CAVCO INDUSTRIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CAVCO INDUSTRIES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	774	871	963	1,062	1,108	1,627	2,143	1,795	2,015	2,245
Cost of revenue	616	691	757	831	869	1,218	1,588	1,368	1,550	1,718
Gross profit	158	181	206	231	239	409	555	427	466	527
Selling, general and administrative	101	107	122	146	150	206	258	248	275	298
Operating income	56.8	73.8	84.1	84.9	88.8	202	297	179	190	229
Interest expense	4.44	4.4	3.44	1.5	0.74	0.7	0.91	1.65	0.52	0.54
Interest income					2.14	3.54	10.7	21	21.1	16.3
Other non-operating income							0.39	0.85	0.22	0.34
Pre-tax income	55.3	78.5	86.7	93	96.9	212	307	199	211	245
Income tax	17.3	17	18.1	17.9	20.3	14.2	65.9	41.3	40	54.1
Net income to minority interests				0	0	0.04	0.29	0.09
Net income	38	61.5	68.6	75.1	76.6	198	241	158	171	191
EBITDA	60.5	77.8	88.8	90.7	95.1	214	314	198	210	252
EPS, basic	4.23	6.82	7.56	8.22	8.34	21.54	27.20	18.55	20.97	24.26
EPS, diluted	4.17	6.68	7.40	8.10	8.25	21.34	26.95	18.37	20.71	23.98
Shares, basic (weighted)	8.98	9.02	9.08	9.13	9.19	9.18	8.84	8.51	8.16	7.85
Shares, diluted (weighted)	9.11	9.2	9.27	9.27	9.29	9.26	8.92	8.59	8.26	7.95

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	133	187	187	242	322	244	271	353	356	237
Short-term investments	11.3	11.9	12.6	14.6	19.5	20.1	15	18.3	19.8	16.2
Receivables	29.4	35	40.7	42.8	47.4	96.1	89.3	77.1	106	108
Inventory	93.9	109	116	114	131	244	263	241	253	296
Other current assets	29.8	28	44.7	42.2	57.8	71.7	92.9	82.9	74.8	71.6
Total current assets	357	419	462	516	652	744	805	852	910	825
Property, plant and equipment	57	63.4	63.5	77.2	96.8	164	228	224	228	279
Lease right-of-use assets			0	13.9	16.3	17	26.8	39	35.6	33.6
Goodwill			72.9	75.1	75.1	101	115	122	122	209
Intangible assets			9.78	15.1	14.4	28.5	29.8	28.2	16.7	28.1
Long-term investments	30.3	33.6	32.1	31.6	35	34.9	18.6	17.3	18.1	38.2
Total assets	607	675	725	810	952	1,155	1,308	1,354	1,407	1,491
Accounts payable	24	23.8	29.3	29.9	32.1	43.1	30.7	33.5	37.2	44.2
Accrued liabilities	110	127	125	140	203	251	263	240	266	291
Deferred revenue			17.8	22.1	41.8	56.3	45.2	40.9	46.9	54.1
Total current liabilities	140	176	174	172	237	294	293	273	303	335
Lease liabilities			0	10.7	13.4	13.2	21.7	35.1	31.5	30.7
Other non-current liabilities						10.8	7.82	7.76	7.36	7.1
Total liabilities	213	218	196	203	268	324	330	321	342	388
Total debt	58	59.8	34.1	15	12.2	11.6	10.9	8.08	7.68	7.43
Paid-in capital	245	246	249	252	254	263	272	281	291	300
Retained earnings	148	209	280	355	431	629	869	1,027	1,198	1,389
Treasury stock				0	-1.44	-61	-164	-275	-425	-586
Other comprehensive income	1.4	1.4	-0.03	0.09	0.1	-0.4	-0.62	-0.33	0.01	0.03
Shareholders' equity	394	457	530	608	684	830	976	1,033	1,065	1,103
Minority interests			0	0	0	0.83	1.22	0
Total equity	394	457	530	608	684	831	978	1,033	1,065	1,103
Total liabilities and equity	607	675	725	810	952	1,155	1,308	1,354	1,407	1,491
Shares outstanding	8.99	9.04	9.1	9.17			8.67	8.32	8.01	7.74

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	38	61.5	68.6	75.1	76.6	198	241	158	171	191
Depreciation and amortization	3.69	4.03	4.7	5.78	6.32	11	16.9	18.5	19.3	23
Stock-based compensation	2.13	2.32	3.37	3.88	4.39	5.06	6.26	6.76	8.68	12.8
Deferred income tax	0.27	-4.31	-0.24	0.2	0.32	-1.79	1.97	-3.06	-6.52	9.72
Change in receivables	-0.37	-4.12	-5.68	-1.44	-4.6	-27.3	10.2	11.6	-28.8	2.89
Change in inventory	0.96	-13.4	-7.05	8.25	-17.7	-73.8	38.9	44.9	-11.4	4.88
Change in payables	17.4	7.32	4.71	6.44	47.2	38.2	-13.4	-22.3	29.4	13.8
Cash from operations	45.8	59	32.8	102	114	144	256	225	178	267
Capital expenditures	-5.3	-8.39	-7.64	-14.3	-25.5	-18.7	-44.1	-17.4	-21.4	-35.4
Acquisitions	0	-1.64	0	-15.9	0	-141	-106	-19.2	0	-173
Purchases of investments				-11.7	-17.5	-12.8	-12.5	-13	-28.1	-34.5
Sales and maturities of investments				10.2	19.5	12.5	18.9	13.1	25.4	20.1
Cash from investing	-7.06	-4.67	-5.82	-25.2	-23.3	-159	-129	-31.7	-24	-222
Stock issued	-1.39	-0.92	-0.11	-1.07	2.68	4.42	3.71	4.5	4.48	2.23
Share buybacks			0	0	-1.44	-59.6	-103	-109	-149	-160
Cash from financing	-2.96	0.12	-26.4	-20.8	-6.98	-65.1	-102	-108	-148	-163
Net change in cash	35.8	54.4	0.61	55.7	83.7	-80	24.2	85.3	6.59	-118
Free cash flow	40.5	50.6	25.2	87.4	88.5	126	212	207	157	232
Interest paid	3.4	2.91	2.3	0.74	0.47	0.45	0.62	0.8	0.01	0.27
Income taxes paid	18.1	17.3	19.9	18.8	19.5	31.4	82.4	36.8	45.6	39.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $557.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.2%	Gross profit / revenue.
Operating margin	9.6%	Operating income / revenue.
EBITDA margin	10.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.2%	Pre-tax income / revenue.
Net margin	7.9%	Net income / revenue.
FCF margin	10.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.5%	Cash from operations / revenue.
Effective tax rate	23.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.8%	Net income / average total assets.
Return on invested capital (ROIC)	19.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	13.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	20.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	20.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-7.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	21.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-7.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	15.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	23.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	49.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	47.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	21.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	3.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.23x	Current assets / current liabilities.
Quick ratio	1.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.70x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	28.0%	Total liabilities / total assets.
Interest coverage	434x	Operating income / interest expense.
Working capital	$461.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	15.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$873.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.49x	Revenue / average total assets.
Fixed asset turnover	7.71x	Revenue / average property, plant and equipment.
Inventory turnover	5.71x	Cost of revenue / average inventory.
Days inventory	64 days	365 x average inventory / cost of revenue.
Receivables turnover	19.8x	Revenue / average receivables.
Days sales outstanding	18 days	365 x average receivables / revenue.
Days payables	10 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	73 days	Days inventory + days sales outstanding - days payables.
FCF conversion	129.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$23.27	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$295.15	Revenue / diluted weighted shares.
FCF per share	$30.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$36.79	Cash from operations / diluted weighted shares.
Book value per share	$144.03	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$113.33	Tangible book value / shares outstanding.
Cash per share	$33.92	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	59.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.29B	Share price x shares outstanding.
Enterprise value	$4.02B	Market cap + total debt - cash - short-term investments.
P/E	23.7x	Market cap / net income. Only when net income is positive.
P/S	1.87x	Market cap / revenue.
P/B	3.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.90x	Market cap / tangible book value, when positive.
P/FCF	18.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.0x	Market cap / cash from operations, when positive.
EV/Sales	1.75x	Enterprise value / revenue.
EV/EBIT	18.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.5%	Free cash flow / market cap.
Earnings yield	4.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.3%	(Dividends paid + share buybacks) / market cap.

What was CAVCO INDUSTRIES, INC.'s revenue in fiscal 2026?

CAVCO INDUSTRIES, INC. reported revenue of $2.24B for fiscal 2026, 11.4% higher than the year before.

Was CAVCO INDUSTRIES, INC. profitable in fiscal 2026?

Yes. Net income was $190.6M, a net margin of 8.5%.

How much free cash flow did CAVCO INDUSTRIES, INC. generate in fiscal 2026?

Cash from operations of $267.5M minus capital expenditures of $35.4M left free cash flow of $232.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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