Cavco INDUSTRIES, Inc. (CVCO) intrinsic value & 10-year financials
Cavco INDUSTRIES, Inc. (CVCO) has a Graham intrinsic value of $796.51 per share. At $521.96 on Oct 17, 2026, the stock trades 34% below that value. Over the last 10 fiscal years revenue grew 12.6% a year to $2.2B, with an average return on invested capital of 22.4%.
- Graham intrinsic value
- $796.51
- Share price (Oct 17, 2026)
- $521.96
- Price vs Graham value
- 34% below
- Market cap
- $4.1B
- Revenue (FY2026)
- $2.2B
- Revenue growth (10-yr CAGR)
- 12.6%
- ROIC (10-yr avg)
- 22.4%
- Free cash flow (FY2026)
- $232.1M
CVCO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $2.2B | $190.6M | $23.98 | $232.1M | 10.2% | 22.4% |
| FY2025 | $2.0B | $171.0M | $20.71 | $157.1M | 9.4% | 22.0% |
| FY2024 | $1.8B | $157.8M | $18.37 | $207.3M | 10.0% | 20.2% |
| FY2023 | $2.1B | $240.6M | $26.95 | $211.6M | 13.8% | 35.4% |
| FY2022 | $1.6B | $197.7M | $21.34 | $125.6M | 12.4% | 38.9% |
| FY2021 | $1.1B | $76.6M | $8.25 | $88.5M | 8.0% | 18.6% |
| FY2020 | $1.1B | $75.1M | $8.10 | $87.4M | 8.0% | 18.1% |
| FY2019 | $962.7M | $68.6M | $7.40 | $25.2M | 8.7% | 18.9% |
| FY2018 | $871.2M | $61.5M | $6.68 | $50.4M | 8.5% | 17.8% |
| FY2017 | $773.8M | $38.0M | $4.17 | $39.5M | 7.3% | 12.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CAVCO INDUSTRIES, INC. is a consistent compounder, expanding top-line revenue at 12.6% annually over the past decade.
CAVCO INDUSTRIES, INC. has earned high returns on invested capital, averaging 22.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, CAVCO INDUSTRIES, INC. shows that management has aggressively returned capital to shareholders by retiring 12.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CAVCO INDUSTRIES, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $796.51 per share.