CAVCO INDUSTRIES, INC. (CVCO) FY2025 10-K Annual Report
CAVCO INDUSTRIES, INC. (CVCO) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on May 23, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CAVCO INDUSTRIES, INC. FY2025 10-K Analysis
Business Overview
- • Core business model: design and manufacture factory-built homes including manufactured, modular, park model RVs, commercial structures, with associated retail, financing, and insurance services
- • New branding strategy: unified all trade names under "Cavco + city" brand to strengthen corporate identity and simplify product segmentation for digital marketing
- • Strategic focus on customization and energy-efficient, green building options with continued regional product line adjustments based on local market research
- • Production network of 31 lines (29 US, 2 Mexico), completing ~19,753 homes in 2025, with home order backlog increased to $197 million, up $6 million YoY
- • Contingent repurchase obligations on distributor home financing rose to $133.1 million from $120.5 million, reflecting growing commercial floor plan financing exposure
Management Discussion & Analysis
- • Revenue $2.015B, up 12.3% YoY; factory-built housing $1.933B (+12.6%), financial services $82.3M (+5.3%)
- • Gross profit $465.6M (+9.1%) with margins declining: consolidated 23.1% vs 23.8%, factory-built housing 22.9% vs 23.2%, financial services 28.9% vs 35.8%
- • Best segment: factory-built housing gross profit $441.8M (+10.7%); worst segment: financial services profit $1.5M (-76.3%)
- • Cash flow: operating cash flow $178.5M (-$46.2M); investing use $24.0M; financing use $148.0M due to stock repurchases and option exercises; ending cash $375.3M (+$6.6M)
- • Outlook: backlog $197M (+$6M); risks from supply chain, labor, financing market constraints, weather events impacting insurance claims and loan servicing
Risk Factors
- • No material cybersecurity risk realized or reasonably expected to date per senior IT leadership assessment
- • Board delegates cybersecurity oversight to Legal and Compliance Oversight and Audit Committees with structured reporting channels
- • Senior Director of IT Governance, Risk and Compliance with 20+ years experience leads cybersecurity risk management and mitigation
- • Cybersecurity incident reporting protocol mandates Audit Committee notification for any material incident or regulatory report requirement
CAVCO INDUSTRIES, INC. FY2025 Key Financial MetricsXBRL
Revenue
$2.0B
▲ +12.3% YoY
Net Income
$171M
▲ +8.4% YoY
Gross Margin
23.1%
▼ -68bp YoY
Operating Margin
9.4%
▼ -53bp YoY
Net Margin
8.5%
▼ -31bp YoY
ROE
16.1%
▲ +79bp YoY
Total Assets
$1.4B
▲ +3.9% YoY
EPS (Diluted)
$20.71
▲ +12.7% YoY
Operating Cash Flow
$178M
▼ -20.6% YoY
Source: XBRL data from CAVCO INDUSTRIES, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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