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LCI Industries (LCII) 10-Year Financial Performance & Capital Metrics

LCII • • Industrial / General
Consumer CyclicalRecreational VehiclesMarine Propulsion & ComponentsBoat Component Suppliers
AboutLCI Industries, together with its subsidiaries, manufactures and supplies components for the manufacturers of recreational vehicles (RVs) and adjacent industries in the United States and internationally. It operates in two segments, Original Equipment Manufacturers (OEM) and Aftermarket. The OEM segment manufactures and distributes a range of engineered components, such as steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; appliances; air conditioners; televisions and sound systems; and other accessories. This segment serves OEMs of RVs and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing, as well as travel trailers, fifth-wheel travel trailers, folding camping trailers, and truck campers. The Aftermarket segment supplies various components of RV and adjacent industries to retail dealers, wholesale distributors, and service centers. This segment also sells replacement glass and awnings to fulfill insurance claims; and biminis, covers, buoys, and fenders to the marine industry. The company was formerly known as Drew Industries Incorporated and changed its name to LCI Industries in December 2016. LCI Industries was incorporated in 1984 and is based in Elkhart, Indiana.Show more
  • Revenue $3.74B -1.2%
  • EBITDA $344M +34.8%
  • Net Income $143M +122.6%
  • EPS (Diluted) 5.60 +122.2%
  • Gross Margin 23.51% +14.7%
  • EBITDA Margin 9.19% +36.3%
  • Operating Margin 5.83% +78.9%
  • Net Margin 3.82% +125.1%
  • ROE 10.42% +122.1%
  • ROIC 7.1% +95.7%
  • Debt/Equity 0.72 -12.1%
  • Interest Coverage 7.55 +147.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓Momentum leader: RS Rating 81 (top 19%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Good 3Y average ROE of 15.7%
  • ✓Healthy dividend yield of 3.1%
  • ✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.13%
5Y9.55%
3Y-5.78%
TTM5.74%

Profit (Net Income) CAGR

10Y8.66%
5Y-0.5%
3Y-20.81%
TTM36.79%

EPS CAGR

10Y8.14%
5Y-0.84%
3Y-20.91%
TTM39.21%

ROCE

10Y Avg19%
5Y Avg12.75%
3Y Avg11.13%
Latest8.65%

Peer Comparison

Boat Component Suppliers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
LCIILCI Industries3.31B136.7824.43-1.15%4.49%13.15%9.91%0.72

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+1.4B1.68B2.15B2.48B2.37B2.8B4.47B5.21B3.78B3.74B
Revenue Growth %0.18%0.2%0.28%0.15%-0.04%0.18%0.6%0.16%-0.27%-0.01%
Cost of Goods Sold+1.1B1.25B1.65B1.96B1.83B2.09B3.43B3.93B3.01B2.86B
COGS % of Revenue0.78%0.74%0.77%0.79%0.77%0.75%0.77%0.76%0.79%0.76%
Gross Profit+306M428.9M493.11M520.34M539.2M706.09M1.04B1.27B776.19M879.72M
Gross Margin %0.22%0.26%0.23%0.21%0.23%0.25%0.23%0.24%0.21%0.24%
Gross Profit Growth %0.2%0.4%0.15%0.06%0.04%0.31%0.48%0.22%-0.39%0.13%
Operating Expenses+186.03M228.05M278.83M321.56M338.99M483.16M644.63M720.26M652.76M661.48M
OpEx % of Revenue0.13%0.14%0.13%0.13%0.14%0.17%0.14%0.14%0.17%0.18%
Selling, General & Admin169.94M209.1M254.18M295.03M310.18M435.67M584.75M657.24M588.04M601.47M
SG&A % of Revenue0.12%0.12%0.12%0.12%0.13%0.16%0.13%0.13%0.16%0.16%
Research & Development8M9M4.69M16M14M13M17M26M20M21M
R&D % of Revenue0.01%0.01%0%0.01%0.01%0%0%0%0.01%0.01%
Other Operating Expenses000014.82M34.49M42.88M37.02M44.72M39.01M
Operating Income+116.25M200.85M214.28M198.79M200.21M222.93M398.41M553.03M123.43M218.24M
Operating Margin %0.08%0.12%0.1%0.08%0.08%0.08%0.09%0.11%0.03%0.06%
Operating Income Growth %0.22%0.73%0.07%-0.07%0.01%0.11%0.79%0.39%-0.78%0.77%
EBITDA+157.88M246.74M268.69M266.31M275.57M320.91M510.73M682.24M255.2M343.93M
EBITDA Margin %0.11%0.15%0.13%0.11%0.12%0.11%0.11%0.13%0.07%0.09%
EBITDA Growth %0.23%0.56%0.09%-0.01%0.03%0.16%0.59%0.34%-0.63%0.35%
D&A (Non-Cash Add-back)41.62M45.89M54.41M67.53M75.36M97.98M112.32M129.21M131.77M125.69M
EBIT116.25M200.85M214.28M198.79M198.31M222.93M400.71M553.03M123.43M218.24M
Net Interest Income+-1.89M-1.68M-1.44M-6.44M-8.8M-13.45M-16.37M-27.57M-40.42M-28.9M
Interest Income0000000000
Interest Expense1.89M1.68M1.44M6.44M8.8M13.45M16.37M27.57M40.42M28.9M
Other Income/Expense-1.89M-1.68M-1.44M-6.44M-8.8M-13.45M-16.37M-27.57M-40.42M-28.9M
Pretax Income+114.37M199.17M212.84M192.35M191.41M209.48M382.04M525.46M83M189.34M
Pretax Margin %0.08%0.12%0.1%0.08%0.08%0.07%0.09%0.1%0.02%0.05%
Income Tax+40.02M69.5M79.96M43.8M44.91M51.04M94.31M130.48M18.81M46.47M
Effective Tax Rate %0.65%0.65%0.62%0.77%0.77%0.76%0.75%0.75%0.77%0.75%
Net Income+74.34M129.67M132.88M148.55M146.51M158.44M287.74M394.97M64.19M142.87M
Net Margin %0.05%0.08%0.06%0.06%0.06%0.06%0.06%0.08%0.02%0.04%
Net Income Growth %0.19%0.74%0.02%0.12%-0.01%0.08%0.82%0.37%-0.84%1.23%
Net Income (Continuing)74.34M129.67M132.88M148.55M146.51M158.44M287.74M394.97M64.19M142.87M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+3.025.205.245.835.846.2711.3215.482.525.60
EPS Growth %0.18%0.72%0.01%0.11%0%0.07%0.81%0.37%-0.84%1.22%
EPS (Basic)3.065.265.315.905.866.3011.3915.572.545.61
Diluted Shares Outstanding24.65M24.93M25.38M25.46M25.09M25.25M25.43M25.51M25.44M25.51M
Basic Shares Outstanding24.3M24.63M25.02M25.18M25M25.13M25.26M25.37M25.3M25.45M
Dividend Payout Ratio0.65%0.27%0.38%0.4%0.44%0.44%0.3%0.26%1.66%0.77%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+268.44M367.39M417.08M526.65M670.79M869.8M1.57B1.39B1.12B1.16B
Cash & Short-Term Investments12.3M86.17M26.05M14.93M35.36M51.82M62.9M47.5M66.16M165.76M
Cash Only12.3M86.17M26.05M14.93M35.36M51.82M62.9M47.5M66.16M165.76M
Short-Term Investments0000000000
Accounts Receivable41.51M57.37M82.16M121.81M199.98M268.63M319.78M214.26M214.71M199.56M
Days Sales Outstanding10.812.4713.9617.9630.7835.0726.115.0220.7119.47
Inventory170.83M188.74M274.75M340.62M393.61M493.9M1.1B1.03B768.41M736.6M
Days Inventory Outstanding56.8455.1160.6163.5878.4186.25116.6395.5493.2293.96
Other Current Assets30.72M13.1M34.13M000099.31M67.6M58.32M
Total Non-Current Assets+354.5M418.6M528.78M717.24M1.19B1.43B1.72B1.86B1.84B1.73B
Property, Plant & Equipment150.6M172.75M228.95M322.88M465.08M491.4M591.07M729.19M711.17M657.04M
Fixed Asset Turnover9.32x9.72x9.38x7.67x5.10x5.69x7.57x7.14x5.32x5.69x
Goodwill83.62M89.2M124.18M180.17M351.11M454.73M543.18M567.06M589.55M585.77M
Intangible Assets100.94M112.94M130.13M176.34M341.43M420.88M519.96M503.32M448.76M392.02M
Long-Term Investments0000000000
Other Non-Current Assets12.57M12.63M21.36M26.91M34.18M61.22M67M56.56M92.97M99.67M
Total Assets+622.95M785.99M945.86M1.24B1.86B2.3B3.29B3.25B2.96B2.89B
Asset Turnover2.25x2.14x2.27x1.99x1.27x1.22x1.36x1.60x1.28x1.29x
Asset Growth %0.15%0.26%0.2%0.32%0.5%0.23%0.43%-0.01%-0.09%-0.02%
Total Current Liabilities+98.86M149.35M182.01M177.58M271.26M416.39M627.22M421.3M394.99M412.05M
Accounts Payable29.7M50.62M79.16M78.35M99.26M184.93M282.18M143.53M183.7M187.68M
Days Payables Outstanding9.8814.7817.4614.6319.7732.330.0313.3222.2923.94
Short-Term Debt000596K17.88M17.83M71M23.09M589K423K
Deferred Revenue (Current)000-596K000000
Other Current Liabilities36.02M41.95M48.36M58.6M88.39M132.08M209.56M141.43M125.97M122.83M
Current Ratio2.72x2.46x2.29x2.97x2.47x2.09x2.50x3.30x2.83x2.82x
Quick Ratio0.99x1.20x0.78x1.05x1.02x0.90x0.75x0.86x0.88x1.03x
Cash Conversion Cycle57.7552.8157.1166.9189.4189.02112.797.2491.6489.49
Total Non-Current Liabilities+85.51M86.37M111.1M360.06M790.66M973.31M1.57B1.44B1.21B1.1B
Long-Term Debt50M49.95M49.92M293.53M612.91M720.42M1.23B1.1B846.83M756.83M
Capital Lease Obligations000079.85M82.71M143.44M222.48M222.68M199.93M
Deferred Tax Liabilities00032.86M35.74M53.83M43.18M30.58M32.34M26.11M
Other Non-Current Liabilities35.51M37.34M61.18M66.53M62.17M116.35M149.42M95.66M107.43M112.93M
Total Liabilities184.37M235.72M293.11M537.64M1.06B1.39B2.2B1.87B1.6B1.51B
Total Debt+50M49.95M49.92M293.53M732.33M846.39M1.48B1.38B1.11B995.85M
Net Debt37.7M-36.22M23.88M278.6M696.97M794.57M1.41B1.33B1.04B830.1M
Debt / Equity0.11x0.09x0.08x0.42x0.91x0.93x1.35x1.00x0.82x0.72x
Debt / EBITDA0.32x0.20x0.19x1.10x2.66x2.64x2.89x2.02x4.34x2.90x
Net Debt / EBITDA0.24x-0.15x0.09x1.05x2.53x2.48x2.77x1.95x4.08x2.41x
Interest Coverage61.67x119.70x149.12x30.89x22.76x16.57x24.34x20.06x3.05x7.55x
Total Equity+438.57M550.27M652.75M706.25M800.67M908.33M1.09B1.38B1.36B1.39B
Equity Growth %0.11%0.25%0.19%0.08%0.13%0.13%0.2%0.26%-0.02%0.02%
Book Value per Share17.7922.0725.7227.7431.9135.9742.9854.1353.2754.37
Total Shareholders' Equity438.57M550.27M652.75M706.25M800.67M908.33M1.09B1.38B1.36B1.39B
Common Stock270K274K277K280K281K282K284K285K287K288K
Retained Earnings301.21M395.28M475.51M563.5M644.95M731.71M930.79M1.22B1.18B1.21B
Treasury Stock-29.47M-29.47M-29.47M-58.16M-58.16M-58.16M-58.16M-82.22M-82.22M-82.22M
Accumulated OCI-141.18M-1.8M2.44M-2.6M1.12M7.09M-501K6.7M14.27M3.23M
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+95.02M203.41M154.77M156.61M269.52M231.4M-111.57M602.51M527.23M370.28M
Operating CF Margin %0.07%0.12%0.07%0.06%0.11%0.08%-0.02%0.12%0.14%0.1%
Operating CF Growth %-0.11%1.14%-0.24%0.01%0.72%-0.14%-1.48%6.4%-0.12%-0.3%
Net Income74.34M129.67M132.88M148.55M146.51M158.44M287.74M394.97M64.19M142.87M
Depreciation & Amortization41.62M46.17M54.73M67.53M75.36M97.98M112.32M129.21M131.77M125.69M
Stock-Based Compensation14.04M15.42M20.04M14.06M16.08M18.5M27.16M23.7M18.23M18.65M
Deferred Taxes1.06M-1.69M6.81M13.87M3.42M-1.5M-3.28M-9.28M2.07M-7.07M
Other Non-Cash Items1.33M1.54M4.06M-13K-1.55M2.23M7.46M3.5M7.72M7.21M
Working Capital Changes-37.39M12.3M-63.74M-87.39M29.72M-44.25M-542.97M60.41M303.25M82.94M
Change in Receivables2.08M-13.9M-12.6M-11.35M-25.45M-45.03M-58.84M115.71M1.59M13.47M
Change in Inventory-31.28M-7.86M-78.7M-34.73M57.79M-86.9M-516.69M117.42M235.35M46.34M
Change in Payables-21.78M18.8M20.73M-17.34M-12.19M67.68M68.88M-161.12M38.74M3.47M
Cash from Investing+-66.12M-91.71M-145.88M-302.8M-503.83M-232.3M-281.22M-241.79M-83.75M-61.1M
Capital Expenditures-28.99M-44.67M-87.22M-119.83M-58.2M-57.35M-98.53M-130.64M-62.21M-42.33M
CapEx % of Revenue0.02%0.03%0.04%0.05%0.02%0.02%0.02%0.03%0.02%0.01%
Acquisitions----------
Investments----------
Other Investing3.93M1.69M1.93M1.82M2.13M7.17M11.42M-2.68M4.31M1.19M
Cash from Financing+-16.6M-37.84M-69.02M135.07M254.97M14.05M404.56M-374.87M-426.18M-208.22M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-48.23M-34.44M-51.06M-59.27M-63.81M-70.4M-87.17M-102.73M-106.34M-109.47M
Share Repurchases----------
Other Financing-2.72M-3.4M-7.43M-17.03M-7.71M-6.71M-93.05M-58.76M-42.83M-432K
Net Change in Cash----------
Free Cash Flow+66.03M158.74M67.55M36.78M211.32M174.05M-210.11M471.87M465.02M327.95M
FCF Margin %0.05%0.09%0.03%0.01%0.09%0.06%-0.05%0.09%0.12%0.09%
FCF Growth %0.02%1.4%-0.57%-0.46%4.75%-0.18%-2.21%3.25%-0.01%-0.29%
FCF per Share2.686.372.661.448.426.89-8.2618.4918.2812.86
FCF Conversion (FCF/Net Income)1.28x1.57x1.16x1.05x1.84x1.46x-0.39x1.53x8.21x2.59x
Interest Paid2.11M1.99M1.65M5.64M9.14M16.91M15.43M25.05M39.92M31.5M
Taxes Paid33.78M65.79M53.62M39.99M37.84M33.25M94.08M170.01M8.12M46.42M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)17.84%26.23%22.09%21.86%19.44%18.54%28.76%31.93%4.69%10.42%
Return on Invested Capital (ROIC)19.66%30.42%27%17.95%12.1%10.45%14.2%15.9%3.63%7.1%
Gross Margin21.81%25.55%22.96%21.02%22.74%25.25%23.32%24.45%20.51%23.51%
Net Margin5.3%7.72%6.19%6%6.18%5.67%6.43%7.59%1.7%3.82%
Debt / Equity0.11x0.09x0.08x0.42x0.91x0.93x1.35x1.00x0.82x0.72x
Interest Coverage61.67x119.70x149.12x30.89x22.76x16.57x24.34x20.06x3.05x7.55x
FCF Conversion1.28x1.57x1.16x1.05x1.84x1.46x-0.39x1.53x8.21x2.59x
Revenue Growth17.83%19.66%27.93%15.27%-4.21%17.91%59.96%16.42%-27.32%-1.15%

Revenue by Segment

2015201620172018201920202021202220232024
Travel Trailer And Fifth Wheels-1.1B1.41B1.44B1.28B1.32B2.3B2.62B1.36B1.51B
Travel Trailer And Fifth Wheels Growth--27.83%2.47%-11.38%3.51%73.70%14.03%-48.09%11.46%
OEMs Adjacent Industries-332.02M411.22M614.59M659.56M688.25M1.09B1.36B1.28B1.11B
OEMs Adjacent Industries Growth--23.86%49.45%7.32%4.35%58.23%24.81%-6.15%-12.76%
Aftermarket-130.81M171.15M233.19M279.58M628.25M829.09M891.27M881.07M880.76M
Aftermarket Growth--30.84%36.25%19.89%124.71%31.97%7.50%-1.15%-0.03%
Motorhomes-116.19M159.42M187.3M155.62M158.1M259M339.1M269.36M233.07M
Motorhomes Growth--37.20%17.49%-16.91%1.59%63.82%30.93%-20.57%-13.47%
RV1.28B---------
RV Growth----------
Rv Chassis Chassis Parts And Slide Out Mechanisms638.26M---------
Rv Chassis Chassis Parts And Slide Out Mechanisms Growth----------
Rv Windows Doors And Screens245.02M---------
Rv Windows Doors And Screens Growth----------
Rv Furniture And Mattresses163.38M---------
Rv Furniture And Mattresses Growth----------
Rv Other123.74M---------
Rv Other Growth----------
M H118.14M---------
M H Growth----------
Rv Axles And Suspension Solutions114.53M---------
Rv Axles And Suspension Solutions Growth----------
Mh Windows Door And Screens73.03M---------
Mh Windows Door And Screens Growth----------
Mh Chassis And Chassis Parts29.8M---------
Mh Chassis And Chassis Parts Growth----------
Mh Other15.3M---------
Mh Other Growth----------

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES---2.37B2.23B2.56B4.1B4.81B3.37B3.35B
UNITED STATES Growth-----6.16%14.99%60.13%17.36%-29.91%-0.71%
International---104.06M145.77M236.81M374.38M397.49M413.58M393.93M
International Growth----40.09%62.46%58.09%6.17%4.05%-4.75%

Frequently Asked Questions

Valuation & Price

LCI Industries (LCII) has a price-to-earnings (P/E) ratio of 24.4x. This is roughly in line with market averages.

Growth & Financials

LCI Industries (LCII) reported $3.99B in revenue for fiscal year 2024. This represents a 486% increase from $681.2M in 2011.

LCI Industries (LCII) saw revenue decline by 1.2% over the past year.

Yes, LCI Industries (LCII) is profitable, generating $179.1M in net income for fiscal year 2024 (3.8% net margin).

Dividend & Returns

Yes, LCI Industries (LCII) pays a dividend with a yield of 3.14%. This makes it attractive for income-focused investors.

LCI Industries (LCII) has a return on equity (ROE) of 10.4%. This is reasonable for most industries.

LCI Industries (LCII) generated $309.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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