Cavco Industries (CVCO)
Market Price (11/3/2026): $661.0 | Market Cap: $5.0 BilSector: Consumer Discretionary | Industry: Homebuilding
Cavco Industries (CVCO)
Market Price (11/3/2026): $661.0Market Cap: $5.0 BilSector: Consumer DiscretionaryIndustry: Homebuilding
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Green Building Materials, Energy Efficient Building Materials, Show more. | Trading close to highsDist 52W High is -5.0%, Dist 3Y High is -5.0% | Key risksCVCO key risks include [1] legal and regulatory scrutiny from antitrust concerns, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Green Building Materials, Energy Efficient Building Materials, Show more. |
| Trading close to highsDist 52W High is -5.0%, Dist 3Y High is -5.0% |
| Key risksCVCO key risks include [1] legal and regulatory scrutiny from antitrust concerns, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Cavco Industries (CVCO) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Cavco Industries reported exceptional fiscal Q2 2027 results, significantly beating analyst expectations for both earnings and revenue. The company's diluted earnings per share for the fiscal second quarter ended September 26, 2026, were $7.17, which surpassed the consensus estimate of $5.52 by 29.9%. Additionally, net revenue reached a record $656.4 million, an increase of 17.9% year-over-year, exceeding analyst estimates of $613.12 million and marking the second consecutive quarter of record revenue.
2. The company demonstrated strong operational performance with record home shipments and a growing backlog. In fiscal Q2 2027, Cavco shipped a record 5,972 homes. The backlog for home orders increased to $348 million, representing 8 to 10 weeks of production, which is a substantial 63% increase compared to the prior year and a $50 million sequential rise from the previous quarter. Management also highlighted a developing demand for workforce housing, particularly for data centers, contributing to order growth.
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Cavco Industries (CVCO) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Cavco Industries reported exceptional fiscal Q2 2027 results, significantly beating analyst expectations for both earnings and revenue. The company's diluted earnings per share for the fiscal second quarter ended September 26, 2026, were $7.17, which surpassed the consensus estimate of $5.52 by 29.9%. Additionally, net revenue reached a record $656.4 million, an increase of 17.9% year-over-year, exceeding analyst estimates of $613.12 million and marking the second consecutive quarter of record revenue.
2. The company demonstrated strong operational performance with record home shipments and a growing backlog. In fiscal Q2 2027, Cavco shipped a record 5,972 homes. The backlog for home orders increased to $348 million, representing 8 to 10 weeks of production, which is a substantial 63% increase compared to the prior year and a $50 million sequential rise from the previous quarter. Management also highlighted a developing demand for workforce housing, particularly for data centers, contributing to order growth.
3. Favorable housing market dynamics and supportive legislative changes contributed to increased demand. Home prices continued to strengthen across most U.S. metro areas in the third calendar quarter of 2026, with 78% reporting increases, and the national median single-family existing-home price rising 1.7% year-over-year to $432,900. Despite overall affordability challenges, the shift of buyers towards more affordable manufactured housing, as traditional builders move away from lower price points, benefited Cavco. Furthermore, the bipartisan 21st Century ROAD to Housing Act, enacted on July 11, 2026, removed the federal chassis mandate, enabling Cavco to introduce innovative, lower-profile home designs, such as the Grande Arbor, which can be ground-set and offer greater design flexibility.
4. Growth in the financial services segment and ongoing share repurchases bolstered investor confidence. Cavco's Financial Services segment reported a 5.6% increase in net revenue to $22.6 million, driven by higher mortgage loan sales, and saw its gross margin improve to 60.2% from 55.6% due to better underwriting margins. The company also continued its stock repurchase program, buying back approximately $30 million of common stock in fiscal Q2 2027, which supports per-share metrics by reducing the outstanding share count.
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Stock Movement Drivers
Fundamental Drivers
The 21.2% change in CVCO stock from 7/31/2026 to 11/2/2026 was primarily driven by a 18.7% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 547.03 | 662.89 | 21.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,298 | 2,397 | 4.3% |
| Net Income Margin (%) | 7.9% | 7.7% | -2.5% |
| P/E Multiple | 23.3 | 27.6 | 18.7% |
| Shares Outstanding (Mil) | 8 | 8 | 0.4% |
| Cumulative Contribution | 21.2% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| CVCO | 21.2% | |
| Market (SPY) | 0.7% | 0.1% |
| Sector (XLY) | 1.8% | 32.3% |
Fundamental Drivers
The 30.7% change in CVCO stock from 4/30/2026 to 11/2/2026 was primarily driven by a 28.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 507.00 | 662.89 | 30.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,203 | 2,397 | 8.8% |
| Net Income Margin (%) | 8.4% | 7.7% | -8.2% |
| P/E Multiple | 21.4 | 27.6 | 28.8% |
| Shares Outstanding (Mil) | 8 | 8 | 1.6% |
| Cumulative Contribution | 30.7% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| CVCO | 30.7% | |
| Market (SPY) | 4.9% | 20.8% |
| Sector (XLY) | 0.0% | 41.2% |
Fundamental Drivers
The 25.1% change in CVCO stock from 10/31/2025 to 11/2/2026 was primarily driven by a 29.8% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 529.80 | 662.89 | 25.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,144 | 2,397 | 11.8% |
| Net Income Margin (%) | 9.2% | 7.7% | -16.3% |
| P/E Multiple | 21.3 | 27.6 | 29.8% |
| Shares Outstanding (Mil) | 8 | 8 | 3.0% |
| Cumulative Contribution | 25.1% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| CVCO | 25.1% | |
| Market (SPY) | 11.2% | 28.7% |
| Sector (XLY) | -0.9% | 40.5% |
Fundamental Drivers
The 165.7% change in CVCO stock from 10/31/2023 to 11/2/2026 was primarily driven by a 190.3% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 249.51 | 662.89 | 165.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,030 | 2,397 | 18.1% |
| Net Income Margin (%) | 11.2% | 7.7% | -31.4% |
| P/E Multiple | 9.5 | 27.6 | 190.3% |
| Shares Outstanding (Mil) | 9 | 8 | 12.9% |
| Cumulative Contribution | 165.7% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| CVCO | 165.7% | |
| Market (SPY) | 86.0% | 38.9% |
| Sector (XLY) | 58.9% | 46.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CVCO Return | 81% | -29% | 53% | 29% | 32% | 12% | 278% |
| Peers Return | 75% | -24% | 69% | 2% | -7% | 16% | 147% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| CVCO Win Rate | 83% | 33% | 58% | 42% | 50% | 73% | |
| Peers Win Rate | 73% | 40% | 58% | 55% | 42% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| CVCO Max Drawdown | -19% | -42% | -22% | -17% | -26% | -35% | |
| Peers Max Drawdown | -20% | -45% | -24% | -27% | -31% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SKY, LEGH, DHI, LEN, PHM. See CVCO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)
How Low Can It Go
| Event | CVCO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.7% | 23.1% |
| Time to Breakeven | 83 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.6% | -9.5% |
| % Gain to Breakeven | 18.5% | 10.5% |
| Time to Breakeven | 35 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.4% | -6.7% |
| % Gain to Breakeven | 16.9% | 7.1% |
| Time to Breakeven | 27 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.8% | -24.5% |
| % Gain to Breakeven | 69.0% | 32.4% |
| Time to Breakeven | 288 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.6% | -33.7% |
| % Gain to Breakeven | 110.8% | 50.9% |
| Time to Breakeven | 314 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -49.3% | -19.2% |
| % Gain to Breakeven | 97.3% | 23.8% |
| Time to Breakeven | 960 days | 105 days |
In The Past
Cavco Industries's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.7% gain to breakeven.
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Asset Allocation
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| Event | CVCO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.7% | 23.1% |
| Time to Breakeven | 83 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.8% | -24.5% |
| % Gain to Breakeven | 69.0% | 32.4% |
| Time to Breakeven | 288 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.6% | -33.7% |
| % Gain to Breakeven | 110.8% | 50.9% |
| Time to Breakeven | 314 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -49.3% | -19.2% |
| % Gain to Breakeven | 97.3% | 23.8% |
| Time to Breakeven | 960 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.8% | -17.9% |
| % Gain to Breakeven | 42.4% | 21.8% |
| Time to Breakeven | 69 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -33.6% | -53.4% |
| % Gain to Breakeven | 50.6% | 114.4% |
| Time to Breakeven | 116 days | 1085 days |
In The Past
Cavco Industries's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cavco Industries (CVCO)
Cavco Industries, Inc. (CVCO) designs, produces, and retails a comprehensive range of factory-built homes and structures. Its primary business, Factory-Built Housing, encompasses manufactured homes sold under various brands such as Cavco, Fleetwood, and Palm Harbor, as well as modular homes, including multi-story units, primarily under the Nationwide Homes brand. Beyond traditional residences, Cavco also constructs park model RVs, vacation cabins, and factory-built commercial structures like apartment buildings, hotels, schools, and military housing, serving a diverse customer base from individual homeowners to commercial developers and government clients.
In addition to manufacturing, Cavco operates a Financial Services segment. This division provides conforming, non-conforming, and home-only mortgages to purchasers of its factory-built homes, supporting sales through its company-owned retail stores, independent distributors, and community operators. The company further offers property and casualty insurance specifically to owners of manufactured homes. Cavco distributes its products and services extensively across the United States, operating retail stores in key states and leveraging a broad network of independent distribution points that also reach into Canada.
AI Analysis | Feedback
Imagine a company like Ford, but instead of cars, they design, build, and sell various types of factory-built homes (like manufactured homes, modular homes, and commercial buildings), and also provide the loans and insurance to buy them.
It's somewhat like IKEA, but for entire factory-built homes. They design, produce in factories, sell the homes, and also offer financing and insurance for them.
AI Analysis | Feedback
- Manufactured Homes: Designs, produces, and retails factory-built homes under various brands.
- Park Model RVs: Constructs recreational vehicles designed for extended use in one location.
- Vacation Cabins: Builds small, factory-built homes suitable for recreational or leisure use.
- Factory-Built Commercial Structures: Produces various commercial and multi-family buildings such as apartments, hotels, and schools using factory construction methods.
- Modular Homes: Manufactures diverse styles of homes that are built in sections in a factory and then transported to the site for assembly.
- Mortgages: Provides conforming, non-conforming, and home-only loans to purchasers of factory-built homes.
- Property and Casualty Insurance: Offers insurance coverage to owners of manufactured homes.
AI Analysis | Feedback
Cavco Industries (CVCO) serves a diverse customer base, encompassing both individual purchasers and various organizational clients. Given its operation of company-owned retail stores and the direct provision of financial services to home purchasers, a significant portion of its end-users are individuals. Therefore, its major customers can be categorized as follows:
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Individual Homebuyers and Owners: This category includes individuals who purchase manufactured homes, modular homes (for single and multi-section residences), park model RVs, and vacation cabins for personal use. These customers acquire homes through Cavco's 40 company-owned retail stores or via its extensive network of independent distributors. Cavco also directly provides conforming and non-conforming mortgages to these purchasers, as well as property and casualty insurance to owners of manufactured homes.
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Real Estate Developers and Operators: This segment comprises companies and entities involved in real estate development and management. They acquire factory-built and modular homes from Cavco for larger projects such as planned communities, residential developments, apartment buildings, condominiums, hotels, and workforce housing projects. These include "planned community operators" and "residential developers" mentioned in the company description.
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Government and Institutional Clients: Cavco also serves governmental and institutional organizations that require specialized factory-built structures. Examples mentioned in the company description include entities purchasing housing for United States military troops and schools, indicating sales to public sector and institutional customers.
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Bill Boor, President and Chief Executive Officer
Bill Boor has served as the President and Chief Executive Officer of Cavco Industries since April 2019. He initially joined Cavco as an independent member of the board in 2008 and later served as the non-executive chairman of the board before becoming CEO. Prior to his role at Cavco, Mr. Boor was the CEO of Great Lakes Brewing Company. His career also includes experience in the construction and natural resources industries, and he began his career in manufacturing at Procter & Gamble. Notably, before joining Cavco's board, he held the position of Vice President of Corporate Development at Centex Corp. when Cavco was a subsidiary, and he was involved in Cavco's business strategy development and its eventual spin-off in 2003.
Allison Aden, Executive Vice President, Chief Financial Officer & Treasurer
Allison Aden is the Executive Vice President, Chief Financial Officer, and Treasurer of Cavco Industries, a role she assumed in August 2021. She is responsible for overseeing Cavco's financial reporting, accounting, tax, treasury, information technology, and other finance-related operations. Before joining Cavco, Ms. Aden served as the executive vice president and CFO of Diversified Technologies from July 2018 to August 2021.
Seth Schuknecht, Executive Vice President, General Counsel, Chief Compliance Officer & Corporate Secretary
Seth Schuknecht holds the positions of Executive Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary at Cavco Industries.
Brian Cira, President, Manufactured Housing
Brian Cira serves as the President of Manufactured Housing at Cavco Industries.
Matt Niño, President, Retail
Matt Niño is the President of Retail for Cavco Industries.
AI Analysis | Feedback
Cavco Industries (CVCO) faces several key risks inherent to its business model of designing, producing, and retailing manufactured homes, and providing financial services.
- Cyclical Nature of the Housing Market and Economic Downturns: Cavco's business is highly susceptible to fluctuations in the broader housing market and overall economic conditions. A downturn in the housing market or a recession can significantly reduce demand for manufactured and modular homes, park model RVs, vacation cabins, and factory-built commercial structures. Historically, mobile home manufacturers experienced significant difficulties during the 2008 housing crisis. While manufactured homes cater to affordability, they are not immune to general housing market weakness and affordability challenges.
- Interest Rate Fluctuations and Mortgage Market Conditions: As a provider of conforming mortgages, non-conforming mortgages, and home-only loans, Cavco is directly exposed to interest rate risk. Rising interest rates can diminish housing affordability, thereby dampening buyer demand. Furthermore, interest rate changes can impact the profitability of its financial services segment, affecting loan sale prices and increasing the risk associated with interest rate lock commitments (IRLCs) if borrowers choose not to close loans.
- Volatility in Raw Material Costs and Supply Chain Disruptions: As a manufacturer, Cavco's profitability is sensitive to the cost and availability of raw materials like lumber and steel. Significant increases in raw material costs or disruptions in the supply chain can lead to higher production expenses and reduced profit margins in its factory-built housing segment. Management has noted that potential tariffs on components could further increase material costs.
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Cavco Industries, Inc. operates in several addressable markets for its diverse range of factory-built housing and financial services.
Factory-Built Housing Segment
- Manufactured Homes: The U.S. manufactured homes market was valued at USD 14.6 billion in 2026 and is projected to reach USD 19.8 billion by 2031. The North America manufactured housing market, which includes manufactured homes, is anticipated to be valued at US$27.1 billion in 2026 and is expected to grow to US$39.4 billion by 2033.
- Modular Homes: The North American prefabricated housing market, which encompasses modular homes, was valued at $26.72 billion in 2025 and is expected to reach $37.45 billion by 2030. Separately, the U.S. modular construction market reached $20.3 billion in 2024 and is forecast to reach $25.4 billion by 2029.
- Park Model RVs: The global Park Model RVs market was valued at USD 1.88 billion in 2024 and is projected to grow to USD 3.44 billion by 2033. North America dominates this market, holding approximately 70-75% of the share.
- Vacation Cabins: Within the modular homes market, the "Cabin/Chalet segment" in the U.S. is projected to reach a market size of USD 6,000 million by 2034.
- Factory-Built Commercial Structures: The global factory buildings market was valued at USD 278.3 billion in 2025 and is projected to reach USD 353.1 billion by 2034. The U.S. modular construction market, which includes commercial applications, reached $20.3 billion in 2024.
Financial Services Segment
- Conforming mortgages, non-conforming mortgages, and home-only loans to purchasers of various brands of factory-built homes: Null
- Property and Casualty Insurance to owners of manufactured homes: The global Mobile Home Insurance market is projected to grow from US$366 million in 2024 to US$482 million by 2031. North America's regional market within this segment is also expected to see growth.
AI Analysis | Feedback
Cavco Industries (NASDAQ: CVCO) anticipates several key drivers to fuel its revenue growth over the next two to three years.
One significant driver is the company's strategy of **strategic acquisitions**. For example, the acquisition of American Homestar Corporation, completed on September 29, 2025, significantly contributed to Cavco's net revenue, adding $42 million in the third fiscal quarter of 2026. This acquisition also expanded Cavco's operational footprint by adding two manufacturing lines and nineteen retail locations, alongside enhancing its financial services operations.
Another expected driver is **growth in home sales volume**. Cavco reported an increase of 3.2% in home sales volume in the third fiscal quarter of 2026, and a 7.6% increase for the nine months ending December 27, 2025, indicating continued demand for its factory-built housing products.
Furthermore, **increases in average selling prices and an optimized product mix** are projected to drive revenue. The company's net revenue growth has been attributed to both higher home sales volume and an increased average selling price per home. This rise in average revenue per home is partly due to a greater proportion of sales through company-owned stores, a higher mix of multi-section homes, and product pricing adjustments.
The **expansion and strong performance of its financial services segment, particularly the insurance division**, are also expected to contribute to future revenue. The financial services segment experienced increased gross profit and income from operations, driven by higher premiums and improved policy underwriting which led to lower claims losses.
Lastly, Cavco is positioned to benefit from the **broader demand for affordable housing and a potential market recovery**. CEO Bill Boor highlighted factory-built housing as a primary solution to the housing unit shortage in the country, indicating the company's readiness to capitalize on favorable market conditions. Analysts forecast Cavco's annual revenue growth rate to outperform the US Residential Construction industry average in the coming years.
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Share Repurchases
- Cavco Industries authorized a new $150 million stock repurchase program in May 2025. An earlier $100 million program, authorized in October 2024, was fully utilized.
- The company repurchased approximately $150 million in stock during the fiscal year ended March 29, 2025.
- In the first fiscal quarter ended June 28, 2025, approximately $50 million in stock was repurchased, with $178 million remaining available under board authorizations.
Share Issuance
- Issuance of common shares for Cavco Industries was $1.9 million in 2025.
Outbound Investments
- Cavco Industries acquired American Homestar, an investment that expands its presence in high-growth southern regions and increased its market share to 15% and retail locations to 100. This acquisition also introduced new product lines, contributing $42.0 million in revenue for the current year periods as of February 2026.
- In July 2021, Cavco acquired The Commodore Corporation, which more than doubled Cavco's modular capacity with a total transaction value of $153 million.
- The company acquired a manufacturing facility in Hamlet, North Carolina, for renovation to produce HUD code homes, with an anticipated production start in the third calendar quarter of 2022.
Capital Expenditures
- Capital expenditures for the fiscal year ended March 29, 2025, totaled $21.427 million, an increase from $17.421 million in the prior fiscal year.
- For the six months ended September 27, 2025, capital expenditures amounted to $18.870 million.
- Cavco Industries is focused on maintaining a conservative cost structure and exploring strategic investments to support future growth. The company also invests in home-only lending programs to drive sales growth for its factory-built housing operations.
Peer Outperformance in Homebuilding
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -3.2% | 35.5% | 76.9% | CVSA 255% · GHC 117% · LRN 109% |
| Homebuilding ← | 17 | 3.8% | 32.7% | 38.5% | PHM 188% · CVCO 174% · TOL 169% |
| Hotels, Resorts & Cruise Lines | 21 | 24.4% | 60.9% | 20.3% | RCL 278% · MAR 171% · HLT 162% |
| Automotive Retail | 17 | -0.6% | 15.0% | 11.8% | MUSA 220% · PAG 125% · ORLY 119% |
| Home Furnishings | 3 | 2.7% | 74.8% | 3.9% | SGI 58% · MHK -15% |
| Home Improvement Retail | 5 | -7.6% | 18.9% | 3.4% | HD 5% · LOW 3% · FND -65% |
| Footwear | 9 | 86.5% | 82.4% | -8.5% | DECK 29% · SHOO 9% · CROX -9% |
| Specialized Consumer Services | 10 | -5.3% | 38.1% | -13.8% | HRB 171% · FTDR 126% · ADT 29% |
| Restaurants | 36 | 3.1% | -5.5% | -14.6% | EAT 407% · CAKE 209% · TXRH 133% |
| Distributors | 4 | -8.1% | -15.2% | -23.8% | ARMK 113% · GPC 8% · POOL -55% |
| Leisure Products | 14 | -11.3% | -11.9% | -33.0% | GOLF 82% · HAS 54% · BC -9% |
| Household Appliances | 18 | 20.9% | 18.8% | -33.8% | WHR -81% |
| Apparel, Accessories & Luxury Goods | 29 | 11.4% | 30.3% | -38.6% | RL 274% · TPR 246% · KTB 68% |
| Leisure Facilities | 12 | -4.0% | 3.1% | -40.5% | OSW 186% · LTH 149% · PLNT -33% |
| Apparel Retail | 27 | 1.0% | 5.7% | -41.2% | ANF 287% · TJX 125% · ROST 113% |
| Computer & Electronics Retail | 3 | 23.3% | 65.6% | -41.7% | BBY -2% · GME -53% |
| Broadline Retail | 12 | -3.1% | 20.8% | -44.1% | EBAY 76% · AMZN 48% · OLLI 25% |
| Automotive Parts & Equipment | 39 | -10.5% | -10.6% | -45.9% | MOD 1011% · GTX 190% · PATK 73% |
| Casinos & Gaming | 21 | -24.9% | -19.9% | -50.2% | MCRI 82% · BYD 24% · RRR 21% |
| Other Specialty Retail | 24 | -9.6% | -14.2% | -60.7% | ULTA 71% · ASO 47% · DKS 29% |
| Automobile Manufacturers | 8 | -11.6% | -44.2% | -69.3% | GM 69% · TSLA 3% · F -5% |
| Consumer Electronics | 11 | -35.8% | -39.8% | -80.5% | GRMN 111% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 110.97 |
| Mkt Cap | 13.2 |
| Rev LTM | 9,324 |
| Op Inc LTM | 1,017 |
| FCF LTM | 535 |
| FCF 3Y Avg | 760 |
| CFO LTM | 621 |
| CFO 3Y Avg | 859 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -3.1% |
| Rev Chg 3Y Avg | -1.1% |
| Rev Chg Q | 0.6% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Inc Chg LTM | -16.2% |
| Op Inc Chg 3Y Avg | -9.6% |
| Op Mgn LTM | 10.5% |
| Op Mgn 3Y Avg | 12.1% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 10.7% |
| CFO/Rev 3Y Avg | 9.6% |
| FCF/Rev LTM | 9.7% |
| FCF/Rev 3Y Avg | 8.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 13.2 |
| P/S | 1.7 |
| P/Op Inc | 12.4 |
| P/EBIT | 12.3 |
| P/E | 15.6 |
| P/CFO | 16.4 |
| Total Yield | 7.4% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 4.8% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 12.0% |
| 3M Rtn | 7.9% |
| 6M Rtn | 18.8% |
| 12M Rtn | 17.9% |
| 3Y Rtn | 55.5% |
| 1M Excs Rtn | 14.4% |
| 3M Excs Rtn | 8.3% |
| 6M Excs Rtn | 14.0% |
| 12M Excs Rtn | 10.9% |
| 3Y Excs Rtn | -17.5% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Factory-built housing | 2,157 | 1,933 | 1,717 | 2,069 | 1,556 |
| Financial services | 87 | 82 | 78 | 73 | 71 |
| Total | 2,245 | 2,015 | 1,795 | 2,143 | 1,627 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2009 |
|---|---|---|---|---|---|
| Factory-built housing | 205 | 189 | 173 | 286 | |
| Financial services | 23 | 2 | 6 | 11 | |
| Corporate | -4 | ||||
| Intercompany | 0 | ||||
| Manufacturing | 3 | ||||
| Retail | 0 | ||||
| Total | 229 | 190 | 179 | 297 | -0 |
| $ Mil | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Factory-built housing | 172 | 170 | 153 | 233 |
| Financial services | 19 | 1 | 5 | 8 |
| Total | 191 | 171 | 158 | 241 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Factory-built housing | 1,235 | 1,191 | 1,141 | 1,108 | 930 |
| Financial services | 256 | 215 | 213 | 200 | 225 |
| Total | 1,491 | 1,407 | 1,354 | 1,308 | 1,155 |
Price Behavior
| Market Price | $662.89 | |
| Market Cap ($ Bil) | 5.1 | |
| First Trading Date | 07/01/2003 | |
| Distance from 52W High | -5.0% | |
| 50 Days | 200 Days | |
| DMA Price | $550.68 | $550.07 |
| DMA Trend | down | down |
| Distance from DMA | 20.4% | 20.5% |
| 3M | 1YR | |
| Volatility | 45.9% | 45.9% |
| Downside Capture | 7.47 | 115.96 |
| Upside Capture | 115.02 | 135.15 |
| Correlation (S&P 500) | -5.2% | 29.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -2.04 | -0.48 | 0.12 | 0.78 | 1.06 | 1.05 |
| Up Beta | -6.79 | -0.67 | 0.48 | 0.68 | 1.57 | 1.18 |
| Down Beta | -5.57 | -3.65 | -2.78 | -0.04 | 0.21 | 0.60 |
| Up Capture | 57% | 93% | 112% | 135% | 140% | 202% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 22 | 31 | 60 | 129 | 387 |
| Down Capture | -103% | 5% | 46% | 92% | 110% | 104% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 21 | 33 | 66 | 122 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVCO | |
|---|---|---|---|---|
| CVCO | 31.7% | 45.9% | 0.73 | - |
| Sector ETF (XLY) | 1.7% | 19.3% | -0.05 | 41.4% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 28.8% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 31.4% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -25.4% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 41.8% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 8.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVCO | |
|---|---|---|---|---|
| CVCO | 22.4% | 41.8% | 0.60 | - |
| Sector ETF (XLY) | 4.5% | 24.1% | 0.14 | 54.5% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 50.4% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 15.6% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 0.4% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 52.9% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 25.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVCO | |
|---|---|---|---|---|
| CVCO | 21.7% | 44.2% | 0.60 | - |
| Sector ETF (XLY) | 12.6% | 22.2% | 0.52 | 55.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 53.3% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 11.5% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 12.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 51.2% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 16.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | 13.1% | ||
| 7/30/2026 | -2.7% | 2.8% | 1.1% |
| 5/22/2026 | 3.6% | 9.2% | 19.0% |
| 1/29/2026 | -20.3% | -15.3% | -8.8% |
| 10/31/2025 | 1.1% | 8.8% | 10.7% |
| 7/31/2025 | 4.7% | 11.8% | 31.4% |
| 1/30/2025 | 6.7% | 12.7% | 8.7% |
| 10/31/2024 | 9.0% | 12.0% | 26.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 15 |
| # Negative | 6 | 5 | 6 |
| Median Positive | 4.0% | 8.8% | 10.7% |
| Median Negative | -3.9% | -3.9% | -8.3% |
| Max Positive | 13.1% | 15.7% | 31.4% |
| Max Negative | -20.3% | -15.3% | -12.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | 13.1% | ||
| 7/30/2026 | -2.7% | 2.8% | 1.1% |
| 5/22/2026 | 3.6% | 9.2% | 19.0% |
| 1/29/2026 | -20.3% | -15.3% | -8.8% |
| 10/31/2025 | 1.1% | 8.8% | 10.7% |
| 7/31/2025 | 4.7% | 11.8% | 31.4% |
| 1/30/2025 | 6.7% | 12.7% | 8.7% |
| 10/31/2024 | 9.0% | 12.0% | 26.8% |
| 8/2/2024 | -5.0% | -3.9% | 3.7% |
| 5/24/2024 | 0.3% | 1.8% | -1.9% |
| 2/1/2024 | 1.7% | 5.0% | 9.0% |
| 11/2/2023 | 5.7% | -1.6% | 16.5% |
| 8/3/2023 | 4.0% | 4.1% | 2.0% |
| 5/18/2023 | -6.1% | -7.7% | -7.7% |
| 2/2/2023 | -1.5% | 4.4% | 4.1% |
| 11/3/2022 | -0.4% | 15.7% | 18.8% |
| 8/4/2022 | 7.3% | 8.8% | -12.7% |
| 5/26/2022 | 1.2% | -0.3% | -8.8% |
| 2/3/2022 | 4.8% | 4.2% | -7.0% |
| 11/4/2021 | 1.6% | 11.5% | 21.3% |
| 8/5/2021 | 2.7% | 5.3% | 4.5% |
| 1/28/2021 | 3.9% | 11.4% | 19.2% |
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 15 |
| # Negative | 6 | 5 | 6 |
| Median Positive | 4.0% | 8.8% | 10.7% |
| Median Negative | -3.9% | -3.9% | -8.3% |
| Max Positive | 13.1% | 15.7% | 31.4% |
| Max Negative | -20.3% | -15.3% | -12.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/22/2026 | 10-K |
| 12/31/2025 | 02/02/2026 | 10-Q |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/23/2025 | 10-K |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/24/2024 | 10-K |
| 12/31/2023 | 02/02/2024 | 10-Q |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/19/2023 | 10-K |
| 12/31/2022 | 02/03/2023 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/22/2026 | 10-K |
| 12/31/2025 | 02/02/2026 | 10-Q |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/23/2025 | 10-K |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/24/2024 | 10-K |
| 12/31/2023 | 02/02/2024 | 10-Q |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/19/2023 | 10-K |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/31/2022 | 10-K |
| 12/31/2021 | 02/07/2022 | 10-Q |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/28/2021 | 10-K |
| 12/31/2020 | 01/29/2021 | 10-Q |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/27/2020 | 10-K |
| 12/31/2019 | 01/31/2020 | 10-Q |
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bigbee, Paul | Chief Accounting Officer | Direct | Sell | 8192026 | 592.00 | 342 | 202,464 | 435,712 | Form |
| 2 | Daniels, Lisa Lynn | Direct | Sell | 8032026 | 569.96 | 30 | 17,099 | 169,278 | Form | |
| 3 | Aden, Allison | EVP, CFO & Treasurer | Direct | Sell | 6262026 | 625.00 | 1,473 | 920,625 | 5,716,875 | Form |
| 4 | Aden, Allison | EVP, CFO & Treasurer | Direct | Sell | 6152026 | 600.00 | 1,208 | 724,800 | 6,388,200 | Form |
| 5 | Kerley, Richard A | Kerley Family Trust | Sell | 6112026 | 588.76 | 500 | 294,380 | 3,632,060 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bigbee, Paul | Chief Accounting Officer | Direct | Sell | 8192026 | 592.00 | 342 | 202,464 | 435,712 | Form |
| 2 | Daniels, Lisa Lynn | Direct | Sell | 8032026 | 569.96 | 30 | 17,099 | 169,278 | Form | |
| 3 | Aden, Allison | EVP, CFO & Treasurer | Direct | Sell | 6262026 | 625.00 | 1,473 | 920,625 | 5,716,875 | Form |
| 4 | Aden, Allison | EVP, CFO & Treasurer | Direct | Sell | 6152026 | 600.00 | 1,208 | 724,800 | 6,388,200 | Form |
| 5 | Kerley, Richard A | Kerley Family Trust | Sell | 6112026 | 588.76 | 500 | 294,380 | 3,632,060 | Form | |
| 6 | Bigbee, Paul | Chief Accounting Officer | Direct | Sell | 6012026 | 537.75 | 200 | 107,550 | 594,214 | Form |
| 7 | Cira, Brian R | President,Manufactured Housing | Direct | Sell | 5262026 | 509.17 | 31 | 15,784 | 2,184,339 | Form |
| 8 | Aden, Allison | EVP, CFO & Treasurer | Direct | Sell | 5192026 | 455.76 | 129 | 58,793 | 4,013,423 | Form |
| 9 | Moster, Steven W | Direct | Buy | 2042026 | 456.23 | 300 | 136,869 | 1,357,740 | Form | |
| 10 | Kerley, Richard A | Kerley Family Trust | Sell | 11112025 | 568.99 | 500 | 284,495 | 3,794,594 | Form | |
| 11 | Schuknecht, Seth G | EVP, General Counsel | Direct | Sell | 9082025 | 550.00 | 145 | 79,750 | 623,150 | Form |
| 12 | Bigbee, Paul | Chief Accounting Officer | Direct | Sell | 9022025 | 530.45 | 300 | 159,135 | 410,568 | Form |
| 13 | Cira, Brian R | President,Manufactured Housing | Direct | Sell | 8272025 | 522.00 | 1,000 | 522,000 | 1,608,282 | Form |
| 14 | Blount, Susan L | Direct | Sell | 8262025 | 519.30 | 2,500 | 1,298,253 | 1,623,336 | Form | |
| 15 | Bigbee, Paul | Chief Accounting Officer | Direct | Sell | 8262025 | 522.68 | 300 | 156,804 | 561,358 | Form |
| 16 | Kerley, Richard A | Kerley Family Trust | Sell | 8222025 | 480.55 | 500 | 240,275 | 3,445,063 | Form | |
| 17 | Blount, Susan L | Direct | Sell | 8182025 | 483.21 | 2,000 | 966,420 | 1,510,514 | Form |
Investor Activity (13F)
Updated Nov 3, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Broad Bay Capital Management, LP | $48.6 Mil | 5.0% | 24 | TRIM -11.5% | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $7.7 Mil | 2.5% | 42 | New | 13F |
| Tensile Capital Management LP | $16.0 Mil | 2.3% | 25 | New | 13F |
| Neumeier Poma Investment Counsel LLC | $26.2 Mil | 2.2% | 41 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Broad Bay Capital Management, LP | $48.6 Mil | 5.0% | 24 | TRIM -11.5% | 13F |
| Neumeier Poma Investment Counsel LLC | $26.2 Mil | 2.2% | 41 | Hold | 13F |
| Tensile Capital Management LP | $16.0 Mil | 2.3% | 25 | New | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $7.7 Mil | 2.5% | 42 | New | 13F |
Cavco Industries — Investor Video Playlist
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Homebuilding Resources |
| Builder Online |
| Professional Builder |
| HousingWire |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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