On this page of StockholderLetter.com we present the latest annual shareholder letter from CAVCO INDUSTRIES INC. — ticker symbol CVCO. Reading current and past CVCO letters to shareholders can bring important insights into the investment thesis.

INVESTOR RELATIONS investor_relations@cavco.com The Company s filings with the Securities and Exchange Commission can be found in the SEC EDGAR database at www.sec.gov Transfer Agent & Registrar Computershare Investor Services 250 Royall Street Canton, MA 02021 Telephone: (888) 525-8755 www.computershare.com STOCK TRADING The Company s common stock is listed on the Nasdaq Global Select Market and is traded under the Symbol CVCO. BOARD OF DIRECTORS ABOUT CAVCO Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. Steven G. Bunger Chairman President & Chief Executive Officer, Pro Box Storage, Inc. David A. Greenblatt Retired Senior Vice President & Deputy General Counsel, Eagle Materials Inc. William C. Boor President & Chief Executive Officer, Cavco Industries, Inc. Richard A. Kerley Retired Senior Vice President & Chief Financial Officer, Peter Piper, Inc. Susan L. Blount Retired Executive Vice President & General Counsel, Prudential Financial Inc. Steven W. Moster Retired President & Chief Executive Officer, Viad Corp Julia W. Sze Impact Investment Strategy Julia W. Sze Consulting Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/ OFFICERS servicer and a Ginnie Mae mortgage-backed William C. Boor President & Chief Executive Officer Mark Fusler Corporate Controller & Director of Investor Relations Allison K. Aden Executive VP, Chief Financial Officer & Treasurer Colleen J. Rogers Senior VP, Marketing & Communications securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factor y-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes. Seth Schuknecht Executive VP, General Counsel, Corporate Secretary & Chief Compliance Officer Paul W. Bigbee Chief Accounting Officer 3636 North Central Avenue Phoenix, AZ 85012-1998 602.256.6263 / cavcohomes.com Todd Cantrill VP, Human Resources Anthony R. Crutcher Chief Information Officer Brian R. Cira President, Manufactured Housing Matthew A. Ni o President - Retail Regan Fackrell President, Standard Casualty Company Jack Brandom President, CountryPlace Mortgage
Dear Fellow Shareholders, FY 2025 provided an opportunity to demonstrate our company s ability to press forward in a strengthening, but uncertain period. Although interest rates remained considerably higher than a few years ago, they were more stable. That relative rate stability has increasingly enabled prospective homebuyers to nd a quality home within their budget. Correspondingly, we saw our orders improve modestly, but steadily, during the year. We have tremendous con dence in the ability of our operational teams to adjust quickly to market shifts. Consequently, despite increasing macro-economic uncertainty, we ramped production rates at the majority of our 31 facilities through the year, choosing to position for continued market improvement. Although industry demand has not rebounded to the highs of few years ago and we are not yet back to full capacity at all facilities, we shipped 19,753 units in FY 2025, setting a new company record. This record is the result of recent acquisitions, ongoing investments in our existing plants and our relentless focus on operating excellence across the enterprise. It also demonstrates the peak-to-peak growth that has been built into the system, but not yet fully realized. I am happy to report that, nancially, we delivered 12.3% revenue growth, 8.4% net income growth and 12.7% diluted earnings per share growth for FY 2025. Over the past 5 years, we have delivered a compound annual growth rate of 13.7%, 17.8% and 20.7% for revenue, net income and diluted earnings per share respectively. Since the Great Recession in 2008, Cavco has grown dramatically, primarily by acquiring some of the most iconic companies in our industry s history. Over that period, we joined forces with strong industry brands such as Fleetwood, Palm Harbor, Fairmont, Commodore and Solitaire, among others. While our acquired plants have historically continued to operate under their legacy company brands, this year we made the decision to unify all of our plants under the Cavco banner. This transformative step enables us to segment our homes into national product lines directly tied to their construction characteristics, rather than the legacy name of the plant that built them. This cohesive brand and product structure will help prospective homebuyers quickly and easily nd the Cavco home that best suits their needs, while also improving the leads supplied to our retail partners. This brand restructuring, coupled with our ongoing investment in digital marketing, is a signi cant step forward in our competitive positioning. Core to our operating philosophy is the idea that, despite operating in a cyclical industry, we must remain strategically steady, executing on our commitment to improve affordable housing. Aside from strategic discipline, the ability to focus on building the best company possible for the long-term is enabled by a strong balance sheet. In FY 2025 we remained debt-free with a $356 million cash balance at year-end, and we returned $150 million to our Shareholders through share repurchases. Since we began repurchasing shares in FY 2021, we have bought back 15.5% of our outstanding shares.
This year marks 60 years since Al Ghel founded Cavco, building pickup truck campers at a lumber yard in Phoenix. Today at Cavco we focus on how to build a great company that executes with excellence in the present while keeping our focus on the future. This approach not only provides long-term value to you, our Shareholders, but helps us directly address the dire need for affordable housing. On behalf of all 7,000 Cavco team members working hard to solve the affordable housing crisis with each new home we build, sell, fund and insure, I want to thank you, our owners, for your continued con dence and support. We consider you our partners in our important work, and we look forward to updating you on our progress in FY 2026. June 16, 2025
 • shareholder letter icon 6/17/2025 Letter Continued (Full PDF)
 • stockholder letter icon 6/15/2023 CVCO Stockholder Letter
 • stockholder letter icon 6/13/2024 CVCO Stockholder Letter
 • stockholder letter icon More "General Contractors & Builders" Category Stockholder Letters
 • Benford's Law Stocks icon CVCO Benford's Law Stock Score = 97


CVCO Shareholder/Stockholder Letter Transcript:


INVESTOR RELATIONS
investor_relations@cavco.com
The Company   s filings with the
Securities and Exchange Commission can be found in the
SEC EDGAR database at
www.sec.gov
Transfer Agent &
Registrar Computershare
Investor Services
250 Royall Street
Canton, MA 02021
Telephone: (888) 525-8755
www.computershare.com
STOCK TRADING
The Company   s common stock is listed on the Nasdaq
Global Select Market and is traded under the Symbol CVCO.
BOARD OF DIRECTORS
ABOUT CAVCO
Cavco Industries, Inc., headquartered in Phoenix,
Arizona, designs and produces factory-built housing
products primarily distributed through a network
of independent and Company-owned retailers. We
are one of the largest producers of manufactured
and modular homes in the United States, based
on reported wholesale shipments.
Steven G. Bunger
Chairman
President & Chief
Executive Officer,
Pro Box Storage, Inc.
David A. Greenblatt
Retired Senior Vice
President & Deputy
General Counsel,
Eagle Materials Inc.
William C. Boor
President & Chief
Executive Officer,
Cavco Industries, Inc.
Richard A. Kerley
Retired Senior Vice
President & Chief
Financial Officer,
Peter Piper, Inc.
Susan L. Blount
Retired Executive
Vice President &
General Counsel,
Prudential Financial Inc.
Steven W. Moster
Retired President & Chief
Executive Officer,
Viad Corp
Julia W. Sze
Impact Investment Strategy
Julia W. Sze Consulting
Cavco's finance subsidiary, CountryPlace Mortgage,
is an approved Fannie Mae and Freddie Mac seller/
OFFICERS
servicer and a Ginnie Mae mortgage-backed
William C. Boor
President & Chief
Executive Officer
Mark Fusler
Corporate Controller &
Director of Investor Relations
Allison K. Aden
Executive VP,
Chief Financial
Officer & Treasurer
Colleen J. Rogers
Senior VP, Marketing &
Communications
securities issuer that offers conforming mortgages,
non-conforming mortgages and home-only loans
to purchasers of factor y-built homes. Our
insurance subsidiary, Standard Casualty, provides
property and casualty insurance to owners of
manufactured homes.
Seth Schuknecht
Executive VP, General
Counsel, Corporate
Secretary & Chief
Compliance Officer
Paul W. Bigbee
Chief Accounting Officer
3636 North Central Avenue
Phoenix, AZ 85012-1998
602.256.6263 / cavcohomes.com
Todd Cantrill
VP, Human Resources
Anthony R. Crutcher
Chief Information Officer
Brian R. Cira
President, Manufactured
Housing
Matthew A. Ni  o
President - Retail
Regan Fackrell
President, Standard
Casualty Company
Jack Brandom
President, CountryPlace
Mortgage

Dear Fellow Shareholders,
FY 2025 provided an opportunity to demonstrate our company   s ability to press forward in a strengthening,
but uncertain period. Although interest rates remained considerably higher than a few years ago, they were
more stable. That relative rate stability has increasingly enabled prospective homebuyers to    nd a quality
home within their budget. Correspondingly, we saw our orders improve modestly, but steadily, during the
year. We have tremendous con   dence in the ability of our operational teams to adjust quickly to market
shifts. Consequently, despite increasing macro-economic uncertainty, we ramped production rates at the
majority of our 31 facilities through the year, choosing to position for continued market improvement.
Although industry demand has not rebounded to the highs of few years ago and we are not yet back to full
capacity at all facilities, we shipped 19,753 units in FY 2025, setting a new company record. This record is
the result of recent acquisitions, ongoing investments in our existing plants and our relentless focus on
operating excellence across the enterprise. It also demonstrates the peak-to-peak growth that has been
built into the system, but not yet fully realized.
I am happy to report that,    nancially, we delivered 12.3% revenue growth, 8.4% net income growth and
12.7% diluted earnings per share growth for FY 2025. Over the past 5 years, we have delivered a
compound annual growth rate of 13.7%, 17.8% and 20.7% for revenue, net income and diluted earnings
per share respectively.
Since the Great Recession in 2008, Cavco has grown dramatically, primarily by acquiring some of the most
iconic companies in our industry   s history. Over that period, we joined forces with strong industry brands
such as Fleetwood, Palm Harbor, Fairmont, Commodore and Solitaire, among others. While our acquired
plants have historically continued to operate under their legacy company brands, this year we made the
decision to unify all of our plants under the Cavco banner. This transformative step enables us to segment
our homes into national product lines directly tied to their construction characteristics, rather than the
legacy name of the plant that built them. This cohesive brand and product structure will help prospective
homebuyers quickly and easily    nd the Cavco home that best suits their needs, while also improving the
leads supplied to our retail partners. This brand restructuring, coupled with our ongoing investment in
digital marketing, is a signi   cant step forward in our competitive positioning.
Core to our operating philosophy is the idea that, despite operating in a cyclical industry, we must remain
strategically steady, executing on our commitment to improve affordable housing. Aside from strategic
discipline, the ability to focus on building the best company possible for the long-term is enabled by a
strong balance sheet. In FY 2025 we remained debt-free with a $356 million cash balance at year-end, and
we returned $150 million to our Shareholders through share repurchases. Since we began repurchasing
shares in FY 2021, we have bought back 15.5% of our outstanding shares.

This year marks 60 years since Al Ghel    founded Cavco, building pickup truck campers at a lumber yard in
Phoenix. Today at Cavco we focus on how to build a great company that executes with excellence in the
present while keeping our focus on the future. This approach not only provides long-term value to you, our
Shareholders, but helps us directly address the dire need for affordable housing.
On behalf of all 7,000 Cavco team members working hard to solve the affordable housing crisis with each
new home we build, sell, fund and insure, I want to thank you, our owners, for your continued con   dence
and support. We consider you our partners in our important work, and we look forward to updating you on
our progress in FY 2026.
June 16, 2025



shareholder letter icon 6/17/2025 Letter Continued (Full PDF)
 

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