Cavco Industries, Inc.
- Open
- 587.90
- Day high
- 587.90
- Day low
- 561.96
- Prev close
- 585.49
- Volume
- 79K
- Mkt cap
- $4.4B
- P/E (TTM)
- 23.3
- EPS (TTM)
- $24.26
- P/B
- 4.0
- P/S
- 2.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.1M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions mixed (13F)
Cavco Industries, Inc. (CVCO) is a Consumer Cyclical company listed on NASDAQ. The stock is up 35% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
Cavco Industries, Inc. (CVCO) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CVCO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 22, 2026 | $5.30 | $5.42 | +2.3% | $550M | -3.7% |
| Jan 29, 2026 | $6.00 | $5.58 | -7.0% | $581M | +1.7% |
| Oct 30, 2025 | $6.09 | $6.55 | +7.6% | $557M | +2.5% |
| Jul 31, 2025 | $5.81 | $6.42 | +10.5% | $557M | +3.0% |
| May 22, 2025 | $4.87 | $5.40 | +10.9% | $508M | +0.8% |
| Jan 30, 2025 | $4.89 | $6.90 | +41.1% | $522M | +1.9% |
| Oct 31, 2024 | $4.76 | $5.28 | +10.9% | $507M | +5.8% |
| Aug 1, 2024 | $4.70 | $4.11 | -12.6% | $478M | +3.3% |
| May 23, 2024 | $4.51 | $4.03 | -10.6% | $419M | -9.5% |
| Feb 1, 2024 | $4.27 | $4.27 | +0.0% | $447M | -2.0% |
| Nov 2, 2023 | $5.27 | $4.76 | -9.7% | $452M | -5.4% |
| Aug 3, 2023 | $5.82 | $5.29 | -9.1% | $476M | -12.5% |
CVCO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | ADEN ALLISONofficer: EVP, CFO & Treasurer | Sell | 1,473 | $625.00 |
| Jun 15, 2026 | ADEN ALLISONofficer: EVP, CFO & Treasurer | Tax | 27 | $592.76 |
| Jun 15, 2026 | BIGBEE PAULofficer: Chief Accounting Officer | Tax | 27 | $592.76 |
| Jun 15, 2026 | ADEN ALLISONofficer: EVP, CFO & Treasurer | Sell | 1,208 | $600.00 |
| Jun 11, 2026 | KERLEY RICHARD Adirector | Sell | 500 | $588.76 |
| Jun 1, 2026 | BIGBEE PAULofficer: Chief Accounting Officer | Sell | 200 | $537.75 |
| Jun 1, 2026 | Boor William Cdirector, officer: President & CEO | Option | 13,100 | $158.36 |
| Jun 1, 2026 | Boor William Cdirector, officer: President & CEO | Tax | 6,809 | $546.24 |
| May 27, 2026 | Boor William Cdirector, officer: President & CEO | Tax | 577 | $509.17 |
| May 27, 2026 | CIRA BRIAN Rofficer: President,Manufactured Housing | Sell | 31 | $509.17 |
| May 27, 2026 | ADEN ALLISONofficer: EVP, CFO & Treasurer | Tax | 22 | $509.17 |
| May 27, 2026 | SCHUKNECHT SETH Gofficer: EVP, General Counsel | Tax | 63 | $509.17 |
| May 27, 2026 | BRANDOM JACK Sofficer: President, Financial Services | Tax | 11 | $509.17 |
| May 27, 2026 | Nino Matthew Aofficer: President, Retail | Tax | 29 | $509.17 |
| May 27, 2026 | BIGBEE PAULofficer: Chief Accounting Officer | Tax | 31 | $509.17 |
Source: CVCO SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full CVCO insider & 13F page →Cavco Industries, Inc. company profile
Overview
Cavco Industries, Inc. (NASDAQ:CVCO) is a leading manufacturer of factory-built housing in the United States, founded in 1965 and headquartered in Phoenix, Arizona. The company went public in 2003 and has grown through both organic expansion and strategic acquisitions to become one of the largest producers of manufactured homes, modular homes, and park model recreational vehicles in North America. Cavco operates manufacturing facilities across multiple states and distributes its products through a network of company-owned retail stores and independent dealers throughout 48 states and Canada.
Business
Cavco Industries operates in the factory-built housing industry, which encompasses manufactured homes, modular homes, and related structures that are constructed in controlled factory environments rather than built on-site like traditional stick-built homes. The company's business is organized into two primary segments: Factory-Built Housing Segment (approximately 96% of revenue): This core business designs, manufactures, and sells various types of factory-built homes under multiple brand names including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, and others. The segment produces manufactured homes that comply with the federal HUD (Housing and Urban Development) code, which are typically single or multi-section homes transported to permanent sites. The company also manufactures modular homes that meet local building codes and can include ranch, split-level, Cape Cod, and multi-story designs. Additionally, Cavco produces park model RVs for recreational use, vacation cabins, and commercial structures such as apartment buildings, workforce housing, and military housing. These homes serve as affordable housing solutions, typically priced significantly below traditional site-built homes. Financial Services Segment (approximately 4% of revenue): This segment provides financing solutions and insurance products specifically for manufactured home buyers. The division offers both conforming and non-conforming mortgages, as well as chattel loans (personal property loans) for customers purchasing factory-built homes. The segment also provides property and casualty insurance coverage for manufactured home owners, generating revenue through insurance premiums and underwriting activities. The factory-built housing industry serves as an important source of affordable housing in the United States, with manufactured homes typically costing 30-50% less than comparable site-built homes while offering similar living spaces and amenities.
Revenue model
Cavco generates revenue through multiple complementary business models across its two operating segments. The Factory-Built Housing segment operates on a traditional manufacturing and sales model, generating revenue from the production and wholesale of homes to dealers, retail sales through company-owned stores, and direct sales to community operators and builders. The company sells homes at various price points, with recent trends showing stronger demand for lower-cost single-section homes. Revenue per home varies based on size, features, and sales channel, with community and builder-developer sales typically commanding higher margins than dealer sales. The Financial Services segment generates revenue through multiple streams: originating and selling mortgages (earning origination fees and gain-on-sale income), providing chattel financing for manufactured homes, and collecting insurance premiums from property and casualty policies sold to manufactured home owners. This segment also benefits from the float on insurance reserves and investment income. Several factors significantly impact Cavco's profitability margins. Positive margin drivers include: higher factory utilization rates (currently operating at 70-75% versus historical peaks above 80%), economies of scale from increased production volumes, favorable commodity prices (particularly lumber and steel), and the company's ability to pass through material cost increases to customers. Negative margin pressures come from: volatile commodity prices, weather-related disruptions to production (the company lost 24 operating days in February 2025 due to unusual weather), competitive pricing pressure in certain regional markets, higher insurance losses due to severe weather events, and potential tariff impacts on imported materials (management estimates 5-8% potential cost impact from new tariffs). The company's margins also fluctuate based on product mix, with lower-priced homes typically carrying lower absolute margins but potentially higher margin percentages.
Competitive moat
Cavco Industries operates in a moderately consolidated industry with several competitive advantages, though its moat is not exceptionally deep. The company's primary competitive strengths include its scale advantages as one of the largest manufactured home producers, which provides purchasing power with suppliers and the ability to spread fixed costs across higher volumes. The company's brand portfolio spanning multiple well-recognized names in manufactured housing creates customer loyalty and dealer relationships built over decades. Distribution network advantages represent another meaningful moat component. Cavco operates 45 company-owned retail stores and maintains relationships with independent dealers across 48 states, creating barriers for new entrants who would need to establish similar distribution capabilities. The company's regulatory expertise in navigating HUD codes and state-specific building requirements also creates switching costs and operational barriers. However, the moat faces several challenges. The manufactured housing industry has relatively low barriers to entry from a pure manufacturing perspective, as the production process, while requiring expertise, does not involve proprietary technology. Competitive threats come from other large manufacturers like Clayton Homes (owned by Berkshire Hathaway), as well as regional players who can compete effectively in local markets. The industry also faces potential disruption from alternative affordable housing solutions, including tiny homes, accessory dwelling units (ADUs), and innovative construction technologies that could reduce site-built housing costs. The company's financial services moat is relatively weak, as manufactured home financing is provided by numerous banks, credit unions, and specialized lenders. Cyclical demand patterns tied to interest rates, employment levels, and consumer confidence also limit the defensive characteristics of the business. Overall, Cavco possesses a moderate moat based primarily on scale, distribution, and brand recognition, but faces ongoing competitive pressures and cyclical challenges.
Risks & safety
Cavco demonstrates a strong margin of safety from a balance sheet perspective, though valuation metrics suggest limited downside protection at current levels. Balance Sheet Strength: 1. Cash position of $356 million with minimal debt (debt-to-equity ratio of 0.03) 2. Current ratio of 3.08 indicating strong liquidity 3. No meaningful solvency risk with strong cash generation capabilities 4. Free cash flow of approximately $125-200 million annually in recent years Valuation Metrics: 1. Trading at P/E ratio of approximately 24.5x based on recent earnings 2. EV/EBITDA multiple of 20.2x, elevated compared to historical levels 3. Price-to-book ratio above 3.0x, indicating premium valuation 4. Graham number suggests potential overvaluation at current price levels Other Considerations: 1. Cyclical industry exposure creates earnings volatility risk 2. Weather-related disruptions can significantly impact quarterly results 3. Commodity price sensitivity affects margin predictability 4. Potential tariff impacts could pressure near-term profitability 5. Strong capital allocation through share buybacks ($389 million repurchased since program inception)
Recent development
Over the past several years, Cavco has pursued a multi-pronged strategic transformation focused on operational efficiency, digital capabilities, and market positioning. The company completed the integration of Solitaire Homes acquisition, which added approximately 10% to manufacturing capacity and complemented existing product lines with additional brand recognition in key markets. A significant strategic initiative has been the comprehensive rebranding effort, where management renamed manufacturing plants to the Cavco brand and introduced product lines based on home characteristics rather than legacy brand names. This rebranding aims to improve online marketing effectiveness and generate better dealer leads through enhanced digital presence. The company launched cavcohomes.com as a digital marketplace and completed a digital marketing architecture transformation, implementing dealer microsites to increase traffic and lead generation. Product innovation has focused on addressing market demand for affordable housing solutions. Cavco launched the Anthem series, featuring the first nationally available HUD-approved duplex homes, targeting rental community operators and addressing the growing need for workforce housing. The company has also emphasized development of lower-cost, single-section homes in response to market demand patterns. Retail expansion has been another key strategic focus, with the company adding 15 retail stores in fiscal 2024 and continuing to evaluate opportunities for geographic expansion. The company has also maintained an active approach to capital allocation, implementing aggressive share repurchase programs while preserving financial flexibility for potential acquisitions. Management has repurchased 15.5% of outstanding shares since 2021, demonstrating confidence in the business while returning capital to shareholders. Operational improvements have included investments in plant capacity and efficiency, with factory utilization rates recovering from approximately 60% to 70-75% as market conditions improved. The company has also focused on maintaining operational flexibility through variable cost structures to better manage cyclical demand fluctuations.
CVCO company profile · for informational purposes only — not investment advice.
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