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Cavco Industries, Inc. (CVCO) stock

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NASDAQ: CVCO Nasdaq Homebuilding Next results ~January 28, 2027

C+ Fundamentals grade

Cavco Industries, Inc. is a US-listed company in the homebuilding industry. Its financial year ends in March.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$690

Cash-flow model

Base case. Range ~$530–$900 across our lower- and higher-growth cases (4.9%–14.9% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 4% below our base value.

Price used: $662.89, November 2, 2026

Cavco Industries, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 5 selling5 purchases and 9 sales by directors and officers, last 12 monthsInsider trades
  • Funds189 adding, 151 cuttingOf 52 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cavco Industries files

10-Q filed October 30: Cavco Industries

Model value +12.8%

Revenue for the twelve months to September 2026 was $2.40bn, up 11.8% on a year earlier, faster than the 9.7% growth a quarter earlier. That growth ranks 1 of 16 among the homebuilding companies we cover. Free-cash-flow margin rose to 9.7% from 8.4% a year earlier. The diluted share count is down 3.5% on a year earlier, which lifts each remaining share. Our model value rises from $607 to $684 a share, against a share price of $619. The rating stays Hold. At that price, our model says the market is pricing in about 7.5% a year of cash-flow growth for five years, close to the 8.1% a year revenue growth it has delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Cavco Industries stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.30bn, up 9.7% on a year earlier, slower than the 11.4% growth a quarter earlier. That growth ranks 1 of 14 among the homebuilding companies we cover. Free-cash-flow margin rose to 10.2% from 7.7% a year earlier. The diluted share count is down 3.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $607 a share, against a share price of $534. At that price, our model says the market is pricing in about 4.7% a year of cash-flow growth for five years, slower than the 7.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Cavco Industries, Inc.'s trailing-twelve-month revenue grew 11.8% year on year, with a free-cash-flow margin of 9.7%. Where it stands out: revenue growth of 11.8% ranks 1 of 17 homebuilding companies we cover.

Our discounted-cash-flow model values the business at ~$690 per share in the base case (~$530–$900 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 29.3% while net income fell 6.4%: a 36pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.5% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.3bn.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 1.0 against the S&P 500.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2027 Q2

Filed October 30, 2026
Earnings per share
$7.17 against an average estimate of $5.42: beat by 32.4%
Revenue
$656m, up 17.9% on a year earlier
Share reaction
+16.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
January 28, 2027; average EPS estimate $5.95

Cavco Industries' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+7.1%
  • 1 week+24.7%
  • 1 month+13.3%
  • This year+12.2%
  • 1 year+25.1%
  • 5 years+156.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.4B
Operating margin
9.5%
Net margin
7.7%
EPS (TTM, diluted)
$23.57

Growth

Revenue growth
+11.8%
Change in growth rate
+2.1 pts
Share count change
−3.5%

Cash

Free cash flow (TTM)
$233M
FCF margin
9.7%
Stock pay % of revenue
0.5%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Announcement
  3. Results
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Announcement
  14. Shareholder vote
  15. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cavco Industries, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 8.3% a year of cash-flow growth for five years.That is close to the 8.1% a year revenue growth Cavco Industries has delivered.

  • Priced in8.3%
  • Last 12 months11.8%
  • 3 years a year8.0%
  • 5 years a year8.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($652.73, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$690
Price used
$652.73close November 3, 2026
Implied change
▲ +6%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Cavco Industries, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($199M, FY2027 Q2 TTM), growing 7.6% and 9.3% in the next two years (forecasts, guidance and its record), then back to 9.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$530–~$900 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Cavco Industries, Inc.'s free cash flow after stock-based pay ( $199M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Cavco Industries, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.89 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$690 ~$530–$900 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$440 ~$370–$550 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$580 ~$400–$860 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$430 ~$370–$520 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$570 ~$430–$690 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cavco Industries, Inc. with Homebuilding in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ +15%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $411$545$723$956$1261$1655
8.5% $323$420$548$716$933$1212
10% $270$345$444$572$737$949

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$93.20$116.40$173.75$117.53$148.47$232.41$243.84$317.74$399.06$513.96$466.14$662.89
Market value$843m$1.1bn$1.6bn$1.1bn$1.4bn$2.2bn$2.3bn$2.8bn$3.4bn$4.2bn$3.7bn$5.2bn
+ Net debt (− = net cash)−$37m−$75m−$127m−$153m−$227m−$310m−$233m−$261m−$345m−$349m−$229m−$264m
Enterprise value$807m$985m$1.5bn$936m$1.1bn$1.8bn$2.0bn$2.6bn$3.1bn$3.9bn$3.5bn$4.9bn
Multiples
Price / sales 1.2x1.4x1.8x1.1x1.3x1.9x1.4x1.3x1.9x2.1x1.7x2.2x
Price / earnings 29.5x27.9x26.0x15.9x18.3x28.2x11.4x11.8x21.7x24.8x19.4x28.1x
Price / free cash flow 21.1x26.2x31.6x43.2x15.7x24.4x18.0x13.4x16.5x27.0x16.0x22.3x
EV / EBITDA 16.0x16.3x18.9x10.5x12.7x19.4x9.5x8.2x15.6x18.6x13.8x19.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

72 /100

Strong moat

How hard Cavco Industries's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 13.0% of total assets over 10 years.

  • Pricing power 9 / 20

    Gross margin has been a median 22.8%, moving by 1.7 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 9.6%; its worst year was 7.3%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 15.9% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, after the close. Analysts expect revenue of $623m and EPS of $5.95 (range $5.74 to $6.17) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $22.56 −6% $2.5bn +9%
Next $28.54 +27% $2.6bn +8%

Next year's EPS estimate has moved −2.9% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −5.8% on 90 days ago. In the last 30 days, 0 analysts raised Cavco Industries, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Cavco Industries, Inc., last 90 days
$22.00 $24.00 $26.00 $28.00 $30.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $23.95 Current fiscal year, 60 days ago: $22.60 Current fiscal year, 30 days ago: $22.60 Current fiscal year, 7 days ago: $22.59 Current fiscal year, Now: $22.56 $22.56 Next fiscal year, 90 days ago: $29.40 Next fiscal year, 60 days ago: $28.83 Next fiscal year, 30 days ago: $28.83 Next fiscal year, 7 days ago: $28.82 Next fiscal year, Now: $28.54 $28.54

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $23.95$29.40
60 days ago $22.60$28.83
30 days ago $22.60$28.83
7 days ago $22.59$28.82
Now $22.56$28.54

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $5.42 $7.17 +32.4%
Jun 2026 $5.55 $5.43 −2.2%
Mar 2026 $5.30 $5.42 +2.3%
Dec 2025 $6.00 $5.58 −7.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026

No numeric guidance in Cavco Industries, Inc.'s latest earnings release (filed October 29, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Cavco Industries, Inc.'s revenue by +7.6% next year and +9.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.2%, weight 62%) and the company's own record (+9.9%, weight 38%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy5100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026145
  2. Sep 2026134
  3. Aug 2026123
  4. Jul 2026123

Counts of recommendations published by analysts covering Cavco Industries, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.6%
of tradable shares
Days to cover
3.68
at average volume
Short interest, 1 month
+15%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.6%
of shares
Employees
7,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +25.1%

$529.80 on October 31, 2025 to $662.89

ThenNowEffect
Revenue (last 12 months) $2.1bn $2.3bn +9.7%
Net margin 9.0% 7.9% −12.3%
P/E multiple 23.0x 28.8x +25.3%
Share count 8m 8m +3.7%

Biggest factor: p/e multiple.

Last 3 years +145.0%

$270.56 on November 3, 2023 to $662.89

ThenNowEffect
Revenue (last 12 months) $2.0bn $2.3bn +13.2%
Net margin 11.2% 7.9% −29.6%
P/E multiple 10.6x 28.8x +173.2%
Share count 9m 8m +12.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CVCO+81%−29%+53%+29%+32%+12%
Industry peers (median)+47%−28%+95%−3%−12%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CVCO83%33%58%42%50%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CVCO−19%−42%−22%−17%−26%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 58% from September 14, 2018 to April 3, 2020. Getting back needed a 138% gain, reached on August 11, 2021, 495 days after the low.

Price behaviour

52-week range
$455.76 – $697.76
From 52-week high
−5.0%
vs 50-day average
+20.4%
vs 200-day average
+20.5%
Volatility (1 year)
46%
Beta vs S&P 500
1.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±8.2%
After a week
8 up, 3 down
typical move ±8.6%
After a month
8 up, 3 down
typical move ±13.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +16.2% −2.1% — —
July 30, 2026 −3.2% +2.4% +2.3% +0.6%
May 22, 2026 +7.6% +1.1% +8.8% +24.4%
January 29, 2026 −20.1% −0.5% −15.1% −8.6%
October 31, 2025 +6.2% +0.5% +14.4% +16.1%
July 31, 2025 +4.9% −2.0% +12.0% +31.6%
January 30, 2025 +8.8% 0.0% +14.9% +10.8%
October 31, 2024 +7.9% −1.5% +10.8% +25.5%
August 2, 2024 −9.4% −4.7% −8.3% −1.1%
May 24, 2024 −1.5% +0.7% −0.1% −3.7%
February 1, 2024 +3.4% +2.4% +6.7% +10.7%
November 2, 2023 +9.0% +2.8% +1.6% +20.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Cavco Industries, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Cavco Industries, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cavco Industries, Inc.
$1.6B $1.8B $2B $2.2B $2.4B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $1.9B Revenue (TTM), FY24 Q4: $1.8B Revenue (TTM), FY25 Q1: $1.8B Revenue (TTM), FY25 Q2: $1.9B Revenue (TTM), FY25 Q3: $1.9B Revenue (TTM), FY25 Q4: $2B Revenue (TTM), FY26 Q1: $2.1B Revenue (TTM), FY26 Q2: $2.1B Revenue (TTM), FY26 Q3: $2.2B Revenue (TTM), FY26 Q4: $2.2B Revenue (TTM), FY27 Q1: $2.3B Revenue (TTM), FY27 Q2: $2.4B $2.4B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $1.9B
FY24 Q4 $1.8B
FY25 Q1 $1.8B
FY25 Q2 $1.9B
FY25 Q3 $1.9B
FY25 Q4 $2B
FY26 Q1 $2.1B
FY26 Q2 $2.1B
FY26 Q3 $2.2B
FY26 Q4 $2.2B
FY27 Q1 $2.3B
FY27 Q2 $2.4B
Revenue growth, TTM YoY Cavco Industries, Inc.
-20% -10% 0% 10% 20% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -14.8% Revenue growth, TTM YoY, FY24 Q4: -16.2% Revenue growth, TTM YoY, FY25 Q1: -11.5% Revenue growth, TTM YoY, FY25 Q2: -2.8% Revenue growth, TTM YoY, FY25 Q3: 4.1% Revenue growth, TTM YoY, FY25 Q4: 12.3% Revenue growth, TTM YoY, FY26 Q1: 16.6% Revenue growth, TTM YoY, FY26 Q2: 15.8% Revenue growth, TTM YoY, FY26 Q3: 14.3% Revenue growth, TTM YoY, FY26 Q4: 11.4% Revenue growth, TTM YoY, FY27 Q1: 9.7% Revenue growth, TTM YoY, FY27 Q2: 11.8% 11.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -14.8%
FY24 Q4 -16.2%
FY25 Q1 -11.5%
FY25 Q2 -2.8%
FY25 Q3 4.1%
FY25 Q4 12.3%
FY26 Q1 16.6%
FY26 Q2 15.8%
FY26 Q3 14.3%
FY26 Q4 11.4%
FY27 Q1 9.7%
FY27 Q2 11.8%
Operating margin (TTM) Cavco Industries, Inc.
8.5% 9% 9.5% 10% 10.5% 11% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 10.6% Operating margin (TTM), FY24 Q4: 10.0% Operating margin (TTM), FY25 Q1: 9.0% Operating margin (TTM), FY25 Q2: 8.9% Operating margin (TTM), FY25 Q3: 9.8% Operating margin (TTM), FY25 Q4: 9.4% Operating margin (TTM), FY26 Q1: 10.1% Operating margin (TTM), FY26 Q2: 10.5% Operating margin (TTM), FY26 Q3: 9.8% Operating margin (TTM), FY26 Q4: 10.2% Operating margin (TTM), FY27 Q1: 9.6% Operating margin (TTM), FY27 Q2: 9.5% 9.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 10.6%
FY24 Q4 10.0%
FY25 Q1 9.0%
FY25 Q2 8.9%
FY25 Q3 9.8%
FY25 Q4 9.4%
FY26 Q1 10.1%
FY26 Q2 10.5%
FY26 Q3 9.8%
FY26 Q4 10.2%
FY27 Q1 9.6%
FY27 Q2 9.5%
FCF margin (TTM) Cavco Industries, Inc.
6% 8% 10% 12% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 11.6% FCF margin (TTM), FY24 Q4: 11.5% FCF margin (TTM), FY25 Q1: 9.6% FCF margin (TTM), FY25 Q2: 8.0% FCF margin (TTM), FY25 Q3: 7.2% FCF margin (TTM), FY25 Q4: 7.8% FCF margin (TTM), FY26 Q1: 7.7% FCF margin (TTM), FY26 Q2: 8.4% FCF margin (TTM), FY26 Q3: 9.3% FCF margin (TTM), FY26 Q4: 10.3% FCF margin (TTM), FY27 Q1: 10.2% FCF margin (TTM), FY27 Q2: 9.7% 9.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 11.6%
FY24 Q4 11.5%
FY25 Q1 9.6%
FY25 Q2 8.0%
FY25 Q3 7.2%
FY25 Q4 7.8%
FY26 Q1 7.7%
FY26 Q2 8.4%
FY26 Q3 9.3%
FY26 Q4 10.3%
FY27 Q1 10.2%
FY27 Q2 9.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Cavco Industries took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.2B
  2. Other income $16.1M · 0.7%
  3. Cost of revenue $1.7B · 76.5%
  4. Gross profit $527M · 23.5%
  5. Selling, general and admin $298M · 13.3%
  6. Operating income $229M · 10.2%
  7. Income tax $54.1M · 2.4%
  8. Net income $191M · 8.5%

Shares of revenue. Source: Cavco Industries's 10-K for FY2026, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Mar 2010 2011 Mar 2011 2012 Mar 2012 2013 Mar 2013 2014 Mar 2014 2015 Mar 2015 2016 Apr 2016 2017 Apr 2017 2018 Mar 2018 2019 Mar 2019 2020 Mar 2020 2021 Apr 2021 2022 Apr 2022 2023 Apr 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026 LTM Sept 2026
Income
Revenue 116 172 443 452 533 567 712 774 871 963 1,062 1,108 1,627 2,143 1,795 2,015 2,245 2,397
Gross profit 11 24 96 100 119 126 144 158 181 206 231 239 409 555 427 466 527 545
EBITDA −5 4 22 25 36 42 50 60 78 89 91 95 214 314 198 210 252 254
Operating income −6 3 16 21 32 38 46 57 74 84 85 89 202 297 179 190 229 229
Net income −3 3 15 5 16 24 29 38 62 69 75 77 198 241 158 171 191 184
Diluted EPS −$0.52 $0.41 $2.19 $0.71 $1.94 $2.64 $3.15 $4.17 $6.68 $7.40 $8.10 $8.25 $21.34 $26.95 $18.37 $20.71 $23.98 $23.57
Growth (year on year)
Revenue — +48.6% +157.9% +2.1% +17.9% +6.2% +25.7% +8.6% +12.6% +10.5% +10.3% +4.4% +46.8% +31.7% −16.2% +12.3% +11.4% +11.8%
EBITDA — — +405.9% +15.4% +41.9% +18.8% +19.0% +20.4% +28.6% +14.2% +2.1% +4.9% +124.4% +46.8% −37.0% +6.1% +20.1% +3.7%
Operating income — — — +30.3% +49.9% +22.0% +20.4% +22.6% +29.9% +14.0% +0.9% +4.6% +128.0% +46.5% −39.7% +6.3% +20.1% +1.6%
Net income — — — −67.4% — +46.7% +19.8% +33.0% +62.0% +11.6% +9.4% +2.1% +157.9% +21.7% −34.4% +8.4% +11.4% −6.4%
Diluted EPS — — — −67.6% — +36.1% +19.3% +32.4% +60.2% +10.8% +9.5% +1.9% +158.7% +26.3% −31.8% +12.7% +15.8% −3.0%
Margins
Gross margin 9.3% 14.1% 21.7% 22.2% 22.4% 22.3% 20.3% 20.4% 20.7% 21.4% 21.7% 21.6% 25.1% 25.9% 23.8% 23.1% 23.5% 22.7%
EBITDA margin −4.2% 2.5% 4.9% 5.5% 6.7% 7.5% 7.1% 7.8% 8.9% 9.2% 8.5% 8.6% 13.1% 14.6% 11.0% 10.4% 11.2% 10.6%
Operating margin −5.2% 1.7% 3.6% 4.7% 5.9% 6.8% 6.5% 7.3% 8.5% 8.7% 8.0% 8.0% 12.4% 13.8% 10.0% 9.4% 10.2% 9.5%
Net margin −2.9% 1.6% 3.4% 1.1% 3.0% 4.2% 4.0% 4.9% 7.1% 7.1% 7.1% 6.9% 12.2% 11.2% 8.8% 8.5% 8.5% 7.7%
Free-cash-flow margin −8.6% 1.3% 3.2% 4.4% 8.3% 4.1% 5.6% 5.2% 5.8% 2.6% 8.2% 8.0% 7.7% 9.9% 11.5% 7.8% 10.3% 9.7%
Cash flow
Cash from operations −10 3 16 21 47 26 44 46 59 33 102 114 144 256 225 178 267 304
Capital spending 0 1 2 1 2 2 4 5 8 8 14 26 19 44 17 21 35 72
Free cash flow −10 2 14 20 44 23 40 40 51 25 87 88 126 212 207 157 232 233
Stock-based pay 0 1 1 1 2 2 2 2 2 3 4 4 5 6 7 9 13 13
Free cash flow after stock pay −10 2 13 19 42 22 38 38 48 22 84 84 121 205 201 148 219 220
Balance sheet
Cash 75 77 41 48 73 97 98 133 187 187 242 322 244 271 353 356 237 272
Total debt 0 0 96 82 70 67 61 58 60 34 15 12 12 11 8 8 7 7
Net debt (negative = net cash) −75 −77 55 34 −3 −30 −37 −75 −127 −153 −227 −310 −233 −261 −345 −349 −229 −264
Diluted shares 7m 7m 7m 7m 8m 9m 9m 9m 9m 9m 9m 9m 9m 9m 9m 8m 8m 8m
Returned to shareholders
Buybacks — — — — — — — — — 0 0 1 60 103 109 149 160 134
Total returned — — — — — — — — — 0 0 1 60 103 109 149 160 134

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · September 26, 2026
What it owns · $1.6bn
Short-term assets $882mLonger-term assets $729m
What it owes, and who funded it · $1.6bn
Short-term liabilities $420mLonger-term liabilities $54mShareholders' equity $1.1bn
  • Short-term assets cover short-term liabilities $882m of assets due within a year against $420m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $882m short-term assets against $54m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $229m against $679,000 of interest.

From Cavco Industries, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$134M
Returned to shareholders
58%
of free cash flow
Buybacks, last 3 fiscal years
$418M
Diluted share count
−3.5%
year over year
Total shareholder yield
2.6%
dividends 0.0% + buybacks 2.6% of market value
Sales & admin spending
13.2%
of revenue
Days sales outstanding
21 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in homebuilding
Last 12 months unless stated CVCO SKY IBP GRBK LGIH CCS Median
Revenue, last 12 months $2.4bn $2.7bn $3.0bn $1.9bn $1.7bn $3.8bn $3.8bn
Revenue growth, last 12 months 11.8% 4.5% 0.3% −7.1% −16.7% −8.2% −7.1%
Revenue growth, 3-year average 8.0% 4.4% 2.4% 3.1% −7.7% 1.3% −0.6%
Revenue growth, latest quarter 17.9% 1.3% 2.3% −8.8% 5.7% −11.8% −6.2%
Gross margin 22.7% 26.0% 33.6% 29.2% 19.4% 17.7% 21.1%
Operating margin 9.5% 8.7% 12.4% 9.6% 4.7% 7.2% 9.1%
Operating margin, 3-year average 9.7% 8.9% 12.8% 12.0% 7.9% 7.9% 12.0%
Net margin 7.7% 7.2% 8.5% 14.2% 3.9% 2.9% 7.2%
Cash from operations / revenue 12.7% 11.3% 12.1% 3.9% 7.8% −1.5% 7.8%
Free-cash-flow margin 9.7% 10.0% 9.8% 3.6% 7.7% −2.3% 7.7%
Free-cash-flow margin, 3-year average 8.7% 8.4% 9.8% 3.3% −5.3% −0.8% 5.8%
Stock pay / revenue 0.5% 0.8% 0.7% 0.5% 0.4% 0.4% 0.5%
Change in share count −3.5% −3.3% −2.9% −1.5% −1.2% −6.4% −4.8%

Median of all 17 companies we cover in homebuilding. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 homebuilding companies
Measure Company Peer median Rank
Revenue growth Growth 11.8% -7.1% 1 of 17
Change in growth rate Growth +2.1pp -0.6pp 5 of 17
Gross margin Profitability 22.7% 22.7% 6 of 11
Operating margin Profitability 9.5% 9.5% 4 of 8
Net margin Profitability 7.7% 7.2% 8 of 17
Free-cash-flow margin Cash generation 9.7% 7.7% 6 of 17
Stock pay as % of revenue Cash generation 0.5% 0.5% 12 of 17
Change in share count Balance sheet -3.5% -4.8% 11 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to March 28, 2026
Segments
Line of business Revenue Share YoY
Factory Built Housing $2.2B 96.1% ▲ 11.6%
Financial Services $87.1M 3.9% ▲ 5.8%

From Cavco Industries, Inc.'s 10-K filed May 22, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.7B
Institutions reporting
356
Shares held vs prior quarter
▼ 1.8%
Positions opened / closed
49 / 36

Top buyers and sellers, Q2 2026: 189 institutions bought and 151 sold ; the biggest buyer was Marshall Wace, LLP (+68K shares) and the biggest seller Capital World Investors (−88K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $767M 1.2M 16.2% ▲ 4.2%
Capital World Investors $325M 528K 6.9% ▼ 14.3%
State Street Corp $258M 419K 5.4% ▲ 4.3%
Vanguard Capital Management LLC $214M 348K 4.5% ▼ 0.1%
Vanguard Portfolio Management LLC $203M 331K 4.3% ▲ 4.2%
Boston Partners $200M 326K 4.2% ▲ 8.7%
Geode Capital Management, LLC $159M 259K 3.4% ▲ 7.7%
Fiduciary Management Inc $154M 250K 3.2% ▼ 6.5%
Dimensional Fund Advisors LP $125M 203K 2.6% ▲ 1.2%
Ameriprise Financial Inc $111M 181K 2.3% ▲ 29.1%
Boston Trust Walden Corp $95.7M 156K 2.0% ▲ 11.4%
Gw&K Investment Management, LLC $94.3M 153K 2.0% ▼ 6.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cavco Industries, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $866,594 5 trades by 3 insiders, last 12 months Insider sales History → $2.6M 9 trades by 5 insiders · 63% under pre-set plans
Net ▼ $1.8M net selling
Insider Date Trade Shares Price Value
Bigbee Paul Chief Accounting Officer August 18, 2026 Sell 342 $592.00 $202,464
Daniels Lisa Lynn Director July 30, 2026 Sell pre-set plan 30 $569.96 $17,099
Aden Allison EVP, CFO & Treasurer June 25, 2026 Sell pre-set plan 1,473 $625.00 $920,625
Aden Allison EVP, CFO & Treasurer June 12, 2026 Sell pre-set plan 1,208 $600.00 $724,800
Kerley Richard A Director June 9, 2026 Sell 500 $588.76 $294,380
Bigbee Paul Chief Accounting Officer May 28, 2026 Sell 200 $537.75 $107,550
Cira Brian R President,Manufactured Housing May 22, 2026 Sell 31 $509.17 $15,784
Aden Allison EVP, CFO & Treasurer May 15, 2026 Sell 129 $455.76 $58,793
Boor William C President & CEO February 4, 2026 Buy 1,000 $495.00 $495,000
Greenblatt David A. Director February 4, 2026 Buy 87 $500.00 $43,500
Greenblatt David A. Director February 3, 2026 Buy 13 $481.00 $6,253
Greenblatt David A. Director February 3, 2026 Buy 400 $462.43 $184,972

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • May 22, 2026
  • January 29, 2026
  • October 31, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Cavco Industries, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cavco Industries, Inc. in brief

What does Cavco Industries, Inc. do?
Cavco Industries, Inc. is a US-listed company in the homebuilding industry. Its financial year ends in March.
What is Cavco Industries, Inc.'s stock ticker?
Cavco Industries, Inc. trades under the ticker CVCO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cavco Industries, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cavco Industries, Inc. reported revenue of $2.4B, 11.8% higher than a year earlier, according to its SEC filings.
What is Cavco Industries, Inc.'s free cash flow?
Cavco Industries, Inc.'s free-cash-flow margin is 9.7% of revenue over the trailing twelve months, ranking 6 of the 17 homebuilding companies we cover.
What is Cavco Industries, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Cavco Industries, Inc.'s free cash flow after stock-based pay gives ~$690 per share in the base case, and ~$530–$900 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Cavco Industries, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Capital World Investors and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Cavco Industries, Inc. buying back stock, and does it pay a dividend?
Cavco Industries, Inc. spent $134M on share repurchases over the trailing twelve months, and its diluted share count fell 3.5% over the year.
What is Cavco Industries, Inc.'s market cap?
On November 2, 2026, Cavco Industries, Inc.'s market capitalisation was about $5.2B, with a price-to-earnings ratio of 28.1 and net debt of -$264M. Market figures come from third-party market data and may be delayed.
Who are Cavco Industries, Inc.'s competitors?
In our Homebuilding peer group, the companies closest to Cavco Industries, Inc. are Champion Homes, Inc., Installed Building Products, Inc., Green Brick Partners, Inc., LGI Homes, Inc. and Century Communities, Inc. The side-by-side comparison below sets their revenue, margins and growth against Cavco Industries, Inc.'s.
Are insiders buying or selling Cavco Industries, Inc. stock?
Over the last 12 months, Cavco Industries, Inc.'s directors and officers reported 5 open-market purchases and 9 sales on Form 4. The insider trading page charts every trade.
When is Cavco Industries, Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cavco Industries, Inc. announces its own schedule.