Detailed financial statements for Champion Homes, Inc. (SKY): 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.
Champion Homes, Inc. manufactures and sells prefabricated housing units throughout North America. Its diverse product portfolio includes manufactured and modular homes, recreational park model vehicles, accessory dwelling units, and specialized modular structures catering to the multi-family and hospitality sectors.
Analysis Summary
Champion Homes, Inc. reported revenue of $2.66B in the most recent fiscal year, growing at a 5-year CAGR of 13.4%. Net income reached $206.9M, with a 19.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 26.0%, operating margin 8.7%, net margin 7.2%. Free cash flow grew at 13.1% CAGR over 5 years.
At the current price of $85.76, SKY trades at a P/E of 24.93 and an ROE of 12.11%. Market capitalisation stands at $4.7B.
Balance sheet quality for SKY: current ratio of 2.7, net cash position of $529.2M. 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 $269.7M represents 130% 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 | $236.5M | $1.06B | $1.36B | $1.37B | $1.42B | $2.21B | $2.61B | $2.02B | $2.48B | $2.66B |
| Cost of Revenue | $214.5M | $888.1M | $1.12B | $1.10B | $1.14B | $1.63B | $1.80B | $1.55B | $1.83B | $1.96B |
| Gross Profit | $22.0M | $176.6M | $240.5M | $273.5M | $282.1M | $581.6M | $808.0M | $475.0M | $649.7M | $704.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $22.9M | $122.6M | $261.0M | $182.3M | $172.3M | $248.7M | $289.4M | $299.8M | $412.6M | $452.6M |
| Operating Expenses | $22.9M | $122.6M | $261.0M | $182.3M | $172.3M | $248.7M | $289.4M | $299.8M | $412.6M | $452.6M |
| Operating Income | -$931,000 | $54.0M | -$20.4M | $91.3M | $109.8M | $332.9M | $518.6M | $175.2M | $237.0M | $251.8M |
| EBITDA | $1.4M | $56.5M | -$19.9M | $108.2M | $132.9M | $354.6M | $563.9M | $240.4M | $310.4M | $325.9M |
| Interest Expense | $344,000 | $5.1M | $5.3M | $4.6M | $3.8M | $3.2M | $3.3M | $4.6M | $8.5M | $7.5M |
| Pre-tax Income | $5,000 | $43.1M | -$41.3M | $85.1M | $111.4M | $330.4M | $533.9M | $193.8M | $255.4M | $271.0M |
| Income Tax | 0 | $27.3M | $16.9M | $26.9M | $26.5M | $82.4M | $132.1M | $47.1M | $53.7M | $56.8M |
| Net Income | $5,000 | $15.8M | -$58.2M | $58.0M | $84.8M | $248.0M | $401.8M | $146.7M | $198.4M | $206.9M |
| EPS | $6.19 | $0.36 | $-1.09 | $1.03 | $1.50 | $4.37 | $7.05 | $2.55 | $3.45 | $3.68 |
| EPS (Diluted) | $6.12 | $0.36 | $-1.09 | $1.02 | $1.49 | $4.33 | $7.00 | $2.53 | $3.42 | $3.66 |
| Shares Outstanding (Diluted) | $42.4M | $44.5M | $53.5M | $56.8M | $57.0M | $57.3M | $57.4M | $58.0M | $58.1M | $56.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $684.4M | $656.6M | $621.3M | $710.2M |
| Gross Profit | $187.9M | $172.2M | $154.4M | $179.3M |
| Operating Income | $74.8M | $62.5M | $36.0M | $60.3M |
| EBITDA | $92.4M | $82.1M | $53.7M | $82.3M |
| Net Income | $58.2M | $54.3M | $29.7M | $49.2M |
| EPS | $1.03 | $0.97 | $0.54 | $0.90 |
| EPS (Diluted) | $1.03 | $0.97 | $0.53 | $0.89 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.4M | $113.7M | $126.6M | $209.5M | $262.6M | $435.4M | $747.5M | $495.1M | $610.3M | $638.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $12.8M | $42.0M | $57.6M | $45.7M | $57.5M | $90.5M | $67.3M | $64.6M | $84.1M | $88.8M |
| Inventory | $12.2M | $98.0M | $122.6M | $126.4M | $166.1M | $241.3M | $202.2M | $318.7M | $360.6M | $358.3M |
| Total Current Assets | $37.3M | $263.1M | $318.3M | $398.8M | $499.8M | $782.3M | $1.04B | $918.3M | $1.09B | $1.13B |
| Property, Plant & Equipment | $11.0M | $68.0M | $108.6M | $109.3M | $115.1M | $133.0M | $177.1M | $290.9M | $307.1M | $314.2M |
| Goodwill | $3.2M | $3.2M | $173.4M | $173.5M | $191.8M | $192.0M | $196.6M | $358.0M | $358.0M | $365.2M |
| Intangible Assets | $2.0M | $1.5M | $48.9M | $43.4M | $58.8M | $51.3M | $45.3M | $76.4M | $64.7M | $55.8M |
| Total Assets | $55.6M | $395.4M | $700.0M | $781.7M | $917.9M | $1.23B | $1.56B | $1.92B | $2.11B | $2.13B |
| Accounts Payable | $3.9M | $36.8M | $43.4M | $38.7M | $57.2M | $92.2M | $44.7M | $50.8M | $65.1M | $70.5M |
| Short-term Debt | 0 | $30.2M | $33.3M | $38.7M | $30.0M | $40.1M | $6.9M | $98.8M | $115.4M | $94.6M |
| Total Current Liabilities | $18.4M | $167.1M | $206.3M | $186.6M | $263.6M | $350.1M | $248.9M | $389.6M | $451.3M | $425.5M |
| Long-term Debt | $4.3M | $58.9M | $54.3M | $77.3M | $39.3M | $12.4M | $12.4M | $24.7M | $24.8M | $14.4M |
| Total Liabilities | $30.3M | $242.1M | $288.0M | $307.4M | $349.3M | $409.5M | $329.7M | $501.0M | $566.0M | $558.6M |
| Retained Earnings | $85.6M | $22.5M | -$58.2M | -$48,000 | $82.9M | $327.9M | $725.7M | $866.5M | $976.0M | $975.9M |
| Total Equity | $25.3M | $153.3M | $412.0M | $474.3M | $568.6M | $825.1M | $1.23B | $1.42B | $1.54B | $1.57B |
| Total Debt | $4.3M | $89.2M | $87.7M | $126.1M | $76.5M | $59.1M | $42.7M | $154.7M | $163.8M | $109.1M |
| Net Debt | -$7.1M | -$24.6M | -$39.0M | -$83.4M | -$186.0M | -$376.4M | -$704.7M | -$340.4M | -$446.5M | -$529.2M |
| Working Capital | $18.9M | $96.0M | $112.0M | $212.2M | $236.1M | $432.1M | $794.5M | $528.7M | $635.2M | $702.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $618.7M | $659.8M | $638.3M | $784.7M |
| Total Assets | $2.12B | $2.11B | $2.13B | $2.15B |
| Total Liabilities | $539.5M | $522.1M | $558.6M | $575.0M |
| Total Equity | $1.58B | $1.59B | $1.57B | $1.57B |
| Total Debt | $123.0M | $119.1M | $109.1M | $123.2M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $51.3M | $15.8M | -$58.2M | $58.2M | $84.9M | $248.0M | $401.8M | $146.7M | $201.6M | $214.2M |
| Depreciation & Amortization | $7.2M | $8.3M | $16.1M | $18.5M | $17.7M | $20.9M | $26.7M | $34.9M | $41.9M | $47.8M |
| Stock-based Compensation | $608,000 | $642,000 | $102.0M | $8.3M | $6.0M | $9.8M | $14.2M | $19.6M | $18.3M | $20.9M |
| Change in Working Capital | -$887,000 | -$6.5M | $1.7M | -$22.6M | $41.7M | -$58.5M | -$28.6M | $20.1M | -$24.0M | $4.6M |
| Operating Cash Flow | $33.5M | $31.6M | $65.2M | $76.7M | $153.9M | $224.5M | $416.2M | $222.7M | $240.9M | $303.9M |
| Capital Expenditure | -$7.0M | -$9.4M | -$12.1M | -$15.4M | -$8.0M | -$32.0M | -$52.2M | -$52.9M | -$50.5M | -$34.1M |
| Acquisitions | -$14.7M | $551,000 | $9.7M | $1.3M | -$52.5M | -$207,000 | -$9.3M | -$351.8M | 0 | -$28.2M |
| Stock Repurchased | 0 | -$888,000 | -$70.5M | 0 | 0 | 0 | 0 | 0 | -$80.0M | -$200.0M |
| Dividends Paid | 0 | -$888,000 | -$65.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $26.5M | $22.2M | $53.1M | $61.4M | $145.9M | $192.5M | $364.0M | $169.8M | $190.3M | $269.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $74.9M | $101.0M | $52.7M | $72.5M |
| Capital Expenditure | -$8.9M | -$7.1M | -$9.2M | -$9.8M |
| Free Cash Flow | $65.9M | $93.9M | $43.5M | $62.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $5.5M | $4.9M | $5.5M | $6.2M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +350.2% | +27.7% | +0.7% | +3.7% | +55.3% | +18.1% | -22.3% | +22.7% | +7.3% | |
| Net Income Growth (YoY) | +315,900.0% | -468.4% | +199.6% | +46.3% | +192.4% | +62.0% | -63.5% | +35.3% | +4.3% | |
| EPS Growth (YoY) | -94.2% | -402.8% | +194.5% | +45.6% | +191.3% | +61.3% | -63.8% | +35.3% | +6.7% | |
| Shares Change (YoY) | +4.9% | +20.2% | +6.1% | +0.4% | +0.5% | +0.2% | +1.0% | +0.2% | -2.7% | |
| FCF Growth (YoY) | -16.3% | +139.6% | +15.5% | +137.8% | +32.0% | +89.1% | -53.4% | +12.1% | +41.7% | |
| Gross Margin | 9.3% | 16.6% | 17.7% | 20.0% | 19.9% | 26.3% | 31.0% | 23.5% | 26.2% | 26.4% |
| Operating Margin | -0.4% | 5.1% | -1.5% | 6.7% | 7.7% | 15.1% | 19.9% | 8.7% | 9.5% | 9.5% |
| EBITDA Margin | 0.6% | 5.3% | -1.5% | 7.9% | 9.4% | 16.1% | 21.6% | 11.9% | 12.5% | 12.2% |
| Net Margin | 0.0% | 1.5% | -4.3% | 4.2% | 6.0% | 11.2% | 15.4% | 7.2% | 8.0% | 7.8% |
| FCF Margin | 11.2% | 2.1% | 3.9% | 4.5% | 10.3% | 8.7% | 14.0% | 8.4% | 7.7% | 10.1% |
| Effective Tax Rate | 0.0% | 63.4% | -40.9% | 31.6% | 23.8% | 24.9% | 24.7% | 24.3% | 21.0% | 20.9% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.63 | $0.50 | $0.99 | $1.08 | $2.56 | $3.36 | $6.34 | $2.93 | $3.28 | $4.77 |
| Dividends Per Share | $0.00 | $0.02 | $1.22 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $42.0M | $44.5M | $53.4M | $56.5M | $56.6M | $56.8M | $57.0M | $57.5M | $57.6M | $56.1M |
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 | 12.11% |
| Return on Invested Capital | 10.20% |
| Return on Assets | 8.91% |
| Gross Margin | 25.96% |
| Operating Margin | 8.74% |
| Net Margin | 7.16% |
Financial Health
| Debt / Equity | 0.08 |
| Current Ratio | 2.74 |
| Piotroski F-Score | 9 |
| Altman Z-Score | 7.05 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 0.85 | 59.64 | -17.43 | 14.97 | 31.61 | 12.71 | 10.67 | 33.34 | 27.27 | 19.71 |
| P/B | 8.72 | 6.23 | 2.46 | 1.84 | 4.72 | 3.82 | 3.48 | 3.44 | 3.51 | 2.59 |
| P/S | 0.93 | 0.90 | 0.75 | 0.64 | 1.89 | 1.43 | 1.64 | 2.42 | 2.18 | 1.53 |
| Gross Margin | 9.3% | 16.6% | 17.7% | 20.0% | 19.9% | 26.3% | 31.0% | 23.5% | 26.2% | 26.4% |
| Operating Margin | -0.4% | 5.1% | -1.5% | 6.7% | 7.7% | 15.1% | 19.9% | 8.7% | 9.5% | 9.5% |
| Net Margin | 0.0% | 1.5% | -4.3% | 4.2% | 6.0% | 11.2% | 15.4% | 7.2% | 8.0% | 7.8% |
Related companies: CVCO · DORM · GRBK · KBH · MHO · MTH · PVH
Explore sector: Consumer Cyclical · Residential Construction
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