Champion Homes, Inc.

What they do

Champion designs and builds manufactured and modular homes, park model RVs, ADUs and modular buildings, using 42 U.S. and 4 western Canadian manufacturing facilities. It sells through independent retailers, builder/developers, community operators and 84 company-owned sales centers under brands such as Champion Homes, Skyline Homes, Regional Homes and Titan Homes. Complementary businesses include construction services (Champion Construction), transport (Star Fleet Trucking) and captive financing (Champion Financing, a Triad joint venture).

Revenue drivers

• Factory-built homebuilding — Core business: manufactured and modular homes sold to independent retailers, builders/developers and community operators across the U.S. and western Canada; company says it held the number two U.S. manufactured housing position and number one U.S. modular position by units in calendar 2025.
• Company-owned retail — 84 active sales centers under Regional Homes, Titan Factory Direct and Champion Homes Center sell directly to consumers; captive retail drove the fiscal 2027 first-quarter increase in U.S. homes sold.
• Construction services and logistics — Champion Construction installs and sets up factory-built homes, and Star Fleet Trucking provides transportation for manufactured housing and other industries.
• Champion Financing — Joint venture with Triad Financial Services, begun in fiscal 2025, offering dealer floor plan and consumer retail loans for factory-built homes.

Recent performance

First-quarter fiscal 2027 net sales rose 1.3% to $710.2 million, with U.S. homes sold up 1.8% to 7,089 and U.S. ASP up 0.6% to $95,600. Gross profit was $179.3 million and gross margin 25.2% on adjusted basis; net income was $49.2 million, or $0.89 diluted EPS, and adjusted EBITDA margin was 10.4%. SG&A rose to $119.0 million from $111.3 million, reflecting Iseman Homes and a larger retail footprint. Backlog stood at $421.8 million and cash and equivalents at $784.7 million as of June 27, 2026.

Strategy

Management prioritizes improving capacity utilization and profitability at existing plants plus measured expansion of manufacturing and retail through acquisitions. It acquired Iseman Homes (10 retail centers) in May 2025 and Regional Homes (three plants, 44 retail centers) in October 2023. During the first half of fiscal 2026 it idled the Bartow, Florida plant and ceased operations at Kelowna, British Columbia; it still owned six idle plants as of the 10-K. The company repurchased $50.0 million of stock in fiscal 2027 Q1 and refreshed its repurchase authorization to $150.0 million in July 2026.

Risks

• Cyclical housing demand — Demand for factory-built homes is tied to interest rates and affordable-housing conditions, and the company describes the current environment as challenging.
• Cost inflation — The fiscal 2027 first quarter saw inflationary increases in cost of sales and higher material costs partially offsetting sales growth.
• Tax credit expiration — Net income fell year over year partly due to a higher effective tax rate after the elimination of Energy Star tax credits.
• Acquisition integration — Growth depends on integrating acquired retail and manufacturing operations such as Iseman Homes and Regional Homes while managing an expanded footprint.

Outlook

Management describes fiscal 2027 as starting with encouraging demand trends and results in line with expectations. It cites the closed Homes Direct acquisition, the differentiated platform and the expanded retail footprint as supporting affordable-housing delivery and long-term growth. No specific numerical guidance is given in the earnings release.