CAVCO INDUSTRIES, INC.

Cavco Industries, Inc.

Overview

• Delaware corporation that designs and produces factory-built homes and related structures.
• Operates through three primary business lines:
  • Factory-built housing: HUD-code manufactured homes, park model RVs, modular homes, and commercial modular buildings.
  • Financial services: CountryPlace Acceptance Corp., a mortgage lender and servicer.
  • Insurance: Standard Casualty Company, a homeowner property and casualty insurer.
• Distributes homes through a large network of independent distributors and company-owned retail stores across 48 states and Canada.
• Highly decentralized operations with corporate headquarters in Phoenix, Arizona, manufacturing facilities across the U.S., and two production lines in Mexico.

Key products and services

• Manufactured housing (HUD-code): Single- and multi-section homes, generally 500 to 3,300 sq ft (larger for some multi-story or custom homes). Customizable floor plans and energy-efficient options. Production in controlled factory environments to reduce cost and cycle time.
• Park model RVs: Under 400 sq ft, intended for vacation and seasonal living in planned communities and resorts.
• Modular homes and commercial modular buildings: Single- and multi-family residences, offices, hotels, workforce housing, schools, and military housing, produced in the same facilities as residential homes.
• CountryPlace financing: Originates and services conforming and non-conforming mortgages and home-only loans for Cavco homes and other buyers. Authorized to endorse FHA Title I/II mortgage insurance, GNMA issuance, and to sell/service for FNMA and FHLMC; approved servicer for VA and USDA programs.
• Standard Casualty insurance: Property and casualty coverage for manufactured homes, licensed in multiple states and supported by reinsurance arrangements.

Operational footprint and scale

• Employees: Approximately 7,700 full-time skilled team members.
• Production capacity:
  • 33 domestic homebuilding production lines and 2 international lines in Mexico (Ojinaga).
  • Facilities range from about 79,000 to 341,000 sq ft.
  • Typical production schedule: one shift per day, five days per week; roughly six production days to complete a home.
• Retail and facilities:
  • 92 company-owned retail stores in 13 states; 57 stores located in Texas.
  • Active manufacturing facilities in multiple states, including Oregon, California, Idaho, Arizona, New Mexico, Texas, Oklahoma, Minnesota, Wisconsin, Indiana, Tennessee, Georgia, Pennsylvania, Virginia, North Carolina, and Florida, plus two lines in Mexico.
  • Owned land and facilities include a New Braunfels, Texas site housing Standard Casualty; Goodyear, Arizona and Dorchester, Wisconsin plants are leased.

Distribution and customers

• Sales through independent distributors and company-owned stores.
• Factory-built home shipments: 20,842 units in fiscal 2026, 19,753 in 2025, and 16,928 in 2024.
• Independent distributors accounted for the majority of sales; no single distributor represented 10% or more of factory-built housing revenue for the three-year period ended 2026.
• Distributor concentration by state (approximate): 9% North Carolina, 9% Arizona, 7% South Carolina, 6% Georgia, 5% each in California, Florida, New York, and Texas; remaining 49% across 40 other states and Canada.

Backlog and orders

• Home order backlog at March 28, 2026: approximately $195 million in wholesale sales values (versus $197 million a year earlier).
• Backlog is subject to change prior to production start; distributors may cancel orders before production begins.

Financial services (CountryPlace)

• Provides fixed-rate, monthly-amortizing conforming and non-conforming mortgages and home-only loans.
• Most originated loans are sold to investors; CountryPlace also performs servicing for non-affiliates.
• Collateral is primarily factory-built homes located in 27 states, with largest concentrations in Texas, Florida, Oklahoma, and New Mexico.
• Wholesale floor-plan financing exposes the company to contingent repurchase obligations; maximum contingent repurchase exposure was about $141 million as of March 28, 2026.
• Financing activities include home-only lending programs and floor-plan financing to distributors and developers.

Insurance (Standard Casualty)

• Focuses on homeowner property and casualty insurance for manufactured homes.
• Licensed in multiple states, primarily Texas, Arizona, New Mexico, and Nevada.
• Uses reinsurance arrangements to provide capacity for larger risks; reinsurance ceded to one primary entity.
• Claims handling and underwriting are subject to state regulatory oversight.

Representative metrics

• Backlog: approximately $195 million (as of March 28, 2026)
• Employees: approximately 7,700
• Company-owned retail stores: 92 (57 in Texas)
• Home shipments (factory-built homes): 20,842 (2026), 19,753 (2025), 16,928 (2024)
• Production footprint: 33 domestic production lines + 2 lines in Mexico
• Facility size range: about 79,000 to 341,000 sq ft per facility
• Goodwill: 14% of total assets as of March 28, 2026; all goodwill attributable to the factory-built housing segment