Loading…
Cavco Industries, Inc. designs, produces, and retails factory-built homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company produces 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. It also 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. In addition, the company 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. Further, it offers property and casualty insurance to owners of manufactured homes. The company distributes its products through a network of independent and company-owned retailers, planned community operators, and residential developers. The company was founded in 1965 and is headquartered in Phoenix, Arizona.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.0B | $231M | $171M | $157M | 16.1% | 12.3% | 8.4% |
| 2024 | $1.8B | $219M | $158M | $207M | 15.3% | -16.2% | -34.4% |
| 2023 | $2.1B | $325M | $241M | $212M | 24.6% | 31.7% | 21.7% |
| 2022 | $1.6B | $224M | $198M | $126M | 23.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,627.16 | 2,142.71 | 1,794.79 | 2,015.46 |
| Cost Of Revenue | 1,218.41 | 1,587.78 | 1,367.89 | 1,549.87 |
| Gross Profit | 408.75 | 554.93 | 426.90 | 465.59 |
| Operating Expense | 206.25 | 258.32 | 247.92 | 275.32 |
| Operating Income | 202.50 | 296.61 | 178.98 | 190.28 |
| EBITDA | 223.71 | 324.58 | 219.35 | 230.85 |
| EBIT | 212.69 | 307.67 | 200.83 | 211.59 |
| Pretax Income | 211.99 | 306.76 | 199.18 | 211.07 |
| Tax Provision | 14.25 | 65.92 | 41.28 | 40.03 |
| Net Income | 197.70 | 240.55 | 157.82 | 171.04 |
| Net Income Common Stockholders | 197.70 | 240.55 | 157.82 | 171.04 |
| Total Expenses | 1,424.66 | 1,846.10 | 1,615.81 | 1,825.18 |
| Interest Expense | 0.70 | 0.91 | 1.65 | 0.52 |
| Interest Income | 3.54 | 10.68 | 21 | 21.09 |
| Selling General And Administration | 206.25 | 258.32 | 247.92 | 275.32 |
| Normalized EBITDA | 223.71 | 324.58 | 219.35 | 230.85 |
| Normalized Income | 197.70 | 240.55 | 157.82 | 171.04 |
| Market Cap | 4,187.85 | 4,187.85 | 4,187.85 | 4,187.85 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cavco Industries, Inc.this co. | CVCO | $4.4B | 24.49↑ premium | 3.93 | 16.1% | 16.73 |
| Champion Homes, Inc. | SKY | $4.7B | 23.09 | 2.97 | 12.8% | 13.33 |
| Frontdoor, Inc. | FTDR | $4.5B | 16.91 | 17.82 | 105.4% | 9.76 |
| Reynolds Consumer Products Inc. | REYN | $4.4B | 14.74 | 1.97 | 13.4% | 9.48 |
| Victoria's Secret & Co. | VSCO |
| $4.2B |
| 26.38 |
| 4.96 |
| 18.8% |
| 12.74 |
| Group 1 Automotive, Inc. | GPI | $4.2B | 12.46 | 1.45 | 11.7% | 11.56 |
| Tri Pointe Homes, Inc. | TPH | $4.1B | 16.56 | 1.20 | 7.3% | 12.93 |
| Shake Shack Inc. | SHAK | $4.1B | 96.19 | 8.37 | 8.7% | 26.91 |
| Kontoor Brands, Inc. | KTB | $4.0B | 17.77 | 7.16 | 40.3% | 12.97 |
| Peer Median | - | 17.34 | 3.96 | 13.1% | 12.84 | |