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PARTIAL
Analysis Report
Apr 23, 2026
Partial analysis — no complete end-to-end run on record.
Consumer Cyclical · Residential Construction
Price
$598.73
Market Cap
$4.6B
Employees
6,500
Beta
1.31
Avg Volume
137,148
CEO
William C. Boor
Business Description
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. The company offers its extensive range of manufactured homes under numerous recognized brand names, including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, and MidCountry. Beyond traditional homes, Cavco's production capabilities encompass recreational park model vehicles, vacation cabins, and various factory-built commercial structures. This commercial portfolio includes multi-unit apartment buildings, condominiums, hotels, temporary housing for workforces, educational facilities, and accommodations for U.S. military personnel. The firm further diversifies its offerings with an assortment of modular homes, featuring designs such as single and multi-section ranches, split-level residences, Cape Cod-style houses, two- and three-story structures, and multi-family units. To support its housing sales, Cavco provides a suite of financial services, extending both conforming and non-conforming mortgages, as well as specialized home-only loans. These financial products are available to individuals purchasing factory-built homes sold through Cavco's proprietary retail outlets and its extensive network of independent distributors, builders, community operators, and developers. Moreover, the company furnishes property and casualty insurance solutions specifically tailored for owners of manufactured homes. As of April 3, 2022, Cavco maintained a retail footprint of 45 company-owned locations situated across Oregon, Arizona, Nevada, New Mexico, Texas, Indiana, Oklahoma, Florida, and New York. Its products are also distributed widely throughout 48 U.S. states and Canada via a broad network of independent dealerships, in addition to reaching customers through planned community developments and residential builders. Established in 1965, Cavco Industries, Inc. has its corporate headquarters situated in Phoenix, Arizona.
Business History
Generated: Apr 23, 2026 10:00amPrice Overview
Price at report time · Jul 3, 12:46pm (0m ago)
$598.73
Change · Jul 3
-3.16 (-0.53%)
Day Range
$591.00 – $607.13
52-Week Range
$397.38 – $713.01
50-Day MA
$539.89
200-Day MA
$556.15
Volume
73,642.00
Right now · live
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Real-time — the change above is the move since the report (over 0m).
Analyst Price Targets
Low
$700.00
Consensus
$700.00
High
$700.00
(8 analysts)
Share Structure
Outstanding
7,707,530.00
Float
7,557,424.00
Free Float
98.1%
High free float
— 98.1% of shares trade freely, ~1.9% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Small absolute float (7.6M shares) — even with a decent free float %, volume can be thin. Check average daily volume before sizing a position.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
24.35
Stock Price: $598.73
EPS (Diluted): 24.26
EPS (Diluted): 24.26
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
3.32
Stock Price: $598.73
Total Equity: $1.10B
Shares: 7,946,049
Total Equity: $1.10B
Shares: 7,946,049
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
16.32
Market Cap: $4.61B
Total Debt: $0.00
Cash: $257.03M
EBITDA: $268.28M
Total Debt: $0.00
Cash: $257.03M
EBITDA: $268.28M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$3.4B
Market Cap: $4.61B
Total Debt: $0.00
Cash: $257.03M
Total Debt: $0.00
Cash: $257.03M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
23.5%
Gross Profit: $526.89M
Revenue: $2.24B
Revenue: $2.24B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
10.2%
Operating Income: $228.57M
Revenue: $2.24B
Revenue: $2.24B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
8.5%
Net Income: $190.55M
Revenue: $2.24B
Revenue: $2.24B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
17.5%
Net Income: $190.55M
Total Equity: $1.10B
Total Equity: $1.10B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
15.4%
Operating Income: $228.57M
Tax Rate: 22.1%
Equity: $1.10B
Total Debt: $0.00
Cash: $257.03M
Tax Rate: 22.1%
Equity: $1.10B
Total Debt: $0.00
Cash: $257.03M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
2.46
Current Assets: $824.73M
Current Liabilities: $335.40M
Current Liabilities: $335.40M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $1.10B
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $1.10B
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$282.47
Revenue: $2.24B
Shares: 7,946,049
Shares: 7,946,049
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$138.83
Total Equity: $1.10B
Shares: 7,946,049
Shares: 7,946,049
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$29.21
Operating CF: $267.49M
CapEx: -$35.41M
Shares: 7,946,049
CapEx: -$35.41M
Shares: 7,946,049
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $598.73
Stock Price: $598.73
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $190.55M
Net Income: $190.55M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares CVCO against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Last run: Apr 23, 2026 10:02:43 am
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
Not applicable for Mature Earner companies
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
Not applicable for Mature Earner companies
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
Not applicable for Mature Earner companies
4h
Dividend Discount Model
— For dividend/income stocks only
Not applicable for Mature Earner companies
4i
Book Value Analysis
— For deep value / turnaround stocks only
Not applicable for Mature Earner companies
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
Not applicable for Mature Earner companies
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 27, 2026 3:22pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $1.6B | $2.1B | $1.8B | $2.0B | $2.2B |
| Cost of Revenue | $1.2B | $1.6B | $1.4B | $1.5B | $1.7B |
| Gross Profit | $408.7M | $554.9M | $426.9M | $465.6M | $526.9M |
| Operating Expenses | $206.3M | $258.3M | $247.9M | $275.3M | $298.3M |
| Operating Income | $202.5M | $296.6M | $179.0M | $190.3M | $228.6M |
| Net Income | $197.7M | $240.6M | $157.8M | $171.0M | $190.6M |
| EBITDA | $223.7M | $324.6M | $219.4M | $230.8M | $268.3M |
| EPS | $21.54 | $27.20 | $18.55 | $20.97 | $24.26 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 27, 2026 3:22pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $244.2M | $271.4M | $352.7M | $356.2M | $257.0M |
| Total Current Assets | $744.1M | $804.6M | $851.8M | $910.2M | $824.7M |
| Total Assets | $1.2B | $1.3B | $1.4B | $1.4B | $1.5B |
| Current Liabilities | $294.2M | $293.4M | $273.3M | $303.2M | $335.4M |
| Long-Term Debt | $10.8M | $1.9M | $0 | $1.4M | $0 |
| Total Liabilities | $323.7M | $330.5M | $320.7M | $342.1M | $388.0M |
| Total Equity | $830.5M | $976.3M | $1.0B | $1.1B | $1.1B |
| Retained Earnings | $628.8M | $869.3M | $1.0B | $1.2B | $1.4B |
Cash Flow (Annual)
Last updated: Jun 27, 2026 3:22pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | $144.2M | $255.7M | $224.7M | $178.5M | $267.5M |
| Capital Expenditure | -$18.7M | -$44.1M | -$17.4M | -$21.4M | -$35.4M |
| Free Cash Flow | $125.6M | $211.6M | $207.3M | $157.1M | $232.1M |
| Acquisitions (net) | -$141.4M | -$93.4M | -$19.2M | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$59.6M | -$103.4M | -$109.3M | -$148.7M | -$159.9M |
| Net Change in Cash | -$80.0M | $24.2M | $85.3M | $6.6M | -$117.7M |
Analyst Estimates (Annual)
Last updated: Jul 3, 2026 12:46pm (just now)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$2.3B $2.2B – $2.3B
|
$2.4B $2.4B – $2.4B
|
$2.6B $2.5B – $2.6B
|
$2.8B $2.8B – $2.8B
|
| EBITDA |
$292.3M $289.6M – $296.8M
|
$307.2M $304.3M – $311.9M
|
$330.2M $327.1M – $335.2M
|
$360.9M $360.9M – $360.9M
|
| Net Income |
$190.6M $187.0M – $193.1M
|
$191.0M $188.0M – $194.1M
|
$229.2M $225.6M – $232.9M
|
$268.4M $264.1M – $272.7M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 27, 2026 3:22pm (5d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | +31.7% | -16.2% | +12.3% | +11.4% |
| Gross Profit Growth | +35.8% | -23.1% | +9.1% | +13.2% |
| Operating Income Growth | +46.5% | -39.7% | +6.3% | +20.1% |
| Net Income Growth | +21.7% | -34.4% | +8.4% | +11.4% |
| EBITDA Growth | +45.1% | -32.4% | +5.2% | +16.2% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-25 | ADEN ALLISON | S-Sale | 1,473.00 | $625.00 | $920,625 |
| 2026-06-12 | BIGBEE PAUL | F-InKind | 27.00 | $592.76 | $16,005 |
| 2026-06-12 | ADEN ALLISON | S-Sale | 1,208.00 | $600.00 | $724,800 |
| 2026-06-12 | ADEN ALLISON | F-InKind | 27.00 | $592.76 | $16,005 |
| 2026-06-09 | KERLEY RICHARD A | S-Sale | 500.00 | $588.76 | $294,380 |
| 2026-05-28 | Boor William C | M-Exempt | 13,100.00 | $158.36 | $2.1M |
| 2026-05-28 | Boor William C | F-InKind | 6,809.00 | $546.24 | $3.7M |
| 2026-05-28 | Boor William C | M-Exempt | 13,100.00 | $158.36 | $2.1M |
| 2026-05-28 | BIGBEE PAUL | S-Sale | 200.00 | $537.75 | $107,550 |
| 2026-05-22 | SCHUKNECHT SETH G | F-InKind | 63.00 | $509.17 | $32,078 |
| 2026-05-22 | BRANDOM JACK S | F-InKind | 11.00 | $509.17 | $5,601 |
| 2026-05-22 | ADEN ALLISON | F-InKind | 22.00 | $509.17 | $11,202 |
| 2026-05-22 | Nino Matthew A | F-InKind | 29.00 | $509.17 | $14,766 |
| 2026-05-22 | Boor William C | F-InKind | 577.00 | $509.17 | $293,791 |
| 2026-05-22 | CIRA BRIAN R | S-Sale | 31.00 | $509.17 | $15,784 |
| 2026-05-22 | BIGBEE PAUL | F-InKind | 31.00 | $509.17 | $15,784 |
| 2026-05-20 | ADEN ALLISON | F-InKind | 89.00 | $495.11 | $44,065 |
| 2026-05-20 | BIGBEE PAUL | F-InKind | 25.00 | $495.11 | $12,378 |
| 2026-05-20 | Boor William C | F-InKind | 516.00 | $495.11 | $255,477 |
| 2026-05-20 | BRANDOM JACK S | F-InKind | 12.00 | $495.11 | $5,941 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for CVCO — it's generated by the pipeline (
market-narrative step).
No community reviews yet for CVCO.
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.374 · 2133db95 · 2026-07-03 09:45:55