A Business at a Glance
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THOR INDUSTRIES INC
THO
$4.1B
Mkt Cap
$76.66
+2.23%
THOR INDUSTRIES INC (THO) has a current P/E ratio of 14.5, compared to its historical median P/E of 14.2. The stock is currently considered Fair based on its historical valuation range.
THOR INDUSTRIES INC (THO) has a 5-year average return on invested capital (ROIC) of 13.8%. This indicates solid capital allocation.
THOR INDUSTRIES INC (THO) has a market capitalization of $5.2B. It is classified as a mid-cap stock.
Yes, THOR INDUSTRIES INC (THO) pays a dividend with a trailing twelve-month yield of 2.61%. The company also returns capital through share buybacks, with a buyback yield of 1.57%.
Based on historical P/E analysis, THOR INDUSTRIES INC (THO) appears fair. The current P/E of 14.5 is 2% above its historical median of 14.2. The estimated fair value CAGR (P/E method) is 0.7%.
THOR INDUSTRIES INC (THO) operates in the Motor Homes industry, within the Consumer Cyclical sector.
THOR INDUSTRIES INC (THO) reported annual revenue of $9.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
THOR Industries is the world's largest manufacturer of recreational vehicles (RVs), with dominant positions in North America and Europe. The company manufactures a diverse portfolio of RVs—including travel trailers, fifth wheels, Class A/B/C motorhomes, and specialized vehicles—under numerous brand names such as Airstream, Jayco, Keystone, KZ, Thor Motor Coach, and Tiffin Group in North America, and brands including Hymer, Buerstner, Dethleffs, and others across nine European production locations. THOR distributes its vehicles primarily through independent, non-franchise dealers across the United States, Canada, and Europe, generating revenue from vehicle sales as well as related parts and accessories. The company's competitive moat is anchored in brand recognition—particularly Airstream's iconic aluminum travel trailers—and a broad product portfolio spanning price points and vehicle types that serve diverse customer segments from entry-level to premium buyers. THOR's business model is asset-intensive, requiring manufacturing capacity and inventory management across multiple production facilities, while serving both retail consumers and dealer networks across North America and Europe.
【Market demand stabilization】 Management's forward-looking commentary emphasizes monitoring demand trends and market conditions as the company navigates the recreational vehicle industry landscape. The company continues to evaluate operational efficiency and capacity utilization across its manufacturing footprint. THOR is integrating Heartland's operations into Jayco beginning in fiscal 2026, reflecting ongoing portfolio optimization. The company maintains focus on its diverse brand portfolio and geographic presence to serve evolving customer preferences across North America and Europe.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 9.9B | 9.6B | 10.0B | 11.1B | 16.3B | 12.3B |
| Net Income | 300M | 259M | 265M | 374M | 1.1B | 660M |
| EPS | $4.46 | $4.84 | $4.94 | $6.95 | $20.59 | $11.85 |
| Free Cash Flow | 224M | 456M | 406M | 773M | 750M | 395M |
| ROIC | 0.0% | 6.7% | 7.2% | 9.1% | 26.5% | 19.5% |
| Gross Margin | 14.0% | 14.0% | 14.5% | 14.4% | 17.2% | 15.4% |
| Debt/Equity | 0.22 | 0.22 | 0.28 | 0.33 | 0.49 | 0.55 |
| Dividends/Share | $0.00 | $2.00 | $1.92 | $1.80 | $1.72 | $1.64 |
| Operating Income | 0 | 359M | 449M | 597M | 1.5B | 937M |
| Operating Margin | 0.0% | 3.8% | 4.5% | 5.4% | 9.5% | 7.6% |
| ROE | 6.9% | 6.2% | 6.6% | 9.9% | 34.9% | 25.2% |
| Shares Outstanding | 68M | 53M | 54M | 54M | 55M | 56M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.5B | 4.0B | 4.6B | 7.2B | 8.3B | 7.9B | 8.2B | 12.3B | 16.3B | 11.1B | 10.0B | 9.6B | 9.9B |
| Gross Margin | 13.3% | 13.9% | 15.9% | 14.4% | 14.0% | 12.4% | 13.7% | 15.4% | 17.2% | 14.4% | 14.5% | 14.0% | 14.0% |
| R&D | N/A | N/A | N/A | 2.6M | 2.0M | 9.4M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 209M | 251M | 306M | 420M | 477M | 536M | 634M | 870M | 1.1B | 870M | 896M | 923M | 942M |
| EBIT | 256M | 290M | 383M | 566M | 638M | 254M | 382M | 937M | 1.5B | 597M | 449M | 359M | 0 |
| Op. Margin | 7.3% | 7.2% | 8.4% | 7.8% | 7.7% | 3.2% | 4.7% | 7.6% | 9.5% | 5.4% | 4.5% | 3.8% | 0.0% |
| Net Income | 179M | 199M | 257M | 374M | 430M | 133M | 223M | 660M | 1.1B | 374M | 265M | 259M | 300M |
| Net Margin | 5.1% | 5.0% | 5.6% | 5.2% | 5.2% | 1.7% | 2.7% | 5.4% | 7.0% | 3.4% | 2.6% | 2.7% | 3.0% |
| Non-Recurring | 0 | 0 | 9.1M | 2.2M | 1.4M | -739K | -3.0M | -1.1M | 7.6M | 3.3M | 9.6M | 24M | 24M |
| Returns on Capital | |||||||||||||
| ROIC | 44.6% | 28.7% | 22.5% | 26.1% | 27.4% | 7.0% | 8.9% | 19.5% | 26.5% | 9.1% | 7.2% | 6.7% | 0.0% |
| ROE | 18.3% | 18.7% | 22.0% | 26.3% | 24.5% | 6.6% | 10.1% | 25.2% | 34.9% | 9.9% | 6.6% | 6.2% | 6.9% |
| ROA | 12.7% | 13.3% | 13.4% | 15.3% | 16.1% | 3.2% | 3.9% | 10.6% | 16.2% | 5.1% | 3.7% | 3.7% | 4.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 149M | 248M | 341M | 419M | 467M | 508M | 541M | 526M | 990M | 982M | 546M | 578M | 359M |
| Free Cash Flow | 119M | 206M | 289M | 304M | 328M | 381M | 435M | 395M | 750M | 773M | 406M | 456M | 224M |
| Owner Earnings | 131M | 226M | 279M | 309M | 356M | 340M | 325M | 265M | 674M | 665M | 231M | 276M | 60M |
| CapEx | 30M | 42M | 52M | 115M | 138M | 127M | 106M | 132M | 241M | 209M | 140M | 122M | 135M |
| Maint. CapEx | 13M | 15M | 53M | 98M | 93M | 149M | 196M | 231M | 284M | 277M | 277M | 271M | 268M |
| Growth CapEx | 18M | 27M | 0 | 17M | 45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 13M | 15M | 53M | 98M | 93M | 149M | 196M | 231M | 284M | 277M | 277M | 271M | 268M |
| CapEx/OCF | 20.4% | 17.1% | 15.2% | 27.4% | 1.2% | 0.9% | 0.6% | 1.2% | 0.5% | 0.6% | 1.0% | 0.7% | 37.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 49M | 57M | 63M | 69M | 78M | 84M | 88M | 91M | 95M | 96M | 102M | 106M | 0 |
| Dividend Yield | 2.1% | 2.3% | 2.5% | 1.7% | 1.5% | 2.6% | 2.6% | 1.6% | 1.9% | 2.2% | 1.9% | 2.1% | N/A |
| Share Buybacks | 77M | 60M | 0 | 0 | 0 | 0 | 0 | 0 | 165M | 42M | 68M | 53M | 81M |
| Buyback Yield | N/A | 2.5% | N/A | N/A | N/A | N/A | N/A | N/A | 3.8% | 0.7% | 1.3% | 1.0% | 1.6% |
| Stock-Based Comp | 5.2M | 6.8M | 9.4M | 13M | 17M | 19M | 20M | 31M | 31M | 40M | 38M | 31M | 31M |
| Debt Repayment | 0 | 0 | 7.8M | 0 | 0 | 70M | 0 | 0 | 8.4M | 0 | 10M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | 150M | -78M | N/A | 1.5B | 1.1B | 1.2B | 1.5B | 861M | 633M | 336M | 708M |
| Cash & Equiv. | 289M | 183M | 210M | 223M | 275M | 426M | 539M | 446M | 312M | 441M | 501M | 587M | 242M |
| Long-Term Debt | N/A | N/A | 360M | 145M | N/A | 1.9B | 1.7B | 1.6B | 1.8B | 1.3B | 1.1B | 920M | 878M |
| Debt/Equity | 0.44 | 0.41 | 0.28 | 0.09 | 0.43 | 0.91 | 0.72 | 0.55 | 0.49 | 0.33 | 0.28 | 0.22 | 0.22 |
| Interest Coverage | 25631.5 | 1613.6 | 240.8 | 58.2 | 123.0 | 3.7 | 3.6 | 10.0 | 17.2 | 6.1 | 4.5 | 5.9 | 5.9 |
| Equity | 978M | 1.1B | 1.3B | 1.6B | 1.9B | 2.1B | 2.3B | 2.9B | 3.6B | 4.0B | 4.1B | 4.3B | 4.3B |
| Total Assets | 1.4B | 1.5B | 2.3B | 2.6B | 2.8B | 5.7B | 5.8B | 6.7B | 7.4B | 7.3B | 7.0B | 7.1B | 7.0B |
| Total Liabilities | 431M | 438M | 1.1B | 981M | 841M | 3.6B | 3.4B | 3.7B | 3.8B | 3.3B | 2.9B | 2.8B | -77M |
| Intangibles | 120M | 169M | 507M | 443M | 388M | 971M | 915M | 937M | 1.1B | 997M | 861M | 759M | 715M |
| Retained Earnings | 1.0B | 1.2B | 1.4B | 1.7B | 2.0B | 2.1B | 2.2B | 2.8B | 3.8B | 4.1B | 4.3B | 4.4B | 4.4B |
| Working Capital | 473M | 398M | 365M | 399M | 542M | 589M | 587M | 1.0B | 1.3B | 1.1B | 1.1B | 1.2B | 1.2B |
| Current Assets | 844M | 776M | 1.0B | 1.2B | 1.3B | 2.0B | 2.1B | 2.8B | 3.1B | 2.8B | 2.7B | 2.8B | 2.7B |
| Current Liabilities | 371M | 378M | 652M | 781M | 769M | 1.4B | 1.5B | 1.8B | 1.8B | 1.7B | 1.6B | 1.6B | 1.5B |
| Per Share Data | |||||||||||||
| EPS | 3.35 | 3.74 | 4.88 | 7.09 | 8.14 | 2.47 | 4.02 | 11.85 | 20.59 | 6.95 | 4.94 | 4.84 | 4.46 |
| Owner EPS | 2.46 | 4.23 | 5.31 | 5.85 | 6.74 | 6.31 | 5.86 | 4.77 | 12.20 | 12.35 | 4.29 | 5.16 | 0.88 |
| Book Value | 18.30 | 19.98 | 24.07 | 29.87 | 36.67 | 38.63 | 41.82 | 52.47 | 65.02 | 73.83 | 75.74 | 80.28 | 63.90 |
| Cash Flow/Share | 2.79 | 4.65 | 6.49 | 7.94 | 8.83 | 9.42 | 9.75 | 9.45 | 17.92 | 18.23 | 10.16 | 10.82 | 8.41 |
| Dividends/Share | 0.92 | 1.08 | 1.20 | 1.32 | 1.48 | 1.56 | 1.60 | 1.64 | 1.72 | 1.80 | 1.92 | 2.00 | 0.00 |
| Shares Out. | 53.4M | 53.3M | 52.6M | 52.8M | 52.8M | 54.0M | 55.5M | 55.7M | 55.3M | 53.9M | 53.7M | 53.4M | 67.7M |
| Valuation | |||||||||||||
| P/E Ratio | 12.6 | 11.9 | 12.8 | 12.5 | 9.7 | 21.1 | 25.9 | 8.8 | 3.8 | 15.6 | 20.3 | 19.5 | 17.2 |
| P/FCF | 18.9 | 11.5 | 11.3 | 15.4 | 12.7 | 7.4 | 13.3 | 14.6 | 5.8 | 7.6 | 13.2 | 11.0 | 23.1 |
| EV/EBIT | N/A | N/A | 9.4 | 8.0 | N/A | 15.4 | 16.7 | 6.9 | 3.5 | 10.6 | 409.7 | 106.3 | N/A |
| Price/Book | 2.3 | 2.2 | 2.6 | 3.0 | 2.2 | 1.4 | 2.5 | 2.0 | 1.2 | 1.5 | 1.3 | 1.2 | 1.2 |
| Price/Sales | 0.7 | 0.6 | 0.6 | 0.6 | 0.6 | 0.4 | 0.4 | 0.5 | 0.3 | 0.4 | 0.5 | 0.5 | 0.5 |
| FCF Yield | 5.3% | 8.7% | 8.8% | 6.5% | 7.8% | 13.5% | 7.5% | 6.8% | 17.4% | 13.2% | 7.5% | 9.1% | 4.3% |
| Market Cap | 2.2B | 2.4B | 3.3B | 4.7B | 4.2B | 2.8B | 5.8B | 5.8B | 4.3B | 5.8B | 5.4B | 5.0B | 5.2B |
| Avg. Price | 44.21 | 45.84 | 48.16 | 78.92 | 101.40 | 59.31 | 61.95 | 100.79 | 88.20 | 80.39 | 99.43 | 92.86 | 76.66 |
| Year-End Price | 42.10 | 44.35 | 62.40 | 88.73 | 79.16 | 52.23 | 104.01 | 103.74 | 78.11 | 108.43 | 100.13 | 94.26 | 76.66 |
THOR INDUSTRIES INC passes 3 of 9 quality checks, indicating weak fundamentals.
THOR INDUSTRIES INC trades at 14.5x trailing earnings, compared to its 15-year median P/E of 14.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 8.1x vs a median of 12.0x. The company's 5-year average ROIC is 13.8% with a gross margin of 15.1%. Total shareholder yield (dividends + buybacks) is 4.2%. At current prices, the estimated annualized return to fair value is +5.7%.
THOR INDUSTRIES INC (THO) has a net profit margin of 2.7%. This is a modest margin.
THOR INDUSTRIES INC (THO) generated $456 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
THOR INDUSTRIES INC (THO) has a debt-to-equity ratio of 0.22. This indicates a conservatively financed balance sheet.
THOR INDUSTRIES INC (THO) reported earnings per share (EPS) of $4.84 in its most recent fiscal year.
THOR INDUSTRIES INC (THO) has a return on equity (ROE) of 6.2%. This indicates moderate shareholder returns.
THOR INDUSTRIES INC (THO) has a 5-year average gross margin of 15.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for THOR INDUSTRIES INC (THO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
THOR INDUSTRIES INC (THO) has a book value per share of $80.28, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management's forward-looking commentary emphasizes monitoring demand trends and market conditions as the company navigates the recreational vehicle industry landscape. The company continues to evaluate operational efficiency and capacity utilization across its manufacturing footprint. THOR is integrating Heartland's operations into Jayco beginning in fiscal 2026, reflecting ongoing portfolio optimization. The company maintains focus on its diverse brand portfolio and geographic presence to serve evolving customer preferences across North America and Europe.