CVCO earnings analysis
What we found in CVCO's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Cavco Industries reported a robust performance for fiscal 2026 with a net revenue of $2.244 billion, marking an 11.4% increase year-over-year, driven by the factory-built housing segment. The acquisition of American Homestar significantly boosted growth, contributing $91.3 million to net revenue and net income of $5.2 million, while gross margin improved to 23.5%. Despite missing revenue estimates in Q4, EPS of $5.42 exceeded expectations, reflecting a strong financial position.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Cavco posted net revenue of $2.245 billion for fiscal 2026, up 11.4% year-over-year.
- EPS Beat Expectations
- The company achieved an EPS of $5.42 in Q4, exceeding estimates by 2.3%.
- Acquisition Impact
- The acquisition of American Homestar added an incremental $91.3 million in revenue for the fiscal year.
- Improved Gross Margin
- Gross margin improved to 23.5%, up from 23.1% in the previous fiscal year.
- Increased Free Cash Flow
- Free cash flow increased significantly to $267.5 million, up from $178.5 million in the prior year.
- Stable Financial Position
- The company has a strong balance sheet with a $75 million revolving credit facility and no outstanding borrowings.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Cybersecurity Threats
- The filing highlights increasing risks associated with cybersecurity, an area of focus for corporate governance.
- Supply Chain Challenges
- The company acknowledged ongoing challenges in the supply chain impacting production timelines, which could affect future performance.
- Market Interest Rate Sensitivity
- Rising interest rates may negatively impact housing demand and, subsequently, sales, posing a risk to future revenue growth.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $23.98
- Gross margin
- 23.5%
- Operating margin
- 10.2%
- Segment
- factory-built housing
- Segment
- financial services
What they said about what is next.
The company did not provide explicit numeric guidance in the 10-K, opting instead to defer details to the upcoming earnings call.
The filing reads better than the one before it.
What came before.
- 10-Q · February 2, 2026
- Cavco Industries reported revenue of $580.99 million for Q3 2026, up 11.3% year-over-year. However, gross and operating margins saw a decline, leading to an EPS of $5.58, which missed expectations of $6.00. The…
- 10-Q · October 31, 2025
- Cavco Industries reported strong Q2 results for 2026, with revenue of $556.5 million, a 9.7% increase year-over-year. EPS rose to $6.55, outpacing expectations, and the company demonstrated robust gross margins,…
- 10-Q · August 4, 2025
- Cavco Industries, Inc. reported solid Q1 results for fiscal 2026, with revenues increasing by 16.6% year-over-year to $556.9 million and EPS soaring 18% to $6.42. The company's gross profit margin improved slightly,…
- 10-K · May 23, 2025
- Cavco Industries, Inc. reported strong results for fiscal year 2025, highlighting a significant increase in net revenue to $2.02 billion, a 12.3% increase year-over-year, and an EPS of $20.71. The company also undertook…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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