CAVCO INDUSTRIES, INC. CVCO

Industrials SIC 2451 - Mobile Homes NAICS Manufacturing › Wood Product Manufacturing › Other Wood Product Manufacturing › All Other Wood Product Manufacturing › Manufactured Home (Mobile Home) Manufacturing derived Nasdaq

Cavco Industries, Inc., a Delaware corporation, was formed on June 30, 2003, as a successor corporation to previous Cavco entities operating since 1965. Headquartered in Phoenix, Arizona, we design and produce factory-built homes primarily distributed through a network of independent and Company-owned retailers, planned community operators and residential developers. We are one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Our finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), is an approved Federal National Mortgage Association ("FNMA" or "Fannie Mae") and Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac") seller/servicer, and a Government National Mortgage Association ("GNMA" or "Ginnie Mae") mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty Company ("Standard Casualty"), provides property and casualty insurance primarily to owners of manufactured homes. The terms "Cavco," "us," "we," "our," the "Company," and any other similar terms refer to Cavco Industries, Inc. and its consolidated subsidiaries, unless otherwise indicated in this Annual Report on Form 10-K for the fiscal year ended March 28, 2026 ("Annual Report").

Last close 534.25 2026-10-23
Market cap $4.11B 2026-06-27 share count
52-week range 443.33 - 713.00

Valuation FY2025 figures against the last close

P/S1.8x
P/E22.3x
P/FCF17.7x
EV/EBITDA16.3x
Dividend yield—
Diluted EPS23.98

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Factory-built housing
  • Financial services
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Factory-built housing, FY2025: 2.2B (96.1%) 96% Factory-built housing Financial services, FY2025: 87.1M (3.9%) 4% FY2024 Factory-built housing, FY2024: 1.9B (95.9%) 96% Financial services, FY2024: 82.3M (4.1%) 4% FY2023 Factory-built housing, FY2023: 1.7B (95.6%) 96% Financial services, FY2023: 78.2M (4.4%) 4%
Segment FY2025FY2024FY2023
Factory-built housing $2.16B $1.93B $1.72B
Financial services $87.1M $82.3M $78.2M

As the company reported it, from the “Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $2.24B$2.02B$1.79B$2.14B$1.63B$1.11B$1.06B$962.7M$871.2M$773.8M
Cost of revenue $1.72B$1.55B$1.37B$1.59B$1.22B$869.1M$831.3M$757.0M$690.6M$615.8M
Gross profit $526.9M$465.6M$426.9M$554.9M$408.7M$239.0M$230.5M$205.7M$180.7M$158.0M
SG&A $298.3M$275.3M$247.9M$258.3M$206.3M$150.2M$145.6M$121.6M$106.9M$101.2M
Operating income $228.6M$190.3M$179.0M$296.6M$202.5M$88.8M$84.9M$84.1M$73.8M$56.8M
Interest expense $541.0K$517.0K$1.6M$910.0K$702.0K$738.0K$1.5M$3.4M$4.4M$4.4M
Pre-tax income $244.7M$211.1M$199.2M$306.8M$212.0M$96.9M$93.0M$86.7M$78.5M$55.3M
Income tax $54.1M$40.0M$41.3M$65.9M$14.2M$20.3M$17.9M$18.1M$17.0M$17.3M
Net income $191.2M$171.0M$157.9M$240.8M$197.7M$76.6M$75.1M$68.6M$61.5M$38.0M
EPS, basic 24.2620.9718.5527.2021.548.348.227.566.824.23
EPS, diluted 23.9820.7118.3726.9521.348.258.107.406.684.17
Shares, diluted (wtd. avg.) 7.9M8.3M8.6M8.9M9.3M9.3M9.3M9.3M9.2M9.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $236.7M$356.2M$352.7M$283.5M$259.3M$339.3M$255.6M$199.9M$199.3M$144.8M
Short-term investments $16.2M$19.8M$18.3M$15.0M$20.1M$19.5M$14.6M$12.6M$11.9M$11.3M
Receivables $108.3M$105.8M$77.1M$89.3M$96.1M$47.4M$42.8M$40.7M$35.0M$29.4M
Inventory $295.7M$252.7M$241.3M$263.1M$244.0M$131.2M$113.5M$116.2M$109.2M$93.9M
Total current assets $824.7M$910.2M$851.8M$804.6M$744.1M$651.8M$516.2M$462.0M$418.6M$356.8M
Property, plant and equipment ——$224.2M$228.3M$164.0M$96.8M$77.2M$63.5M$63.4M$57.0M
Goodwill $208.8M$122.0M$121.9M$114.5M$101.0M$75.1M$75.1M$72.9M——
Other intangibles $28.1M$16.7M$28.2M$29.8M$28.5M$14.4M$15.1M$9.8M——
Total assets $1.49B$1.41B$1.35B$1.31B$1.15B$951.8M$810.4M$725.2M$674.8M$607.3M
Accounts payable $44.2M$37.2M$33.5M$30.7M$43.1M$32.1M$29.9M$29.3M$23.8M$24.0M
Total current liabilities $335.4M$303.2M$273.3M$293.4M$294.2M$237.1M$172.1M$174.0M$176.3M$140.2M
Total liabilities $388.0M$342.1M$320.7M———————
Retained earnings $1.39B$1.20B$1.03B$869.3M$628.8M$431.1M$355.1M$280.1M$209.4M$148.1M
Total equity $1.10B$1.06B$1.03B$976.3M$830.5M$683.6M$607.6M$529.6M$457.1M$394.4M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $267.5M$178.5M$224.7M$255.7M$144.2M$114.0M$101.7M$32.8M$59.0M$45.8M
Depreciation and amortisation $23.0M$19.3M$18.5M$16.9M$11.0M$6.3M$5.8M$4.7M$4.0M$3.7M
Stock-based compensation $12.8M$8.7M$6.8M$6.3M$5.1M$4.4M$3.9M$3.4M$2.3M$2.1M
Capital expenditure $35.4M$21.4M$17.4M$44.1M$18.7M$25.5M$14.3M$7.6M$8.4M$5.3M
Investing cash flow -$222.4M-$24.0M-$31.7M-$129.3M-$159.1M-$23.3M-$25.2M-$5.8M-$4.7M-$7.1M
Financing cash flow -$162.8M-$147.9M-$107.7M-$102.2M-$65.1M-$7.0M-$20.8M-$26.4M$124.0K-$3.0M
Buybacks $159.9M$148.7M$109.3M$103.4M$59.6M$1.4M$0$0——

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-043437.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B Revenue, FY2016: 773.8M Gross profit, FY2016: 158M Net income, FY2016: 38M Revenue, FY2017: 871.2M Gross profit, FY2017: 180.7M Net income, FY2017: 61.5M Revenue, FY2018: 962.7M Gross profit, FY2018: 205.7M Net income, FY2018: 68.6M Revenue, FY2019: 1.1B Gross profit, FY2019: 230.5M Net income, FY2019: 75.1M Revenue, FY2020: 1.1B Gross profit, FY2020: 239M Net income, FY2020: 76.6M Revenue, FY2021: 1.6B Gross profit, FY2021: 408.7M Net income, FY2021: 197.7M Revenue, FY2022: 2.1B Gross profit, FY2022: 554.9M Net income, FY2022: 240.8M Revenue, FY2023: 1.8B Gross profit, FY2023: 426.9M Net income, FY2023: 157.9M Revenue, FY2024: 2B Gross profit, FY2024: 465.6M Net income, FY2024: 171M Revenue, FY2025: 2.2B Gross profit, FY2025: 526.9M Net income, FY2025: 191.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $773.8M $871.2M $962.7M $1.06B $1.11B $1.63B $2.14B $1.79B $2.02B $2.24B
Gross profit $158.0M $180.7M $205.7M $230.5M $239.0M $408.7M $554.9M $426.9M $465.6M $526.9M
Net income $38.0M $61.5M $68.6M $75.1M $76.6M $197.7M $240.8M $157.9M $171.0M $191.2M

Recent filings and events

  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Regulation FD disclosure Item 7.01
  • Shareholder vote Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 2451

TickerCompanyMarket capP/ERevenue growth
SKY Champion Homes, Inc. $4.28B 21.6x 7.3%
LEGH Legacy Housing Corp $666.8M 16.1x -9.6%