Champion Homes, Inc. (SKY) FY2025 10-K Annual Report
Champion Homes, Inc. (SKY) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on May 27, 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.
Champion Homes, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: Leading North American producer of factory-built housing including manufactured, modular homes, park model RVs, ADUs, and modular buildings
- • New emphasis on financing via Champion Financing joint venture offering dealer floor plan and consumer retail financing launched fiscal 2025
- • Strategic shift to enhanced digital home design/configuration tools and expansion of company-owned retail footprint with 72 centers nationwide
- • Workforce approx. 9,000 employees, operating 48 manufacturing plants in 20 U.S. states and 3 Canadian provinces, with manufacturing backlog valued at $343.4 million
- • Noteworthy ESG initiative planting over one million trees since 2021 and increased focus on energy-efficient homes, producing 5,500 Energy Star® certified units in fiscal 2025
Management Discussion & Analysis
- • Revenue $2.48B, up 22.7% YoY, driven by U.S. manufacturing/retail sales increasing $472.4M (25.1%), partially offset by Canadian sales down $14.9M (13.7%)
- • Operating margin 9.5% vs 8.7%, gross margin 26.7% vs 24.0%, net margin 8.0% vs 7.2% YoY; gross profit up $178.2M (36.7%) driven by U.S. segment
- • Best segment: U.S. Factory-built Housing with gross profit $617.3M up 40.2%, worst: Canadian Factory-built Housing gross profit $23.8M down 21.8%
- • Cash from operations $240.9M up from $222.7M; investing cash used $46.2M vs $485.7M prior; financing cash used $73.0M driven by $80.0M share repurchases (first year)
- • Backlog up to $343.4M from $315.8M; management expects adequate liquidity, no near-term debt maturities, focus on expanding manufacturing and financing solutions
Risk Factors
- • U.S. tariffs on foreign imports in fiscal 2025 raising raw material costs, affecting cost of goods and potentially requiring price increases or supply chain shifts
- • Over 75% of shipments dependent on independent distributor networks vulnerable to cancellation or financial insolvency, risking sales decline
- • Labor shortages and turnover amid high employment and regulatory changes causing increased labor costs and production delays
- • Competition from large homebuilders with captive retail, financing, and insurance, plus low barriers enabling new entrants, pressuring sales and margins
- • Capitalized costs for new cloud-based enterprise system risk write-offs and operational disruption if implementation fails or is delayed
Champion Homes, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$2.5B
▲ +22.7% YoY
Net Income
$198M
▲ +35.3% YoY
Gross Margin
26.7%
▲ +275bp YoY
Operating Margin
9.5%
▲ +89bp YoY
Net Margin
8.0%
▲ +74bp YoY
ROE
12.8%
▲ +253bp YoY
Total Assets
$2.1B
▲ +9.7% YoY
EPS (Diluted)
$3.42
▲ +35.2% YoY
Operating Cash Flow
$241M
▲ +8.2% YoY
Source: XBRL data from Champion Homes, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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