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Cavco Industries cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$66.7M in Q2 FY27 · $233M over twelve months

Operating cash flow$96.4M
Capital spending−$29.7M
Free cash flow+$66.7M
Cash / net income1.7×
Cash conversion cycle63 days

Analysis

In Q2 FY27, Cavco Industries generated $96.4M of operating cash flow and spent $29.7M on capital projects, leaving free cash flow of $66.7M.

Over the twelve months to Sep 26, 2026, operating cash flow was $304M; the largest uses were other investing ($192M), buybacks ($134M), capital spending ($71.7M); besides operations, cash came from shares issued ($407K), asset & business sales ($220K); the cash balance fell by $102M.

Operating cash flow was $96.4M against net income of $55.4M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: payables +$39.9M, receivables −$23.5M, prepaid and other assets +$10.8M.

Its cash conversion cycle was 63 days (receivables 18 + inventory 55 − payables 10).

Free cash flow

Cavco Industries: free cash flow by quarterCavco Industries: free cash flow by quarter$32.3MQ3 FY25$32.5MQ4 FY25$46.4MQ1 FY26$68.7MQ2 FY26$57.6MQ3 FY26$59.3MQ4 FY26$49.0MQ1 FY27$66.7MQ2 FY27
Operating cash flow less capital spending.
Cavco Industries: operating cash flow against capital spendingCavco Industries: operating cash flow against capital spendingOperating cash flowCapital spending$37.8M$5.4MQ3 FY25$38.6M$6.1MQ4 FY25$55.5M$9.1MQ1 FY26$78.5M$9.7MQ2 FY26$66.1M$8.5MQ3 FY26$67.4M$8.0MQ4 FY26$74.5M$25.5MQ1 FY27$96.4M$29.7MQ2 FY27
Latest (Q2 FY27): Operating cash flow $96.4M, Capital spending $29.7M.

Capital allocation, year by year

Cavco Industries: where the cash came from (up) and went (down), by fiscal yearCavco Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $144MFY22: Net borrowing −$9.6MFY22: Shares issued $4.4MFY22: Asset sales $1.3MFY22: Capital spending −$18.7MFY22: Acquisitions −$141MFY22: Buybacks −$59.6M$150MFY22FY23: Operating cash flow $256MFY23: Net borrowing −$997KFY23: Shares issued $3.7MFY23: Asset sales $1.8MFY23: Capital spending −$44.1MFY23: Acquisitions −$106MFY23: Buybacks −$103M$261MFY23FY24: Operating cash flow $225MFY24: Net borrowing −$844KFY24: Shares issued $4.5MFY24: Asset sales $4.8MFY24: Capital spending −$17.4MFY24: Acquisitions −$19.2MFY24: Buybacks −$109M$234MFY24FY25: Operating cash flow $178MFY25: Net borrowing −$578KFY25: Shares issued $4.5MFY25: Asset sales $184KFY25: Capital spending −$21.4MFY25: Buybacks −$149M$183MFY25FY26: Operating cash flow $267MFY26: Net borrowing −$651KFY26: Shares issued $2.2MFY26: Asset sales $203KFY26: Capital spending −$35.4MFY26: Acquisitions −$173MFY26: Buybacks −$160M$270MFY26
Over these 5 years operating cash flow totalled $1.1B; the largest uses were buybacks ($581M) and acquisitions ($439M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$289M
Debtnone
Net cash$289M
Due within a year$338K

Cavco Industries funds itself: free cash flow was $233M over the last twelve months, with $289M of cash and investments and no debt on the balance sheet ($338K due within a year, 855.3× covered by cash).

Cavco Industries: debt maturities by year (FY26)Cavco Industries: debt maturities by year (FY26)$338KYear 1$310KYear 2$283KYear 3$261KYear 4$244KYear 5$6.0MAfter year 5
Principal due in each year as disclosed in the annual report, against $289M of cash and investments now.

Where the cash came from and went

Cavco Industries: sources (+) and uses (−) of cash, Q2 FY27Cavco Industries: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$96.4MCash drawn (+) / kept (−)−$31.7MBuybacks−$30.0MCapital spending−$29.7MOther investing−$4.1MTaxes on employees’ shares−$818KNet borrowing (+) / repaid (−)−$79KAsset & business sales$6K
Cavco Industries: sources (+) and uses (−) of cash, TTM to Q2 FY27Cavco Industries: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$304MOther investing−$192MBuybacks−$134MCash drawn (+) / kept (−)$102MCapital spending−$71.7MTaxes on employees’ shares−$9.0MShares issued$407KNet borrowing (+) / repaid (−)−$363KAsset & business sales$220K

From profit to cash

Cavco Industries: net income to operating cash flow, Q2 FY27Cavco Industries: net income to operating cash flow, Q2 FY27Net income$55.4MDepreciation & amortization$6.9MStock-based pay$3.1MDeferred taxes$16KGains on disposals−$3KOther non-cash−$213KReceivables−$23.5MInventory−$2.1MPayables$39.9MPrepaid and other assets$10.8MOperating cash flow$96.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2718551063
Q1 FY271758966
Q4 FY261863972
Q3 FY261756865
Q2 FY261956965
Q1 FY261854864
Q4 FY251858768
Q3 FY251657865

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$96.4M−$29.7M—−$30.0M−$79K—−$31.7M$66.7M
Q1 FY27$74.5M−$25.5M—−$30.0M−$91K$59K−$8.6M$49.0M
Q4 FY26$67.4M−$8.0M−$1.3M−$30.0M−$111K$348K−$15.1M$59.3M
Q3 FY26$66.1M−$8.5M—−$43.8M−$82K—$157M$57.6M
Q2 FY26$78.5M−$9.7M—−$36.1M−$53K$1.9M−$31.5M$68.7M
Q1 FY26$55.5M−$9.1M—−$50.0M−$49K$29K$6.9M$46.4M
Q4 FY25$38.6M−$6.1M—−$34.2M−$50K$2.4M$3.3M$32.5M
Q3 FY25$37.8M−$5.4M—−$42.2M−$84K$337K$7.6M$32.3M

Cavco Industries: income statement and cash flow

Cavco Industries, Q2 FY27: revenue $656M (+18% year over year), operating margin 10.6%. The chart follows the revenue to costs, profit and cash.

Cavco Industries: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.