Cavco Industries (NASDAQ: CVCO) is a manufactured housing company that designs and builds factory-constructed homes at facilities across the United States and Mexico. Revenue comes from two primary segments: home manufacturing and sales through a wholesale distribution chain, and financial services including mortgage origination and property and casualty insurance. The manufacturing segment sells homes to independent distributors, community owners, and developers, while the financial services segment operates through mortgage subsidiary CountryPlace and insurance subsidiary Standard Casualty. Standard Casualty recognizes revenue from policy sales ratably over each policy term, and CountryPlace earns income from mortgage originations and loan servicing. Manufactured housing is a regional business, with each facility typically serving customers within a 350-mile shipping radius. The industry is highly competitive on price, product features, and financing terms, with competition coming from other manufactured housing producers as well as site-built homes, apartments, and condominiums. The fiscal year covered by the 10-K filed 2026-05-22 ended March 29, 2025.

Revenue model

Transactional home sales to wholesale distributors, community owners, and developers; mortgage origination and loan servicing fees through CountryPlace; property and casualty insurance premiums recognized ratably over policy terms through Standard Casualty; and commercial loan programs extended to distribution chain members.

Products and services

Factory-built manufactured homes ranging from entry-level models to large custom homes; mortgage origination and servicing for manufactured housing buyers (CountryPlace); property and casualty homeowner insurance primarily underwritten in Texas (Standard Casualty); commercial floor plan lending to distributors and community owners.

Customers and end markets

Independent manufactured housing distributors, land-lease community owners, developers, and individual home buyers. End markets include affordable and moderate-cost primary housing, planned neighborhoods, recreational and resort properties, and workforce accommodations for agriculture and industry.

Value-chain role

Vertically integrated manufacturer and financial services provider: designs and produces homes at factory facilities, distributes through wholesale channel, and supports end-buyer financing and insurance through captive subsidiaries.

Geographic exposure

Manufacturing facilities across the United States and in Mexico. Each facility primarily serves markets within a 350-mile shipping radius. Standard Casualty insurance operations are concentrated in Texas. Mexican operations expose the company to Mexican Peso exchange rate fluctuations.

Competitors

21st Mortgage Corporation (floor plan lending, named as primary wholesale financing source for distributors), Other manufactured housing producers (unnamed in filing), Independent manufactured housing retail operators, Site-built home builders, Apartment, townhouse, and condominium providers

Source: SEC 10-K, filed 2026-05-22

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