Operational efficiency remains high, evidenced by an OCF/NI ratio of 1.59 in 2026Q4 and a disciplined capital intensity with CapEx/Revenue ratios consistently between 1.0% and 1.7%.
| 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 |
|---|
| Cash from Operations | 267.49M | 178.5M | 224.68M | 255.69M | 144.22M | 144.22M | 101.74M | 32.84M | 58.77M | 44.79M | 43.54M | 25.7M | 46.76M | 20.72M | 16.43M | 3.14M | -9.55M | 1.33M | 9M | 6.38M | 16.59M | 16.26M | 18.77M | 0 | 0 | 890K |
| Operating CF Margin % | 11.92% | 8.86% | 12.52% | 11.93% | 8.86% | 13.02% | 9.58% | 3.41% | 6.75% | 5.79% | 6.11% | 4.54% | 8.77% | 4.58% | 3.71% | 1.83% | -8.26% | 1.26% | 6.34% | 3.77% | 8.75% | 10.33% | 14.57% | - | - | 0.93% |
| Operating CF Growth % | 49.86% | -20.56% | -12.13% | 77.29% | 0% | 41.76% | 209.83% | -44.13% | 31.2% | 2.87% | 69.44% | -45.04% | 125.66% | 26.11% | 423.08% | 132.89% | -820.29% | -85.26% | 41.09% | -61.56% | 2.02% | -13.4% | - | - | -100% | - |
| Net Income | 190.55M | 171.04M | 157.82M | 240.55M | 197.74M | 197.74M | 75.07M | 68.62M | 61.5M | 37.95M | 28.54M | 23.82M | 18.71M | 10.3M | 29.73M | 4.07M | -3.79M | 458K | 6.31M | 11.55M | 15.05M | 10.13M | 6.15M | -4.54M | -1.44M | -27.27M |
| Depreciation & Amortization | 23.04M | 19.26M | 18.52M | 16.9M | 11.02M | 11.02M | 5.78M | 4.7M | 4.03M | 3.69M | 3.92M | 3.76M | 4M | 4.01M | 5.56M | 1.36M | 1.2M | 817K | 785K | 692K | 1.17M | 1.3M | 1.6M | 1.17M | 1.2M | 5.6M |
| Stock-Based Compensation | 12.78M | 8.68M | 6.76M | 0 | 5.06M | 5.06M | 3.88M | 3.37M | 2.32M | 2.13M | 1.76M | 1.66M | 2.35M | 1.27M | 916K | 671K | 372K | 137K | 412K | 846K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 9.79M | -6.52M | -3.08M | 2.11M | -1.73M | -1.73M | 261K | -762K | -4.26M | -2.12M | -2.22M | 662K | 512K | 2.13M | -2.49M | -960K | 1.44M | 1.95M | 1.88M | 1.83M | 1.52M | 2.22M | 2.26M | 0 | 0 | 0 |
| Other Non-Cash Items | -6.27M | 132.4M | -10.96M | -2.7M | 16.88M | 250.18M | -1.27M | 4.42M | -9.53M | -8.2M | 6.41M | -2.5M | 13.56M | 8.76M | -29.5M | -513K | 318K | 39K | 108K | 40K | 646K | 270K | 0 | 3.21M | 5.72M | 17.99M |
| Working Capital Changes | 37.6M | -146.36M | 55.63M | -1.18M | -84.74M | -318.04M | 18.02M | -47.51M | 4.71M | 11.34M | 5.13M | -1.69M | 7.63M | -5.74M | 12.22M | -1.49M | -9.09M | -2.08M | -505K | -8.58M | -1.8M | 2.34M | 8.76M | 163K | -5.49M | 4.57M |
| Change in Receivables | -70.32M | -172.14M | 11.57M | -15.57M | -27.27M | -254.15M | -3.36M | -5.68M | -4.12M | -2.15M | 3.33M | -6.21M | -2.15M | -3.88M | -5.22M | 2.86M | -1.1M | 3.86M | -1.99M | 3.46M | -4.02M | -1.07M | -1.22M | 0 | 0 | -600K |
| Change in Inventory | 4.88M | -11.36M | 44.86M | 38.87M | -73.8M | -73.8M | 8.25M | -7.05M | -13.43M | 958K | -3.98M | -5.61M | -924K | -6.56M | 1.02M | -285K | 1.39M | 1.96M | 2.17M | -731K | -2.47M | 119K | 3.77M | 0 | 0 | 500K |
| Change in Payables | 13.83M | 29.44M | -22.26M | -13.4M | 38.23M | 38.23M | 6.44M | -452.8M | 7.32M | 17.36M | 15.52M | 10.15M | 12.2M | 6.42M | 11.24M | -2.67M | 5.64M | -5.66M | -1.13M | -11.37M | 5.13M | 2.99M | 5.83M | 0 | 0 | -16.49M |
| Cash from Investing | -222.44M | -23.95M | -31.71M | -129.34M | -159.1M | -159.1M | -25.24M | -5.82M | -4.67M | -7.06M | -38.23M | -2.1M | -9.66M | -2.14M | -23.07M | -39.01M | -21.71M | -5.42M | 50.21M | -9.15M | -48.7M | -575K | -222K | 0 | 0 | -2.45M |
| Capital Expenditures | -35.41M | -21.43M | -17.42M | -44.11M | -18.65M | -18.65M | -14.34M | -7.64M | -8.39M | -5.29M | -3.52M | -2.21M | -2.27M | -755K | -2.43M | -959K | -391K | -986K | -689K | -1.15M | -5.79M | -575K | -222K | 0 | 0 | -2.63M |
| CapEx % of Revenue | 1.58% | 1.06% | 0.97% | 2.06% | 1.15% | 1.68% | 1.35% | 0.79% | 0.96% | 0.68% | 0.49% | 0.39% | 0.42% | 0.17% | 0.55% | 0.56% | 0.34% | 0.94% | 0.49% | 0.68% | 3.06% | 0.37% | 0.17% | - | - | 2.75% |
| Acquisitions | 0 | 0 | -19.2M | -93.45M | -141.43M | -141.43M | -15.94M | 125K | -1.64M | 145K | -28.12M | 0 | 0 | 0 | -67.64M | 0 | -25.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -167.86M | 184K | 4.8M | 1.82M | 1.33M | 1.33M | 6.54M | 1.82M | 474K | 145K | 93K | 6.04M | 61K | 1.8M | 5.31M | 1.02M | 13K | 28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 180K |
| Cash from Financing | -162.79M | -147.95M | -107.71M | -102.2M | -65.09M | -65.09M | -20.76M | -26.41M | 124K | -2.96M | -4.15M | 49K | -11.97M | -11.85M | -28.77M | 37.39M | 35.7M | 1.04M | 1.43M | 628K | 774K | 0 | 12.22M | 0 | 0 | 1.56M |
| Debt Issued (Net) | -295K | -311K | -488K | -641K | -9.28M | -9.28M | -19.69M | -26.3M | 1.04M | -3.96M | -6.13M | -4.13M | -12.38M | -14.05M | -30.24M | 36M | 0 | 0 | 0 | 0 | 0 | 0 | 12.22M | 0 | 0 | 0 |
| Equity Issued (Net) | -157.66M | -148.68M | -109.31M | -103.41M | -55.44M | -59.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M | 0 | 0 | 35M | 0 | 957K | 372K | 774K | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -159.89M | -148.68M | -109.31M | -103.41M | -59.6M | -59.6M | 0 | 0 | 0 | 0 | 0 | 0 | 94.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.84M | 1.04M | 2.09M | 1.86M | -375K | 3.78M | -1.07M | -114K | -915K | 1M | 1.98M | 4.18M | 408K | 0 | 1.46M | 1.39M | 695K | 1.04M | 470K | 256K | 0 | 0 | 0 | 0 | 0 | 1.56M |
| Net Change in Cash | -117.73M | 6.59M | 85.26M | 24.16M | -79.97M | -79.97M | 55.74M | 611K | 54.22M | 34.78M | 1.17M | 23.65M | 25.13M | 6.73M | -35.42M | 1.52M | 4.43M | -3.05M | 60.63M | -2.15M | -31.34M | 15.68M | 12.22M | 0 | 0 | 0 |
| Free Cash Flow | 232.09M | 157.07M | 207.26M | 211.59M | 125.57M | 125.57M | 87.4M | 25.2M | 50.38M | 39.5M | 40.02M | 23.49M | 44.49M | 19.96M | 14M | 2.18M | -9.94M | 340K | 8.31M | 5.23M | 10.79M | 15.68M | 18.55M | 0 | 0 | -1.74M |
| FCF Margin % | 10.34% | 7.79% | 11.55% | 9.87% | 7.72% | 11.33% | 8.23% | 2.62% | 5.78% | 5.1% | 5.62% | 4.15% | 8.34% | 4.41% | 3.16% | 1.27% | -8.6% | 0.32% | 5.85% | 3.09% | 5.69% | 9.96% | 14.4% | - | - | -1.82% |
| FCF Growth % | 47.76% | -24.22% | -2.04% | 68.5% | 0% | 43.68% | 246.81% | -49.99% | 27.56% | -1.31% | 70.4% | -47.21% | 122.85% | 42.58% | 541.75% | 121.95% | -3024.12% | -95.91% | 58.96% | -51.57% | -31.19% | -15.47% | - | - | 100% | - |
| FCF per Share | 29.21 | 19.02 | 24.12 | 23.71 | 13.55 | 13.51 | 9.43 | 2.72 | 5.48 | 4.34 | 4.42 | 2.61 | 5.31 | 2.84 | 2.02 | 0.32 | -1.53 | 0.05 | 1.25 | 0.79 | 1.60 | 2.39 | 1.47 | - | - | -0.28 |
| FCF Conversion (FCF/Net Income) | 1.40x | 1.04x | 1.42x | 1.06x | 0.73x | 1.88x | 1.36x | 0.48x | 0.96x | 1.18x | 1.53x | 1.08x | 2.88x | 4.17x | 1.08x | 1.11x | 2.83x | 2.90x | 1.43x | 0.55x | 1.10x | 1.61x | 3.05x | - | - | -0.03x |
| Interest Paid | 0 | 11K | 801K | 619K | 451K | 451K | 736K | 2.3M | 2.91M | 3.4M | 3.86M | 4.1M | 4.71M | 5.53M | 6.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 45.58M | 36.76M | 82.44M | 31.41M | 31.41M | 18.84M | 19.91M | 17.27M | 18.11M | 15.44M | 7.37M | 6.8M | 6.99M | 3.75M | 1.59M | 18K | 45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dealer inventory financing sensitivity
According to recent financial filings, Cavco consistently demonstrates an OCF/NI ratio exceeding 1.0, with a peak of 1.59 in 2026Q4, suggesting that the company's reported net income is conservative and well-supported by actual cash generation from its core manufacturing and financial services operations.
The consistent premium of operating cash flow over net income indicates that non-cash charges and working capital adjustments are generally favorable to cash liquidity. Investors should monitor whether this conversion efficiency persists if the company faces a sustained downturn in wholesale shipments, which could alter the timing of cash receipts.
As reported in quarterly statements, Cavco's free cash flow margins have remained resilient, fluctuating between 3.4% and 12.4% over the last ten quarters, which highlights the company's ability to generate significant surplus cash even during periods of decelerating revenue growth and shifting market demand.
The trajectory of free cash flow suggests that the company's capital-light manufacturing model allows for substantial cash retention. This capacity to self-fund operations provides a significant buffer against the cyclicality inherent in the residential construction sector, particularly when compared to more capital-intensive peers.
Based on the provided data, Cavco maintains a low capital intensity, with CapEx/Revenue ratios consistently hovering between 1.0% and 1.7%, indicating that the company is not over-investing in fixed assets to maintain its current market position in the manufactured housing space.
The modest level of capital expenditure relative to revenue suggests that the company's existing manufacturing footprint is sufficient to handle current volume levels without requiring massive reinvestment. This disciplined approach to asset maintenance appears to be a key driver of the company's ability to accumulate cash on the balance sheet.
Analysis of recent filings reveals significant swings in working capital, ranging from a $52.4 million outflow in 2026Q1 to a $17.2 million inflow in 2026Q4, which suggests that the company's cash flow is highly sensitive to the timing of inventory build-ups and dealer-related receivables.
These fluctuations likely reflect the inherent challenges of managing a large dealer network and the associated inventory financing cycles. Investors should interpret these swings as a potential indicator of shifting dealer sentiment, as rapid changes in working capital often precede broader changes in wholesale demand.
As indicated by the company's financial statements, Cavco has consistently utilized its surplus cash for share repurchases, with quarterly buybacks reaching as high as $55.9 million in 2024Q3, demonstrating a clear management preference for returning capital to shareholders over large-scale acquisitions or dividend payments.
The reliance on share repurchases as the primary vehicle for capital deployment suggests that management views the company's stock as an attractive investment relative to other internal or external opportunities. While this enhances EPS, it also highlights a lack of aggressive expansionary investment, which may limit future growth potential.
Quick answers to the most common questions about buying CVCO stock.
Cavco Industries, Inc. (CVCO) generated $267.5M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Cavco Industries, Inc. (CVCO) generated $232.1M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cavco Industries, Inc. (CVCO) spent $35.4M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Cavco Industries, Inc. (CVCO) spent $159.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.