CVCOCAVCO INDUSTRIES, INC.
Mobile Homes
- Revenue
- $2.2B
- 11% YoY
- Operating margin
- 10.2%
- 7.9% YoY
- EBITDA
- $252M
- 20% YoY
- Market cap
- $4.7B
- Employees
- 290
- $8M revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo140% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo60% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo13% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$8M per employeeBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$4.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.6B | $2.1B | $1.8B | $2.0B | $2.2B | 11% |
| Operating income | $202M | $297M | $179M | $190M | $229M | 20% |
| Net income | $198M | $241M | $158M | $171M | $191M | 12% |
| Operating cash flow | $144M | $256M | $225M | $178M | $267M | 50% |
| Capex | $19M | $44M | $17M | $21M | $35M | 65% |
| Stock-based comp | $5M | $6M | $7M | $9M | $13M | 47% |
| Buybacks | $60M | $103M | $109M | $149M | $160M | 7.5% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 6, 2022 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 4.0% | Passive |
| Nov 20, 2019 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 5.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $867K · 5
- Open-market sells, 12 mo
- $3M · 9
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $8M | $4M | 201 | 128 |
| FY2025 | $8M | $15M | 221 | 136 |
| FY2024 | $5M | $6M | 172 | 167 |
| FY2023 | $5M | $8M | 137 | 101 |
| FY2022 | $5M | $5M | 105 | 86 |