CAVCO INDUSTRIES, INC.CVCO

CAVCO INDUSTRIES, INC. Segments Disclosure

10-KFiled May 22, 20263 min read
Segment Information
We operate principally in two segments: (1) factory-built housing, which includes wholesale and retail factory-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance, and qualifies as other activity under the segment reporting guidance as it does not meet the quantitative thresholds to be reported separately. The factory-built housing segment generates revenue from building and selling manufactured and modular homes to both wholesale customers and end consumers through Company owned retail stores. The Financial services segment generates revenue through lending products for manufactured home purchasers, and through writing and holding insurance policies for manufactured homes. The Company's Chief Executive Officer is the chief operating decision maker ("CODM"). The CODM assesses segment performance and allocates resources, including reinvesting profits and making acquisitions, based on Gross profit and Income before income taxes. The CODM also uses these metrics in the budgeting process when determining how to allocate resources. The CODM is not provided asset information by reportable segment. The following tables provide selected financial data by segment (dollars in thousands):
Year Ended March 28, 2026
 Factory-built housingFinancial servicesConsolidated
Net revenue$2,157,356 $87,149 $2,244,505 
Cost of sales1,681,026 36,592 1,717,618 
Gross profit476,330 50,557 526,887 
Selling, general and administrative expenses271,081 27,237 298,318 
Income from operations205,249 23,320 228,569 
Interest income16,336 1 16,337 
Interest expense(541)— (541)
Other income, net334 1 335 
Income before income taxes221,380 23,320 244,700 
Income tax expense(49,693)(4,456)(54,149)
Net Income$171,687 $18,864 $190,551 
Year Ended March 28, 2026
Factory-built housingFinancial servicesConsolidated
Depreciation$20,859 $220 $21,079 
Amortization$1,938 $25 $1,963 
Capital expenditures$35,299 $107 $35,406 
Year Ended March 29, 2025
Factory-built housingFinancial servicesConsolidated
Net revenue$1,933,111 $82,347 $2,015,458 
Cost of sales1,491,314 58,553 1,549,867 
Gross profit441,797 23,794 465,591 
Selling, general and administrative expenses253,027 22,288 275,315 
Income from operations188,770 1,506 190,276 
Interest income21,089 — 21,089 
Interest expense(517)— (517)
Other income, net222 — 222 
Income before income taxes209,564 1,506 211,070 
Income tax expense(39,821)(213)(40,034)
Net Income$169,743 $1,293 $171,036 
Year Ended March 29, 2025
Factory-built housingFinancial servicesConsolidated
Depreciation$17,475 $254 $17,729 
Amortization$1,505 $25 $1,530 
Capital expenditures$21,336 $91 $21,427 
Year Ended March 30, 2024
Factory-built housingFinancial servicesConsolidated
Net revenue$1,716,607 $78,185 $1,794,792 
Cost of sales1,317,688 50,202 1,367,890 
Gross profit398,919 27,983 426,902 
Selling, general and administrative expenses226,267 21,653 247,920 
Income from operations172,652 6,330 178,982 
Interest income20,998 — 20,998 
Interest expense(1,649)— (1,649)
Other income, net813 36 849 
Income before income taxes192,814 6,366 199,180 
Income tax expense(39,749)(1,526)(41,275)
Net Income153,065 4,840 157,905 
Less: net income attributable to redeemable noncontrolling interest
88 — 88 
Comprehensive income attributable to Cavco common stockholders$152,977 $4,840 $157,817 
Year Ended March 30, 2024
Factory-built housingFinancial servicesConsolidated
Depreciation$16,754 $202 $16,956 
Amortization$1,544 $25 $1,569 
Capital expenditures$17,189 $232 $17,421 
 
 March 28,
2026		March 29,
2025
Total assets:
Factory-built housing$1,235,105 $1,191,216 
Financial services256,034 215,429 
Consolidated$1,491,139 $1,406,645 
Fiscal Year Ended
 March 28,
2026		March 29,
2025		March 30,
2024
Gross margin %:
Consolidated23.5 %23.1 %23.8 %
Factory-built housing22.1 %22.9 %23.2 %
Financial services58.0 %28.9 %35.8 %

Historical Timeline

Fiscal YearFiled
2026May 22, 2026Showing above
2025May 23, 2025
2024May 24, 2024
2023May 19, 2023
2022May 31, 2022
2021May 28, 2021
2020May 27, 2020
2019May 29, 2019
2017Jun 13, 2017
2016Jun 21, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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