CAVCO INDUSTRIES, INC.

Cavco Industries, Inc. (NASDAQ: CVCO) is one of the largest producers of manufactured homes in the United States, headquartered in Phoenix, Arizona. The company designs and manufactures factory-built homes distributed through a network of independent retailers, company-owned stores, planned community operators, and residential developers across 48 states and Canada. Cavco operates 33 homebuilding production lines, with 31 located throughout the United States and two in Mexico, employing between 100 and 290 workers per facility. The company maintains 92 company-owned retail stores, with 57 located in Texas, and serves customers through a diversified distribution network.

The company operates through two primary business segments: factory-built housing and financial services. The factory-built housing segment manufactures HUD code-compliant manufactured homes, park model recreational vehicles, vacation cabins, and factory-built commercial structures. Homes are constructed using an assembly-line process designed for flexibility to accommodate customer customizations, with typical production cycles of approximately six days. The financial services segment operates through two subsidiaries: CountryPlace Acceptance Corp., which originates and services conforming and non-conforming mortgages and home-only loans for factory-built home purchasers, and Standard Casualty Company, which provides property and casualty insurance primarily to manufactured home owners in Texas, Arizona, New Mexico, and Nevada.

In fiscal year 2026, Cavco sold 20,842 factory-built homes, with a wholesale order backlog of approximately $195 million. The company's target demographics include entry-level and move-up home buyers, persons aged 55 and older, and manufactured housing community owners. Cavco competes with more than 30 other manufacturers, including larger competitors such as Clayton Homes and Champion Corporation, as well as alternative housing options including site-built homes and apartments.

The company emphasizes energy efficiency and environmental responsibility in its manufacturing processes, utilizing renewable materials and designing homes with upgraded insulation and lower utility costs. Cavco's decentralized operational structure enables local market adaptation while maintaining accountability for financial and operational performance. CountryPlace holds approvals from Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Housing Administration, Veterans Affairs, and the Department of Agriculture, positioning the company as a comprehensive provider of affordable housing solutions.