Cavco Industries vs Champion Homes
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The short version
- Champion Homes is the larger business, with $2.7B of revenue in fiscal 2026 against $2.2B for Cavco Industries.
- Cavco Industries grew revenue faster (11.4%, against 7.3%).
- Cavco Industries kept more of each dollar of sales as operating profit (10.2% operating margin, against 9.5%).
- Investors pay more for each dollar of Cavco Industries’s earnings: a P/E of 23.2x against 23.0x for Champion Homes.
| Latest fiscal year | CVCO · FY26 | SKY · FY26 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $4.4B |
| Revenue | $2.2B | $2.7B |
| Free cash flow | $232M | $270M |
| Net income | $191M | $207M |
| Growth | ||
| Revenue growth | 11.4% | 7.3% |
| 5-year growth | 15.2% | 13.4% |
| Share count change | −3.8% | −2.7% |
| Profitability | ||
| Gross margin | 23.5% | 26.4% |
| Operating margin | 10.2% | 9.5% |
| Net margin | 8.5% | 7.8% |
| FCF margin | 10.3% | 10.1% |
| Return on capital | — | 20.8% |
| Return on equity | 17.6% | 13.3% |
| Balance sheet | ||
| Net debt | — | −$615M |
| Net debt / EBITDA | — | −2.1x |
| Dividends and buybacks | $160M | $200M |
| Valuation & quality | ||
| P/E | 23.2x | 23.0x |
| Piotroski F-score | — | 6 |
Revenue
FY17
CVCO $774M
SKY $237M
FY18
CVCO $871M
SKY —
FY19
CVCO $963M
SKY $1.4B
FY20
CVCO $1.1B
SKY $1.4B
FY21
CVCO $1.1B
SKY $1.4B
FY22
CVCO $1.6B
SKY $2.2B
FY23
CVCO $2.1B
SKY $2.6B
FY24
CVCO $1.8B
SKY $2.0B
FY25
CVCO $2.0B
SKY $2.5B
FY26
CVCO $2.2B
SKY $2.7B
CVCO
SKY
Operating margin
FY17
CVCO 7.3%
SKY 0.2%
FY18
CVCO 8.5%
SKY —
FY19
CVCO 8.7%
SKY −2.2%
FY20
CVCO 8.0%
SKY 6.3%
FY21
CVCO 8.0%
SKY 7.7%
FY22
CVCO 12.4%
SKY 15.1%
FY23
CVCO 13.8%
SKY 19.9%
FY24
CVCO 10.0%
SKY 8.7%
FY25
CVCO 9.4%
SKY 9.5%
FY26
CVCO 10.2%
SKY 9.5%
CVCO
SKY
Free cash flow
FY17
CVCO $40.5M
SKY $1.5M
FY18
CVCO $50.6M
SKY —
FY19
CVCO $25.2M
SKY $53.1M
FY20
CVCO $87.4M
SKY $61.4M
FY21
CVCO $88.5M
SKY $146M
FY22
CVCO $126M
SKY $193M
FY23
CVCO $212M
SKY $364M
FY24
CVCO $207M
SKY $170M
FY25
CVCO $157M
SKY $190M
FY26
CVCO $232M
SKY $270M
CVCO
SKY
Return on capital
FY17
CVCO —
SKY —
FY18
CVCO —
SKY —
FY19
CVCO —
SKY —
FY20
CVCO —
SKY 17.3%
FY21
CVCO —
SKY 24.1%
FY22
CVCO —
SKY 66.9%
FY23
CVCO —
SKY 86.7%
FY24
CVCO —
SKY 18.5%
FY25
CVCO —
SKY 19.6%
FY26
CVCO —
SKY 20.8%
CVCO
SKY
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.