NASDAQ : CVCO
Cavco Industries, Inc. — Financial statements
Consumer Discretionary · Residential Construction · United States
Last price 619 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.72B
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Financial statements
Cavco Industries, Inc. (CVCO) reported revenue of 2.40B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.31B | 2.16B | 1.93B | 1.72B | 2.07B | 1.56B |
| Other Revenue | 91.20M | 87.15M | 82.35M | 78.19M | 73.26M | 70.88M |
| Revenue | 2.40B | 2.24B | 2.02B | 1.79B | 2.14B | 1.63B |
| Cost of Revenue | 1.82B | 1.68B | 1.49B | 1.32B | 1.55B | 1.22B |
| Gross Profit | 514.46M | 499.65M | 443.30M | 405.25M | 533.88M | 408.05M |
| Selling, General & Admin | 292.76M | 271.08M | 243.03M | 226.27M | 235.50M | 206.25M |
| Operating Expenses | 292.76M | 271.08M | 243.03M | 226.27M | 235.50M | 206.25M |
| Operating Income | 221.69M | 228.57M | 200.28M | 178.98M | 298.38M | 201.79M |
| Interest Expense | -679.00K | -541.00K | -517.00K | -1.65M | -280.00K | |
| Interest & Investment Income | 13.05M | 16.34M | 21.09M | 21.00M | 10.68M | 3.54M |
| Other Non Operating Income (Expenses) | -1.08M | -1.06M | 1.28M | -888.00K | -457.00K | 978.00K |
| EBT Excluding Unusual Items | 232.98M | 243.30M | 222.13M | 197.44M | 308.32M | 206.31M |
| Merger & Restructuring Charges | -2.40M | |||||
| Gain (Loss) on Sale of Investments | 1.56M | 1.36M | -1.00M | 1.87M | 561.00K | 5.46M |
| Gain (Loss) on Sale of Assets | -245.00K | 35.00K | -58.00K | -132.00K | 281.00K | 220.00K |
| Asset Writedown | -10.00M | |||||
| Pretax Income | 241.29M | 244.70M | 211.07M | 199.18M | 306.76M | 211.99M |
| Income Tax Expense | 57.05M | 54.15M | 40.03M | 41.27M | 65.92M | 14.25M |
| Earnings From Continuing Operations | 184.24M | 190.55M | 171.04M | 157.91M | 240.84M | 197.74M |
| Minority Interest in Earnings | -88.00K | -287.00K | -43.00K | |||
| Net Income | 184.24M | 190.55M | 171.04M | 157.82M | 240.55M | 197.70M |
| Net Income to Common | 184.24M | 190.55M | 171.04M | 157.82M | 240.55M | 197.70M |
| Shares Outstanding (Basic) | 7.73M | 7.85M | 8.16M | 8.51M | 8.84M | 9.18M |
| Shares Outstanding (Diluted) | 7.81M | 7.95M | 8.26M | 8.59M | 8.92M | 9.26M |
| EPS (Basic) | 23.82 | 24.26 | 20.97 | 18.55 | 27.20 | 21.54 |
| EPS (Diluted) | 23.58 | 23.98 | 20.71 | 18.37 | 26.95 | 21.34 |
| Free Cash Flow | 232.62M | 232.09M | 157.07M | 207.26M | 211.59M | 125.57M |
| Free Cash Flow Per Share | 29.77 | 29.21 | 19.02 | 24.12 | 23.71 | 13.55 |
| Gross Margin | 21.46% | 22.26% | 22.00% | 22.58% | 24.92% | 25.08% |
| Operating Margin | 9.25% | 10.18% | 9.94% | 9.97% | 13.93% | 12.40% |
| Profit Margin | 7.69% | 8.49% | 8.49% | 8.79% | 11.23% | 12.15% |
| Free Cash Flow Margin | 9.70% | 10.34% | 7.79% | 11.55% | 9.88% | 7.72% |
| EBITDA | 247.81M | 251.61M | 219.53M | 197.51M | 315.28M | 212.81M |
| EBITDA Margin | 10.34% | 11.21% | 10.89% | 11.00% | 14.71% | 13.08% |
| D&A For EBITDA | 26.12M | 23.04M | 19.26M | 18.52M | 16.90M | 11.02M |
| EBIT | 221.69M | 228.57M | 200.28M | 178.98M | 298.38M | 201.79M |
| EBIT Margin | 9.25% | 10.18% | 9.94% | 9.97% | 13.93% | 12.40% |
| Effective Tax Rate | 23.64% | 22.13% | 18.97% | 20.72% | 21.49% | 6.72% |
| Advertising Expenses | 5.30M | 4.60M | 3.60M | 2.00M | 1.40M |
Balance sheet
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 271.91M | 236.72M | 356.23M | 352.69M | 271.43M | 244.15M |
| Short-Term Investments | 17.17M | 16.23M | 19.84M | 18.27M | 14.98M | 20.09M |
| Cash & Short-Term Investments | 289.08M | 252.95M | 376.07M | 370.96M | 286.40M | 264.24M |
| Receivables | 139.24M | 108.29M | 105.85M | 77.12M | 89.35M | 96.05M |
| Inventory | 311.11M | 295.67M | 252.69M | 241.34M | 263.15M | 243.97M |
| Finance Div. Loans and Leases | 63.06M | 75.88M | 82.22M | 64.03M | 61.07M | 53.28M |
| Prepaid Expenses | 51.74M | 68.15M | 71.80M | 79.00M | 89.99M | 69.57M |
| Restricted Cash | 25.39M | 20.31M | 18.54M | 15.48M | 11.73M | 14.85M |
| Other Current Assets | 2.82M | 3.48M | 3.02M | 3.87M | 2.89M | 2.16M |
| Total Current Assets | 882.43M | 824.73M | 910.19M | 851.80M | 804.58M | 744.12M |
| Property, Plant & Equipment | 359.39M | 312.47M | 263.20M | 263.23M | 255.03M | 180.97M |
| Long-Term Investments | 43.42M | 38.15M | 18.07M | 17.32M | 18.64M | 34.93M |
| Goodwill | 211.67M | 208.84M | 121.97M | 121.93M | 114.55M | 100.99M |
| Other Intangible Assets | 26.86M | 28.07M | 16.73M | 28.22M | 29.79M | 28.46M |
| Finance Div. Loans and Leases Long-Term | 87.18M | 78.29M | 74.06M | 71.08M | 85.05M | 65.17M |
| Long-Term Deferred Tax Assets | 1.85M | |||||
| Other Long-Term Assets | 585.00K | 585.00K | 585.00K | 585.00K | 335.00K | 335.00K |
| Total Assets | 1.61B | 1.49B | 1.41B | 1.35B | 1.31B | 1.15B |
| Accounts Payable | 68.05M | 44.17M | 37.20M | 33.53M | 30.73M | 43.08M |
| Accrued Expenses | 98.81M | 88.69M | 79.94M | 73.42M | 81.42M | 72.81M |
| Current Portion of Long-Term Debt | 314.00K | 253.00K | 238.00K | 243.00K | 455.00K | |
| Current Portion of Leases | 4.69M | 6.01M | 5.38M | 6.61M | ||
| Current Unearned Revenue | 33.70M | 33.50M | 33.86M | 33.45M | 27.90M | 24.92M |
| Other Current Liabilities | 219.36M | 164.10M | 145.92M | 127.25M | 146.27M | 153.36M |
| Total Current Liabilities | 420.23M | 335.40M | 303.17M | 273.27M | 293.39M | 294.17M |
| Long-Term Debt | 928.00K | 1.14M | 1.36M | 1.67M | 1.92M | 4.87M |
| Long-Term Leases | 39.00M | 36.71M | 37.54M | 41.23M | 27.57M | 19.13M |
| Long-Term Deferred Tax Liabilities | 14.36M | 14.72M | 4.58M | 7.58M | 5.53M | |
| Total Liabilities | 474.52M | 387.96M | 342.06M | 320.75M | 330.47M | 323.69M |
| Common Stock | 95.00K | 95.00K | 94.00K | 94.00K | 93.00K | 93.00K |
| Additional Paid-In Capital | 298.03M | 300.21M | 290.94M | 281.22M | 271.95M | 263.05M |
| Retained Earnings | 1.49B | 1.39B | 1.20B | 1.03B | 869.31M | 628.76M |
| Treasury Stock | -646.23M | -585.87M | -424.62M | -274.69M | -164.45M | -61.04M |
| Comprehensive Income & Other | -1.32M | 30.00K | 9.00K | -333.00K | -615.00K | -403.00K |
| Total Common Equity | 1.14B | 1.10B | 1.06B | 1.03B | 976.29M | 830.46M |
| Minority Interest | 1.22M | 825.00K | ||||
| Shareholders' Equity | 1.14B | 1.10B | 1.06B | 1.03B | 977.50M | 831.28M |
| Total Liabilities & Equity | 1.61B | 1.49B | 1.41B | 1.35B | 1.31B | 1.15B |
| Total Debt | 40.25M | 42.79M | 45.14M | 48.53M | 36.56M | 23.99M |
| Net Cash (Debt) | 248.83M | 210.16M | 330.92M | 322.42M | 249.84M | 240.24M |
| Net Cash Per Share | 31.85 | 26.45 | 40.06 | 37.53 | 28.00 | 25.93 |
| Filing Date Shares Outstanding | 7.63M | 7.68M | 8.02M | 8.28M | 8.67M | 8.89M |
| Total Common Shares Outstanding | 7.66M | 7.74M | 8.01M | 8.32M | 8.67M | 9.05M |
| Working Capital | 462.20M | 489.33M | 607.02M | 578.53M | 511.19M | 449.95M |
| Book Value Per Share | 148.40 | 142.55 | 132.94 | 124.20 | 112.67 | 91.76 |
| Tangible Book Value | 898.48M | 866.27M | 925.88M | 883.26M | 831.95M | 701.00M |
| Tangible Book Value Per Share | 117.27 | 111.94 | 115.62 | 106.15 | 96.01 | 77.45 |
| Land | 55.57M | 39.83M | 39.82M | 39.82M | 32.15M | |
| Buildings | 206.19M | 173.77M | 171.52M | 167.29M | 100.78M | |
| Machinery | 108.31M | 91.23M | 81.14M | 76.83M | 48.64M | |
| Construction In Progress | 21.65M | 16.12M | 8.40M | 5.47M | 29.28M | |
| Order Backlog | 195.00M | 197.00M |
Cash flow statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 184.24M | 190.55M | 171.04M | 157.82M | 240.55M | 197.70M |
| Depreciation & Amortization | 26.12M | 23.04M | 19.26M | 18.52M | 16.90M | 11.02M |
| Loss (Gain) From Sale of Assets | 245.00K | -35.00K | 58.00K | 132.00K | -281.00K | -220.00K |
| Asset Writedown & Restructuring Costs | 9.96M | |||||
| Loss (Gain) From Sale of Investments | -6.44M | -4.72M | -1.69M | -9.04M | -12.30M | -18.36M |
| Loss (Gain) on Equity Investments | 4.31M | |||||
| Stock-Based Compensation | 12.84M | 12.78M | 8.68M | 6.76M | 6.26M | 5.06M |
| Provision & Write-off of Bad Debts | -425.00K | -325.00K | ||||
| Other Operating Activities | -251.00K | 8.86M | -7.55M | -4.50M | 1.94M | -3.32M |
| Change in Accounts Receivable | -18.37M | 2.89M | -28.77M | 11.57M | 10.24M | -27.27M |
| Change in Inventory | -4.83M | 4.88M | -11.36M | 44.86M | 38.87M | -73.80M |
| Change in Accounts Payable | 77.88M | 13.83M | 29.44M | -22.26M | -13.40M | 38.23M |
| Change in Other Net Operating Assets | 33.94M | 15.99M | -10.07M | 21.46M | -36.88M | 15.52M |
| Operating Cash Flow | 304.36M | 267.49M | 178.50M | 224.68M | 255.69M | 144.22M |
| Capital Expenditures | -71.73M | -35.41M | -21.43M | -17.42M | -44.11M | -18.65M |
| Sale of Property, Plant & Equipment | 220.00K | 203.00K | 184.00K | 4.80M | 1.82M | 1.33M |
| Cash Acquisitions | -172.78M | -172.78M | -19.20M | -105.66M | -141.43M | |
| Investment in Securities | -19.33M | -14.45M | -2.71M | 102.00K | 18.61M | -349.00K |
| Investing Cash Flow | -263.62M | -222.44M | -23.95M | -31.71M | -129.34M | -159.10M |
| Long-Term Debt Issued | 106.00K | |||||
| Long-Term Debt Repaid | -295.00K | -311.00K | -488.00K | -641.00K | -9.38M | |
| Net Debt Issued (Repaid) | -363.00K | -295.00K | -311.00K | -488.00K | -641.00K | -9.28M |
| Issuance of Common Stock | 407.00K | 2.23M | 4.48M | 4.50M | 3.71M | 4.42M |
| Repurchase of Common Stock | -142.85M | -164.72M | -152.12M | -111.30M | -104.48M | -59.87M |
| Other Financing Activities | -420.00K | -780.00K | -375.00K | |||
| Financing Cash Flow | -142.81M | -162.79M | -147.95M | -107.71M | -102.20M | -65.09M |
| Net Cash Flow | -102.07M | -117.73M | 6.59M | 85.26M | 24.16M | -79.97M |
| Free Cash Flow | 232.62M | 232.09M | 157.07M | 207.26M | 211.59M | 125.57M |
| Free Cash Flow Margin | 9.70% | 10.34% | 7.79% | 11.55% | 9.88% | 7.72% |
| Free Cash Flow Per Share | 29.77 | 29.21 | 19.02 | 24.12 | 23.71 | 13.55 |
| Levered Free Cash Flow | 156.90M | 138.81M | 107.37M | 137.34M | 119.24M | 12.60M |
| Unlevered Free Cash Flow | 157.32M | 139.15M | 107.69M | 138.37M | 119.41M | 12.60M |
| Cash Interest Paid | 202.00K | 272.00K | 11.00K | 801.00K | 619.00K | 451.00K |
| Cash Income Tax Paid | 34.84M | 39.26M | 45.58M | 36.76M | 82.44M | 31.41M |
| Change in Working Capital | 88.62M | 37.60M | -20.75M | 55.62M | -1.18M | -47.32M |
Ratios
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.04B | 3.62B | 4.12B | 3.33B | 2.76B | 2.23B |
| Enterprise Value | 4.79B | 3.42B | 3.78B | 3.01B | 2.40B | 1.98B |
| Last Close Price | 619.00 | 466.14 | 513.96 | 399.06 | 317.74 | 243.84 |
| PE Ratio | 27.99 | 18.99 | 24.08 | 21.11 | 11.48 | 11.30 |
| Forward PE | 25.33 | 18.93 | 20.21 | 19.00 | 13.88 | 12.45 |
| PS Ratio | 2.11 | 1.61 | 2.04 | 1.86 | 1.29 | 1.37 |
| PB Ratio | 4.17 | 3.28 | 3.87 | 3.22 | 2.83 | 2.69 |
| P/TBV Ratio | 5.63 | 4.18 | 4.45 | 3.77 | 3.32 | 3.19 |
| P/FCF Ratio | 21.74 | 15.59 | 26.22 | 16.07 | 13.05 | 17.79 |
| P/OCF Ratio | 16.62 | 13.53 | 23.07 | 14.82 | 10.80 | 15.49 |
| PEG Ratio | 1.58 | 1.26 | 1.35 | 0.84 | 0.62 | 0.55 |
| EV/Sales Ratio | 2.01 | 1.52 | 1.88 | 1.68 | 1.12 | 1.22 |
| EV/EBITDA Ratio | 19.40 | 13.58 | 17.21 | 15.23 | 7.61 | 9.29 |
| EV/EBIT Ratio | 21.69 | 14.95 | 18.87 | 16.80 | 8.04 | 9.79 |
| EV/FCF Ratio | 20.67 | 14.72 | 24.06 | 14.51 | 11.34 | 15.74 |
| Debt / Equity Ratio | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.03 |
| Debt / EBITDA Ratio | 0.16 | 0.17 | 0.20 | 0.24 | 0.11 | 0.11 |
| Debt / FCF Ratio | 0.17 | 0.18 | 0.29 | 0.23 | 0.17 | 0.19 |
| Net Debt / Equity Ratio | -0.22 | -0.19 | -0.31 | -0.31 | -0.26 | -0.29 |
| Net Debt / EBITDA Ratio | -1.00 | -0.83 | -1.51 | -1.63 | -0.79 | -1.13 |
| Net Debt / FCF Ratio | -1.07 | -0.91 | -2.11 | -1.56 | -1.18 | -1.91 |
| Asset Turnover | 1.57 | 1.55 | 1.46 | 1.35 | 1.74 | 1.54 |
| Inventory Turnover | 6.38 | 6.13 | 6.04 | 5.22 | 6.10 | 6.50 |
| Quick Ratio | 1.07 | 1.13 | 1.71 | 1.72 | 1.34 | 1.29 |
| Current Ratio | 2.10 | 2.46 | 3.00 | 3.12 | 2.74 | 2.53 |
| Return on Equity (ROE) | 16.57% | 17.58% | 16.30% | 15.71% | 26.63% | 26.11% |
| Return on Assets (ROA) | 9.05% | 9.86% | 9.07% | 8.40% | 15.14% | 11.97% |
| Return on Invested Capital (ROIC) | 19.04% | 21.88% | 22.47% | 19.73% | 35.53% | 39.28% |
| Return on Capital Employed (ROCE) | 18.60% | 19.80% | 18.10% | 16.60% | 29.40% | 23.40% |
| Earnings Yield | 3.57% | 5.27% | 4.15% | 4.74% | 8.71% | 8.85% |
| FCF Yield | 4.60% | 6.42% | 3.81% | 6.22% | 7.66% | 5.62% |
| Buyback Yield / Dilution | 3.57% | 3.80% | 3.86% | 3.73% | 3.67% | 0.31% |