<SEC-DOCUMENT>0000278166-21-000010.txt : 20210223
<SEC-HEADER>0000278166-21-000010.hdr.sgml : 20210223
<ACCEPTANCE-DATETIME>20210223165120
ACCESSION NUMBER:		0000278166-21-000010
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210219
FILED AS OF DATE:		20210223
DATE AS OF CHANGE:		20210223

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Urness Daniel L
		CENTRAL INDEX KEY:			0001336370

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08822
		FILM NUMBER:		21666398

	MAIL ADDRESS:	
		STREET 1:		C/O CAVCO INDUSTRIES, INC.
		STREET 2:		1001 N CENTRAL AVE SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAVCO INDUSTRIES INC.
		CENTRAL INDEX KEY:			0000278166
		STANDARD INDUSTRIAL CLASSIFICATION:	MOBILE HOMES [2451]
		IRS NUMBER:				860214910
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0403

	BUSINESS ADDRESS:	
		STREET 1:		3636 N CENTRAL AVE
		STREET 2:		STE 1200
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85012
		BUSINESS PHONE:		602-256-6263

	MAIL ADDRESS:	
		STREET 1:		3636 N CENTRAL AVE
		STREET 2:		STE 1200
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85012

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAVCO INDUSTRIES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wf-form4_161411704749278.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2021-02-19</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000278166</issuerCik>
        <issuerName>CAVCO INDUSTRIES INC.</issuerName>
        <issuerTradingSymbol>CVCO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001336370</rptOwnerCik>
            <rptOwnerName>Urness Daniel L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O 3636 NORTH CENTRAL AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1200</rptOwnerStreet2>
            <rptOwnerCity>PHOENIX</rptOwnerCity>
            <rptOwnerState>AZ</rptOwnerState>
            <rptOwnerZipCode>85012</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>EVP, CFO &amp; Treasurer</officerTitle>
            <otherText></otherText>
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                <transactionPricePerShare>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
                <value>2021-02-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>2826</value>
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                <transactionPricePerShare>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
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            <transactionDate>
                <value>2021-02-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>17657</value>
                    <footnoteId id="F1"/>
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                <transactionPricePerShare>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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        </nonDerivativeTransaction>
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    <derivativeTable>
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            <conversionOrExercisePrice>
                <value>79.26</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2021-02-19</value>
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            <transactionAmounts>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2021-07-22</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                <value>2021-02-19</value>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            <exerciseDate>
                <footnoteId id="F5"/>
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                <value>2026-04-15</value>
            </expirationDate>
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                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                    <value>0</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Non-Qualified Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>158.36</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2021-02-19</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionShares>
                    <value>2826</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F5"/>
                <footnoteId id="F8"/>
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            <expirationDate>
                <value>2026-06-21</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2826.0</value>
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                    <value>0</value>
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    <footnotes>
        <footnote id="F1">Surrender of shares for payment of option exercise price and tax withholding.</footnote>
        <footnote id="F2">The option was fully exercisable on 7/22/2018.</footnote>
        <footnote id="F3">The option was fully exercisable on 7/9/2019.</footnote>
        <footnote id="F4">The option was fully exercisable on 7/13/2020.</footnote>
        <footnote id="F5">50% of the unvested portion of the option immediately vested on 2/19/2021 pursuant to the Reporting Person's Separation Agreement with the Issuer.</footnote>
        <footnote id="F6">1,400 options were exercisable on 7/18/2020.</footnote>
        <footnote id="F7">3,482 options were exercisable on 4/15/2020.</footnote>
        <footnote id="F8">1,402 options were exercisable on 6/21/2020.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Mickey R. Dragash, attorney-in-fact</signatureName>
        <signatureDate>2021-02-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
