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Cavco Industries, Inc. (CVCO) vs M/I Homes, Inc. (MHO)

Cavco Industries, Inc. and M/I Homes, Inc. are both Residential Construction companies. Cavco Industries, Inc. is the larger, with a market value of $4.9B against $3.4B — 1.5× the size. M/I Homes, Inc. trades at the lower P/E: 12.5× against 27.1×. Cavco Industries, Inc. grew revenue faster over the last twelve months: 11.8% against −6.00%. Cavco Industries, Inc. has the higher net margin (7.68% vs 6.59%) and the higher return on invested capital (17.4% vs 6.06%). Across the 22 metrics below, Cavco Industries, Inc. leads on 15 and M/I Homes, Inc. on 7.

Valuation

Metric CVCO MHO Residential Construction median
P/E 27.05 12.47 15.45
P/S 2.06 0.81 1.32
P/B 4.35 1.05 1.24
Price to free cash flow 21.26 23.27 21.26
EV/EBITDA 18.24 10.13 12.52
EV/Sales 1.94 0.88 1.48
Earnings yield 3.70% 8.02% 6.38%
Free cash flow yield 4.70% 4.30% 4.64%

Profitability

Metric CVCO MHO Residential Construction median
Gross margin 22.74% 21.82% 19.15%
Operating margin 9.54% 8.21% 7.50%
Net margin 7.68% 6.59% 6.72%
Free cash flow margin 9.71% 3.48% 8.39%
Return on equity 16.57% 8.67% 11.56%
Return on assets 12.04% 5.76% 6.99%
Return on invested capital 17.38% 6.06% 4.98%

Growth

Metric CVCO MHO Residential Construction median
Revenue growth (TTM) 11.83% (6.00%) (6.00%)
EPS growth (last fiscal year) 15.79% (25.22%) (25.22%)
Revenue growth, 5-year CAGR 15.16% 7.72% 8.74%
Net income growth, 5-year CAGR 19.98% 10.93% 8.25%

Health

Metric CVCO MHO Residential Construction median
Debt to equity 0.00 0.29 0.17
Current ratio 2.10 7.54 3.25
Net debt to EBITDA (1.09) 0.54 0.37

Dividend

Metric CVCO MHO Residential Construction median
Dividend yield — — 1.15%
Payout ratio — — 0.18

Size

Metric CVCO MHO Residential Construction median
Market cap 4.91b 3.36b 4.72b

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