Cavco Industries, Inc. - Company Summary

Business Operations

• Type of Business: Designer and producer of factory-built homes and related structures.
• Product Focus: Primarily manufactured homes that comply with HUD code, park model RVs, vacation cabins, modular homes, multi-family units, and commercial modular structures (e.g., hotels, schools, military housing).
• Distribution Channels:
  • Over 80 Company-owned retail stores (46 in Texas).
  • An extensive network of independent distributors across 48 U.S. states and Canada.
• Manufacturing Facilities:
  • 31 active homebuilding production lines located in:
    • Oregon (Millersburg, Woodburn)
    • California (Riverside)
    • Idaho (Nampa)
    • Arizona (Glendale, Goodyear, Phoenix)
    • New Mexico (Deming)
    • Oklahoma (Duncan)
    • Texas (Austin, Fort Worth, Seguin, Waco)
    • Mexico (Ojinaga)
    • Minnesota (Montevideo)
    • Wisconsin (Dorchester)
    • Indiana (Nappanee, Goshen)
    • Tennessee (Lafayette)
    • Georgia (Douglas, Moultrie)
    • Pennsylvania (Shippenville, Emlenton)
    • Virginia (Martinsville, Rocky Mount)
    • North Carolina (Crouse, Hamlet)
    • Florida (Ocala, Plant City)
  • Total manufacturing land area: ranges from 79,000 to 341,000 sq ft per facility.
• Supply Chain: Utilizes local market research; constructs homes in a controlled factory environment for efficiency.

Product Details

• Home Sizes: Generally 500 to 3,300 sq ft, most single-story.
• Configurations: 1-5 bedrooms, multiple floor plans, various custom upgrades (fireplaces, HVAC, tile roofs, high ceilings, sustainable options).
• Standards: Most homes comply with HUD's federal standards; park model RVs conform to ANSI standards.
• Transportation: Homes transported via Company or third-party trucks; rarely relocated after installation.

Customer Base

• Demographics:
  • Entry-level and move-up homebuyers.
  • Persons aged 55 and older (growing segment).
  • Individuals in rural areas, manufactured housing communities, subdivisions, and second/vacation homes.
  • Cost-sensitive buyers seeking affordable housing options.
• Market Share: In 2024, manufactured housing accounted for approximately 13.1% of all new single-family homes sold, with around 103,000 units shipped during the year.

Revenue & Financials (Fiscal Year 2025)

• Total Revenue: $2.015 billion
  • Factory-built housing: $1.933 billion.
  • Financial services: $82.3 million.
• Homes Sold: 19,753 homes (15,621 wholesale + 4,132 retail).
• Average Revenue per Home: $97,864 (volatility exists due to product mix and market conditions).
• Net Income: $171.0 million.
• Total Employees: Approximately 7,000 full-time employees.
• Key Markets: Significant presence in Texas, California, Florida, Arizona, and Oregon.

Additional Business Segments

• Financial Services:
  • Provides mortgage and home-only loans.
  • Approved for FHA, VA, USDA programs, and GNMA issuance.
  • Originates and services conforming and non-conforming mortgages, with loans typically sold to investors.
  • Owns and manages portfolios of consumer and commercial loans.
• Insurance (Standard Casualty):
  • Offers property and casualty insurance primarily for manufactured homeowners.
  • Licenses in multiple states, mainly Texas, Arizona, New Mexico, and Nevada.
  • Uses reinsurance to mitigate catastrophic losses.

Strategic Focus & Capabilities

• Decentralized management allowing regional flexibility.
• Focus on customizable, high-quality, energy-efficient housing.
• Emphasis on green building initiatives and eco-friendly designs.
• Rapid response to local market demands with flexible manufacturing.
• Continual product innovation with new floor plans and upgrades.

Key Financial Data

• Market Value (2024): ~$2.33 billion (market cap based on stock in September 2024).
• Stock Data:
  • Common stock traded on Nasdaq under symbol CVCO.
  • Approximately 8.02 million shares outstanding as of May 14, 2025.
• Revenue Trends: Growth from previous years, with revenue of $1.794 billion in FY 2024.

This summary details the company's core operations, product offerings, geographic footprint, customer demographics, and financial performance based solely on the provided document.