Cavco Industries, Inc. (CVCO) Cash Flow Statement
Where CVCO’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $267.5M +49.9% vs FY2025
- Capital expenditures
- $35.4M 1.6% of revenue
- Free cash flow
- $232.1M 10.3% margin
- Returned to shareholders
- $159.9M 69% of free cash flow
- Change in cash
- −$117.7M cash at year-end $257.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CVCO operating cash flow, capex and free cash flow
CVCO cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $44.8MFY2017 | $267.5MFY2026 | +22.0%/yr | |
| Capital expenditures | $5.3MFY2017 | $35.4MFY2026 | +23.5%/yr | |
| Free cash flow | $39.5MFY2017 | $232.1MFY2026 | +21.7%/yr | |
| Free cash flow margin | 5.1%FY2017 | 10.3%FY2026 | +5.2 pts | |
| Operating cash flow / net income | 1.18FY2017 | 1.40FY2026 | +0.22 | |
| Stock-based compensation | $2.1MFY2017 | $12.8MFY2026 | +22.1%/yr | |
| Dividends paid | $0FY2017 | $3.7MFY2023 | — | |
| Share buybacks (net) | $1.4MFY2017 | $159.9MFY2026 | +69.4%/yr | |
| Capex / revenue | 0.7%FY2017 | 1.6%FY2026 | +0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CVCO cash flow by activity
CVCO net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CVCO cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $190.6M | $171.0M | $157.8M | $240.6M | $197.7M | $197.7M | $75.1M | $68.6M | $61.5M | $38.0M |
| Depreciation & amortization | $23.0M | $19.3M | $18.5M | $16.9M | $11.0M | $6.3M | $5.8M | $4.7M | $4.0M | $3.7M |
| Stock-based compensation | $12.8M | $8.7M | $6.8M | $6.3M | $5.1M | $5.1M | $3.9M | $3.4M | $2.3M | $2.1M |
| Change in working capital | $37.6M | −$146.4M | $55.6M | −$1.2M | −$84.7M | −$318.0M | $18.0M | −$47.5M | $4.7M | $11.3M |
| Other non-cash items | $3.5M | $125.9M | −$14.0M | −$6.9M | $15.1M | $253.1M | −$1.0M | $3.7M | −$13.8M | −$10.3M |
| Cash from operating activities | $267.5M | $178.5M | $224.7M | $255.7M | $144.2M | $144.2M | $101.7M | $32.8M | $58.8M | $44.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$35.4M | −$21.4M | −$17.4M | −$44.1M | −$18.7M | −$18.7M | −$14.3M | −$7.6M | −$8.4M | −$5.3M |
| Investments (net) | −$14.4M | −$24.0M | −$31.7M | $18.6M | −$349,000 | $1.9M | −$1.5M | $1.7M | $4.9M | −$1.9M |
| Acquisitions & other investing | −$172.6M | $21.4M | $17.4M | −$103.8M | −$140.1M | −$142.4M | −$9.4M | $125,000 | −$1.2M | $145,000 |
| Cash from investing activities | −$222.4M | −$24.0M | −$31.7M | −$129.3M | −$159.1M | −$159.1M | −$25.2M | −$5.8M | −$4.7M | −$7.1M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$3.7M | −$4.2M | −$2.8M | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$159.9M | −$148.7M | −$109.3M | −$103.4M | −$59.6M | −$59.6M | −$1.1M | −$114,000 | −$915,000 | −$1.4M |
| Net borrowing (repayment) | −$295,000 | −$311,000 | −$488,000 | −$641,000 | −$9.3M | −$2.7M | −$19.7M | −$26.3M | $1.0M | −$4.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$2.6M | $1.0M | $2.1M | $5.6M | $7.9M | $45,000 | $0 | $0 | $0 | $2.4M |
| Cash from financing activities | −$162.8M | −$147.9M | −$107.7M | −$102.2M | −$65.1M | −$65.1M | −$20.8M | −$26.4M | $124,000 | −$3.0M |
| Summary | ||||||||||
| Net change in cash | −$117.7M | $6.6M | $85.3M | $24.2M | −$80.0M | −$80.0M | $55.7M | $611,000 | $54.2M | $34.8M |
| Cash at end of period | $257.6M | $375.3M | $368.8M | $283.5M | $259.3M | $259.3M | $255.6M | $199.9M | $186.8M | $132.5M |
| Free cash flow | $232.1M | $157.1M | $207.3M | $211.6M | $125.6M | $125.6M | $87.4M | $25.2M | $50.4M | $39.5M |
| Free cash flow margin | 10.3% | 7.8% | 11.5% | 9.9% | 7.7% | 11.3% | 8.2% | 2.6% | 5.8% | 5.1% |
| Capex / revenue | 1.6% | 1.1% | 1.0% | 2.1% | 1.1% | 1.7% | 1.4% | 0.8% | 1.0% | 0.7% |
| Operating cash flow / net income | 1.40 | 1.04 | 1.42 | 1.06 | 0.73 | 0.73 | 1.36 | 0.48 | 0.96 | 1.18 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $42.3M | $42.5M | $44.1M | $52.4M | $51.6M | $36.3M | $56.5M | $43.8M | $34.4M | $33.9M | $36.0M | $41.6M |
| Depreciation & amortization | $6.7M | $6.4M | $6.2M | $5.3M | $5.2M | $5.0M | $4.8M | $4.8M | $4.8M | $4.7M | $4.6M | $4.7M |
| Stock-based compensation | $4.1M | $2.5M | $3.2M | $3.5M | $3.6M | $2.0M | $1.7M | $2.7M | $2.2M | $2.1M | $1.7M | $1.6M |
| Change in working capital | $10.0M | $17.2M | $14.0M | −$50.5M | −$52.4M | −$8.5M | −$24.0M | −$6.4M | $6.4M | −$16.9M | $4.9M | −$6.5M |
| Other non-cash items | $11.4M | −$1.2M | −$1.3M | $67.8M | $47.6M | $3.8M | −$1.2M | $9.8M | −$356,000 | −$5.1M | −$1.3M | $36.7M |
| Cash from operating activities | $74.5M | $67.4M | $66.1M | $78.5M | $55.5M | $38.6M | $37.8M | $54.7M | $47.4M | $18.6M | $45.9M | $77.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$25.5M | −$8.0M | −$8.5M | −$9.7M | −$9.1M | −$6.1M | −$5.4M | −$4.9M | −$5.0M | −$4.2M | −$4.8M | −$4.3M |
| Investments (net) | — | −$13.2M | $113,000 | −$12.4M | −$7.7M | −$10.0M | −$2.9M | −$5.7M | −$5.3M | −$5.2M | −$20.1M | −$8.5M |
| Acquisitions & other investing | −$2.0M | −$1.3M | −$171.3M | $9.7M | $9.1M | $6.1M | $5.4M | $4.9M | $5.0M | $4.2M | $4.8M | $4.3M |
| Cash from investing activities | −$27.5M | −$22.6M | −$179.7M | −$12.4M | −$7.7M | −$10.0M | −$2.9M | −$5.7M | −$5.3M | −$5.2M | −$20.1M | −$8.5M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$759,000 |
| Share repurchases & issuance (net) | −$30.0M | −$30.0M | −$43.8M | −$36.1M | −$50.0M | −$34.2M | −$42.2M | −$42.8M | −$29.5M | −$12.5M | −$55.9M | −$40.9M |
| Net borrowing (repayment) | — | −$111,000 | −$82,000 | −$53,000 | −$49,000 | −$50,000 | −$84,000 | −$126,000 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$8.4M | $461,000 | −$17,000 | $1.6M | −$4.7M | $2.3M | −$167,000 | $1.2M | −$2.4M | $1.3M | $1.7M | $920,000 |
| Cash from financing activities | −$38.4M | −$29.6M | −$43.9M | −$34.5M | −$54.7M | −$31.9M | −$42.4M | −$41.7M | −$31.9M | −$11.3M | −$54.2M | −$40.8M |
| Summary | ||||||||||||
| Net change in cash | $8.6M | $15.1M | −$157.5M | $31.5M | −$6.9M | −$3.3M | −$7.6M | $7.3M | $10.2M | $2.1M | −$28.4M | $28.6M |
| Cash at end of period | $266.2M | $257.6M | $242.5M | $400.0M | $368.4M | $375.3M | $378.6M | $386.2M | $378.4M | $368.2M | $366.6M | $395.0M |
| Free cash flow | $49.0M | $59.3M | $57.6M | $68.7M | $46.4M | $32.5M | $32.3M | $49.8M | $42.4M | $14.4M | $41.1M | $73.6M |
| Free cash flow margin | 8.0% | 10.8% | 9.9% | 12.4% | 8.3% | 6.4% | 6.2% | 9.8% | 8.9% | 3.4% | 9.2% | 16.3% |
| Capex / revenue | 4.2% | 1.5% | 1.5% | 1.7% | 1.6% | 1.2% | 1.0% | 1.0% | 1.0% | 1.0% | 1.1% | 0.9% |
| Operating cash flow / net income | 1.76 | 1.59 | 1.50 | 1.50 | 1.08 | 1.06 | 0.67 | 1.25 | 1.38 | 0.55 | 1.28 | 1.87 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CVCO cash generation
In fiscal 2026 (ended March 31, 2026), Cavco Industries generated $267.5 million of cash from operations (up 49.9%) and spent $35.4 million on capital expenditures, leaving free cash flow of $232.1 million, 10.3% of revenue. It returned $159.9 million to shareholders through dividends ($0) and net share buybacks ($159.9 million). Cash and equivalents fell by $117.7 million over the year.
Related: CVCO income statement, CVCO balance sheet. See the CVCO stock overview for the latest quote and news.
CVCO cash flow FAQ
What is Cavco Industries's free cash flow?
Cavco Industries's free cash flow was $232.1 million in fiscal 2026: $267.5 million of operating cash flow minus $35.4 million of capital expenditures It was $157.1 million a year earlier..
How much cash does Cavco Industries generate from operations?
Cavco Industries generated $267.5 million of cash from operating activities in fiscal 2026, 1.40 times its net income of $190.6 million.
How much does Cavco Industries spend on capital expenditures?
Cavco Industries spent $35.4 million on capital expenditures in fiscal 2026, 1.6% of revenue, compared with $21.4 million the year before.
How much stock does Cavco Industries buy back?
Cavco Industries spent $159.9 million on net share repurchases in fiscal 2026.