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, /PRNewswire/ -- Equity Insider News Commentary - The affordability squeeze in American housing has done something the factory-built sector spent decades waiting for: it has produced buyers. Cavco Industries reported selling 20,842 factory-built homes in fiscal 2026 in its most recent annual report, against 19,753 the prior year and 16,928 the year before that. Champion Homes reported fiscal 2026 net sales of $2.7 billion, up 7.3%, and sold homes in the United States at an average selling price of roughly $99,300 in the preceding quarter. Reporting those fiscal 2026 results, Champion Homes President and Chief Executive Officer Tim Larson attributed the year to addressing unmet demand from affordability-constrained consumers, and pointed to what he called a differentiated channel strategy alongside the company's family of brands.

Active Companies from around the markets with current developments this week include: BOXABL Inc. (Nasdaq: BXBL), Cavco Industries, Inc. (Nasdaq: CVCO), and Champion Homes, Inc. (NYSE: SKY).

Supply is following demand into the factory. For investors the open question is which companies capture it, and the disclosures of the established players suggest the answer turns on two things at once: what a manufacturer can build, and the route by which it reaches a buyer.

The route is described in the incumbents' own filings. Cavco reports operating 33 production lines across the United States and Mexico while selling through 92 company-owned retail stores alongside an independent distributor network, and it runs a finance subsidiary, CountryPlace, and an insurance subsidiary, Standard Casualty. Champion Homes describes a differentiated channel strategy and has been building out retail and digital capability, including the acquisition of Iseman Homes. Those are descriptions of businesses in which manufacturing sits alongside retail, lending and insurance rather than standing alone. No third-party study is relied on for that observation; it is drawn from the companies' own reporting, and the inference is the publisher's.

Regulation is the other half. A factory-built unit has to satisfy the code regime of wherever it lands, and those regimes differ by state and sometimes by county. A unit built to recreational vehicle standards can go places a residential-code unit cannot, and vice versa. Every state approval a manufacturer secures is a market that opens, and every one it lacks is a market that stays shut regardless of how good the product is or how cheaply it can be made.

For a newer entrant, that makes the deployment record a useful companion to the technology itself rather than a substitute for it. The manufacturing system is the asset. A list of completed projects is the evidence of that asset working outside the factory, under real code regimes and for buyers who are not all the same: who bought the units, what they used them for, whether the units went into permanent service, and in how many states any of it is permitted. A company that can show a campground operator, a disaster relief agency, a nonprofit housing developer, a short-term rental operator and a resort chain all deploying the same product is showing its technology validated across several regulatory pathways at once.

BOXABL Inc. (Nasdaq: BXBL) Highlights Portfolio of Projects Spanning Disaster Relief, Hospitality, and Residential Communities Nationwide

A dozen park-model RV Casita units delivered to American Campground on Las Vegas Boulevard, where they remain in permanent use as on-site accommodations. A Casita unit supplied to support wildfire relief efforts in Pasadena, California following the January 2025 Los Angeles-area fires. A 12-unit stacked Casita project completed for Catholic Charities in Oklahoma City, among the first multi-unit stacked deployments of the product. Pasadera, a 12-unit Casita community on roughly three acres outside Stillwater, Oklahoma, described as the first commercial short-term rental community built on the Company's technology. Ten units delivered to the first two Horizons Getaways eco-luxury resort locations, in Patrick, South Carolina and Grapeland, Texas, with further sites planned in Tennessee, Florida, California and Ohio. Regulatory approvals secured in Arizona, California, New Mexico, Nevada, South Carolina and Texas, broadening the markets where the Casita Studio can be sold and deployed. BOXABL Inc. (Nasdaq: BXBL) announced on September 9, 2026 a portfolio of completed and in-progress projects showing where its factory-built housing system has been deployed. The individual deployments have been disclosed previously through the Company's website, prior news releases and its filings with the Securities and Exchange Commission. What the release adds is consolidation: the projects are set out together, with their customer types, use cases and the states in which the Company holds approvals, in a single view.

"Every one of these projects started as a different problem for someone, a base that needed housing fast, a developer who wanted a better way to build an Airbnb park," said Galiano Tiramani, co-founder and co-Chief Executive Officer of BOXABL. "What ties them together is the same factory-built system, and the same idea: quality housing shouldn't require a year of construction and a budget that keeps climbing to get there."

The individual entries are worth separating, because they are not variations on one customer type. At American Campground on Las Vegas Boulevard, a dozen park-model RV Casita units are in permanent use as commercial lodging inventory, built to the same RV industry standards used across the outdoor hospitality sector. That is a different regulatory pathway and a different buyer from a residential installation, and the units stayed rather than being demobilised.

In Pasadena, California, the Company supplied a Casita to support relief efforts after the January 2025 wildfires. In Oklahoma City, a builder turned BOXABL developer completed a 12-unit stacked Casita project for Catholic Charities, one of the first multi-unit stacked deployments rather than a single backyard installation. That project then became the proving ground for the same developer's next effort.

That next effort is Pasadera, a 12-unit Casita community on roughly three acres outside Stillwater, Oklahoma, launched by developer Zach Punnett and marketed as a resort-style short-term rental destination near Oklahoma State University. Units are fully furnished and aimed at game-day visitors, parents, business travelers and short-term renters, at nightly rates the Company says sit well below comparable local hotel stays. It is described as the first commercial short-term rental community built on BOXABL's technology.

The largest commitment in the release is the Horizons Getaways relationship, a network of eco-luxury cabin resorts across multiple states. Ten units have been delivered to the first two locations, Hideaway Inn in Patrick, South Carolina and a second property in Grapeland, Texas, with additional sites planned across Tennessee, Florida, California and Ohio, subject to securing regulatory approval in Tennessee, Florida and Ohio. Beyond these, the Company continues to deliver units individually to homeowners, dealers and small builders, with recent deployments across California, Utah and New Mexico.

The regulatory line in the release deserves as much attention as the projects. BOXABL states it has secured approvals in Arizona, California, New Mexico, Nevada, South Carolina and Texas, and says it plans to pursue approvals in other high-demand states. Six states is not a national footprint, but it is a measurable number that can be tracked, and it is the constraint that governs how far any of the deployment models above can be replicated.

On the product side, the release updates the catalogue. The Casita, the Company's core product, remains a 361-square-foot studio with full kitchen, bathroom and utilities that unfolds on site in under an hour. The smaller 120-square-foot Baby Box, built to RV code for simpler no-foundation setups, is described as currently in the prototype phase with no production start date determined. Stackable and connectable models intended to form townhomes, multifamily units and larger single-family homes remain in development. The Company's "Build with BOXABL" developer program carries different minimum order sizes depending on the offering: 50 units for current products in states the Company does not presently service, and 100 units for the Phase 2 Developer Series, as set out on the Company's website. Filings are available on EDGAR.

There are several risks associated with the Company's plans.

BOXABL is an early-stage manufacturer whose value depends on producing units at volume, at a cost that works, and selling them; none of that is proven at scale, and the deployments described in this release number in the tens rather than the thousands. The Baby Box has no production start date, and the stackable and connectable models that would take the company from single dwellings to density remain in development with no confirmed timeline. Regulatory approvals cover six states, and expansion beyond them is not assured. The Company became publicly traded through a business combination with a special purpose acquisition company in July 2026, a route associated with volatility, dilution and a limited operating history as a public company, and it filed a universal shelf registration in July 2026 permitting up to $500 million of securities over time, any issuance of which would dilute existing holders. Scaling manufacturing is capital intensive. Past share price performance is not indicative of future results.

CONTINUED... Read this and more news for BOXABL Inc. (Nasdaq: BXBL) at: https://equity-insider.com/pages/boxabl-bxbl/

In other industry developments and happenings in the market this week include:

Cavco Industries, Inc. (Nasdaq: CVCO) shows what a mature factory-built housing business looks like once manufacturing, retail, lending and insurance sit under one roof. The company designs and builds factory-built homes, park model RVs and commercial structures across 33 production lines in the United States and Mexico, and sells them through 92 company-owned retail stores alongside a broad independent distributor network.

In its most recent annual report, Cavco reported selling 20,842 factory-built homes in fiscal 2026, up from 19,753 the prior year and 16,928 the year before that, with a factory-built home order backlog of approximately $195 million in wholesale value at March 28, 2026. It also operates a finance subsidiary, CountryPlace, originating and servicing mortgages and home-only loans, and an insurance subsidiary, Standard Casualty, covering manufactured homes.

Two things follow from that description. The first is scale: a company shipping more than twenty thousand homes a year is operating in a different universe from one describing deployments of ten and twelve units. The second is structure. Cavco does not merely manufacture; it retails, it finances and it insures, which its filings describe as integral to selling a factory-built home, since a buyer generally needs someone willing to lend against it. Cavco is also a leading producer of park model RVs and vacation cabins, which is the same category as the park-model units in the campground deployment described above, so the competitive overlap is direct rather than theoretical.

Champion Homes, Inc. (NYSE: SKY) sets out the same structure in its own terms. Formerly known as Skyline Champion and now operating under the Champion Homes name while retaining the same ticker, the company reported fiscal 2026 net sales of $2.7 billion, up 7.3%, with net income of $206.9 million and adjusted EBITDA of $308.2 million, ending the year with $638.3 million in cash after $200.0 million of share repurchases.

In its fiscal 2026 results, President and Chief Executive Officer Tim Larson attributed the year to addressing unmet demand from affordability-constrained consumers, and pointed to what he called a differentiated channel strategy alongside the company's family of brands. In the preceding quarter the company sold 6,270 homes in the United States at an average selling price of $99,300, and it has been building out retail and digital capability, including the acquisition of Iseman Homes. First quarter fiscal 2027 revenue, reported August 5, 2026, was $710.2 million against a consensus of roughly $702 million.

The average selling price is the number worth holding onto. At roughly $99,300 per home, the incumbents are already delivering affordable housing at volume, which is both the validation of the category and the competitive reality facing anyone entering it. The question for a newer manufacturer is not whether factory-built housing works, but what it can offer that a company with ninety-two retail stores and a captive lender cannot, whether that is a differentiated building technology, a lower delivered cost, or a route to market of its own, and in how many states it can offer it.

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Cautionary Note Regarding Industry Data and Publisher Commentary. Unit volumes, net sales, average selling prices, backlog figures, production line and retail store counts, and subsidiary descriptions attributed to Cavco Industries, Inc. and Champion Homes, Inc. are as reported by those companies in their own public disclosures and have not been independently verified by the publisher. Statements attributed to named executives are as reported by the company that employed them at the time. Observations in this article regarding the relative importance of manufacturing, distribution, financing and regulatory approval in the factory-built housing sector are the publisher's own commentary drawn from those public disclosures. They are not derived from, and do not purport to reproduce, any third-party market study, analyst report or industry research, and no such report is relied upon. Reasonable readers may draw different conclusions from the same disclosures.

Cautionary Note Regarding Products and Project Descriptions. Project descriptions, unit counts, deployment locations, customer identities, product specifications, deployment times, nightly rate comparisons and regulatory approval status referenced in this article are as described by the Company and have not been independently verified by the publisher. The individual deployments described were previously disclosed by the Company through its website, prior news releases and its filings with the Securities and Exchange Commission; their presentation here is a consolidation of previously disclosed information and does not constitute new disclosure. The Baby Box is described by the Company as currently in the prototype phase with no production start date determined, and any earlier statements regarding anticipated Baby Box production timing should be read as superseded. Stackable and connectable models designed to form townhomes, multifamily units and larger single-family homes remain in development and no production timeline has been confirmed. Minimum order sizes under the "Build with BOXABL" developer program are stated by the Company on its website as 50 units for current products in states the Company does not presently service and 100 units for the Phase 2 Developer Series; these are the Company's stated terms and are subject to change by the Company. Regulatory approvals are stated for Arizona, California, New Mexico, Nevada, South Carolina and Texas; approvals in other jurisdictions have not been obtained and there is no assurance that they will be. Completed projects described in this article are historical deployments and are not indicative of future order volumes, revenue or profitability.

Cautionary Note Regarding the Business Combination and Capital Structure. BOXABL Inc. became a publicly traded company through a business combination with FG Merger II Corp., a special purpose acquisition company, completed in July 2026, with the shares beginning trading on the Nasdaq Stock Market under the symbol BXBL on July 20, 2026. Companies that become public through special purpose acquisition transactions may be subject to risks including share price volatility, dilution, limited operating history as a public company, and redemption-related capital reductions. In July 2026 the Company filed a universal mixed shelf registration statement that would permit it to offer up to $500,000,000 of securities over time; any such issuance would be dilutive to existing holders. References to capital raised since inception and to the number of investors are as disclosed by the Company. Readers should review the Company's filings with the U.S. Securities and Exchange Commission at www.sec.gov, including its periodic reports, in full.

Cautionary Note Regarding Referenced Companies. References to Cavco Industries, Inc. and Champion Homes, Inc. are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of BOXABL Inc. in any investment sense. They are substantially larger, established, profitable manufacturers operating at volumes and with distribution, finance and insurance infrastructure that the profiled company does not possess, and their revenues, unit volumes, backlogs, margins, average selling prices and share performance are not indicative of BOXABL Inc.'s prospects. Neither company is involved in the production or distribution of this article. No partnership, affiliation, sponsorship, or endorsement is implied. References to American Campground, Catholic Charities, Horizons Getaways, Pasadera, Oklahoma State University and any named developer describe customers, projects or locations as disclosed by the Company and do not imply any endorsement of the Company or its securities by those parties.

Eagle Eye Disclosure. Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided in the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision. See it at eagle-eye.dev.

Cautionary Note Regarding Forward-Looking Statements. This publication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including projections of market opportunity and market share, estimates of customer adoption, projections of development and commercialization costs and timelines, expectations regarding the Company's ability to execute its business model, the deployment of the Casita, the development and potential production of the Baby Box and of stackable and connectable modules, the pursuit of additional state regulatory approvals, expectations concerning relationships with customers, developers, strategic partners, suppliers, governments and regulatory bodies, and the potential for future projects. Such statements are generally identified by words such as "plan", "project", "will", "estimate", "intend", "expect", "believe", "target", "continue", "could", "may", "might", "possible", "potential" or "predict". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual circumstances, events, or results to differ materially, including manufacturing, supply chain, permitting, regulatory, financing, dilution, listing, competitive and market risks, and other risks identified in the Company's filings with the Securities and Exchange Commission. Do not place undue reliance on such statements. The forward-looking statements in this publication are made as of the date above and Equity Insider undertakes no obligation to update them.

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Cavco Industries, Inc. (CVCO) Q1 2027 Earnings Call July 31, 2026 1:00 PM EDT

Company Participants

Mark Fusler - Director of Financial Reporting, Investor Relations & Corporate Controller
William Boor - President, CEO & Director
Allison Aden - Executive VP, CFO & Treasurer
Paul Bigbee - Chief Accounting Officer

Conference Call Participants

Dan Moore - CJS Securities, Inc.
Jesse Lederman - Zelman & Associates LLC
Greg Palm - Craig-Hallum Capital Group LLC, Research Division
John Lovallo - UBS Investment Bank, Research Division
Jordon Hymowitz - Philadelphia Financial Management of San Francisco, LLC

Presentation

Operator

Thank you for standing by, and welcome to the Cavco Industries, Inc.'s First Quarter Fiscal Year 2027 Earnings Call and Webcast. [Operator Instructions] As a reminder. Today's program is being recorded.

And now I'd like to introduce your host for today's program, Mark Fusler, Corporate Controller and Investor Relations. Please go ahead, sir.

Mark Fusler
Director of Financial Reporting, Investor Relations & Corporate Controller

Good day, and thank you for joining us for Cavco Industries First Quarter Fiscal Year 2027 Earnings Conference Call. During this call, you'll be hearing from Bill Boor, President and Chief Executive Officer; Allison Aden, Executive Vice President and Chief Financial Officer; and Paul Bigbee, Chief Accounting Officer.

Before we begin, we'd like to remind you that the comments made during this conference call by management may contain forward-looking statements. Forward-looking statements include statements about our future or expected business and financial performance and are not promises or guarantees of future performance, their expectations or assumptions about Cavco's financial and operational performance, revenues, earnings per share, cash flow or use, cost savings, operational efficiencies, current or future volatility in the credit markets or future market conditions.

All forward-looking statements involve risks and uncertainties, which could affect Cavco's actual results and could cause its actual results to differ materially

PHOENIX, July 30, 2026 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for the first fiscal quarter ended June 27, 2026.

Quarterly Highlights

Net revenue was $610 million, up $53 million or 9.5% compared to $557 million in the first quarter of the prior year.Home sales volume was up 4.4% and capacity utilization remained consistent year over year at approximately 75%.Factory-built housing Gross profit as a percentage of Net revenue was 20.8%, compared to 22.6% in the same period in the prior year. Financial services Gross profit as a percentage of Net revenue was 52.4%, compared to Gross profit of 40.9% in the prior year.Income before income taxes was $55.8 million, down $9.5 million, or 14.6% compared to $65.3 million in the same period in the prior year.Net income per diluted share attributable to Cavco common stockholders was $5.43 compared to $6.42 in the prior year quarter.Backlogs totaled $298 million at the end of the quarter representing 7-9 weeks of production compared to $195 million at the end of the prior year.Stock repurchases were approximately $30 million in the quarter. At the end of the first quarter, $188 million remains available for repurchases under our previously announced Board authorizations. Commenting on the quarter, President and Chief Executive Officer Bill Boor said, "This quarter saw the continuation of strong order momentum we saw at the end of Q4 2026. In Q1, we saw record shipments and grew our backlog by over 50%. These results don't happen with just one or two plants doing well. They are a reflection of order growth and the excellent job all of our teams have done responding to the market."

He continued, "Externally, we saw progress on the regulatory front with the passing of the bipartisan 21st Century ROAD to Housing Act. The law highlights the role factory-built homes need to play in the housing affordability crisis with major sections dedicated to Manufactured Housing. It will enable innovation, provide regulatory clarity, improve access to financing, and encourage states and local authorities to reduce zoning barriers. Importantly, we are also seeing an increasing number of states passing legislation to improve zoning access at the local level. While we continue to manage through a challenging macro-economic environment for prospective homebuyers, the future is bright for factory-built housing solutions to help more families achieve home ownership."

Financial Results

 Three Months Ended    ($ in thousands, except revenue per home sold)June 27,
2026 June 28,
2025 ChangeNet revenue       Factory-built housing$585,972 $535,694 $50,278 9.4%Financial services 23,987  21,163  2,824 13.3% $609,959 $556,857 $53,102 9.5%        Factory-built modules sold 9,507  8,900  607 6.8%        Factory-built homes sold (consisting of one or more modules) 5,657  5,416  241 4.4%        Net factory-built housing revenue per home sold$103,584 $98,910 $4,674 4.7%         In the Factory-built housing segment, the increase in Net revenue was due to higher home sales volume as a result of the American Homestar acquisition in the third quarter of the prior year and an increase in Net revenue per home sold.Financial services segment Net revenue increased primarily due to increased loan sales in the mortgage division and unrealized gains on the Financial services equity portfolio.  Three Months Ended    ($ in thousands)June 27,
2026 June 28,
2025 ChangeGross profit       Factory-built housing$122,019  $120,845  $1,174  1.0%Financial services 12,571   8,661   3,910  45.1% $134,590  $129,506  $5,084  3.9%        Gross profit as % of Net revenue       Consolidated 22.1%  23.3% N/A (1.2)%Factory-built housing 20.8%  22.6% N/A (1.8)%Financial services 52.4%  40.9% N/A 11.5%        Selling, general and administrative expenses       Factory-built housing$73,970  $63,154  $10,816  17.1%Financial services 7,865   5,994   1,871  31.2% $81,835  $69,148  $12,687  18.3%        Income from operations       Factory-built housing$48,049  $57,691  $(9,642) (16.7)%Financial services 4,706   2,667   2,039  76.5% $52,755  $60,358  $(7,603) (12.6)%         In the factory-built housing segment, Gross profit increased due to an increase in home sales volume and price, partially offset by higher input costs. Selling, general and administrative expenses were higher due to the addition of American Homestar, and to a lesser extent, increases in compensation and employee related expenses, as well as sales and marketing expenses.In the financial services segment, Gross profit and Income from operations increased primarily due to lower claims losses, unrealized gains on the investment portfolio, and to a lesser extent, the addition of American Homestar in the current year. Selling, general and administrative expenses increased partially due to a headcount increase to handle increased loan activity due to a forward flow agreement signed in the fourth quarter of the prior year and higher incentive compensation on better results.  Three Months Ended    ($ in thousands, except per share amounts)June 27,
2026 June 28,
2025 ChangeInterest income$3,263 $5,103 $(1,840) (36.1)%Net income$42,271 $51,642 $(9,371) (18.1)%Diluted net income per share$5.43 $6.42 $(0.99) (15.4)%         Conference Call Details

Cavco's management will hold a conference call to review these results tomorrow, July 31, 2026, at 1:00 p.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register here to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at https://investor.cavco.com. 

About Cavco

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco's current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (iv) the strength of Cavco's business model. These statements may be preceded by, followed by, or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco's ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers, (viii) compliance with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating to manufactured housing, privacy, the internet, and accounting matters; (ix) successful defense against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended March 28, 2026 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco's reported financial results and our business outlook for future periods.

CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)     June 27,
2026 March 28,
2026ASSETS(Unaudited)  Current assets   Cash and cash equivalents$243,195  $236,721 Restricted cash, current 22,437   20,306 Accounts receivable, net 115,858   108,288 Short-term investments 18,279   16,233 Current portion of consumer loans receivable, net 17,367   19,207 Current portion of commercial loans receivable, net 45,580   54,841 Current portion of commercial loans receivable from affiliates, net 1,634   1,836 Inventories 308,978   295,671 Prepaid expenses and other current assets 63,867   71,630 Total current assets 837,195   824,733 Restricted cash 585   585 Investments 39,652   38,151 Consumer loans receivable, net 18,827   18,974 Commercial loans receivable, net 69,903   55,801 Commercial loans receivable from affiliates, net 3,532   3,519 Property, plant and equipment, net 297,980   278,890 Goodwill 209,241   208,841 Other intangibles, net 27,462   28,067 Operating lease right-of-use assets 37,071   33,578 Total assets$1,541,448  $1,491,139 LIABILITIES AND STOCKHOLDERS' EQUITY   Current liabilities   Accounts payable$46,454  $44,168 Accrued expenses and other current liabilities 329,208   291,230 Total current liabilities 375,662   335,398 Operating lease liabilities 33,744   30,747 Other liabilities 6,972   7,096 Deferred income taxes 14,674   14,716 Total liabilities 431,052   387,957 Stockholders' equity   Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding —   — Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,504,933 and 9,474,288 shares, respectively; Outstanding 7,709,359 and 7,738,700, respectively 95   95 Treasury stock, at cost; 1,795,574 and 1,735,588 shares, respectively (616,372)  (585,865)Additional paid-in capital 295,773   300,208 Retained earnings 1,430,985   1,388,714 Accumulated other comprehensive income (85)  30 Total stockholders' equity 1,110,396   1,103,182 Total liabilities and stockholders' equity$1,541,448  $1,491,139          CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)   Three Months Ended June 27,
2026 June 28,
2025Net revenue$609,959  $556,857 Cost of sales 475,369   427,351 Gross profit 134,590   129,506 Selling, general and administrative expenses 81,835   69,148 Income from operations 52,755   60,358 Interest income 3,263   5,103 Interest expense (132)  (164)Other expense, net (98)  — Income before income taxes 55,788   65,297 Income tax expense (13,517)  (13,655)Net income$42,271  $51,642     Net income per share   Basic$5.48  $6.49 Diluted$5.43  $6.42 Weighted average shares outstanding   Basic 7,707,952   7,953,720 Diluted 7,784,424   8,041,008          CAVCO INDUSTRIES, INC.
OTHER OPERATING DATA
(Dollars in thousands)
(Unaudited)   Three Months Ended June 27,
2026 June 28,
2025Capital expenditures$25,493 $9,009Depreciation$6,086 $4,797Amortization of other intangibles$605 $372

Phoenix, July 23, 2026 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) will release earnings for the first quarter ended June 27, 2026 on Thursday, July 30, 2026 after the close of market. Senior management will discuss the results in a live webcast the following day, Friday, July 31, 2026 at 1:00 p.m. Eastern Time.

Date: July 31, 2026

Listen via Telephone: To participate in the call, please register here to receive the dial-in number and your unique PIN.

If you are unable to participate during the live webcast, the call will be available for 90 days on https://investor.cavco.com/.

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

Posted by Defense World Staff on Apr 7th, 2026

Allspring Global Investments Holdings LLC decreased its stake in shares of Cavco Industries, Inc. (NASDAQ:CVCO – Free Report) by 18.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,255 shares of the construction company’s stock after selling 3,062 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.17% of Cavco Industries worth $7,841,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in Cavco Industries by 12.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 199 shares of the construction company’s stock valued at $86,000 after buying an additional 22 shares in the last quarter. Sheets Smith Wealth Management increased its position in Cavco Industries by 1.4% during the 3rd quarter. Sheets Smith Wealth Management now owns 2,245 shares of the construction company’s stock valued at $1,304,000 after purchasing an additional 31 shares during the period. Nisa Investment Advisors LLC increased its position in Cavco Industries by 3.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 872 shares of the construction company’s stock valued at $506,000 after purchasing an additional 32 shares during the period. Guidance Capital Inc. increased its position in Cavco Industries by 3.3% during the 3rd quarter. Guidance Capital Inc. now owns 1,122 shares of the construction company’s stock valued at $663,000 after purchasing an additional 36 shares during the period. Finally, Smartleaf Asset Management LLC increased its position in Cavco Industries by 27.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 186 shares of the construction company’s stock valued at $109,000 after purchasing an additional 40 shares during the period. Institutional investors own 95.56% of the company’s stock.

Analysts Set New Price Targets A number of research analysts have commented on CVCO shares. Weiss Ratings downgraded shares of Cavco Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Zacks Research downgraded shares of Cavco Industries from a “hold” rating to a “strong sell” rating in a research report on Monday, February 9th. CJS Securities raised shares of Cavco Industries to a “strong-buy” rating in a research report on Thursday, December 11th. Finally, Zelman & Associates raised shares of Cavco Industries to an “outperform” rating in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $550.00.

Read Our Latest Analysis on Cavco Industries

Insiders Place Their Bets In related news, Director David A. Greenblatt bought 87 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were bought at an average price of $500.00 per share, with a total value of $43,500.00. Following the transaction, the director owned 16,076 shares in the company, valued at approximately $8,038,000. This trade represents a 0.54% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William C. Boor bought 1,000 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were bought at an average cost of $495.00 per share, for a total transaction of $495,000.00. Following the transaction, the chief executive officer owned 48,022 shares in the company, valued at $23,770,890. The trade was a 2.13% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 1,800 shares of company stock valued at $866,592. Insiders own 1.60% of the company’s stock.

Cavco Industries Trading Up 0.3% NASDAQ:CVCO opened at $481.27 on Tuesday. The company has a market cap of $3.73 billion, a PE ratio of 20.91 and a beta of 1.33. Cavco Industries, Inc. has a twelve month low of $393.53 and a twelve month high of $713.01. The company’s 50 day moving average is $532.16 and its two-hundred day moving average is $566.59.

Cavco Industries (NASDAQ:CVCO – Get Free Report) last released its earnings results on Thursday, January 29th. The construction company reported $5.58 earnings per share for the quarter, missing the consensus estimate of $6.00 by ($0.42). The company had revenue of $580.99 million for the quarter, compared to analysts’ expectations of $593.37 million. Cavco Industries had a return on equity of 17.84% and a net margin of 8.37%. As a group, analysts expect that Cavco Industries, Inc. will post 21.93 EPS for the current fiscal year.

About Cavco Industries (Free Report)

Cavco Industries, Inc is a leading designer, manufacturer and retailer of factory-built homes and modular structures. The company produces a range of HUD-code manufactured homes, modular buildings, park model RVs and cabins through its network of production facilities. Its offerings cater to both residential and commercial markets, including customizable single- and multi-section homes, workforce and affordable housing solutions, educational and healthcare modules, as well as specialty lodging products for the recreational vehicle and hospitality industries.

Since its founding in 1967, Cavco has grown through strategic investments and acquisitions, expanding its footprint across the United States and into parts of Canada and Mexico.

Further Reading Five stocks we like better than Cavco Industries

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Cavco Industries (CVCO) is downgraded from 'buy' to 'hold' due to declining backlog and worsening profitability despite rising revenue. CVCO's revenue growth is driven by higher home deliveries, price increases, and the American Homestar acquisition, but SG&A costs and acquisition expenses pressured margins. Backlog dropped from $224 million to $160 million year-over-year, raising concerns about forward demand despite a strong balance sheet and no debt.

PHOENIX, May 20, 2026 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) (“Cavco,” “we” or the “Company”) announced plans to build a state-of-the-art home manufacturing facility in El Mirage, Arizona. The new 616,000 square foot building facility will increase access to affordable housing across multiple states by producing exceptional, affordable HUD-code manufactured and modular single-family homes. Cavco, headquartered in Phoenix, Arizona, designs and produces factory-built housing products distributed nationwide through a network of independent and company-owned retailers.

Bill Boor, Cavco President and Chief Executive Officer, said, “We are excited about the project, which is a key part of a broader operating strategy in the Southwest region. The shortage of affordable housing in the United States is real, and the El Mirage project will expand Cavco’s capacity to provide quality homes for deserving families in Arizona and surrounding states. We are designing a great place to work in the Phoenix area – reaffirming our commitment to the region and to our Cavco team members.”

Jeff Chrisman, Cavco Regional Vice President overseeing the project added, “We continue to raise the standard in construction processes and equipment in our home building facilities. El Mirage will represent the incorporation of these improvements and beyond, which will make us better and increase our ability to produce more homes.”

Construction of the fully temperature-controlled facility will incorporate modern design, sustainable building practices and advanced manufacturing techniques. The initial project design includes one production line, with an option to expand the facility with a second line for modest additional capital.

We recently broke ground and will move forward under a structured, multi-phase schedule, targeting to be operational by mid-2027. This estimate is dependent upon final permitting and other factors that could impact construction schedules. Additional details about the new facility will be shared as key milestones are reached.

About Cavco

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and builds factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco’s finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes. Additional information about Cavco can be found at www.cavcohomes.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations, estimates, and projections about the Company’s business, and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those expressed or implied by such statements. Forward-looking statements are generally identified by words such as “may,” “will,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “continue,” or similar expressions, although not all forward-looking statements contain these words.

Forward-looking statements are not guarantees of future performance and actual results may differ materially from those projected. Any forward-looking statements in this press release are made only as of the date hereof, and the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

For additional information, contact:

Mark Fusler
Corporate Controller and Investor Relations
[email protected]

Phone: 602-256-6263
On the Internet: www.cavcohomes.com

PHOENIX, May 21, 2026 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) today announced financial results for the fourth quarter and fiscal year ended March 28, 2026.

Quarterly Highlights

Net revenue of $550 million up 8% from $508 million in the prior year quarter.Gross profit as a percentage of Net revenue was 23.1%, up 30 basis points ("bps"), with factory-built housing Gross profit as a percentage of Net revenue at 21.2%, down 110 bps.Net income was $42 million. Net income per diluted share was $5.42 compared to $4.47. Full Fiscal Year Highlights

Net revenue was $2,245 million, up $230 million or 11.4% compared to $2,015 million last year.Factory-built housing Gross profit as a percentage of Net revenue was 22.1%, compared to 22.9%.Income before income taxes was $245 million, up $34 million or 15.9% compared to $211 million.Net income per diluted share was $23.98 compared to $20.71. Backlogs at March 28, 2026 were $195 million, down from $197 million at March 29, 2025.Stock repurchases were approximately $160 million in the year. On May 18, 2026, the Company's Board of Directors approved an additional $150 million stock repurchase program. Commenting on the results, Bill Boor, President and Chief Executive Officer, said, "Cavco made a lot of progress across many fronts in fiscal year 2026. In addition to continuing a progression of digital marketing, branding and product line transformations, all aimed at improving the customer and retailer experience, we sold a record number of homes. We also joined forces with American Homestar which is exceeding expectations for tangible synergies and operating performance. Finally, as announced yesterday, in Q4 we broke ground on a new, state-of the art production facility in El Mirage, Arizona. This expansion reflects our consistent capital allocation approach focused on the long-term need for factory-built solutions to the worsening housing crisis in America."

He continued, “Wholesale orders in the fourth quarter were up significantly from both the third quarter of this year and the fourth quarter of last year, with the bulk of that pick-up and the accompanying backlog increase happening in March. Additionally, both our insurance and lending operations posted strong results in the quarter. Despite an environment that has not materially improved and remains uncertain, we continued to perform well and invest in the future.”

Three months ended March 28, 2026 compared to three months ended March 29, 2025

 Three Months Ended    ($ in thousands, except revenue per home sold)March 28,
2026 March 29,
2025 ChangeNet revenue         Factory-built housing$528,048  $487,860  $40,188  8.2%Financial services 22,079   20,498   1,581  7.7% $550,127  $508,358  $41,769  8.2%          Factory-built modules sold 8,328   8,260   68  0.8%          Factory-built homes sold (consisting of one or more modules) 5,027   5,060   (33) (0.7)%          Net factory-built housing revenue per home sold$105,042  $96,415  $8,627  8.9% In the factory-built housing segment, the increase in Net revenue was caused by higher average selling price per home sold primarily caused by a higher percentage of sales through Company-owned stores and product mix.Financial services segment Net revenue increased primarily due to more loan sales in the current period after securing a long term agreement to sell loans to a third party investor. Additionally, to a lesser extent, the addition of the American Homestar financial services operation also contributed to net revenue.  Three Months Ended    ($ in thousands)March 28,
2026 March 29,
2025 ChangeGross profit       Factory-built housing$111,737  $108,573  $3,164  2.9%Financial services 15,316   7,544   7,772  103.0% $127,053  $116,117  $10,936  9.4%        Gross profit as % of Net revenue       Consolidated 23.1%  22.8% N/A 0.3%Factory-built housing 21.2%  22.3% N/A (1.1)%Financial services 69.4%  36.8% N/A 32.6%        Selling, general and administrative expenses       Factory-built housing$68,008  $71,458  $(3,450) (4.8)%Financial services 7,572   6,029   1,543  25.6% $75,580  $77,487  $(1,907) (2.5)%        Income from operations       Factory-built housing$43,729  $37,115  $6,614  17.8%Financial services 7,744   1,515   6,229  411.2% $51,473  $38,630  $12,843  33.2% In the factory-built housing segment, Gross profit increased from higher average selling price per home sold, partially offset by higher input costs and lower home sales. Selling, general and administrative expenses decreased compared to the prior year period primarily due to a $10 million non‑cash charge related to adjustment of certain legacy brand intangibles in the fourth quarter of fiscal 2025, which impacted Diluted net income per share by $0.93. Excluding the impact of that charge, SG&A increased year‑over‑year due to the inclusion of Selling, general and administrative expense from the Company’s acquisition of American Homestar completed at the beginning of the third quarter of this fiscal year.In the financial services segment, Gross profit increased primarily due to higher premiums and lower claims losses on insurance policies, as well as an increase in loans sold. The claims loss reduction resulted from both policy underwriting improvements and a reduction due to severe weather events in the prior year period which resulted in higher claims that did not recur. Selling, general and administrative expenses increased due to higher compensation.  Three Months Ended     ($ in thousands, except per share amounts)March 28,
2026 March 29,
2025 ChangeNet income$42,461  $36,330  $6,131  16.9%Diluted net income per share$5.42  $4.47  $0.95  21.3%                Year ended March 28, 2026 compared to the year ended March 29, 2025

 Year Ended     ($ in thousands, except revenue per home sold)March 28,
2026 March 29,
2025 ChangeNet revenue          Factory-built housing$2,157,356  $1,933,111  $224,245  11.6%Financial services 87,149   82,347   4,802  5.8% $2,244,505  $2,015,458  $229,047  11.4%           Factory-built modules sold 34,745   32,428   2,317  7.1%           Factory-built homes sold (consisting of one or more modules) 20,842   19,753   1,089  5.5%           Net factory-built housing revenue per home sold$103,510  $97,864  $5,646  5.8% In the factory-built housing segment, the year-over-year increase in Net revenue was primarily due to higher average selling prices and home sales volume. The current year period includes six months of operations of American Homestar.Financial services segment Net revenue increased year-over-year primarily due to higher insurance premiums in the current year compared to the prior year, partially offset by fewer policies in force.  Year Ended     ($ in thousands)March 28,
2026 March 29,
2025 ChangeGross profit        Factory-built housing$476,330  $441,797  $34,533  7.8%Financial services 50,557   23,794   26,763  112.5% $526,887  $465,591  $61,296  13.2%         Gross profit as % of Net revenue        Consolidated 23.5%  23.1% N/A 0.4%Factory-built housing 22.1%  22.9% N/A (0.8)%Financial services 58.0%  28.9% N/A 29.1%         Selling, general and administrative expenses        Factory-built housing$271,081  $253,027  $18,054  7.1%Financial services 27,237   22,288   4,949  22.2% $298,318  $275,315  $23,003  8.4%         Income from operations        Factory-built housing$205,249  $188,770  $16,479  8.7%Financial services 23,320   1,506   21,814  1,448.5% $228,569  $190,276  $38,293  20.1% In the factory-built housing segment, Gross profit increased from higher average selling price and volume driven partially by current year including six months of American Homestar activity, partially offset by higher input costs. Selling, general and administrative expenses increased as a result of higher incentive compensation on higher sales, the inclusion of Selling, general and administrative expenses from the acquisition of American Homestar acquisition in the third quarter of the current fiscal year and deal costs related to the acquisition. These costs were partially offset by a non-recurring $10.0 million non-cash charge related to the adjustment of certain legacy brand intangibles in the prior year.In the financial services segment, Gross profit increased primarily due to the insurance division having higher premiums and lower claims losses. The claims loss reduction resulted from policy underwriting improvements and severe weather events in the prior year period. Selling, general and administrative expenses increased primarily due to higher compensation.  Year Ended     ($ in thousands, except per share amounts)March 28,
2026 March 29,
2025 ChangeNet income$190,551  $171,036  $19,515  11.4%Diluted net income per share$23.98  $20.71  $3.27  15.8%                Conference Call Details

Cavco's management will hold a conference call to review these results tomorrow, May 22, 2026 at 1:00 p.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register here to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at https://investor.cavco.com.

About Cavco

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco's current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (iv) the strength of Cavco's business model. These statements may be preceded by, followed by, or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco's ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers, (viii) compliance with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating to manufactured housing, privacy, the internet, and accounting matters; (ix) successful defense against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended March 29, 2025 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco's reported financial results and our business outlook for future periods.

    CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)     March 28,
2026 March 29,
2025ASSETS(Unaudited)  Current assets   Cash and cash equivalents$236,721  $356,225 Restricted cash, current 20,306   18,535 Accounts receivable, net 108,288   105,849 Short-term investments 16,233   19,842 Current portion of consumer loans receivable, net 19,207   35,852 Current portion of commercial loans receivable, net 54,841   43,492 Current portion of commercial loans receivable from affiliates, net 1,836   2,881 Inventories 295,671   252,695 Prepaid expenses and other current assets 71,630   74,815 Total current assets 824,733   910,186 Restricted cash 585   585 Investments 38,151   18,067 Consumer loans receivable, net 18,974   20,685 Commercial loans receivable, net 55,801   48,605 Commercial loans receivable from affiliates, net 3,519   4,768 Property, plant and equipment, net 278,890   227,620 Goodwill 208,841   121,969 Other intangibles, net 28,067   16,731 Operating lease right-of-use assets 33,578   35,576 Deferred income taxes —   1,853 Total assets$1,491,139  $1,406,645 LIABILITIES AND STOCKHOLDERS' EQUITY   Current liabilities   Accounts payable$44,168  $37,195 Accrued expenses and other current liabilities 291,230   265,971 Total current liabilities 335,398   303,166 Operating lease liabilities 30,747   31,538 Other liabilities 7,096   7,359 Deferred income taxes 14,716   — Total liabilities 387,957   342,063 Stockholders' equity   Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding —   — Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,474,288 and 9,436,732 shares, respectively; Outstanding 7,738,700 and 8,008,012 shares, respectively 95   94 Treasury stock, at cost; 1,735,588 and 1,428,720 shares, respectively (585,865)  (424,624)Additional paid-in capital 300,208   290,940 Retained earnings 1,388,714   1,198,163 Accumulated other comprehensive income (loss) 30   9 Total stockholders' equity 1,103,182   1,064,582 Total liabilities and stockholders' equity$1,491,139  $1,406,645          CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)     Three Months Ended Year Ended March 28,
2026 March 29,
2025 March 28,
2026 March 29,
2025Net revenue$550,127  $508,358  $2,244,505  $2,015,458 Cost of sales 423,074   392,241   1,717,618   1,549,867 Gross profit 127,053   116,117   526,887   465,591 Selling, general and administrative expenses 75,580   77,487   298,318   275,315 Income from operations 51,473   38,630   228,569   190,276 Interest income 3,232   4,533   16,337   21,089 Interest expense (134)  (147)  (541)  (517)Other (expense) income, net (20)  (93)  335   222 Income before income taxes 54,551   42,923   244,700   211,070 Income tax expense (12,090)  (6,593)  (54,149)  (40,034)Net income$42,461  $36,330  $190,551  $171,036         Net income per share       Basic$5.48  $4.53  $24.26  $20.97 Diluted$5.42  $4.47  $23.98  $20.71 Weighted average shares outstanding       Basic 7,750,223   8,015,611   7,853,251   8,157,615 Diluted 7,840,942   8,120,407   7,946,049   8,259,956                  CAVCO INDUSTRIES, INC.
OTHER OPERATING DATA
(Dollars in thousands)
(Unaudited)       Three Months Ended Year Ended March 28,
2026 March 29,
2025 March 28,
2026 March 29,
2025Capital expenditures$8,046  $6,174  $35,406  $21,427 Depreciation$5,769  $4,578  $21,079  $17,729 Amortization of other intangibles$610  $376  $1,963  $1,530                  For additional information, contact:
Mark Fusler
Corporate Controller and Investor Relations
[email protected]
Phone: 602-256-6263
On the Internet: www.cavcoindustries.com

Cavco Industries, Inc. (CVCO) Q4 2026 Earnings Call Transcript

On May 27, 2026, Cavco Industries Inc CVCO shares rose 3.3% to a current price of $546.63. Despite today's increase, the stock has experienced a year-to-date decline of 7.5%, with a 52-week range spanning from a low of $393.53 to a high of $713.01.

GF Value™ verdict: Current price is $546.63, which is 2.8% overvalued compared to the GF Value™ estimate of $531.57.GF Score™ of 88/100 indicates a strong overall performance across key metrics.Notable signal: Financial Strength rated at 9/10 suggests a robust financial position. Is CVCO Overvalued or Undervalued? According to the GF Value™ analysis, Cavco Industries Inc CVCO is currently trading at $546.63, which is 2.8% above its estimated fair value of $531.57. This slight overvaluation indicates a limited margin of safety for potential investors. The GF Valuation label classifies CVCO as fairly valued, suggesting that while the stock is not deeply overvalued, the premium above the intrinsic value may present some risk. Investors may want to exercise caution, as an overvalued stock could lead to price corrections if market conditions shift or if the company's performance does not meet expectations.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given this context, CVCO's current price may not provide a compelling buying opportunity without a sufficient margin of safety.

How Does CVCO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 22.8x 19.5x Forward P/E 21.3x - CVCO's current P/E ratio of 22.8x is significantly above its 5-year median P/E of 19.5x, indicating that the stock is trading at a higher valuation compared to its historical average. This analysis aligns with the GF Value™ verdict of the stock being overvalued, reinforcing the notion that the current price may not reflect a favorable entry point for investors looking at historical valuation metrics.

What Does CVCO's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021).

Metric Rating GF Score™ 88 Financial Strength 9/10 Profitability 9/10 Growth 6/10 Valuation 9/10 Momentum 7/10 The strong GF Score™ of 88/100 reflects Cavco Industries Inc's solid financial health, with notable strengths in Financial Strength and Profitability, both rated at 9/10. However, the Growth Rank of 6/10 indicates room for improvement in expanding the company's revenue and earnings. Overall, the high valuation rank suggests that the stock may be priced for perfection, and potential investors should consider these strengths against the backdrop of the current market valuation.

What Are Insiders Doing with CVCO Stock? In the last three months, insider activity has seen a small amount of selling, with insiders selling $0.1 million worth of shares and no reported buying during this period. This pattern of selling could suggest a lack of confidence among insiders regarding the stock's future performance at the current valuation. However, the absence of significant buying does not necessarily indicate a negative outlook, as insider trading can be influenced by various personal or financial reasons unrelated to the company's fundamentals.

What This Means for Investors Based on the GF Value™ assessment, Cavco Industries Inc CVCO is currently overvalued. With its current price exceeding the estimated fair value, investors may need to be cautious and consider the potential for price corrections if the company's performance does not align with market expectations.

For the complete analysis, visit the Cavco Industries Inc CVCO stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is CVCO's GF Score™?

CVCO's GF Score™ is 88/100, indicating a strong overall performance across key financial metrics, suggesting potential for higher long-term returns.

Is CVCO overvalued or undervalued?

CVCO is currently overvalued, with a price of $546.63 exceeding the GF Value™ estimate of $531.57 by 2.8%.

What is CVCO's P/E ratio?

CVCO's P/E ratio is 22.8x, which is 17% above its 5-year median P/E of 19.5x, indicating the stock is trading at a higher valuation compared to its historical average.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].