At a glance
Cavco Industries Inc is worth $4.06B, about 22 times its fiscal 2026 earnings. Revenue grew 11.4% to $2.24B in fiscal 2026, with 8.5% kept as profit; over 5 years it has grown 15.2% a year. It pays no dividend; it spent $580.9M buying back its shares over FY2022–FY2026. The stock returned −4.6% over the past year with dividends reinvested and +17.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.1% in the 2020 crash (S&P 500: 33.7%) and 42.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 18 months after the lows.
The business in plain English
Cavco Industries, based in Phoenix, Arizona, builds homes in factories. It is one of the largest US makers of manufactured homes, measured by wholesale shipments. Most of its homes follow the HUD code, the federal construction and safety standard for manufactured housing. It also makes modular homes, park model RVs (vacation units under 400 square feet), cabins and commercial buildings such as apartments, hotels, schools and military barracks.
Cavco has 33 production lines, 31 in the US and two in Mexico. They build homes to order, and a typical home takes about six production days. Cavco earns money selling these homes at wholesale to independent retailers in 48 states and Canada. It also sells them through its own 92 US stores, 57 of them in Texas. Owners of manufactured-home communities and developers also buy. Its core customers are entry-level and move-up buyers and people aged 55 and older.
Cavco reports two segments: factory-built housing and financial services. The financial side includes CountryPlace, which makes and services mortgages and home-only loans (loans on the house but not the land) for buyers of factory-built homes. It also includes Standard Casualty, which insures manufactured homes, mainly in Texas, Arizona, New Mexico and Nevada. Total revenue was $2.24 billion in the fiscal year ended March 28, 2026, up 11.4% from the year before.
Price history
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CVCO -4.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2027 (ended Sep 26, 2026), revenue was $656.4M, up 17.9% from a year earlier, and net income was $55.4M (+5.8%).
- For fiscal 2026, revenue was $2.24B (+11.4% year over year; +15.2% a year from FY2021 to FY2026) with a 8.5% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +15.2% good |
|---|---|
| Operating margin | 10.2% watch |
| Free cash flow margin | 10.3% good |
| Return on equity (FY2026) | 17.3% good |
| Return on assets (FY2026) | 12.8% good |
| Cash and investments | $332.5M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.11B | $76.6M | $88.5M |
| FY2022 | $1.63B | $197.7M | $125.6M |
| FY2023 | $2.14B | $240.6M | $211.6M |
| FY2024 | $1.79B | $157.8M | $207.3M |
| FY2025 | $2.02B | $171.0M | $157.1M |
| FY2026 | $2.24B | $190.6M | $232.1M |
Valuation snapshot
| Market value | $4.06B |
|---|---|
| P/E ratio | 22.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Cavco Industries’s market value went from $897.9M at the end of 2016 to $4.06B on Oct 28, 2026, about 4.5 times as much; since the end of 2025 it is down 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.06B | -11.9% |
| 2025 | $4.61B | +27.5% |
| 2024 | $3.62B | +25.4% |
| 2023 | $2.89B | +43.2% |
| 2022 | $2.02B | -30.9% |
| 2021 | $2.92B | +80.8% |
| 2020 | $1.61B | -9.7% |
| 2019 | $1.78B | +50.4% |
| 2018 | $1.19B | -13.9% |
| 2017 | $1.38B | +53.4% |
| 2016 | $897.9M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CVCO price data to Oct 28, 2026 | -9.8% | -4.6% | +28.4% | +17.2% | +19.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -9.8% |
| 2025 | +32.4% |
| 2024 | +28.7% |
| 2023 | +53.2% |
| 2022 | -28.8% |
| 2021 | +81.0% |
| 2020 | -10.2% |
| 2019 | +49.9% |
| 2018 | -14.6% |
| 2017 | +52.8% |
| 2016 | +19.9% |
| 2015 | +5.1% |
| 2014 | +15.4% |
| 2013 | +37.5% |
| 2012 | +24.8% |
| 2011 | -14.2% |
| 2010 | +30.0% |
| 2009 | +33.6% |
| 2008 | -20.5% |
| 2007 | -3.4% |
| 2006 | -8.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 47.4% over that stretch · deepest drop along the way 52.2%, back to its old high 13.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.3% over that stretch · deepest drop along the way 51.1%, back to its old high 10.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.2% over that stretch · deepest drop along the way 42%, back to its old high 17.9 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 7 sales ($2.3M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 25, 2026 | Allison Aden EVP, CFO & Treasurer | sell (plan) | $921K |
| Jun 12, 2026 | Allison Aden EVP, CFO & Treasurer | sell (plan) | $725K |
| Jun 9, 2026 | Richard A Kerley Director | sell | $294K |
| Aug 18, 2026 | Paul Bigbee Chief Accounting Officer | sell | $202K |
| May 28, 2026 | Paul Bigbee Chief Accounting Officer | sell | $108K |
Who owns it
Large shareholders (13G filings)
| Capital World Investors | 6.9% | Jun 30, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Mar 31, 2026 |
| FMR LLC | 3.4% | Dec 31, 2025 |
ETFs with the most weight in CVCO
| MGMT Ballast Small/Mid Cap ETF | 4.24% |
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 2.54% |
| ITB iShares U.S. Home Construction ETF | 1.58% |
| XSHQ Invesco S&P SmallCap Quality ETF | 1.4% |
| FSGS First Trust SMID Growth Strength ETF | 1.2% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 1.09% |
| SMIZ Zacks Small/Mid Cap ETF | 0.89% |
| OASC OneAscent Small Cap Core ETF | 0.88% |
What could go wrong
- Lending and insurance arms add risk. CountryPlace makes mortgages and home-only loans, Standard Casualty insures manufactured homes, and Cavco takes part in financing programs for retailers and buyers. Each adds exposure to borrower defaults or insurance claims.
- It may have to buy back homes. Retailers often fund inventory with loans from a few floor plan lenders. If a retailer defaults, Cavco may have to repurchase homes from the lender. Lenders can also cut credit limits, reducing retailer orders.
- Heavy reliance on Texas and the Southwest. Of Cavco's 92 company-owned stores, 57 are in Texas, and its insurer mainly serves Texas, Arizona, New Mexico and Nevada. A regional housing slump or severe weather there could hit results hard.
- Buyers need loans that are hard to get. Cavco's sales depend heavily on buyers getting financing. Lenders making home-only loans, which cover the house but not the land, have pulled back. Higher interest rates can also make buyers less able or willing to borrow.
- Zoning rules can limit where homes go. Local zoning decides where manufactured homes may be placed. If friendlier rules aren't adopted, or existing rules become stricter, fewer places can take its homes and Cavco's revenue could decline.
- Material and labor costs can squeeze margins. Wood, steel, wallboard and other inputs can jump in price or run short, and skilled workers can be scarce. Cavco tries to raise home prices in response, but those increases may lag rising costs.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released; Other company announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
Cavco paid no dividends in fiscal years 2022 through 2026, the latest of which ended March 28, 2026. For an income investor, that means no regular cash payments. Drawing income from this stock would mean selling shares. Cavco returns cash through buybacks instead, which means it buys its own stock back from the market. It spent $580.9 million on buybacks over those five years, including $159.9 million in fiscal 2026. Its free cash flow that year (cash left after running and investing in the business) was $232.1 million. The share count fell 16.3% between July 2021 and July 2026, so each remaining share represents a bigger slice of the company.
The stock has fallen sharply in downturns. It dropped 52.2% during the 2008 financial crisis, 51.1% in the 2020 COVID crash and 42% in the 2022 bear market. After each low, it took roughly 11 to 18 months to regain its earlier high. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Cavco Industries make money?
Cavco makes money by building and selling factory-built homes. Most follow the HUD code, the federal standard for manufactured housing. It also builds modular homes, park model RVs, cabins and commercial structures. It sells through independent retailers in 48 states and Canada and through its own 92 US stores. It also earns money from mortgages and home-only loans through its CountryPlace subsidiary, and from home insurance through Standard Casualty. Revenue was $2.24 billion in the fiscal year ended March 28, 2026.
Does Cavco pay a dividend?
No. Cavco paid no dividends in fiscal years 2022 through 2026, the latest of which ended March 28, 2026. It returns cash by buying back its own shares instead. It spent $580.9 million on buybacks over those five years, and the share count fell 16.3% between July 2021 and July 2026. Investors who rely on regular income would need to sell shares to raise cash from this stock.
Is Cavco's revenue growing?
Yes, over the past five fiscal years. Revenue rose from $1.11 billion in fiscal 2021 to $2.24 billion in fiscal 2026, which ended March 28, 2026. That is an average gain of about 15.2% a year. The climb wasn't smooth: revenue fell to $1.79 billion in fiscal 2024 before recovering. In the quarter ended June 27, 2026, revenue rose 9.5% from a year earlier to $610.0 million, but net income fell 18.1% to $42.3 million.
Does Cavco have any debt?
Little or none, based on its filings. As of June 27, 2026, Cavco reported no borrowings under the usual debt categories. It held $301.1 million in cash and investments, with total assets of $1.54 billion and shareholders' equity of $1.11 billion. Low debt can help a company get through housing downturns. Cavco still has other obligations, though. For example, it may have to buy back homes from lenders that financed its retailers.
How has Cavco stock performed over the long term?
Over long periods the stock has risen a lot, with sharp swings along the way. As of October 28, 2026, the share price had gained about 19.2% a year over 10 years, 17.2% a year over five years and 28.4% a year over three years. It was down 9.8% year to date and 4.6% over one year. During that year it fell as much as 34.7% from a peak. The shares traded at 22.2 times fiscal 2026 earnings of $23.98 per share.