olivLaw · US equity research
Cavco Industries, Inc. CVCO
Mobile Homes · SIC 2451 · Vertical: Lumber and wood products (SIC 24xx)
Cavco Industries designs and produces factory-built homes sold through independent and Company-owned retailers, and it also runs mortgage and insurance units serving manufactured housing buyers. Its relevance grows as housing affordability becomes a policy priority, even though industry shipments fell in calendar 2026 and the company reported rising revenue and a growing backlog at the start of fiscal 2027.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Cavco Industries, Inc. (CVCO) stock was 643.97 USD (−5.12% on the day), with market capitalisation 4.9 bn USD, P/E 27.3 on diluted EPS of 23.60 USD over the last 12 months, beta 0.94, 52-week range 455.76–697.76 USD. Latest reported quarter (Q2 2027): revenue of 656.4 m USD (+17.9% YoY), net income of 55.4 m USD (+5.8% YoY), diluted EPS 7.17 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.8
- strong (55–70)
- Bollinger (20, 2)
- 449.83 – 668.46
- in the upper half of the band · %B 0.89 · band width 39.1%
- SMA 50 / 200
- 555.14 / 549.53
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 26.45 / 10.75
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.4% | −1.1% | +13.5 pp | — |
| 3 months | +11.4% | −0.5% | +11.8 pp | — |
| 6 months | +33.5% | +4.4% | +29.1 pp | — |
| Year to date | +9.0% | +12.3% | −3.3 pp | — |
| 1 year | +15.0% | +13.5% | +1.5 pp | +1.2% |
| 3 years | +148.5% | +76.4% | +72.1 pp | −16.3% |
| 5 years | +141.1% | +63.7% | +77.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 522.0 m | 508.4 m | 556.9 m | 556.5 m | 581.0 m | 550.1 m | 610.0 m | 656.4 m |
| Cost of revenue | 392.1 m | 392.2 m | 427.4 m | 422.1 m | 445.1 m | 423.1 m | 475.4 m | 508.8 m |
| Gross profit | 130.0 m | 116.1 m | 129.5 m | 134.4 m | 135.9 m | 127.1 m | 134.6 m | 147.6 m |
| SG&A | 66.0 m | 77.5 m | 69.1 m | 72.2 m | 81.4 m | 75.6 m | 81.8 m | 77.7 m |
| Operating income | 64.0 m | 38.6 m | 60.4 m | 62.2 m | 54.6 m | 51.5 m | 52.8 m | 69.9 m |
| Depreciation & amortisation | 4.8 m ≈ | 5.0 m | 5.2 m | 5.3 m ≈ | 6.2 m ≈ | 6.4 m | 6.7 m | 6.9 m ≈ |
| Interest expense | 155.0 k | 147.0 k | 164.0 k | 112.0 k | 131.0 k | 134.0 k | 132.0 k | 282.0 k |
| Pre-tax income | 69.3 m | 42.9 m | 65.3 m | 67.3 m | 57.6 m | 54.6 m | 55.8 m | 73.4 m |
| Income tax | 12.9 m | 6.6 m | 13.7 m | 14.9 m | 13.5 m | 12.1 m | 13.5 m | 17.9 m |
| Net income | 56.5 m | 36.3 m | 51.6 m | 52.4 m | 44.1 m | 42.5 m | 42.3 m | 55.4 m |
| Diluted EPS | 6.90 | 4.45 ≈ | 6.42 | 6.55 | 5.58 | 5.42 ≈ | 5.43 | 7.17 |
| Operating cash flow | 37.8 m ≈ | 38.6 m | 55.5 m | 78.5 m ≈ | 66.1 m ≈ | 67.4 m | 74.5 m | 96.4 m ≈ |
| Capex | 5.4 m ≈ | 6.1 m | 9.1 m | 9.7 m ≈ | 8.5 m ≈ | 8.0 m | 25.5 m | 29.7 m ≈ |
| Share repurchases | 42.2 m ≈ | 34.2 m | 50.0 m | 36.1 m ≈ | 43.8 m ≈ | 30.0 m | 30.0 m | 30.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 85 percentile of its own 40-quarter history (min 7.0, median 22.1, max 32.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 962.7 m | 1.1 bn | 1.1 bn | 1.6 bn | 2.1 bn | 1.8 bn | 2.0 bn | 2.2 bn |
| Revenue YoY | +10.5% | +10.3% | +4.4% | +46.8% | +31.7% | −16.2% | +12.3% | +11.4% |
| Net income | 68.6 m | 75.1 m | 76.6 m | 197.7 m | 240.6 m | 157.8 m | 171.0 m | 190.6 m |
| Net income YoY | +11.6% | +9.4% | +2.1% | +157.9% | +21.7% | −34.4% | +8.4% | +11.4% |
| Diluted EPS | 7.40 | 8.10 | 8.25 | 21.34 | 26.95 | 18.37 | 20.71 | 23.98 |
| Diluted EPS YoY | +10.8% | +9.5% | +1.9% | +158.7% | +26.3% | −31.8% | +12.7% | +15.8% |
| net % | 7.1% | 7.1% | 6.9% | 12.1% | 11.2% | 8.8% | 8.5% | 8.5% |
| Free cash flow | 25.2 m | 87.4 m | 88.5 m | 125.6 m | 211.6 m | 207.3 m | 157.1 m | 232.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 28 Mar 2026
- Cash
- 236.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.1 bn USD
- Total assets
- 1.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 2.46x
- ROE
- 17.6%
- ROA
- 13.2%
- FCF margin
- 10.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.6 bn | 2.1 bn | 1.8 bn | 2.0 bn | 2.2 bn | SEC (XBRL)· 22 May 2026verified |
| Cost of revenue | 869.1 m | 1.2 bn | 1.6 bn | 1.4 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 22 May 2026verified |
| Gross profit | 239.0 m | 408.7 m | 554.9 m | 426.9 m | 465.6 m | 526.9 m | SEC (XBRL)· 22 May 2026verified |
| SG&A | 150.2 m | 206.3 m | 258.3 m | 247.9 m | 275.3 m | 298.3 m | SEC (XBRL)· 22 May 2026verified |
| Operating income | 88.8 m | 202.5 m | 296.6 m | 179.0 m | 190.3 m | 228.6 m | SEC (XBRL)· 22 May 2026verified |
| Depreciation & amortisation | 6.3 m | 11.0 m | 16.9 m | 18.5 m | 19.3 m | 23.0 m | SEC (XBRL)· 22 May 2026verified |
| EBITDA | 95.1 m ≈ | 213.5 m ≈ | 313.5 m ≈ | 197.5 m ≈ | 209.5 m ≈ | 251.6 m ≈ | SEC (XBRL)· 22 May 2026derived |
| Interest expense | 738.0 k | 702.0 k | 910.0 k | 1.6 m | 517.0 k | 541.0 k | SEC (XBRL)· 22 May 2026verified |
| Pre-tax income | 96.9 m | 212.0 m | 306.8 m | 199.2 m | 211.1 m | 244.7 m | SEC (XBRL)· 22 May 2026verified |
| Income tax | 20.3 m | 14.2 m | 65.9 m | 41.3 m | 40.0 m | 54.1 m | SEC (XBRL)· 22 May 2026verified |
| Net income | 76.6 m | 197.7 m | 240.6 m | 157.8 m | 171.0 m | 190.6 m | SEC (XBRL)· 22 May 2026verified |
| Diluted EPS | 8.25 | 21.34 | 26.95 | 18.37 | 20.71 | 23.98 | SEC (XBRL)· 22 May 2026verified |
| Weighted average diluted shares | 9.3 m | 9.3 m | 8.9 m | 8.6 m | 8.3 m | 7.9 m | SEC (XBRL)· 22 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 322.3 m | 244.2 m | 271.4 m | 352.7 m | 356.2 m | 236.7 m | SEC (XBRL)· 22 May 2026verified |
| Receivables | 47.4 m | 96.1 m | 89.3 m | 77.1 m | 105.8 m | 108.3 m | SEC (XBRL)· 22 May 2026verified |
| Inventories | 131.2 m | 244.0 m | 263.2 m | 241.3 m | 252.7 m | 295.7 m | SEC (XBRL)· 22 May 2026verified |
| Current assets | 651.8 m | 744.1 m | 804.6 m | 851.8 m | 910.2 m | 824.7 m | SEC (XBRL)· 22 May 2026verified |
| Property, plant & equipment, net | 96.8 m | 164.0 m | 228.3 m | 224.2 m | — | — | SEC (XBRL)· 24 May 2024verified |
| Goodwill | 75.1 m | 101.0 m | 114.5 m | 121.9 m | 122.0 m | 208.8 m | SEC (XBRL)· 22 May 2026verified |
| Intangibles (excl. goodwill) | 14.4 m | 28.5 m | 29.8 m | 28.2 m | 16.7 m | 28.1 m | SEC (XBRL)· 22 May 2026verified |
| Total assets | 951.8 m | 1.2 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 22 May 2026verified |
| Accounts payable | 32.1 m | 43.1 m | 30.7 m | 33.5 m | 37.2 m | 44.2 m | SEC (XBRL)· 22 May 2026verified |
| Current liabilities | 237.1 m | 294.2 m | 293.4 m | 273.3 m | 303.2 m | 335.4 m | SEC (XBRL)· 22 May 2026verified |
| Total liabilities | — | — | — | 320.7 m | 342.1 m | 388.0 m | SEC (XBRL)· 22 May 2026verified |
| Equity | 683.6 m † | 830.5 m † | 976.3 m † | 1.0 bn † | 1.1 bn † | 1.1 bn † | SEC (XBRL)· 22 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 114.0 m | 144.2 m | 255.7 m | 224.7 m | 178.5 m | 267.5 m | SEC (XBRL)· 22 May 2026verified |
| Capex | 25.5 m | 18.7 m | 44.1 m | 17.4 m | 21.4 m | 35.4 m | SEC (XBRL)· 22 May 2026verified |
| Free cash flow | 88.5 m ≈ | 125.6 m ≈ | 211.6 m ≈ | 207.3 m ≈ | 157.1 m ≈ | 232.1 m ≈ | SEC (XBRL)· 22 May 2026derived |
| Investing cash flow | -23.3 m | -159.1 m | -129.3 m | -31.7 m | -24.0 m | -222.4 m | SEC (XBRL)· 22 May 2026verified |
| Financing cash flow | -7.0 m | -65.1 m | -102.2 m | -107.7 m | -147.9 m | -162.8 m | SEC (XBRL)· 22 May 2026verified |
| Share repurchases | 1.4 m | 59.6 m | 103.4 m | 109.3 m | 148.7 m | 159.9 m | SEC (XBRL)· 22 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality90
- Growth6
- Balance sheet100
- Returns39
- Valuation63
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 475.19 – 767.67 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E475.19 – 767.67 (Mid 653.54)5 companies used · median multiple 27.7x · quartiles 20.1x – 32.5xFBIN, LEGH, SKY, TREX, UFPI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.7% | 80 (vs peers) | 10% |
| FCF conversion · Quality | 126.3% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 1.6% | 13 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -3.8% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 336.8x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 27.3x | 67 (vs peers) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.7% | 59 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.7% | 39 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth6/100 · 2/2 factors with a value
- Quality90/100 · 2/3 factors with a value
- Returns· partial39/100 · 1/2 factors with a value
- Valuation63/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CAVCO INDUSTRIES, INC. (CVCO). Latest full fiscal year: 2026; data up to 2026-09-26.
Figures computed from the financial statements: revenue 2.2 bn USD in 2026; YoY growth 11.4%; net margin 7.7%; ROE 16.6%.
The estimated value range is 475.19–767.67 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 653.54 USD, the price of 643.97 USD leaves a potential of 1.5% (value / price − 1) and a margin of safety of 1.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.7%
- FCF conversion: 126.3%
- Interest coverage: 336.8x
- Current ratio: 2.1x
What contradicts it
- Revenue CAGR 3Y: 1.6%
- EPS CAGR 3Y: -3.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Lumber and wood products (SIC 24xx) · same major group (2-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TREXTrex Company, Inc. | 5.6 bn | 32.5 | 17.3% | 13.9% | +2.0% | +60% / −20% |
| FBINFortune Brands Innovations, Inc. | 5.6 bn | 44.2 | 5.5% | 2.9% | −3.2% | −9% / −31% |
| LPXLouisiana-Pacific Corporation | 5.4 bn | 78.9 | 3.9% | 2.7% | −7.9% | −6% / +26% |
| SKYChampion Homes, Inc. | 5.0 bn | 27.7 | 11.8% | 6.8% | +7.3% | +9% / +55% |
| CVCOCavco Industries, Inc. | 4.9 bn | 27.3 | 16.6% | 7.7% | +11.4% | +15% / +149% |
| UFPIUfp Industries, Inc. | 4.5 bn | 20.1 | 7.5% | 3.6% | −5.0% | −11% / −24% |
| KOPKoppers Holdings Inc. | 749.7 m | — | -19.0% | -4.6% | −10.2% | +34% / −12% |
| LEGHLegacy Housing Corporation | 716.1 m | 11.3 | 11.4% | 30.1% | −10.7% | +51% / +34% |
| JELDJELD-WEN Holding, Inc. | 87.6 m | — | -454.4% | -5.3% | −14.9% | −62% / −94% |
| NWGLCL Workshop Group Ltd | 4.4 m | — | -64.0% | -40.5% | −15.4% | −98% / −100% |
| WFGWest Fraser Timber Co. Ltd. | — | — | -14.6% | -17.2% | −11.5% | +13% / −5% |
1- and 3-year price returns: for CVCO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 377.99 Total return -41% · Per year -41% | 669.22 Total return 4% · Per year 4% | 1,009.37 Total return 57% · Per year 57% |
| 3 years | 345.48 Total return -46% · Per year -19% | 690.25 Total return 7% · Per year 2% | 1,146.12 Total return 78% · Per year 21% |
| 5 years | 315.76 Total return -51% · Per year -13% | 711.94 Total return 11% · Per year 2% | 1,301.40 Total return 102% · Per year 15% |
- Exit P/E± 172.56
- Net margin± 120.79
- Annual revenue growth± 102.03
- Annual dilution± 10.15
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Cavco Industries designs and produces factory-built homes sold through independent and Company-owned retailers, and it also runs mortgage and insurance units serving manufactured housing buyers. Its relevance grows as housing affordability becomes a policy priority, even though industry shipments fell in calendar 2026 and the company reported rising revenue and a growing backlog at the start of fiscal 2027 123.
SWOT
Strengths
- A position as one of the largest US manufactured home producers, with an extensive distribution network and owned production lines.
- An integrated structure through financing and insurance, which adds revenue and higher margins in the financial segment.
- A solid balance sheet with substantial cash, which provides flexibility in uncertain periods.
Weaknesses
- Dependence on manufactured home demand, which is sensitive to financing and consumer confidence.
- Gross margins in the core segment are under pressure from material and labor costs.
- Exposure to credit risk from distributors and inventory financing partners.
Opportunities
- New federal legislation could reduce zoning barriers and improve access to financing for manufactured homes.
- Developing a secondary market for home-only loans could expand demand and reduce reliance on independent lenders.
- Acquisitions such as American Homestar could add capacity and distribution in new regions.
Threats
- A broad decline in industry shipments could reduce sales volumes.
- Harsher macroeconomic conditions for buyers could delay purchase decisions.
- Natural catastrophes could affect the insurance unit and operations in Texas.
Risks
- Demand and financinghigh
Sales depend on buyers being able to obtain credit, and a tightening of credit could reduce orders 1.
- Materials and labor costsmedium
Shortages of materials and labor could cause delays and reduce margins if prices cannot be adjusted in time 1.
- Credit riskmedium
Exposure to loans extended to distributors and financing partners could weigh on liquidity if customers cannot repay 1.
- Insurance and catastrophesmedium
Severe weather in Texas could generate large losses for the insurance unit, although reinsurance reduces part of that exposure 1.
- Warranty and construction defect claimslow
Warranty and construction defect claims could exceed the reserves the company has set aside, affecting results 1.
Investment thesis
What would need to be true (bull case)
- If the new legislation and local zoning reforms take effect, demand for manufactured homes could grow in a sustained way, and the company is well placed to benefit.
- A growing order backlog at the start of fiscal 2027 suggests recent demand has been solid even in a shrinking market.
- Diversification into financing and insurance could cushion declines in the core segment and support results.
What would break the thesis
- If the decline in industry shipments continues, company volumes could be affected and the recent growth could prove temporary.
- Pressure on gross margins in the core segment could persist if costs rise faster than prices.
- Income before taxes fell in the first quarter of fiscal 2027, which could point to pressure on profitability.
What to watch
- Trend in the backlog and home sales volumesQ2 2027
- Gross margin of the Factory-built Housing segmentQ2 2027
- State-level implementation of the ROAD to Housing Act2027
- Insurance unit results and the storm seasonnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Cavco designs and builds manufactured homes, modular homes, park model RVs, vacation cabins and factory-built commercial structures, selling through independent distributors, planned community operators and its own retail stores. The company is headquartered in Phoenix, Arizona, and reports two segments. Its decentralized structure lets local operators adapt to regional demand 1.
The Factory-built Housing segment builds homes on assembly lines, with 33 homebuilding production lines, two of them in Mexico, and home orders that are not firm until production begins 1. Distribution runs through independent distributors in 48 states and Canada, plus Company-owned retail stores 1.
The Financial services segment includes CountryPlace, which originates and sells conforming and non-conforming mortgages and home-only loans, and Standard Casualty, which provides property and casualty insurance to manufactured home owners, mainly in Texas, Arizona, New Mexico and Nevada 1.
Segments
Factory-built Housing
In fiscal 2026 the segment generated net revenue of 2157.4 million USD, and the company sold 20842 homes that year, with part of the growth coming from the American Homestar acquisition 1.
Financial services
The financial services segment had net revenue of 87.1 million USD in fiscal 2026, and its gross margin rose sharply on higher premiums and better underwriting results 1.
Market context
Industry shipments of manufactured homes in the United States fell in calendar 2026, with 41453 shipments through May, a decline of 7.7 percent from the prior year 2. The company frames manufactured homes as an affordable alternative to site-built housing, and market demand depends on financing access and consumer confidence 2.
Demand is tied to financing conditions: the secondary market for home-only loans remains thin, and Fannie Mae and Freddie Mac have expanded programs for manufactured homes, though their effect on orders has so far been limited 1.
Trends
- Housing affordabilitytailwind
The housing affordability crisis is raising interest in factory-built homes, and the company notes that the bipartisan ROAD to Housing Act could encourage states and localities to reduce zoning barriers 3.
- Consumer demand and financingheadwind
Falling industry shipments and tighter financing for buyers, especially for home-only loans, could limit sales growth 2.
- Materials and labor costsheadwind
Rising material prices and labor shortages could compress margins if they cannot be passed on to customers in time 1.
- GSE financing programsmixed
The Fannie Mae and Freddie Mac underserved markets plans for 2025-2027 could expand offerings for manufactured homes, but their effect on orders has not yet materialized 1.
Competitive position
Cavco competes with other manufactured home producers and with distributors who sell products from several manufacturers. The market is regional, because a typical plant serves a shipping radius of about 350 miles 1.
The company's competitive edge rests on customization, its network of Company-owned stores, and diversification into financing and insurance, which reduces reliance on a single sales channel 1.
- Other US manufactured home producers
Competitors in the same industry that sell similar products through independent distributors.
- Multi-brand independent distributors
They sell homes from several manufacturers and may favor other brands.
- Manufactured housing lenders
Providers of home-only and mortgage loans that compete for buyer financing.
- Site-built home builders
The traditional alternative, with higher cost per square foot.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report31 Jul 2026Shareholder vote · Financial statements and exhibits
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Proxy statement16 Jun 2026
- Annual report22 May 2026
- Current report22 May 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report02 Feb 2026
- Current report29 Jan 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-28 · SEC / Cavco Industries, Inc. · 22 May 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Cavco Industries, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cavco Industries, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.