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CVCO

Cavco Industries, Inc.

CVCO

Cavco Industries, Inc. • NASDAQ
$595.65 ▼ -2.13% (-12.95)
Market Cap $4.76 B
52w High $613.77
52w Low $393.53
Dividend Yield 0%
P/E 24.51
Volume 79.17K
Outstanding Shares 8.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $556.527M ▼ $72.229M ▲ $52.381M ▲ 9.412% ▲ $6.623 ▲ $72.699M ▲
Q1-2026 $556.857M ▲ $69.148M ▼ $51.642M ▲ 9.274% ▲ $6.49 ▲ $70.63M ▲
Q4-2025 $508.358M ▼ $77.487M ▲ $36.33M ▼ 7.147% ▼ $4.53 ▼ $48.025M ▼
Q3-2025 $522.04M ▲ $65.98M ▼ $56.462M ▲ 10.816% ▲ $6.97 ▲ $74.275M ▲
Q2-2025 $507.461M $66.997M $43.815M 8.634% $5.33 $59.834M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $391.843M ▲ $1.449B ▲ $362.932M ▲ $1.086B ▲
Q1-2026 $362.447M ▼ $1.42B ▲ $354.784M ▲ $1.065B ▲
Q4-2025 $376.067M ▼ $1.407B ▲ $342.063M ▲ $1.065B ▲
Q3-2025 $378.925M ▼ $1.386B ▼ $328.542M ▼ $1.057B ▲
Q2-2025 $388.687M $1.398B $356.226M $1.042B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $52.381M ▲ $78.471M ▲ $-12.434M ▼ $-34.507M ▲ $31.53M ▲ $68.739M ▲
Q1-2026 $51.642M ▲ $55.523M ▲ $-7.715M ▲ $-54.729M ▼ $-6.921M ▼ $46.385M ▲
Q4-2025 $36.33M ▼ $38.645M ▲ $-9.979M ▼ $-31.947M ▲ $-3.281M ▲ $32.506M ▲
Q3-2025 $56.462M ▲ $37.777M ▼ $-2.947M ▲ $-42.421M ▼ $-7.591M ▼ $32.343M ▼
Q2-2025 $43.815M $54.681M $-5.68M $-41.718M $7.28M $49.802M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Factory Built Housing
Factory Built Housing
 $500.00M ▲$490.00M ▼$540.00M ▲$540.00M ▲
Financial Services
Financial Services
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Cavco’s income statement shows a business that is consistently profitable, but clearly tied to the housing cycle. Sales have grown meaningfully over the last five years, with a surge during the housing boom, a pullback, and then a partial recovery more recently. Profit margins have stayed solid through these swings, which suggests good cost control and pricing discipline. Earnings per share have been strong overall but bumpy, reflecting the ups and downs of demand rather than any obvious structural weakness. The big picture: this is a profitable manufacturer with cyclical, not structural, volatility in its results.

Balance Sheet

Balance Sheet The balance sheet looks conservative and sturdy. Assets and shareholders’ equity have risen steadily over time, which indicates that value is being built in the business rather than eroded. Cash levels are healthy relative to the company’s size, and financial debt is very modest. That leaves Cavco with net cash, not net debt, giving it flexibility to invest, weather downturns, or pursue acquisitions. Overall, the company appears to be financed cautiously, with a strong capital base and limited balance sheet risk.

Cash Flow

Cash Flow Cavco generates reliable cash from its operations, and this cash has consistently exceeded what it needs to spend on its factories and equipment. Free cash flow has been positive every year and generally tracks reported profits, which supports the quality of earnings. Investment spending has been relatively modest and stable, suggesting the business is not overly capital intensive for a manufacturer. This pattern of steady cash generation, low leverage, and manageable reinvestment needs gives the company a good degree of financial flexibility.

Competitive Edge

Competitive Edge Cavco holds a strong position in the manufactured housing niche, supported by well-known brands, a broad product range, and a wide distribution network of both independent and company-owned retailers. Its factory-built model offers meaningful cost and speed advantages over traditional site-built homes, which is especially important in an environment of housing shortages and affordability pressures. Vertical integration into mortgages and insurance strengthens customer stickiness and adds high-margin revenue streams. At the same time, the business remains exposed to economic cycles, interest rates, and regulatory attitudes toward manufactured housing, and it competes against both other factory-built providers and traditional builders. Even so, its scale, cost position, and integrated ecosystem form a notable moat in a structurally under-served segment of the housing market.

Innovation and R&D

Innovation and R&D Innovation at Cavco is practical and directly tied to the buying experience and the cost of building homes. The company leans heavily on controlled factory production, which improves quality consistency, cuts waste, and speeds up delivery. Its Digital Design Center modernizes the buying journey, helping customers customize homes online and simplifying production planning. Cavco has leaned into energy-efficient and sustainable construction, producing a significant volume of ENERGY STAR-rated homes and investing in solar at its plants, which may help with both customer appeal and regulatory trends. Product innovation, like the Anthem duplex (a HUD-approved manufactured duplex), opens doors to multi-family and infill opportunities. Planned acquisitions, such as American Homestar, are another form of innovation by expanding footprint and capabilities, though they bring typical integration and execution risks. Overall, Cavco’s innovation is less about cutting-edge tech and more about systematically improving efficiency, design flexibility, and sustainability in a cost-sensitive market.

Summary

Cavco combines a cyclical revenue profile with steady profitability, a strong balance sheet, and consistent cash generation. The company is positioned squarely in the affordable housing space, where long-term demand drivers look favorable even if near-term conditions can be choppy. Its competitive advantages stem from scale, factory-built efficiency, an integrated financing and insurance offering, and increasingly unified branding backed by digital tools. On the risk side, results are sensitive to interest rates, consumer confidence, and regulation of manufactured housing, and the company must continue to execute on acquisitions and brand/digital initiatives to fully realize its potential. Overall, Cavco appears to be a financially solid, well-positioned player in a niche of the housing market that addresses a pressing affordability challenge, with room to benefit if it continues to manage cyclical swings and strategic execution effectively.

NEWS

October 30, 2025 · 4:05 PM UTC

Cavco Industries Reports Fiscal 2026 Second Quarter Results

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October 28, 2025 · 4:30 PM UTC

Cavco Industries Appoints Lisa L. Daniels to Board of Directors

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October 23, 2025 · 3:41 PM UTC

Webcast Alert: Cavco Industries, Inc. Announces Fiscal 2026 Second Quarter Earnings Release and Conference Call Webcast

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September 30, 2025 · 9:25 AM UTC

Cavco Industries Announces the Completion of the Acquisition of Manufactured Home Builder and Retailer, American Homestar

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