CVGINasdaqMotor Vehicle Parts & AccessoriesUS GAAP · USD

Commercial Vehicle Group, Inc.

Commercial Vehicle Group, Inc. designs and manufactures systems, assemblies, and components for commercial vehicle and electric vehicle markets. Its portfolio spans seating, electrical systems, and trim/accessories used in trucks, construction and agriculture equipment, and other specialty vehicles across North America, Europe, and Asia-Pacific.

Kysy yhtiöstä
Liikevaihto649milj. USD
−10,3 %v/v
Liikevoitto (EBIT)−0,7milj. USD
+13,5 %v/v
EBIT-marginaali−0,1%
+0,0 %-yks.v/v
Nettotulos−22,8milj. USD
+18,3 %v/v
Vapaa kassavirta34,0milj. USD
+165,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−20002004006008001 000milj. USD2020: 718 milj. USD2020: EBIT −23 milj. USD20202021: 972 milj. USD2021: EBIT 50 milj. USD20212022: 783 milj. USD2022: EBIT 25 milj. USD20222023: 835 milj. USD2023: EBIT 40 milj. USD20232024: 723 milj. USD2024: EBIT −0,76 milj. USD20242025: 649 milj. USD2025: EBIT −0,66 milj. USD2025649−0,66
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Global Seating40 %

Seats and seat components for commercial vehicles, EVs, and related service channels.

Global Electrical Systems35 %

Wire harnesses, cable assemblies, control boxes, and dashboard assemblies for multiple vehicle and industrial end markets.

Trim Systems and Components25 %

Plastic trim parts and commercial vehicle accessories such as mirrors, wipers, and sensors.

Tuotteet

Raportoitu · osuus liikevaihdosta
42,7%31,8%19,0%FY2025100 %
  • Seats42,7 %
  • Electrical Wire Harnesses Panels and Assemblies31,8 %
  • Plastic and Trim Components19,0 %
  • Mirrors Wipers and Controls6,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

CVG sells primarily to OEMs in commercial vehicles and adjacent specialty vehicle markets, with additional exposure to aftermarket channels. Customers include North American truck manufacturers, construction and agriculture OEMs, and distributors and service networks that buy replacement parts and refurbishing products.

Commercial vehicle OEMs

Buy seats, electrical systems, trim, and accessories for new truck and specialty vehicle platforms.

Construction and agriculture OEMs

Buy customized components for off-road equipment and related vehicle platforms.

Aftermarket and service channels

Buy replacement seats, mirrors, wipers, sensors, and refurbishing parts for installed fleets.

Electric vehicle platforms

Buy seating and electrical content for EV and alternate-fuel vehicle programs.

Office furniture distributors

Buy office seats sold into commercial and home office distribution channels.

Strategia

CVG is repositioning its portfolio so Global Electrical Systems becomes its largest business while optimizing legacy seating and trim operations. Management is also focused on margin improvement, customer and end-market diversification, and selective M&A to reduce cyclicality and customer concentration.

Scale Global Electrical SystemsKeskipitkä aikaväli

Electrical content is a growth engine and can reduce dependence on cyclical seating and trim demand.

Diversify end markets and customersKeskipitkä aikaväli

Broader exposure should reduce concentration risk and smooth demand through cycles.

Optimize cost structureLyhyt aikaväli

Lower-cost manufacturing and sourcing are needed to defend margins in a price-competitive industry.

Pursue selective M&AKeskipitkä aikaväli

Acquisitions can add product breadth, customer access, and scale if integrated well.

Maantiede

2025

CVG manufactures in the United States, Mexico, China, the United Kingdom, Czech Republic, Ukraine, Morocco, Thailand, India, and Australia. Sales are primarily concentrated in North America, Europe, and Asia-Pacific, so the company is exposed to regional truck cycles, industrial demand, and cross-border supply chain complexity.

USA75 %
Other countries (US filing)25 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

CVG is highly exposed to commercial vehicle and construction cycles, so weak truck orders or lower infrastructure spending can quickly reduce demand. The company also faces supply-chain, pricing, and execution risk because it relies on third-party materials and competes in a fragmented, price-sensitive component market.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Cyclical demand in commercial vehicles and construction1Supply chain and sourcing disruption2Competitive pricing pressure3Execution risk on growth investments4Customer concentration and platform dependence5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Cyclical demand in commercial vehicles and constructionVaikutus: KorkeaTodennäköisyys: Korkea

    Revenue depends on new truck orders, freight activity, and infrastructure spending.

    KohdistuuMD/HD trucksConstructionAgriculture equipment
  2. Supply chain and sourcing disruptionVaikutus: KorkeaTodennäköisyys: Korkea

    The company depends on third-party raw materials and components that may be unavailable or late.

    KohdistuuSeat foamSteelChemicalsAirbagsHarness inputs
  3. Competitive pricing pressureVaikutus: KeskitasoTodennäköisyys: Korkea

    Products compete on price, quality, delivery, and technical capability in a crowded market.

    Kohdistuu: OEM and aftermarket component supply

  4. Execution risk on growth investmentsVaikutus: KeskitasoTodennäköisyys: Korkea

    Capital deployed into EV and new markets may not generate expected returns.

    KohdistuuNew productsCapacityMarket expansion
  5. Customer concentration and platform dependenceVaikutus: KeskitasoTodennäköisyys: Korkea

    Platform programs and OEM relationships can create volume swings if launches or demand change.

    Kohdistuu: Vehicle platform life cycles

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition on shipment and platform contracts

Most sales are point-in-time, but long-lived platform agreements require estimates for returns and allowances.

Vaikutus: Can shift revenue timing and affect reported gross margin

Inventory reserves and obsolescence

Finished goods and raw materials are reviewed against expected production volumes and demand.

Vaikutus: Can create material charges when demand weakens or programs end

Excess and obsolete inventory provisions

Customized components are exposed to platform changes and lower-than-expected volumes.

Vaikutus: Directly affects cost of sales and operating profit

Debt and credit facilities

The company refinanced credit facilities in 2025, which affects liquidity and interest expense.

Vaikutus: Can change leverage, covenant headroom, and financing cash flows

Restructuring and asset sale impacts

Portfolio changes and operational reorganizations can create non-recurring gains or charges.

Vaikutus: Affects comparability of earnings and cash flow across periods

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Päivitetty: 24.9.2026