Cavco Industries(NASDAQ) CVCO

Cavco helps people buy affordable factory-built homes. It makes houses for families and vacationers across America. The company also provides home loans and insurance.

What Is Under the Roof?

• Factory-Built Housing: Designs and builds manufactured homes and modular homes; accounted for 96% of net revenue for the three months ended December 27, 2025. Manufactured homes are houses built entirely in a factory on a steel frame, while modular homes are built in sections and moved to a permanent foundation.
• Financial Services: Offers mortgages and home-only loans to buyers through the CountryPlace brand; generated roughly 4% of net revenue for the three months ended December 27, 2025.
• Insurance Services: Provides property and casualty insurance to manufactured home owners through the Standard Casualty Company subsidiary.
• Specialized Structures: Builds vacation cabins, park model recreational vehicles, and commercial buildings such as schools and military housing.

Growing the Neighborhood

• Acquired American Homestar Corporation on September 29, 2025, adding two manufacturing plants and 19 retail locations.
• Expanded distribution by adding coverage in the South Central United States through the American Homestar purchase.
• Adopted a $150 million stock repurchase plan on May 22, 2025, with $98 million remaining as of December 27, 2025.
• Integrated new financial service operations to reduce customer reliance on independent lenders for home financing.

The Cavco Advantage

Cavco operates 33 homebuilding production lines across the U.S. and Mexico to serve a broad geographic area. The company uses green building practices to create energy-efficient homes that help lower utility costs for buyers.

A Look at the Books

• Net revenue reached $1.69 billion for the nine months ended December 27, 2025, up 12.4% year-over-year.
• Net income hit $148.1 million for the nine months ended December 27, 2025, an increase of 9.9% from the prior year period.
• Net Factory-built housing revenue per home sold rose to $103,023 for the nine months ended December 27, 2025, up 4.7% year-over-year.
• Financial services gross profit reached 54.2% for the nine months ended December 27, 2025, up from 26.3% in the same period the previous year.
• Backlog was $160 million on December 27, 2025, down from $224 million on December 28, 2024.

Bottom Line

Cavco has evolved from a regional builder into a national provider that combines home manufacturing with lending and insurance services. This integrated model allows the company to manage the entire purchase process for affordable housing buyers.