Cavco Industries, Inc. (CVCO) 10-Year Financial Performance & Capital Metrics

CVCO • • Industrial / General

Consumer CyclicalHomebuildersFactory-Built Housing ManufacturersManufactured & Modular Home Producers

AboutCavco Industries, Inc. designs, produces, and retails manufactured homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its manufactured homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, and MidCountry brands. It also builds park model RVs; vacation cabins; and factory-built commercial structures, including apartment buildings, condominiums, hotels, workforce housing, schools, and housing for the United States military troops. In addition, the company produces various modular homes, which include single and multi-section ranch, split-level, and Cape Cod style homes, as well as two- and three-story homes, and multi-family units. Further, it provides conforming and non-conforming mortgages and home-only loans to purchasers of various brands of factory-built homes sold by company-owned retail stores, as well as various independent distributors, builders, communities, and developers. Additionally, the company offers property and casualty insurance to owners of manufactured homes. As of April 3, 2022, it operated 45 company-owned retail stores in Oregon, Arizona, Nevada, New Mexico, Texas, Indiana, Oklahoma, Florida, and New York. The company also distributes its homes through a network of independent distribution points in 48 states and Canada; and through planned community operators and residential developers. Cavco Industries, Inc. was founded in 1965 and is headquartered in Phoenix, Arizona.Show more

Revenue $2.02B +12.3%
EBITDA $210M +6.1%
Net Income $171M +8.4%
EPS (Diluted) 20.71 +12.7%
Gross Margin 23.1% -2.9%
EBITDA Margin 10.4% -5.5%
Operating Margin 9.44% -5.3%
Net Margin 8.49% -3.5%
ROE 16.3% +3.9%
ROIC 19.42% +5.5%
Debt/Equity 0.04 +24.7%
Interest Coverage 368.04 +239.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 17.9%
✓Strong 5Y sales CAGR of 13.7%
✓Good 3Y average ROE of 19.5%
✓Share count reduced 3.9% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.53%

5Y13.68%

3Y7.39%

TTM15.76%

Profit (Net Income) CAGR

10Y21.79%

5Y17.9%

3Y-4.71%

TTM32.84%

EPS CAGR

10Y22.87%

5Y20.65%

3Y-0.99%

TTM37.59%

ROCE

10Y Avg17.09%

5Y Avg20.3%

3Y Avg22.05%

Latest17.42%

Peer Comparison

Manufactured & Modular Home Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVCOCavco Industries, Inc.	5.41B	692.78	33.45	12.29%	9.18%	18.12%	2.9%	0.04
SKYChampion Homes, Inc.	5.44B	97.46	28.50	22.65%	8.41%	13.96%	3.5%	0.08
LEGHLegacy Housing Corporation	538M	22.54	9.09	-2.62%	26.66%	9.23%	4.98%	0.00

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	712.35M	773.8M	871.24M	962.75M	1.06B	1.11B	1.63B	2.14B	1.79B	2.02B
Revenue Growth %	0.26%	0.09%	0.13%	0.11%	0.1%	0.04%	0.47%	0.32%	-0.16%	0.12%
Cost of Goods Sold+	567.91M	615.76M	690.55M	757.04M	831.26M	869.07M	1.22B	1.59B	1.37B	1.55B
COGS % of Revenue	0.8%	0.8%	0.79%	0.79%	0.78%	0.78%	0.75%	0.74%	0.76%	0.77%
Gross Profit+	144.44M	158.04M	180.68M	205.71M	230.52M	238.98M	408.75M	554.93M	426.9M	465.59M
Gross Margin %	0.2%	0.2%	0.21%	0.21%	0.22%	0.22%	0.25%	0.26%	0.24%	0.23%
Gross Profit Growth %	0.15%	0.09%	0.14%	0.14%	0.12%	0.04%	0.71%	0.36%	-0.23%	0.09%
Operating Expenses+	98.1M	101.23M	106.91M	121.57M	145.61M	150.15M	206.25M	258.32M	247.92M	275.31M
OpEx % of Revenue	0.14%	0.13%	0.12%	0.13%	0.14%	0.14%	0.13%	0.12%	0.14%	0.14%
Selling, General & Admin	98.1M	101.23M	106.91M	121.57M	145.61M	150.15M	206.25M	258.32M	247.92M	275.31M
SG&A % of Revenue	0.14%	0.13%	0.12%	0.13%	0.14%	0.14%	0.13%	0.12%	0.14%	0.14%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	46.34M	56.81M	73.77M	84.14M	84.91M	88.83M	202.5M	296.61M	178.98M	190.28M
Operating Margin %	0.07%	0.07%	0.08%	0.09%	0.08%	0.08%	0.12%	0.14%	0.1%	0.09%
Operating Income Growth %	0.2%	0.23%	0.3%	0.14%	0.01%	0.05%	1.28%	0.46%	-0.4%	0.06%
EBITDA+	50.26M	60.49M	77.8M	88.84M	90.69M	95.15M	213.51M	313.51M	197.51M	209.53M
EBITDA Margin %	0.07%	0.08%	0.09%	0.09%	0.09%	0.09%	0.13%	0.15%	0.11%	0.1%
EBITDA Growth %	0.19%	0.2%	0.29%	0.14%	0.02%	0.05%	1.24%	0.47%	-0.37%	0.06%
D&A (Non-Cash Add-back)	3.92M	3.69M	4.03M	4.7M	5.78M	6.32M	11.02M	16.9M	18.52M	19.26M
EBIT	48.39M	59.72M	82.92M	90.12M	94.47M	97.65M	212.69M	307.67M	200.83M	211.59M
Net Interest Income+	-4.36M	-4.44M	-4.4M	-3.44M	-1.5M	1.41M	2.83M	9.77M	19.35M	20.57M
Interest Income	0	0	0	0	0	2.14M	3.54M	10.68M	21M	21.09M
Interest Expense	4.36M	4.44M	4.4M	3.44M	1.5M	738K	702K	910K	1.65M	517K
Other Income/Expense	-2.31M	-1.52M	4.75M	2.54M	8.07M	8.09M	9.49M	10.15M	20.2M	20.79M
Pretax Income+	44.03M	55.28M	78.52M	86.68M	92.98M	96.91M	211.99M	306.76M	199.18M	211.07M
Pretax Margin %	0.06%	0.07%	0.09%	0.09%	0.09%	0.09%	0.13%	0.14%	0.11%	0.1%
Income Tax+	15.49M	17.33M	17.02M	18.05M	17.91M	20.27M	14.25M	65.92M	41.27M	40.03M
Effective Tax Rate %	0.65%	0.69%	0.78%	0.79%	0.81%	0.79%	0.93%	0.78%	0.79%	0.81%
Net Income+	28.54M	37.95M	61.5M	68.62M	75.07M	76.65M	197.7M	240.55M	157.82M	171.04M
Net Margin %	0.04%	0.05%	0.07%	0.07%	0.07%	0.07%	0.12%	0.11%	0.09%	0.08%
Net Income Growth %	0.2%	0.33%	0.62%	0.12%	0.09%	0.02%	1.58%	0.22%	-0.34%	0.08%
Net Income (Continuing)	28.54M	37.95M	61.5M	68.62M	75.07M	76.65M	197.74M	240.84M	157.91M	171.04M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	825K	825K	1.22M	0	0
EPS (Diluted)+	3.15	4.17	6.68	7.40	8.10	8.25	21.34	26.95	18.37	20.71
EPS Growth %	0.19%	0.32%	0.6%	0.11%	0.09%	0.02%	1.59%	0.26%	-0.32%	0.13%
EPS (Basic)	3.21	4.23	6.82	7.56	8.22	8.34	21.54	27.20	18.55	20.97
Diluted Shares Outstanding	9.05M	9.11M	9.2M	9.27M	9.27M	9.29M	9.26M	8.92M	8.59M	8.26M
Basic Shares Outstanding	8.89M	8.98M	9.02M	9.08M	9.13M	9.19M	9.18M	8.84M	8.51M	8.16M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	298.72M	356.76M	418.59M	462.05M	516.18M	744.12M	744.12M	804.58M	851.8M	910.19M
Cash & Short-Term Investments	107.91M	143.83M	198.63M	199.99M	256.41M	264.24M	264.24M	286.4M	370.96M	376.07M
Cash Only	97.77M	132.54M	186.77M	187.37M	241.83M	244.15M	244.15M	271.43M	352.69M	356.23M
Short-Term Investments	10.14M	11.29M	11.87M	12.62M	14.58M	20.09M	20.09M	14.98M	18.27M	19.84M
Accounts Receivable	54.59M	70.27M	71.62M	85.99M	90.6M	149.34M	149.34M	89.35M	141.15M	188.07M
Days Sales Outstanding	27.97	33.15	30	32.6	31.14	49.19	33.5	15.22	28.71	34.06
Inventory	94.81M	93.86M	109.15M	116.2M	113.53M	243.97M	243.97M	263.15M	241.34M	252.69M
Days Inventory Outstanding	60.94	55.63	57.69	56.03	49.85	102.46	73.09	60.49	64.4	59.51
Other Current Assets	19.22M	20.78M	11.23M	15.21M	13.45M	14.85M	14.85M	75.69M	98.35M	93.35M
Total Non-Current Assets+	255.12M	250.55M	256.19M	263.17M	294.25M	410.86M	410.86M	503.4M	502.36M	496.46M
Property, Plant & Equipment	55.07M	56.96M	63.35M	63.48M	91.08M	180.97M	180.97M	255.03M	263.23M	263.2M
Fixed Asset Turnover	12.93x	13.58x	13.75x	15.17x	11.66x	6.12x	8.99x	8.40x	6.82x	7.66x
Goodwill	69.75M	69.75M	72.92M	72.92M	75.09M	100.99M	100.99M	114.55M	121.93M	121.97M
Intangible Assets	10.64M	10.27M	10.1M	9.78M	15.11M	28.46M	28.46M	29.79M	28.22M	16.73M
Long-Term Investments	28.95M	30.26M	33.57M	32.14M	31.56M	34.93M	34.93M	18.64M	17.32M	18.07M
Other Non-Current Assets	70.1M	62.19M	68.66M	77.85M	81.41M	65.5M	65.5M	85.39M	71.66M	74.64M
Total Assets+	553.84M	607.32M	674.78M	725.22M	810.43M	1.15B	1.15B	1.31B	1.35B	1.41B
Asset Turnover	1.29x	1.27x	1.29x	1.33x	1.31x	0.96x	1.41x	1.64x	1.33x	1.43x
Asset Growth %	0.1%	0.1%	0.11%	0.07%	0.12%	0.43%	0%	0.13%	0.04%	0.04%
Total Current Liabilities+	125.09M	140.22M	176.33M	174.01M	172.1M	294.17M	294.17M	293.39M	273.27M	303.17M
Accounts Payable	18.51M	24.01M	23.79M	29.3M	29.92M	43.08M	43.08M	30.73M	33.53M	37.2M
Days Payables Outstanding	11.9	14.23	12.57	14.13	13.14	18.09	12.91	7.06	8.95	8.76
Short-Term Debt	6.26M	6.42M	26.04M	19.52M	2.25M	784K	784K	455K	0	6.25M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K
Other Current Liabilities	58.9M	67.37M	82.9M	80.54M	38.73M	-784K	-784K	174.17M	168.16M	65.8M
Current Ratio	2.39x	2.54x	2.37x	2.66x	3.00x	2.53x	2.53x	2.74x	3.12x	3.00x
Quick Ratio	1.63x	1.88x	1.75x	1.99x	2.34x	1.70x	1.70x	1.85x	2.23x	2.17x
Cash Conversion Cycle	77.01	74.55	75.13	74.5	67.86	133.56	93.68	68.65	84.16	84.81
Total Non-Current Liabilities+	75.52M	72.69M	41.34M	21.62M	30.74M	29.52M	29.52M	37.08M	47.48M	38.9M
Long-Term Debt	54.91M	51.57M	33.77M	14.62M	12.34M	10.84M	10.84M	1.92M	0	1.36M
Capital Lease Obligations	0	0	0	0	11.11M	13.16M	13.16M	27.57M	35.15M	37.54M
Deferred Tax Liabilities	20.61M	21.12M	7.58M	7M	7.29M	5.53M	5.53M	0	4.58M	0
Other Non-Current Liabilities	0	0	0	0	0	0	0	7.58M	7.76M	0
Total Liabilities	200.61M	212.91M	217.67M	195.63M	202.84M	323.69M	323.69M	330.47M	320.75M	342.06M
Total Debt+	61.17M	57.99M	59.81M	34.14M	29.87M	24.78M	24.78M	36.56M	35.15M	45.14M
Net Debt	-36.59M	-74.55M	-126.95M	-153.23M	-211.96M	-219.37M	-219.37M	-234.87M	-317.54M	-311.08M
Debt / Equity	0.17x	0.15x	0.13x	0.06x	0.05x	0.03x	0.03x	0.04x	0.03x	0.04x
Debt / EBITDA	1.22x	0.96x	0.77x	0.38x	0.33x	0.26x	0.12x	0.12x	0.18x	0.22x
Net Debt / EBITDA	-0.73x	-1.23x	-1.63x	-1.72x	-2.34x	-2.31x	-1.03x	-0.75x	-1.61x	-1.48x
Interest Coverage	10.62x	12.79x	16.78x	24.43x	56.79x	120.36x	288.46x	325.94x	108.54x	368.04x
Total Equity+	353.23M	394.41M	457.11M	529.59M	607.59M	831.28M	831.28M	977.5M	1.03B	1.06B
Equity Growth %	0.1%	0.12%	0.16%	0.16%	0.15%	0.37%	0%	0.18%	0.06%	0.03%
Book Value per Share	39.05	43.31	49.68	57.14	65.55	89.45	89.73	109.53	120.28	128.88
Total Shareholders' Equity	353.23M	394.41M	457.11M	529.59M	607.59M	830.46M	830.46M	976.29M	1.03B	1.06B
Common Stock	89K	90K	90K	91K	92K	93K	93K	93K	94K	94K
Retained Earnings	110.19M	148.14M	209.38M	280.08M	355.14M	628.76M	628.76M	869.31M	1.03B	1.2B
Treasury Stock	0	0	0	0	0	-61.04M	-61.04M	-164.45M	-274.69M	-424.62M
Accumulated OCI	1.29M	1.39M	1.44M	-28K	90K	-403K	-403K	-615K	-333K	9K
Minority Interest	0	0	0	0	0	825K	825K	1.22M	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	43.54M	44.79M	58.77M	32.84M	101.74M	144.22M	144.22M	255.69M	224.68M	178.5M
Operating CF Margin %	0.06%	0.06%	0.07%	0.03%	0.1%	0.13%	0.09%	0.12%	0.13%	0.09%
Operating CF Growth %	0.69%	0.03%	0.31%	-0.44%	2.1%	0.42%	0%	0.77%	-0.12%	-0.21%
Net Income	28.54M	37.95M	61.5M	68.62M	75.07M	197.74M	197.74M	240.84M	157.82M	171.04M
Depreciation & Amortization	3.92M	3.69M	4.03M	4.7M	5.78M	11.02M	11.02M	16.9M	18.52M	19.26M
Stock-Based Compensation	1.76M	2.13M	2.32M	3.37M	3.88M	5.06M	5.06M	6.26M	6.76M	8.68M
Deferred Taxes	-2.22M	-2.12M	-4.26M	-762K	261K	-1.73M	-1.73M	2.11M	-3.08M	-6.52M
Other Non-Cash Items	6.41M	-8.2M	-9.53M	4.42M	-1.27M	250.18M	16.88M	7.76M	-10.96M	132.4M
Working Capital Changes	5.13M	11.34M	4.71M	-47.51M	18.02M	-318.04M	-84.74M	-18.19M	55.63M	-146.36M
Change in Receivables	3.33M	-2.15M	-4.12M	-5.68M	-3.36M	-254.15M	-27.27M	10.24M	11.57M	-172.14M
Change in Inventory	-3.98M	958K	-13.43M	-7.05M	8.25M	-73.8M	-73.8M	38.87M	44.86M	-11.36M
Change in Payables	15.52M	17.36M	7.32M	-452.8M	6.44M	38.23M	38.23M	-13.4M	-22.26M	29.44M
Cash from Investing+	-38.23M	-7.06M	-4.67M	-5.82M	-25.24M	-159.1M	-159.1M	-129.34M	-31.71M	-23.95M
Capital Expenditures	-3.52M	-5.29M	-8.39M	-7.64M	-14.34M	-18.65M	-18.65M	-44.11M	-17.42M	-21.43M
CapEx % of Revenue	0%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	93K	145K	474K	1.82M	6.54M	1.33M	1.33M	1.82M	4.8M	184K
Cash from Financing+	-4.15M	-2.96M	124K	-26.41M	-20.76M	-65.09M	-65.09M	-102.2M	-107.71M	-147.95M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.98M	1M	-915K	-114K	-1.07M	3.78M	-375K	1.86M	2.09M	1.04M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	40.02M	39.5M	50.38M	25.2M	87.4M	125.57M	125.57M	211.59M	207.26M	157.07M
FCF Margin %	0.06%	0.05%	0.06%	0.03%	0.08%	0.11%	0.08%	0.1%	0.12%	0.08%
FCF Growth %	0.7%	-0.01%	0.28%	-0.5%	2.47%	0.44%	0%	0.68%	-0.02%	-0.24%
FCF per Share	4.42	4.34	5.48	2.72	9.43	13.51	13.55	23.71	24.12	19.02
FCF Conversion (FCF/Net Income)	1.53x	1.18x	0.96x	0.48x	1.36x	1.88x	0.73x	1.06x	1.42x	1.04x
Interest Paid	3.86M	3.4M	2.91M	2.3M	736K	451K	451K	619K	801K	11K
Taxes Paid	15.44M	18.11M	17.27M	19.91M	18.84M	31.41M	31.41M	82.44M	36.76M	45.58M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.48%	10.15%	14.45%	13.91%	13.2%	10.65%	23.78%	26.6%	15.7%	16.3%
Return on Invested Capital (ROIC)	11.45%	13.39%	17.02%	17.86%	16.5%	13.22%	24.82%	32.85%	18.41%	19.42%
Gross Margin	20.28%	20.42%	20.74%	21.37%	21.71%	21.57%	25.12%	25.9%	23.79%	23.1%
Net Margin	4.01%	4.91%	7.06%	7.13%	7.07%	6.92%	12.15%	11.23%	8.79%	8.49%
Debt / Equity	0.17x	0.15x	0.13x	0.06x	0.05x	0.03x	0.03x	0.04x	0.03x	0.04x
Interest Coverage	10.62x	12.79x	16.78x	24.43x	56.79x	120.36x	288.46x	325.94x	108.54x	368.04x
FCF Conversion	1.53x	1.18x	0.96x	0.48x	1.36x	1.88x	0.73x	1.06x	1.42x	1.04x
Revenue Growth	25.71%	8.63%	12.59%	10.5%	10.29%	4.36%	46.85%	31.68%	-16.24%	12.29%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Factory Built Housing	655.15M	720.97M	815.52M	-	-	-	-	-	1.72B	1.93B
Factory Built Housing Growth	-	10.05%	13.11%	-	-	-	-	-	-	12.61%
Financial Services	57.2M	52.83M	55.72M	-	-	-	-	-	78.19M	82.35M
Financial Services Growth	-	-7.65%	5.47%	-	-	-	-	-	-	5.32%
Insurance	-	32.31M	34.34M	-	-	-	-	-	59.3M	-
Insurance Growth	-	-	6.27%	-	-	-	-	-	-	-
Consumer Finance	-	20.52M	21.38M	-	-	-	-	-	18.88M	-
Consumer Finance Growth	-	-	4.21%	-	-	-	-	-	-	-
Subcontracted site improvements	-	-	-	24.9M	30M	41.1M	43.9M	53.3M	-	-
Subcontracted site improvements Growth	-	-	-	-	20.48%	37.00%	6.81%	21.41%	-	-

Frequently Asked Questions

Valuation & Price

Cavco Industries, Inc. (CVCO) has a price-to-earnings (P/E) ratio of 33.5x. This suggests investors expect higher future growth.

Growth & Financials

Cavco Industries, Inc. (CVCO) reported $2.14B in revenue for fiscal year 2025. This represents a 384% increase from $443.1M in 2012.

Cavco Industries, Inc. (CVCO) grew revenue by 12.3% over the past year. This is steady growth.

Yes, Cavco Industries, Inc. (CVCO) is profitable, generating $196.8M in net income for fiscal year 2025 (8.5% net margin).

Dividend & Returns

Cavco Industries, Inc. (CVCO) has a return on equity (ROE) of 16.3%. This is reasonable for most industries.

Cavco Industries, Inc. (CVCO) generated $180.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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