A Business at a Glance
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CAVCO INDUSTRIES, INC.
CVCO
$4.7B
Mkt Cap
$569.77
+1.36%
CAVCO INDUSTRIES, INC. (CVCO) has a current P/E ratio of 24.8, compared to its historical median P/E of 23.3. The stock is currently considered Fair based on its historical valuation range.
CAVCO INDUSTRIES, INC. (CVCO) has a 5-year average return on invested capital (ROIC) of 27.7%. This indicates strong capital allocation and a potential competitive advantage.
CAVCO INDUSTRIES, INC. (CVCO) has a market capitalization of $4.4B. It is classified as a mid-cap stock.
CAVCO INDUSTRIES, INC. (CVCO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.70%.
Based on historical P/E analysis, CAVCO INDUSTRIES, INC. (CVCO) appears fair. The current P/E of 24.8 is 6% above its historical median of 23.3. The estimated fair value CAGR (P/E method) is 21.6%.
CAVCO INDUSTRIES, INC. (CVCO) operates in the Mobile Homes industry, within the Materials sector.
CAVCO INDUSTRIES, INC. (CVCO) reported annual revenue of $2.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 1. BUSINESS Cavco Industries, Inc., a Delaware corporation, was formed on June 30, 2003, as a successor corporation to previous Cavco entities operating since 1965. Headquartered in Phoenix, Arizona, we design and produce factory-built homes primarily distributed through a network of independent and Company-owned retailers, planned community operators and residential developers. We are one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Our finance subsidiary, CountryPlace Acceptance Corp.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Home sales | — | $1.50B | $2.02B | $1.63B | $1.84B | 88% |
Delivery, setup and other revenues | — | $60M | $52M | $85M | $95M | 5% |
All other sources | — | $67M | $70M | $74M | $77M | 4% |
Site improvements on Retail Sales | $41M | $44M | $53M | $58M | $65M | 3% |
Insurance agency commissions received from third-party insurance companies | — | $4M | $4M | $4M | $5M | 0% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.2B | 2.0B | 1.8B | 2.1B | 1.6B | 1.1B |
| Net Income | 184M | 171M | 158M | 241M | 198M | 77M |
| EPS | $23.38 | $20.71 | $18.37 | $26.95 | $21.34 | $8.25 |
| Free Cash Flow | 205M | 157M | 207M | 212M | 126M | 88M |
| ROIC | 20.1% | 22.3% | 20.6% | 36.1% | 40.2% | 19.5% |
| Gross Margin | 23.4% | 23.1% | 23.8% | 25.9% | 25.1% | 21.6% |
| Debt/Equity | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 216M | 190M | 179M | 297M | 202M | 89M |
| Operating Margin | 9.8% | 9.4% | 10.0% | 13.8% | 12.4% | 8.0% |
| ROE | 16.9% | 16.3% | 15.7% | 26.7% | 26.1% | 11.9% |
| Shares Outstanding | 8M | 8M | 9M | 9M | 9M | 9M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 533M | 567M | 712M | 774M | 871M | 963M | 1.1B | 1.1B | 1.6B | 2.1B | 1.8B | 2.0B | 2.2B |
| Gross Margin | 22.4% | 22.3% | 20.3% | 20.4% | 20.7% | 21.4% | 21.7% | 21.6% | 25.1% | 25.9% | 23.8% | 23.1% | 23.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 88M | 88M | 98M | 101M | 107M | 122M | 146M | 150M | 206M | 258M | 248M | 275M | 300M |
| EBIT | 32M | 38M | 46M | 57M | 74M | 84M | 85M | 89M | 202M | 297M | 179M | 190M | 216M |
| Op. Margin | 5.9% | 6.8% | 6.5% | 7.3% | 8.5% | 8.7% | 8.0% | 8.0% | 12.4% | 13.8% | 10.0% | 9.4% | 9.8% |
| Net Income | 19M | 24M | 29M | 38M | 62M | 69M | 75M | 77M | 198M | 241M | 158M | 171M | 184M |
| Net Margin | 3.5% | 4.2% | 4.0% | 4.9% | 7.1% | 7.1% | 7.1% | 6.9% | 12.2% | 11.2% | 8.8% | 8.5% | 8.4% |
| Non-Recurring | 490K | 1.6M | 15K | 62K | 77K | 53K | 3.4M | -116K | 220K | 281K | -132K | -58K | -58K |
| Returns on Capital | |||||||||||||
| ROIC | 9.0% | 8.9% | 10.3% | 12.7% | 18.6% | 19.8% | 18.8% | 19.5% | 40.2% | 36.1% | 20.6% | 22.3% | 20.1% |
| ROE | 8.0% | 7.8% | 8.5% | 10.2% | 14.4% | 13.9% | 13.2% | 11.9% | 26.1% | 26.7% | 15.7% | 16.3% | 16.9% |
| ROA | 4.1% | 4.9% | 5.4% | 6.5% | 9.6% | 9.8% | 9.8% | 8.7% | 18.8% | 19.6% | 11.9% | 12.4% | 12.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 47M | 26M | 44M | 46M | 59M | 33M | 102M | 114M | 144M | 256M | 225M | 178M | 239M |
| Free Cash Flow | 44M | 23M | 40M | 40M | 51M | 25M | 87M | 88M | 126M | 212M | 207M | 157M | 205M |
| Owner Earnings | 40M | 20M | 38M | 40M | 53M | 25M | 92M | 103M | 128M | 233M | 199M | 151M | 205M |
| CapEx | 2.3M | 2.2M | 3.5M | 5.3M | 8.4M | 7.6M | 14M | 26M | 19M | 44M | 17M | 21M | 33M |
| Maint. CapEx | 4.0M | 3.8M | 3.9M | 3.7M | 4.0M | 4.7M | 5.8M | 6.3M | 11M | 17M | 19M | 19M | 22M |
| Growth CapEx | 0 | 0 | 0 | 1.6M | 4.4M | 2.9M | 8.6M | 19M | 7.6M | 27M | 0 | 2.2M | 12M |
| D&A | 4.0M | 3.8M | 3.9M | 3.7M | 4.0M | 4.7M | 5.8M | 6.3M | 11M | 17M | 19M | 19M | 22M |
| CapEx/OCF | 4.8% | 8.6% | 8.1% | 11.8% | 14.2% | 23.3% | 14.1% | 22.4% | 12.9% | 17.2% | 7.8% | 12.0% | 14.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M | 60M | 103M | 109M | 149M | 164M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.1% | 2.6% | 3.9% | 3.2% | 3.5% | 3.7% |
| Stock-Based Comp | 2.4M | 1.7M | 1.8M | 2.1M | 2.3M | 3.4M | 3.9M | 4.4M | 5.1M | 6.3M | 6.8M | 8.7M | 12M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -21M | -43M | -53M | -89M | -153M | -174M | -246M | -338M | -255M | -280M | -365M | -370M | -242M |
| Cash & Equiv. | 73M | 97M | 98M | 133M | 187M | 187M | 242M | 322M | 244M | 271M | 353M | 356M | 242M |
| Long-Term Debt | 60M | 60M | 55M | 52M | 34M | 15M | 289K | 233K | 6.0M | 5.9M | 6.1M | 6.0M | 6.0M |
| Debt/Equity | 0.21 | 0.19 | 0.16 | 0.14 | 0.10 | 0.05 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 |
| Interest Coverage | 6.5 | 8.4 | 10.6 | 12.8 | 16.8 | 24.4 | 56.8 | 120.4 | 288.5 | 325.9 | 108.5 | 689.4 | 689.2 |
| Equity | 290M | 320M | 353M | 394M | 457M | 530M | 608M | 684M | 830M | 976M | 1.0B | 1.1B | 1.1B |
| Total Assets | 469M | 503M | 554M | 607M | 675M | 725M | 810M | 952M | 1.2B | 1.3B | 1.4B | 1.4B | 1.5B |
| Total Liabilities | 179M | 182M | 201M | 213M | 218M | 196M | 203M | 268M | 325M | 332M | 321M | 342M | 383M |
| Intangibles | 78M | 77M | 80M | 80M | 83M | 9.8M | 15M | 14M | 28M | 30M | 28M | 17M | 29M |
| Retained Earnings | 58M | 82M | 110M | 148M | 209M | 280M | 355M | 431M | 629M | 869M | 1.0B | 1.2B | 1.3B |
| Working Capital | 129M | 164M | 174M | 217M | 242M | 288M | 344M | 415M | 450M | 511M | 579M | 607M | 488M |
| Current Assets | 228M | 265M | 299M | 357M | 419M | 462M | 516M | 652M | 744M | 805M | 852M | 910M | 817M |
| Current Liabilities | 99M | 101M | 125M | 140M | 176M | 174M | 172M | 237M | 294M | 293M | 273M | 303M | 329M |
| Per Share Data | |||||||||||||
| EPS | 1.94 | 2.64 | 3.15 | 4.17 | 6.68 | 7.40 | 8.10 | 8.25 | 21.34 | 26.95 | 18.37 | 20.71 | 23.38 |
| Owner EPS | 4.19 | 2.25 | 4.18 | 4.39 | 5.72 | 2.67 | 9.94 | 11.12 | 13.83 | 26.02 | 23.20 | 18.23 | 26.31 |
| Book Value | 30.12 | 35.49 | 38.98 | 43.33 | 49.65 | 57.11 | 65.56 | 73.59 | 89.62 | 109.25 | 120.22 | 128.91 | 139.88 |
| Cash Flow/Share | 4.85 | 2.85 | 4.81 | 5.03 | 6.40 | 3.54 | 10.98 | 12.27 | 15.56 | 28.61 | 26.14 | 21.61 | 26.46 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 9.6M | 9.0M | 9.1M | 9.1M | 9.2M | 9.3M | 9.3M | 9.3M | 9.3M | 8.9M | 8.6M | 8.3M | 7.8M |
| Valuation | |||||||||||||
| P/E Ratio | 40.5 | 28.4 | 28.7 | 28.1 | 25.7 | 15.8 | 18.3 | 28.0 | 11.7 | 11.1 | 21.7 | 24.8 | 24.4 |
| P/FCF | 17.0 | 28.8 | 20.5 | 26.3 | 31.2 | 43.1 | 15.7 | 24.2 | 18.5 | 12.6 | 16.6 | 27.0 | 21.6 |
| EV/EBIT | N/A | 16.8 | 16.8 | 17.4 | 19.9 | 11.2 | 13.4 | 20.5 | N/A | N/A | N/A | N/A | 19.4 |
| Price/Book | N/A | 2.1 | 2.3 | 2.7 | 3.5 | 2.1 | 2.3 | 3.1 | 2.8 | 2.7 | 3.3 | 4.0 | 4.1 |
| Price/Sales | 1.1 | 1.2 | 1.0 | 1.2 | 1.5 | 1.8 | 1.5 | 1.6 | 1.4 | 1.0 | 1.4 | 1.8 | 2.0 |
| FCF Yield | 5.9% | 3.5% | 4.9% | 3.8% | 3.2% | 2.3% | 6.4% | 4.1% | 5.4% | 7.9% | 6.0% | 3.7% | 4.6% |
| Market Cap | 758M | 677M | 819M | 1.1B | 1.6B | 1.1B | 1.4B | 2.1B | 2.3B | 2.7B | 3.4B | 4.2B | 4.4B |
| Avg. Price | 59.28 | 74.84 | 77.65 | 98.82 | 141.31 | 184.82 | 176.46 | 186.19 | 252.86 | 238.83 | 301.50 | 428.72 | 569.77 |
| Year-End Price | 78.64 | 75.03 | 90.41 | 117.05 | 171.35 | 117.25 | 148.47 | 230.84 | 250.68 | 298.98 | 399.06 | 513.96 | 569.77 |
CAVCO INDUSTRIES, INC. passes 7 of 9 quality checks, indicating strong fundamentals.
CAVCO INDUSTRIES, INC. trades at 24.8x trailing earnings, compared to its 15-year median P/E of 23.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 21.5x vs a median of 22.4x. The company's 5-year average ROIC is 27.7% with a gross margin of 23.9%. Total shareholder yield (buybacks) is 3.7%. At current prices, the estimated annualized return to fair value is +26.8%.
CAVCO INDUSTRIES, INC. (CVCO) has a net profit margin of 8.5%. This is a modest margin.
CAVCO INDUSTRIES, INC. (CVCO) generated $157 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CAVCO INDUSTRIES, INC. (CVCO) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
CAVCO INDUSTRIES, INC. (CVCO) reported earnings per share (EPS) of $20.71 in its most recent fiscal year.
CAVCO INDUSTRIES, INC. (CVCO) has a return on equity (ROE) of 16.3%. This indicates the company generates strong returns for shareholders.
CAVCO INDUSTRIES, INC. (CVCO) has a 5-year average gross margin of 23.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for CAVCO INDUSTRIES, INC. (CVCO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CAVCO INDUSTRIES, INC. (CVCO) has a book value per share of $128.91, based on its most recent annual SEC filing.