MEDIUMOutside partyCustomer
44%
top ten customers
“10-K Item 1: 'Our top ten customers accounted for approximately 44% and 45% of our total revenue in 2025 and 2024, respectively.'”
CVLG · Concentration risk · 10-K extracted
Covenant Logistics Group (CVLG) concentration risks
Updated
The most significant concentration Covenant Logistics Group discloses is top ten customers at 44%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Covenant Logistics Group’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWOutside partyCustomer
single largest customer
“10-K Item 1: 'We had one customer, serviced by our Expedited and Managed Freight reportable segments, that accounted for more than 10% of our consolidated revenue in 2025'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Covenant Logistics Group's disclosed concentration sits almost entirely on the customer side. The top ten customers accounted for approximately 44% of total revenue, a dependency-type exposure rather than a structural one tied to the business model itself — it reflects negotiating leverage with large shippers rather than an intrinsic feature of the freight network. Layered on top, one customer, serviced through the Expedited and Managed Freight segments, exceeded 10% of consolidated revenue on its own, though the filing does not disclose the precise figure. Because this single-customer exposure is disclosed at a low share, it is unlikely alone to swing the investment thesis, but its dependency character means a change in that relationship could still ripple through segment-level results. Taken together, these two exposures point to the same underlying vulnerability — customer relationships rather than commodity, geography, or supply inputs — so the risk is best read as concentrated demand rather than diversified operational risk. Investors should watch for shifts in the top-ten customer mix more than any single macro or geographic factor.
For the engine’s reasoning on CVLG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Trucking
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| RXO | RXO, Inc. | 0 | 1 | 2 | 3 |
| CVLG● | Covenant Logistics Group, Inc. | 0 | 1 | 1 | 2 |
| KNX | Knight-Swift Transportation Hol | 0 | 1 | 1 | 2 |
| ARCB | ArcBest Corporation | 0 | 0 | 0 | 0 |
| HTLD | Heartland Express, Inc. | 0 | 0 | 0 | 0 |
| ODFL | Old Dominion Freight Line, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.