Cavco Industries vs Installed Building Products
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KIRA’s take AI analyst
I put Cavco Industries and Installed Building Products side by side, using each one’s latest annual report. Here is what stands out:
- Installed Building Products is the larger business, with $3.0B of revenue in fiscal 2025 against $2.2B for Cavco Industries.
- Cavco Industries grew revenue faster (11.4%, against 1.0%).
- Installed Building Products kept more of each dollar of sales as operating profit (13.0% operating margin, against 10.2%).
- Investors pay more for each dollar of Cavco Industries’s earnings: a P/E of 23.1x against 21.8x for Installed Building Products.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Cavco Industries
CVCO
4/8
Revenue growth5-year growthFCF marginShare count change
Installed Building Products
IBP
4/8
Gross marginOperating marginNet marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | CVCO FY26 | IBP FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $5.4B |
| Revenue | $2.2B | $3.0B |
| Free cash flow | $232M | $301M |
| Net income | $191M | $265M |
| Growth | ||
| Revenue growth | 11.4% | 1.0% |
| 5-year growth | 15.2% | 12.4% |
| Share count change | −3.8% | −3.1% |
| Profitability | ||
| Gross margin | 23.5% | 34.0% |
| Operating margin | 10.2% | 13.0% |
| Net margin | 8.5% | 8.9% |
| FCF margin | 10.3% | 10.1% |
| Return on capital | — | 22.6% |
| Return on equity | 17.6% | 37.5% |
| Balance sheet | ||
| Net debt | — | $571M |
| Net debt / EBITDA | — | 1.3x |
| Dividends and buybacks | $160M | $260M |
| Valuation & quality | ||
| P/E | 23.1x | 21.8x |
| Piotroski F-score | — | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.