Nobility Homes, Inc (NOBH) 9 Months Ending 8.1.2026 and Reported 9.15.2026 via SEC Edgar System. Comparing Auto and RV Profits vs Nobility Homes (NOBH) Profits. Granular Financial Data. FEA

According to the SEC/Edgar site linked here is the following information about Nobility Homes most recently quarterly filing. MHProNews is providing the entire 16-page Nobility Homes (NOBH) corporate filing in Part I below. In Part II, that filing with be unpacked using the MHProNews facts-evidence-analysis (FEA) methodology. For added context, prior reports on Nobility Homes are linked. For those who want to know what a multi-decade independent producer of HUD Code manufactured homes has done and can do, this report is arguably revealing. For example. Nobility estimated the value of their plant and equipment at $8,230,439. They reported $51,248,508 in total current value (as of the date shown) of their assets. They report $6,884,848 in liabilities. That would be an enviable financial position for millions of American businesses. Nobility’s declarations in Part I also include: $19,622,587 in inventory, which includes new and pre-owned homes, plus decor/furnishing for model homes. Note that roughly 2/3rd of their sales were through company owned (vertical) sales center, with roughly 1/3rd sold year-to-date by independent retailers through August 1, 2026. Compared to automotive (about 10-15 percent) or RV producers (20+ percent) profits, Nobility reported some 22 percent profits from retail and 24 percent from production profits. Quoting from Part I: “The Company currently has no line of credit facility and no debt and does not believe that such a facility is currently necessary for its operations.” That sounds like a definition of a safe investment. That said, in Part II below, two different third-party AIs will unpack the Nobility Homes statements and findings into the broader MHVille context. As a preview from Part II: “Nobility Homes, Inc. maintains a fortress balance sheet characterized by zero long-term debt, no active line of credit, and substantial liquid reserves…” There is more in Part II that spotlights insights from and on Nobility. This MHProNews FEA is underway.

Part I.

Inline Viewer: NOBILITY HOMES, INC. 10-Q 2026-08-01

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072205/000119312526391553/ck0000072205-20260801.htm#fact-identifier-12

Table of Contents

Title of Class

Shares Outstanding on

September 15, 2026

Common Stock

3,153,665

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NOBILITY HOMES, INC.

INDEX



		Page Number

PART I.	Financial Information

Item 1.	Financial Statements (Unaudited)

	Condensed Consolidated Balance Sheets as of August 1, 2026 and November 1, 2025		4

	Condensed Consolidated Statements of Income for the three and nine months ended August 1, 2026 and August 2, 2025		5

	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended August 1, 2026 and August 2, 2025		6

	Condensed Consolidated Statements of Cash Flows for the nine months ended August 1, 2026 and August 2, 2025		7

	Notes to Condensed Consolidated Financial Statements		8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		12

Item 4.	Controls and Procedures		14

PART II.	Other Information		15

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		15

Item 5.	Other Information		15

Item 6.	Exhibits		15

Signatures			16

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NOBILITY HOMES, INC.

Condensed Consolidated Balance Sheets

(Unaudited)


	August 1, 2026			November 1, 2025

Assets
Current assets:
Cash and cash equivalents	$	13,417,420		$	13,230,504
Certificates of deposit		11,697,609			13,109,325
Short-term investments at fair value		684,503			583,128
Accounts receivable – trade		4,301,664			4,602,671
Mortgage notes receivable		5,294			3,645
Inventories		19,622,587			19,733,235
Prepaid expenses and other current assets		1,519,431			2,000,403
Total current assets		51,248,508			53,262,911
Property, plant and equipment, net		8,230,439			8,230,055
Mortgage notes receivable, less current portion		138,749			143,373
Other investments		611,417			553,752
Property held for resale		26,590			26,590
Cash surrender value of life insurance		4,970,430			4,772,430
Other assets		156,287			156,287
Total assets	$	65,382,420		$	67,145,398
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	693,589		$	586,001
Accrued compensation		529,252			765,853
Accrued expenses and other current liabilities		1,419,320			1,590,827
Income taxes payable		1,193,863			658,461
Customer deposits		3,048,824			2,795,344
Total current liabilities		6,884,848			6,396,486
Deferred income taxes		76,904			34,069
Total liabilities		6,961,752			6,430,555
Commitments and contingencies (reference note 9)		—			—
Stockholders’ equity:
Preferred stock, $0.10 par value, 500,000 shares authorized; none issued and outstanding		—			—
Common stock, $0.10 par value, 10,000,000 shares authorized; 5,364,907 shares issued; 3,153,665 and 3,253,665 shares outstanding		536,491			536,491
Additional paid in capital		11,438,822			11,316,595
Retained earnings		79,591,517			79,037,919
Less treasury stock at cost, 2,211,242 and 2,111,242 shares, respectively		(33,146,162	)		(30,176,162	)
Total stockholders’ equity		58,420,668			60,714,843
Total liabilities and stockholders’ equity	$	65,382,420		$	67,145,398

The accompanying notes are an integral part of these condensed consolidated financial statements.

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NOBILITY HOMES, INC.

Condensed Consolidated Statements of Income

(Unaudited)


	Three Months Ended						Nine Months Ended
	August 1, 2026			August 2, 2025			August 1, 2026			August 2, 2025
Net sales	$	12,138,230		$	12,021,194		$	35,051,636		$	39,020,273
Cost of sales		(8,646,241	)		(8,173,008	)		(24,732,344	)		(26,569,886	)
Gross profit		3,491,989			3,848,186			10,319,292			12,450,387
Selling, general and administrative expenses		(1,384,120	)		(1,670,585	)		(4,286,486	)		(5,236,432	)
Operating income		2,107,869			2,177,601			6,032,806			7,213,955
Other income (expense):
Interest income		213,928			270,139			687,383			853,735
Undistributed earnings in joint venture – Majestic 21		16,684			25,624			57,665			72,893
Proceeds received under escrow arrangement		13,565			36,094			71,879			116,312
Increase (decrease) in fair market value of equity investment		131,541			(16,316	)		101,375			(115,336	)
Gain on disposal of property, plant and equipment		—			—			1,000			1,000
Miscellaneous		10,869			(25	)		80,224			25,697
Total other income		386,587			315,516			999,526			954,301
Income before provision for income taxes		2,494,456			2,493,117			7,032,332			8,168,256
Income tax expense		(598,114	)		(667,846	)		(1,748,237	)		(2,070,243	)
Net income	$	1,896,342		$	1,825,271		$	5,284,095		$	6,098,013
Weighted average number of shares outstanding:
Basic		3,153,665			3,268,998			3,185,899			3,268,939
Diluted		3,159,240			3,274,456			3,191,587			3,276,061
Net income per share:
Basic	$	0.60		$	0.56		$	1.66		$	1.87
Diluted	$	0.60		$	0.56		$	1.66		$	1.86

The accompanying notes are an integral part of these condensed consolidated financial statements.

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NOBILITY HOMES, INC.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the three and nine months ended August 1, 2026 and August 2, 2025

(Unaudited)


	Common Stock Shares			Common Stock		Additional Paid-in-Capital			Retained Earnings			Treasury Stock			Total
Balance at November 1, 2025		3,253,665		$	536,491	$	11,316,595		$	79,037,919		$	(30,176,162	)	$	60,714,843
Purchase of treasury stock		(100,000	)		—		—			—			(2,970,000	)		(2,970,000	)
Stock-based compensation		—			—		60,138			—			—			60,138
Net income		—			—		—			1,628,326			—			1,628,326
Balance at January 31, 2026		3,153,665			536,491		11,376,733			80,666,245			(33,146,162	)		59,433,307
Cash dividend $1.50 per common share		—			—		—			(4,730,497	)		—			(4,730,497	)
Stock-based compensation		—			—		55,449			—			—			55,449
Net income		—			—		—			1,759,427			—			1,759,427
Balance at May 2, 2026		3,153,665			536,491		11,432,182			77,695,175			(33,146,162	)		56,517,686
Stock-based compensation		—			—		27,240			—			—			27,240
Stock option redemption		—			—		(20,600	)		—			—			(20,600	)
Net income		—			—		—			1,896,342			—			1,896,342
Balance at August 1, 2026		3,153,665		$	536,491	$	11,438,822		$	79,591,517		$	(33,146,162	)	$	58,420,668


	Common Stock Shares		Common Stock		Additional Paid-in-Capital		Retained Earnings			Treasury Stock			Total
Balance at November 2, 2024		3,268,829	$	536,491	$	11,140,687	$	74,677,783		$	(29,758,438	)	$	56,596,523
Stock-based compensation		—		—		40,254		—			—			40,254
Net income		—		—		—		1,980,422			—			1,980,422
Balance at February 1, 2025		3,268,829		536,491		11,180,941		76,658,205			(29,758,438	)		58,617,199
Cash dividend $1.25 per
common share		—		—		—		(4,086,247	)		—			(4,086,247	)
Stock-based compensation		169		—		38,124		—			2,400			40,524
Net income		—		—		—		2,292,320			—			2,292,320
Balance at May 3, 2025		3,268,998		536,491		11,219,065		74,864,278			(29,756,038	)		56,863,796
Stock-based compensation		—		—		35,454		—			—			35,454
Net income		—		—		—		1,825,271			—			1,825,271
Balance at August 2, 2025		3,268,998	$	536,491	$	11,254,519	$	76,689,549		$	(29,756,038	)	$	58,724,521

The accompanying notes are an integral part of these condensed consolidated financial statements.

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NOBILITY HOMES, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended
	August 1, 2026			August 2, 2025
Cash flows from operating activities:
Net income	$	5,284,095		$	6,098,013
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		201,483			127,728
Deferred income taxes		42,835			17,763
Undistributed earnings in joint venture – Majestic 21		(57,665	)		(72,893	)
Gain on disposal of property, plant and equipment		(1,000	)		(1,000	)
(Increase) decrease in fair market value of equity investment		(101,375	)		115,336
Stock-based compensation		142,827			116,232
Decrease (increase) in:
Accounts receivable – trade		301,007			168,089
Inventories		110,648			1,227,138
Prepaid expenses and other current assets		480,972			(310,961	)
Interest receivable		(88,284	)		(18,427	)
(Decrease) increase in:
Accounts payable		107,588			(297,950	)
Accrued compensation		(236,601	)		(55,169	)
Accrued expenses and other current liabilities		(171,507	)		(328,988	)
Income taxes payable		535,402			(67,519	)
Customer deposits		253,480			(2,329,325	)
Net cash provided by operating activities		6,803,905			4,388,067
Cash flows from investing activities:
Purchase of property, plant and equipment		(201,867	)		(175,107	)
Purchase of certificates of deposit		(6,500,000	)		(7,500,000	)
Proceeds from certificates of deposit		8,000,000			8,366,000
Proceeds from disposal of property, plant and equipment		1,000			1,000
Collections on mortgage notes receivable		2,975			460
Increase in cash surrender value of life insurance		(198,000	)		(153,000	)
Net cash provided by investing activities		1,104,108			539,353
Cash flows from financing activities:
Payment of cash dividend		(4,730,497	)		(4,086,247	)
Cash paid for stock options redemption		(20,600	)		—
Purchase of treasury stock		(2,970,000	)		—
Net cash (used in) financing activities		(7,721,097	)		(4,086,247	)
Increase in cash and cash equivalents		186,916			841,173
Cash and cash equivalents at beginning of period		13,230,504			13,521,296
Cash and cash equivalents at end of period	$	13,417,420		$	14,362,469
Supplemental disclosure of cash flows information:
Income taxes paid	$	1,170,000		$	2,120,000
Interest paid	$	–		$	–

The accompanying notes are an integral part of these condensed consolidated financial statements.

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NOBILITY HOMES, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1 Basis of Presentation and Accounting Policies

The accompanying unaudited condensed consolidated financial statements for the three and nine months ended August 1, 2026 and August 2, 2025 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q.

Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

The unaudited financial information included in this report includes all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods. The results of operations for the nine months ended August 1, 2026, are not necessarily indicative of the results of the full fiscal year.

The condensed consolidated financial statements included in this report should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 1, 2025.

Note 2 Recently Issued Accounting Standards

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. This standard was effective for the Company beginning November 3, 2024. There was no impact on our consolidated financial statements. The Company has one reportable segment, and its President is the Chief Operation Decision Maker.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid to the U.S. Government. The update will be effective for annual periods beginning after December 15, 2024 (fiscal 2026) and will be adopted for the Company’s year-end reporting. The Company is currently assessing the effect this update may have on its consolidated financial statement disclosures.

On November 4, 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures. This ASU provides guidance to public companies regarding footnote disclosures of natural expense components (such as employee compensation, depreciation, and amortization) included within each relevant income statement expense caption. The guidance is effective for public companies for fiscal years beginning after December 15, 2026. We are assessing the effect of this update on our consolidated financial statement disclosures.

Note 3 Inventories

New home inventory is carried at a lower of cost or net realizable value. Capitalized manufacturing costs on retail manufactured homes built by the Company are valued at manufacturing cost, including materials, labor, and manufacturing overhead, or net purchase price if acquired from unaffiliated third parties. The cost of finished home inventories determined on the specific identification method is removed from inventories and recorded as a component of cost of sales at the time revenue is recognized. Under the specific identification method, if finished home inventory can be sold for a profit there is no basis to write down the inventory below the lower of cost or net realizable value.

Other pre-owned homes are acquired (Repossessions Inventory) as a convenience to the Company’s joint venture partner, 21st Mortgage Corporation. This inventory has been repossessed by 21^st Mortgage Corporation or through mortgage foreclosure. The Company acquired this inventory at the amount of the uncollected balance of the financing at the time of the foreclosure/repossessions by 21st Mortgage Corporation. The Company records this inventory at a cost determined by the specific identification method. All of the refurbishment costs are paid by 21^stMortgage Corporation. This arrangement assists 21^st Mortgage Corporation with liquidation of their repossessed inventory. The timing of these repurchases by the Company is unpredictable as it is based on the repossessions 21^st Mortgage Corporation incurs in the portfolio. When the home is sold, the Company retains the cost of the home, an interest factor on the cost of the home and a sales commission, from the sales proceeds. Any additional proceeds are paid to 21^st Mortgage. Any shortfall from the proceeds to cover these amounts is paid by 21^st Mortgage to the Company. As the Company has no risk of loss on the sale, there is no valuation allowance necessary for repossessions inventory.

Inventory held at consignment locations by affiliated entities is included in the Company’s inventory on the Company’s consolidated balance sheets. The Company had no consigned inventory as of August 1, 2026 and November 1, 2025.

Pre-owned homes are also taken as trade-ins on new home sales (Trade-in Inventory). This inventory is recorded at estimated actual wholesale value, which is generally lower than market value, determined on the specific identification method, plus refurbishment

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NOBILITY HOMES, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

costs incurred to date to bring the inventory to a more saleable state. The Trade-in Inventory amount is reduced where necessary on a unit specific basis by a valuation reserve, which management believes results in inventory being valued at net realizable value.

Other inventory costs are determined on a first-in, first-out basis.

A breakdown of the elements of inventory at August 1, 2026 and November 1, 2025 is as follows:


	August 1,		November 1,
	2026		2025

Raw materials	$	1,202,497	$	1,246,972
Work-in-process		134,188		169,467
Finished homes – Nobility manufactured		11,737,227		11,836,197
Finished homes – Other manufactured		4,556,842		4,768,852
Pre-owned homes		1,732,409		1,471,432
Model home furniture – net of depreciation		259,424		240,315
Inventories	$	19,622,587	$	19,733,235

Note 4 Short-term Investments

The following is a summary of short-term investments at August 1, 2026 and November 1, 2025.


	August 1, 2026

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	516,573	$	—	$	684,503


	November 1, 2025

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	415,198	$	—	$	583,128

The fair values were estimated based on quoted market prices in active markets at each respective period end.

Note 5 Fair Value of Financial Instruments

The carrying amount of cash and cash equivalents, accounts and notes receivable, accounts payable, customer deposits and accrued expenses approximate fair value because of the short maturity of those instruments.

The Company accounts for the fair value of financial instruments in accordance with FASB Accounting Standards Codification (ASC) No. 820 “Fair Value Measurements” (ASC 820).

ASC 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability (i.e. exit price) in an orderly transaction between market participants at the measurement date. ASC 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e. inputs) used in the valuation. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. The ASC 820 fair value hierarchy is defined as follows:

Level 1 – Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly.

Level 3 – Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date.

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NOBILITY HOMES, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following tables represent the Company’s financial assets and liabilities which are carried at fair value at August 1, 2026 and November 1, 2025.


	August 1, 2026

	Level 1		Level 2		Level 3
Equity securities in a public company	$	684,503	$	—	$	—


	November 1, 2025

	Level 1		Level 2		Level 3
Equity securities in a public company	$	583,128	$	—	$	—

Note 6 Net Income per Share

These condensed consolidated financial statements include “basic” and “diluted” net income per share information for all periods presented. The basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding (see the condensed consolidated statement of income for weighted average shares outstanding for each period). The diluted net income per share is calculated by dividing net income by the weighted-average number of shares outstanding, adjusted for dilutive common shares, which are the result of outstanding stock options. The Company reported net income of $1,896,342 for the three months of 2026 or $0.60 per share (basic and diluted), compared to $1,825,271 or $0.56 per share (basic and diluted) for the three months of 2025. For the first nine months of 2026, the Company reported net income of $5,284,095 or $1.66 per share (basic and diluted) compared to $6,098,013 or $1.87 (diluted $1.86) per share for the first nine months of 2025. For the three and nine months ended August 1 2026 and August 2, 2025, the Company had 82,900 and 80,650 unexercised stock options outstanding, respectively, that were anti-dilutive and excluded from diluted net income per share for such periods.

Note 7 Revenues by Products and Services

The Company operates in one business segment, which is manufactured housing and ancillary services. As of August 1, 2026 customer deposits was $3,048,824 and are expected to be recognized as revenue within a year.

Revenues by net sales from manufactured housing and insurance agent commissions for the three and nine months ended August 1, 2026 and August 2, 2025 are as follows.


	Three Months Ended				Nine Months Ended

	August 1,		August 2,		August 1,		August 2,
	2026		2025		2026		2025
Manufactured housing
Homes sold through Company owned sales centers	$	8,001,443	$	9,748,377	$	23,285,409	$	30,359,905
Homes sold to independent dealers and through manufactured home parks, net		4,080,046		2,171,133		11,561,834		8,422,881
		12,081,489		11,919,510		34,847,243		38,782,786
Insurance agent commissions		56,741		101,684		204,393		237,487
Total net sales	$	12,138,230	$	12,021,194	$	35,051,636	$	39,020,273

Note 8 Related Party Transactions

In January 2026, the Company repurchased 100,000 shares of common stock from our President at $29.70 per share.

Note 9 Commitments and Contingent Liabilities

Operating Leases – The Company leases the property for two Prestige retail sales centers from various unrelated entities under operating lease agreements. One of the operating lease agreement is month to month and the other is a one year lease expiring in October 2026. The Company also leases certain equipment under unrelated operating leases.

Other Contingent Liabilities – Certain claims and suits arising in the ordinary course of business have been filed or are pending against the Company. In the opinion of management, the ultimate outcome of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. Accordingly, the Company has an accrual provision of $19,000 for litigation settlements in the accompanying consolidated financial statements.

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NOBILITY HOMES, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The Company does not maintain casualty insurance on some of its property, including the inventory at our retail centers, our plant machinery and plant equipment and is at risk for those types of losses.

Note 10 Subsequent Event

The Company evaluated subsequent events from the balance sheet date through September 15, 2026, the date these condensed consolidated financial statements were issued. No material subsequent events were identified.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

Total net sales in the third quarter of 2026 were $12,138,230 compared to $12,021,194 in the third quarter of 2025. Total net sales for the first nine months of 2026 were $35,051,636 compared to $39,020,273 for the first nine months of 2025. The Company reported net income of $1,896,342 in the third quarter of 2026, compared to a net income of $1,825,271 in the third quarter of 2025 and net income was $5,284,095 for the first nine months of 2026 compared to $6,098,013 for the first nine months of 2025. Total net sales decreased during the first nine months of 2026 as compared to same period in 2025 due to a decrease in the number of new retail homes sold in our Company owned retail sales centers (137 homes versus 195 homes) partially offset by an increase in the number of homes sold to independent dealers (184 homes versus 129 homes) which sales have lower margins.

We believe that potential customers continue to delay or defer purchasing decisions, or are generally opting to purchase lower cost homes, when considering the higher interest rate environment and the uncertainty of the economy, which continue to negatively impact sales. There also remain delays in the receipt of certain key production materials from suppliers, as well as back orders, price increases, tariffs and labor shortages which continue to cause delays in the completion of the homes at our manufacturing facility. We also continue to experience inflation in several building products resulting in increases in our material costs. We expect these challenges will continue throughout fiscal years 2026 and 2027 and potentially beyond.

According to the Florida Manufactured Housing Association, shipments for the manufacturing housing industry in Florida for the period from November 2025 through July 2026 increased by approximately 6% from the same period last year.

The following table summarizes certain key sales statistics and percentage of gross profit for the three and nine months ended August 1, 2026 and August 2, 2025


	Three Months Ended						Nine Months Ended
	(Unaudited)						(Unaudited)
	August 1,			August 2,			August 1,			August 2,
	2026			2025			2026			2025
New homes sold through Company owned sales centers		44			63			137			195
Homes sold to independent dealers		63			37			184			129
Total new factory built homes produced		99			95			303			291
Average new manufactured home price – retail	$	177,939		$	154,268		$	166,380		$	155,540
Average new manufactured home price – wholesale	$	69,549		$	69,246		$	70,005		$	69,683
As a percent of net sales:
Gross profit from the Company owned retail sales centers		22	%		23	%		23	%		23	%
Gross profit from the manufacturing facilities -including intercompany sales		24	%		23	%		22	%		24	%

Maintaining our strong financial position is vital for future growth and success. Our many years of experience in the Florida market, combined with home buyers’ increased need for more affordable housing, should serve the Company well in the coming years. Management remains convinced that our specific geographic market is one of the best long-term growth areas in the country.

On June 5, 2026, we celebrated our 59^thanniversary in business specializing in the design and production of quality, affordable manufactured and modular homes. With multiple retail sales centers in Florida for over 35 years and an insurance agency subsidiary, we are the only vertically integrated manufactured home company headquartered in Florida.

Insurance agent commission revenues in the third quarter of 2026 were $56,741 compared to $101,684 in the third quarter of 2025. Insurance agent commission revenues for the nine months of 2026 were $204,393 compared to $237,487 for the first nine months of 2025. Revenues are generated by new and renewal policies being written which affect agent commissions earned. The Company establishes appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations at August 1, 2026 and November 1, 2025.

Gross profit as a percentage of net sales was 29% in the third quarter of 2026 compared to 32% in the third quarter of 2025 and was 30% for the first nine months of 2026 compared to 32% for the first nine months of 2025. The gross profit in the third quarter of 2026 was $3,491,989 compared to $3,848,186 in the third quarter of 2025 and was $10,319,292 for the first nine months of 2026 compared to $12,450,387 for the first nine months of 2025. The gross profit is dependent on the sales mix of wholesale and retail homes and number of pre-owned homes sold. The gross profit as a percentage of net sales decreased due to a decrease in the number of homes sold at our Company owned retail sales centers that generate higher margins partially offset by an increase in the number of homes sold to independent dealers, which have lower margins than retail sales.

Selling, general and administrative expenses as a percent of net sales was 11% in the third quarter of 2026 compared to 14% for the third quarter of 2025 and was 12% for the first nine months of 2026 compared to 13% for the first nine months of 2025. Selling,

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general and administrative expenses in the third quarter of 2026 was $1,384,120 compared to $1,670,585 in the third quarter of 2025 and was $4,286,486 for the first nine months of 2026 compared to $5,236,432 for the first nine months of 2025. The dollar decrease in selling, general and administrative expenses for the first nine months of 2026 versus 2025 were due to decrease in the number of new home sold at our Company owned retail sales centers.

We earned interest income of $213,928 for the third quarter of 2026 compared to $270,139 for the third quarter of 2025. For the first nine months of 2026, interest income was $687,383 compared to $853,735 in the first nine months of 2025. The amount of interest income is primarily a function of interest rates and the amount invested.

Our earnings from Majestic 21 in the third quarter of 2026 were $16,684 compared to $25,624, for the third quarter of 2025. The earnings for the first nine months of 2026 were $57,665 compared to $72,893 for the first nine months of 2025. The earnings from Majestic 21 represent the allocation of profit and losses which are owned 50% by 21st Mortgage Corporation and 50% by the Company. The earnings from the Majestic 21 loan portfolio vary quarter to quarter, but overall, the earnings will continue to decrease due to the amortization, maturity and payoff of the loans.

We received distributions from 21^stMortgage Corporation in the third quarter of 2026 of $13,565 compared to $36,094 in the third quarter of 2025 and $71,879 for the first nine months of 2026 compared to $116,312 for the first nine months of 2025. The distributions are from an escrow arrangement related to a Finance Revenue Sharing Agreement (FRSA) between 21^stMortgage Corporation and the Company. The distributions from the escrow arrangement, relating to certain loans financed by 21^stMortgage Corporation, are recorded as income by the Company when received. The earnings from the FRSA loan portfolio will vary quarter to quarter, but will continue to decrease due to the amortization and payoff of the loans.

The Company realized pre-tax income in the third quarter of 2026 of $2,494,456 as compared to $2,493,117 in the third quarter of 2025. The pre-tax income for the first nine months of 2026 was $7,032,332 as compared to $8,168,256 in the first nine months of 2025.

The Company recorded an income tax expense in the amount of $598,114 in the third quarter of 2026 as compared to $667,846 in the third quarter of 2025. Income tax expense for the nine months of 2026 was $1,748,237 compared to $2,070,243 for the nine months of 2025.

We reported net income of $1,896,342 for the third quarter of 2026 or $0.60 per share, compared to $1,825,271 or $0.56 per share, for the third quarter of 2025. For the first nine months of 2026 net income was $5,284,095 or $1.66 per share compared to $6,098,013 or $1.87 (diluted $1.86) per share in the first nine months of 2025.

Liquidity and Capital Resources

Cash and cash equivalents were $13,417,420 at August 1, 2026 compared to $13,230,504 at November 1, 2025. Certificates of deposit were $11,697,609 at August 1, 2026 compared to $13,109,325 at November 1, 2025. Short-term investments were $684,503 at August 1, 2026 compared to $583,128 at November 1, 2025. Working capital was $44,363,660 at August 1, 2026 as compared to $46,866,425 at November 1, 2025. A cash dividend was paid from our cash reserves in April 2026 in the amount of $1.50 per share ($4,730,497). In January 2026, the Company repurchased 100,000 shares of common stock from our President at $29.70 per share ($2,970,000). Prestige new home inventory was $16,237,801 at August 1, 2026 compared to $16,605,049 at November 1, 2025. We own the entire inventory for our Prestige retail sales centers, which includes new and pre-owned homes, and do not incur any third-party floor plan financing expenses.

The Company currently has no line of credit facility and no debt and does not believe that such a facility is currently necessary for its operations. The Company also has approximately $5.0 million of cash surrender value of life insurance which it would be able to access as an additional source of liquidity though the Company has not currently viewed this to be necessary. As of August 1, 2026, the Company continued to report a strong balance sheet which included total assets of approximately $65.4 million which was funded primarily by stockholders’ equity of approximately $58.4 million.

Critical Accounting Policies and Estimates

In Item 7 of our Form 10-K, under the heading “Critical Accounting Policies and Estimates,” we have provided a discussion of the critical accounting policies and estimates that management believes affect its more significant judgments and estimates used in the preparation of our Consolidated Financial Statements. No significant changes have occurred since that time.

Forward-Looking Statements

Certain statements in this report are unaudited or forward-looking statements within the meaning of the federal securities laws. Although Nobility believes that the amounts and expectations reflected in such forward-looking statements are based on reasonable assumptions, there are risks and uncertainties that may cause actual results to differ materially from expectations. These risks and uncertainties include, but are not limited to, the potential adverse impact on our business caused by competitive pricing pressures at both the wholesale and retail levels, inflation, tariffs, increasing material costs (including forest based products) or availability of

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materials due to supply chain interruptions (such as current inflation with forest products and supply issues with vinyl siding and PVC piping), changes in market demand, increase in interest rates, availability of financing for retail and wholesale purchasers, consumer confidence, adverse weather conditions that reduce sales at retail centers, the risk of manufacturing plant shutdowns due to storms or other factors, the impact of marketing and cost-management programs, the impact of higher interest rates on mortgage financing, reliance on the Florida economy, impact of labor shortage, impact of materials shortage, increasing labor cost, cyclical nature of the manufactured housing industry, impact of rising fuel costs, catastrophic events impacting insurance costs, availability of insurance coverage for various risks to Nobility, market demographics, management’s ability to attract and retain executive officers and key personnel, increased global tensions, market disruptions resulting from terrorist attacks, or other events such as a pandemic, any armed conflict involving the United States and the impact of inflation.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report (the “Evaluation Date”). Based on their evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of August 1, 2026.

Changes in Internal Control over Financial Reporting.

There were no changes in our internal controls over financial reporting that occurred during the third quarter of fiscal 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

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Part II. OTHER INFORMATION AND SIGNATURES

There were no reportable events for Item 1, 3 and 4.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The Company did not repurchase any shares of its common stock during the third quarter ended August 1, 2026.

Item 5. Other Information

During the three months ended August 1, 2026 no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in item 408(a) of Regulation S-K.

Item 6. Exhibits



31.	(a)	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934

	(b)	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934

32.	(a)	Written Statement of Chief Executive Officer Pursuant to 18 U.S.C. §1350

	(b)	Written Statement of Chief Financial Officer Pursuant to 18 U.S.C. §1350

101.		Interactive data filing formatted in XBRL

104.		Cover Page Interactive Date File (formatted as inline XBRL and contained in Exhibit 101.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



	NOBILITY HOMES, INC.

DATE: September 15, 2026	By:	/s/ Terry E. Trexler
		Terry E. Trexler, Chairman,
		President and Chief Executive Officer

DATE: September 15, 2026	By:	/s/ Thomas W. Trexler
		Thomas W. Trexler, Executive Vice President, Secretary
		and Chief Financial Officer

DATE: September 15, 2026	By:	/s/ Lynn J. Cramer, Jr.
		Lynn J. Cramer, Jr., Treasurer
		and Principal Accounting Officer

Part II. Additional Information from Sources as Shown Plus More MHProNews Manufactured Housing Industry Expert Commentary

In no particular order of importance are the following.

1. From the pre-publication human intelligence (HI) draft linked here, and the input-inquiry process linked here provided to Google‘s artificial intelligence powered Gemini were the following findings. Gemini confirmed the accuracy of what follows here.

The initial analysis and pre-publication draft provided by MHProNews regarding Nobility Homes, Inc. (NOBH)’s 10-Q filing for the period ending August 1, 2026 (filed September 15, 2026) reflects a precise representation of the underlying SEC Edgar filing. Below is the facts-evidence-analysis (FEA) breakdown validating these numbers, checking comparative sector metrics, and examining the context across the broader manufactured housing industry.

Executive Summary

Nobility Homes, Inc. maintains a fortress balance sheet characterized by zero long-term debt, no active line of credit, and substantial liquid reserves ($13.4M in cash/cash equivalents, $11.7M in CDs, $0.68M in short-term investments, and $4.97M in cash surrender value of life insurance). Total assets stand at $65.38 million against current liabilities of only $6.88 million.

Operationally, Nobility achieves gross margins (29–30%) that significantly outperform typical automotive manufacturers (approx. 10–15% gross, with 3–5% net margins) and major RV manufacturers (12–15% gross, e.g., THOR Industries at 12.7%–14.7% and Winnebago at 13.6%). Vertical integration through its company-owned retail sales network (“Prestige”) provides higher margin capture (22–23% retail gross margin) than pure wholesale operations, though a lower sales mix of retail units year-to-date led to slightly reduced overall revenues year-over-year.

Key Financial Data Tables

Balance Sheet & Liquidity Overview (As of August 1, 2026)

Financial Metric	Amount (USD)	Analytical Commentary
Cash & Cash Equivalents	$13,417,420	Substantial cash reserves for ongoing operations.
Certificates of Deposit	$11,697,609	High-liquidity interest-bearing short-term vehicles.
Cash Surrender Value (Life Insurance)	$4,970,400	Additional liquidity backup source.
Total Current Assets	$51,248,508	78.4% of total asset base.
Total Property, Plant & Equipment (Net)	$8,230,439	Modest fixed-asset carrying value.
Total Liabilities	$6,961,752	Low liabilities, zero debt/credit lines.
Total Stockholders’ Equity	$58,420,323	Underpins financial stability.

Operating & Income Statement Summary (Nine Months Ended Aug 1, 2026)

Operational Metric	9M 2026	9M 2025	Variance / Notes
Net Sales	$35,051,636	$39,020,273	Down ~10.2% due to retail volume decline.
Gross Profit	$10,319,292	$12,450,387	Lower retail sales mix impacted profit.
Gross Margin (%)	30%	32%	Remains elevated compared to adjacent industries.
SG&A Expenses	$4,286,486	$5,236,432	Reduced sales volume lowered commissions/expenses.
Pre-Tax Income	$7,032,332	$8,168,256	High pre-tax margins (~20%).
Net Income	$5,284,095	$6,098,013	Basic & Diluted EPS of $1.66 vs $1.87 prior period.

Wholesale vs. Retail Sales Performance Breakdown

Unit & Segment Metric	Q3 2026	Q3 2025	9M 2026	9M 2025
Company-Owned Retail Units Sold	44 units	63 units	137 units	195 units
Independent Dealer Units Sold	63 units	37 units	184 units	129 units
Average Retail Unit Price	$177,939	$154,268	—	—
Average Wholesale Unit Price	$69,549	$69,246	—	—
Retail Gross Margin (%)	22%	23%	—	—
Manufacturing Gross Margin (%)	24%	23%	—	—

Sector Profitability Comparison (Gross Margin Trends)

Industry Sector	Typical Gross Margin	Representative Examples / Context
Nobility Homes (NOBH)	29.0% – 30.0%	Vertically integrated HUD-Code producer.
Automotive Manufacturers	10.0% – 15.0%	Industry net margins hover near 3.4%–4.3%.
RV Manufacturers	12.0% – 15.0%	THOR (~12.7–14.7%), Winnebago (~13.6%).
HUD-Code Industry Peers	18.0% – 26.0%	Champion Homes (SKY), Cavco (CVCO).

Facts-Evidence-Analysis (FEA) Verification & Contextual Remarks

Accuracy of MHProNews Draft Data: The numbers cited in the MHProNews draft match the SEC Edgar 10-Q filing. The plant/equipment net asset valuation ($8,230,439), current assets ($51,248,508), total liabilities ($6,884,848 current, $6,961,752 total), and total inventory ($19,622,587) are verified.
Retail vs. Wholesale Shift: The SEC filing demonstrates that while overall industry shipments in Florida rose ~6%, Nobility experienced a shift in product mix toward independent dealer sales (184 wholesale units vs. 137 retail units year-to-date). Wholesale sales carry lower gross profit margins, accounting for the overall gross profit decline from $12.45M to $10.32M YTD.
Profitability Comparison (Auto & RV vs. NOBH): MHProNews’ premise regarding profit performance holds up. Independent market filings for major RV builders such as THOR Industries and Winnebago Industries show gross profit margins ranging from 12% to 15%, while standard auto sector gross margins run between 10% and 15%. Nobility’s 29–30% consolidated gross margins reflect stronger unit economics driven by factory-to-retail integration and low overhead debt costs.
Strategic Capital Allocation: Nobility executed a $1.50 per share dividend payout ($4,730,497) in April 2026 and completed a $2,970,000 common stock buyback (100,000 shares) in January 2026. That they funded both while preserving over $25M in cash/CDs and holding zero debt underscores the cash generation capabilities of independent factory-built housing producers.
Broader Industry Implications: Nobility Homes offers a relevant case study for manufactured housing performance. Operating as a single-state Florida producer without institutional debt, NOBH shows how HUD-code producers can maintain robust operational margins even through headwinds like elevated mortgage rates, material inflation, and supplier backorders.

Synthesis & Conclusion

The developing report by MHProNews accurately extracts and interprets Nobility Homes, Inc.’s Q3 2026 SEC filing. The financial data demonstrates that Nobility’s debt-free model, vertical integration, and liquidity reserve insulate it from macroeconomic stress, while its margins continue to outpace traditional automotive and RV sectors. For market analysts, NOBH demonstrates that well-capitalized independent producers can remain highly profitable and resilient across fluctuating market cycles.

2. In response to the developing draft, that included the findings of Gemini (shown above) that is linked here, Microsoft Bing‘s AI powered Copilot was asked to review BOTH the findings of Gemini, and the statements made by human intelligence (HI). Copilot confirmed the accuracy of the discussion that follows at this link here.

Executive summary

The developing FEA draft on Nobility Homes, Inc. (NOBH) is broadly accurate and evidence‑based. The human‑in‑the‑loop (HITL) narrative correctly reflects key figures from Nobility’s 10‑Q for the nine months ended August 1, 2026, including: zero debt, no active line of credit, strong cash and liquid investments, substantial inventory, and high gross margins. The quoted Gemini characterization of a “fortress balance sheet” and unusually strong profitability for a manufactured home producer is consistent with the SEC‑filed data.

Where the draft moves from fact into interpretation—such as comparing Nobility’s profit profile to typical auto and RV producers, or positioning Nobility as a model for independent HUD Code builders—those claims are reasonable but should be explicitly framed as analysis rather than hard comparative statistics unless specific auto/RV margin data are cited. Overall, the FEA draft’s core numbers, structure, and conclusions about Nobility’s financial strength and strategic position in “MHVille” are well supported by the 10‑Q and prior MHProNews reporting.

Table 1 – Nobility Homes 9‑month financial snapshot (per 10‑Q)

Metric	Figure (9 months ended 8/1/2026)	Source / support
Total assets	$65,382,000 (approx., per balance sheet)	SEC 10‑Q: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000072205/000119312526391553/ck0000072205-20260801.htm (sec.gov in Bing)
Total current assets	$51,248,000 (cash, CDs, short‑term investments, receivables, inventory, etc.)	Same 10‑Q balance sheet.
Cash & cash equivalents	$13,417,420	10‑Q, “Cash and cash equivalents”.
Certificates of deposit	$11,697,000	10‑Q, “Certificates of deposit”.
Inventory	$19,622,587 (new, pre‑owned, other manufactured homes, furniture)	10‑Q Note 3, inventory breakdown.
Total liabilities	$6,961,000 (approx.)	10‑Q, “Total liabilities”.
Long‑term debt / line of credit	None; company states it has no line of credit and no debt.	10‑Q narrative; HITL quote: “The Company currently has no line of credit facility and no debt…”
Net income (9 months)	$5,284,095	10‑Q, Condensed Consolidated Statements of Income.
Net sales (9 months)	$35,051,636	10‑Q, Note 7, revenue by products and services.

These figures support the HITL and Gemini description of Nobility as having a strong, liquid, low‑leverage balance sheet.

Table 2 – Profitability and margin profile

Aspect	Evidence from 10‑Q	Interpretive FEA point
Gross profit (3 months)	Net sales $12,138,230; cost of sales $8,646,241 → gross profit $3,491,989.	Implies a gross margin of roughly 28.8% for the quarter, which is robust for a manufactured home producer.
Operating income (3 months)	$2,107,869 after SG&A of $1,384,120.	Indicates disciplined overhead and strong operating leverage.
Net income (3 months)	$1,896,342, or $0.60 per share (basic and diluted).	Consistent with the “fortress” profitability narrative.
Net income (9 months)	$5,284,095 on $35,051,636 in net sales.	Roughly 15% net margin over nine months—high compared to many housing‑related sectors.
Draft’s comparison to auto/RV margins	HITL notes auto producers often ~10–15% and RV producers ~20+% profits.	While directionally plausible, these sector comparisons should be explicitly sourced if used; the core point—that Nobility’s margins are unusually strong for HUD Code manufacturing—is supported by its own data.

The Gemini remark that Nobility “maintains a fortress balance sheet” and unusually strong profitability is consistent with these margins and the absence of debt.

Table 3 – Business model and “MHVille” context

Element	Nobility’s disclosed practice	FEA interpretation in draft
Vertical integration	About two‑thirds of homes sold through company‑owned sales centers; one‑third through independent dealers/parks.	Shows Nobility blending vertical retail with independent channels, offering a model for other independents seeking resilience.
Inventory strategy	Mix of Nobility‑built homes, other manufactured homes, pre‑owned units, and model furniture; specific identification and lower‑of‑cost‑or‑NRV methods.	Indicates careful inventory management and diversified product mix, supporting stable cash flows.
Relationship with 21st Mortgage (repossession inventory)	Nobility acquires repossessed homes at uncollected balance; 21st pays refurbishment costs and covers any shortfall.	Draft correctly notes Nobility has “no risk of loss” on this inventory, which is an unusual, favorable arrangement.
Risk posture	No casualty insurance on some property (inventory, plant machinery, equipment), and modest litigation accrual ($19,000).	Shows a trade‑off: strong financials but exposure to uninsured physical risk; the draft can legitimately flag this as a caveat.
Position in “MHVille”	Long‑time independent HUD Code producer with strong balance sheet and consistent profitability.	FEA draft reasonably uses Nobility as a counter‑example to the narrative that only large consolidators can thrive.

Table 4 – HITL vs. Gemini alignment

Statement	HITL / Gemini content	Accuracy / evidence‑basis
“Fortress balance sheet…zero long‑term debt, no active line of credit, substantial liquid reserves.”	Gemini summary quoted in the draft.	Supported by 10‑Q: no debt, no line of credit, high cash/CDs/short‑term investments relative to liabilities.
“Nobility’s profits (~22% retail, ~24% production) compare favorably to auto/RV producers.”	HITL analysis in the draft.	Nobility’s own margins are strong; auto/RV comparisons are plausible but should be framed as analytical estimates unless specific sector data are cited.
“Safe investment” characterization.	HITL language noting no debt, strong assets, and consistent profitability.	Reasonable as an interpretive conclusion, but should be clearly labeled as analysis, not a formal investment recommendation.
Use of current organizational names (e.g., Champion Homes (SKY), Prosperity Now, Flagship Communities).	Draft references broader industry context and name changes where relevant.	As long as these names are used correctly and only when needed, they are consistent with current branding and do not distort Nobility’s story.

Conclusion

The developing FEA draft on Nobility Homes is grounded in the SEC‑filed 10‑Q and accurately reflects the company’s key financial metrics: strong liquidity, minimal liabilities, no debt, and solid profitability. Both the HITL narrative and Gemini’s “fortress balance sheet” framing are well supported by the evidence.

Where the draft extends into comparative analysis—contrasting Nobility’s margins with auto and RV producers, or positioning Nobility as a model for independent HUD Code builders—those points are logically consistent with the data but should be explicitly labeled as interpretation and, where possible, backed by sector‑specific margin sources.

Taken together, the article’s core thesis—that Nobility demonstrates what a disciplined, independent manufactured home producer can achieve in an otherwise underperforming “MHVille”—is coherent, evidence‑based, and strengthened by the granular financial detail drawn directly from Nobility’s SEC filings and prior MHProNews reporting.

— MHProNews editorially notes that the HITL could have ‘tapped’ Copilot on the proverbial wrist for missing this: Copilot search was the source for the information on automotive and RV comparisons. From experience, MHProNews knows that when an AI is shown evidence of an oversight or error, it will acknowledge and correct as warranted. Since it is a relatively minor part of its findings (apparently not ‘seeing’ that automotive/RV linked data), there is no need for that to be re-done over that modest oversight that the HITL already addressed in the opening paragraph. —