Cavco Industries Inc.

Consumer Discretionary
Homebuilding
www.cavco.com

Earnings Score
Moat Score

Market Cap $4.16B
PE 25
Debt -
Cash $378.63M
EV -
FCF $138.96M

Earnings

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Sales & Net Margins

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Earnings	$168.64M
EBIT	$211.08M
ROE	16%
ROA	15%
FCF	$138.96M
Equity	$1.06B
Growth Stability	92%
PE	24.67
PEG	0.96
PB	3.94
P/FCF	29.94
P/S	2.16
Price/Cash	0.09
Net Margins	9%
Gross Margins	23%
Op. Margins	11%
Earnings CAGR	26%
Sales Growth YoY	17%
Sales Growth QoQ	3%
Sales CAGR	15%
FCF CAGR	29%
Equity CAGR	15%
Earnings Stability	0.81
Earnings Growth YoY	57%

Earnings Growth QoQ	29%
Earnings CAGR 5Y	26%
Sales CAGR 5Y	17%
FCF CAGR 5Y	20%
Equity CAGR 5Y	14%
Earnings CAGR 3Y	-1%
Sales CAGR 3Y	-1%
FCF CAGR 3Y	2%
Equity CAGR 3Y	8%
Market Cap	$4.16B
Revenue	$1.93B
Assets	$1.39B
Cash	$378.63M
Shares Outstanding	8.07M
Earnings Score	94%
Moat Score	93%
Working Capital	592.77M
Current Ratio	3.08
Gross Profit	$448.49M
Shares Growth 3y	-4%
Equity Growth QoQ	1%
Equity Growth YoY	5%

Assets & ROA

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Stockholders Equity & ROE

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Cavco Industries Inc designs and produces factory-built homes under the Cavco Homes, Fleetwood Homes, and Palm Harbor Homes brands. It also produces modular homes, park model homes, and vacation cabins, as well as commercial structures, among others. The company operates principally in two segments: Factory-built housing, which includes wholesale and retail systems-built housing operations and financial services, which includes manufactured housing consumer finance and insurance. Cavco received most of its revenues from the Factory-built housing segment.

SEC Filings

Direct access to Cavco Industries Inc. (CVCO) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Dec 28
- 10-Q Sep 28
- 10-Q Jun 29
- 10-K Mar 30
2023
- 10-Q Dec 30
- 10-Q Sep 30
- 10-Q Jul 01
- 10-K Apr 01
2022
- 10-Q Dec 31
- 10-Q Oct 01
- 10-Q Jul 02
- 10-K Apr 02
- 10-Q Jan 01

Sector Comparison

How does Cavco Industries Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Cavco Industries Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 26%

Stability 81%

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Cavco Industries Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Cavco Industries Inc..

Years

Calculation mode

= $11B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$139M	$180M	$232M	$301M	$389M	$503M	$650M	$841M	$1.1B	$1.4B	$1.8B	$18B
DCF		$163M	$192M	$226M	$266M	$312M	$367M	$432M	$507M	$597M	$702M	$7B
Value	$11B

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.

Years	04/2016	03/2017	03/2018	03/2019	03/2020	04/2021	04/2022	03/2023	03/2024	TTM
Net Margins	4%	5%	7%	7%	7%	7%	12%	11%	9%	9%
ROA	-	10%	12%	12%	12%	10%	18%	23%	15%	15%
ROE	-	10%	13%	13%	12%	11%	24%	25%	15%	16%

Net Margins (8.94%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

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.

Years	04/2016	03/2017	03/2018	03/2019	03/2020	04/2021	04/2022	03/2023	03/2024	TTM
Debt over FCF	-	1.31	0.67	0.58	0.15	0.12	0.09	-	-	-
Debt over Equity	0.16	0.13	0.07	0.03	0.02	0.02	0.01	-	-	-
Growth Stability	-	-	-	100%	100%	100%	100%	100%	92%	92%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Good Graham’s Stability (92%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

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.

Years	04/2016	03/2017	03/2018	03/2019	03/2020	04/2021	04/2022	03/2023	03/2024	CAGR 5Y
Revenue YoY growth	-	9%	13%	11%	10%	4%	47%	32%	-16%	17%
Earnings YoY growth	-	33%	62%	12%	9%	2%	158%	22%	-34%	26%
Equity YoY growth	-	12%	16%	16%	15%	13%	21%	18%	6%	14%
FCF YoY growth	-	-1%	28%	-50%	247%	1%	42%	68%	-2%	20%