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Side-by-side financial comparison of CAVCO INDUSTRIES, INC. (CVCO) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
CAVCO INDUSTRIES, INC. is the larger business by last-quarter revenue ($581.0M vs $566.0M, roughly 1.0× WillScot Holdings Corp). CAVCO INDUSTRIES, INC. runs the higher net margin — 7.6% vs -33.1%, a 40.7% gap on every dollar of revenue. On growth, CAVCO INDUSTRIES, INC. posted the faster year-over-year revenue change (11.3% vs -6.1%). WillScot Holdings Corp produced more free cash flow last quarter ($149.7M vs $57.6M). Over the past eight quarters, CAVCO INDUSTRIES, INC.'s revenue compounded faster (17.6% CAGR vs -1.8%).
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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
CVCO vs WSC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $581.0M | $566.0M |
| Net Profit | $44.1M | $-187.3M |
| Gross Margin | 23.4% | 50.4% |
| Operating Margin | 9.4% | -32.5% |
| Net Margin | 7.6% | -33.1% |
| Revenue YoY | 11.3% | -6.1% |
| Net Profit YoY | -22.0% | -310.0% |
| EPS (diluted) | $5.58 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $556.5M | $566.8M | ||
| Q2 25 | $556.9M | $589.1M | ||
| Q1 25 | $508.4M | $559.6M | ||
| Q4 24 | $522.0M | $602.5M | ||
| Q3 24 | $507.5M | $601.4M | ||
| Q2 24 | $477.6M | $604.6M | ||
| Q1 24 | $420.1M | $587.2M |
| Q4 25 | $44.1M | $-187.3M | ||
| Q3 25 | $52.4M | $43.3M | ||
| Q2 25 | $51.6M | $47.9M | ||
| Q1 25 | $36.3M | $43.1M | ||
| Q4 24 | $56.5M | $89.2M | ||
| Q3 24 | $43.8M | $-70.5M | ||
| Q2 24 | $34.4M | $-46.9M | ||
| Q1 24 | $33.9M | $56.2M |
| Q4 25 | 23.4% | 50.4% | ||
| Q3 25 | 24.2% | 49.7% | ||
| Q2 25 | 23.3% | 50.3% | ||
| Q1 25 | 22.8% | 53.7% | ||
| Q4 24 | 24.9% | 55.8% | ||
| Q3 24 | 22.9% | 53.5% | ||
| Q2 24 | 21.7% | 54.1% | ||
| Q1 24 | 23.6% | 54.0% |
| Q4 25 | 9.4% | -32.5% | ||
| Q3 25 | 11.2% | 21.0% | ||
| Q2 25 | 10.8% | 21.5% | ||
| Q1 25 | 7.6% | 21.3% | ||
| Q4 24 | 12.3% | 28.9% | ||
| Q3 24 | 9.7% | -5.9% | ||
| Q2 24 | 8.1% | -0.9% | ||
| Q1 24 | 8.9% | 22.1% |
| Q4 25 | 7.6% | -33.1% | ||
| Q3 25 | 9.4% | 7.6% | ||
| Q2 25 | 9.3% | 8.1% | ||
| Q1 25 | 7.1% | 7.7% | ||
| Q4 24 | 10.8% | 14.8% | ||
| Q3 24 | 8.6% | -11.7% | ||
| Q2 24 | 7.2% | -7.7% | ||
| Q1 24 | 8.1% | 9.6% |
| Q4 25 | $5.58 | $-1.02 | ||
| Q3 25 | $6.55 | $0.24 | ||
| Q2 25 | $6.42 | $0.26 | ||
| Q1 25 | $4.42 | $0.23 | ||
| Q4 24 | $6.90 | $0.48 | ||
| Q3 24 | $5.28 | $-0.37 | ||
| Q2 24 | $4.11 | $-0.25 | ||
| Q1 24 | $4.05 | $0.29 |
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 | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $1.1B | $856.3M |
| Total Assets | $1.5B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $241.9M | $14.6M | ||
| Q3 25 | $391.8M | $14.8M | ||
| Q2 25 | $362.4M | $12.8M | ||
| Q1 25 | $376.1M | $10.7M | ||
| Q4 24 | $378.9M | $9.0M | ||
| Q3 24 | $388.7M | $11.0M | ||
| Q2 24 | $380.0M | $5.9M | ||
| Q1 24 | $371.0M | $13.1M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $1.1B | $856.3M | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $1.0B | $1.2B | ||
| Q1 24 | $1.0B | $1.3B |
| Q4 25 | $1.5B | $5.8B | ||
| Q3 25 | $1.4B | $6.1B | ||
| Q2 25 | $1.4B | $6.1B | ||
| Q1 25 | $1.4B | $6.0B | ||
| Q4 24 | $1.4B | $6.0B | ||
| Q3 24 | $1.4B | $6.0B | ||
| Q2 24 | $1.4B | $6.0B | ||
| Q1 24 | $1.4B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | $57.6M | $149.7M |
| FCF MarginFCF / Revenue | 9.9% | 26.5% |
| Capex IntensityCapex / Revenue | 1.5% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $205.3M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.1M | $158.9M | ||
| Q3 25 | $78.5M | $191.2M | ||
| Q2 25 | $55.5M | $205.3M | ||
| Q1 25 | $38.6M | $206.6M | ||
| Q4 24 | $37.8M | $178.9M | ||
| Q3 24 | $54.7M | $-1.6M | ||
| Q2 24 | $47.4M | $175.6M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $57.6M | $149.7M | ||
| Q3 25 | $68.7M | $186.9M | ||
| Q2 25 | $46.4M | $199.0M | ||
| Q1 25 | $32.5M | $202.0M | ||
| Q4 24 | $32.3M | $176.6M | ||
| Q3 24 | $49.8M | $-4.9M | ||
| Q2 24 | $42.4M | $169.4M | ||
| Q1 24 | — | $202.1M |
| Q4 25 | 9.9% | 26.5% | ||
| Q3 25 | 12.4% | 33.0% | ||
| Q2 25 | 8.3% | 33.8% | ||
| Q1 25 | 6.4% | 36.1% | ||
| Q4 24 | 6.2% | 29.3% | ||
| Q3 24 | 9.8% | -0.8% | ||
| Q2 24 | 8.9% | 28.0% | ||
| Q1 24 | — | 34.4% |
| Q4 25 | 1.5% | 1.6% | ||
| Q3 25 | 1.7% | 0.7% | ||
| Q2 25 | 1.6% | 1.1% | ||
| Q1 25 | 1.2% | 0.8% | ||
| Q4 24 | 1.0% | 0.4% | ||
| Q3 24 | 1.0% | 0.6% | ||
| Q2 24 | 1.0% | 1.0% | ||
| Q1 24 | — | 1.1% |
| Q4 25 | 1.50× | — | ||
| Q3 25 | 1.50× | 4.41× | ||
| Q2 25 | 1.08× | 4.28× | ||
| Q1 25 | 1.06× | 4.80× | ||
| Q4 24 | 0.67× | 2.01× | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 1.38× | — | ||
| Q1 24 | — | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
