Thor Industries, Inc. (THO) 10-Year Financial Performance & Capital Metrics

THO • • Industrial / General

Consumer CyclicalRecreational VehiclesRecreational Vehicles (RVs)Travel Trailer & Towable RV Manufacturers

AboutThor Industries, Inc. designs, manufactures, and sells recreational vehicles (RVs), and related parts and accessories in the United States, Canada, and Europe. The company offers travel trailers; gasoline and diesel Class A, Class B, and Class C motorhomes; conventional travel trailers and fifth wheels; luxury fifth wheels; and motorcaravans, caravans, campervans, and urban vehicles. It also provides aluminum extrusion and specialized component products to RV and other manufacturers; and digital products and services for RVs. The company provides its products through independent and non-franchise dealers. The company was founded in 1980 and is based in Elkhart, Indiana.Show more

Revenue $9.58B -4.6%
EBITDA $689M -1.7%
Net Income $259M -2.5%
EPS (Diluted) 4.84 -2.0%
Gross Margin 13.99% -3.2%
EBITDA Margin 7.2% +3.1%
Operating Margin 4.36% +3.4%
Net Margin 2.7% +2.2%
ROE 6.18% -6.1%
ROIC 6.72% +0.9%
Debt/Equity 0.22 -22.7%
Interest Coverage 8.63 +80.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓10 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high
✓Trading at only 1.4x book value
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.11%

5Y3.24%

3Y-16.26%

TTM1.44%

Profit (Net Income) CAGR

10Y2.63%

5Y3.01%

3Y-38.98%

TTM34.37%

EPS CAGR

10Y2.61%

5Y3.73%

3Y-38.28%

TTM35.45%

ROCE

10Y Avg18.55%

5Y Avg15.16%

3Y Avg8.67%

Latest7.65%

Peer Comparison

Travel Trailer & Towable RV Manufacturers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
THOThor Industries, Inc.	6.1B	115.43	23.85	-4.62%	2.87%	6.56%	7.46%	0.22

Profit & Loss

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Sales/Revenue+	4.58B	7.25B	8.33B	7.86B	8.17B	12.32B	16.31B	11.12B	10.04B	9.58B
Revenue Growth %	0.14%	0.58%	0.15%	-0.06%	0.04%	0.51%	0.32%	-0.32%	-0.1%	-0.05%
Cost of Goods Sold+	3.86B	6.2B	7.16B	6.89B	7.05B	10.42B	13.51B	9.53B	8.59B	8.24B
COGS % of Revenue	0.84%	0.86%	0.86%	0.88%	0.86%	0.85%	0.83%	0.86%	0.86%	0.86%
Gross Profit+	726.33M	1.04B	1.16B	973.09M	1.12B	1.89B	2.81B	1.6B	1.45B	1.34B
Gross Margin %	0.16%	0.14%	0.14%	0.12%	0.14%	0.15%	0.17%	0.14%	0.14%	0.14%
Gross Profit Growth %	0.3%	0.44%	0.12%	-0.16%	0.15%	0.69%	0.48%	-0.43%	-0.09%	-0.08%
Operating Expenses+	334.23M	483.77M	532.56M	611.68M	731.35M	987.1M	1.27B	1.01B	1.03B	922.55M
OpEx % of Revenue	0.07%	0.07%	0.06%	0.08%	0.09%	0.08%	0.08%	0.09%	0.1%	0.1%
Selling, General & Admin	306.27M	419.85M	477.44M	536.04M	634.12M	869.92M	1.12B	870.05M	895.53M	915.87M
SG&A % of Revenue	0.07%	0.06%	0.06%	0.07%	0.08%	0.07%	0.07%	0.08%	0.09%	0.1%
Research & Development	0	2.58M	2.01M	9.38M	19.12M	26.77M	39M	36.59M	49.38M	0
R&D % of Revenue	-	0%	0%	0%	0%	0%	0%	0%	0%	-
Other Operating Expenses	1.18M	5.38M	3.96M	75.64M	97.23M	117.18M	156.95M	11.31M	83.16M	6.69M
Operating Income+	392.09M	559.81M	632.1M	359.56M	180.94M	938.92M	1.53B	596.8M	423.89M	418.09M
Operating Margin %	0.09%	0.08%	0.08%	0.05%	0.02%	0.08%	0.09%	0.05%	0.04%	0.04%
Operating Income Growth %	0.35%	0.43%	0.13%	-0.43%	-0.5%	4.19%	0.63%	-0.61%	-0.29%	-0.01%
EBITDA+	444.67M	658.07M	725.33M	508.34M	377.1M	1.17B	1.82B	873.73M	701.03M	689.29M
EBITDA Margin %	0.1%	0.09%	0.09%	0.06%	0.05%	0.09%	0.11%	0.08%	0.07%	0.07%
EBITDA Growth %	0.45%	0.48%	0.1%	-0.3%	-0.26%	2.1%	0.55%	-0.52%	-0.2%	-0.02%
D&A (Non-Cash Add-back)	52.58M	98.26M	93.22M	148.78M	196.17M	230.58M	284.45M	276.93M	277.14M	271.21M
EBIT	392.09M	559.81M	632.1M	252.78M	380.22M	938.13M	1.55B	596.8M	437.51M	344.63M
Net Interest Income+	-849K	-8.81M	-3.04M	-60.03M	-104.21M	-93.55M	-90.09M	-97.45M	-88.67M	-48.44M
Interest Income	743K	923K	2.15M	8.08M	3.12M	797K	1.13M	0	0	0
Interest Expense	1.59M	9.73M	5.19M	68.11M	107.32M	94.34M	91.22M	97.45M	88.67M	48.44M
Other Income/Expense	-8.78M	-3.42M	925K	-176.75M	-114.34M	-153.7M	-190.71M	-190.35M	-75.04M	-121.9M
Pretax Income+	383.31M	556.39M	633.03M	184.67M	272.9M	844.58M	1.46B	499.35M	348.84M	296.19M
Pretax Margin %	0.08%	0.08%	0.08%	0.02%	0.03%	0.07%	0.09%	0.04%	0.03%	0.03%
Income Tax+	125.29M	182.13M	202.88M	52.2M	51.51M	183.71M	321.62M	125.11M	83.44M	39.6M
Effective Tax Rate %	0.67%	0.67%	0.68%	0.72%	0.82%	0.78%	0.78%	0.75%	0.76%	0.87%
Net Income+	256.52M	374.25M	430.15M	133.28M	222.97M	659.87M	1.14B	374.27M	265.31M	258.56M
Net Margin %	0.06%	0.05%	0.05%	0.02%	0.03%	0.05%	0.07%	0.03%	0.03%	0.03%
Net Income Growth %	0.29%	0.46%	0.15%	-0.69%	0.67%	1.96%	0.72%	-0.67%	-0.29%	-0.03%
Net Income (Continuing)	258.02M	374.25M	430.15M	132.47M	221.38M	660.87M	1.14B	374.24M	265.4M	256.59M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	10.8M	25.79M	26.26M	7.79M	7.38M	6.62M	1.05M
EPS (Diluted)+	4.88	7.09	8.14	2.47	4.03	11.85	20.59	6.95	4.94	4.84
EPS Growth %	0.3%	0.45%	0.15%	-0.7%	0.63%	1.94%	0.74%	-0.66%	-0.29%	-0.02%
EPS (Basic)	4.89	7.12	8.17	2.47	4.04	11.93	20.67	7.00	4.98	4.87
Diluted Shares Outstanding	52.59M	52.76M	52.85M	54.03M	55.4M	55.69M	55.26M	53.86M	53.69M	53.4M
Basic Shares Outstanding	52.46M	52.56M	52.67M	53.91M	55.17M	55.33M	55.03M	53.48M	53.25M	53.09M
Dividend Payout Ratio	0.25%	0.19%	0.18%	0.63%	0.4%	0.14%	0.08%	0.26%	0.38%	0.41%

Balance Sheet

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Total Current Assets+	1.02B	1.18B	1.31B	2.04B	2.1B	2.8B	3.06B	2.79B	2.65B	2.78B
Cash & Short-Term Investments	209.9M	223.26M	275.25M	451.26M	541.36M	445.85M	311.69M	441.23M	501.32M	586.6M
Cash Only	209.9M	223.26M	275.25M	451.26M	541.36M	445.85M	311.69M	441.23M	501.32M	586.6M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	392.54M	484.84M	487.24M	716.23M	814.23M	949.93M	944.18M	643.22M	700.89M	707.36M
Days Sales Outstanding	31.27	24.42	21.35	33.24	36.39	28.15	21.13	21.11	25.47	26.95
Inventory	403.87M	460.49M	537.91M	827.99M	716.3M	1.37B	1.75B	1.65B	1.37B	1.35B
Days Inventory Outstanding	38.23	27.09	27.41	43.85	37.09	47.96	47.42	63.34	58.06	59.89
Other Current Assets	0	0	0	25.65M	2.84M	38.35M	51.97M	56.06M	81.18M	132.22M
Total Non-Current Assets+	1.31B	1.38B	1.47B	3.62B	3.67B	3.85B	4.35B	4.47B	4.37B	4.29B
Property, Plant & Equipment	344.27M	425.24M	522.05M	1.09B	1.11B	1.19B	1.26B	1.39B	1.39B	1.32B
Fixed Asset Turnover	13.31x	17.04x	15.95x	7.20x	7.37x	10.39x	12.97x	8.01x	7.22x	7.28x
Goodwill	377.69M	377.69M	377.69M	1.36B	1.48B	1.56B	1.8B	1.8B	1.79B	1.84B
Intangible Assets	507.39M	443.47M	388.35M	970.81M	914.72M	937.17M	1.12B	996.98M	861.13M	758.76M
Long-Term Investments	0	-821.16M	48.46M	46.18M	-91.53M	-123.79M	-157.9M	126.91M	137.27M	136.78M
Other Non-Current Assets	25.84M	821.16M	0	-46.18M	91.53M	123.79M	157.9M	149.36M	166.29M	199.25M
Total Assets+	2.33B	2.56B	2.78B	5.66B	5.77B	6.65B	7.41B	7.26B	7.02B	7.07B
Asset Turnover	1.97x	2.83x	3.00x	1.39x	1.42x	1.85x	2.20x	1.53x	1.43x	1.36x
Asset Growth %	0.55%	0.1%	0.09%	1.04%	0.02%	0.15%	0.11%	-0.02%	-0.03%	0.01%
Total Current Liabilities+	651.65M	781.05M	769.33M	1.45B	1.52B	1.79B	1.76B	1.72B	1.57B	1.58B
Accounts Payable	263.77M	328.6M	286.97M	551.83M	636.51M	915.04M	822.45M	736.27M	628.13M	738.14M
Days Payables Outstanding	24.97	19.33	14.62	29.23	32.96	32.05	22.23	28.21	26.69	32.7
Short-Term Debt	0	0	0	17.37M	13.82M	12.41M	13.19M	11.37M	32.65M	3.37M
Deferred Revenue (Current)	0	-378K	-410K	1000K	1000K	1000K	0	1000K	0	0
Other Current Liabilities	243.34M	284.51M	302.09M	585.81M	525.57M	407.69M	447.78M	537.99M	490.94M	770.72M
Current Ratio	1.56x	1.51x	1.70x	1.41x	1.39x	1.56x	1.74x	1.63x	1.69x	1.75x
Quick Ratio	0.94x	0.92x	1.01x	0.84x	0.91x	0.80x	0.74x	0.66x	0.82x	0.90x
Cash Conversion Cycle	44.53	32.18	34.14	47.87	40.52	44.06	46.32	56.24	56.85	54.14
Total Non-Current Liabilities+	408.59M	200.34M	71.59M	2.12B	1.91B	1.91B	2.05B	1.56B	1.38B	1.19B
Long-Term Debt	360M	145M	0	1.89B	1.65B	1.59B	1.75B	1.29B	1.1B	919.61M
Capital Lease Obligations	0	0	0	5.25M	33.2M	38.62M	38.31M	39.5M	33.87M	30.98M
Deferred Tax Liabilities	0	10.26M	12.45M	135.7M	123.8M	113.6M	115.93M	75.67M	74.4M	66.58M
Other Non-Current Liabilities	48.59M	55.34M	71.59M	90.69M	100.78M	164.16M	143.09M	154.47M	170.21M	173.87M
Total Liabilities	1.06B	981.39M	840.92M	3.57B	3.43B	3.71B	3.81B	3.28B	2.95B	2.78B
Total Debt+	360M	145M	6.09M	1.89B	1.65B	1.59B	1.82B	1.3B	1.13B	922.98M
Net Debt	150.1M	-78.26M	-269.15M	1.43B	1.11B	1.15B	1.5B	861.45M	632.6M	336.38M
Debt / Equity	0.28x	0.09x	0.00x	0.90x	0.70x	0.54x	0.51x	0.33x	0.28x	0.22x
Debt / EBITDA	0.81x	0.22x	0.01x	3.71x	4.38x	1.36x	1.00x	1.49x	1.62x	1.34x
Net Debt / EBITDA	0.34x	-0.12x	-0.37x	2.82x	2.95x	0.98x	0.83x	0.99x	0.90x	0.49x
Interest Coverage	246.29x	57.53x	121.86x	5.28x	1.69x	9.95x	16.80x	6.12x	4.78x	8.63x
Total Equity+	1.27B	1.58B	1.94B	2.11B	2.37B	2.95B	3.58B	3.98B	4.07B	4.29B
Equity Growth %	0.19%	0.25%	0.23%	0.09%	0.13%	0.24%	0.22%	0.11%	0.02%	0.05%
Book Value per Share	24.06	29.88	36.66	38.98	42.81	52.94	64.82	73.96	75.89	80.33
Total Shareholders' Equity	1.27B	1.58B	1.94B	2.1B	2.35B	2.92B	3.57B	3.98B	4.07B	4.29B
Common Stock	6.24M	6.26M	6.28M	6.52M	6.54M	6.57M	6.61M	6.63M	6.69M	6.73M
Retained Earnings	1.37B	1.67B	2.02B	2.07B	2.2B	2.77B	3.81B	4.09B	4.25B	4.41B
Treasury Stock	-331.5M	-336.07M	-343.73M	-348.15M	-351.91M	-360.23M	-543.34M	-592.67M	-677.3M	-744.26M
Accumulated OCI	0	0	0	-57M	26.99M	44.62M	-181.61M	-68.55M	-93.71M	10.39M
Minority Interest	0	0	0	10.8M	25.79M	26.26M	7.79M	7.38M	6.62M	1.05M

Cash Flow

	Jul 2016	Jul 2017	Jul 2018	Jul 2019	Jul 2020	Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Cash from Operations+	341.21M	419.33M	466.51M	508.02M	540.94M	526.48M	990.25M	981.63M	545.55M	577.92M
Operating CF Margin %	0.07%	0.06%	0.06%	0.06%	0.07%	0.04%	0.06%	0.09%	0.05%	0.06%
Operating CF Growth %	0.38%	0.23%	0.11%	0.09%	0.06%	-0.03%	0.88%	-0.01%	-0.44%	0.06%
Net Income	256.52M	374.25M	430.15M	132.47M	221.38M	660.87M	1.14B	374.24M	265.4M	258.56M
Depreciation & Amortization	52.58M	98.26M	93.22M	148.78M	196.17M	230.58M	284.45M	276.93M	277.14M	271.21M
Stock-Based Compensation	9.39M	12.5M	17M	18.95M	19.89M	30.51M	31.42M	39.51M	37.9M	30.87M
Deferred Taxes	-14.12M	-39.55M	14.53M	-9.06M	-11.21M	-9.03M	-51.88M	-34.48M	-24.97M	-29.5M
Other Non-Cash Items	8.89M	-661K	120K	77.7M	24.79M	16.54M	3.76M	8.14M	8.68M	-19.09M
Working Capital Changes	27.95M	-25.47M	-88.51M	139.18M	89.92M	-403M	-415.74M	317.29M	-18.61M	65.88M
Change in Receivables	-15.77M	-92.31M	-2.39M	136.15M	-115.23M	-234.69M	39.25M	313.41M	-60.15M	6.69M
Change in Inventory	-15.58M	-56.62M	-77.42M	283.31M	133.29M	-538.76M	-381.54M	109.97M	236.92M	29.12M
Change in Payables	28.63M	67.14M	-40.74M	-120.51M	60.47M	229.17M	-116.61M	-120.68M	-101.91M	90.41M
Cash from Investing+	-601.47M	-116.66M	-183.49M	-1.87B	-84.25M	-428.49M	-1.05B	-222.48M	-146.81M	-64.47M
Capital Expenditures	-51.98M	-115.03M	-138.2M	-130.22M	-106.7M	-128.84M	-242.36M	-208.19M	-139.63M	-122.99M
CapEx % of Revenue	0.01%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	8.15M	3.41M	5.11M	575K	-5.23M	11.28M	-24.93M	-8.11M	137K	58.52M
Cash from Financing+	286.69M	-289.32M	-231.02M	1.54B	-392.92M	-188.44M	-47.84M	-635.68M	-337.68M	-426.31M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-62.97M	-69.41M	-77.99M	-84.14M	-88.32M	-90.8M	-94.94M	-95.97M	-102.14M	-106.13M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-10.01M	-4.57M	-7.66M	-73.44M	-13.94M	-24.08M	-43.32M	17.83M	-3.3M	-14.32M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	289.23M	304.31M	328.31M	377.8M	434.24M	397.65M	747.9M	773.44M	405.91M	454.94M
FCF Margin %	0.06%	0.04%	0.04%	0.05%	0.05%	0.03%	0.05%	0.07%	0.04%	0.05%
FCF Growth %	0.41%	0.05%	0.08%	0.15%	0.15%	-0.08%	0.88%	0.03%	-0.48%	0.12%
FCF per Share	5.50	5.77	6.21	6.99	7.84	7.14	13.53	14.36	7.56	8.52
FCF Conversion (FCF/Net Income)	1.33x	1.12x	1.08x	3.81x	2.43x	0.80x	0.87x	2.62x	2.06x	2.24x
Interest Paid	672K	8.56M	3.9M	57.19M	101.78M	78.86M	74.45M	95.38M	86.42M	58.63M
Taxes Paid	128.41M	198.62M	218.84M	87.81M	56.8M	226.53M	380.87M	143.08M	147.13M	108.82M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	22.01%	26.34%	24.48%	6.59%	9.96%	24.81%	34.85%	9.89%	6.59%	6.18%
Return on Invested Capital (ROIC)	25.6%	28.82%	29.94%	10.35%	3.86%	18.58%	25.03%	9.01%	6.66%	6.72%
Gross Margin	15.85%	14.4%	13.98%	12.37%	13.69%	15.38%	17.2%	14.35%	14.46%	13.99%
Net Margin	5.6%	5.16%	5.16%	1.69%	2.73%	5.36%	6.98%	3.37%	2.64%	2.7%
Debt / Equity	0.28x	0.09x	0.00x	0.90x	0.70x	0.54x	0.51x	0.33x	0.28x	0.22x
Interest Coverage	246.29x	57.53x	121.86x	5.28x	1.69x	9.95x	16.80x	6.12x	4.78x	8.63x
FCF Conversion	1.33x	1.12x	1.08x	3.81x	2.43x	0.80x	0.87x	2.62x	2.06x	2.24x
Revenue Growth	14.36%	58.16%	14.93%	-5.57%	3.85%	50.8%	32.44%	-31.82%	-9.69%	-4.62%

Revenue by Segment

	2011	2012	2018	2019	2020	2021	2022	2023	2024	2025
Recreation Vehicles	2.34B	2.64B	8.16B	7.69B	8.02B	-	-	-	-	-
Recreation Vehicles Growth	-	12.79%	208.93%	-5.64%	4.17%	-	-	-	-	-
Buses	415.07M	444.86M	-	-	-	-	-	-	-	-
Buses Growth	-	7.18%	-	-	-	-	-	-	-	-
Export	444.36M	-	-	-	-	-	-	-	-	-
Export Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2011	2012	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	-	-	5.8B	5.3B	8.46B	12.24B	7.44B	6.19B	6.12B
UNITED STATES Growth	-	-	-	-	-8.73%	59.78%	44.59%	-39.16%	-16.84%	-1.13%
GERMANY	-	-	-	836.15M	1.49B	1.98B	1.73B	1.82B	2.02B	1.92B
GERMANY Growth	-	-	-	-	78.73%	32.35%	-12.60%	5.07%	11.41%	-5.00%
Other Europe	-	-	-	636.11M	966.02M	1.19B	1.16B	1.22B	1.34B	1.1B
Other Europe Growth	-	-	-	-	51.87%	23.16%	-2.62%	5.32%	10.07%	-17.87%
CANADA	-	-	-	561.17M	377.05M	638.12M	1.13B	587.56M	435.84M	392.99M
CANADA Growth	-	-	-	-	-32.81%	69.24%	77.52%	-48.13%	-25.82%	-9.83%
Other Country	-	-	-	27.96M	33.96M	49.05M	56.85M	53.58M	50.33M	40.41M
Other Country Growth	-	-	-	-	21.46%	44.47%	15.89%	-5.75%	-6.08%	-19.70%

Frequently Asked Questions

Valuation & Price

Thor Industries, Inc. (THO) has a price-to-earnings (P/E) ratio of 23.8x. This is roughly in line with market averages.

Growth & Financials

Thor Industries, Inc. (THO) reported $9.83B in revenue for fiscal year 2025. This represents a 219% increase from $3.08B in 2012.

Thor Industries, Inc. (THO) saw revenue decline by 4.6% over the past year.

Yes, Thor Industries, Inc. (THO) is profitable, generating $282.1M in net income for fiscal year 2025 (2.7% net margin).

Dividend & Returns

Yes, Thor Industries, Inc. (THO) pays a dividend with a yield of 1.72%. This makes it attractive for income-focused investors.

Thor Industries, Inc. (THO) has a return on equity (ROE) of 6.2%. This is below average, suggesting room for improvement.

Thor Industries, Inc. (THO) generated $373.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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