# Champion Homes, Inc. (SKY)

Informational only - not investment advice.

CIK: 0000090896
SIC: 2451 Mobile Homes
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 24](/major-group/24/) > [SIC 2451 Mobile Homes](/industry/2451/)
Latest 10-K filed: 2026-05-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=90896
Filing source: https://www.sec.gov/Archives/edgar/data/90896/000119312526239333/sky-20260328.htm

## At a glance

FY2026 · period end 2026-03-28 · filed 2026-05-26 · accession 0001193125-26-239333 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000090896.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,663,639,000 USD | 2026 | verified |
| Net income | 206,898,000 USD | 2026 | verified |
| Assets | 2,131,546,000 USD | 2026 | verified |
| Free cash flow | 269,749,000 USD | 2026 | computed |
| Net margin | 7.77% | 2026 | computed |
| Operating margin | 9.45% | 2026 | computed |
| Revenue YoY | +7.26% | 2026 | computed |
| ROE | 13.15% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SKY | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 7.8% | 6.7% | 62 | 9 |
| Operating margin | 9.5% | 9.5% | 50 | 9 |
| Revenue growth | 7.3% | -5.0% | 88 | 9 |
| FCF margin | 10.1% | 8.2% | 62 | 9 |
| ROE | 13.2% | 9.8% | 75 | 9 |
| ROA | 9.7% | 7.2% | 75 | 9 |
| Liabilities / equity | 0.36 | 0.41 | 38 | 9 |
| Current ratio | 2.48 | 2.48 | 50 | 9 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 24 SIC Major Group 24, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2663639000 | USD | 2026 | 2026-05-26 |
| Net income | 206898000 | USD | 2026 | 2026-05-26 |
| Assets | 2131546000 | USD | 2026 | 2026-05-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000090896.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 861,319,000 | 1,064,722,000 | 1,360,043,000 | 1,369,730,000 | 1,420,881,000 | 2,207,229,000 | 2,606,560,000 | 2,024,823,000 | 2,483,448,000 | 2,663,639,000 |
| Net income | 51,910,000 | 15,800,000 | -58,208,000 | 58,160,000 | 84,899,000 | 248,044,000 | 401,802,000 | 146,696,000 | 198,413,000 | 206,898,000 |
| Operating income | 34,650,000 | 54,589,000 | -29,742,000 | 86,455,000 | 108,759,000 | 332,905,000 | 518,285,000 | 175,205,000 | 237,032,000 | 251,765,000 |
| Gross profit | 143,955,000 | 177,111,000 | 245,359,000 | 278,975,000 | 287,695,000 | 589,123,000 | 818,681,000 | 485,794,000 | 664,023,000 | 704,319,000 |
| Diluted EPS | 1.09 | 0.33 | -1.09 | 1.02 | 1.49 | 4.33 | 7.00 | 2.53 | 3.42 | 3.66 |
| Operating cash flow | 33,459,000 | 31,623,000 | 65,228,000 | 76,743,000 | 153,897,000 | 224,479,000 | 416,225,000 | 222,704,000 | 240,857,000 | 303,868,000 |
| Capital expenditures | 6,955,000 | 9,442,000 | 12,092,000 | 15,389,000 | 8,016,000 | 31,979,000 | 52,244,000 | 52,915,000 | 50,532,000 | 34,119,000 |
| Share buybacks |  |  |  |  |  |  | 0.00 | 0.00 | 79,999,000 | 200,000,000 |
| Assets | 55,644,000 | 395,398,000 | 699,954,000 | 781,700,000 | 917,902,000 | 1,234,619,000 | 1,562,724,000 | 1,923,341,000 | 2,110,408,000 | 2,131,546,000 |
| Stockholders' equity | 136,889,000 | 153,297,000 | 411,972,000 | 474,315,000 | 568,611,000 | 825,113,000 | 1,233,001,000 | 1,422,370,000 | 1,544,438,000 | 1,572,937,000 |
| Cash and cash equivalents | 81,012,000 | 113,731,000 | 126,634,000 | 209,455,000 | 262,581,000 | 435,413,000 | 747,453,000 | 495,063,000 | 610,338,000 | 638,259,000 |
| Free cash flow | 26,504,000 | 22,181,000 | 53,136,000 | 61,354,000 | 145,881,000 | 192,500,000 | 363,981,000 | 169,789,000 | 190,325,000 | 269,749,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 6.03% | 1.48% | -4.28% | 4.25% | 5.98% | 11.24% | 15.42% | 7.24% | 7.99% | 7.77% |
| Operating margin | 4.02% | 5.13% | -2.19% | 6.31% | 7.65% | 15.08% | 19.88% | 8.65% | 9.54% | 9.45% |
| Return on equity | 37.92% | 10.31% | -14.13% | 12.26% | 14.93% | 30.06% | 32.59% | 10.31% | 12.85% | 13.15% |
| Return on assets | 93.29% | 4.00% | -8.32% | 7.44% | 9.25% | 20.09% | 25.71% | 7.63% | 9.40% | 9.71% |
| Liabilities / equity |  | 1.58 | 0.70 | 0.65 | 0.61 | 0.50 | 0.27 | 0.35 | 0.37 | 0.36 |
| Current ratio | 2.03 | 1.57 | 1.54 | 2.14 | 1.90 | 2.23 | 4.19 | 2.36 | 2.41 | 2.48 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000090896.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q1 | 2021-07-03 |  |  | 0.75 | reported discrete quarter |
| 2022-Q2 | 2021-10-02 |  |  | 0.89 | reported discrete quarter |
| 2022-Q3 | 2022-01-01 |  |  | 1.18 | reported discrete quarter |
| 2022-Q4 | 2022-04-02 | 638,117,000 | 86,798,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q1 | 2023-07-01 | 464,769,000 | 51,269,000 | 0.89 | reported discrete quarter |
| 2023-Q2 | 2023-09-30 | 464,236,000 | 45,669,000 | 0.79 | reported discrete quarter |
| 2023-Q3 | 2023-12-30 | 559,455,000 | 46,970,000 | 0.81 | reported discrete quarter |
| 2025-Q1 | 2024-06-29 | 627,779,000 | 45,794,000 | 0.79 | reported discrete quarter |
| 2025-Q2 | 2024-09-28 | 616,877,000 | 54,734,000 | 0.94 | reported discrete quarter |
| 2025-Q3 | 2024-12-28 | 644,925,000 | 61,537,000 | 1.06 | reported discrete quarter |
| 2025-Q4 | 2025-03-29 | 593,867,000 | 36,348,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q2 | 2025-09-27 | 684,429,000 | 58,199,000 | 1.03 | reported discrete quarter |
| 2026-Q3 | 2025-12-27 | 656,614,000 | 54,336,000 | 0.97 | reported discrete quarter |
| 2026-Q4 | 2026-03-28 | 621,278,000 | 29,676,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-06-27 | 710,234,000 | 49,157,000 | 0.89 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SKY's latest 10-K: [/company/SKY/business/](/company/SKY/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SKY's latest 10-K: [/company/SKY/risk-factors/](/company/SKY/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/90896/000119312526335147/sky-20260627.htm

Extracted from Part I Item 2 to the first post-MD&A boundary after HTML sanitization.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-27

Item 2. MANAGEMENT’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following should be read in conjunction with Champion Homes, Inc.’s condensed consolidated financial statements and the related notes that appear in Item 1 of this Report.

Overview

Champion Homes, Inc. is a leading producer of factory-built housing in the U.S. and Canada. The Company serves as a complete solutions provider across complementary and vertically integrated businesses including factory-built home manufacturing, company-owned retail locations, construction services, and transportation logistics services. The Company markets its homes under several nationally recognized brand names including Champion Homes, Genesis Homes, Skyline Homes, Regional Homes, Athens Park Models, Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit, New Era, J. Redman Homes, ScotBilt Homes, Shore Park, Silvercrest, and Titan Homes in the U.S., and Moduline and SRI Homes in western Canada. The Company operates 42 manufacturing facilities throughout the U.S. and four manufacturing facilities in western Canada that primarily construct factory-built, timber-framed, manufactured and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. The Company’s retail operations consist of 84 sales centers that sell manufactured homes to consumers across the U.S. The Company’s transportation business engages independent owners/drivers to transport manufactured homes, recreational vehicles, and other products throughout the U.S. and Canada.

Acquisitions, Expansions and Consolidations

The Company is focused on operational improvements to increase capacity utilization and profitability at its existing manufacturing facilities as well as measured expansion of its manufacturing and retail footprint through facility and equipment investments and acquisitions. Those investments will help improve the Company's ability to satisfy demand for affordable housing. The current economic environment drives an even greater need for attainable housing solutions. As a result, the Company continues to focus on growing in strong housing markets across the U.S. and Canada, as well as expanding products and services to provide more holistic and affordable solutions to homebuyers.

In August 2026, the Company completed its previously announced acquisition of the assets of Homes Direct, representing 11 retail sales centers across the western region of the U.S. The acquisition expands Champion's Western U.S. footprint accelerates the Company's direct to consumer strategy. In May 2025, the Company acquired Iseman Homes which operated 10 retail sales centers across the North Central U.S. This acquisition enhances the Company's ability to strengthen distribution from its nearby manufacturing facilities, furthering the Company’s commitment to integrated growth.

In addition to acquisitions, the Company is also focused on enhancing its U.S. manufacturing production capacity, as well as redeployment of capital and resources through strategic actions at specific plants. During the first half of fiscal 2026, the Company idled production at the Bartow, Florida manufacturing plant and ceased operations at the Kelowna, British Columbia manufacturing plant. The Company believes those actions will ultimately lead to greater operating efficiency and profitability. In addition, the Company sold a previously idled manufacturing facility during the second quarter of fiscal 2026. The Company continues to own six idle manufacturing facilities that could be used for further manufacturing capacity expansion in future periods.

During fiscal 2024, the Company made an equity investment in ECN. The investment, in part, facilitated the creation of a captive finance company in partnership with Triad, a subsidiary of ECN. The captive finance company, Champion Financing, through Triad, provides factory-built home floor plan and consumer loans to manufactured home retailers and homebuyers. The Company believes this offering will provide customers needed financing solutions and improve the Company's market share. On November 13, 2025, ECN entered into a definitive arrangement to be acquired by a private investor group for CAD $3.10 per share, plus any accrued but unpaid dividends. The transaction closed on April 24, 2026, which resulted in the liquidation of the Company's investment in ECN common and preferred shares in the first quarter of fiscal 2027 and resulted in net cash proceeds of $137.0 million and net gain on investment of $2.5 million. The liquidation of the Company's investment in ECN common and preferred shares will not impact the future operations of Champion Financing.

The Company's acquisitions, investments and plant consolidation are part of a strategy to grow and diversify revenue with a focus on increasing the Company’s homebuilding presence in the U.S. as well as improving the results of operations through streamlining production of similar product categories. These acquisitions and investments are included in the Company's consolidated results for periods subsequent to their respective acquisition dates.

Industry and Company Outlook

The need for newly built affordable, single-family housing has continued to drive demand for new homes in the U.S. and Canadian markets. In recent years, manufactured home construction experienced revenue growth due to a number of favorable demographic trends and demand drivers in the United States, including underlying growth trends in key homebuyer groups, such as the population over 55 years of age, the population of first-time home buyers, and the population of households earning less than $60,000 per year.

16

The Company's manufacturing backlog increased to $421.8 million as of June 27, 2026 compared to $302.5 million as of June 28, 2025. The increase in backlog is a function of order rates exceeding production rates during the three months ended June 27, 2026, compared to the same period in the prior fiscal year.

For the three months ended June 27, 2026, approximately 87.3% of the Company’s U.S. manufacturing sales were generated from the manufacture of homes that comply with the U.S. Department of Housing and Urban Development ("HUD") code construction standard in the U.S. Industry shipments of HUD-code homes are reported on a one-month lag. According to data reported by the Manufactured Housing Institute, HUD-code industry home shipments were 26,363 and 27,676 units during the three months ended May 31, 2026 and 2025, respectively. Based on industry data, the Company’s U.S. wholesale market share of HUD code homes sold was 23.1% and 22.5%, for the three months ended May 31, 2026 and 2025, respectively. HUD-code industry shipments have improved modestly in recent years, but are still at lower levels than the long-term historical average of over 200,000 units per year. Manufactured home sales represent approximately 11% of all U.S. single family home starts. Our estimated market share in the U.S. total housing market, based on data through May 2026, was approximately 3.0% and 2.7% for the three months ended June 27, 2026 and June 28, 2025, respectively.

UNAUDITED RESULTS OF OPERATIONS FOR THE FIRST QUARTER OF FISCAL 2027 VS. 2026

[[GREPCENT_TABLE]]
[["","","Three months ended"],["(Dollars in thousands)","","June 27, 2026","","","June 28, 2025"],["Income Statements Data:"],["Net sales","","$","710,234","","","$","701,318"],["Cost of sales","","","530,970","","","","511,488"],["Gross profit","","","179,264","","","","189,830"],["Selling, general, and administrative expenses","","","118,991","","","","111,309"],["Operating income","","","60,273","","","","78,521"],["Interest (income), net","","","(4,539",")","","","(4,536",")"],["Other (income)","","","(3,280",")","","","(1,220",")"],["Income before income taxes","","","68,092","","","","84,277"],["Income tax expense","","","17,009","","","","17,699"],["Net income before equity in net loss of affiliates","","","51,083","","","","66,578"],["Equity in net loss of affiliates","","","569","","","","585"],["Net income","","$","50,514","","","$","65,993"],["Net income attributable to non-controlling interest","","","1,357","","","","1,306"],["Net income attributable to Champion Homes, Inc.","","$","49,157","","","$","64,687"],["Reconciliation of Adjusted EBITDA:"],["Net income attributable to Champion Homes, Inc.","","$","49,157","","","$","64,687"],["Income tax expense","","","17,009","","","","17,699"],["Interest (income), net","","","(4,539",")","","","(4,536",")"],["Depreciation and amortization","","","12,334","","","","11,902"],["Equity in net loss of ECN","","","263","","","","459"],["Net gain on sale of ECN","","","(2,514",")","","","\u2014"],["Plant closure costs","","","\u2014","","","","3,252"],["Product liability - water intrusion, net","","","(313",")","","","\u2014"],["Transaction costs","","","589","","","","714"],["Other","","","1,598","","","","\u2014"],["Adjusted EBITDA","","$","73,584","","","$","94,177"],["As a percent of net sales:"],["Gross profit","","","25.2","%","","","27.1","%"],["Selling, general, and administrative expenses","","","16.8","%","","","15.9","%"],["Operating income","","","8.5","%","","","11.2","%"],["Net income attributable to Champion Homes, Inc.","","","6.9","%","","","9.2","%"],["Adjusted EBITDA","","","10.4","%","","","13.4","%"]]
[[/GREPCENT_TABLE]]

17

NET SALES

The following table summarizes net sales for the three months ended June 27, 2026 and June 28, 2025:

[[GREPCENT_TABLE]]
[["","","Three months ended"],["(Dollars in thousands)","","June 27, 2026","","","June 28, 2025","","","$ Change","","","% Change"],["Net sales","","$","710,234","","","$","701,318","","","$","8,916","","","","1.3","%"],["U.S. manufacturing and retail net sales","","$","677,362","","","$","661,931","","","$","15,431","","","","2.3","%"],["U.S. homes sold","","","7,089","","","","6,965","","","","124","","","","1.8","%"],["U.S. manufacturing and retail average home selling price","","$","95.6","","","$","95.0","","","$","0.6","","","","0.6","%"],["Canadian manufacturing net sales","","$","23,324","","","$","30,120","","","$","(6,796",")","","","(22.6","%)"],["Canadian homes sold","","","185","","","","250","","","","(65",")","","","(26.0","%)"],["Canadian manufacturing average home selling price","","$","126.1","","","$","120.5","","","$","5.6","","","","4.6","%"],["Corporate/Other net sales","","$","9,548","","","$","9,267","","","$","281","","","","3.0","%"],["U.S. manufacturing facilities in operation at end of period","","","42","","","","42"],["U.S. retail sales centers in operation at end of period","","","84","","","","82"],["Canadian manufacturing facilities in operation at end of period","","","4","","","","4"]]
[[/GREPCENT_TABLE]]

Net sales for the three months ended June 27, 2026 were $710.2 million, an increase of $8.9 million, or 1.3%, compared to the three months ended June 28, 2025. The following is a summary of the change by operating segment.

U.S. Factory-built Housing:

Net sales for the Company’s U.S. manufacturing and retail operations increased by $15.4 million, or 2.3%, for the three months ended June 27, 2026 compared to the three months ended June 28, 2025. The increase was due to a 1.8% increase in new homes sold and 0.6% increase in the average selling price per new home. The increase in new homes sold was due to higher new home orders and production rates.

Canadian Factory-built Housing:

The Canadian Factory-built Housing segment net sales decreased by $6.8 million, or 22.6% for the three months ended June 27, 2026 compared to the same period in the prior fiscal year, primarily due to a 26.0% decrease in homes sold partially offset by a 4.6% increase in average home selling price. The decrease in homes sold was due to lower demand in certain markets and the closure of the Kelowna, BC plant in the second quarter of f

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/90896/000119312526239333/sky-20260328.htm
Complete FY 2026 MD&A: /company/SKY/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-05-26
Report date: 2026-03-28

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following should be read in conjunction with Champion Homes’s Consolidated Financial Statements and the related notes that appear elsewhere in this Annual Report.

Certain statements set forth below under this caption constitute forward-looking statements. See Part I, “Cautionary Statement About Forward-Looking Statements,” of this Annual Report on Form 10-K for additional factors relating to such statements, and see Item 1A, “Risk Factors,” of this Annual Report for a discussion of certain risks applicable to our business, financial condition, results of operations and cash flows. See also Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Form 10-K for the year ended March 29, 2025, which provides additional information on comparisons of fiscal years 2025 and 2024.

Overview

The Company is a leading producer of factory-built housing in the U.S. and Canada. The Company serves as a complete solutions provider across complementary and vertically integrated businesses including manufactured construction, company-owned retail locations, construction services, and transportation logistics. The Company is the largest independent publicly traded factory-built solutions provider in North America based on revenue, and markets its homes under several nationally recognized brand names including Champion Homes, Genesis Homes, Skyline Homes, Regional Homes, Athens Park Models, Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit, New Era, J. Redman Homes, ScotBilt Homes, Shore Park, Silvercrest, and Titan Homes in the U.S. and Moduline and SRI Homes in western Canada. The Company operates 42 manufacturing facilities throughout the U.S. and four manufacturing facilities in western Canada that primarily construct factory-built, timber-framed manufactured and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. The Company’s retail operations consist of 84 sales centers that sell manufactured homes to consumers across the U.S. while the construction services business installs and sets up factory-built homes. The Company’s transportation business engages independent owners/drivers to transport manufactured homes, recreational vehicles, and other products throughout the U.S. and Canada.

Acquisitions and Expansions

The Company is focused on operational improvements to increase capacity utilization and profitability at its existing manufacturing facilities as well as measured expansion of its manufacturing and retail footprint through facility and equipment investments and acquisitions. Those investments will help improve the Company's ability to satisfy demand for affordable housing. The current economic environment drives an even greater need for attainable housing solutions. As a result, the Company continues to focus on growing in strong housing markets across the U.S. and Canada, as well as expanding products and services to provide more holistic and affordable solutions to homebuyers.

In May 2025, the Company acquired Iseman Homes which operated 10 retail sales centers across the North Central U.S. This acquisition enhances the Company's ability to strengthen distribution from its nearby manufacturing facilities, furthering the Company’s commitment to integrated growth. In October 2023, the Company acquired Regional Homes, which operated three manufacturing facilities in Alabama and 44 retail sales centers across the Southeast U.S. Regional Homes' strong presence in large HUD markets expanded our captive retail and manufacturing distribution in that region.

In addition to those acquisitions, the Company is also focused on enhancing its U.S. manufacturing production capacity, as well as redeployment of capital and resources through strategic actions at specific plants. During the first half of fiscal 2026, the Company idled production at the Bartow, Florida manufacturing plant and ceased operations at the Kelowna, British Columbia manufacturing plant. The Company believes those actions will ultimately lead to greater operating efficiency and profitability. In addition, the Company sold a previously idled manufacturing facility during the second quarter of fiscal 2026. The Company continues to own six idle manufacturing facilities that could be used for further manufacturing capacity expansion in future periods.

During fiscal 2024, the Company made an equity investment in ECN Capital Corporation ("ECN"). The investment, in part, facilitated the creation of a captive finance company in partnership with Triad Financing Services, Inc. ("Triad"), a subsidiary of ECN. The captive finance company, Champion Financing, through Triad, provides factory-built home floor plan and consumer loans to manufactured home retailers and homebuyers. The Company believes this offering will provide customers needed financing solutions and improve the Company's market share. On November 13, 2025, ECN entered into a definitive arrangement to be acquired by a private investor group for CAD $3.10 per share, plus any accrued but unpaid dividends. The transaction closed on April 24, 2026, which resulted in the liquidation of the Company's investment in ECN common and preferred shares in the first quarter of fiscal 2027. The liquidation of the Company's investment in ECN common and preferred shares will not impact the future operations of Champion Financing.

23

The Company's acquisitions and investments are part of a strategy to grow and diversify revenue with a focus on increasing the Company’s homebuilding presence in the U.S. as well as improving the results of operations through streamlining production of similar product categories. These acquisitions and investments are included in the Company's consolidated results for periods subsequent to their respective acquisition dates.

Industry and Company Outlook

The need for newly built affordable, single-family housing has continued to drive demand for new homes in the U.S. and Canadian markets. In recent years, manufactured home construction experienced revenue growth due to a number of favorable demographic trends and demand drivers in the United States, including underlying growth trends in key homebuyer groups, such as the population over 55 years of age, the population of first-time home buyers, and the population of households earning less than $60,000 per year. We have also seen a number of market trends pointing to increased sales of ADUs and rent-to-own single-family options.

The Company's manufacturing backlog decreased to $316.0 million as of March 28, 2026 compared to $343.4 million as of March 29, 2025. The decrease in backlog is a function of production rates exceeding order rates during fiscal 2026 compared to fiscal 2025.

For fiscal 2026, approximately 87% of the Company’s U.S. manufacturing sales were generated from the manufacture of homes that comply with the Federal HUD code construction standard in the U.S. According to data reported by MHI, HUD-code industry home shipments were 100,380, 105,206, and 92,288 units during fiscal 2026, 2025, and 2024, respectively. Based on industry data, the Company’s U.S. wholesale market share of HUD code homes sold was 22.5%, 22.0%, and 19.9% in fiscal 2026, 2025, and 2024, respectively. Annual industry shipments have generally increased each year since calendar year 2009 when only 50,000 HUD-coded manufactured homes were shipped, the lowest level since the industry began recording statistics in 1959. While shipments of HUD-coded manufactured homes have improved modestly in recent years, current manufactured housing shipments are still at lower levels than the long-term historical average of over 200,000 units per year. Manufactured home sales represent approximately 10% of all U.S. single family home starts.

24

RESULTS OF OPERATIONS FOR FISCAL 2026 VS. 2025

[[GREPCENT_TABLE]]
[["","","Year Ended"],["(Dollars in thousands)","","March 28, 2026","","","March 29, 2025"],["Results of Operations Data:"],["Net sales","","$","2,663,639","","","$","2,483,448"],["Cost of sales","","","1,959,320","","","","1,819,425"],["Gross profit","","","704,319","","","","664,023"],["Selling, general, and administrative expenses","","","452,554","","","","426,991"],["Operating income","","","251,765","","","","237,032"],["Interest (income), net","","","(16,444",")","","","(16,974",")"],["Other income","","","(2,362",")","","","(3,362",")"],["Income from operations before income taxes","","","270,571","","","","257,368"],["Income tax expense","","","56,757","","","","53,724"],["Net income before equity in net (income) loss of affiliates","","","213,814","","","","203,644"],["Equity in net (income) loss of affiliates","","","(382",")","","","2,004"],["Net income","","$","214,196","","","$","201,640"],["Net income attributable to non-controlling interest","","","7,298","","","","3,227"],["Net income attributable to Champion Homes, Inc.","","$","206,898","","","$","198,413"],["Reconciliation of Adjusted EBITDA:"],["Net income attributable to Champion Homes, Inc.","","$","206,898","","","$","198,413"],["Income tax expense","","","56,757","","","","53,724"],["Interest (income), net","","","(16,444",")","","","(16,974",")"],["Depreciation and amortization","","","47,789","","","","41,910"],["Equity in net (income) loss of ECN","","","(1,192",")","","","363"],["Change in fair value of contingent consideration","","","4,496","","","","8,620"],["Plant closure costs","","","5,832","","","","\u2014"],["Gain on sale of idle facility","","","(3,650",")","","","\u2014"],["Product liability - water intrusion, net","","","5,030","","","","\u2014"],["Transaction costs","","","1,794","","","","\u2014"],["Other","","","919","","","","(1,000",")"],["Adjusted EBITDA","","$","308,229","","","$","285,056"],["As a percent of net sales:"],["Gross profit","","","26.4","%","","","26.7","%"],["Selling, general and administrative expenses","","","17.0","%","","","17.2","%"],["Operating income","","","9.5","%","","","9.5","%"],["Net income attributable to Champion Homes, Inc.","","","7.8","%","","","8.0","%"],["Adjusted EBITDA","","","11.6","%","","","11.5","%"]]
[[/GREPCENT_TABLE]]

FISCAL PERIODS

The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest March 31. Fiscal 2026 and 2025 were each 52-week periods.

25

NET SALES

The following table summarizes net sales for fiscal 2026 and 2025:

[[GREPCENT_TABLE]]
[["","","Year Ended"],["(Dollars in thousands)","","March 28, 2026","","","March 29, 2025","","","Change","","","% Change"],["Net sales","","$","2,663,639","","","$","2,483,448","","","$","180,191","","","","7.3","%"],["U.S. manufacturing and retail net sales","","$","2,515,831","","","$","2,357,916","","","$","157,915","","","","6.7","%"],["U.S. homes sold","","","25,718","","","","25,273","","","","445","","","","1.8","%"],["U.S. manufacturing and retail average home selling price","","$","97.8","","","$","93.3","","","$","4.5","","","","4.8","%"],["Canadian manufacturing net sales","","$","110,986","","","$","94,172","","","$","16,814","","","","17.9","%"],["Canadian homes sold","","","904","","","","785","","","","119","","","","15.2","%"],["Canadian manufacturing average home selling price","","$","122.8","","","$","120.0","","","$","2.8","","","","2.3","%"],["Corporate/Other net sales","","$","36,822","","","$","31,360","","","$","5,462","","","","17.4","%"],["U.S. manufacturing facilities in operation at year end","","","42","","","","43","","","","(1",")","","","(2.3","%)"],["U.S. retail sales centers in operation at year end","","","84","","","","72","","","","12","","","","16.7","%"],["Canadian manufacturing facilities in operation at year end","","","4","","","","5","","","","(1",")","","","(20.0","%)"]]
[[/GREPCENT_TABLE]]

Net sales for fiscal 2026 were $2.7 bi

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/SKY/mda/fy2026/
All MD&A years: /company/SKY/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/SKY/mda/fy2025/): filed 2025-05-27; accession 0000950170-25-077746 (https://www.sec.gov/Archives/edgar/data/90896/000095017025077746/sky-20250329.htm)
- [FY 2024 MD&A](/company/SKY/mda/fy2024/): filed 2024-05-29; accession 0000950170-24-065649 (https://www.sec.gov/Archives/edgar/data/90896/000095017024065649/sky-20240330.htm)
- [FY 2023 MD&A](/company/SKY/mda/fy2023/): filed 2023-05-30; accession 0000950170-23-024856 (https://www.sec.gov/Archives/edgar/data/90896/000095017023024856/sky-20230401.htm)
- [FY 2022 MD&A](/company/SKY/mda/fy2022/): filed 2022-05-24; accession 0000950170-22-010576 (https://www.sec.gov/Archives/edgar/data/90896/000095017022010576/sky-20220402.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2451 Mobile Homes) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SKY.md · JSON record: /company/SKY.json · verified financials: /company/SKY/financials.json / /company/SKY/financials.csv · machine TOC for the whole site: /llms.txt