings over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
OEM supplier model & recurring program revenue
CVG's core business is durable program-based supply to OEMs (seating, electrical, trim) with aftermarket support. Contractual per-unit invoicing tied to production volumes creates recurring revenue streams and long-term customer ties, supporting predictable manufacturing cash flows across model cycles.
Read all positive factors
Commercial Vehicle Group (CVGI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$172.95M
Dividend YieldN/A
Average Volume (3M)108.15K
Price to Earnings (P/E)32.3
Beta (1Y)1.07
Revenue Growth-11.44%
EPS Growth50.49%
CountryUS
Employees6,400
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)-0.52
Shares Outstanding36,257,950
10 Day Avg. Volume116,403
30 Day Avg. Volume108,147
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)0.37
Price to Sales (P/S)0.08
P/FCF Ratio1.43
Enterprise Value/Market Cap1.42
Enterprise Value/Revenue0.38
Enterprise Value/Gross Profit3.44
Enterprise Value/Ebitda12.81
Forecast
1Y Price Target
$7.25Price Target Upside79.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.19
Revenue Forecast (FY)$667.27M
Commercial Vehicle Group Business Overview & Revenue Model
Company Description
Commercial Vehicle Group, Inc., together with its subsidiaries, designs, manufactures, produces, and sells components and assemblies in North America, Europe, and the Asia-Pacific regions. It operates in four segments: Vehicle Solutions, Warehouse...
How the Company Makes Money
CVGI makes money primarily by selling manufactured components and integrated systems to OEM customers that build commercial vehicles and industrial equipment. Its main revenue streams come from (1) seating and interior-related products (e.g., seat...
Commercial Vehicle Group Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed improving operational momentum: solid segment-level growth (notably Global Electrical Systems +13.9%), meaningful gross-margin expansion (+140 bps YoY; +250 bps sequential), positive free cash flow and a tangible deleveraging step (net leverage improved to 3.8x). Management reaffirmed 2026 guidance and highlighted the strategic ramp of Zoox and other new business as growth drivers. Counterbalancing these positives are weakened adjusted EBITDA and adjusted net loss, a sharp decline in the Trim segment (-13.9%) tied to a 27% YoY Class 8 industry decline, higher interest expense following refinancing, and persistent macro volatility. Overall, highlights around margin improvement, cash generation and electrical segment growth outweigh the near-term profitability and demand headwinds, positioning the sentiment as constructive but cautious.Positive Updates
Modest Consolidated Revenue Growth
Consolidated Q1 2026 revenue of $171.5M versus $169.8M prior year, an increase of approximately 1.0% driven by higher sales in Global Electrical Systems and Global Seating.
Negative Updates
Adjusted EBITDA and Adjusted Net Loss Performance
Adjusted EBITDA declined to $4.8M in Q1 2026 from $5.8M prior year (down ~$1.0M, ≈-17%). Adjusted net loss widened to $3.4M (loss of $0.10 per diluted share) versus adjusted net loss of $2.6M prior year (loss of $0.08). Adjusted EBITDA margin was 2.8%, down 60 basis points from 3.4% in Q1 2025.
Read all updates
Q1-2026 Updates
Positive
Negative
Modest Consolidated Revenue Growth
Consolidated Q1 2026 revenue of $171.5M versus $169.8M prior year, an increase of approximately 1.0% driven by higher sales in Global Electrical Systems and Global Seating.
Read all positive updates
Company Guidance
Management reaffirmed 2026 guidance calling for net sales of $660–$700 million (about +5% vs. 2025 at the midpoint) and adjusted EBITDA of $24–$30 million (≈+50% vs. 2025 at the midpoint), and expects positive free cash flow for the year with priority on debt paydown to reach a 2.0x net leverage target (current net leverage 3.8x, down from 4.1x). They expect Global Electrical Systems sales to rise more than 10% in 2026 as Zoox and other ramps drive utilization, and cited industry data projecting Class 8 production up ~9% in 2026 (Q1 production 54,000). Supporting metrics from Q1 include revenue of $171.5M, adjusted gross margin of 12.2% (+140 bps YoY, +250 bps sequential), adjusted EBITDA $4.8M (margin 2.8%), and free cash flow of $11.7M; management also noted a $16M gross ($14.6M net) sale‑leaseback that prepaid $12.8M of debt and established a 20‑year lease with ~$1.4M initial annual rent.Commercial Vehicle Group Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
55
Neutral
Cash Flow
49
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 650.70M | 649.00M | 723.36M | 835.47M | 782.58M | 971.58M |
| Gross Profit | 71.55M | 68.39M | 82.32M | 121.89M | 85.03M | 118.99M |
| EBITDA | 19.23M | 12.03M | 26.40M | 58.30M | 42.58M | 68.53M |
| Net Income | -17.57M | -22.78M | -27.87M | 49.41M | -21.97M | 23.73M |
Balance Sheet | ||||||
| Total Assets | 412.55M | 391.71M | 424.57M | 483.21M | 470.27M | 507.69M |
| Cash, Cash Equivalents and Short-Term Investments | 28.68M | 33.28M | 26.63M | 37.85M | 31.82M | 34.96M |
| Total Debt | 102.07M | 144.54M | 166.33M | 173.43M | 179.28M | 222.99M |
| Total Liabilities | 281.56M | 258.36M | 288.98M | 310.28M | 350.23M | 381.04M |
| Stockholders Equity | 130.99M | 133.36M | 135.59M | 172.93M | 120.04M | 126.65M |
Cash Flow | ||||||
| Free Cash Flow | 18.40M | 33.99M | -51.97M | 18.58M | 49.24M | -47.48M |
| Operating Cash Flow | 27.91M | 44.64M | -33.45M | 38.28M | 68.95M | -29.83M |
| Investing Cash Flow | 6.44M | -10.61M | 30.90M | -19.70M | -19.71M | -17.57M |
| Financing Cash Flow | -26.84M | -29.23M | -7.12M | -12.73M | -50.09M | 31.01M |
Commercial Vehicle Group Technical Analysis
Positive
4.03
Price Trends
4.09
Positive
2.86
Positive
2.27
Positive
Market Momentum
0.32
Positive
53.99
Neutral
19.61
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVGI, the sentiment is Positive. The current price of 4.03 is below the 20-day moving average (MA) of 4.73, below the 50-day MA of 4.09, and above the 200-day MA of 2.27, indicating a bullish trend. The MACD of 0.32 indicates Positive momentum. The RSI at 53.99 is Neutral, neither overbought nor oversold. The STOCH value of 19.61 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CVGI.
Commercial Vehicle Group Risk Analysis
Commercial Vehicle Group disclosed 38 risk factors in its most recent earnings report. Commercial Vehicle Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Commercial Vehicle Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $143.61M | 1.74 | 11.39% | ― | 17.64% | 42.96% | |
70 Outperform | $295.19M | 23.71 | 10.75% | ― | 4.22% | 23.13% | |
69 Neutral | $528.53M | 233.64 | 3.70% | 2.11% | -34.22% | -71.55% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $172.95M | 32.31 | -12.93% | ― | -11.44% | 50.49% | |
51 Neutral | $194.54M | -1.90 | -53.45% | ― | -9.34% | -539.67% |
* Consumer Cyclical Sector Average
CVGI
Commercial Vehicle Group
4.77
3.46
264.12%
CAAS
China Automotive Systems
4.76
0.64
15.53%
MLR
Miller Industries
46.38
2.47
5.62%
SRI
Stoneridge
6.89
1.97
40.04%
STRT
Strattec Security
70.64
17.37
32.61%
Commercial Vehicle Group Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Commercial Vehicle Group Shareholders Back Governance and Incentive Plan
Positive
May 18, 2026
At its virtual Annual Meeting of Stockholders held on May 14, 2026, Commercial Vehicle Group, Inc. shareholders elected seven directors to serve until the 2027 annual meeting and ratified the appointment of KPMG LLP as the company’s independ...
Business Operations and StrategyFinancial Disclosures
Commercial Vehicle Group Posts Q1 2026 Profit, Deleverages
Positive
May 5, 2026
CVG reported first-quarter 2026 results on May 5, 2026, posting revenues of $171.5 million, up 1% year-on-year, driven by 14% growth in Global Electrical Systems and a modest rebound in Global Seating. Despite a small adjusted operating income of ...
Executive/Board ChangesRegulatory Filings and Compliance
Commercial Vehicle Group Adjusts CEO Equity Awards for Compliance
Neutral
Apr 28, 2026
Commercial Vehicle Group, Inc. disclosed that on June 10, 2025 its compensation committee granted 805,031 restricted shares to President and CEO James Ray under its 2020 Equity Incentive Plan, but later determined the award exceeded the plan’...
Business Operations and StrategyPrivate Placements and Financing
Commercial Vehicle Group Completes Facility Sale-Leaseback, Reduces Debt
Positive
Apr 2, 2026
On March 27, 2026, Commercial Vehicle Group’s subsidiary completed a $16 million sale and leaseback of its Vonore, Tennessee manufacturing facility with Big Acquisitions LLC, an affiliate of 200 National LLC, and simultaneously entered into ...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Commercial Vehicle Group Names Interim CFO, Reaffirms 2026 Outlook
Neutral
Apr 1, 2026
On March 26, 2026, Commercial Vehicle Group announced that Chief Financial Officer Andy Cheung had resigned, effective April 15, 2026, to take a CFO role at another mid‑cap public company, with his unvested equity and benefits expected to be...
Business Operations and StrategyFinancial Disclosures
Commercial Vehicle Group Narrows Losses, Boosts Cash Flow
Positive
Mar 11, 2026
CVG reported fourth-quarter 2025 revenue of $154.8 million, down 5.2% year over year, with an operating loss of $1.8 million but improved gross margins and sharply narrower losses compared with the prior-year period, supported by lower SGA and bet...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.