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Cavco Industries Reports Fiscal 2026 Fourth Quarter and Year End Results
Cavco finishes fiscal year with record number of homes sold
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 |
Change | |||||||||||
| Net 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 |
Change | |||||||||||
| Gross 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 |
Change | |||||||||||
| Net 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 |
Change | |||||||||||
| Net 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 |
Change | |||||||||||
| Gross 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 |
Change | |||||||||||
| Net 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, 2025 |
||||||
| ASSETS | (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, 2025 |
||||||||||||
| Net 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, 2025 |
||||||||||||
| Capital 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
investor_relations@cavco.com
Phone: 602-256-6263
On the Internet: www.cavcoindustries.com
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