Cavco Industries, Inc.

CVCO · Materials · $4.4B mkt cap · FY2026 filings · Narrow moat

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Narrow moat

The four filters

Pricing power36

Median gross margin 22.4% over 10y, stable.

Returns on capital100

Median ROIC 20.7%, above the 9% hurdle in 100% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 422x.

Capital discipline100

Owner earnings +19.6%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

109% above value

Owner earnings (normalized): $190.6M
Est. intrinsic value / share: $273.59
Recent price: $570.78
Discount to value: 109% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CVCO. See the disclaimer.