HIGHOutside partyCustomer
77%
independent distributors
“10-K Item 1A: 'approximately 77% of our sales of factory-built homes were to independent distributors'”
CVCO · Concentration risk · 10-K extracted
Cavco Industries (CVCO) concentration risks
Updated
The most significant concentration Cavco Industries discloses is independent distributors at 77%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Cavco Industries’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 5 disclosed concentrations
HIGH3
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inGeographic
Texas retail stores
“10-K Item 1A: 'of the 92 Company-owned retail stores, 57 are located in Texas'”
HIGHOutside partyCounterparty
single assumed reinsurance entity
“10-K Item 1A: 'Substantially all of our assumed reinsurance is with one entity'”
MEDIUMBuilt-inLoan_portfolio
Texas, Florida, Oklahoma, New Mexico loan collateral
“10-K Item 1: 'Our loan contracts are secured by factory-built homes located in 27 states, with the largest concentrations in Texas, Florida, Oklahoma, and New Mexico'”
MEDIUMBuilt-inGeographic
Texas, Arizona, New Mexico and Nevada insurance markets
“10-K Item 1A: 'Standard Casualty ... primarily serving the Texas, Arizona, New Mexico and Nevada markets'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is multi-dimensional, spanning distribution, geography, reinsurance, and financial services, which together create a layered exposure picture. The most commercially significant disclosed concentration is the distribution channel dependency: approximately 77% of factory-built home sales were made to independent distributors — a high-share dependency on a channel that the company does not directly control. A shift in distributor economics, consolidation among dealer networks, or a large dealer's failure could affect a substantial portion of revenue. Geographic concentration compounds the distribution dependency: of the company's company-owned retail stores, the largest state concentration is Texas — a high-share structural exposure that makes the company's own retail operations particularly sensitive to Texas housing market conditions, economic trends, and regulatory environment. The reinsurance structure adds a third high-share dependency: substantially all assumed reinsurance is with one entity, a concentrated counterparty relationship that carries the risk of disruption if that single reinsurance partner faces financial stress, exits the relationship, or changes terms. Two moderate structural geographic exposures round out the profile: loan collateral is concentrated in Texas, Florida, Oklahoma, and New Mexico, and the insurance subsidiary primarily serves the Texas, Arizona, New Mexico, and Nevada markets. These reinforce the overall Sunbelt/Texas concentration across multiple business lines. On balance, the profile is unusually broad for a single company, with high-share dependencies in distribution, retail geography, and reinsurance, all compounded by geographic overlap in the financial services subsidiaries.
For the engine’s reasoning on CVCO’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Residential Construction
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CVCO● | Cavco Industries, Inc. | 3 | 2 | 0 | 5 |
| KBH | KB Home | 2 | 2 | 0 | 4 |
| DHI | D.R. Horton, Inc. | 2 | 0 | 0 | 2 |
| IBP | Installed Building Products, In | 1 | 1 | 0 | 2 |
| GRBK | Green Brick Partners, Inc. | 0 | 1 | 0 | 1 |
| LEN | Lennar Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.