Nobility Homes, Inc. reported fiscal year‑ended November 1 2025 results that included $52.7 million in revenue, $8.4 million in net income, and a diluted earnings per share of $2.58. Operating income rose to $10.0 million, while the fourth‑quarter figures showed a 15% sales increase to $13.6 million, 38% growth in operating income to $2.8 million, and net income of $2.3 million, translating to an EPS of $0.72.
Year‑over‑year, sales grew 1% from $52.0 million in FY2024, driven largely by a shift from company‑owned retail centers to independent dealer sales. Operating income increased 4.8% to $10.0 million, reflecting improved operational leverage, but net income fell slightly to $8.4 million and EPS declined to $2.58, a result of lower margins on wholesale transactions and higher cost pressures from material and labor shortages.
The fourth‑quarter surge—15% in sales and 38% in operating income—was largely seasonal, benefiting from a robust demand for lower‑priced homes in the Florida market. The stronger quarter also benefited from a higher mix of wholesale sales, which, while lower‑margin, delivered higher volume and helped offset the modest decline in retail channel performance.
Nobility’s strategic pivot toward wholesale channels and the production of lower‑priced homes is a direct response to the manufactured‑housing downturn and rising mortgage rates. The company’s president noted that higher interest rates are dampening demand for higher‑priced homes, prompting a focus on affordability. Supply‑chain delays, back‑orders, and labor shortages continue to constrain production timelines, adding pressure to costs and margins.
Financially, Nobility remains robust, holding $26.9 million in cash and cash equivalents, no debt, and $46.7 million in working capital. The current asset‑to‑liability ratio stands at 8.2:1, underscoring strong liquidity and the ability to weather short‑term disruptions.
President Terry Trexler emphasized that while retail sales at company‑owned centers declined, the increase in dealer sales offset the impact. He also highlighted ongoing material delays and labor shortages, noting that these operational challenges are being managed through disciplined cost control and supply‑chain adjustments.
The broader industry context shows a 9% decline in Florida manufactured‑housing shipments for the November 2024‑October 2025 period, reflecting the broader downturn driven by higher interest rates and tighter credit conditions. These headwinds are mirrored in Nobility’s performance, yet the company’s focus on lower‑priced homes and wholesale distribution positions it to capture market share in a constrained environment.
Management did not provide new guidance figures, but the company’s continued emphasis on cost discipline, strategic channel realignment, and a strong balance sheet signals confidence in maintaining profitability amid the current market headwinds.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.