Detailed financial statements for Cavco Industries, Inc. (CVCO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Cavco Industries, Inc. (CVCO) is a prominent American enterprise primarily focused on the manufacturing, marketing, and retail sale of prefabricated residential dwellings. Its operations are structured into two core divisions: Factory-Built Housing, which handles construction, and Financial Services.
Analysis Summary
Cavco Industries, Inc. reported revenue of $2.24B in the most recent fiscal year, growing at a 5-year CAGR of 15.2%. Net income reached $190.6M, with a 20.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 22.7%, operating margin 9.5%, net margin 7.7%. Free cash flow grew at 13.1% CAGR over 5 years.
At $619.00 (closing price, October 30, 2026), CVCO trades at a P/E of 26.23 and an ROE of 16.60%. Market capitalisation stands at $4.8B.
Balance sheet quality for CVCO: current ratio of 2.5, net cash position of $242.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $232.1M represents 122% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $773.8M | $871.2M | $962.7M | $1.06B | $1.11B | $1.63B | $2.14B | $1.79B | $2.02B | $2.24B |
| Cost of Revenue | $615.8M | $690.6M | $757.0M | $831.3M | $869.1M | $1.22B | $1.59B | $1.37B | $1.55B | $1.72B |
| Gross Profit | $158.0M | $180.7M | $205.7M | $230.5M | $239.0M | $408.7M | $554.9M | $426.9M | $465.6M | $526.9M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $101.2M | $106.9M | $121.6M | $145.6M | $150.2M | $206.3M | $258.3M | $247.9M | $275.3M | $298.3M |
| Operating Expenses | $101.2M | $106.9M | $121.6M | $145.6M | $150.2M | $206.3M | $258.3M | $247.9M | $275.3M | $298.3M |
| Operating Income | $56.8M | $73.8M | $84.1M | $84.9M | $88.8M | $202.5M | $296.6M | $179.0M | $190.3M | $228.6M |
| EBITDA | $63.4M | $86.9M | $94.8M | $100.3M | $104.0M | $223.7M | $324.6M | $219.4M | $230.8M | $268.3M |
| Interest Expense | $4.4M | $4.4M | $3.4M | $1.5M | $738,000 | $702,000 | $910,000 | $1.6M | $517,000 | $541,000 |
| Pre-tax Income | $55.3M | $78.5M | $86.7M | $93.0M | $96.9M | $212.0M | $306.8M | $199.2M | $211.1M | $244.7M |
| Income Tax | $17.3M | $17.0M | $18.1M | $17.9M | $20.3M | $14.2M | $65.9M | $41.3M | $40.0M | $54.1M |
| Net Income | $38.0M | $61.5M | $68.6M | $75.1M | $76.6M | $197.7M | $240.6M | $157.8M | $171.0M | $190.6M |
| EPS | $4.23 | $6.82 | $7.56 | $8.22 | $8.34 | $21.54 | $27.20 | $18.55 | $20.97 | $24.26 |
| EPS (Diluted) | $4.17 | $6.68 | $7.40 | $8.10 | $8.25 | $21.34 | $26.95 | $18.37 | $20.71 | $23.98 |
| Shares Outstanding (Diluted) | 9.1 M | 9.2 M | 9.3 M | 9.3 M | 9.3 M | 9.3 M | 8.9 M | 8.6 M | 8.3 M | 7.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $581.0M | $550.1M | $610.0M | $656.4M |
| Gross Profit | $135.9M | $127.1M | $134.6M | $147.6M |
| Operating Income | $54.6M | $51.5M | $52.8M | $69.9M |
| EBITDA | $64.4M | $61.1M | $59.4M | $80.5M |
| Net Income | $44.1M | $42.5M | $42.3M | $55.4M |
| EPS | $5.67 | $5.48 | $5.48 | $7.22 |
| EPS (Diluted) | $5.58 | $5.42 | $5.43 | $7.17 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $132.5M | $186.8M | $187.4M | $241.8M | $244.2M | $244.2M | $271.4M | $352.7M | $356.2M | $257.0M |
| Short-term Investments | $11.3M | $11.9M | $12.6M | $14.6M | $20.1M | $20.1M | $15.0M | $18.3M | $19.8M | $16.2M |
| Receivables | $70.3M | $71.6M | $86.0M | $90.6M | $149.3M | $149.3M | $89.3M | $141.2M | $188.1M | $184.2M |
| Inventory | $93.9M | $109.2M | $116.2M | $113.5M | $244.0M | $244.0M | $263.1M | $241.3M | $252.7M | $295.7M |
| Total Current Assets | $356.8M | $418.6M | $462.0M | $516.2M | $744.1M | $744.1M | $804.6M | $851.8M | $910.2M | $824.7M |
| Property, Plant & Equipment | $57.0M | $63.4M | $63.5M | $91.1M | $181.0M | $181.0M | $255.0M | $263.2M | $263.2M | $312.5M |
| Goodwill | $69.8M | $72.9M | $72.9M | $75.1M | $101.0M | $101.0M | $114.5M | $121.9M | $122.0M | $208.8M |
| Intangible Assets | $10.3M | $10.1M | $9.8M | $15.1M | $28.5M | $28.5M | $29.8M | $28.2M | $16.7M | $28.1M |
| Total Assets | $607.3M | $674.8M | $725.2M | $810.4M | $1.15B | $1.15B | $1.31B | $1.35B | $1.41B | $1.49B |
| Accounts Payable | $24.0M | $23.8M | $29.3M | $29.9M | $43.1M | $43.1M | $30.7M | $33.5M | $37.2M | $44.2M |
| Short-term Debt | $6.4M | $26.0M | $19.5M | $2.2M | $784,000 | $784,000 | $455,000 | 0 | $6.2M | 0 |
| Total Current Liabilities | $140.2M | $176.3M | $174.0M | $172.1M | $294.2M | $294.2M | $293.4M | $273.3M | $303.2M | $335.4M |
| Long-term Debt | $51.6M | $33.8M | $14.6M | $12.3M | $10.8M | $10.8M | $1.9M | 0 | $1.4M | 0 |
| Total Liabilities | $212.9M | $217.7M | $195.6M | $202.8M | $323.7M | $323.7M | $330.5M | $320.7M | $342.1M | $388.0M |
| Retained Earnings | $148.1M | $209.4M | $280.1M | $355.1M | $628.8M | $628.8M | $869.3M | $1.03B | $1.20B | $1.39B |
| Total Equity | $394.4M | $457.1M | $529.6M | $607.6M | $830.5M | $830.5M | $976.3M | $1.03B | $1.06B | $1.10B |
| Total Debt | $58.0M | $59.8M | $34.1M | $29.9M | $24.8M | $24.8M | $36.6M | $35.1M | $45.1M | $30.7M |
| Net Debt | -$85.8M | -$138.8M | -$165.8M | -$226.5M | -$239.5M | -$239.5M | -$249.8M | -$335.8M | -$330.9M | -$242.5M |
| Working Capital | $216.5M | $242.3M | $288.0M | $344.1M | $449.9M | $449.9M | $511.2M | $578.5M | $607.0M | $489.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $375.0M | $241.9M | $257.0M | $243.2M |
| Total Assets | $1.45B | $1.47B | $1.49B | $1.54B |
| Total Liabilities | $362.9M | $383.0M | $388.0M | $431.1M |
| Total Equity | $1.09B | $1.09B | $1.10B | $1.11B |
| Total Debt | $30.4M | $68.1M | $30.7M | $39.8M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $38.0M | $61.5M | $68.6M | $75.1M | $197.7M | $197.7M | $240.6M | $157.8M | $171.0M | $190.6M |
| Depreciation & Amortization | $3.7M | $4.0M | $4.7M | $5.8M | $6.3M | $11.0M | $16.9M | $18.5M | $19.3M | $23.0M |
| Stock-based Compensation | $2.1M | $2.3M | $3.4M | $3.9M | $5.1M | $5.1M | 0 | $6.8M | $8.7M | $12.8M |
| Change in Working Capital | $11.3M | $4.7M | -$47.5M | $18.0M | -$318.0M | -$84.7M | -$1.2M | $55.6M | -$146.4M | $37.6M |
| Operating Cash Flow | $44.8M | $58.8M | $32.8M | $101.7M | $144.2M | $144.2M | $255.7M | $224.7M | $178.5M | $267.5M |
| Capital Expenditure | -$5.3M | -$8.4M | -$7.6M | -$14.3M | -$18.7M | -$18.7M | -$44.1M | -$17.4M | -$21.4M | -$35.4M |
| Acquisitions | $145,000 | -$1.6M | $125,000 | -$15.9M | -$141.4M | -$141.4M | -$93.4M | -$19.2M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$59.6M | -$59.6M | -$103.4M | -$109.3M | -$148.7M | -$159.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $39.5M | $50.4M | $25.2M | $87.4M | $125.6M | $125.6M | $211.6M | $207.3M | $157.1M | $232.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $78.5M | $66.1M | $67.4M | $74.5M |
| Capital Expenditure | -$9.7M | -$8.5M | -$8.0M | -$25.5M |
| Free Cash Flow | $68.7M | $57.6M | $59.3M | $49.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.5M | $3.2M | $2.5M | $4.1M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +12.6% | +10.5% | +10.3% | +4.4% | +46.8% | +31.7% | -16.2% | +12.3% | +11.4% | |
| Net Income Growth (YoY) | +62.0% | +11.6% | +9.4% | +2.1% | +157.9% | +21.7% | -34.4% | +8.4% | +11.4% | |
| EPS Growth (YoY) | +61.2% | +10.9% | +8.7% | +1.5% | +158.3% | +26.3% | -31.8% | +13.0% | +15.7% | |
| Shares Change (YoY) | +1.1% | +0.7% | +0.0% | +0.3% | -0.3% | -3.7% | -3.7% | -3.9% | -3.8% | |
| FCF Growth (YoY) | +27.6% | -50.0% | +246.8% | +43.7% | +0.0% | +68.5% | -2.0% | -24.2% | +47.8% | |
| Gross Margin | 20.4% | 20.7% | 21.4% | 21.7% | 21.6% | 25.1% | 25.9% | 23.8% | 23.1% | 23.5% |
| Operating Margin | 7.3% | 8.5% | 8.7% | 8.0% | 8.0% | 12.4% | 13.8% | 10.0% | 9.4% | 10.2% |
| EBITDA Margin | 8.2% | 10.0% | 9.8% | 9.4% | 9.4% | 13.7% | 15.1% | 12.2% | 11.5% | 12.0% |
| Net Margin | 4.9% | 7.1% | 7.1% | 7.1% | 6.9% | 12.1% | 11.2% | 8.8% | 8.5% | 8.5% |
| FCF Margin | 5.1% | 5.8% | 2.6% | 8.2% | 11.3% | 7.7% | 9.9% | 11.5% | 7.8% | 10.3% |
| Effective Tax Rate | 31.3% | 21.7% | 20.8% | 19.3% | 20.9% | 6.7% | 21.5% | 20.7% | 19.0% | 22.1% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.34 | $5.48 | $2.72 | $9.43 | $13.51 | $13.55 | $23.71 | $24.12 | $19.02 | $29.21 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 9.0 M | 9.0 M | 9.1 M | 9.1 M | 9.2 M | 9.2 M | 8.8 M | 8.5 M | 8.2 M | 7.9 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 16.60% |
| Return on Invested Capital | 14.66% |
| Return on Assets | 11.43% |
| Gross Margin | 22.74% |
| Operating Margin | 9.54% |
| Net Margin | 7.68% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 2.10 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 9.37 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 27.52 | 25.48 | 15.84 | 17.63 | 27.87 | 11.32 | 11.68 | 20.98 | 24.51 | 19.21 |
| P/B | 2.65 | 3.43 | 2.05 | 2.18 | 2.57 | 2.70 | 2.88 | 3.20 | 3.94 | 3.32 |
| P/S | 1.35 | 1.80 | 1.13 | 1.25 | 1.93 | 1.38 | 1.31 | 1.84 | 2.08 | 1.63 |
| Gross Margin | 20.4% | 20.7% | 21.4% | 21.7% | 21.6% | 25.1% | 25.9% | 23.8% | 23.1% | 23.5% |
| Operating Margin | 7.3% | 8.5% | 8.7% | 8.0% | 8.0% | 12.4% | 13.8% | 10.0% | 9.4% | 10.2% |
| Net Margin | 4.9% | 7.1% | 7.1% | 7.1% | 6.9% | 12.1% | 11.2% | 8.8% | 8.5% | 8.5% |
Related companies: PATK · SKY · DHI · 0I6K.L · PHM · 0KS6.L · LEN · 0JU0.L
Explore sector: Consumer Cyclical · Residential Construction
More sections of CVCO: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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