Latest Ratios: P/E Ratio 24.5x · EV/EBITDA 17.0x · ROE 17.6%. (2001–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $3.7B | $4.2B | $3.4B | $2.8B | $2.2B | $2.1B | $1.3B | $1.1B | $1.6B | $1.1B |
| Enterprise Value | $4.3B | $3.5B | $3.9B | $3.1B | $2.6B | $2.0B | $1.9B | $1.1B | $936M | $1.5B | $985M |
| P/E Ratio → | 24.46 | 19.44 | 24.82 | 21.72 | 11.79 | 11.29 | 27.35 | 17.89 | 15.88 | 26.01 | 27.91 |
| P/S Ratio | 2.01 | 1.65 | 2.11 | 1.91 | 1.32 | 1.37 | 1.89 | 1.27 | 1.13 | 1.84 | 1.37 |
| P/B Ratio | 4.22 | 3.36 | 3.99 | 3.32 | 2.90 | 2.68 | 2.52 | 2.21 | 2.06 | 3.50 | 2.69 |
| P/FCF | 19.42 | 15.96 | 27.03 | 16.54 | 13.40 | 17.77 | 16.70 | 15.37 | 43.23 | 31.73 | 26.83 |
| P/OCF | 16.85 | 13.85 | 23.78 | 15.26 | 11.09 | 15.47 | 14.54 | 13.20 | 33.18 | 27.20 | 23.66 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.55 | 1.95 | 1.73 | 1.21 | 1.24 | 1.69 | 1.07 | 0.97 | 1.69 | 1.27 |
| EV / EBITDA | 17.01 | 13.82 | 18.78 | 15.75 | 8.30 | 9.42 | 19.73 | 12.48 | 10.54 | 18.92 | 16.29 |
| EV / EBIT | 18.73 | 15.22 | 18.59 | 15.49 | 8.45 | 9.46 | 19.22 | 11.98 | 10.39 | 17.75 | 16.50 |
| EV / FCF | — | 14.98 | 25.05 | 15.01 | 12.29 | 16.02 | 14.95 | 12.95 | 37.15 | 29.21 | 24.95 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.5% | 23.5% | 23.1% | 23.8% | 25.9% | 25.1% | 21.6% | 21.7% | 21.4% | 20.7% | 20.4% |
| Operating Margin | 10.2% | 10.2% | 9.4% | 10.0% | 13.8% | 12.4% | 8.0% | 8.0% | 8.7% | 8.5% | 7.3% |
| Net Profit Margin | 8.5% | 8.5% | 8.5% | 8.8% | 11.2% | 12.2% | 6.9% | 7.1% | 7.1% | 7.1% | 4.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.6% | 17.6% | 16.3% | 15.7% | 26.6% | 23.8% | 10.7% | 13.2% | 13.9% | 14.4% | 10.2% |
| ROA | 13.2% | 13.2% | 12.4% | 11.9% | 19.5% | 17.1% | 7.8% | 9.8% | 9.8% | 9.6% | 6.5% |
| ROIC | 21.0% | 21.0% | 19.4% | 18.4% | 32.8% | 24.8% | 13.2% | 16.5% | 17.9% | 17.0% | 13.4% |
| ROCE | 20.2% | 20.2% | 17.4% | 17.1% | 31.6% | 23.5% | 11.9% | 14.3% | 16.0% | 15.3% | 12.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.04 | 0.03 | 0.04 | 0.03 | 0.03 | 0.05 | 0.06 | 0.13 | 0.15 |
| Debt / EBITDA | 0.12 | 0.12 | 0.22 | 0.18 | 0.12 | 0.12 | 0.26 | 0.33 | 0.38 | 0.77 | 0.96 |
| Net Debt / Equity | — | -0.21 | -0.29 | -0.31 | -0.24 | -0.26 | -0.26 | -0.35 | -0.29 | -0.28 | -0.19 |
| Net Debt / EBITDA | -0.90 | -0.90 | -1.48 | -1.61 | -0.75 | -1.03 | -2.31 | -2.34 | -1.72 | -1.63 | -1.23 |
| Debt / FCF | — | -0.97 | -1.98 | -1.53 | -1.11 | -1.75 | -1.75 | -2.43 | -6.08 | -2.52 | -1.89 |
| Interest Coverage | 422.49 | 422.49 | 409.26 | 121.79 | 338.10 | 302.98 | 132.32 | 63.19 | 26.17 | 18.86 | 13.44 |
Net cash position: cash ($257M) exceeds total debt ($31M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.46 | 2.46 | 3.00 | 3.12 | 2.74 | 2.53 | 2.53 | 3.00 | 2.66 | 2.37 | 2.54 |
| Quick Ratio | 1.58 | 1.58 | 2.17 | 2.23 | 1.85 | 1.70 | 1.70 | 2.34 | 1.99 | 1.75 | 1.88 |
| Cash Ratio | 0.81 | 0.81 | 1.24 | 1.36 | 0.98 | 0.90 | 0.90 | 1.49 | 1.15 | 1.13 | 1.03 |
| Asset Turnover | — | 1.51 | 1.43 | 1.33 | 1.64 | 1.41 | 0.96 | 1.31 | 1.33 | 1.29 | 1.27 |
| Inventory Turnover | 5.81 | 5.81 | 6.13 | 5.67 | 6.03 | 4.99 | 3.56 | 7.32 | 6.51 | 6.33 | 6.56 |
| Days Sales Outstanding | — | 29.95 | 34.06 | 28.71 | 15.22 | 33.50 | 49.19 | 31.14 | 32.60 | 30.00 | 33.15 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 5.1% | 4.0% | 4.6% | 8.5% | 8.9% | 3.7% | 5.6% | 6.3% | 3.8% | 3.6% |
| FCF Yield | 5.1% | 6.3% | 3.7% | 6.0% | 7.5% | 5.6% | 6.0% | 6.5% | 2.3% | 3.2% | 3.7% |
| Buyback Yield | 3.5% | 4.3% | 3.5% | 3.2% | 3.6% | 2.7% | 2.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.5% | 4.3% | 3.5% | 3.2% | 3.6% | 2.7% | 2.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $8M | $8M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M |
Dealer inventory financing sensitivity
According to recent market data, Cavco trades at a forward P/E of 25.95, which suggests investors are pricing in the durability of its vertically integrated model despite a PEG ratio of 1.08 indicating that current growth expectations are relatively balanced against the company's historical earnings trajectory.
The current valuation premium relative to pure-play manufacturers appears to be a function of the company's high-margin financial services segment, which provides a buffer not found in traditional construction peers. Investors should monitor whether this multiple can be sustained if the housing market continues to normalize and the growth rate decelerates further.
As reported in financial statements, Cavco's ROIC has trended downward from 6.6% in 2025Q3 to 4.3% in 2026Q4, suggesting that the company is struggling to maintain its historical compounding efficiency as it integrates recent acquisitions and navigates a more challenging, price-sensitive residential construction environment.
The decline in ROIC warrants further investigation into whether the recent capital deployment into acquisitions is yielding the expected synergies or if the asset base is simply expanding faster than the incremental returns can justify. This trend suggests that management's conservative capital allocation may be masking a broader decay in operational efficiency.
Based on the provided figures, Cavco's cash conversion cycle has lengthened to 86 days in 2026Q4 from 65 days in 2025Q2, which indicates that the company is experiencing increased friction in its inventory turnover and receivables collection as the broader dealer network faces tighter credit conditions.
The expansion of the CCC suggests that the company's operational leverage is becoming more sensitive to the health of its independent dealer partners. If this trend persists, it may indicate that Cavco is effectively financing its dealers' inventory, which could lead to increased working capital requirements and reduced free cash flow conversion.
Analysis of peer data shows that while Cavco maintains a significantly lower debt-to-equity ratio of 0.03 compared to industry peers like Patrick Industries, its ROIC of 4.3% lags behind Skyline Champion's 17.6%, highlighting a structural trade-off between balance sheet safety and aggressive capital utilization.
The gap in ROIC suggests that Cavco's focus on vertical integration and financial services may be creating a more stable, albeit lower-growth, business profile than its manufacturing-focused competitors. Investors should consider whether this structural stability is worth the lower return on capital compared to the more aggressive, debt-leveraged peers in the sector.
The market frequently misapplies the P/B ratio to Cavco, failing to account for the fact that its financial services arm and chattel lending portfolio require different capital treatment than the tangible asset-heavy balance sheets of traditional site-built homebuilders, thereby obscuring the true underlying value of the business.
Using a standard P/B multiple ignores the high-margin, recurring revenue nature of the financial services segment, which acts as a stabilizer during cyclical downturns. Analysts should instead focus on a sum-of-the-parts valuation that separates the manufacturing operations from the financial services arm to better capture the company's unique risk-reward profile.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying CVCO stock.
Cavco Industries, Inc.'s current P/E ratio is 24.5x. The historical average is 30.1x. This places it at the 48th percentile of its historical range.
Cavco Industries, Inc.'s current EV/EBITDA is 17.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.1x.
Cavco Industries, Inc.'s return on equity (ROE) is 17.6%. The historical average is 6.9%.
Based on historical data, Cavco Industries, Inc. is trading at a P/E of 24.5x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cavco Industries, Inc. has 23.5% gross margin and 10.2% operating margin. Operating margin between 10-20% is typical for established companies.
Cavco Industries, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.