Corpovael

What Corpovael does

Corpovael, S.A.B. de C.V. (ticker CADU on the Bolsa Mexicana de Valores) is a vertically integrated Mexican homebuilder founded in 2001 and headquartered in Cancún. The company develops, builds, urbanizes, markets and sells affordable and middle-income housing across six Mexican states (Quintana Roo, Jalisco, Aguascalientes, Guanajuato, State of Mexico, and Queretaro), operating through 28 wholly-owned subsidiaries that span the entire development value chain. Its portfolio is segmented into four price tiers: Interés Social (up to MXN 1.5M), Medio (MXN 1.5M-3M), Medio-Residencial (MXN 3M-5M), and Residencial (above MXN 5M), with named developments including Allure, York Homes at Long Island, and El Edén.

The company's core technical differentiator is its sustainable housing platform: it participates in the ECOCASA environmental housing program (over 27,600 homes built since 2013, reducing GHG emissions by 20-40%) and holds EDGE and EDGE Advanced certification from the IFC for over 4,100 homes, with energy and water reductions of at least 20-40%. CADU is also the issuer of the CADU20V green bond, the first Climate Bond Initiative-certified green bond in the Latin American housing sector. The business model is a one-time unit-sale model with revenue driven primarily by home deliveries; financing flows through partnerships with INFONAVIT, FOVISSSTE, and commercial banks.

CADU generates revenue principally from home sales, with FY2025 net revenue of MXN 5,066 million (up 12.9% year-over-year), FY2025 EBITDA of MXN 785 million, and net debt/EBITDA of 2.31x as of March 2026. The company is controlled by the Vaca Elguero family via the Control Group (77.32% ownership), with a 22.09% public float on BMV and 50% independent directors on the board. It went public on the BMV in 2015, returning the housing sector to the Mexican capital market after a ten-year absence.

Name

Corpovael

Legal name

Corpovael, S.A.B. de C.V.

Website

https://ri.caduinmobiliaria.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

51–100 employees

Short description

Corpovael (CADU) is a Mexican homebuilder that develops and sells affordable and middle-income housing across six states through an integrated subsidiary structure, leveraging ECOCASA and EDGE green-building certifications and a 2020-issued Climate-Bond-certified green bond for sustainable housing finance.

Ownership category

akta.pro rank

Headquarters

HQ city

Cancún

HQ country

Mexico

HQ region

Latin America

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Home Sales: Primary revenue stream from design, construction, urbanization, marketing and sale of housing developments across four segments: Residencial (above MXN 5M), Medio-Residencial (MXN 3M-5M), Medio (MXN 1.5M-3M), and Interés Social (up to MXN 1.5M). Revenue from home sales constitutes the vast majority of total revenue.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Corpovael (CADU) is a Mexican homebuilder that develops, builds, urbanizes, markets and sells residential housing across four price segments (Interés Social up to MXN 1.5M, Medio MXN 1.5M-3M, Medio-Residencial MXN 3M-5M, and Residencial above MXN 5M) in six Mexican states. The company operates an integrated value chain covering land acquisition, design, construction, urbanization and commercialization, with a focus on sustainable/green housing under its ECOCASA program and EDGE certifications.

Product overview

Corpovael (CADU) operates as a housing development company with an integrated business model covering land acquisition, design, construction, urbanization, marketing and sales of housing across four market segments: Interés Social (affordable entry-level up to MXN 1.5M), Media (MXN 1.5M-3.0M), Medio-Residencial (MXN 3.0M-5.0M), and Residencial (above MXN 5.0M). The company offers differentiated products through its ECOCASA green housing program and EDGE-certified sustainable homes, complemented by the CADU20V green bond financial product. Named developments include Allure, York Homes (Long Island complex), and El Edén.

Differentiator

Problem solved

Functional benefit

Brands

• ECOCASA: Housing program aimed at improving people's quality of life, reducing energy consumption and protecting the environment. CADU has participated since 2013. As of end of 2025, built more than 27,600 houses under this program.

Products and services

• Vivienda Media (Middle-Income Housing) Middle-income housing priced between MXN 1.5 million and MXN 3.0 million for first and second-time homebuyers, typically financed through commercial bank mortgages. Developed in Quintana Roo and Jalisco.
• Vivienda de Interés Social (Affordable Entry-Level Housing) Affordable entry-level homes with prices up to MXN 1.5 million targeting salaried workers purchasing their first home, typically financed through INFONAVIT. Projects focus on integral sustainable urban development.
• Vivienda Medio-Residencial (Middle-Residential Housing) Middle-residential housing with average prices from MXN 3.0 million to MXN 5.0 million for buyers seeking higher-value homes, generally supported by commercial banking financing.
• Vivienda Residencial (Premium Residential Housing) Premium residential housing priced above MXN 5.0 million, differentiated by originality of concept and high-quality amenities. Includes developments such as Allure and El Edén.
• ECOCASA Program Homes Green housing program that reduces GHG emissions by 20-40% and protects water resources. CADU has built more than 27,600 houses under this program since 2013, making it the developer that has sold the most homes under the ECOCASA program of Sociedad Hipotecaria Federal.
• EDGE Certified Homes Housing certified by the International Finance Corporation (IFC) of the World Bank Group. EDGE certification recognizes resource-efficient buildings with minimum 20% reduction in energy, water and embodied energy in materials; EDGE Advanced requires at least 40% energy reduction. Over 4,100 EDGE-certified homes as of March 2026.

Quantifiable outcome

• 27,600+ green homes built under ECOCASA program reducing GHG emissions by 20-40%
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered minor and major.

• HR RatingsminorOthersCredit rating agency providing corporate and bond ratings for CADU. Current ratings: HR A- (Long Term, Stable Outlook) and HR2 (Short Term). Also rates CADU20V green bond at HR AA (Stable Outlook).
• PCR VerumminorOthersCredit rating agency providing corporate and bond ratings. Current ratings: A-/M (Long Term, Positive Outlook) and 2/M (Short Term). Also rates CADU20V at AA-/M (Positive Outlook).
• Climate Bond Initiative (CBI)majorStrategic or Co-development PartnerInternational organization that certified CADU's green bond (CADU20V) under the Low Carbon Buildings criteria, making it the first green bond in the Latin American housing sector to receive this certification.
• International Finance Corporation (IFC)majorStrategic or Co-development PartnerMember of World Bank Group that grants EDGE certification for green buildings. CADU has obtained EDGE Advanced certification for over 4,100 homes through this partnership.

Scale indicators15 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• SARE (Sare Holding): Mexican housing developer with historical focus on entry-level housing similar to CADU's Interés Social segment. Subject to similar regulatory and mortgage-funding dynamics.
• Vinte Viviendas Integrales (VINTE): Mexican homebuilder listed on BMV targeting affordable and middle-income housing with similar geographic exposure and mortgage-partner relationships. Closest direct comparable by product offering, geography and customer base.
• Javer (Grupo Javer): Publicly listed Mexican homebuilder focused on affordable entry-level housing across multiple states. Directly comparable in terms of vertical integration, INFONAVIT financing reliance and target customer base.
• Ara (Desarrolladora Homex / ARA consortium peers): Mexican residential housing developer with vertical integration model and similar price-segment focus. Useful as a scale benchmark in the same regulatory and mortgage-funding environment.
• Geo Grupo (in restructuring): Historic Mexican homebuilder that entered restructuring after the 2014 sector crisis. Important comparable for understanding Mexican housing cyclicality and what a distressed/restarted peer looks like, with overlapping customer base pre-crisis.
• Urbi Desarrollos Urbanos: Mexican homebuilder that historically focused on affordable housing and went through restructuring. Comparable on customer base, financing dependencies and Mexican regulatory exposure.
• Homex (Desarrolladora Homex, restructured): Mexican housing developer that underwent restructuring during the 2014 housing crisis. Historically a direct competitor to CADU in affordable entry-level housing and INFONAVIT-financed sales.

Regional players

• Cyrela Brazil Realty: Largest publicly listed Brazilian homebuilder with similar vertical integration and exposure to subsidized mortgage programs (Minha Casa Minha Vida). Comparable emerging-market homebuilder model though in Brazil rather than Mexico.
• MRV Engenharia: Brazil's largest low-income residential developer with strong ESG positioning in affordable housing. Comparable business model (high-volume entry-level housing), even though operates in a different geography.

Emerging players

• Meritage Homes Corporation: US homebuilder with industry-leading energy-efficiency program (ENERGY STAR certified homes) similar to CADU's EDGE-certified portfolio. Comparable in ESG positioning and differentiated product strategy, though in a different market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/corpovael-sa-de-cv

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries28 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Corpovael