Cavco Industries, Inc. (CVCO)

Price$566.19Cached quoteAs of 2026-09-05 03:43 UTC

AI: Fair-priced

Price checkThe shares look fairly priced: strong cash generation offsets a demanding earnings multiple.

At the observed market value, Cavco trades at about 24.4 times trailing earnings per share of $22.99. Trailing free cash flow, meaning cash left after operating and capital spending, is roughly $235 million, implying about 18.5 times that cash measure. Recent fiscal-year earnings multiples were about 19 times for 2026, 24 times for 2025, and 21 times for 2024. That is not cheap for a cyclical home producer, but $203 million of net cash and a larger backlog keep the evidence balanced.

Big pictureEarnings are cyclical, but cash flow has stayed stronger than reported profit recently.

Cavco's profits can swing sharply with housing demand. Revenue fell 16% in fiscal 2024 from fiscal 2023, while operating income dropped about 40%. Fiscal 2026 recovered to $191 million of net income, but trailing net income has slipped to roughly $181 million. Meanwhile, trailing operating cash flow is about $286 million and free cash flow is about $235 million. In the latest quarter, operating income fell to $52.8 million from $60.4 million even as revenue rose, showing that current margin pressure matters.

Business strengthA cash-rich balance sheet and steady buybacks give shareholders meaningful downside protection.

At June 2026, Cavco held about $243 million of cash against only $40 million of debt, leaving roughly $203 million of net cash. Current assets of $837 million were more than twice current liabilities of $376 million. The company repurchased about $160 million of shares in fiscal 2026 and another $30 million in the latest quarter; shares outstanding fell about 3.7% from March 2025 to June 2026. Those buybacks have more than offset stock-based compensation dilution, although the American Homestar purchase used substantial cash.

What could change the storyBacklog growth supports demand, but recent sales growth depends heavily on an acquisition.

Backlog reached $298 million in June, up from $195 million in March and $200 million a year earlier, supporting a stronger demand outlook. The caution is that American Homestar contributed $52.8 million of latest-quarter factory-housing revenue, almost the entire companywide revenue increase, while sales to independent retailers, builders and communities fell 2.6%. Factory-housing gross margin also dropped to 20.8% from 22.6% because of higher input costs. The bull case needs backlog conversion and margin recovery; the bear case is weak organic growth at a still-full valuation.

AI: News

Mixed first quarterSales rose, but weaker housing margins and earnings made the latest quarter a mixed result.

On July 30, Cavco reported first-quarter fiscal 2027 revenue of $610 million, up 9.5%, and backlog of $298 million, up about 49% from a year earlier. However, factory-housing gross margin fell to 20.8% from 22.6%, while pretax income fell 14.6%. The next trading session closed about 2.7% lower. That timing is consistent with investors focusing on weaker profitability, but it does not prove the earnings release caused the move.

Year-end growth and buybackFull-year growth and a new buyback showed confidence despite softer housing profitability.

On May 21, Cavco reported fiscal 2026 revenue of $2.245 billion, up 11.4%, and diluted earnings per share of $23.98 versus $20.71. Factory-housing gross margin still slipped to 22.1% from 22.9%. The board also approved a fresh $150 million share-repurchase program after roughly $160 million of buybacks during the year. Shares closed about 3.6% higher the next session, although other market factors may also have contributed.

El Mirage factoryA huge Arizona factory adds long-term capacity, but it also raises investment and utilization risk.

On May 20, Cavco announced a 616,000-square-foot manufacturing facility in El Mirage, Arizona, designed for manufactured and modular homes. Operations are targeted for mid-2027, initially with one production line and room to expand. The project can support long-term Southwest growth, but it also adds capital needs before the new capacity earns returns. Shares closed about 6.5% higher that day, though the timing alone cannot establish that the factory announcement drove the move.

American Homestar acquisitionAmerican Homestar expanded Cavco's footprint, yet the deal now drives most reported sales growth.

Cavco completed the American Homestar acquisition on September 29, 2025, adding two factories, nineteen retail locations and financial-services operations. The latest filing puts adjusted cash consideration at about $181 million. In the June 2026 quarter, American Homestar contributed $52.8 million of factory-housing revenue, meaning the acquisition explains most of Cavco's reported sales growth. The deal strengthens regional scale, but it also reduced net cash and increased goodwill, making integration and margin improvement important to future value.

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Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue	$2.24B	$2.02B	$1.79B	$2.14B	$1.63B	$1.11B	$1.06B	$962.7M	$871.2M	$773.8M	$712.4M	$566.7M	$533.3M	$452.3M	$443.1M	$171.8M	$115.6M
Gross profit	$526.9M	$465.6M	$426.9M	$554.9M	$408.7M	$239.0M	$230.5M	$205.7M	$180.7M	$158.0M	$144.4M	$126.1M	$119.5M	$100.4M	$95.9M	$24.3M	$10.7M
Gross margin	23.47%	23.10%	23.79%	25.90%	25.12%	21.57%	21.71%	21.37%	20.74%	20.42%	20.28%	22.26%	22.40%	22.19%	21.65%	14.13%	9.25%
Operating expenses	$298.3M	$275.3M	$247.9M	$258.3M	$206.3M	$150.2M	$145.6M	$121.6M	$106.9M	$101.2M	$98.1M	$87.7M	$87.9M	$79.3M	$79.8M	$21.3M	$16.7M
Operating income	$228.6M	$190.3M	$179.0M	$296.6M	$202.5M	$88.8M	$84.9M	$84.1M	$73.8M	$56.8M	$46.3M	$38.5M	$31.5M	$21.0M	$16.1M	$2.9M	−$6.0M
Operating margin	10.18%	9.44%	9.97%	13.84%	12.44%	8.02%	8.00%	8.74%	8.47%	7.34%	6.51%	6.79%	5.91%	4.65%	3.64%	1.71%	−5.21%
EBITDA	$251.6M	$209.5M	$197.5M	$313.5M	$213.5M	$95.1M	$90.7M	$88.8M	$77.8M	$60.5M	$50.3M	$42.2M	$35.5M	$25.1M	$21.7M	$4.3M	−$4.8M
EBITDA margin	11.21%	10.40%	11.00%	14.63%	13.12%	8.59%	8.54%	9.23%	8.93%	7.82%	7.06%	7.45%	6.66%	5.54%	4.90%	2.50%	−4.17%
Net income	$190.6M	$171.0M	$157.8M	$240.6M	$197.7M	$76.6M	$75.1M	$68.6M	$61.5M	$38.0M	$28.5M	$23.8M	$16.2M	$5.0M	$15.2M	$2.8M	−$3.4M
Net profit margin	8.49%	8.49%	8.79%	11.23%	12.15%	6.92%	7.07%	7.13%	7.06%	4.91%	4.01%	4.20%	3.04%	1.10%	3.44%	1.65%	−2.92%
Basic EPSper basic share	$24.26	$20.97	$18.55	$27.20	$21.54	$8.34	$8.22	$7.56	$6.82	$4.23	$3.21	$2.69	$1.97	$0.71	$2.22	$0.43	-$0.52
Diluted EPSper diluted share	$23.98	$20.71	$18.37	$26.95	$21.34	$8.25	$8.10	$7.40	$6.68	$4.17	$3.15	$2.64	$1.94	$0.71	$2.19	$0.41	-$0.52

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈16.20%of listed shares

BlackRock, Inc.1.25M shares · Jun 30, 2026

View holders

Top 20 reported holders of CVCO
Holder	% owned
BlackRock, Inc.	≈16.20%1.25M shares
Capital World Investors	≈6.85%528.19K shares
STATE STREET CORP	≈5.44%419.2K shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.51%347.62K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈4.30%331.16K shares
Boston Partners	≈4.22%325.6K shares
GEODE CAPITAL MANAGEMENT, LLC	≈3.36%259.18K shares
FIDUCIARY MANAGEMENT INC /WI/	≈3.24%250.14K shares
DIMENSIONAL FUND ADVISORS LP	≈2.64%203.46K shares
AMERIPRISE FINANCIAL INC	≈2.34%180.51K shares
Boston Trust Walden Corp	≈2.02%155.71K shares
GW&K Investment Management, LLC	≈1.99%153.44K shares
Invesco Ltd.	≈1.94%149.66K shares
SCHRODER INVESTMENT MANAGEMENT GROUP	≈1.69%130.35K shares
Point72 Asset Management, L.P.	≈1.42%109.53K shares
FMR LLC	≈1.42%109.29K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	≈1.41%108.39K shares
VICTORY CAPITAL MANAGEMENT INC	≈1.37%105.87K shares
NORTHERN TRUST CORP	≈1.13%86.94K shares
PRICE T ROWE ASSOCIATES INC /MD/	≈1.12%86.55K shares

Percentages use 7.71M shares of this listed class outstanding on Jun 27, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$866.6K disclosed value

Sells (SEC code S)34$14.72M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 25, 2026Form 4	ADEN ALLISONEVP, CFO & Treasurer	SellCommon Stock	1.5K	$625.00	$920.6K	9.1K
Jun 12, 2026Form 4	ADEN ALLISONEVP, CFO & Treasurer	SellCommon Stock	1.2K	$600.00	$724.8K	10.6K
Jun 9, 2026Form 4	KERLEY RICHARD ADirector	SellCommon Stock · indirect	500	$588.76	$294.4K	6.2K
May 28, 2026Form 4	BIGBEE PAULChief Accounting Officer	SellCommon Stock	200	$537.75	$107.5K	1.1K
May 22, 2026Form 4	CIRA BRIAN RPresident,Manufactured Housing	SellCommon Stock	31	$509.17	$15.8K	4.3K

Review ownership filings at SEC.gov ↗

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Cavco Industries, Inc. (CVCO)

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