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Cavco Industries

Nasdaq:CVCO
Snowflake Description

Excellent balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CVCO
Nasdaq
$1B
Market Cap
  1. Home
  2. US
  3. Consumer Durables
Company description

Cavco Industries, Inc. designs, produces, and retails manufactured homes primarily in the United States. The last earnings update was 63 days ago. More info.


Add to Portfolio Compare Print
  • Cavco Industries has significant price volatility in the past 3 months.
CVCO Share Price and Events
7 Day Returns
-21%
NasdaqGS:CVCO
-7.3%
US Consumer Durables
-1.1%
US Market
1 Year Returns
-8.8%
NasdaqGS:CVCO
-25.9%
US Consumer Durables
-13.6%
US Market
CVCO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cavco Industries (CVCO) -21% -45.9% -41.1% -8.8% 0.7% 62.8%
US Consumer Durables -7.3% -36.5% -37.8% -25.9% -29.2% -27%
US Market -1.1% -17.8% -22.5% -13.6% 4.9% 16.3%
1 Year Return vs Industry and Market
  • CVCO outperformed the Consumer Durables industry which returned -25.9% over the past year.
  • CVCO outperformed the Market in United States of America which returned -13.6% over the past year.
Price Volatility
CVCO
Industry
5yr Volatility vs Market

Value

 Is Cavco Industries undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cavco Industries to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cavco Industries.

NasdaqGS:CVCO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:CVCO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Consumer Durables Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.731 (1 + (1- 21%) (2.57%))
0.83
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (0.83 * 5.44%)
6.25%

Discounted Cash Flow Calculation for NasdaqGS:CVCO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cavco Industries is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NasdaqGS:CVCO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.25%)
2020 71.10 Analyst x1 66.91
2021 83.40 Analyst x1 73.87
2022 87.72 Est @ 5.18% 73.12
2023 91.36 Est @ 4.15% 71.68
2024 94.49 Est @ 3.43% 69.77
2025 97.25 Est @ 2.92% 67.58
2026 99.75 Est @ 2.57% 65.23
2027 102.06 Est @ 2.32% 62.82
2028 104.25 Est @ 2.14% 60.39
2029 106.36 Est @ 2.02% 57.98
Present value of next 10 years cash flows $669.00
NasdaqGS:CVCO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $106.36 × (1 + 1.74%) ÷ (6.25% – 1.74%)
$2,396.77
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,396.77 ÷ (1 + 6.25%)10
$1,306.59
NasdaqGS:CVCO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $669.00 + $1,306.59
$1,975.59
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,975.59 / 9.14
$216.09
NasdaqGS:CVCO Discount to Share Price
Calculation Result
Value per share (USD) From above. $216.09
Current discount Discount to share price of $117.35
= -1 x ($117.35 - $216.09) / $216.09
45.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Cavco Industries is available for.
Intrinsic value
46%
Share price is $117.35 vs Future cash flow value of $216.09
Current Discount Checks
For Cavco Industries to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cavco Industries's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cavco Industries's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cavco Industries's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cavco Industries's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:CVCO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-28) in USD $9.11
NasdaqGS:CVCO Share Price ** NasdaqGS (2020-04-02) in USD $117.35
United States of America Consumer Durables Industry PE Ratio Median Figure of 44 Publicly-Listed Consumer Durables Companies 7.21x
United States of America Market PE Ratio Median Figure of 2,943 Publicly-Listed Companies 12.9x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cavco Industries.

NasdaqGS:CVCO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:CVCO Share Price ÷ EPS (both in USD)

= 117.35 ÷ 9.11

12.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cavco Industries is overvalued based on earnings compared to the US Consumer Durables industry average.
  • Cavco Industries is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Cavco Industries's expected growth come at a high price?
Raw Data
NasdaqGS:CVCO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-5.8%per year
United States of America Consumer Durables Industry PEG Ratio Median Figure of 34 Publicly-Listed Consumer Durables Companies 0.62x
United States of America Market PEG Ratio Median Figure of 2,006 Publicly-Listed Companies 0.95x

*Line of best fit is calculated by linear regression .

NasdaqGS:CVCO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.88x ÷ -5.8%

-2.21x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cavco Industries earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cavco Industries's assets?
Raw Data
NasdaqGS:CVCO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-28) in USD $65.12
NasdaqGS:CVCO Share Price * NasdaqGS (2020-04-02) in USD $117.35
United States of America Consumer Durables Industry PB Ratio Median Figure of 69 Publicly-Listed Consumer Durables Companies 0.78x
United States of America Market PB Ratio Median Figure of 5,140 Publicly-Listed Companies 1.25x
NasdaqGS:CVCO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:CVCO Share Price ÷ Book Value per Share (both in USD)

= 117.35 ÷ 65.12

1.8x

* Primary Listing of Cavco Industries.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cavco Industries is overvalued based on assets compared to the US Consumer Durables industry average.
X
Value checks
We assess Cavco Industries's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Durables industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Durables industry average (and greater than 0)? (1 check)
  5. Cavco Industries has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Cavco Industries expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-5.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cavco Industries expected to grow at an attractive rate?
  • Cavco Industries's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.7%.
Growth vs Market Checks
  • Cavco Industries's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Cavco Industries's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:CVCO Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:CVCO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -5.8%
NasdaqGS:CVCO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -1.1%
United States of America Consumer Durables Industry Earnings Growth Rate Market Cap Weighted Average 8%
United States of America Consumer Durables Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 12.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:CVCO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:CVCO Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 1,040 74 1
2021-03-31 1,020 89 71 2
2020-04-03
2020-03-31 1,057 78 80 2
NasdaqGS:CVCO Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-28 1,048 85 83
2019-09-28 1,008 59 76
2019-06-29 980 52 70
2019-03-30 963 33 69
2018-12-29 964 62 71
2018-09-29 952 68 79
2018-06-30 911 55 69
2018-03-31 871 59 62
2017-12-30 827 30 50
2017-09-30 808 31 41
2017-07-01 795 38 44
2017-04-01 774 46 38
2016-12-31 753 37 34

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cavco Industries's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Cavco Industries's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:CVCO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Cavco Industries Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CVCO Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 8.00 8.00 8.00 1.00
2021-03-31 7.69 9.77 5.60 2.00
2020-04-03
2020-03-31 8.63 8.75 8.50 2.00
NasdaqGS:CVCO Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-28 9.11
2019-09-28 8.30
2019-06-29 7.72
2019-03-30 7.56
2018-12-29 7.81
2018-09-29 8.71
2018-06-30 7.69
2018-03-31 6.82
2017-12-30 5.58
2017-09-30 4.57
2017-07-01 4.92
2017-04-01 4.23
2016-12-31 3.80

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Cavco Industries will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cavco Industries's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cavco Industries has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Cavco Industries performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cavco Industries's growth in the last year to its industry (Consumer Durables).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cavco Industries has delivered over 20% year on year earnings growth in the past 5 years.
  • Cavco Industries's 1-year earnings growth is less than its 5-year average (17.2% vs 27.9%)
  • Cavco Industries's earnings growth has exceeded the US Consumer Durables industry average in the past year (17.2% vs 10%).
Earnings and Revenue History
Cavco Industries's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cavco Industries Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CVCO Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-28 1,047.55 83.04 121.69
2019-09-28 1,007.53 75.52 116.46
2019-06-29 980.39 70.21 110.80
2019-03-30 962.75 68.62 105.10
2018-12-29 964.16 70.79 101.90
2018-09-29 951.85 78.83 97.35
2018-06-30 910.82 69.44 93.81
2018-03-31 871.24 61.50 91.06
2017-12-30 826.70 50.25 88.38
2017-09-30 807.63 41.11 88.23
2017-07-01 795.47 44.27 87.44
2017-04-01 773.80 37.96 101.23
2016-12-31 753.09 34.06 85.92
2016-10-01 732.21 29.87 84.08
2016-07-02 735.83 28.60 85.41
2016-04-02 712.35 28.54 83.34
2015-12-26 676.31 27.51 79.33
2015-09-26 641.81 26.05 77.58
2015-06-27 589.16 23.44 73.49
2015-03-28 566.66 23.82 73.17
2014-12-27 556.62 22.07 77.16
2014-09-27 548.01 21.33 80.70
2014-06-28 538.52 20.17 83.94
2014-03-29 533.34 16.24 74.48
2013-12-28 510.96 13.42 85.49
2013-09-28 487.25 8.99 83.78
2013-06-29 467.51 5.93 81.82

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Cavco Industries has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cavco Industries used its assets more efficiently than the US Consumer Durables industry average last year based on Return on Assets.
  • Cavco Industries has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cavco Industries's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Durables industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cavco Industries has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Cavco Industries's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cavco Industries's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cavco Industries is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cavco Industries's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Cavco Industries's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 33.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cavco Industries Company Filings, last reported 3 months ago.

NasdaqGS:CVCO Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-28 595.26 14.97 230.83
2019-09-28 573.00 15.19 203.85
2019-06-29 550.34 33.29 213.05
2019-03-30 529.59 34.14 199.99
2018-12-29 509.07 54.62 203.43
2018-09-29 494.75 56.13 208.95
2018-06-30 475.69 58.12 191.76
2018-03-31 457.11 59.81 198.63
2017-12-30 435.57 57.29 153.48
2017-09-30 412.97 59.02 150.97
2017-07-01 404.41 57.59 141.90
2017-04-01 394.41 57.99 143.83
2016-12-31 383.98 57.75 131.91
2016-10-01 370.97 58.01 125.81
2016-07-02 358.64 59.47 111.91
2016-04-02 353.23 61.17 107.91
2015-12-26 344.18 62.48 103.51
2015-09-26 335.11 63.52 100.86
2015-06-27 325.70 65.52 78.61
2015-03-28 320.15 66.96 103.70
2014-12-27 313.77 67.62 101.16
2014-09-27 306.20 68.11 90.20
2014-06-28 296.88 68.93 82.60
2014-03-29 290.43 70.05 81.24
2013-12-28 285.52 72.84 66.89
2013-09-28 279.29 75.50 67.37
2013-06-29 273.80 79.11 67.78
  • Cavco Industries's level of debt (2.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (21.5% vs 2.5% today).
  • Debt is well covered by operating cash flow (566.6%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Cavco Industries's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Cavco Industries's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cavco Industries has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Cavco Industries's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Cavco Industries dividends.
If you bought $2,000 of Cavco Industries shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Cavco Industries's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Cavco Industries's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:CVCO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America Consumer Durables Industry Average Dividend Yield Market Cap Weighted Average of 20 Stocks 3.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1943 Stocks 3.1%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2%
United States of America Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:CVCO Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-03-31
2021-03-31
2020-04-03
2020-03-31

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Cavco Industries has not reported any payouts.
  • Unable to verify if Cavco Industries's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Cavco Industries's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Cavco Industries has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Cavco Industries's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cavco Industries afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cavco Industries has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Cavco Industries's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bill Boor
COMPENSATION $407,520
AGE 53
TENURE AS CEO 1 years
CEO Bio

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 Holding Co LLC. From 2007 to 2014, Mr. Boor served in various executive positions with Cliffs Natural Resources, Inc. Mr. Boor served as Chief Strategy/Risk Officer and Executive Vice President of Corporate Development and Government Affairs at Cliffs Natural Resources Inc. since February 2014. Mr. Boor joined Cliffs in May 2007 and has held key leadership positions within Cliffs Natural Resources. He served as Senior Vice President of Strategy & Business Development at Cliffs Natural Resources Inc. from July 2013 to February 2014. He served as a Senior Vice President of Global Ferroalloys at Cliffs Natural Resources Inc., from January 2011 to July 2013. He served as a Senior Vice President and President of Ferroalloys at Cliffs Natural Resources Inc. from May 20, 2010 to January 2011. He served as Senior Vice President of Business Development at Cliffs Natural Resources Inc., since May 21, 2007 until May 20, 2010. He served as an Executive Vice President of Strategy and Development of American Gypsum Company, a subsidiary of Eagle Materials Inc. from February 15, 2005 to April 30, 2007. He served as Senior Vice President of Corporate Development and Investor Relations of Eagle Materials Inc. from May 1, 2002 to February 14, 2005. From 2001 to 2002 he served as Vice President of Corporate Development at Centex Corporation. He served as a Senior Vice President of Marketing and Strategic Planning of Eagle Materials Inc. He held key leadership roles at Weyerhaeuser Co. and Procter & Gamble Co. He has been a Director of Cavco Industries, Inc. since July 2008 and He served as a Chairman at Cavco Industries Inc. since November 8, 2018 until April 2, 2019. He serves as a Chief Executive Officer since April 15, 2019 at Cavco Industries Inc and also serves as President. He is a Chartered Financial Analyst and holds a B.S. in Chemical Engineering from Pennsylvania State University and an MBA from Harvard Business School. Mr. Boor worked on the Cavco strategy and its eventual spin-off in 2003.

CEO Compensation
  • Bill's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Bill's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Cavco Industries management team in years:

1.1
Average Tenure
59
Average Age
  • The average tenure for the Cavco Industries management team is less than 2 years, this suggests a new team.
Management Team

Bill Boor

TITLE
President
COMPENSATION
$408K
AGE
53
TENURE
1 yrs

Dan Urness

TITLE
Executive VP
COMPENSATION
$980K
AGE
51
TENURE
1 yrs

Steven Like

TITLE
Senior VP of Administration
COMPENSATION
$373K
AGE
62

Charles Lott

TITLE
President of Fleetwood Homes Inc
COMPENSATION
$873K
AGE
71
TENURE
10.7 yrs

Mark Fusler

TITLE
Director of Financial Reporting & Investor Relations

Mick Dragash

TITLE
Executive VP
AGE
49
TENURE
1.3 yrs

Simone Reynolds

TITLE
Senior VP & Chief Human Resources Officer
TENURE
0.4 yrs

Matt Niño

TITLE
President of Retail
TENURE
0.1 yrs

Gavin Ryan

TITLE
President of Standard Casualty Company
AGE
59
TENURE
1.3 yrs

Lyle Zeller

TITLE
President of CountryPlace Mortgage
AGE
63
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Cavco Industries board of directors in years:

1.2
Average Tenure
58
Average Age
  • The average tenure for the Cavco Industries board of directors is less than 3 years, this suggests a new board.
Board of Directors

Steve Bunger

TITLE
Non-Executive Chairman of the Board
COMPENSATION
$307K
AGE
58
TENURE
1 yrs

Bill Boor

TITLE
President
COMPENSATION
$408K
AGE
53
TENURE
11.8 yrs

David Greenblatt

TITLE
Independent Director
COMPENSATION
$362K
AGE
58
TENURE
11.5 yrs

Susan Blount

TITLE
Independent Director
COMPENSATION
$463K
AGE
61
TENURE
1.3 yrs

Rich Kerley

TITLE
Independent Director
COMPENSATION
$476K
AGE
69
TENURE
1.2 yrs

Steve Moster

TITLE
Independent Director
AGE
49
TENURE
0.3 yrs

Julia Sze

TITLE
Independent Director
AGE
52
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
20. Nov 19 Sell Associated Capital Group Inc, Asset Management Arm Company 26. Sep 19 29. Oct 19 -50 $196.40 $-9,651
20. Nov 19 Sell Teton Advisors, Inc Company 19. Nov 19 19. Nov 19 -555 $193.12 $-107,180
20. Nov 19 Sell GAMCO Investors, Inc. Company 24. Sep 19 19. Nov 19 -4,800 $206.36 $-799,350
X
Management checks
We assess Cavco Industries's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cavco Industries has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Cavco Industries, Inc. (NASDAQ:CVCO) Can Impact Your Portfolio Volatility

This is above 1, so historically its share price has been influenced by the broader volatility of the stock market. … If this beta value holds true in the future, Cavco Industries shares are likely to rise more than the market when the market is going up, but fall faster when the market is going down. … What this means for you: Since Cavco Industries tends to moves up when the market is going up, and down when it's going down, potential investors may wish to reflect on the overall market, when considering the stock.

Simply Wall St -

Here's What Cavco Industries, Inc.'s (NASDAQ:CVCO) P/E Is Telling Us

We'll look at Cavco Industries, Inc.'s (NASDAQ:CVCO) P/E ratio and reflect on what it tells us about the company's share price. … Check out our latest analysis for Cavco Industries How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Cavco Industries: P/E of 24 = $185.31 ÷ $7.72 (Based on the year to June 2019.) Is A High Price-to-Earnings Ratio Good?

Simply Wall St -

Cavco Industries (NASDAQ:CVCO) Could Easily Take On More Debt

NasdaqGS:CVCO Historical Debt, July 22nd 2019 A Look At Cavco Industries's Liabilities According to the last reported balance sheet, Cavco Industries had liabilities of US$174.0m due within 12 months, and liabilities of US$21.6m due beyond 12 months. … Cavco Industries may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. … Summing up While it is always sensible to investigate a company's debt, in this case Cavco Industries has US$165m in net cash and a decent-looking balance sheet.

Simply Wall St -

Have Insiders Been Selling Cavco Industries, Inc. (NASDAQ:CVCO) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Cavco Industries, Inc. … See our latest analysis for Cavco Industries The Last 12 Months Of Insider Transactions At Cavco Industries Over the last year, we can see that the biggest insider sale was by the , Joseph Stegmayer, for US$2.8m worth of shares, at about US$240 per share. … What Might The Insider Transactions At Cavco Industries Tell Us?

Simply Wall St -

Is It Time To Consider Buying Cavco Industries, Inc. (NASDAQ:CVCO)?

See our latest analysis for Cavco Industries Is Cavco Industries still cheap? … Given that Cavco Industries’s share is fairly volatile (i.e. its price movements are magnified relative to the rest of the market) this could mean the price can sink lower, giving us another chance to buy in the future. … If you believe CVCO should trade below its current price, selling high and buying it back up again when its price falls towards its real value can be profitable.

Simply Wall St -

Is Now The Time To Look At Buying Cavco Industries, Inc. (NASDAQ:CVCO)?

Since Cavco Industries’s share price is quite volatile, this could mean it can sink lower (or rise even further) in the future, giving us another chance to invest. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. … If you are no longer interested in Cavco Industries, you can use our free platform to see my list of over 50 other stocks with a high growth potential.

Simply Wall St -

Cavco Industries, Inc. (NASDAQ:CVCO) Is Employing Capital Very Effectively

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Cavco Industries: 0.15 = US$81m ÷ (US$725m - US$174m) (Based on the trailing twelve months to March 2019.) Therefore, Cavco Industries has an ROCE of 15%. … Do Cavco Industries's Current Liabilities Skew Its ROCE? … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Introducing Cavco Industries (NASDAQ:CVCO), A Stock That Climbed 89% In The Last Five Years

See our latest analysis for Cavco Industries In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. … Over half a decade, Cavco Industries managed to grow its earnings per share at 31% a year. … A Different Perspective Investors in Cavco Industries had a tough year, with a total loss of 34%, against a market gain of about 0.1%.

Simply Wall St -

How Does Cavco Industries, Inc. (NASDAQ:CVCO) Affect Your Portfolio Volatility?

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … Beta is worth considering, but it's also important to consider whether Cavco Industries is growing earnings and revenue. … What this means for you: Since Cavco Industries has a reasonably high beta, it's worth considering why it is so heavily influenced by broader market sentiment.

Simply Wall St -

Don't Sell Cavco Industries, Inc. (NASDAQ:CVCO) Before You Read This

See our latest analysis for Cavco Industries How Do I Calculate A Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Cavco Industries: P/E of 15.55 = $121.42 ÷ $7.81 (Based on the year to December 2018.) Is A High Price-to-Earnings Ratio Good? … NasdaqGS:CVCO Price Estimation Relative to Market, May 13th 2019 Its P/E ratio suggests that Cavco Industries shareholders think that in the future it will perform about the same as other companies in its industry classification.

Simply Wall St -

Company Info

Description

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.

Details
Name: Cavco Industries, Inc.
CVCO
Exchange: NasdaqGS
Founded: 1965
$1,072,846,675
9,142,281
Website: http://www.cavco.com
Address: Cavco Industries, Inc.
3636 North Central Avenue,
Suite 1200,
Phoenix,
Arizona, 85012,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS CVCO Common Stock Nasdaq Global Select US USD 25. Jun 2003
Number of employees
Current staff
Staff numbers
4,650
Cavco Industries employees.
Industry
Homebuilding
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 02:58
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2020/01/31
Last earnings reported: 2019/12/28
Last annual earnings reported: 2019/03/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.