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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
$458.11
Market Cap
$3.6B
Employees
6,500
Beta
1.31
Avg Volume
151,483
CEO
William C. Boor
Business Description
Cavco Industries, Inc. designs, produces, and retails manufactured homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its manufactured homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, and MidCountry brands. It also builds park model RVs; vacation cabins; and factory-built commercial structures, including apartment buildings, condominiums, hotels, workforce housing, schools, and housing for the United States military troops. In addition, the company produces various modular homes, which include single and multi-section ranch, split-level, and Cape Cod style homes, as well as two- and three-story homes, and multi-family units. Further, it provides conforming and non-conforming mortgages and home-only loans to purchasers of various brands of factory-built homes sold by company-owned retail stores, as well as various independent distributors, builders, communities, and developers. Additionally, the company offers property and casualty insurance to owners of manufactured homes. As of April 3, 2022, it operated 45 company-owned retail stores in Oregon, Arizona, Nevada, New Mexico, Texas, Indiana, Oklahoma, Florida, and New York. The company also distributes its homes through a network of independent distribution points in 48 states and Canada; and through planned community operators and residential developers. Cavco Industries, Inc. was founded in 1965 and is headquartered in Phoenix, Arizona.
Business History
Generated: Apr 23, 2026 10:00amPrice Overview
Last updated: May 19, 2026 6:37am (just now)$458.11
+2.35 (+0.52%)
Day Range
$455.13 – $467.47
52-Week Range
$393.53 – $713.01
50-Day MA
$497.34
200-Day MA
$546.25
Volume
111,227.00
Analyst Price Targets
Low
$455.00
Consensus
$475.00
High
$495.00
(7 analysts)
Share Structure
Outstanding
7,761,163.00
Float
7,652,053.00
Free Float
98.6%
High free float
— 98.6% of shares trade freely, ~1.4% 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 (7.7M 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)
19.59
Stock Price: $458.11
EPS (Diluted): 20.97
EPS (Diluted): 20.97
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
3.94
Stock Price: $458.11
Total Equity: $1.06B
Shares: 8,260,000
Total Equity: $1.06B
Shares: 8,260,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
14.14
Market Cap: $3.56B
Total Debt: $7.60M
Cash: $356.23M
EBITDA: $230.85M
Total Debt: $7.60M
Cash: $356.23M
EBITDA: $230.85M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$3.9B
Market Cap: $3.56B
Total Debt: $7.60M
Cash: $356.23M
Total Debt: $7.60M
Cash: $356.23M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
23.1%
Gross Profit: $465.59M
Revenue: $2.02B
Revenue: $2.02B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
9.4%
Operating Income: $190.28M
Revenue: $2.02B
Revenue: $2.02B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
8.5%
Net Income: $171.04M
Revenue: $2.02B
Revenue: $2.02B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
17.1%
Net Income: $171.04M
Total Equity: $1.06B
Total Equity: $1.06B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
14.9%
Operating Income: $190.28M
Tax Rate: 19.0%
Equity: $1.06B
Total Debt: $7.60M
Cash: $356.23M
Tax Rate: 19.0%
Equity: $1.06B
Total Debt: $7.60M
Cash: $356.23M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
3.00
Current Assets: $910.19M
Current Liabilities: $303.17M
Current Liabilities: $303.17M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.01
Short-Term Debt: $6.25M
Long-Term Debt: $1.36M
Total Debt: $7.60M
Total Equity: $1.06B
Long-Term Debt: $1.36M
Total Debt: $7.60M
Total Equity: $1.06B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$244.00
Revenue: $2.02B
Shares: 8,260,000
Shares: 8,260,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$128.88
Total Equity: $1.06B
Shares: 8,260,000
Shares: 8,260,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$19.02
Operating CF: $178.50M
CapEx: -$21.43M
Shares: 8,260,000
CapEx: -$21.43M
Shares: 8,260,000
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: $458.11
Stock Price: $458.11
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $171.04M
Net Income: $171.04M
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: May 16, 2026 2:08pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.6B | $2.1B | $1.8B | $2.0B |
| Cost of Revenue | $869.1M | $1.2B | $1.6B | $1.4B | $1.5B |
| Gross Profit | $239.0M | $408.7M | $554.9M | $426.9M | $465.6M |
| Operating Expenses | $150.2M | $206.3M | $258.3M | $247.9M | $275.3M |
| Operating Income | $88.8M | $202.5M | $296.6M | $179.0M | $190.3M |
| Net Income | $76.6M | $197.7M | $240.6M | $157.8M | $171.0M |
| EBITDA | $104.0M | $223.7M | $324.6M | $219.4M | $230.8M |
| EPS | $8.34 | $21.54 | $27.20 | $18.55 | $20.97 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: May 15, 2026 8:12am (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $244.2M | $244.2M | $271.4M | $352.7M | $356.2M |
| Total Current Assets | $744.1M | $744.1M | $804.6M | $851.8M | $910.2M |
| Total Assets | $1.2B | $1.2B | $1.3B | $1.4B | $1.4B |
| Current Liabilities | $294.2M | $294.2M | $293.4M | $273.3M | $303.2M |
| Long-Term Debt | $10.8M | $10.8M | $1.9M | $0 | $1.4M |
| Total Liabilities | $323.7M | $323.7M | $330.5M | $320.7M | $342.1M |
| Total Equity | $830.5M | $830.5M | $976.3M | $1.0B | $1.1B |
| Retained Earnings | $628.8M | $628.8M | $869.3M | $1.0B | $1.2B |
Cash Flow (Annual)
Last updated: May 16, 2026 2:08pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $144.2M | $144.2M | $255.7M | $224.7M | $178.5M |
| Capital Expenditure | -$18.7M | -$18.7M | -$44.1M | -$17.4M | -$21.4M |
| Free Cash Flow | $125.6M | $125.6M | $211.6M | $207.3M | $157.1M |
| Acquisitions (net) | -$141.4M | -$141.4M | -$93.4M | -$19.2M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$59.6M | -$59.6M | -$103.4M | -$109.3M | -$148.7M |
| Net Change in Cash | -$80.0M | -$80.0M | $24.2M | $85.3M | $6.6M |
Analyst Estimates (Annual)
Last updated: May 19, 2026 6:37am (just now)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$2.0B $2.0B – $2.0B
|
$2.3B $2.3B – $2.3B
|
$2.4B $2.4B – $2.5B
|
$2.6B $2.6B – $2.6B
|
| EBITDA |
$249.2M $248.0M – $250.5M
|
$280.7M $279.3M – $282.1M
|
$302.4M $300.9M – $303.9M
|
$325.0M $323.4M – $326.6M
|
| Net Income |
$173.9M $172.7M – $175.0M
|
$196.8M $195.5M – $198.1M
|
$212.2M $210.8M – $213.5M
|
$247.8M $246.2M – $249.4M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: May 16, 2026 2:08pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +46.8% | +31.7% | -16.2% | +12.3% |
| Gross Profit Growth | +71.0% | +35.8% | -23.1% | +9.1% |
| Operating Income Growth | +128.0% | +46.5% | -39.7% | +6.3% |
| Net Income Growth | +157.9% | +21.7% | -34.4% | +8.4% |
| EBITDA Growth | +115.2% | +45.1% | -32.4% | +5.2% |
Insider Trading (Recent)
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-04-18 | SCHUKNECHT SETH G | F-InKind | 41.00 | $539.06 | $22,101 |
| 2026-04-10 | Boor William C | M-Exempt | 10,200.00 | $125.69 | $1.3M |
| 2026-04-10 | Boor William C | F-InKind | 4,987.00 | $519.67 | $2.6M |
| 2026-04-10 | Boor William C | M-Exempt | 10,200.00 | $125.69 | $1.3M |
| 2026-02-13 | SCHUKNECHT SETH G | F-InKind | 44.00 | $590.38 | $25,977 |
| 2026-02-04 | Greenblatt David A. | P-Purchase | 87.00 | $500.00 | $43,500 |
| 2026-02-03 | Greenblatt David A. | P-Purchase | 13.00 | $481.00 | $6,253 |
| 2026-02-03 | Greenblatt David A. | P-Purchase | 400.00 | $462.43 | $184,972 |
| 2026-02-04 | Boor William C | P-Purchase | 1,000.00 | $495.00 | $495,000 |
| 2026-02-02 | MOSTER STEVEN W | P-Purchase | 300.00 | $456.23 | $136,869 |
| 2025-11-07 | KERLEY RICHARD A | S-Sale | 500.00 | $568.99 | $284,495 |
| 2025-10-31 | BRANDOM JACK S | F-InKind | 21.00 | $529.80 | $11,126 |
| 2025-10-27 | Daniels Lisa Lynn | A-Award | 102.00 | $588.47 | $60,024 |
| 2025-10-27 | Daniels Lisa Lynn | 0.00 | $0.00 | $0 | |
| 2025-09-04 | SCHUKNECHT SETH G | S-Sale | 145.00 | $550.00 | $79,750 |
| 2025-08-29 | BIGBEE PAUL | S-Sale | 300.00 | $530.45 | $159,135 |
| 2025-08-25 | CIRA BRIAN R | M-Exempt | 1,000.00 | $153.94 | $153,940 |
| 2025-08-25 | CIRA BRIAN R | S-Sale | 1,000.00 | $522.00 | $522,000 |
| 2025-08-25 | CIRA BRIAN R | M-Exempt | 1,000.00 | $153.94 | $153,940 |
| 2025-08-22 | Blount Susan L | M-Exempt | 2,500.00 | $141.16 | $352,900 |
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.
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.230 · 54807b9b · 2026-05-18 16:17:35