Cavco Industries vs LGI Homes
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KIRA’s take AI analyst
I put Cavco Industries and LGI Homes side by side, using each one’s latest annual report. Here is what stands out:
- Cavco Industries is the larger business, with $2.2B of revenue in fiscal 2026 against $1.7B for LGI Homes.
- Cavco Industries grew revenue faster (11.4%, against −22.6%).
- Cavco Industries kept more of each dollar of sales as operating profit (10.2% operating margin, against 4.7%).
- Cavco Industries turned more of its sales into free cash flow (10.3% FCF margin, against −8.3%).
- Investors pay more for each dollar of Cavco Industries’s earnings: a P/E of 23.1x against 14.9x for LGI Homes.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Cavco Industries
CVCO
8/8
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on equityShare count change
LGI Homes
LGIH
0/8
Side by side
Best in the row
| Latest fiscal year | CVCO FY26 | LGIH FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $990M |
| Revenue | $2.2B | $1.7B |
| Free cash flow | $232M | −$141M |
| Net income | $191M | $72.6M |
| Growth | ||
| Revenue growth | 11.4% | −22.6% |
| 5-year growth | 15.2% | −6.4% |
| Share count change | −3.8% | −1.5% |
| Profitability | ||
| Gross margin | 23.5% | 20.7% |
| Operating margin | 10.2% | 4.7% |
| Net margin | 8.5% | 4.3% |
| FCF margin | 10.3% | −8.3% |
| Return on capital | — | 1.6% |
| Return on equity | 17.6% | 3.5% |
| Balance sheet | ||
| Net debt | — | $1.6B |
| Net debt / EBITDA | — | 19.0x |
| Dividends and buybacks | $160M | $23.6M |
| Valuation & quality | ||
| P/E | 23.1x | 14.9x |
| Piotroski F-score | — | — |
Ten years
Revenue
FY17
CVCO $774M
LGIH $1.3B
FY18
CVCO $871M
LGIH $1.5B
FY19
CVCO $963M
LGIH $1.8B
FY20
CVCO $1.1B
LGIH $2.4B
FY21
CVCO $1.1B
LGIH $3.1B
FY22
CVCO $1.6B
LGIH $2.3B
FY23
CVCO $2.1B
LGIH $2.4B
FY24
CVCO $1.8B
LGIH $2.2B
FY25
CVCO $2.0B
LGIH $1.7B
FY26
CVCO $2.2B
LGIH —
CVCO
LGIH
Operating margin
FY17
CVCO 7.3%
LGIH 13.5%
FY18
CVCO 8.5%
LGIH 13.3%
FY19
CVCO 8.7%
LGIH 12.4%
FY20
CVCO 8.0%
LGIH 15.4%
FY21
CVCO 8.0%
LGIH 18.0%
FY22
CVCO 12.4%
LGIH 16.9%
FY23
CVCO 13.8%
LGIH 9.9%
FY24
CVCO 10.0%
LGIH 9.6%
FY25
CVCO 9.4%
LGIH 4.7%
FY26
CVCO 10.2%
LGIH —
CVCO
LGIH
Free cash flow
FY17
CVCO $40.5M
LGIH —
FY18
CVCO $50.6M
LGIH —
FY19
CVCO $25.2M
LGIH —
FY20
CVCO $87.4M
LGIH —
FY21
CVCO $88.5M
LGIH —
FY22
CVCO $126M
LGIH −$372M
FY23
CVCO $212M
LGIH −$58.4M
FY24
CVCO $207M
LGIH −$146M
FY25
CVCO $157M
LGIH −$141M
FY26
CVCO $232M
LGIH —
CVCO
LGIH
Return on capital
FY17
CVCO —
LGIH 14.0%
FY18
CVCO —
LGIH 14.5%
FY19
CVCO —
LGIH 12.7%
FY20
CVCO —
LGIH 20.5%
FY21
CVCO —
LGIH 22.9%
FY22
CVCO —
LGIH 12.5%
FY23
CVCO —
LGIH 6.1%
FY24
CVCO —
LGIH 4.9%
FY25
CVCO —
LGIH 1.6%
FY26
CVCO —
LGIH —
CVCO
LGIH
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.