olivLaw · US equity research
Commercial Vehicle Group, Inc. CVGI
Motor Vehicle Parts & Accessories · SIC 3714 · Vertical: Motor Vehicle Parts & Accessories (SIC 3714)
Commercial Vehicle Group (CVGI) designs and makes systems, assemblies and components for commercial and electric vehicles, with seating, electrical systems and interior trim as its main lines. The company reported revenue growth of 13.5% in the second quarter of 2026, in a context where North American Class 8 truck demand could recover after a weak 2025 with revenues of 649.0 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Commercial Vehicle Group, Inc. (CVGI) stock was 3.42 USD (+2.40% on the day), with market capitalisation 138.9 m USD, beta 1.64, 52-week range 1.34–5.78 USD. Latest reported quarter (Q3 2026): revenue of 208.1 m USD (+36.5% YoY), net income of 5.6 m USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.6
- strong (55–70)
- Bollinger (20, 2)
- 2.57 – 3.38
- above the upper band · %B 1.04 · band width 27.4%
- SMA 50 / 200
- 3.01 / 3.54
- mixed trend
- MACD (12, 26, 9)
- 0.08 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.0% | −1.1% | +15.1 pp | — |
| 3 months | −10.0% | −0.5% | −9.5 pp | — |
| 6 months | −34.2% | +4.4% | −38.6 pp | — |
| Year to date | +137.5% | +12.3% | +125.2 pp | — |
| 1 year | +125.0% | +13.5% | +111.5 pp | −12.2% |
| 3 years | −44.5% | +76.4% | −120.9 pp | +9.8% |
| 5 years | −62.1% | +63.7% | −125.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 163.3 m | 169.8 m | 172.0 m | 152.5 m | 154.8 m | 171.5 m | 195.2 m | 208.1 m |
| Cost of revenue | 150.2 m | 152.0 m | 152.4 m | 136.4 m | 139.7 m | 151.7 m | 170.5 m | 180.0 m |
| Gross profit | 13.1 m | 17.8 m | 19.5 m | 16.0 m | 15.0 m | 19.8 m | 24.7 m | 28.1 m |
| SG&A | 18.3 m | 16.4 m | 18.7 m | 17.1 m | 16.8 m | 19.1 m | 23.2 m | 23.5 m |
| Operating income | -5.3 m | 1.4 m | 797.0 k | -1.1 m | -1.8 m | 14.7 m | 1.6 m | 7.7 m |
| Depreciation & amortisation | 3.7 m | 3.6 m | 3.7 m ≈ | 3.7 m ≈ | 3.8 m | 3.7 m | 3.8 m ≈ | 3.6 m ≈ |
| Interest expense | 2.2 m | 2.5 m | 2.3 m | 4.1 m | 4.2 m | 4.1 m | 2.9 m | 3.4 m |
| Pre-tax income | -6.4 m | -1.0 m | -2.4 m | -6.1 m | -6.2 m | 2.8 m | -6.8 m | 7.3 m |
| Income tax | 28.6 m | 2.1 m | 1.7 m | 687.0 k | 213.0 k | 1.9 m | 2.0 m | 1.7 m |
| Net income | -38.7 m | -4.3 m | -4.8 m | -7.1 m | -6.6 m | 902.0 k | -10.2 m | 5.6 m |
| Diluted EPS | -1.16 ≈ | — | — | — | — | — | — | — |
| Operating cash flow | -26.6 m | 15.2 m | 18.9 m ≈ | -1.7 m ≈ | 12.3 m | -1.6 m | 1.7 m ≈ | 1.6 m ≈ |
| Capex | 4.0 m | 3.8 m | 1.5 m ≈ | 1.8 m ≈ | 3.6 m | 2.7 m | 3.1 m ≈ | 5.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 897.7 m | 901.2 m | 717.7 m | 971.6 m | 782.6 m | 835.5 m | 723.4 m | 649.0 m |
| Revenue YoY | +18.9% | +0.4% | −20.4% | +35.4% | −19.5% | +6.8% | −13.4% | −10.3% |
| Net income | 41.5 m | 15.8 m | -37.0 m | 23.7 m | -22.0 m | 49.4 m | -27.9 m | -22.8 m |
| Net income YoY | unavailable | −62.0% | −334.8% | unavailable | −192.6% | unavailable | −156.4% | unavailable |
| Diluted EPS | 1.36 | 0.51 | -1.20 | 0.72 | -0.68 | 1.47 | unavailable | unavailable |
| Diluted EPS YoY | unavailable | −62.5% | −335.3% | unavailable | −194.4% | unavailable | unavailable | unavailable |
| net % | 4.6% | 1.8% | -5.2% | 2.4% | -2.8% | 5.9% | -3.9% | -3.5% |
| Free cash flow | 26.8 m | 12.7 m | 27.2 m | -47.5 m | 49.2 m | 18.6 m | -52.0 m | 34.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- 106.4 m USD
- Net debt
- unavailable USD
- Equity
- 133.4 m USD
- Total assets
- 391.7 m USD
- Debt / equity
- 0.80x
- Current ratio
- 2.43x
- ROE
- -16.9%
- ROA
- -5.6%
- FCF margin
- 5.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 717.7 m | 971.6 m | 782.6 m | 835.5 m | 723.4 m | 649.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Cost of revenue | 643.6 m | 852.6 m | 697.6 m | 714.4 m | 650.2 m | 580.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Gross profit | 74.1 m | 119.0 m | 85.0 m | 121.1 m | 73.1 m | 68.4 m | SEC (XBRL)· 10 Mar 2026verified |
| SG&A | 68.2 m | 69.4 m | 60.2 m | 81.2 m | 73.9 m | 69.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Operating income | -23.2 m | 49.6 m | 24.8 m | 39.9 m | -758.0 k | -656.0 k | SEC (XBRL)· 10 Mar 2026verified |
| Depreciation & amortisation | 18.5 m | 18.5 m | 18.2 m | 17.6 m | 17.4 m | 14.7 m | SEC (XBRL)· 10 Mar 2026verified |
| EBITDA | -4.7 m ≈ | 68.1 m ≈ | 43.0 m ≈ | 57.5 m ≈ | 16.6 m ≈ | 14.1 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Interest expense | 20.6 m | 11.2 m | 9.8 m | 10.7 m | 9.2 m | 13.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Pre-tax income | -44.5 m | 32.1 m | 4.3 m | 28.4 m | -8.2 m | -15.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Income tax | -7.5 m | 8.4 m | 20.9 m | -15.2 m | 27.5 m | 4.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Net income | -37.0 m | 23.7 m | -22.0 m | 49.4 m | -27.9 m | -22.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Diluted EPS | -1.20 | 0.72 | -0.68 | 1.47 | — | — | SEC (XBRL)· 14 Mar 2024verified |
| Weighted average diluted shares | 30.9 m | 32.8 m | 32.3 m | 33.6 m | 33.4 m | 33.8 m | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 50.5 m | 35.0 m | 31.8 m | 37.8 m | — | — | SEC (XBRL)· 14 Mar 2024verified |
| Receivables | 151.1 m | 174.5 m | 152.6 m | 129.3 m | 118.7 m | 86.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Inventories | 91.2 m | 141.0 m | 142.5 m | 117.3 m | 128.2 m | 118.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Current assets | 310.5 m | 370.7 m | 339.6 m | 327.7 m | 303.3 m | 263.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Property, plant & equipment, net | 62.8 m | 63.1 m | 67.8 m | 68.9 m | 68.9 m | 66.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Goodwill | 0 | — | — | — | — | — | SEC (XBRL)· 09 Mar 2021verified |
| Intangibles (excl. goodwill) | 21.8 m | 18.3 m | 14.6 m | 6.6 m | 3.9 m | 3.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Total assets | 454.4 m | 507.7 m | 470.3 m | 483.2 m | 424.6 m | 391.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Accounts payable | 112.4 m | 101.9 m | 122.1 m | 75.2 m | 77.0 m | 74.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Short-term debt | 2.4 m | 9.4 m | 10.9 m | 15.3 m | 8.4 m | 2.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Long-term debt | 144.1 m | 185.6 m | 141.5 m | 126.2 m | 127.1 m | 104.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Current liabilities | 164.9 m | 162.1 m | 175.8 m | 145.2 m | 125.8 m | 108.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Total liabilities | 359.0 m | 381.0 m | 350.2 m | 310.3 m | 289.0 m | 258.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Equity | 95.4 m † | 126.7 m † | 120.0 m † | 172.9 m † | 135.6 m † | 133.4 m † | SEC (XBRL)· 10 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 34.4 m | -29.8 m | 68.9 m | 38.3 m | -33.5 m | 44.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Capex | 7.1 m | 17.7 m | 19.7 m | 19.7 m | 18.5 m | 10.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Free cash flow | 27.2 m ≈ | -47.5 m ≈ | 49.2 m ≈ | 18.6 m ≈ | -52.0 m ≈ | 34.0 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Investing cash flow | -6.4 m | -17.6 m | -19.7 m | -19.7 m | 30.9 m | -10.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Financing cash flow | -19.3 m | 31.0 m | -50.1 m | -12.7 m | -7.1 m | -29.2 m | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 138.9 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.4% | 32 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -6.0% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.5x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.9x | 93 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.3% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial32/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COMMERCIAL VEHICLE GROUP, INC. (CVGI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 649.0 m USD in 2025; YoY growth -10.3%; net margin -1.4%; ROE -7.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
What contradicts it
- Revenue CAGR 3Y: -6.0%
- Interest coverage: 1.5x
- FCF yield: -0.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Motor Vehicle Parts & Accessories (SIC 3714) · same industry (4-digit SIC) · compared with 34 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MGAMagna International Inc. | 18.4 bn | 22.4 | 6.9% | 2.0% | −1.9% | +34% / +22% |
| BWABorgwarner Inc. | 10.1 bn | 21.5 | 8.2% | 3.4% | +1.6% | +17% / +50% |
| ALSNAllison Transmission Holdings, Inc. | 9.9 bn | 17.4 | 29.7% | 11.1% | −6.7% | +36% / +125% |
| ALVAutoliv, Inc. | 9.0 bn | 15.1 | 24.8% | 5.6% | +4.1% | +7% / +21% |
| APTVAptiv PLC | 8.8 bn | 11.9 | 8.5% | 4.6% | +3.5% | −44% / −48% |
| LEALear Corp | 5.7 bn | 10.4 | 11.6% | 2.5% | −0.2% | +11% / −11% |
| MODModine Manufacturing Co | 5.2 bn | 41.3 | 11.4% | 3.6% | +23.1% | −39% / +100% |
| GNTXGentex Corporation | 4.4 bn | 11.0 | 16.4% | 15.5% | +9.6% | −9% / −32% |
| DORMDorman Products, Inc. | 4.2 bn | 21.2 | 13.3% | 9.3% | +6.0% | +8% / +98% |
| ATMUAtmus Filtration Technologies Inc. | 3.9 bn | 18.3 | 55.8% | 11.3% | +5.7% | −5% / +119% |
| GTXGarrett Motion Inc. | 3.6 bn | 10.1 | — | 10.0% | +3.1% | +20% / +167% |
| PATKPatrick Industries Inc | 2.7 bn | 20.1 | 13.0% | 3.7% | +6.3% | −22% / +55% |
| PHINPhinia Inc. | 2.6 bn | 14.5 | 12.2% | 5.2% | +2.4% | +33% / +181% |
| DANDana Incorporated | 2.6 bn | 2.4 | 71.4% | 14.6% | −3.0% | +6% / +80% |
| LCIILci Industries | 2.5 bn | 12.1 | 15.0% | 5.2% | +10.2% | −8% / −4% |
| VCVisteon Corp | 2.0 bn | 13.8 | 10.8% | 4.1% | −2.5% | −22% / −32% |
| THRMGentherm Incorporated | 1.6 bn | 105.3 | 1.3% | 0.6% | +2.9% | −13% / −32% |
| ADNTAdient plc | 1.3 bn | 28.5 | 2.7% | 0.3% | −1.0% | −12% / −47% |
| DCHDauch Corporation | 1.1 bn | — | -15.2% | -2.0% | −4.7% | −27% / −31% |
| SMPStandard Motor Products, Inc. | 1.0 bn | 15.1 | 9.9% | 3.8% | +22.4% | +22% / +28% |
| AEVAAeva Technologies, Inc. | 661.5 m | — | — | -150.1% | +99.4% | −15% / +240% |
| CPSCooper-Standard Holdings Inc. | 391.6 m | — | — | -2.0% | +0.4% | −29% / +24% |
| HLLYHolley Inc. | 351.6 m | 35.3 | 2.3% | 1.7% | +1.9% | −32% / −30% |
| KNDIKandi Technologies Group, Inc. | 287.8 m | — | -30.5% | -107.4% | −31.5% | −63% / −88% |
| STRTStrattec Security Corp | 258.5 m | 15.6 | 7.2% | 2.9% | +2.5% | −14% / +201% |
1- and 3-year price returns: for CVGI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
Commercial Vehicle Group (CVGI) designs and makes systems, assemblies and components for commercial and electric vehicles, with seating, electrical systems and interior trim as its main lines. The company reported revenue growth of 13.5% in the second quarter of 2026 3, in a context where North American Class 8 truck demand could recover after a weak 2025 with revenues of 649.0 million USD 1.
SWOT
Strengths
- The company offers a broad range of products, from seats to electrical harnesses and interior components, and a recognized position in the aftermarket 1.
- Flexible manufacturing close to customers helps the company deliver small, customized volumes quickly 1.
- In 2026 the company continued to reduce debt using sale-leaseback proceeds and ATM equity, which improves financial flexibility 2.
Weaknesses
- Gross margin remains thin and interest expense rose, keeping net income below zero in 2025 and in the second quarter of 2026 13.
- Customers are concentrated, and a large share of receivables comes from a few major customers, raising the risk of losing a key account 1.
- Revenues fell in 2025 due to softer demand in seating and trim, and the company responded with cost reductions and restructuring 12.
Opportunities
- If demand for Class 8 trucks and electric vehicles grows, new platforms could bring additional revenue, especially in electrical systems 13.
- Expansion in international markets and rising electronic content per vehicle could open new contracts for the company 13.
- Operational efficiency and lower debt could improve margins and free cash flow if the second-quarter 2026 trend continues 3.
Threats
- Tariffs and trade disputes could reduce demand and raise the cost of imported materials 1.
- An economic recession could lead to deferred purchases of commercial vehicles, which are durable goods 1.
- If a major customer reduces volumes or ends contracts, the company's revenues could fall significantly 1.
Risks
- Dependence on large customershigh
A small number of OEM customers account for a large part of revenue and receivables, and losing one could seriously affect results 1.
- Tariffs and trade policyhigh
New tariffs, retaliation and legal uncertainty over IEEPA tariffs could raise costs and reduce demand 12.
- Cyclicality of Class 8 trucksmedium
Demand for heavy trucks is sensitive to the economy, and another drop in production could again reduce revenue 1.
- Debt and cost of financingmedium
High interest rates and existing debt could limit the company's flexibility and raise financing costs 23.
- Shareholder dilutionlow
Share sales through the ATM program and warrants issued to investors could dilute existing shareholders 2.
Investment thesis
What would need to be true (bull case)
- If North American truck production recovers as forecast, the company's revenue could keep growing, as seen in the second quarter of 2026 3.
- Rising gross margin and lower debt could improve net income and cash flow in the second half of 2026 3.
- New platforms for electric and autonomous vehicles could support long-term growth in the electrical systems segment 1.
What would break the thesis
- The company posted net losses in 2025 and in the second quarter of 2026, and these could persist if margins do not improve enough 13.
- If trade tariffs stay high, costs could rise faster than revenue, and customers may refuse to absorb the difference 1.
- Dilution from share sales and remaining debt could limit the company's ability to invest in growth 2.
What to watch
- Delivery against the raised 2026 revenue and adjusted EBITDA outlooknext 10-Q
- Gross margin trend as new business programs ramp upQ3 2026
- Net leverage and progress toward the target of about two times2027
- Effects of trade tariffs and refunds on IEEPA tariffs paidnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
CVG is a global provider of systems, assemblies and components to the global commercial vehicle and electric vehicle markets 1. Its products are mostly customized to customer requirements, manufactured in the United States, Mexico, China, United Kingdom, Czech Republic, Ukraine, Morocco, Thailand, India and Australia, and sold mainly in North America, Europe and Asia-Pacific 1. Customers are primarily OEMs, and about 46% of receivables came from the top five customers at December 31, 2025 1.
Effective January 1, 2025, the company reorganized into three segments: Global Seating, Global Electrical Systems and Trim Systems and Components, which it says better aligns it with customers and end markets 1. The company aims to make Global Electrical Systems its largest business, diversify revenue and become less cyclical and less customer-concentrated 1.
Research and development costs were 8.0 million USD in 2025, compared with 8.3 million USD in 2024 1. In 2026 the company sold its Vonore, Tennessee property for 16 million USD and leased it back long term, then used the proceeds to prepay debt 2.
Segments
Global Seating
The segment produces seats for MD/HD trucks, buses, construction and agriculture equipment and military markets, under brands such as KAB Seating and Bostrom Seating 1. In the second quarter of 2026 segment revenues were 80.0 million USD, up 7.5%, mainly due to demand in international markets 3.
Market context
North American heavy-duty truck production was 251,247 units in 2025 1, and ACT Research expects 2026 Class 8 production of 274,111 units, about 9% above the 2025 level 3. Heavy-duty truck demand is cyclical and sensitive to the economy, whereas the medium-duty market has historically been less cyclical 1.
Demand in the construction and agriculture equipment market depends on large infrastructure, mining and forestry projects 1. The company expects mid-single digit growth in its construction end market in 2026 3, and the shift toward autonomous and electric vehicles could raise electrical content per vehicle 1.
Trends
- Recovery of North American Class 8 truck buildstailwind
If North American Class 8 production recovers as forecast, the seating and trim segments could benefit directly. The company said production began to improve late in the second quarter of 2026 3.
- Electric and autonomous vehiclestailwind
The move toward electric and autonomous vehicles could create more new platforms for the company, especially in electrical harnesses and integrated wiring systems 1.
- Tariffs and international tradeheadwind
New or higher tariffs could raise material costs and reduce OEM demand, and the company has not always been able to pass these costs to customers 1. Tariffs are expected to keep affecting cost of goods sold 2.
- Cost of financing and debt structuremixed
Higher interest rates after the 2025 refinancing increased interest expense 2. Equity sales through the ATM program and the sale-leaseback could reduce debt and financing costs, but could also dilute existing shareholders 23.
Competitive position
In each product category CVG competes with independent suppliers and with vertically integrated in-house operations of customers, mainly on price, product breadth, quality, technical expertise, development capability and delivery 1. The company differentiates through customized products, flexible cell manufacturing and plants located near customer assembly sites 1.
Competition is intense in seating and interior components, where suppliers compete for positions on refreshed platforms and new electric platforms 1. The company holds a recognized brand position in the aftermarket, where margins are higher but demand depends on fleet age 1.
- Independent seating and component suppliers
Described generically in the annual report as independent suppliers competing on price, quality and development capability 1.
- Vertically integrated in-house operations of customers
Customers may make some components internally, which is an alternative to external suppliers according to the report 1.
- Electrical component and harness suppliers
Competition in electrical wiring is described in general terms without naming companies in the annual report 1.
- Accessory and plastic component suppliers
In plastic components and accessories, competition comes from independent suppliers, as the report describes 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Jul 2026Regulation FD disclosure
- Current report18 Jun 2026Material agreement · Financial statements and exhibits
- Current report18 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Commercial Vehicle Group, Inc. · 10 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Commercial Vehicle Group, Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Commercial Vehicle Group, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.