Thursday, March 12, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. CVG delivered strong year-over-year improvement in profitability despite a challenging demand environment, particularly in the North American Class 8 truck market. The continued year-over-year improvement in profitability was again driven by management’s focus on operational efficiency improvement. Another highlight of the quarter is the continued strong performance within the Global Electrical Systems segment. During the third quarter, CVG saw segment performance inflect with revenues up 6% compared to the prior year. The fourth quarter saw further acceleration, with revenues up 13% y-o-y.
4Q25 Results. Fourth quarter revenue of $154.8 million was down 5.2% y-o-y, due primarily to North American demand. Adjusted EBITDA was $2.3 million, up 155.6%, with an adjusted EBITDA margin of 1.5% versus 0.6% last year. Adjusted net loss was $0.18/sh, compared to an adjusted net loss of $0.15/sh in 4Q24.
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