Short answer
CAVCO INDUSTRIES, INC. (CVCO) filed its fiscal 2025 10-K annual report with the SEC on May 23, 2025. It reported revenue of $2.0B (+12.3% year over year) and net income of $171M.
- Top risk flagged: No material cybersecurity risk realized or reasonably expected to date per senior IT leadership assessment
FY2025 key financial metrics · XBRL
- Revenue
- $2.0B
- +12.3% YoY
- Net income
- $171M
- +8.4% YoY
- Operating margin
- 9.4%
- −0.5 pp YoY
- Gross margin
- 23.1%
- −0.7 pp YoY
- EPS (diluted)
- $20.71
- +12.7% YoY
- ROE
- 16.1%
- +0.8 pp YoY
- Operating cash flow
- $178M
- −20.6% YoY
Source: XBRL data from the CAVCO INDUSTRIES, INC. (CVCO) FY2025 10-K on SEC EDGAR. USD.
CAVCO INDUSTRIES, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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