Cavco Industries
Market Cap
US$1.9b
Last Updated
2020/01/20 23:53 UTC
Data Sources
Company Financials +
Executive Summary
Cavco Industries, Inc. designs, produces, and retails manufactured homes primarily in the United States.
Rewards
Risk Analysis
No risks detected for CVCO from our risk checks.
Snowflake Analysis
Excellent balance sheet with questionable track record.
Similar Companies
Share Price & News
How has Cavco Industries's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: CVCO has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
3.9%
CVCO
4.0%
US Consumer Durables
1.7%
US Market
1 Year Return
42.8%
CVCO
36.9%
US Consumer Durables
23.6%
US Market
Return vs Industry: CVCO exceeded the US Consumer Durables industry which returned 33.1% over the past year.
Return vs Market: CVCO exceeded the US Market which returned 24.7% over the past year.
Shareholder returns
| CVCO | Industry | Market | |
|---|---|---|---|
| 7 Day | 3.9% | 4.0% | 1.7% |
| 30 Day | 8.8% | 4.5% | 3.5% |
| 90 Day | 7.6% | 5.1% | 11.7% |
| 1 Year | 42.8%42.8% | 38.9%36.9% | 26.2%23.6% |
| 3 Year | 123.7%123.7% | 35.3%29.1% | 53.2%43.3% |
| 5 Year | 192.7%192.7% | 42.9%33.2% | 75.5%56.1% |
Price Volatility Vs. Market
How volatile is Cavco Industries's share price compared to the market and industry in the last 5 years?
Simply Wall St News
6 days ago | Simply Wall St
Calculating The Fair Value Of Cavco Industries, Inc. (NASDAQ:CVCO)2 weeks ago | Simply Wall St
Cavco Industries, Inc. (NASDAQ:CVCO) Earns Among The Best Returns In Its Industry1 month ago | Simply Wall St
The Cavco Industries (NASDAQ:CVCO) Share Price Has Gained 145%, So Why Not Pay It Some Attention?Valuation
Is Cavco Industries undervalued compared to its fair value and its price relative to the market?
10.9%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: CVCO ($207.33) is trading below our estimate of fair value ($240.7)
Significantly Below Fair Value: CVCO is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: CVCO is poor value based on its PE Ratio (25x) compared to the Consumer Durables industry average (13.7x).
PE vs Market: CVCO is poor value based on its PE Ratio (25x) compared to the US market (18.9x).
Price to Earnings Growth Ratio
PEG Ratio: CVCO is poor value based on its PEG Ratio (2.6x)
Price to Book Ratio
PB vs Industry: CVCO is overvalued based on its PB Ratio (3.3x) compared to the US Consumer Durables industry average (1.4x).
Next Steps
Future Growth
How is Cavco Industries forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
9.6%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: CVCO's forecast earnings growth (9.6% per year) is above the savings rate (1.7%).
Earnings vs Market: CVCO's earnings (9.6% per year) are forecast to grow slower than the US market (14.3% per year).
High Growth Earnings: CVCO's earnings are forecast to grow, but not significantly.
Revenue vs Market: CVCO's revenue (8.7% per year) is forecast to grow faster than the US market (7.5% per year).
High Growth Revenue: CVCO's revenue (8.7% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if CVCO's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Cavco Industries performed over the past 5 years?
28.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: CVCO has high quality earnings.
Growing Profit Margin: CVCO's current net profit margins (7.5%) are lower than last year (8.3%).
Past Earnings Growth Analysis
Earnings Trend: CVCO's earnings have grown significantly by 28.2% per year over the past 5 years.
Accelerating Growth: CVCO's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: CVCO had negative earnings growth (-4.1%) over the past year, making it difficult to compare to the Consumer Durables industry average (-1.5%).
Return on Equity
High ROE: CVCO's Return on Equity (13.2%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Cavco Industries's financial position?
Financial Position Analysis
Short Term Liabilities: CVCO's short term assets ($486.6M) exceed its short term liabilities ($169.7M).
Long Term Liabilities: CVCO's short term assets ($486.6M) exceed its long term liabilities ($31.1M).
Debt to Equity History and Analysis
Debt Level: CVCO's debt to equity ratio (2.7%) is considered satisfactory.
Reducing Debt: CVCO's debt to equity ratio has reduced from 22.2% to 2.7% over the past 5 years.
Debt Coverage: CVCO's debt is well covered by operating cash flow (385.9%).
Interest Coverage: Insufficient data to determine if CVCO's interest payments on its debt are well covered by EBIT.
Balance Sheet
Inventory Level: CVCO has a high level of physical assets or inventory.
Debt Coverage by Assets: CVCO's debt is covered by short term assets (assets are 32x debt).
Next Steps
Dividend
What is Cavco Industries's current dividend yield, its reliability and sustainability?
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: Unable to evaluate CVCO's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.
High Dividend: Unable to evaluate CVCO's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.
Stability and Growth of Payments
Stable Dividend: Insufficient data to determine if CVCO's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if CVCO's dividend payments have been increasing.
Current Payout to Shareholders
Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: No need to calculate the sustainability of CVCO's dividend in 3 years as they are not forecast to pay a notable one for the US market.
Next Steps
Management
What is the CEO of Cavco Industries's salary, the management and board of directors tenure and is there insider trading?
1.0yrs
Average management tenure
CEO
Bill Boor (53yo)
0.8yrs
Tenure
US$407,520
Compensation
Mr. William C. Boor, also known as Bill, has been the Chief Executive Officer of Great Lakes Brewing Company since September 2015. From December 2014 to September 2015, Mr. Boor was Principal of MIB Holdin ...
Management Age and Tenure
1.0yrs
Average Tenure
59yo
Average Age
Experienced Management: CVCO's management team is not considered experienced ( 1 years average tenure), which suggests a new team.
Board Age and Tenure
1.0yrs
Average Tenure
58yo
Average Age
Experienced Board: CVCO's board of directors are not considered experienced ( 1 years average tenure), which suggests a new board.
Insider Trading
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
| Entity | Company |
| Shares | 50 |
| Max Price | US$196.40 |
| Entity | Company |
| Shares | 4,800 |
| Max Price | US$206.36 |
| Entity | Company |
| Shares | 555 |
| Max Price | US$193.12 |
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Management Team
Larry Keener (69yo)
President of Palm Harbor Villages Inc
- Compensation: US$892.59k
Steven Like (62yo)
Senior VP of Administration
- Compensation: US$373.49k
Bill Boor (53yo)
President
- Tenure: 0.8yrs
- Compensation: US$407.52k
Charles Lott (71yo)
President of Fleetwood Homes Inc
- Tenure: 10.4yrs
- Compensation: US$872.58k
Dan Urness (51yo)
Executive VP
- Tenure: 0.8yrs
- Compensation: US$979.68k
Mick Dragash (49yo)
Executive VP
- Tenure: 1yrs
Gavin Ryan (59yo)
President of Standard Casualty Company
- Tenure: 1yrs
Joshua Barsetti (39yo)
Chief Accounting Officer
- Tenure: 1.4yrs
- Compensation: US$417.98k
Lyle Zeller (63yo)
President of CountryPlace Mortgage
- Tenure: 1yrs
Simone Reynolds
Senior VP & Chief Human Resources Officer
- Tenure: 0.2yrs
Board Members
Steve Bunger (58yo)
Non-Executive Chairman of the Board
- Tenure: 0.8yrs
- Compensation: US$307.45k
Bill Boor (53yo)
President
- Tenure: 0.8yrs
- Compensation: US$407.52k
David Greenblatt (58yo)
Independent Director
- Tenure: 11.3yrs
- Compensation: US$362.06k
Susan Blount (61yo)
Independent Director
- Tenure: 1yrs
- Compensation: US$463.00k
Rich Kerley (69yo)
Independent Director
- Tenure: 0.9yrs
- Compensation: US$475.50k
Julia Sze (52yo)
Independent Director
- Tenure: 0.7yrs
Company Information
Cavco Industries, Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Cavco Industries, Inc.
- Ticker: CVCO
- Exchange: NasdaqGS
- Founded: 1965
- Industry: Homebuilding
- Sector: Consumer Durables
- Market Cap: US$1.946b
- Shares outstanding: 9.13m
- Website: https://www.cavco.com
Number of Employees
Location
- Cavco Industries, Inc.
- 3636 North Central Avenue
- Suite 1200
- Phoenix
- Arizona
- 85012
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| CVCO | NasdaqGS (Nasdaq Global Select) | Yes | Common Stock | US | USD | Jun 2003 |
Biography
Cavco Industries, Inc. designs, produces, and retails manufactured homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its manufactured homes under the Cavco, Fleetwood, Palm Harbor, Fairmont, Friendship, Chariot Eagle, and Lexington brands. It also builds park model RVs; vacation cabins; and systems-built commercial structures, including apartment buildings, condominiums, hotels, workforce housing, schools, and housing for the United States military troops. In addition, the company produces modular homes, such as single and multi-module ranch, split-level, and Cape Cod style homes, as well as two and three story homes and multi-family units primarily under the Nationwide Homes brand. Further, it provides conforming mortgages, non-conforming mortgages, and home-only loans to purchasers of various brands of factory-built homes sold by company-owned retail sales centers, as well as various independent distributors, builders, communities, and developers. Additionally, the company offers property and casualty insurance to owners of manufactured homes. As of March 30, 2019, it operated 38 retail centers in Oregon, Arizona, New Mexico, Texas, Oklahoma, and Florida, Texas. The company also distributes its homes through a network of independent distribution points in 44 states and Canada; and through planned community operators and residential developers. Cavco Industries, Inc. was founded in 1965 and is headquartered in Phoenix, Arizona.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/01/20 23:53 |
| End of Day Share Price | 2020/01/17 00:00 |
| Earnings | 2019/09/28 |
| Annual Earnings | 2019/03/30 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.