Compoundeer Logo
COMPOUNDEER
Uncovering Potential
RankingCompaniesDCF
CVCO Logo

Cavco Industries Inc.

CVCO

Mobile Homes

Mkt Cap

$3.221B

PE

18.82

Debt

-

Cash

$366.6M

EV

-

FCF

$215.2M

Market Cap

$3.221B

P/E Ratio

18.82

Debt

-

Cash

$366.6M

EV

-

FCF

$215.2M
Charts data: {"Earnings":[{"time":"2015-03-27","value":23817000},{"time":"2016-04-01","value":28541000},{"time":"2017-03-31","value":37955000},{"time":"2018-03-30","value":61502000},{"time":"2019-03-29","value":68622000},{"time":"2020-03-27","value":75066000},{"time":"2021-04-02","value":76646000},{"time":"2022-04-01","value":197699000},{"time":"2023-03-31","value":240554000}],"Sales":[{"time":"2015-03-27","value":566659000},{"time":"2016-04-01","value":712352000},{"time":"2017-03-31","value":773797000},{"time":"2018-03-30","value":871235000},{"time":"2019-03-29","value":962746000},{"time":"2020-03-27","value":1061774000},{"time":"2021-04-02","value":1108051000},{"time":"2022-04-01","value":1627158000},{"time":"2023-03-31","value":2142713000}],"Net Margins":[{"time":"2015-03-27","value":0.042030568648869955},{"time":"2016-04-01","value":0.04006586631328332},{"time":"2017-03-31","value":0.04905033232230158},{"time":"2018-03-30","value":0.07059174619936068},{"time":"2019-03-29","value":0.0712773670313873},{"time":"2020-03-27","value":0.07069866092030884},{"time":"2021-04-02","value":0.06917190634727102},{"time":"2022-04-01","value":0.12149957164577749},{"time":"2023-03-31","value":0.11226608509865764}],"Assets":[{"time":"2015-03-27","value":502582000},{"time":"2016-04-01","value":553835000},{"time":"2017-03-31","value":607316000},{"time":"2018-03-30","value":674780000},{"time":"2019-03-29","value":725216000},{"time":"2020-03-27","value":810431000},{"time":"2021-04-02","value":951833000},{"time":"2022-04-01","value":1154972000},{"time":"2023-03-31","value":1307975000}],"Stockholders Equity":[{"time":"2015-03-27","value":320154000},{"time":"2016-04-01","value":353226000},{"time":"2017-03-31","value":394408000},{"time":"2018-03-30","value":457106000},{"time":"2019-03-29","value":529588000},{"time":"2020-03-27","value":607586000},{"time":"2021-04-02","value":683640000},{"time":"2022-04-01","value":830455000},{"time":"2023-03-31","value":976286000}],"ROE":[{"time":"2015-03-27","value":0.07439232369422216},{"time":"2016-04-01","value":0.08080096029171126},{"time":"2017-03-31","value":0.09623283503377214},{"time":"2018-03-30","value":0.13454647280937027},{"time":"2019-03-29","value":0.12957619885646957},{"time":"2020-03-27","value":0.12354794218431629},{"time":"2021-04-02","value":0.1121145632204084},{"time":"2022-04-01","value":0.2380610629112956},{"time":"2023-03-31","value":0.2463970598779456}],"ROA":[{"time":"2015-03-27","value":0.08339733615608995},{"time":"2016-04-01","value":0.08737439851219225},{"time":"2017-03-31","value":0.09834089666664471},{"time":"2018-03-30","value":0.12288449568748333},{"time":"2019-03-29","value":0.12426642545117593},{"time":"2020-03-27","value":0.11657253979672545},{"time":"2021-04-02","value":0.10259152603450396},{"time":"2022-04-01","value":0.18354470930897027},{"time":"2023-03-31","value":0.23453277012175308}]}

Cavco Industries, Inc. designs, produces, and retails factory-built homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its factory-built homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry, and Solitaire brands. It also produces park model RVs; vacation cabins; and factory-built commercial structures, including apartment buildings, condominiums, hotels, workforce housing, schools, and housing for the United States military troops. In addition, the company produces various modular homes, which include single and multi-section ranch, split-level, and Cape Cod style homes, as well as two- and three-story homes, and multi-family units. Further, it provides conforming and non-conforming mortgages and home-only loans to purchasers of various brands of factory-built homes sold by company-owned retail stores, as well as various independent distributors, builders, communities, and developers. Additionally, the company offers property and casualty insurance to owners of manufactured homes. It distributes its products through a network of independent and company-owned retailers, planned community operators, and residential developers. Cavco Industries, Inc. was founded in 1965 and is headquartered in Phoenix, Arizona.

Sector

  • LEGH Logo

    LEGH

Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$215.2M$277.8M$351.3M$434.7M$526.3M$623.1M$721M$815M$899.4M$968.5M$1.017B$10.17B
DCF$241.6M$265.6M$285.8M$300.9M$309.8M$311.7M$306.4M$294M$275.3M$251.4M$2.514B
Value$5.356B

In the chart Earnings are multiplied by this value.

Earnings Growth 31%
Earnings Stability 90%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years03-201504-201603-201703-201803-201903-202004-202104-202203-2023TTM
Net Margin4.2%4%4.9%7.1%7.1%7.1%6.9%12%11%9.2%
ROA8.3%8.7%9.8%12%12%12%10%18%23%16%
ROE7.4%8.1%9.6%13%13%12%11%24%25%17%

What is the average Net Margin?

The average Net Margin over the past 5 years is +8.59%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +1.02%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +14.74%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +2.06%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +16.4%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +2.5%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years03-201504-201603-201703-201803-201903-202004-202104-202203-2023TTM
Debt FCF-1.371.310.670.580.150.120.09--
Debt Equity0.190.160.130.070.030.020.020.01--
MIN
Graham Stability---100%100%100%100%100%100%100%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -0.16.

What is the Graham’s Stability?

Graham’s Stability measure stands at 1.00.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years04-201603-201803-202004-2022Trend
Revenue17%20%26%32%2.5%
Net Income36%31%47%22%5.4%
Stockholders Equity16%16%17%18%1.1%
FCF27%33%34%68%5%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +19.72%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +2.48%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +31.36%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +5.42%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +16.39%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +1.05%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +33.24%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +5.01%.