Full year and fourth quarter
Champion Homes, the manufactured-housing producer listed as SKY, reported results on May 26, 2026 for the fourth quarter and full fiscal year ended March 28, 2026.
Full-year net sales were $2.7 billion, up 7.3 percent. Net income was $206.9 million, up 4.3 percent; adjusted net income was $217.4 million, up 6.2 percent; adjusted EBITDA was $308.2 million, up 8.1 percent. Full-year earnings were $3.66 per share, or $3.85 adjusted, up 9.4 percent.
The fourth quarter told a different story. Net sales were $621.3 million, up 4.6 percent, but net income fell 18.4 percent to $29.7 million, with earnings of $0.53 per share, or $0.68 adjusted.
The backlog turned before the year ended
Backlog at year-end was $316.0 million, down 8.0 percent from a year earlier but up 18.8 percent from the third quarter.
Those two directions are not in conflict. The sequential rise reflects normal seasonality, since orders build ahead of the spring selling season. The year-over-year decline is the signal: measured against the same point in the prior cycle, the order book is thinner. For a company whose full-year profit rose, a shrinking year-over-year backlog is the first place a slowdown would appear.
Retail expansion
Chief executive Tim Larson referenced the acquisition of Homes Direct as part of an expansion of the company's retail capabilities. The deal, announced the same day as earnings, covers 11 of Homes Direct's 15 retail locations across Arizona, California, Colorado, New Mexico and Oregon and would raise Champion's total store count to 95, according to the acquisition announcement; terms were not disclosed. Champion said it was funding the purchase partly from a roughly $137 million payout tied to its stake in ECN Capital, which was acquired by an investor group led by Warburg Pincus.
Champion operates 42 manufacturing facilities in the United States and four in western Canada under brands including Champion Homes, Skyline Homes, Genesis Homes and Silvercrest in the U.S. and Moduline and SRI Homes in Canada, according to its most recent quarterly filing.
Vertical integration into retail is a recurring strategy in manufactured housing because the retail channel controls both the customer relationship and, frequently, the financing referral. Owning distribution captures margin that would otherwise sit with independent dealers, and it gives the manufacturer better visibility into order flow. It also concentrates risk: retail inventory and floor-plan financing sit on the manufacturer's balance sheet rather than a dealer's.
Reading the two manufacturers together
Analysis: Champion's fiscal year ended in March and Cavco's first quarter ended in June, so read in sequence they cover roughly the same stretch of the market. Both show revenue growth with profit pressure, and both show backlogs that are healthy in absolute terms but not tightening. That pattern is consistent with a manufactured-housing sector gaining volume from affordability substitution while giving back price.
Caveat: the two documents available for this release — the exhibit filed with the Securities and Exchange Commission and the company's investor-relations page — are the same text published in two places, not independent sources.