États financiers détaillés de Commercial Vehicle Group, Inc. (CVGI): compte de résultat, bilan et tableau de flux de trésorerie. Suivez l'évolution des marges, de la dette, de la liquidité et de la rentabilité d'une année sur l'autre avec jusqu'à 20 ans d'historique.
Résumé de l'Analyse
Commercial Vehicle Group, Inc. a enregistré un chiffre d'affaires de $649.0M sur le dernier exercice, avec un CAGR sur 5 ans de -2.0%.
Marges des 12 derniers mois: marge brute 11.2%, marge opérationnelle -0.1%, marge nette -3.4%. Le free cash flow a progressé à un CAGR de 4.5% sur 5 ans.
Au prix actuel de $3.06, CVGI affiche des résultats négatifs (PER non significatif) et un ROE de -17.17%. La capitalisation boursière s'établit à $104M.
Compte de Résultat (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenus | $662.1M | $755.2M | $897.7M | $901.2M | $717.7M | $971.6M | $782.6M | $835.5M | $723.4M | $649.0M |
| Coût des Ventes | $574.9M | $662.7M | $768.9M | $796.1M | $643.6M | $852.6M | $697.6M | $713.6M | $641.0M | $580.6M |
| Marge Brute | $87.2M | $92.6M | $128.9M | $105.1M | $74.1M | $119.0M | $85.0M | $121.9M | $82.3M | $68.4M |
| R&D | $7.0M | $7.7M | $9.5M | $9.9M | $6.4M | $9.1M | $7.1M | $6.2M | $8.3M | 0 |
| Frais Généraux | $60.5M | $59.8M | $60.7M | 0 | 0 | 0 | $60.6M | $81.2M | 0 | $69.0M |
| Charges Opérationnelles | $61.8M | $61.1M | $62.0M | $64.5M | $97.2M | $69.4M | $60.2M | $82.0M | $83.1M | $69.0M |
| Résultat Opérationnel | $25.4M | $31.4M | $66.9M | $40.6M | -$23.2M | $49.6M | $24.8M | $39.9M | -$758000 | -$656000 |
| EBITDA | $45.9M | $46.5M | $79.1M | $53.7M | $24.6M | $68.5M | $42.6M | $58.3M | $26.4M | $12.0M |
| Charges d'Intérêt | $19.3M | $19.1M | $14.7M | $16.9M | $20.6M | $11.2M | $9.8M | $10.7M | $9.2M | $13.0M |
| Résultat Avant Impôts | $6.8M | $13.6M | $53.5M | $21.6M | -$44.5M | $32.1M | $4.3M | $58.8M | -$8.2M | -$15.7M |
| Impôts | $49000 | $15.3M | $9.0M | $5.8M | -$7.5M | $8.4M | $20.9M | $15.2M | $27.5M | $4.7M |
| Résultat Net | $6.8M | -$1.7M | $44.5M | $15.8M | -$37.0M | $23.7M | -$22.0M | $49.4M | -$27.9M | -$22.8M |
| BPA | $0.23 | $-0.06 | $1.47 | $0.52 | $-1.20 | $0.75 | $-0.68 | $1.50 | $-0.83 | $-0.68 |
| BPA Dilué | $0.23 | $-0.06 | $1.46 | $0.51 | $-1.20 | $0.72 | $-0.68 | $1.47 | $-0.83 | $-0.68 |
| Actions en Circulation (Diluées) | $29.9M | $29.9M | $30.6M | $30.8M | $30.9M | $32.8M | $32.3M | $33.6M | $33.4M | $33.8M |
Compte de Résultat (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenus | $152.5M | $154.8M | $171.5M | $195.2M |
| Marge Brute | $16.0M | $15.0M | $19.8M | $24.7M |
| Résultat Opérationnel | -$1.1M | -$1.8M | $756000 | $1.6M |
| EBITDA | $1.6M | $1.7M | $10.6M | -$3.8M |
| Résultat Net | -$7.1M | -$6.6M | $902000 | -$10.2M |
| BPA | $-0.21 | $-0.20 | $0.03 | $-0.25 |
| BPA Dilué | $-0.21 | $-0.20 | $0.03 | $-0.25 |
Bilan (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Trésorerie | $130.2M | $52.2M | $70.9M | $39.5M | $50.5M | $35.0M | $31.8M | $37.8M | $26.6M | $33.3M |
| Placements à Court Terme | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Créances | $97.8M | $108.6M | $134.6M | $115.1M | $151.1M | $174.5M | $152.6M | $129.3M | $118.7M | $86.3M |
| Stocks | $71.1M | $99.0M | $92.4M | $82.9M | $91.2M | $141.0M | $142.5M | $117.3M | $128.2M | $118.6M |
| Actifs Courants | $308.9M | $274.6M | $314.7M | $256.0M | $310.5M | $370.7M | $339.6M | $327.7M | $303.3M | $263.3M |
| Immobilisations Corporelles | $66.0M | $64.6M | $65.1M | $108.6M | $92.8M | $89.2M | $94.2M | $100.1M | $98.8M | $103.4M |
| Goodwill | $7.7M | $8.0M | $7.6M | $27.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Actifs Incorporels | $15.5M | $14.5M | $12.8M | $25.3M | $21.8M | $18.3M | $14.6M | $6.6M | $3.9M | $3.4M |
| Actifs Totaux | $428.8M | $384.4M | $418.1M | $435.8M | $454.4M | $507.7M | $470.3M | $483.2M | $424.6M | $391.7M |
| Dettes Fournisseurs | $60.6M | $86.6M | $86.6M | $63.1M | $112.4M | $101.9M | $122.1M | $75.2M | $77.0M | $74.2M |
| Dette à Court Terme | 0 | $3.2M | $9.1M | $3.3M | $12.0M | $18.6M | $10.9M | $15.3M | $8.4M | $10.4M |
| Passifs Courants | $106.3M | $123.7M | $132.7M | $106.6M | $164.9M | $162.1M | $175.8M | $145.2M | $125.8M | $108.4M |
| Dette à Long Terme | $233.2M | $163.8M | $154.7M | $153.1M | $144.1M | $185.6M | $141.5M | $126.2M | $127.1M | $104.0M |
| Passifs Totaux | $361.1M | $309.6M | $303.1M | $307.1M | $359.0M | $381.0M | $350.2M | $310.3M | $289.0M | $258.4M |
| Réserves | -$113.4M | -$115.1M | -$70.6M | -$60.3M | -$97.4M | -$73.6M | -$95.6M | -$46.2M | -$74.1M | -$96.8M |
| Capitaux Propres | $67.7M | $74.7M | $115.0M | $128.7M | $95.4M | $126.7M | $120.0M | $172.9M | $135.6M | $133.4M |
| Dette Totale | $233.2M | $166.9M | $163.8M | $193.4M | $180.5M | $223.0M | $179.3M | $173.4M | $166.3M | $144.5M |
| Dette Nette | $103.0M | $114.7M | $92.8M | $153.9M | $130.0M | $188.0M | $147.5M | $135.6M | $139.7M | $111.3M |
| Fonds de Roulement | $202.7M | $150.9M | $182.0M | $149.4M | $145.7M | $208.5M | $163.7M | $182.6M | $177.5M | $155.0M |
Bilan (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Trésorerie | $31.3M | $33.3M | $28.7M | $36.0M |
| Actifs Totaux | $400.3M | $391.7M | $412.5M | $454.5M |
| Passifs Totaux | $263.7M | $258.4M | $281.6M | $318.4M |
| Capitaux Propres | $136.5M | $133.4M | $131.0M | $136.1M |
| Dette Totale | $147.7M | $144.5M | $102.1M | $146.5M |
Tableau de Flux (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Résultat Net | $6.8M | -$1.7M | $44.5M | $15.8M | -$37.0M | $23.7M | -$22.0M | $49.4M | -$27.9M | -$22.8M |
| Amortissements | $16.5M | $15.3M | $15.4M | $15.5M | $18.5M | $18.5M | $18.2M | $17.6M | $17.4M | $14.7M |
| Stock-based Compensation | $2.6M | $2.5M | $3.1M | $2.8M | $3.5M | $6.3M | $5.8M | $3.8M | $3.9M | $3.8M |
| Variation du BFR | $22.0M | -$27.4M | -$35.6M | -$2.3M | $24.9M | -$90.0M | $40.1M | -$14.6M | -$26.3M | $48.5M |
| Cash Flow Opérationnel | $49.4M | $2.3M | $41.0M | $36.7M | $34.4M | -$29.8M | $68.9M | $38.3M | -$33.5M | $44.6M |
| CapEx | -$11.4M | -$13.5M | -$14.2M | -$24.0M | -$7.1M | -$17.7M | -$19.7M | -$19.7M | -$18.5M | -$10.7M |
| Acquisitions | $37000 | $2.7M | $49000 | -$34.0M | 0 | 0 | 0 | 0 | $45.0M | 0 |
| Rachat d'Actions | -$714000 | -$1.4M | -$1.1M | 0 | 0 | -$1.3M | -$1.3M | 0 | 0 | 0 |
| Dividendes Payés | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $37.9M | -$11.2M | $26.8M | $12.7M | $27.2M | -$47.5M | $49.2M | $18.6M | -$52.0M | $34.0M |
Tableau de Flux (Trimestriel)
| Année | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash Flow Opérationnel | -$1.7M | $12.3M | -$1.6M | $1.7M |
| CapEx | -$1.8M | -$3.6M | -$2.7M | -$3.1M |
| Free Cash Flow | -$3.5M | $8.7M | -$4.2M | -$1.4M |
| Dividendes Payés | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.0M | $998000 | $927000 | $1.5M |
Croissance et Marges (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Croissance Revenus (annuelle) | | +14.1% | +18.9% | +0.4% | -20.4% | +35.4% | -19.5% | +6.8% | -13.4% | -10.3% |
| Croissance Résultat Net (annuelle) | | -125.1% | +2710.7% | -64.6% | -334.8% | +164.1% | -192.6% | +324.9% | -156.4% | +18.3% |
| Croissance BPA (annuelle) | | -124.7% | +2683.5% | -64.6% | -330.8% | +162.5% | -190.7% | +320.6% | -155.3% | +18.1% |
| Variation Actions (annuelle) | | +0.2% | +2.2% | +0.8% | +0.4% | +6.0% | -1.4% | +3.9% | -0.5% | +1.3% |
| Croissance FCF (annuelle) | | -129.5% | +339.6% | -52.5% | +113.7% | -274.4% | +203.7% | -62.3% | -379.7% | +165.4% |
| Marge Brute | 13.2% | 12.3% | 14.4% | 11.7% | 10.3% | 12.2% | 10.9% | 14.6% | 11.4% | 10.5% |
| Marge Opérationnelle | 3.8% | 4.2% | 7.4% | 4.5% | -3.2% | 5.1% | 3.2% | 4.8% | -0.1% | -0.1% |
| Marge EBITDA | 6.9% | 6.2% | 8.8% | 6.0% | 3.4% | 7.1% | 5.4% | 7.0% | 3.6% | 1.9% |
| Marge Nette | 1.0% | -0.2% | 5.0% | 1.8% | -5.2% | 2.4% | -2.8% | 5.9% | -3.9% | -3.5% |
| Marge FCF | 5.7% | -1.5% | 3.0% | 1.4% | 3.8% | -4.9% | 6.3% | 2.2% | -7.2% | 5.2% |
| Taux d'Imposition Effectif | 0.7% | 112.5% | 16.8% | 26.8% | 16.7% | 26.1% | 488.6% | 25.8% | -333.6% | -30.1% |
Données par Action (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF par Action | $1.27 | $-0.37 | $0.88 | $0.41 | $0.88 | $-1.45 | $1.52 | $0.55 | $-1.56 | $1.00 |
| Dividende par Action | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Actions en Circulation (Basiques) | $29.5M | $29.9M | $30.3M | $30.6M | $30.9M | $31.5M | $32.3M | $33.0M | $33.4M | $33.8M |
Quoi regarder dans les entreprises de Consumer Cyclical
- Marge opérationnelle moyenne 5a (Moyenne du cycle) — Regarder la moyenne du cycle, pas l'année courante (pic ou creux).
- Rotation des stocks (≥4x/an) — Le retail sain tourne ses stocks vite. Une baisse signale demande faible.
- ROIC moyen 5a (≥12%) — Cycliques avec ROIC moyen >12% sont des gagnantes structurelles.
- Dette nette / EBITDA (pic) (<3x en creux) — En cyclique la dette tue en récession.
- Current Ratio (>1,5x) — Tient 12-18 mois sans cash opérationnel.
- Altman Z-Score (>2,99 sûr) — Modèle de faillite — clé en cyclique sensible à la récession.
Rentabilité
| Rentabilité des capitaux propres | -17.17% |
| Rentabilité du capital investi | -0.18% |
| Rentabilité des actifs | -5.07% |
| Marge brute | 11.22% |
| Marge opérationnelle | -0.08% |
| Marge nette | -3.42% |
Santé financière
| Dette / Capitaux propres | 1.08 |
| Ratio de liquidité | 1.98 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.89 |
Ratios Clés (10 ans)
| Année | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| PER | 24.04 | -187.87 | 3.88 | 12.21 | -7.21 | 10.75 | -10.01 | 4.67 | -2.99 | -2.12 |
| P/B | 2.41 | 4.28 | 1.50 | 1.51 | 2.81 | 2.00 | 1.83 | 1.34 | 0.61 | 0.37 |
| P/V | 0.25 | 0.42 | 0.19 | 0.22 | 0.37 | 0.26 | 0.28 | 0.28 | 0.11 | 0.08 |
| Marge Brute | 13.2% | 12.3% | 14.4% | 11.7% | 10.3% | 12.2% | 10.9% | 14.6% | 11.4% | 10.5% |
| Marge Opérationnelle | 3.8% | 4.2% | 7.4% | 4.5% | -3.2% | 5.1% | 3.2% | 4.8% | -0.1% | -0.1% |
| Marge Nette | 1.0% | -0.2% | 5.0% | 1.8% | -5.2% | 2.4% | -2.8% | 5.9% | -3.9% | -3.5% |