Cavco Industries Financials
This page shows Cavco Industries (CVCO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A cash-generative, lightly financed model kept liquidity strong, even as FY2025's revenue rebound delivered only partial margin recovery.
Despite higher profit than the prior year, operating cash flow slipped to$178.5M while net income reached$171.0M . The missing cash sat in working capital: receivables rose to$105.8M and inventory to$252.7M , showing that the recovery demanded cash to stock homes and wait for collection before it showed up in free cash flow.
The business is still profitable at healthy absolute levels, but the margin structure remains below its earlier peak: gross margin was
The balance sheet still looks internally financed rather than debt-driven. Cash stood at
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Cavco Industries's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cavco Industries has an operating margin of 10.2%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 44/100, indicating healthy but not exceptional operating efficiency. This is up from 9.4% the prior year.
Cavco Industries's revenue grew 11.4% year-over-year to $2.2B, a solid pace of expansion. This earns a growth score of 53/100.
Cavco Industries carries a low D/E ratio of 0.35, meaning only $0.35 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
Cavco Industries's current ratio of 2.46 indicates adequate short-term liquidity, earning a score of 46/100. The company can meet its near-term obligations, though with limited headroom.
Cavco Industries has a free cash flow margin of 10.3%, earning a moderate score of 50/100. The company generates positive cash flow after capital investments, but with room for improvement.
Cavco Industries's ROE of 17.3% shows moderate profitability relative to equity, earning a score of 48/100. This is up from 16.1% the prior year.
Cavco Industries scores 9.61, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.8B) relative to total liabilities ($388.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Cavco Industries passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Cavco Industries generates $1.40 in operating cash flow ($267.5M OCF vs $190.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Cavco Industries earns $422.5 in operating income for every $1 of interest expense ($228.6M vs $541K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Cavco Industries generated $2.2B in revenue in fiscal year 2026. This represents an increase of 11.4% from the prior year.
Cavco Industries's EBITDA was $251.6M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.1% from the prior year.
Cavco Industries reported $190.6M in net income in fiscal year 2026. This represents an increase of 11.4% from the prior year.
Cavco Industries earned $23.98 per diluted share (EPS) in fiscal year 2026. This represents an increase of 15.8% from the prior year.
Cash & Balance Sheet
Cavco Industries generated $232.1M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 47.8% from the prior year.
Cavco Industries held $236.7M in cash against $0 in long-term debt as of fiscal year 2026.
Cavco Industries had 8M shares outstanding in fiscal year 2026. This represents a decrease of 4.2% from the prior year.
Margins & Returns
Cavco Industries's gross margin was 23.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Cavco Industries's operating margin was 10.2% in fiscal year 2026, reflecting core business profitability. This is up 0.7 percentage points from the prior year.
Cavco Industries's net profit margin was 8.5% in fiscal year 2026, showing the share of revenue converted to profit. This is up 0.0 percentage points from the prior year.
Cavco Industries's ROE was 17.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 1.2 percentage points from the prior year.
Capital Allocation
Cavco Industries spent $159.9M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 7.5% from the prior year.
Cavco Industries invested $35.4M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 65.2% from the prior year.
CVCO Income Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $581.0M+4.4% | $556.5M-0.1% | $556.9M+9.5% | $508.4M-2.6% | $522.0M+2.9% | $507.5M+6.3% | $477.6M+13.7% | $420.1M |
| Cost of Revenue | $445.1M+5.4% | $422.1M-1.2% | $427.4M+9.0% | $392.2M0.0% | $392.1M+0.2% | $391.3M+4.6% | $374.2M+16.5% | $321.1M |
| Gross Profit | $135.9M+1.1% | $134.4M+3.8% | $129.5M+11.5% | $116.1M-10.6% | $129.9M+11.9% | $116.1M+12.3% | $103.4M+4.4% | $99.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $81.4M+12.6% | $72.2M+4.5% | $69.1M-10.8% | $77.5M+17.4% | $66.0M-1.5% | $67.0M+3.3% | $64.9M+5.6% | $61.4M |
| Operating Income | $54.6M-12.3% | $62.2M+3.0% | $60.4M+56.2% | $38.6M-39.6% | $64.0M+30.2% | $49.1M+27.4% | $38.6M+2.5% | $37.6M |
| Interest Expense | $131K+17.0% | $112K-31.7% | $164K+11.6% | $147K-5.2% | $155K+24.0% | $125K+38.9% | $90K-68.3% | $284K |
| Income Tax | $13.5M-9.0% | $14.9M+8.9% | $13.7M+107.1% | $6.6M-48.8% | $12.9M+15.6% | $11.1M+18.1% | $9.4M+4.8% | $9.0M |
| Net Income | $44.1M-15.9% | $52.4M+1.4% | $51.6M+42.1% | $36.3M-35.7% | $56.5M+28.9% | $43.8M+27.3% | $34.4M+1.5% | $33.9M |
| EPS (Diluted) | $5.58-14.8% | $6.55+2.0% | $6.42 | N/A | $6.90+30.7% | $5.28+28.5% | $4.11 | N/A |
CVCO Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.5B+1.6% | $1.4B+2.1% | $1.4B+0.9% | $1.4B+1.5% | $1.4B-0.9% | $1.4B+1.3% | $1.4B+2.0% | $1.4B |
| Current Assets | $816.8M-12.6% | $934.5M+2.1% | $915.3M+0.6% | $910.2M+3.7% | $878.0M-2.7% | $902.0M+2.8% | $877.6M+3.0% | $851.8M |
| Cash & Equivalents | $224.6M-40.1% | $375.0M+8.8% | $344.6M-3.3% | $356.2M-1.8% | $362.9M-0.3% | $364.1M+1.3% | $359.3M+1.9% | $352.7M |
| Inventory | $290.5M+12.4% | $258.4M+0.1% | $258.1M+2.1% | $252.7M+3.9% | $243.3M-0.3% | $244.0M-0.3% | $244.8M+1.5% | $241.3M |
| Accounts Receivable | $106.0M-8.4% | $115.7M-0.5% | $116.3M+9.8% | $105.8M+15.3% | $91.8M-2.6% | $94.3M+10.9% | $85.1M+10.3% | $77.1M |
| Goodwill | $207.8M+70.4% | $122.0M0.0% | $122.0M0.0% | $122.0M0.0% | $122.0M0.0% | $122.0M0.0% | $122.0M0.0% | $121.9M |
| Total Liabilities | $383.0M+5.5% | $362.9M+2.3% | $354.8M+3.7% | $342.1M+4.1% | $328.5M-7.8% | $356.2M+4.1% | $342.1M+6.7% | $320.7M |
| Current Liabilities | $328.7M+3.3% | $318.1M+0.2% | $317.3M+4.7% | $303.2M+6.3% | $285.2M-8.4% | $311.5M+5.2% | $296.0M+8.3% | $273.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.1B+0.3% | $1.1B+2.0% | $1.1B0.0% | $1.1B+0.7% | $1.1B+1.5% | $1.0B+0.3% | $1.0B+0.5% | $1.0B |
| Retained Earnings | $1.3B+3.4% | $1.3B+4.2% | $1.2B+4.3% | $1.2B+3.1% | $1.2B+5.1% | $1.1B+4.1% | $1.1B+3.4% | $1.0B |
CVCO Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $66.1M-15.7% | $78.5M+41.3% | $55.5M+43.7% | $38.6M+2.3% | $37.8M-30.9% | $54.7M+15.4% | $47.4M+155.1% | $18.6M |
| Capital Expenditures | $8.5M-12.8% | $9.7M+6.5% | $9.1M+48.9% | $6.1M+13.0% | $5.4M+11.4% | $4.9M-1.9% | $5.0M+18.9% | $4.2M |
| Free Cash Flow | $57.6M-16.2% | $68.7M+48.2% | $46.4M+42.7% | $32.5M+0.5% | $32.3M-35.1% | $49.8M+17.4% | $42.4M+194.7% | $14.4M |
| Investing Cash Flow | -$179.7M-1345.3% | -$12.4M-61.2% | -$7.7M+22.7% | -$10.0M-238.6% | -$2.9M+48.1% | -$5.7M-6.2% | -$5.3M-3.5% | -$5.2M |
| Financing Cash Flow | -$43.9M-27.2% | -$34.5M+36.9% | -$54.7M-71.3% | -$31.9M+24.7% | -$42.4M-1.7% | -$41.7M-30.9% | -$31.9M-182.8% | -$11.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $43.8M+21.4% | $36.1M-27.8% | $50.0M+46.1% | $34.2M-18.8% | $42.2M-1.5% | $42.8M+45.3% | $29.5M+135.2% | $12.5M |
CVCO Financial Ratios
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.4%-0.8pp | 24.1%+0.9pp | 23.3%+0.4pp | 22.8%-2.1pp | 24.9%+2.0pp | 22.9%+1.2pp | 21.6%-1.9pp | 23.6% |
| Operating Margin | 9.4%-1.8pp | 11.2%+0.3pp | 10.8%+3.2pp | 7.6%-4.7pp | 12.3%+2.6pp | 9.7%+1.6pp | 8.1%-0.9pp | 8.9% |
| Net Margin | 7.6%-1.8pp | 9.4%+0.1pp | 9.3%+2.1pp | 7.1%-3.7pp | 10.8%+2.2pp | 8.6%+1.4pp | 7.2%-0.9pp | 8.1% |
| Return on Equity | 4.0%-0.8pp | 4.8%-0.0pp | 4.9%+1.4pp | 3.4%-1.9pp | 5.3%+1.1pp | 4.2%+0.9pp | 3.3%+0.0pp | 3.3% |
| Return on Assets | 3.0%-0.6pp | 3.6%-0.0pp | 3.6%+1.1pp | 2.6%-1.5pp | 4.1%+0.9pp | 3.1%+0.6pp | 2.5%-0.0pp | 2.5% |
| Current Ratio | 2.49-0.5 | 2.94+0.1 | 2.88-0.1 | 3.00-0.1 | 3.08+0.2 | 2.90-0.1 | 2.96-0.2 | 3.12 |
| Debt-to-Equity | 0.35+0.0 | 0.330.0 | 0.33+0.0 | 0.32+0.0 | 0.31-0.0 | 0.34+0.0 | 0.33+0.0 | 0.31 |
| FCF Margin | 9.9%-2.4pp | 12.3%+4.0pp | 8.3%+1.9pp | 6.4%+0.2pp | 6.2%-3.6pp | 9.8%+0.9pp | 8.9%+5.5pp | 3.4% |
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Frequently Asked Questions
What is Cavco Industries's annual revenue?
Cavco Industries (CVCO) reported $2.2B in total revenue for fiscal year 2026. This represents a 11.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cavco Industries's revenue growing?
Cavco Industries (CVCO) revenue grew by 11.4% year-over-year, from $2.0B to $2.2B in fiscal year 2026.
Is Cavco Industries profitable?
Yes, Cavco Industries (CVCO) reported a net income of $190.6M in fiscal year 2026, with a net profit margin of 8.5%.
What is Cavco Industries's EBITDA?
Cavco Industries (CVCO) had EBITDA of $251.6M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cavco Industries's gross margin?
Cavco Industries (CVCO) had a gross margin of 23.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cavco Industries's operating margin?
Cavco Industries (CVCO) had an operating margin of 10.2% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Cavco Industries's net profit margin?
Cavco Industries (CVCO) had a net profit margin of 8.5% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Cavco Industries's return on equity (ROE)?
Cavco Industries (CVCO) has a return on equity of 17.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Cavco Industries's free cash flow?
Cavco Industries (CVCO) generated $232.1M in free cash flow during fiscal year 2026. This represents a 47.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cavco Industries's operating cash flow?
Cavco Industries (CVCO) generated $267.5M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Cavco Industries's total assets?
Cavco Industries (CVCO) had $1.5B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Cavco Industries's capital expenditures?
Cavco Industries (CVCO) invested $35.4M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Cavco Industries's current ratio?
Cavco Industries (CVCO) had a current ratio of 2.46 as of fiscal year 2026, which is generally considered healthy.
What is Cavco Industries's debt-to-equity ratio?
Cavco Industries (CVCO) had a debt-to-equity ratio of 0.35 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cavco Industries's return on assets (ROA)?
Cavco Industries (CVCO) had a return on assets of 12.8% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Cavco Industries's Altman Z-Score?
Cavco Industries (CVCO) has an Altman Z-Score of 9.61, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cavco Industries's Piotroski F-Score?
Cavco Industries (CVCO) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cavco Industries's earnings high quality?
Cavco Industries (CVCO) has an earnings quality ratio of 1.40x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cavco Industries cover its interest payments?
Cavco Industries (CVCO) has an interest coverage ratio of 422.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cavco Industries?
Cavco Industries (CVCO) scores 56 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.