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Here are 1-3 brief analogies for Cavco Industries (CVCO):

• Think of them like D.R. Horton or Lennar, but specializing in factory-built manufactured and modular homes.
• They are essentially the Ford of factory-built homes, emphasizing scaled production for accessible housing.
• Imagine an IKEA, but instead of furniture, they build entire factory-made houses.

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• Manufactured Homes and Modular Homes: Factory-built housing solutions constructed in controlled environments for various residential applications.
• Financial Services: Provides home loan origination, servicing, and property insurance primarily to purchasers of their manufactured and modular homes.
• Park Model RVs: Recreational park trailers designed for long-term placement at RV sites, often resembling small cottages.

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Cavco Industries (CVCO) primarily sells its manufactured homes and other factory-built products to other companies rather than directly to individuals. While Cavco does operate some company-owned retail stores for direct sales, the significant portion of its distribution is through a network of business customers.

Cavco's public filings, such as its annual 10-K report, generally do not disclose any single major customer company that accounts for 10% or more of its net revenue. This indicates a diversified customer base across numerous entities. Therefore, specific names of major public customer companies with their stock symbols cannot be identified.

Instead, Cavco's customer base consists of the following categories of businesses:

• Independent Manufactured Home Retailers/Dealerships: These businesses purchase homes from Cavco's manufacturing plants to then sell to individual consumers. This is a broad network of primarily regional and local businesses.
• Manufactured Home Community Owners and Developers: These companies acquire homes in bulk from Cavco to place within their manufactured housing communities, which they then either sell or rent to residents.
• Government Agencies and Commercial Clients: For specialized modular buildings, which can include facilities for schools, offices, or other commercial and public uses.

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William C. Boor President and Chief Executive Officer

Mr. Boor was appointed President and CEO of Cavco Industries in April 2019, having previously served as the non-executive Chairman of the Board. He initially joined Cavco's Board of Directors as an independent member in July 2008. Before becoming CEO of Cavco, he served as CEO of Great Lakes Brewing Company starting in September 2015. His extensive career includes executive positions at Cliffs Natural Resources, Inc. from 2007 to 2014, where he held roles such as Executive Vice President for Corporate Development, Chief Strategy & Risk Officer, and President of Ferroalloys. Mr. Boor also held leadership roles at American Gypsum, Weyerhaeuser Co., and Procter & Gamble Co. Notably, while serving as Vice President of Corporate Development at Centex Corporation, he was involved in Cavco's strategy and its subsequent spinoff in 2003, when Cavco was a Centex subsidiary.

Allison K. Aden Executive Vice President, Chief Financial Officer & Treasurer

Ms. Aden became Executive Vice President and Chief Financial Officer of Cavco Industries on August 30, 2021, and also holds the title of Treasurer. In this role, she oversees Cavco's financial reporting, accounting, tax, treasury, information technology, and finance-related operations. Prior to joining Cavco, she was the Executive Vice President and Chief Financial Officer of Diversified Technologies from July 2018 to August 2021. Before that, from 2015 to 2018, she served as Executive Vice President and Chief Financial Officer of Schweitzer-Mauduit International (NYSE: SWM). Her background also includes financial management positions at Americold Logistics, Recall Corporation, LNR Property Corporation, PRG-Schultz International, Hewlett-Packard, and McKesson Corporation. Ms. Aden has experience in both public and private equity-owned multinational companies.

Seth Schuknecht Executive Vice President, General Counsel, Corporate Secretary & Chief Compliance Officer

Steven K. Like Senior Vice President, Corporate Development

Paul Bigbee Chief Accounting Officer

Mr. Bigbee has served as Cavco Industries' Chief Accounting Officer since June 2020. Before his tenure at Cavco, he was the Vice President, Financial Audit for Caesars Entertainment Corporation from 2018 to 2019. He also held various roles of increasing responsibility at Starwood Hotels & Resorts Worldwide, Inc. from 2006 to 2018, including Controller, Global Sales & Marketing; Global Internal Audit Leader; Corporate Audit/Timeshare; and Senior Director, Financial Reporting and Development Support. Earlier in his career, Mr. Bigbee spent 15 years as a Senior Manager in the Audit practice at Price Waterhouse Coopers, where he primarily worked with public companies in the hospitality and gaming industries. From 2017 to May 2021, he was an Executive Board Member and Finance Chair at PASS Foundation.

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Key Risks to Cavco Industries (CVCO)

1. Cyclical Industry and Financing Availability: Cavco operates within the manufactured housing industry, which is highly cyclical and sensitive to broader macroeconomic conditions. Fluctuations in interest rates significantly impact consumer financing options and demand for manufactured homes, as a large percentage of these homes are purchased as personal property with fewer federal loan programs available. Higher interest rates lead to increased denial rates for buyers, directly affecting sales volume and revenue. For instance, higher interest rates in 2023 caused a decline in U.S. manufactured housing industry shipments, creating headwinds for Cavco.
2. Operational Risks: The company is exposed to operational challenges such as labor shortages, increased transportation costs, and volatility in the availability and pricing of raw materials. These factors can lead to higher production costs and potential delays in manufacturing and delivery, impacting profitability and efficiency.
3. Regulatory and Legal Risks: Cavco is subject to extensive regulations governing the production and sale of manufactured housing, including various state, federal, and foreign laws, as well as local zoning ordinances that can limit placement of manufactured homes. Additionally, the company has faced antitrust concerns and litigation risks, including a past SEC subpoena and ongoing shareholder litigation, which can affect share value and attract investor attention. Workplace safety violations, such as those cited by OSHA regarding fall protection and other hazards, also present regulatory and financial risks.

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The emergence of 3D printing technology for residential construction presents a clear emerging threat. Companies like ICON, Mighty Buildings, and SQ4D are demonstrating the ability to construct homes with significantly reduced labor, faster build times, and potentially lower material waste. While still in early stages of widespread adoption, the technology is moving beyond pilot projects to larger-scale developments and partnerships, directly challenging the cost-efficiency and speed advantages that manufactured housing traditionally offers.

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The addressable markets for Cavco Industries' main products are as follows:

Manufactured Homes

• The United States manufactured homes market was valued at approximately $25.91 billion in 2024 and is projected to reach about $43.43 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 5.30%.
• Another estimate places the U.S. manufactured homes market size at $13.74 billion in 2025, with an expectation to grow to $18.92 billion by 2030, at a CAGR of 6.61%.
• The Manufactured Home Wholesaling industry in the United States is valued at $45.3 billion in 2025.

Modular Homes

• The U.S. modular construction market reached $20.3 billion in 2024 and is forecast to grow to $25.4 billion by 2029, with a CAGR of 4.5%.
• Other data indicates the U.S. modular construction market size was an estimated $11.38 billion in 2023 and is expected to reach approximately $24.15 billion by 2033, demonstrating a CAGR of 7.82% from 2024 to 2033.

Park Model RVs

• The global Park Model RVs market was valued at about $1.88 billion in 2024 and is projected to increase to $2.01 billion in 2025, reaching $3.44 billion by 2033, with a projected CAGR of 6.94% from 2025 to 2033. North America holds the largest share, at 44% of this market.
• Another estimate indicates the global park model RV market was valued at approximately $800 million in 2023, with a projection to reach about $1.1 billion by 2028 at a CAGR of 6%.

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Here are 3-5 expected drivers of future revenue growth for Cavco Industries (CVCO) over the next 2-3 years:

1. Increased Production and Homes Sold: Cavco Industries has demonstrated robust growth in its factory-built housing segment, with a significant increase in homes sold and improved factory utilization. The company reported a 28.5% increase in homes sold in Q4 2025 and factory utilization reaching 70-75%, up from 60% in the prior year. Q1 2026 also saw a 14.7% increase in homes sold and utilization around 75%. The company signals a continued production ramp, indicating sustained growth in the volume of homes delivered.
2. Strategic Acquisitions and Expanded Market Presence: The successful acquisition of American Homestar is a key driver, adding two manufacturing plants and 20 retail stores to Cavco's portfolio. This strategic move is expected to enhance future performance by expanding operational scale and retail presence, particularly benefiting from strong performance in the Northern U.S..
3. Shift Towards Higher-Value Multi-Section Homes and Price Increases: Cavco anticipates continued revenue growth driven by increased average selling prices, partly due to a strategic shift towards multi-section homes. Although Q4 2025 saw a temporary decline in average revenue per home due to more single-wides, Q1 2026 reported a 1.9% increase in average revenue per home, attributed to product pricing increases and a higher proportion of multi-wide homes in the mix.
4. Growth and Turnaround in Financial Services Segment: The financial services segment has shown a significant turnaround, moving from a loss to profitability and experiencing increased revenue. For instance, Q1 2026 saw financial services net revenue up 8.2% from the prior year. This segment contributes to improving recurring revenues and supports long-term net margin growth.
5. Strong Demand in the Affordable Housing Market: Cavco is well-positioned in the affordable housing sector, which continues to experience strong demand. Analysts highlight rising demand for affordable housing and the easing of zoning restrictions in response to affordability issues as significant long-term tailwinds providing opportunities for growth.

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Share Repurchases

• Cavco Industries repurchased approximately $150 million in shares during the fiscal year ended March 29, 2025.
• The company completed a $50 million buyback tranche in the first fiscal quarter ended June 28, 2025, and approximately $36 million in the second fiscal quarter ended September 27, 2025.
• As of October 2024 and May 2025, the Board of Directors authorized additional stock repurchase programs of $100 million and $150 million, respectively. Approximately $142 million remained available for repurchases under previously announced Board authorizations as of the second fiscal quarter ended September 27, 2025.

Outbound Investments

• Cavco Industries completed the acquisition of American Homestar Corporation and its subsidiaries for $190 million, finalized on September 29, 2025.
• This acquisition was funded entirely with cash on hand and expanded Cavco's manufacturing facilities and retail presence across Texas, Louisiana, and Oklahoma.
• The acquisition is expected to be accretive to earnings and cash flow from operations.

Capital Expenditures

• Capital expenditures for the fiscal year ended March 30, 2024, were $21.336 million.
• For the first fiscal quarter ended June 28, 2025, capital expenditures were $9.009 million, and for the second fiscal quarter ended September 27, 2025, they were $9.861 million.
• Cavco Industries' ongoing capital expenditures are focused on plant modernization and digital marketing to support continued growth.