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Side-by-side financial comparison of CAVCO INDUSTRIES, INC. (CVCO) and M/I HOMES, INC. (MHO). Click either name above to swap in a different company.
M/I HOMES, INC. is the larger business by last-quarter revenue ($1.1B vs $581.0M, roughly 2.0× CAVCO INDUSTRIES, INC.). CAVCO INDUSTRIES, INC. runs the higher net margin — 7.6% vs 5.6%, a 2.0% gap on every dollar of revenue. On growth, CAVCO INDUSTRIES, INC. posted the faster year-over-year revenue change (11.3% vs -4.8%). CAVCO INDUSTRIES, INC. produced more free cash flow last quarter ($57.6M vs $-13.0M). Over the past eight quarters, CAVCO INDUSTRIES, INC.'s revenue compounded faster (17.6% CAGR vs 4.7%).
Cavco Industries, Inc. is an American company that manufactures modular homes, Recreational vehicle (RVs), vacation cabins, and manufactured homes. The company operates through a network of manufacturing facilities and retail locations across the United States. Cavco is Headquartered in Phoenix, Arizona.
M/I Homes, Inc. is a leading U.S. residential construction company that designs, builds and sells single-family homes, townhomes and duplexes across multiple U.S. states. It caters to entry-level, move-up and luxury homebuyers, offering energy-efficient designs, flexible floor plans and personalized customization options.
CVCO vs MHO — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $581.0M | $1.1B |
| Net Profit | $44.1M | $64.0M |
| Gross Margin | 23.4% | 17.4% |
| Operating Margin | 9.4% | 6.5% |
| Net Margin | 7.6% | 5.6% |
| Revenue YoY | 11.3% | -4.8% |
| Net Profit YoY | -22.0% | -52.1% |
| EPS (diluted) | $5.58 | $2.42 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $581.0M | $1.1B | ||
| Q3 25 | $556.5M | $1.1B | ||
| Q2 25 | $556.9M | $1.2B | ||
| Q1 25 | $508.4M | $976.1M | ||
| Q4 24 | $522.0M | $1.2B | ||
| Q3 24 | $507.5M | $1.1B | ||
| Q2 24 | $477.6M | $1.1B | ||
| Q1 24 | $420.1M | $1.0B |
| Q4 25 | $44.1M | $64.0M | ||
| Q3 25 | $52.4M | $106.5M | ||
| Q2 25 | $51.6M | $121.2M | ||
| Q1 25 | $36.3M | $111.2M | ||
| Q4 24 | $56.5M | $133.5M | ||
| Q3 24 | $43.8M | $145.4M | ||
| Q2 24 | $34.4M | $146.7M | ||
| Q1 24 | $33.9M | $138.1M |
| Q4 25 | 23.4% | 17.4% | ||
| Q3 25 | 24.2% | 24.5% | ||
| Q2 25 | 23.3% | 24.7% | ||
| Q1 25 | 22.8% | 25.9% | ||
| Q4 24 | 24.9% | 24.6% | ||
| Q3 24 | 22.9% | 27.1% | ||
| Q2 24 | 21.7% | 27.9% | ||
| Q1 24 | 23.6% | 27.1% |
| Q4 25 | 9.4% | 6.5% | ||
| Q3 25 | 11.2% | 12.0% | ||
| Q2 25 | 10.8% | 13.4% | ||
| Q1 25 | 7.6% | 14.4% | ||
| Q4 24 | 12.3% | 13.6% | ||
| Q3 24 | 9.7% | 15.9% | ||
| Q2 24 | 8.1% | 16.8% | ||
| Q1 24 | 8.9% | 16.6% |
| Q4 25 | 7.6% | 5.6% | ||
| Q3 25 | 9.4% | 9.4% | ||
| Q2 25 | 9.3% | 10.4% | ||
| Q1 25 | 7.1% | 11.4% | ||
| Q4 24 | 10.8% | 11.1% | ||
| Q3 24 | 8.6% | 12.7% | ||
| Q2 24 | 7.2% | 13.2% | ||
| Q1 24 | 8.1% | 13.2% |
| Q4 25 | $5.58 | $2.42 | ||
| Q3 25 | $6.55 | $3.92 | ||
| Q2 25 | $6.42 | $4.42 | ||
| Q1 25 | $4.42 | $3.98 | ||
| Q4 24 | $6.90 | $4.71 | ||
| Q3 24 | $5.28 | $5.10 | ||
| Q2 24 | $4.11 | $5.12 | ||
| Q1 24 | $4.05 | $4.78 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $241.9M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $3.2B |
| Total Assets | $1.5B | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $241.9M | — | ||
| Q3 25 | $391.8M | — | ||
| Q2 25 | $362.4M | — | ||
| Q1 25 | $376.1M | — | ||
| Q4 24 | $378.9M | — | ||
| Q3 24 | $388.7M | — | ||
| Q2 24 | $380.0M | — | ||
| Q1 24 | $371.0M | — |
| Q4 25 | $1.1B | $3.2B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $1.1B | $3.1B | ||
| Q1 25 | $1.1B | $3.0B | ||
| Q4 24 | $1.1B | $2.9B | ||
| Q3 24 | $1.0B | $2.8B | ||
| Q2 24 | $1.0B | $2.7B | ||
| Q1 24 | $1.0B | $2.6B |
| Q4 25 | $1.5B | $4.8B | ||
| Q3 25 | $1.4B | $4.8B | ||
| Q2 25 | $1.4B | $4.7B | ||
| Q1 25 | $1.4B | $4.6B | ||
| Q4 24 | $1.4B | $4.5B | ||
| Q3 24 | $1.4B | $4.5B | ||
| Q2 24 | $1.4B | $4.3B | ||
| Q1 24 | $1.4B | $4.2B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $66.1M | $-8.7M |
| Free Cash FlowOCF − Capex | $57.6M | $-13.0M |
| FCF MarginFCF / Revenue | 9.9% | -1.1% |
| Capex IntensityCapex / Revenue | 1.5% | 0.4% |
| Cash ConversionOCF / Net Profit | 1.50× | -0.14× |
| TTM Free Cash FlowTrailing 4 quarters | $205.3M | $127.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $-8.7M | ||
| Q3 25 | $78.5M | $43.4M | ||
| Q2 25 | $55.5M | $37.8M | ||
| Q1 25 | $38.6M | $64.9M | ||
| Q4 24 | $37.8M | $104.4M | ||
| Q3 24 | $54.7M | $-67.9M | ||
| Q2 24 | $47.4M | $27.5M | ||
| Q1 24 | — | $115.8M |
| Q4 25 | $57.6M | $-13.0M | ||
| Q3 25 | $68.7M | $42.0M | ||
| Q2 25 | $46.4M | $35.1M | ||
| Q1 25 | $32.5M | $63.5M | ||
| Q4 24 | $32.3M | $102.3M | ||
| Q3 24 | $49.8M | $-68.5M | ||
| Q2 24 | $42.4M | $22.0M | ||
| Q1 24 | — | $115.5M |
| Q4 25 | 9.9% | -1.1% | ||
| Q3 25 | 12.4% | 3.7% | ||
| Q2 25 | 8.3% | 3.0% | ||
| Q1 25 | 6.4% | 6.5% | ||
| Q4 24 | 6.2% | 8.5% | ||
| Q3 24 | 9.8% | -6.0% | ||
| Q2 24 | 8.9% | 2.0% | ||
| Q1 24 | — | 11.0% |
| Q4 25 | 1.5% | 0.4% | ||
| Q3 25 | 1.7% | 0.1% | ||
| Q2 25 | 1.6% | 0.2% | ||
| Q1 25 | 1.2% | 0.1% | ||
| Q4 24 | 1.0% | 0.2% | ||
| Q3 24 | 1.0% | 0.1% | ||
| Q2 24 | 1.0% | 0.5% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | 1.50× | -0.14× | ||
| Q3 25 | 1.50× | 0.41× | ||
| Q2 25 | 1.08× | 0.31× | ||
| Q1 25 | 1.06× | 0.58× | ||
| Q4 24 | 0.67× | 0.78× | ||
| Q3 24 | 1.25× | -0.47× | ||
| Q2 24 | 1.38× | 0.19× | ||
| Q1 24 | — | 0.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CVCO
| Manufactured Product Other | $532.5M | 92% |
| Other | $26.0M | 4% |
| Financial Service Other | $20.5M | 4% |
| Insurance Agency Commissions | $2.0M | 0% |
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
