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what it is
Commercial Vehicle Group makes the wiring, panels, trim, and assemblies that let trucks and other vehicles actually function.
how it gets paid
Last year Commercial Vehicle made $649M in revenue. electrical wire harness assemblies was the main engine at $227M, or 35% of sales.
why growth slowed
Revenue fell 10.3% last year. Gross margin at 10.8% is the key number because a supplier with a 2.3% operating margin does not have much room for pricing mistakes or.
what just happened
The quarter showed $494M of revenue, but profits were still too thin to feel safe.
At a glance
C balance sheet — red flag territory — real financial stress
5/100 earnings predictability — expect surprises
8.0x trailing p/e — the market's not buying it — or you found a deal
18.3% return on capital — nothing to write home about
-$1.31 fy2024 eps est
xvary composite: 24/100 — weak
What they do
Commercial Vehicle Group makes the wiring, panels, trim, and assemblies that let trucks and other vehicles actually function.
If you're a truck maker, you do not casually replace the company building the wire harnesses that connect gauges, lights, sensors, and power circuits. One bad harness can stop the whole vehicle, and CVG still produced $649 million of revenue in 2024 selling these mission-critical parts across North America, Europe, and Asia-Pacific. The quiet part: this business wins by being embedded in your production line, and 6,900 employees give CVG the manufacturing footprint to stay there.
How they make money
$649M
annual revenue · their business grew -10.3% last year
electrical wire harness assemblies
$227M
panel assemblies
$130M
soft trim and appliques
$117M
instrument panels
$97M
electro-mechanical assemblies
$78M
The products that matter
manufactures truck seating
Vehicle Seating
$389M · about 60% of shown segment revenue
This is the largest disclosed segment at $389M, and the latest read still showed sales down 10.3%. If this line does not stabilize, the turnaround math gets harder fast.
largest segment
builds wiring and electrical systems
Electrical Systems
$260M · about 40% of shown segment revenue
This is where the EV story is supposed to show up. Right now the segment is still down 10.3%. New program wins only matter when they start acting like revenue.
ev exposure
core operating region
North America
-5.2% in the latest update
North America revenue fell 5.2% in the recent quarter. Here's the thing: a supplier can cut costs for only so long if the core market is still shrinking.
demand check
Key numbers
$134M
long-term debt
That debt load is larger than the company's roughly $106 million market value, which tells you the balance sheet is the whole story here.
2.3%
operating margin
Jargon: operating margin → profit from the actual business → so what: CVGI keeps only about $2.30 per $100 of sales.
$649M
annual revenue
This is still a real supplier business with scale, but revenue fell 10.3% vs. prior year, so size is not saving it.
18.3%
return on capital
Jargon: return on capital → profit on the money used in the business → so what: the assets can earn, if demand and execution cooperate.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $134M (56% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for CVGI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter showed $494M of revenue, but profits were still too thin to feel safe.
SEC-verified quarterly data shows revenue of $494 million, EPS of $0.04, and gross margin of 10.8%. The quiet part: when annual revenue is $649 million and margin is this thin, one rough quarter can wipe out a year.
$494M
revenue
$0.04
eps
10.8%
gross margin
the number that mattered
Gross margin at 10.8% is the key number because a supplier with a 2.3% operating margin does not have much room for pricing mistakes or lower truck volumes.
source: company earnings report, 2026
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What could go wrong
CVGI does not need a dramatic failure to get into trouble. It just needs truck demand to stay soft while carrying $134M of debt on a 10.8% gross margin.
high
Debt and balance sheet stress
Long-term debt is $134M, equal to 56% of total capital, against a market cap of roughly $106M. When the debt is bigger than the equity value, the market is telling you confidence is already thin.
If volumes stay soft, debt stops being background noise and becomes the main character.
med
The truck cycle stays weak
Annual revenue fell 27.3%, the latest segment readings were down 10.3%, and North America declined 5.2% in the recent update. This is still a demand story before it is an execution story.
A weak production cycle can erase the benefit of internal cost improvements very quickly.
med
The EV ramp stays a promise
The 2026 case leans on new EV programs helping reach a $700M revenue target. Right now, Electrical Systems is still down 10.3%.
If those launches arrive slowly or at lower volumes, the cleanest growth lever in the story weakens fast.
The risk stack is one sentence long: thin margin, high debt, and end-market demand that still has not turned in a convincing way.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
gross margin staying above 10%
The latest adjusted gross margin was 10.3%. If that slips back below double digits while demand stays weak, the little operating cushion disappears.
calendar
next earnings update
You want evidence that the 5.2% North America decline is bottoming and that EV program wins are showing up in actual segment sales.
risk
debt load and liquidity language
Read the filing footnotes for any change around the $134M debt load, covenant pressure, or refinancing tone. In a C-grade balance sheet story, wording matters.
trend
electrical systems growth
This segment is the cleanest read on whether EV programs are becoming a business or staying a promise. Right now it is still down 10.3%.
Analyst rankings
earnings predictability
5 / 100
Earnings are hard to model here. In human-speak, analysts do not trust this business to produce smooth quarterly numbers.
average price target
$4.33
That is 167% above the current $1.62 price. In human-speak, the street sees rebound potential, but that upside comes attached to a very messy path.
source: institutional data
Institutional activity
institutional ownership data for CVGI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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