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10-K annual report · filed May 27, 2025

Champion Homes, Inc. (SKY) FY2025 10-K Annual Report

SKY overviewOriginal on SEC EDGAR
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Champion Homes, Inc. (SKY) filed its fiscal 2025 10-K annual report with the SEC on May 27, 2025. It reported revenue of $2.5B (+22.7% year over year) and net income of $198M.

  • Top risk flagged: 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

FY2025 key financial metrics · XBRL

Revenue
$2.5B
+22.7% YoY
Net income
$198M
+35.3% YoY
Operating margin
9.5%
+0.9 pp YoY
Gross margin
26.7%
+2.7 pp YoY
EPS (diluted)
$3.42
+35.2% YoY
ROE
12.8%
+2.5 pp YoY
Operating cash flow
$241M
+8.2% YoY

Source: XBRL data from the Champion Homes, Inc. (SKY) FY2025 10-K on SEC EDGAR. USD.

Champion Homes, Inc. FY2025 10-K analysis

AI summary of each section, grounded in the filing text

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

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