公司概述
Cavco Industries, Inc. engages in the design, production, and retail of factory-built homes, primarily serving the United States market, while also manufacturing park model RVs, vacation cabins, and factory-built commercial structures such as apartment buildings. The company operates within the Consumer Cyclical sector and specifically within the Residential Construction industry, positioning it as a key player in the housing supply chain that responds to cyclical economic demand. With a market capitalization of $4.06B and annual revenue of $2.20B, Cavco Industries demonstrates substantial scale as an industrial manufacturer. This valuation places the company among significant market participants, indicating a robust operational footprint supported by a workforce of 7000 employees who facilitate its diverse product lines across residential and commercial construction segments.
财务健康
Cavco Industries reported a trailing twelve-month revenue of $2.20B and a corresponding net income of $184.42M, resulting in an EBITDA of $251.74M. The substantial gap between the $2.20B revenue and the $184.42M net income reveals a cost structure where operating expenses, including cost of goods sold and administrative costs, consume approximately 91.6% of total revenue before interest and taxes. The company generated free cash flow of $111.74M, which signifies a strong ability to generate liquidity from its core operations without relying on external financing. On the balance sheet, Cavco holds $241.89M in cash against total debt of $41.57M, creating a net cash position that suggests a highly conservative and low-leverage financial stance. This liquidity is further supported by a debt-to-equity ratio of 3.82, which, while technically indicating leverage, must be viewed in the context of the company's significant cash reserves and asset base. Short-term liquidity is robust, evidenced by a current ratio of 2.48, indicating that the company possesses more than double the current assets required to cover its current liabilities. Management effectiveness is highlighted by a Return on Equity of 17.2% and a Return on Assets of 10.1%, demonstrating efficient capital deployment to generate shareholder value and asset utilization.
估值评估
The stock trades with a trailing P/E ratio of 22.57 and a forward P/E of 20.79, implying that the market expects earnings to increase in the coming year to bridge the gap between current and forward multiples. The price-to-book ratio stands at 3.72, indicating that the market values the company at a significant premium over its net asset book value, likely reflecting intangible assets or growth expectations inherent in the factory-built housing model. Alternative valuation metrics show a price-to-sales ratio of 1.84 and an EV/EBITDA of 15.22, suggesting the company is priced relative to its sales volume and operational earnings power rather than just historical profits. Regarding trading range, the 52-week high is $713.01 and the 52-week low is $393.53; without the specific current share price listed in the provided facts, the exact percentage deviation from these bounds cannot be calculated, but the range itself defines the volatility envelope for the security. The beta of 1.33 indicates that the stock's price volatility is expected to be 33% higher than the broader market, reflecting the cyclical nature of the residential construction sector and its sensitivity to economic fluctuations.
Growth & Income
Cavco Industries experienced a revenue growth rate of 11.3% year-over-year, contrasted with an earnings growth rate of -19.1%, indicating that earnings are currently declining at a significantly faster pace than sales expansion. This divergence suggests that while top-line demand remains strong, margin compression or one-time costs are impacting bottom-line profitability. As a non-dividend payer, the company reports a dividend yield of N/A and a payout ratio of 0.0%, meaning that management retains all earnings to reinvest into manufacturing capacity, acquisitions, or operational improvements rather than distributing cash to shareholders. The overall growth and income profile presents a scenario of top-line expansion coupled with earnings contraction and zero current income distribution, relying entirely on capital appreciation potential and operational efficiency improvements to drive value creation.