Value Sense
CVCO
Cavco Industries, Inc. (CVCO)
Last Price$518.4(1.2%)
Market Cap$4,262.3M
LTM Revenue
$1,926.3M
+4.1% YoY
LTM Net Income
$168.6M
-1.5% YoY
LTM Net Debt
($347.5M)
Net Debt to FCF - (2.5x)
LTM Free Cash Flow (FCF)
$139.0M
7.2% margin

CVCO Income Statement

CVCO Income Statement Overview

Annual
Quarterly
LTM
Mar'15
Apr'16
Apr'17
Mar'18
Mar'19
Mar'20
Apr'21
Apr'22
Apr'23
Mar'24
Revenue
$1,794.8M (16.2%) YoY
Gross profit
$426.9M (23.1%) YoY
23.8% margin
Cost of revenue
$1,367.9M (13.8%) YoY
Operating income
$179.0M (3.1%) YoY
10.0% margin
Other: $849.0K
Net interest: $19.3M
Operating expenses
$247.9M (4.0%) YoY
Pre-tax income
$199.2M (35.1%) YoY
11.1% margin
Net income
$157.8M (34.4%) YoY
8.8% margin
Income tax
$41.3M
20.7% tax rate
SG&A
$247.9M (4.0%) YoY
13.8% of revenue

CVCO Income statement key metrics

Annual
Quarterly
LTM

Revenue

$1,794.8M -16.2% YoY

Operating Income

$179.0M -3.1% YoY

Net Income

$157.8M -34.4% YoY

CVCO Balance Sheet

CVCO Balance Sheet Overview

Annual
Quarterly
LTM
Mar'15
Apr'16
Apr'17
Mar'18
Mar'19
Mar'20
Apr'21
Apr'22
Apr'23
Mar'24
Assets
Liabilities
Total assets
$1,354.2M
Current assets ($851.8M, 62.9% of total)
Cash & ST investments
$371.0M (27.4%)
Accounts receivables
$141.2M (10.4%)
Other current assets
$339.7M (25.1%)
Non-current assets ($502.4M, 37.1% of total)
Intangible assets
$28.2M (2.1%)
Other non-current assets
$193.6M (14.3%)
Financial position
Net Debt
($335.8M)
$371.0M$35.1M
Cash & Short-term Investments
Total Debt
Quick ratio
1.9x
Net Debt to Free Cash Flow
(1.6x)
Debt to Equity ratio
3.4%

CVCO Balance Sheet Metrics

Annual
Quarterly
LTM

Assets

$1,354.2M +3.5% YoY

Liabilities

$320.7M -2.9% YoY

Shareholder's Equity

$1,033.4M +5.7% YoY

CVCO Cash Flow Statement

CVCO Cash Flow Statement Overview

Annual
Quarterly
LTM
Mar'15
Apr'16
Apr'17
Mar'18
Mar'19
Mar'20
Apr'21
Apr'22
Apr'23
Mar'24
Cash Beginning of PeriodOperating Cash FlowInvesting Cash FlowFinancing Cash FlowForex Changes on CashCash End of Period$283.5M$224.7M($31.7M)($107.7M)$0.0$368.8M

CVCO Cash Flow Statement key metrics

Annual
Quarterly
LTM

Operating Cash Flow (OCF)

$224.7M -12.1% YoY

Capital Expenditure (CAPEX)

($17.4M) -60.5% YoY

Free Cash Flow (FCF)

$207.3M -2.0% YoY

CVCO Financials

USD
Millions
Billions
Annual
Quarterly
Trailing
Key stats
Income statement
Balance sheet
Cash Flow Statement
Valuation
Ratios
Per share
Per employee
Dividends & Yields
Mar'05Mar'06Mar'07Mar'08Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Apr'16Apr'17Mar'18Mar'19Mar'20Apr'21Apr'22Apr'23Mar'24
Revenue
% growth
157.4
22.2%
189.5
20.4%
169.1
(10.8%)
141.9
(16.1%)
105.4
(25.8%)
115.6
9.7%
171.8
48.6%
443.1
157.9%
452.3
2.1%
533.3
17.9%
566.7
6.2%
712.4
25.7%
773.8
8.6%
871.2
12.6%
962.7
10.5%
1,061.8
10.3%
1,108.1
4.4%
1,627.2
46.8%
2,142.7
31.7%
1,794.8
(16.2%)
Cost of Goods Sold (COGS)127.9151.1138.8121.594.6104.9147.5347.1351.9413.9440.5567.9615.8690.6757.0831.3869.11,218.41,587.81,367.9
Gross Profit
% margin
29.5
18.7%
38.4
20.2%
30.3
17.9%
20.4
14.4%
10.8
10.2%
10.7
9.3%
24.3
14.1%
95.9
21.7%
100.4
22.2%
119.5
22.4%
126.1
22.3%
144.4
20.3%
158.0
20.4%
180.7
20.7%
205.7
21.4%
230.5
21.7%
239.0
21.6%
408.7
25.1%
554.9
25.9%
426.9
23.8%
Operating Expenses14.216.415.313.811.216.721.379.879.387.987.798.1101.2106.9121.6145.6150.2206.3258.3247.9
Research & Development Expenses (R&D)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Selling, General & Administrative Expenses (SG&A)14.216.415.313.811.216.721.379.879.387.987.798.1101.2106.9121.6145.6150.2206.3258.3247.9
Operating Income
% margin
15.3
9.7%
22.0
11.6%
15.0
8.9%
6.6
4.6%
(0.4)
(0.4%)
(6.0)
(5.2%)
2.9
1.7%
16.1
3.6%
21.0
4.7%
31.5
5.9%
38.5
6.8%
46.3
6.5%
56.8
7.3%
73.8
8.5%
84.1
8.7%
84.9
8.0%
88.8
8.0%
202.5
12.4%
184.8
8.6%
179.0
10.0%
Interest Income0.00.00.02.50.80.22.00.00.00.00.00.00.00.06.38.42.13.510.721.0
Interest Expense0.51.52.40.00.00.00.07.36.04.84.64.44.44.43.41.50.70.70.91.6
Pre-tax Income15.823.517.49.10.3(5.8)5.032.216.627.837.344.055.378.586.793.096.9212.0306.8199.2
Income Tax
% effective tax rate
6.2
39.4%
8.7
37.0%
6.0
34.3%
2.8
30.6%
(0.1)
(42.2%)
(2.0)
34.6%
0.9
17.9%
2.5
7.8%
6.4
38.1%
9.1
32.7%
13.5
36.2%
15.5
35.2%
17.3
31.3%
17.0
21.7%
18.1
20.8%
17.9
19.3%
20.3
20.9%
14.2
6.7%
65.9
21.5%
41.3
20.7%
Net Income
% margin
10.1
6.4%
15.0
7.9%
11.5
6.8%
6.3
4.4%
0.5
0.4%
(3.4)
(2.9%)
2.8
1.6%
15.2
3.4%
5.0
1.1%
16.2
3.0%
23.8
4.2%
28.5
4.0%
38.0
4.9%
61.5
7.1%
68.6
7.1%
75.1
7.1%
76.6
6.9%
197.7
12.1%
240.6
11.2%
157.8
8.8%
EPS1.612.381.810.980.07(0.52)0.432.220.711.972.693.214.236.827.568.228.3421.5427.2018.55
Diluted EPS1.542.231.740.950.07(0.52)0.412.190.711.942.643.154.176.687.408.108.2521.3426.9518.37
EBITDA
% margin
15.3
9.7%
22.0
11.6%
15.7
9.3%
7.3
5.2%
0.4
0.4%
(4.6)
(4.0%)
6.3
3.7%
45.0
10.2%
26.6
5.9%
30.7
5.8%
37.6
6.6%
45.9
6.4%
56.1
7.2%
73.4
8.4%
85.4
8.9%
89.2
8.4%
94.4
8.5%
212.8
13.1%
315.0
14.7%
195.9
10.9%