The company maintains a robust liquidity position with a current ratio of 2.46 and a conservative capital structure characterized by a 0.03 debt-to-equity ratio as of 2026Q4.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 |
|---|
| Total Current Assets | 824.73M | 910.19M | 851.8M | 804.58M | 744.12M | 744.12M | 516.18M | 462.05M | 418.59M | 356.76M | 298.72M | 265.46M | 227.85M | 194.38M | 169.03M | 146.83M | 112.91M | 98.43M | 101.2M | 91.99M | 89.03M | 70.66M | 54.29M | 34.4M | 38.76M | 47.76M |
| Cash & Short-Term Investments | 273.26M | 376.07M | 370.96M | 286.4M | 264.24M | 264.24M | 256.41M | 199.99M | 198.63M | 143.83M | 107.91M | 103.7M | 81.24M | 54.75M | 46.47M | 76.51M | 74.99M | 75.02M | 73.61M | 63.88M | 58.02M | 46.46M | 30.77M | 640K | 679K | 834K |
| Cash Only | 257.03M | 356.23M | 352.69M | 271.43M | 244.15M | 244.15M | 241.83M | 187.37M | 186.77M | 132.54M | 97.77M | 96.6M | 72.95M | 47.82M | 41.09M | 76.51M | 74.99M | 70.56M | 73.61M | 12.98M | 15.12M | 46.46M | 30.77M | 0 | 0 | 0 |
| Short-Term Investments | 16.23M | 19.84M | 18.27M | 14.98M | 20.09M | 20.09M | 14.58M | 12.62M | 11.87M | 11.29M | 10.14M | 7.11M | 8.29M | 6.93M | 5.38M | 0 | 0 | 4.46M | 0 | 50.9M | 42.9M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 184.17M | 188.07M | 141.15M | 89.35M | 149.34M | 149.34M | 90.6M | 85.99M | 71.62M | 70.27M | 54.59M | 53.4M | 43.6M | 42.88M | 35.58M | 46.63M | 9.43M | 6.23M | 10.09M | 8.11M | 11.57M | 7.54M | 6.48M | 5.26M | 3.83M | 8.84M |
| Days Sales Outstanding | 29.95 | 34.06 | 28.71 | 15.22 | 33.5 | 49.19 | 31.14 | 32.6 | 30 | 33.15 | 27.97 | 34.39 | 29.84 | 34.6 | 29.31 | 99.06 | 29.77 | 21.6 | 25.96 | 17.5 | 22.28 | 17.49 | 18.35 | 17.46 | 14.62 | 33.78 |
| Inventory | 295.67M | 252.69M | 241.34M | 263.15M | 243.97M | 243.97M | 113.53M | 116.2M | 109.15M | 93.86M | 94.81M | 75.33M | 69.73M | 68.81M | 62.25M | 16.04M | 15.75M | 9.33M | 11.29M | 13.46M | 12.73M | 9.7M | 8M | 13.99M | 24.73M | 10.21M |
| Days Inventory Outstanding | 62.83 | 59.51 | 64.4 | 60.49 | 73.09 | 102.46 | 49.85 | 56.03 | 57.69 | 55.63 | 60.94 | 62.42 | 61.5 | 71.36 | 65.45 | 39.67 | 54.8 | 36.01 | 33.91 | 35.4 | 30.75 | 27.69 | 27.47 | 56.33 | 112.25 | 47.92 |
| Other Current Assets | 71.63M | 93.35M | 98.35M | 75.69M | 14.85M | 14.85M | 13.45M | 15.21M | 11.23M | 20.78M | 19.22M | 18.57M | 20.66M | 17.68M | 16.89M | 7.21M | 6.47M | 3.68M | 4.36M | 4.27M | 5.26M | 4.64M | 7.34M | 14.5M | 9.51M | 27.88M |
| Total Non-Current Assets | 666.41M | 496.46M | 502.36M | 503.4M | 410.86M | 410.86M | 294.25M | 263.17M | 256.19M | 250.55M | 255.12M | 237.12M | 241.39M | 250.12M | 268.3M | 122.61M | 119.43M | 80.2M | 80.05M | 80.15M | 79.69M | 74.82M | 75.57M | 76.51M | 77.3M | 71.76M |
| Property, Plant & Equipment | 312.47M | 263.2M | 263.23M | 255.03M | 180.97M | 180.97M | 91.08M | 63.48M | 63.35M | 56.96M | 55.07M | 44.71M | 48.23M | 46.22M | 50.06M | 35.99M | 37.59M | 12.86M | 12.71M | 12.8M | 12.34M | 7.47M | 8.22M | 9.16M | 9.96M | 4.42M |
| Fixed Asset Turnover | 7.18x | 7.66x | 6.82x | 8.40x | 8.99x | 6.12x | 11.66x | 15.17x | 13.75x | 13.58x | 12.93x | 12.67x | 11.06x | 9.79x | 8.85x | 4.77x | 3.08x | 8.19x | 11.17x | 13.21x | 15.35x | 21.07x | 15.68x | 12.01x | 9.61x | 21.63x |
| Goodwill | 208.84M | 121.97M | 121.93M | 114.55M | 100.99M | 100.99M | 75.09M | 72.92M | 72.92M | 69.75M | 69.75M | 67.35M | 67.35M | 67.3M | 67.35M | 67.35M | 9.43M | 67.35M | 67.35M | 67.35M | 67.35M | 67.35M | 67.35M | 67.35M | 67.35M | 67.35M |
| Intangible Assets | 28.07M | 16.73M | 28.22M | 29.79M | 28.46M | 28.46M | 15.11M | 9.78M | 10.1M | 10.27M | 10.64M | 9.33M | 10.71M | 12.1M | 13.57M | 1.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 117.03M | 18.07M | 17.32M | 18.64M | 34.93M | 34.93M | 31.56M | 32.14M | 33.57M | 30.26M | 28.95M | 24.81M | 17.16M | 10.77M | 8.82M | -73.58M | -6.24M | -12.86M | -12.71M | -12.8M | -12.34M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 74.64M | 71.66M | 85.39M | 65.5M | 65.5M | 81.41M | 77.85M | 68.66M | 62.19M | 70.1M | 70.33M | 78.05M | 110.95M | 123.73M | 86.62M | 12.93M | 9.43M | 8.67M | 8.87M | 8.3M | -3.61M | -3.57M | 0 | 0 | 0 |
| Total Assets | 1.49B | 1.41B | 1.35B | 1.31B | 1.15B | 1.15B | 810.43M | 725.22M | 674.78M | 607.32M | 553.84M | 502.58M | 469.24M | 444.5M | 437.33M | 269.44M | 232.34M | 178.63M | 181.25M | 172.14M | 168.72M | 145.48M | 129.85M | 110.91M | 116.06M | 119.52M |
| Asset Turnover | 1.51x | 1.43x | 1.33x | 1.64x | 1.41x | 0.96x | 1.31x | 1.33x | 1.29x | 1.27x | 1.29x | 1.13x | 1.14x | 1.02x | 1.01x | 0.64x | 0.50x | 0.59x | 0.78x | 0.98x | 1.12x | 1.08x | 0.99x | 0.99x | 0.82x | 0.80x |
| Asset Growth % | 6.01% | 3.88% | 3.53% | 13.25% | 0% | 42.51% | 11.75% | 7.47% | 11.11% | 9.66% | 10.2% | 7.11% | 5.57% | 1.64% | 62.31% | 15.97% | 30.07% | -1.44% | 5.29% | 2.02% | 15.98% | 12.03% | 17.09% | -4.45% | -2.89% | - |
| Total Current Liabilities | 335.4M | 303.17M | 273.27M | 293.39M | 294.17M | 294.17M | 172.1M | 174.01M | 176.33M | 140.22M | 125.09M | 101.47M | 98.99M | 87M | 85.5M | 65.74M | 32.29M | 14.49M | 20.15M | 21.29M | 32.65M | 28.08M | 25.09M | 18.56M | 23.09M | 26.6M |
| Accounts Payable | 44.17M | 37.2M | 33.53M | 30.73M | 43.08M | 43.08M | 29.92M | 29.3M | 23.79M | 24.01M | 18.51M | 17.8M | 15.29M | 14.12M | 11.73M | 3.5M | 5.38M | 739K | 2.15M | 2.87M | 6.27M | 5.98M | 6.11M | 0 | 0 | 0 |
| Days Payables Outstanding | 9.39 | 8.76 | 8.95 | 7.06 | 12.91 | 18.09 | 13.14 | 14.13 | 12.57 | 14.23 | 11.9 | 14.75 | 13.48 | 14.64 | 12.34 | 8.65 | 18.7 | 2.85 | 6.45 | 7.54 | 15.14 | 17.06 | 20.98 | - | - | - |
| Short-Term Debt | 0 | 6.25M | 0 | 455K | 784K | 784K | 2.25M | 19.52M | 26.04M | 6.42M | 6.26M | 6.59M | 10.19M | 10.17M | 15.28M | 36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 46.93M | 33.45M | 0 | 56.32M | 56.32M | 22.05M | 17.8M | 21.89M | 18.89M | 16.86M | 15.83M | 14.9M | 6.72M | 20.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 291.23M | 65.8M | 168.16M | 174.17M | -784K | -784K | 38.73M | 80.54M | 82.9M | 67.37M | 58.9M | 44.94M | 42.34M | 36.61M | 24.04M | 14.31M | 0 | 0 | 0 | 0 | 0 | 555K | 0 | 18.56M | 23.09M | 26.6M |
| Current Ratio | 2.46x | 3.00x | 3.12x | 2.74x | 2.53x | 2.53x | 3.00x | 2.66x | 2.37x | 2.54x | 2.39x | 2.62x | 2.30x | 2.23x | 1.98x | 2.23x | 3.50x | 6.79x | 5.02x | 4.32x | 2.73x | 2.52x | 2.16x | 1.85x | 1.68x | 1.80x |
| Quick Ratio | 1.58x | 2.17x | 2.23x | 1.85x | 1.70x | 1.70x | 2.34x | 1.99x | 1.75x | 1.88x | 1.63x | 1.87x | 1.60x | 1.44x | 1.25x | 1.99x | 3.01x | 6.15x | 4.46x | 3.69x | 2.34x | 2.17x | 1.85x | 1.10x | 0.61x | 1.41x |
| Cash Conversion Cycle | 83.4 | 84.81 | 84.16 | 68.65 | 93.68 | 133.56 | 67.86 | 74.5 | 75.13 | 74.55 | 77.01 | 82.06 | 77.85 | 91.32 | 82.42 | 130.08 | 65.86 | 54.76 | 53.43 | 45.36 | 37.89 | 28.12 | 24.85 | - | - | - |
| Total Non-Current Liabilities | 52.56M | 38.9M | 47.48M | 37.08M | 29.52M | 29.52M | 30.74M | 21.62M | 41.34M | 72.69M | 75.52M | 80.96M | 79.81M | 88.61M | 96.94M | 17.21M | 19.69M | 16.1M | 14.75M | 12.76M | 11.04M | 9.09M | 6.83M | 0 | 36.01M | 34.52M |
| Long-Term Debt | 0 | 1.36M | 0 | 1.92M | 10.84M | 10.84M | 12.34M | 14.62M | 33.77M | 51.57M | 54.91M | 60.37M | 59.87M | 72.12M | 80.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 30.75M | 37.54M | 35.15M | 27.57M | 13.16M | 13.16M | 11.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 14.72M | 0 | 4.58M | 0 | 5.53M | 5.53M | 7.29M | 7M | 7.58M | 21.12M | 20.61M | 20.59M | 19.95M | 16.49M | 16.2M | 17.21M | 19.69M | 16.1M | 14.75M | 12.76M | 11.04M | 9.09M | 6.83M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 7.1M | 0 | 7.76M | 7.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.01M | 34.52M |
| Total Liabilities | 387.96M | 342.06M | 320.75M | 330.47M | 323.69M | 323.69M | 202.84M | 195.63M | 217.67M | 212.91M | 200.61M | 182.43M | 178.81M | 175.62M | 182.45M | 82.95M | 51.99M | 30.59M | 34.9M | 34.05M | 43.69M | 37.17M | 31.92M | 18.56M | 59.09M | 61.11M |
| Total Debt | 30.75M | 45.14M | 35.15M | 36.56M | 24.78M | 24.78M | 29.87M | 34.14M | 59.81M | 57.99M | 61.17M | 66.96M | 70.05M | 82.29M | 4.55M | 36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.1M | 34.5M |
| Net Debt | -226.28M | -311.08M | -317.54M | -234.87M | -219.37M | -219.37M | -211.96M | -153.23M | -126.95M | -74.55M | -36.59M | -29.64M | -2.9M | 34.46M | -36.54M | -40.51M | -74.99M | -70.56M | -73.61M | -12.98M | -15.12M | -46.46M | -30.77M | 0 | 36.1M | 34.5M |
| Debt / Equity | 0.03x | 0.04x | 0.03x | 0.04x | 0.03x | 0.03x | 0.05x | 0.06x | 0.13x | 0.15x | 0.17x | 0.21x | 0.24x | 0.31x | 0.02x | 0.19x | - | - | - | - | - | - | - | - | 0.63x | 0.59x |
| Debt / EBITDA | 0.12x | 0.22x | 0.18x | 0.12x | 0.12x | 0.26x | 0.33x | 0.38x | 0.77x | 0.96x | 1.22x | 1.59x | 1.97x | 3.28x | 0.21x | 8.39x | - | - | - | - | - | - | - | - | 7.27x | - |
| Net Debt / EBITDA | -0.90x | -1.48x | -1.61x | -0.75x | -1.03x | -2.31x | -2.34x | -1.72x | -1.63x | -1.23x | -0.73x | -0.70x | -0.08x | 1.38x | -1.68x | -9.44x | - | -188.15x | -10.03x | -0.83x | -0.66x | -2.85x | -2.89x | - | 7.27x | - |
| Interest Coverage | 422.49x | 409.26x | 121.79x | 338.10x | 302.98x | 132.32x | 63.19x | 26.17x | 18.86x | 13.44x | 11.09x | 9.14x | 6.74x | 3.79x | 5.44x | - | - | - | - | 6.28x | 14.87x | 28.71x | 38.82x | - | - | - |
| Total Equity | 1.1B | 1.06B | 1.03B | 977.5M | 831.28M | 831.28M | 607.59M | 529.59M | 457.11M | 394.41M | 353.23M | 320.15M | 290.43M | 268.88M | 254.88M | 186.49M | 180.35M | 148.04M | 146.35M | 138.09M | 125.03M | 108.31M | 97.93M | 92.35M | 56.97M | 58.41M |
| Equity Growth % | 3.63% | 3.02% | 5.72% | 17.59% | 0% | 36.82% | 14.73% | 15.86% | 15.9% | 11.66% | 10.33% | 10.23% | 8.01% | 5.49% | 36.68% | 3.4% | 21.83% | 1.15% | 5.98% | 10.45% | 15.44% | 10.6% | 6.05% | 62.09% | -2.46% | - |
| Book Value per Share | 138.83 | 128.88 | 120.28 | 109.53 | 89.73 | 89.45 | 65.55 | 57.14 | 49.68 | 43.31 | 39.05 | 35.51 | 34.66 | 38.26 | 36.68 | 27.19 | 27.68 | 22.12 | 21.96 | 20.83 | 18.53 | 16.52 | 7.76 | 14.67 | 9.05 | 9.28 |
| Total Shareholders' Equity | 1.1B | 1.06B | 1.03B | 976.29M | 830.46M | 830.46M | 607.59M | 529.59M | 457.11M | 394.41M | 353.23M | 320.15M | 290.43M | 176.89M | 168.34M | 150.67M | 145.78M | 148.04M | 146.35M | 138.09M | 125.03M | 108.31M | 97.93M | 92.35M | 56.97M | 58.41M |
| Common Stock | 95K | 94K | 94K | 93K | 93K | 93K | 92K | 91K | 90K | 90K | 89K | 89K | 88K | 70K | 69K | 68K | 65K | 65K | 65K | 64K | 64K | 63K | 31K | 0 | 0 | 0 |
| Retained Earnings | 1.39B | 1.2B | 1.03B | 869.31M | 628.76M | 628.76M | 355.14M | 280.08M | 209.38M | 148.14M | 110.19M | 81.64M | 57.83M | 41.59M | 36.63M | 21.39M | 18.56M | 21.93M | 21.47M | 15.16M | 3.61M | -11.44M | -21.57M | 0 | 0 | 0 |
| Treasury Stock | -585.87M | -424.62M | -274.69M | -164.45M | -61.04M | -61.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 30K | 9K | -333K | -615K | -403K | -403K | 90K | -28K | 1.44M | 1.39M | 1.29M | 504K | 436K | 177K | 58K | -11.18M | -9.93M | -9.28M | -8.61M | -7.89M | -63K | -313K | -563K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 1.22M | 825K | 825K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 91.99M | 86.54M | 35.82M | 34.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dealer inventory financing sensitivity
According to recent SEC filings, Cavco has maintained a remarkably stable equity base of approximately $1.1 billion over the last five quarters, signaling a disciplined approach to capital management as the company navigates the transition from pandemic-era demand surges to a more normalized housing market environment.
The consistency in total equity despite fluctuating cash levels suggests that management is prioritizing balance sheet stability over aggressive expansion. This trajectory implies that the company is well-positioned to absorb potential cyclical downturns without needing to dilute shareholders or access external credit markets.
As reported in financial statements, Cavco maintains a negligible debt-to-equity ratio of 0.03 as of 2026Q4, reflecting a conservative capital structure that effectively insulates the firm from the rising interest rate environment currently impacting the broader residential construction and dealer financing sectors.
With total debt remaining consistently low, the company avoids the interest rate sensitivity that plagues more leveraged peers. This lack of reliance on debt suggests that Cavco retains significant optionality to pursue strategic acquisitions or share repurchases should market valuations become more attractive.
Based on the company's reported figures, the current ratio remains strong at 2.46 as of 2026Q4, providing a substantial liquidity cushion that supports the firm's ability to manage working capital requirements and potential repurchase obligations within its independent dealer network during periods of reduced wholesale demand.
The high current ratio indicates that the company is not overly reliant on short-term financing to maintain its operations. Investors should monitor whether this liquidity remains elevated, as it serves as a critical buffer against the inherent volatility of the manufactured housing supply chain.
Analysis of recent balance sheets shows that goodwill has increased to $208.8 million in 2026Q4 from $122.0 million in 2025Q2, reflecting the successful integration of recent acquisitions like Solitaire Homes which are intended to deepen the company's regional manufacturing and retail footprint.
The growth in goodwill and net PPE suggests a deliberate strategy to expand capacity and vertical integration. While this increases the asset base, it also necessitates ongoing monitoring to ensure that these acquired assets continue to generate returns that exceed the company's cost of capital.
While the headline balance sheet appears pristine, the company's potential repurchase obligations to lenders represent a non-obvious risk, as these contingent liabilities could effectively function as leverage if a significant portion of the independent dealer network faces credit distress in a high-rate environment.
These off-balance-sheet arrangements warrant careful investigation, as they are not fully captured in traditional debt metrics. If dealer defaults were to spike, the company might be forced to absorb inventory, which could rapidly deplete the current cash reserves and strain the otherwise fortress-like balance sheet.
Quick answers to the most common questions about buying CVCO stock.
As of 2026, Cavco Industries, Inc. (CVCO) had total assets of $1.49B including $824.7M in current assets.
Cavco Industries, Inc. (CVCO) carries total debt of $30.7M, offset by $273.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cavco Industries, Inc. (CVCO) has total shareholders' equity (book value) of $1.10B ($138.83 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cavco Industries, Inc. (CVCO) reported a current ratio of 2.46x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.