/CVCOFinancial History
Annual Financials
| Fiscal Year | Revenue | Gross Profit | Gross Margin | Net Income | EPS (Diluted) | Total Assets | Total Equity |
|---|---|---|---|---|---|---|---|
| FY2025 | $2.0B | $466M | 23.1% | $171M | $20.71 | $1.4B | $1.1B |
| FY2024 | $1.8B | $427M | 23.8% | $158M | $18.37 | $1.4B | $1.1B |
| FY2023 | $2.1B | $555M | 25.9% | $241M | $26.95 | $1.4B | $1.0B |
| FY2022 | $1.6B | $409M | 25.1% | $198M | $21.34 | $1.3B | $976M |
| FY2021 | $1.1B | $239M | 21.6% | $77M | $8.25 | $1.2B | $830M |
| FY2020 | $1.1B | $231M | 21.7% | $75M | $8.10 | $952M | $684M |
| FY2019 | $963M | $206M | 21.4% | $69M | $7.40 | $810M | $608M |
| FY2018 | $963M | $206M | 21.4% | $69M | $7.40 | $725M | $530M |
| FY2017 | $871M | $181M | 20.7% | $62M | $6.68 | $675M | $457M |
| FY2016 | $774M | $158M | 20.4% | $38M | $4.17 | $607M | $394M |
| FY2015 | $712M | $144M | 20.3% | $29M | $3.15 | $554M | $353M |
| FY2014 | $567M | $126M | 22.3% | $24M | $2.64 | $503M | $320M |
Management Sentiment Analysis
Scored from earnings release language using ML analysis. Range: -1.0 (negative) to +1.0 (positive).
Current Posture
Q1 FY2026
Score: +0.15
Home sales volume increased 3.2% with net revenue growth, but capacity utilization declined to 70%, indicating moderate demand strength with some caution.
Factory-built housing gross margin declined from 23.6% to 21.7%, pressured by higher costs and deal expenses, despite strong financial services margin improvement.
No explicit commentary on labor availability or wage pressures, suggesting a neutral stance on labor conditions.
Backlogs of $160 million represent 4-6 weeks of production, implying stable lot supply and community pipeline without notable land cost commentary.
Management expressed optimism about affordable housing policy and market tone, with cautious outlook on production increases pending spring selling season.
Risks include acquisition deal costs, integration spending, and industry shipment slowdowns, with noted macro uncertainties and mortgage financing challenges.
Recent Trend
Sentiment for Cavco Industries showed a clear shift from strong optimism in Q3 and Q4 FY2025, driven by robust demand growth, stable margins, and high management confidence, to a more cautious outlook in Q1 FY2026. While demand and backlog levels remained positive, capacity utilization and gross margins declined, reflecting emerging cost pressures and a moderation in volume growth. Despite steady labor conditions and a stable land pipeline, increased risks related to acquisition expenses and macroeconomic uncertainties tempered overall confidence, signaling a more measured trajectory moving forward.
Builder vs. Industry Sentiment
Orange = CVCO · Gray = Industry average (Q1 FY2026)