Cavco Industries, Inc. key statistics and ratios

In fiscal 2026, Cavco Industries, Inc. had return on equity of 17.6%, an operating margin of 10.2%, debt equal to 0.7% of equity and a current ratio of 2.46. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Cavco Industries, Inc.: financial ratios, annual
Fiscal year	2010Mar 2010	2011Mar 2011	2012Mar 2012	2013Mar 2013	2014Mar 2014	2015Mar 2015	2016Apr 2016	2017Apr 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Apr 2021	2022Apr 2022	2023Apr 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMSept 2026
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%
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%
Return on equity	−2.3%	1.9%	9.6%	2.9%	6.9%	7.8%	8.5%	10.2%	14.4%	13.9%	13.2%	11.9%	26.1%	26.6%	15.7%	16.3%	17.6%	16.4%
Return on assets	—	1.0%	4.3%	1.1%	3.6%	4.9%	5.4%	6.5%	9.6%	9.8%	9.8%	8.7%	18.8%	19.5%	11.9%	12.4%	13.2%	11.9%
Asset turnover	—	0.64	1.25	1.03	1.17	1.17	1.35	1.33	1.36	1.38	1.38	1.26	1.54	1.74	1.35	1.46	1.55	1.55
Current ratio	—	2.24	2.00	2.23	2.30	2.62	2.39	2.54	2.37	2.66	3.00	2.75	2.53	2.74	3.12	3.00	2.46	2.10
Debt to equity	0.0%	0.0%	57.0%	46.5%	24.1%	20.9%	17.3%	14.7%	13.1%	6.4%	2.5%	1.8%	1.4%	1.1%	0.8%	0.7%	0.7%	0.7%
Interest cover (operating income ÷ interest)	—	—	2.2x	3.5x	6.5x	8.4x	10.6x	12.8x	16.8x	24.4x	56.8x	120.4x	—	—	108.5x	—	—	—
Effective tax rate	—	17.9%	7.8%	38.1%	32.7%	36.2%	35.2%	31.3%	21.7%	20.8%	19.3%	20.9%	6.7%	21.5%	20.7%	19.0%	22.1%	23.6%
SG&A as % of revenue	14.5%	12.4%	18.0%	17.5%	16.5%	15.5%	13.8%	13.1%	12.3%	12.6%	13.7%	13.6%	12.7%	12.1%	13.8%	13.7%	13.3%	13.2%
Capital spending as % of revenue	0.3%	0.6%	0.5%	0.2%	0.4%	0.4%	0.5%	0.7%	1.0%	0.8%	1.4%	2.3%	1.1%	2.1%	1.0%	1.1%	1.6%	3.0%
Free cash flow ÷ net income	—	77.1%	91.9%	402.3%	274.0%	98.6%	140.2%	106.7%	82.2%	36.7%	116.4%	115.5%	63.5%	88.0%	131.3%	91.8%	121.8%	126.3%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	0.0%	0.0%	1.6%	47.5%	48.9%	52.7%	94.7%	68.9%	57.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Cavco Industries, Inc.: financial ratios, quarterly
Quarter	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026	2027 Q2Sept 2026
Gross margin	24.9%	22.8%	23.3%	24.2%	23.4%	23.1%	22.1%	22.5%
Operating margin	12.3%	7.6%	10.8%	11.2%	9.4%	9.4%	8.6%	10.6%
Net margin	10.8%	7.1%	9.3%	9.4%	7.6%	7.7%	6.9%	8.4%
Free-cash-flow margin	6.2%	6.4%	8.3%	12.4%	9.9%	10.8%	8.0%	10.2%
Current ratio	3.08	3.00	2.88	2.94	2.49	2.46	2.23	2.10
SG&A as % of revenue	12.6%	15.2%	12.4%	13.0%	14.0%	13.7%	13.4%	11.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Cavco Industries, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cavco Industries, Inc.