Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Cavco Industries, Inc. is a U.S.-based manufacturer of affordable housing products, operating primarily within the manufactured housing, modular housing, and park model RV segments. The company designs, produces, and distributes factory-built homes that serve entry-level and mid-market residential demand, with a focus on cost-efficient construction and compliance with federal and state housing standards. Cavco’s core revenue is generated through the sale of manufactured and modular homes to independent retailers, community operators, developers, and government-affiliated housing programs.
Founded in 1965, Cavco began as a regional manufactured home producer and has grown into one of the largest vertically integrated players in the U.S. manufactured housing industry. Its evolution has been driven by organic plant expansion, consolidation of smaller competitors, and the integration of insurance and financial services that support manufactured home ownership. The company’s scale, diversified product portfolio, and regulatory expertise provide strategic advantages in a highly regulated and fragmented industry.
Business Operations
Cavco operates through multiple manufacturing and service-oriented business segments, with its primary operations centered on Manufactured Housing, Modular Housing, Commercial Structures, and Financial Services. The Manufactured Housing segment represents the majority of revenue and includes factory-built homes produced under the HUD Code, while Modular Housing addresses residential and commercial structures built to state and local building codes. Cavco also produces Park Model RVs and specialty structures for workforce housing, education, and government use.
The company maintains a vertically integrated operating model, controlling home design, manufacturing, distribution logistics, and select financing and insurance activities. Through CountryPlace Mortgage, Ltd., Cavco provides home-only and land-home mortgage products, and through Standard Casualty Company and Cavco Insurance Company, it offers property and casualty insurance tailored to manufactured housing. Operations are primarily domestic, with manufacturing facilities and retail distribution concentrated across the United States.
Strategic Position & Investments
Cavco’s strategic direction emphasizes disciplined capacity expansion, selective acquisitions, and operational efficiency to support long-term demand for affordable housing. The company has historically pursued acquisitions of regional manufacturers and retail assets to expand geographic reach and manufacturing scale, while also investing in automation, design standardization, and supply chain optimization to manage costs.
Notable investments include the expansion of financial services capabilities through CountryPlace Mortgage, Ltd., strengthening Cavco’s ability to support retail partners and consumers. The company has also acquired and integrated multiple manufactured housing brands and facilities over time, reinforcing its position as one of the top producers in the U.S. Emerging focus areas include energy-efficient home designs, compliance-driven innovation, and participation in public-sector and workforce housing initiatives.
Geographic Footprint
Cavco Industries is headquartered in Phoenix, Arizona, and operates manufacturing facilities and distribution centers across the United States. Its footprint spans key housing markets in the Southwest, the Midwest, the Southeast, and the Western United States, enabling efficient regional distribution and localized product offerings.
The company’s operations are almost entirely domestic, with no material international manufacturing presence. However, its broad U.S. network provides exposure to diverse economic regions and housing demand drivers, including rural, suburban, and underserved urban markets, as well as tribal and government-sponsored housing programs.
Leadership & Governance
Cavco is led by an executive team with extensive experience in manufactured housing, finance, and regulated construction industries. The leadership philosophy emphasizes capital discipline, regulatory compliance, and long-term value creation through operational excellence and prudent risk management.
Key executives include:
- William “Bill” Boor – President and Chief Executive Officer
- Paul Bigbee – Chief Financial Officer
- Dan Urness – Executive Vice President, Operations
- Tom Hodges – General Counsel and Corporate Secretary
- Bruce Savage – Vice President, Investor Relations and Treasury
The company operates under a board-governed structure aligned with public company governance standards, with oversight of strategy, risk management, and executive compensation.