Nobility Homes, Inc.

What they do

Nobility designs, manufactures and sells manufactured and modular homes, selling through its own retail sales centers in Florida and on a wholesale basis to independent dealers and manufactured home communities. Homes are sold under the trade names Kingswood, Richwood, Tropic Isle, Regency Manor and Tropic Manor, in roughly 100 active models ranging from 464 to 2,650 square feet. Retail prices typically range from about $90,000 to $250,000, which the company considers the low-to-medium price range of the industry. It also operates an insurance agency subsidiary and describes itself as the only vertically integrated manufactured home company headquartered in Florida.

Revenue drivers

• Company-owned retail sales centers — Retail home sales through Nobility's own Florida sales centers; 137 homes sold in the first nine months of fiscal 2026 versus 195 in the prior-year period.
• Wholesale to independent dealers and communities — Sales to independent manufactured home retailers and communities; 184 homes in the first nine months of fiscal 2026 versus 129 a year earlier, with the company stating these sales carry lower margins.
• Manufactured and modular home models — Approximately 100 active models across single-wide, double-wide, triple-wide and quad configurations, plus on-frame modular, A.N.S.I. park models under 400 square feet and exposure D homes.
• Insurance agency subsidiary — A subsidiary insurance agency operation cited by the company as part of its vertical integration; no separate revenue figures were disclosed in the excerpts.

Recent performance

Third quarter fiscal 2026 sales were $12.1 million versus $12.0 million a year earlier, with operating income of $2.1 million versus $2.2 million and net income of $1.9 million versus $1.8 million; EPS was $0.60 versus $0.56. For the first nine months of fiscal 2026, sales were $35.1 million versus $39.0 million, operating income was $6.0 million versus $7.2 million, net income was $5.3 million versus $6.1 million, and EPS was $1.66 versus $1.87 (diluted $1.86). Full-year revenue fell from $63.3 million in 2023 to $51.9 million in 2024 and $52.7 million in 2025, while net income declined from $10.9 million in 2023 to $8.6 million in 2024 and $8.4 million in 2025. Operating cash flow declined from $10.1 million in 2023 to $7.0 million in 2024 and $4.2 million in 2025.

Strategy

Nobility emphasizes its strong balance sheet as key to future growth, citing $25.8 million in cash, certificates of deposit and short-term investments and no outstanding debt as of the third quarter of 2026. Management points to decades of experience in the Florida market, multiple retail sales centers in Florida for over 36 years and its insurance agency subsidiary as the basis of its vertically integrated position. The company continues to operate its own manufacturing plant using assembly line techniques and purchases components from outside suppliers. It has returned capital to shareholders through dividends of $1.00 per share in 2023, $1.50 in 2024 and $1.25 in 2025, and repurchased treasury shares (2,211,242 shares held at cost as of May 2, 2026 versus 2,111,242 as of November 1, 2025).

Risks

• Customer purchase delays and trade-down — Management states potential customers continue to delay or defer purchases, or buy lower-cost homes, due to higher interest rates and economic uncertainty.
• Input cost inflation and tariffs — The company reports inflation in several building products, price increases and tariffs raising material costs, with expectations these continue through fiscal 2026 and into 2027.
• Supply chain and labor constraints — Delays in receiving key production materials from suppliers, back orders, tariffs and labor shortages continue to delay completion of homes at the manufacturing facility.
• Heavy concentration in Florida — The company relies on the Florida economy and its Florida retail and wholesale markets, and cites adverse weather and plant shutdown risk from storms among its stated uncertainties.

Outlook

Management expects the challenges it describes — purchase delays, higher interest rates, material inflation, tariffs, supply delays and labor shortages — to continue throughout fiscal 2026 and into 2027. It notes that Florida manufactured housing industry shipments rose approximately 6% from November 2025 through July 2026 versus the prior-year period, per the Florida Manufactured Housing Association. The company states its financial position, Florida market experience and growing demand for affordable housing should position it well, and that management believes its geographic market is one of the strongest long-term growth areas in the country.