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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: 2026
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 |
|---|---|---|---|---|---|---|---|
| 2026 | $2.2B | $268M | $191M | $232M | 17.3% | 11.4% | 11.4% |
| 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% | - | - |
| 2022 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,142.71 | 1,794.79 | 2,015.46 | 2,244.50 |
| Operating Revenue | - | 2,142.71 | 1,794.79 | 2,015.46 | 2,244.50 |
| Cost Of Revenue | - | 1,587.78 | 1,367.89 | 1,549.87 | 1,717.62 |
| Gross Profit | - | 554.93 | 426.90 | 465.59 | 526.89 |
| Operating Expense | - | 258.32 | 247.92 | 275.32 | 298.32 |
| Selling General And Administration | - | 258.32 | 247.92 | 275.32 | 298.32 |
| Total Expenses | - | 1,846.10 | 1,615.81 | 1,825.18 | 2,015.94 |
| Operating Income | - | 296.61 | 178.98 | 190.28 | 228.57 |
| Total Operating Income As Reported | - | 296.61 | 178.98 | 190.28 | 228.57 |
| EBITDA | - | 324.58 | 219.35 | 230.85 | 268.28 |
| Normalized EBITDA | - | 324.58 | 219.35 | 230.85 | 268.28 |
| EBIT | - | 307.67 | 200.83 | 211.59 | 245.24 |
| Interest Income | - | 10.68 | 21 | 21.09 | 16.34 |
| Interest Expense | - | 0.91 | 1.65 | 0.52 | 0.54 |
| Net Interest Income | - | 9.77 | 19.35 | 20.57 | 15.80 |
| Other Non Operating Income Expenses | - | 0.38 | 0.85 | 0.22 | 0.34 |
| Other Income Expense | - | 0.38 | 0.85 | 0.22 | 0.34 |
| Interest Income Non Operating | - | 10.68 | 21 | 21.09 | 16.34 |
| Interest Expense Non Operating | - | 0.91 | 1.65 | 0.52 | 0.54 |
| Net Non Operating Interest Income Expense | - | 9.77 | 19.35 | 20.57 | 15.80 |
| Pretax Income | - | 306.76 | 199.18 | 211.07 | 244.70 |
| Tax Provision | - | 65.92 | 41.28 | 40.03 | 54.15 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 240.84 | 157.90 | 171.04 | 190.55 |
| Net Income From Continuing And Discontinued Operation | - | 240.55 | 157.82 | 171.04 | 190.55 |
| Net Income From Continuing Operation Net Minority Interest | - | 240.55 | 157.82 | 171.04 | 190.55 |
| Net Income | - | 240.55 | 157.82 | 171.04 | 190.55 |
| Net Income Common Stockholders | - | 240.55 | 157.82 | 171.04 | 190.55 |
| Net Income Including Noncontrolling Interests | - | 240.84 | 157.90 | 171.04 | 190.55 |
| Normalized Income | - | 240.55 | 157.82 | 171.04 | 190.55 |
| Diluted NI Availto Com Stockholders | - | 240.55 | 157.82 | 171.04 | 190.55 |
| Basic Average Shares | - | 8.84 | 8.51 | 8.16 | 7.85 |
| Diluted Average Shares | - | 8.92 | 8.59 | 8.26 | 7.95 |
| Reconciled Depreciation | - | 16.90 | 18.52 | 19.26 | 23.04 |
| Reconciled Cost Of Revenue | - | 1,587.78 | 1,367.89 | 1,549.87 | 1,717.62 |
| Minority Interests | - | -0.29 | -0.09 | 0 | 0 |
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 | $4.2B | 22.19↑ premium | 3.83 | 17.3% | 14.93 |
| Reynolds Consumer Products Inc. | REYN | $4.6B | 15.18 | 2.03 | 13.4% | 9.69 |
| Meritage Homes Corporation | MTH | $4.6B | 10.06 | 0.88 | 8.7% | 9.30 |
| Frontdoor, Inc. | FTDR | $4.4B | 17.41 | 18.34 | 105.4% | 10.01 |
| Victoria's Secret & Co. | VSCO |
| - |
| - |
| - |
| - |
| - |
| - |
| $4.3B |
| 26.79 |
| 5.04 |
| 18.8% |
| 12.87 |
| Champion Homes, Inc. | SKY | $4.1B | 19.79 | 2.60 | 13.2% | 10.97 |
| Tri Pointe Homes, Inc. | TPH | $4.0B | 16.58 | 1.21 | 7.3% | 12.94 |
| Dana Incorporated | DAN | $4.0B | 46.72 | 4.73 | 10.1% | 13.87 |
| OPENLANE, Inc. | OPLN | $3.9B | - | 3.12 | -8.3% | 14.29 |
| Peer Median | - | 17.41 | 2.86 | 11.6% | 11.92 | |