Jun 2026 (Q1 FY27) — Jul 31, 2026
Cavco Industries Q1 FY27 — Record Shipments and Strong Backlog Growth
Read the full callCavco Industries (CVCO) earnings
- Jun 2026
- Jun 2026 (Q1 FY27)
- Mar 2026
Cavco Industries earnings: last reported Fri, 31 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 610 | +9.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 8.7 | −2.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 42.3 | −18.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
9 of 9 judged targets kept · 6 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Production rate increase into Q1 FY27 | increase production where improved backlogs let plants that had been holding back let it go | Mar 2026 | Shipment improvement across the country led to a quarterly record of 5,657 units. Our production increases resulted in capacity utilization of 75% | Achieved |
| Forward flow agreement loan originations per quarter | a minimum of approximately $25 million of originated loans per quarter over a 2-year period | Mar 2026 | This quarter, the origination growth met our expectations, and we anticipate we will be able to grow loan sales into future periods. | On Track |
6 of CAVCO INDUSTRIES, INC.'s 15 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 13 more targets are in the full ledger.
Claimed
- Record quarterly shipments of 5,657 units, contributing to net revenue exceeding $600 million for the first time.
- Backlog grew over 50% sequentially and 50% year-over-year, reaching a 7-9 week range, driven by double-digit sequential order growth in every region and channel.
- Financial Services segment revenue increased 13.3% YoY to $24 million, with gross margin expanding to 52.4% due to higher loan sales and insurance equity gains.
- Repurchased $30 million of stock, bringing total buybacks to over $600 million in 5 years, representing over 19% of outstanding shares.
- A.M. Best moved to a positive outlook for financial strength and issuer credit ratings for the insurance operation.
Qualified
- Consolidated gross margin declined to 22.1% from 23.3% YoY, primarily due to higher manufacturing costs and increased price competition in company-owned retail markets in Texas.
- Pretax profit decreased 14.6% to $55.8 million, and diluted EPS fell to $5.43 from $6.42 YoY.
- SG&A expenses increased to 13.4% of net revenue from 12.4% YoY, partly due to the American HomeStar acquisition and higher compensation costs.
- Tariffs and inflationary costs negatively impacted COGS by an estimated $5 million this quarter, with further impacts expected in out-quarters.
Price
$535.6 +5.79% · +$29.3
Performance +4.8% 1Y
1Y: $510.97 on 14 Oct 2025 → $535.6. High $697.76 (16 Jan 2026), low $455.76 (15 May 2026).
- Previous close
- $506.3
- 52-week range
- $455.76 – $697.76
- One year
- +1.12%
Overview
- Symbol
- CVCO
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
9 of 9 judged targets kept · 6 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Production rate increase into Q1 FY27 | increase production where improved backlogs let plants that had been holding back let it go | Mar 2026 | Shipment improvement across the country led to a quarterly record of 5,657 units. Our production increases resulted in capacity utilization of 75% | Achieved |
| Forward flow agreement loan originations per quarter | a minimum of approximately $25 million of originated loans per quarter over a 2-year period | Mar 2026 | This quarter, the origination growth met our expectations, and we anticipate we will be able to grow loan sales into future periods. | On Track |
Claimed
- Record quarterly shipments of 5,657 units, contributing to net revenue exceeding $600 million for the first time.
- Backlog grew over 50% sequentially and 50% year-over-year, reaching a 7-9 week range, driven by double-digit sequential order growth in every region and channel.
- Financial Services segment revenue increased 13.3% YoY to $24 million, with gross margin expanding to 52.4% due to higher loan sales and insurance equity gains.
- Repurchased $30 million of stock, bringing total buybacks to over $600 million in 5 years, representing over 19% of outstanding shares.
- A.M. Best moved to a positive outlook for financial strength and issuer credit ratings for the insurance operation.
Qualified
- Consolidated gross margin declined to 22.1% from 23.3% YoY, primarily due to higher manufacturing costs and increased price competition in company-owned retail markets in Texas.
- Pretax profit decreased 14.6% to $55.8 million, and diluted EPS fell to $5.43 from $6.42 YoY.
- SG&A expenses increased to 13.4% of net revenue from 12.4% YoY, partly due to the American HomeStar acquisition and higher compensation costs.
- Tariffs and inflationary costs negatively impacted COGS by an estimated $5 million this quarter, with further impacts expected in out-quarters.
The full ledger
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Call summaries
Mar 2026 (Q4 FY26) — May 22, 2026
Cavco Industries Q4 FY26 — Record Shipments and Strategic Growth Initiatives
Read the full callEvery analysed call
Cavco Industries earnings calls (CVCO)
Financials
What the filings say
Net profit, year on year: −18% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 507 | 522 | 508 | 557 | 557 | 581 | 550 | 610 |
| Operating profit | 49 | 64 | 39 | 60 | 62 | 55 | 51 | 53 |
| Operating margin | 9.7% | 12.3% | 7.6% | 10.8% | 11.2% | 9.4% | 9.4% | 8.7% |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 55 | 69 | 43 | 65 | 67 | 58 | 55 | 56 |
| Tax rate | 20.3% | 18.6% | 15.4% | 20.9% | 22.1% | 23.5% | 22.2% | 24.2% |
| Net profit | 44 | 56 | 36 | 52 | 52 | 44 | 42 | 42 |
| EPS ($ per share) | 5.33 | 6.97 | — | 6.49 | 6.62 | 5.65 | — | 5.48 |
| Line item | Mar 2019 | Mar 2020 | Apr 2021 | Apr 2022 | Apr 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 280 | 355 | 431 | 629 | 869 | 1,027 | 1,198 | 1,389 |
| Total liabilities | 196 | 203 | 268 | 325 | 332 | 321 | 342 | 388 |
| Fixed assets | 63 | 77 | 97 | 164 | 228 | 224 | 228 | 279 |
| Investments | 13 | 15 | 19 | 20 | 15 | 18 | 20 | 16 |
| Total assets | 725 | 810 | 952 | 1,155 | 1,308 | 1,354 | 1,407 | 1,491 |
| Line item | Mar 2019 | Mar 2020 | Apr 2021 | Apr 2022 | Apr 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 33 | 102 | 114 | 144 | 256 | 225 | 178 | 267 |
| Cash from investing | -6 | -25 | -23 | -159 | -129 | -32 | -24 | -222 |
| Cash from financing | -26 | -21 | -7 | -65 | -102 | -108 | -148 | -163 |
| Net cash flow | 1 | 56 | 84 | -80 | 24 | 85 | 7 | -118 |
| Capital expenditure | -8 | -14 | -26 | -19 | -44 | -17 | -21 | -35 |
| Free cash flow | 25 | 87 | 88 | 126 | 212 | 207 | 157 | 232 |
CVCO revenue by segment
| Segment | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Factory Built Housing | 96% | 96% | 96% | 96% | 96% | 96% | 96% | 96% | +9.4% |
| Financial Services | 4% | 4% | 4% | 4% | 4% | 4% | 4% | 4% | +13.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CVCO operating KPIs by quarter
| KPI | Mar 2026 Q4 FY26 | Jun 2026 Q1 FY27 | Change vs prior quarter |
|---|---|---|---|
| Capacity utilization | ~70%Our capacity utilization for the quarter was approximately 70%, and our production pace was generally in balance with orders through most of the quarter.Source: earnings call transcript | 75%Our production increases resulted in capacity utilization of 75%, still significantly below levels we're able to sustain, so there remains significant room to reach higher volume levels, assuming strong orders persist.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
72 filings between Oct 27, 2025 and Aug 18, 2026.
Open market
decisions to buy or sellPurchases
$866.6K
5 purchases by 3 insiders
Sales
$2.63M
9 sales by 5 insiders
Compensation
not trading decisions- 22
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
- 32
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ADEN ALLISON | — | $1.70M | Jun 25, 2026 |
| KERLEY RICHARD A | — | $578.9K | Jun 9, 2026 |
| Boor William C | $495.0K | — | Feb 4, 2026 |
| BIGBEE PAUL | — | $310.0K | Aug 18, 2026 |
| Greenblatt David A. | $234.7K | — | Feb 4, 2026 |
| MOSTER STEVEN W | $136.9K | — | Feb 2, 2026 |
| Daniels Lisa Lynn | — | $17.1K | Jul 30, 2026 |
| CIRA BRIAN R | — | $15.8K | May 22, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 18, 2026 | BIGBEE PAUL Chief Accounting Officer | Sale | 342 | $202.5K |
| Aug 11, 2026 | KERLEY RICHARD A Director | Gift | 290 | $0 |
| Aug 11, 2026 | KERLEY RICHARD A Director | Gift | 290 | $0 |
| Jul 30, 2026 | Daniels Lisa Lynn Director | Sale | 30 | $17.1K |
| Jul 30, 2026 | Boor William C President & CEO | Tax withheld | 128 | $72.0K |
| Jul 27, 2026 | MOSTER STEVEN W Director | Award | 225 | $0 |
| Jul 27, 2026 | Daniels Lisa Lynn Director | Award | 225 | $0 |
| Jul 27, 2026 | BUNGER STEVEN G Director | Award | 311 | $0 |
| Jul 27, 2026 | Blount Susan L Director | Award | 225 | $0 |
| Jul 27, 2026 | SZE JULIA Director | Award | 225 | $0 |
| Jul 27, 2026 | KERLEY RICHARD A Director | Award | 225 | $0 |
| Jul 27, 2026 | Greenblatt David A. Director | Award | 225 | $0 |
| Jun 25, 2026 | ADEN ALLISON EVP, CFO & Treasurer | Sale | 1,473 | $920.6K |
| Jun 12, 2026 | ADEN ALLISON EVP, CFO & Treasurer | Sale | 1,208 | $724.8K |
| Jun 12, 2026 | BIGBEE PAUL Chief Accounting Officer | Tax withheld | 27 | $16.0K |
| Jun 12, 2026 | ADEN ALLISON EVP, CFO & Treasurer | Tax withheld | 27 | $16.0K |
| Jun 9, 2026 | KERLEY RICHARD A Director | Sale | 500 | $294.4K |
| May 28, 2026 | Boor William C President & CEO | Option exercise | 13,100 | $2.07M |
| May 28, 2026 | BIGBEE PAUL Chief Accounting Officer | Sale | 200 | $107.5K |
| May 28, 2026 | Boor William C President & CEO | Tax withheld | 6,809 | $3.72M |
| May 22, 2026 | BIGBEE PAUL Chief Accounting Officer | Tax withheld | 31 | $15.8K |
| May 22, 2026 | Nino Matthew A President, Retail | Tax withheld | 29 | $14.8K |
| May 22, 2026 | SCHUKNECHT SETH G EVP, General Counsel | Tax withheld | 63 | $32.1K |
| May 22, 2026 | BRANDOM JACK S President, Financial Services | Tax withheld | 11 | $5.6K |
| May 22, 2026 | ADEN ALLISON EVP, CFO & Treasurer | Tax withheld | 22 | $11.2K |
| May 22, 2026 | Boor William C President & CEO | Tax withheld | 577 | $293.8K |
| May 22, 2026 | CIRA BRIAN R President,Manufactured Housing | Sale | 31 | $15.8K |
| May 20, 2026 | CIRA BRIAN R President,Manufactured Housing | Tax withheld | 26 | $12.9K |
| May 20, 2026 | Fackrell Regan President, Standard Casualty | Tax withheld | 10 | $5.0K |
| May 20, 2026 | Nino Matthew A President, Retail | Tax withheld | 19 | $9.4K |
| May 20, 2026 | BRANDOM JACK S President, Financial Services | Tax withheld | 12 | $5.9K |
| May 20, 2026 | SCHUKNECHT SETH G EVP, General Counsel | Tax withheld | 54 | $26.7K |
| May 20, 2026 | Boor William C President & CEO | Tax withheld | 516 | $255.5K |
| May 20, 2026 | ADEN ALLISON EVP, CFO & Treasurer | Tax withheld | 89 | $44.1K |
| May 20, 2026 | BIGBEE PAUL Chief Accounting Officer | Tax withheld | 25 | $12.4K |
| May 18, 2026 | CIRA BRIAN R President,Manufactured Housing | Award | 308 | $0 |
| May 18, 2026 | BIGBEE PAUL Chief Accounting Officer | Tax withheld | 336 | $153.9K |
| May 18, 2026 | BIGBEE PAUL Chief Accounting Officer | Award | 783 | $358.7K |
| May 18, 2026 | Nino Matthew A President, Retail | Tax withheld | 242 | $110.9K |
| May 18, 2026 | Nino Matthew A President, Retail | Award | 979 | $448.5K |
| May 18, 2026 | Nino Matthew A President, Retail | Award | 264 | $0 |
| May 18, 2026 | Boor William C President & CEO | Tax withheld | 4,701 | $2.15M |
| May 18, 2026 | Boor William C President & CEO | Award | 10,963 | $5.02M |
| May 18, 2026 | Boor William C President & CEO | Award | 4,350 | $0 |
| May 18, 2026 | ADEN ALLISON EVP, CFO & Treasurer | Tax withheld | 1,894 | $867.7K |
| May 18, 2026 | BIGBEE PAUL Chief Accounting Officer | Award | 185 | $0 |
| May 18, 2026 | ADEN ALLISON EVP, CFO & Treasurer | Award | 3,913 | $1.79M |
| May 18, 2026 | ADEN ALLISON EVP, CFO & Treasurer | Award | 1,141 | $0 |
| May 18, 2026 | BRANDOM JACK S President, Financial Services | Award | 132 | $0 |
| May 18, 2026 | Fackrell Regan President, Standard Casualty | Award | 132 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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