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Cavco Industries

CVCO Nasdaq Homebuilding Financials FY2017–FY2026

Cavco Industries' revenue rose 11.4% to $2.2 billion in fiscal 2026. Its operating margin was 10.2%, up from 9.4% a year earlier. Free cash flow was $232 million, up 47.8%. It paid out $160 million in dividends and buybacks, 69% of free cash flow. The diluted share count fell 3.8%.

Last close · Oct 23, 2026

$534.25

2.4%
Value it Compare
Revenue Total sales reported in the income statement.
$2.2B
11.4% vs prior year
Operating margin Operating income as a share of revenue.
10.2%
0.7 pts
Net income Profit after all expenses, interest and tax.
$191M
11.5%
Free cash flow Cash from operations minus capital spending.
$232M
47.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$4.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.2x
On $22.99 EPS (TTM)

What Cavco Industries does

No business description yet.

Legal name
CAVCO INDUSTRIES, INC.
Fiscal year ends
March 28, 2026
Latest annual report
—
Accession · CIK
0001628280-26-037782
0000278166

Revenue and margins

Cavco Industries had $2.2B of revenue in fiscal 2026, up 11.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 21.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $232M in fiscal 2026, 10.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cavco Industries returned $160M to shareholders in fiscal 2026, 69% of free cash flow. The diluted share count fell 3.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cavco Industries yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 7.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.2x · peers 18.2x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Cavco Industries can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $264M$286M$371M$376M$253M
Interest coverage 288.5x325.9x108.5x368.0x422.5x
Current ratio 2.5x2.7x3.1x3.0x2.5x
Quick ratio 1.7x1.9x2.2x2.2x1.6x
Total assets $1.2B$1.3B$1.4B$1.4B$1.5B
Total liabilities $325M$332M$321M$342M$388M
Shareholders' equity $831M$976M$1.0B$1.1B$1.1B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.9M

3 insiders

Sold, 12 months

$2.3M

5 insiders

Of sales under plans

71%

$1.7M

DateInsiderTradeSharesPriceValueFiling
Aug 18, 2026 Paul BigbeeChief Accounting Officer Sold 342 $592.00 $0.2M Form 4
Jul 30, 2026 Lisa Lynn DanielsDirector Sold plan 30 $569.96 $0.0M Form 4
Jun 25, 2026 Allison AdenEVP, CFO & Treasurer Sold plan 1,473 $625.00 $0.9M Form 4
Jun 12, 2026 Allison AdenEVP, CFO & Treasurer Sold plan 1,208 $600.00 $0.7M Form 4
Jun 9, 2026 Richard A KerleyDirector Sold 500 $588.76 $0.3M Form 4
May 28, 2026 Paul BigbeeChief Accounting Officer Sold 200 $537.75 $0.1M Form 4
May 22, 2026 Brian R CiraPresident,Manufactured Housing Sold 31 $509.17 $0.0M Form 4
May 15, 2026 Allison AdenEVP, CFO & Treasurer Sold 129 $455.76 $0.1M Form 4
Feb 4, 2026 David A. GreenblattDirector Bought 87 $500.00 $0.0M Form 4
Feb 4, 2026 William C BoorPresident & CEO, Director Bought 1,000 $495.00 $0.5M Form 4
Feb 3, 2026 David A. GreenblattDirector Bought 413 $463.01 $0.2M Form 4
Feb 2, 2026 Steven W MosterDirector Bought 300 $456.23 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −5.0%−0.5%−5.3%
Altman Z'' 9.559.789.20

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cavco Industries CVCO $4.2B 11.4% 10.2% 10.3% — 23.2x —
Green Brick Partners GRBK $2.8B −1.0% — 10.2% 17.9% 9.7x — Compare →
Champion Homes SKY $4.4B 7.3% 9.5% 10.1% 20.8% 23.0x 6 Compare →
LGI Homes LGIH $990M −22.6% 4.7% −8.3% 1.6% 14.9x — Compare →
Installed Building Products IBP $5.3B 1.0% 13.0% 10.1% 22.6% 21.5x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $774M $871M $963M $1.1B $1.1B $1.6B $2.1B $1.8B $2.0B $2.2B
Gross profit $158M $181M $206M $231M $239M $409M $555M $427M $466M $527M
Operating income $56.8M $73.8M $84.1M $84.9M $88.8M $203M $297M $179M $190M $229M
Interest expense $4.4M $4.4M $3.4M $1.5M $0.7M $0.7M $0.9M $1.6M $0.5M $0.5M
Pretax income $55.3M $78.5M $86.7M $93.0M $96.9M $212M $307M $199M $211M $245M
Income tax $17.3M $17.0M $18.1M $17.9M $20.3M $14.2M $65.9M $41.3M $40.0M $54.1M
Net income $38.0M $61.5M $68.6M $75.1M $76.6M $198M $241M $158M $171M $191M
Diluted EPS $4.17 $6.68 $7.40 $8.10 $8.25 $21.34 $26.95 $18.37 $20.71 $23.98
Diluted shares 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B 0.01B
Cash flow
Cash from operations $45.8M $59.0M $32.8M $102M $114M $144M $256M $225M $179M $268M
Capital expenditure $5.3M $8.4M $7.6M $14.3M $25.5M $18.7M $44.1M $17.4M $21.4M $35.4M
Free cash flow $40.5M $50.6M $25.2M $87.4M $88.5M $126M $212M $207M $157M $232M
Depreciation and amortization $3.7M $4.0M $4.7M $5.8M $6.3M $11.0M $16.9M $18.5M $19.3M $23.0M
Stock-based compensation $2.1M $2.3M $3.4M $3.9M $4.4M $5.1M $6.3M $6.8M $8.7M $12.8M
Acquisitions $0.0M $1.6M $0.0M $15.9M $0.0M $141M $106M $19.2M $0.0M $173M
Share buybacks $0.0M $0.0M $0.0M $0.0M $1.4M $59.6M $103M $109M $149M $160M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $1.4M $59.6M $103M $109M $149M $160M
Balance sheet
Cash and short-term investments $144M $199M $200M $256M $342M $264M $286M $371M $376M $253M
Finance lease liabilities $0.0M $0.0M $0.0M $0.4M $0.3M $6.3M $6.2M $6.2M $6.1M $6.0M
Current assets $357M $419M $462M $516M $652M $744M $805M $852M $910M $825M
Current liabilities $140M $176M $174M $172M $237M $294M $293M $273M $303M $335M
Inventory $93.9M $109M $116M $114M $131M $244M $263M $241M $253M $296M
Property and equipment, net $57.0M $63.4M $63.5M $77.2M $96.8M $164M $228M $224M $228M $279M
Total assets $607M $675M $725M $810M $952M $1.2B $1.3B $1.4B $1.4B $1.5B
Total liabilities $213M $218M $196M $203M $268M $325M $332M $321M $342M $388M
Shareholders' equity $394M $457M $530M $608M $684M $831M $976M $1.0B $1.1B $1.1B
Margins
Gross margin 20.4% 20.7% 21.4% 21.7% 21.6% 25.1% 25.9% 23.8% 23.1% 23.5%
Operating margin 7.3% 8.5% 8.7% 8.0% 8.0% 12.4% 13.8% 10.0% 9.4% 10.2%
EBITDA margin 7.8% 8.9% 9.2% 8.5% 8.6% 13.1% 14.6% 11.0% 10.4% 11.2%
Net margin 4.9% 7.1% 7.1% 7.1% 6.9% 12.2% 11.2% 8.8% 8.5% 8.5%
FCF margin 5.2% 5.8% 2.6% 8.2% 8.0% 7.7% 9.9% 11.6% 7.8% 10.3%
Returns
Return on capital employed 12.7% 15.3% 16.0% 14.3% 13.1% 25.7% 31.6% 17.1% 17.4% 20.2%
Return on equity 10.2% 14.5% 13.9% 13.2% 11.9% 26.1% 26.6% 15.7% 16.3% 17.6%
Return on assets 6.5% 9.6% 9.8% 9.8% 8.7% 18.8% 19.5% 11.9% 12.4% 13.2%
Growth
Revenue growth 8.6% 12.6% 10.5% 10.3% 4.4% 46.9% 31.7% −16.2% 12.3% 11.4%
Net income growth 33.0% 62.0% 11.6% 9.4% 2.1% 157.9% 21.7% −34.4% 8.4% 11.4%
EPS growth 32.4% 60.2% 10.8% 9.5% 1.9% 158.7% 26.3% −31.8% 12.7% 15.8%
FCF growth 1.2% 24.9% −50.2% 246.8% 1.3% 41.9% 68.5% −2.0% −24.2% 47.8%
Share count change 0.7% 1.1% 0.7% 0.0% 0.3% −0.3% −3.7% −3.7% −3.9% −3.8%
Financial health
Interest coverage 12.8x 16.8x 24.4x 56.8x 120.4x 288.5x 325.9x 108.5x 368.0x 422.5x
Current ratio 2.5x 2.4x 2.7x 3.0x 2.8x 2.5x 2.7x 3.1x 3.0x 2.5x
Quick ratio 1.9x 1.8x 2.0x 2.3x 2.2x 1.7x 1.9x 2.2x 2.2x 1.6x
Capital allocation
Capex / revenue 0.7% 1.0% 0.8% 1.4% 2.3% 1.2% 2.1% 1.0% 1.1% 1.6%
Stock comp / revenue 0.3% 0.3% 0.4% 0.4% 0.4% 0.3% 0.3% 0.4% 0.4% 0.6%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 1.6% 47.5% 48.9% 52.7% 94.7% 68.9%
Quality scores
Altman Z'' 5.7 6.3 7.5 8.1 7.6 8.2 9.3 9.6 9.8 9.2
Accruals ratio −1.4% 0.4% 5.1% −3.5% −4.2% 5.1% −1.2% −5.0% −0.5% −5.3%

Source: SEC EDGAR XBRL filings (CIK 0000278166). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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