Overview
Cavco Industries, Inc. is a Phoenix, Arizona-based factory-built housing company in the U.S. housing and building products sector. Formed in 2003 as the successor to Cavco entities operating since 1965, it designs and produces factory-built homes that are sold through independent and company-owned retailers, planned community operators, and residential developers. Cavco says it is one of the largest producers of manufactured homes in the United States by reported wholesale shipments, and it also produces park model RVs, vacation cabins, and factory-built commercial structures. The company also operates housing-related financial services through CountryPlace Acceptance Corp., which provides mortgage and home-only lending, and Standard Casualty, which provides property and casualty insurance primarily for manufactured-home owners.[1]
Its product portfolio is centered on HUD-code manufactured homes, with additional modular homes and commercial modular buildings such as apartments, condominiums, hotels, schools, workforce housing, and military housing. Cavco operates 31 homebuilding production lines, including 29 in the United States and two in Mexico, and distributes homes through independent outlets in 48 states and Canada as well as 80 company-owned U.S. retail stores, giving it a North American footprint that is concentrated in the U.S. market.[2][3]
Cavco describes its purpose as addressing affordable housing needs and “igniting opportunities” through the delivery of affordable housing, while emphasizing quality and energy-efficient homes. As a general indicator of scale, Cavco generated about $2.0 billion of net revenue in fiscal 2025 and employed approximately 7,000 full-time team members.
Products & services
Cavco Industries’ product portfolio centers on factory-built housing. Its core offerings include HUD-code manufactured homes; ANSI-standard park model RVs that are under 400 square feet and used mainly as vacation or seasonal dwellings; modular homes in single- and multi-section ranch, split-level, Cape Cod, and two- and three-story formats; and modular commercial structures such as apartment buildings, condominiums, hotels, workforce housing, schools, and military barracks. The company has also described itself as a producer of vacation cabins and markets homes under brands including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry, and Solitaire.[2][9]
Its homes are offered across a range from entry-level models to large custom homes, with in-house engineering and computer-aided design used to modify floor plans and support product development. Typical homes include one to five bedrooms and one or more bathrooms and come equipped with central heat and hot water systems, kitchen appliances, floor coverings, and window treatments. Available upgrades and options include fireplaces, central air conditioning, tile roofs, high ceilings, skylights, hardwood floors, custom cabinetry, granite countertops, and other structural, decorative, and energy-efficient customizations. Cavco also emphasizes energy-efficient envelopes, use of renewable materials, and designs that can incorporate alternative energy sources such as solar.[10][11][12][13]
Associated service offerings include transportation of completed homes by independent carriers or company-owned trucks, with installers handling site placement, utility connections, installation, and finish-out work. Cavco also provides a retail-buyer warranty that generally covers defects in materials or workmanship in the home structure, plumbing, and electrical systems for one year, while many cosmetic nonstructural components are generally covered for 120 days. Beyond the home itself, CountryPlace offers conforming and non-conforming mortgages and home-only loans, and Standard Casualty provides homeowner property and casualty insurance for the manufactured housing market.[14][15][16][17]
Factory-built housing is the company’s dominant offering financially: in FY2025 it generated $1.933 billion of net revenue, versus $82.3 million from financial services, meaning factory-built housing represented about 95.9% of consolidated net revenue and financial services about 4.1%.
Geographic presence
Cavco Industries is headquartered in Phoenix, Arizona, and its manufacturing footprint is positioned across the United States and Mexico.[1][19] As of fiscal 2025, it operated 31 homebuilding production lines in Oregon, California, Idaho, Arizona, New Mexico, Oklahoma, Texas, Mexico, Minnesota, Wisconsin, Indiana, Tennessee, Georgia, Pennsylvania, Virginia, North Carolina, and Florida.[20] Its manufacturing and marketing approach is regional, with a typical plant serving a cost-effective shipping radius of about 350 miles, and the company identifies Texas, California, Florida, Arizona, and Oregon as key areas of operating concentration.[21][22]
The company distributes homes through independent distribution points in 48 states and Canada and through 80 company-owned U.S. retail stores.[23] Those retail stores were located in Oregon, Arizona, Nevada, New Mexico, Texas, Indiana, Oklahoma, Florida, and New York, with 46 of the 80 stores in Texas.[24] Its independent distributor network was also geographically broad, with 9% in North Carolina, 8% in Arizona, 7% in Texas, 6% in South Carolina, 5% each in California, Florida, Georgia, and New York, and the remaining 50% spread across 40 other states and Canada.[24]
Cavco employed approximately 7,000 full-time team members, and individual manufacturing facilities typically employed about 80 to 260 people each.[8][25] In addition to its Phoenix home office, it had administrative or support office locations in New Braunfels, Texas, Plano, Texas, and Elkhart, Indiana.[26] Within financial services, its loan contracts were secured by homes in 26 states, with the largest concentrations in Texas, Florida, New Mexico, and Oklahoma, while its insurance subsidiary was based in Texas and primarily served Texas, Arizona, New Mexico, and Nevada.
Business segments
Cavco Industries reports two business segments: factory-built housing and financial services, although it notes that financial services qualifies as “other activity” under segment reporting guidance because it does not meet the quantitative thresholds for separate reportability [29]. The factory-built housing segment covers wholesale and retail factory-built housing operations and generates revenue from building and selling manufactured and modular homes to wholesale customers and end consumers through company-owned retail stores [29]. The financial services segment includes manufactured housing consumer finance and insurance, with revenue generated from lending products for manufactured-home purchasers and from writing and holding insurance policies for manufactured homes [29]. Within that segment, CountryPlace provides conforming and non-conforming mortgages and home-only loans, while Standard Casualty specializes in homeowner property and casualty insurance products for the manufactured housing industry [16][30].
By net revenue, Cavco is predominantly a factory-built housing business. In fiscal 2025, factory-built housing contributed about 95.9% of consolidated net revenue ($1.933 billion of $2.015 billion), while financial services contributed about 4.1% ($82.3 million) [18]. The mix was similar in fiscal 2024, at about 95.6% factory-built housing and 4.4% financial services, and in fiscal 2023, at about 96.6% and 3.4%, respectively [18][31].
Company history
Cavco Industries traces its roots to predecessor Cavco entities that were operating by 1965, while the present company was formed on June 30, 2003 as their successor corporation.[9] A major step in its expansion came in 2011, when a Cavco subsidiary was approved by the U.S. Bankruptcy Court as the successful bidder for Palm Harbor’s assets, with the purchase structured through a newly formed Fleetwood subsidiary.[32][33]
Cavco continued to grow through acquisitions in the following decade. In 2015, it acquired Fairmont Homes through its subsidiary FH Group, adding another established manufactured and modular housing business.[34] In September 2021, Cavco acquired certain manufactured-housing assets and assumed certain liabilities of Commodore.[35] It followed that with the acquisition of Solitaire Homes in January 2023, bringing another manufactured-home producer into the company.
Sources
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