Thor Industries, Inc. (THO) Financial Ratios
30 years of historical data (1996–2025) · Consumer Cyclical · Auto - Recreational Vehicles
EV/EBITDA
↑
7.19
-2% vs avg
5yr avg: 7.31
30Y Low3.4·High27.0
P/FCF
↓
8.28
↓-25% vs avg
5yr avg: 11.11
30Y Low6.2·High107.8
P/B Ratio
↓
0.90
↓-41% vs avg
5yr avg: 1.53
30Y Low1.1·High3.6
ROE
↓
6.2%
↑-62% vs avg
5yr avg: 16.5%
30Y Low2%·High35%
Debt/EBITDA
↑
1.62
+13% vs avg
5yr avg: 1.43
30Y Low0.0·High3.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
THO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Thor Industries, Inc. trades at 15.0x earnings, 5% above its 5-year average of 14.2x, sitting at the 33rd percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 21.2x, the stock trades at a discount of 29%. On a free-cash-flow basis, the stock trades at 8.3x P/FCF, 25% below the 5-year average of 11.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.8B | $4.9B | $5.7B | $6.2B | $4.7B | $6.6B | $6.3B | $3.2B | $5.0B | $5.6B | $4.0B |
| Enterprise Value | $4.1B | $5.2B | $6.3B | $7.1B | $6.2B | $7.7B | $7.4B | $4.7B | $4.7B | $5.5B | $4.2B |
| P/E Ratio → | 14.95 | 18.80 | 21.49 | 16.62 | 4.10 | 9.99 | 28.29 | 24.13 | 11.65 | 14.86 | 15.68 |
| P/S Ratio | 0.39 | 0.51 | 0.57 | 0.56 | 0.29 | 0.54 | 0.77 | 0.41 | 0.60 | 0.77 | 0.88 |
| P/B Ratio | 0.90 | 1.13 | 1.40 | 1.56 | 1.30 | 2.24 | 2.66 | 1.53 | 2.59 | 3.53 | 3.18 |
| P/FCF | 8.28 | 10.68 | 14.04 | 8.04 | 6.23 | 16.58 | 14.54 | 8.52 | 15.27 | 18.26 | 13.92 |
| P/OCF | 6.52 | 8.41 | 10.45 | 6.34 | 4.71 | 12.52 | 11.67 | 6.34 | 10.75 | 13.25 | 11.80 |
P/E links to full P/E history page with 30-year chart
THO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Thor Industries, Inc.'s enterprise value stands at 7.2x EBITDA, roughly in line with its 5-year average of 7.3x. The Consumer Cyclical sector median is 12.2x, placing the stock at a 41% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.54 | 0.63 | 0.64 | 0.38 | 0.63 | 0.91 | 0.59 | 0.57 | 0.76 | 0.91 |
| EV / EBITDA | 7.19 | 9.10 | 9.02 | 8.22 | 3.39 | 6.80 | 12.73 | 9.12 | 6.54 | 8.33 | 9.39 |
| EV / EBIT | 13.70 | 15.07 | 14.47 | 11.87 | 3.97 | 8.24 | 19.18 | 12.88 | 7.51 | 9.79 | 10.65 |
| EV / FCF | — | 11.42 | 15.60 | 9.16 | 8.24 | 19.46 | 17.10 | 12.32 | 14.45 | 18.01 | 14.44 |
THO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Thor Industries, Inc. earns an operating margin of 3.1%, roughly in line with the Consumer Cyclical sector average. Operating margins have compressed from 5.3% to 3.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 6.2% is modest. ROIC of 4.8% represents below-average returns on invested capital versus a sector median of 5.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.5% | 12.5% | 15.8% | 13.1% | 18.3% | 14.3% | 12.3% | 11.3% | 16.4% | 13.4% | 15.2% |
| Operating Margin | 3.1% | 3.1% | 4.2% | 5.3% | 9.4% | 7.4% | 4.7% | 4.6% | 7.6% | 7.7% | 8.6% |
| Net Profit Margin | 2.7% | 2.7% | 2.6% | 3.4% | 7.0% | 5.4% | 2.7% | 1.7% | 5.2% | 5.2% | 5.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.2% | 6.2% | 6.6% | 9.9% | 34.8% | 24.8% | 10.0% | 6.6% | 24.5% | 26.3% | 22.0% |
| ROA | 3.7% | 3.7% | 3.7% | 5.1% | 16.2% | 10.6% | 3.9% | 3.2% | 16.1% | 15.3% | 13.4% |
| ROIC | 4.8% | 4.8% | 6.7% | 8.8% | 25.0% | 18.0% | 8.3% | 10.4% | 29.9% | 28.8% | 25.6% |
| ROCE | 5.5% | 5.5% | 7.7% | 10.5% | 29.2% | 19.9% | 9.1% | 11.6% | 33.4% | 32.4% | 28.0% |
THO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Thor Industries, Inc. carries a Debt/EBITDA ratio of 1.6x, which is manageable (66% below the sector average of 4.8x). Net debt stands at $336M ($923M total debt minus $587M cash). Interest coverage of 7.1x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.28 | 0.33 | 0.51 | 0.54 | 0.70 | 0.90 | 0.00 | 0.09 | 0.28 |
| Debt / EBITDA | 1.62 | 1.62 | 1.62 | 1.51 | 1.00 | 1.40 | 2.83 | 3.70 | 0.01 | 0.22 | 0.81 |
| Net Debt / Equity | — | 0.08 | 0.16 | 0.22 | 0.42 | 0.39 | 0.47 | 0.68 | -0.14 | -0.05 | 0.12 |
| Net Debt / EBITDA | 0.59 | 0.59 | 0.90 | 1.00 | 0.83 | 1.01 | 1.91 | 2.81 | -0.37 | -0.12 | 0.34 |
| Debt / FCF | — | 0.74 | 1.56 | 1.11 | 2.01 | 2.89 | 2.56 | 3.80 | -0.82 | -0.26 | 0.52 |
| Interest Coverage | 7.11 | 7.11 | 4.93 | 6.12 | 17.00 | 9.95 | 3.61 | 5.30 | 121.86 | 57.53 | 246.29 |
THO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.75x means Thor Industries, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.90x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.63x to 1.75x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.75 | 1.75 | 1.69 | 1.63 | 1.74 | 1.56 | 1.39 | 1.41 | 1.70 | 1.51 | 1.56 |
| Quick Ratio | 0.90 | 0.90 | 0.82 | 0.66 | 0.74 | 0.80 | 0.91 | 0.84 | 1.01 | 0.92 | 0.94 |
| Cash Ratio | 0.37 | 0.37 | 0.32 | 0.26 | 0.18 | 0.25 | 0.36 | 0.31 | 0.36 | 0.29 | 0.32 |
| Asset Turnover | — | 1.36 | 1.43 | 1.53 | 2.20 | 1.85 | 1.42 | 1.39 | 3.00 | 2.83 | 1.97 |
| Inventory Turnover | 6.20 | 6.20 | 6.19 | 5.85 | 7.59 | 7.71 | 10.00 | 8.42 | 12.95 | 13.62 | 9.63 |
| Days Sales Outstanding | — | 26.95 | 25.47 | 21.11 | 21.13 | 28.15 | 36.38 | 33.24 | 21.35 | 24.42 | 31.27 |
THO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Thor Industries, Inc. returns 4.1% to shareholders annually — split between a 2.7% dividend yield and 1.4% buyback yield. A payout ratio of 41.0% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 6.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 2.2% | 1.8% | 1.5% | 2.0% | 1.4% | 1.4% | 2.6% | 1.6% | 1.2% | 1.6% |
| Payout Ratio | 41.0% | 41.0% | 38.5% | 25.6% | 8.3% | 13.8% | 39.6% | 63.1% | 18.1% | 18.5% | 24.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.7% | 5.3% | 4.7% | 6.0% | 24.4% | 10.0% | 3.5% | 4.1% | 8.6% | 6.7% | 6.4% |
| FCF Yield | 12.1% | 9.4% | 7.1% | 12.4% | 16.0% | 6.0% | 6.9% | 11.7% | 6.5% | 5.5% | 7.2% |
| Buyback Yield | 1.4% | 1.1% | 1.2% | 0.7% | 3.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.1% | 3.3% | 3.0% | 2.2% | 5.6% | 1.4% | 1.4% | 2.6% | 1.6% | 1.2% | 1.6% |
| Shares Outstanding | — | $53M | $54M | $54M | $55M | $56M | $55M | $54M | $53M | $53M | $53M |
Peer Comparison
Compare THO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 THOYou | $4B | 15.0 | 7.2 | 8.3 | 12.5% | 3.1% | 6.2% | 4.8% | 1.6 |
 WGO | $809M | 31.5 | 12.9 | 9.0 | 13.0% | 2.0% | 2.1% | 2.6% | 6.2 |
 CWH | $493M | -5.4 | 10.7 | — | 29.5% | 2.8% | -21.0% | 4.0% | 9.7 |
 LCII | $2B | 12.1 | 8.1 | 8.0 | 23.8% | 6.8% | 13.7% | 9.1% | 3.1 |
 PII | $4B | -8.7 | 21.1 | 7.2 | 18.5% | -0.4% | -43.6% | -0.8% | 6.0 |
 BC | $5B | -40.2 | 30.0 | 13.7 | 24.8% | -0.7% | -7.8% | -0.8% | 9.6 |
 DOOO | $2B | -31.1 | 6.3 | 10.4 | 22.7% | 7.0% | -40.2% | 12.8% | 3.2 |
 HOG | $3B | 9.2 | 5.8 | 6.9 | 30.2% | 8.6% | 10.7% | 5.0% | 6.2 |
 PATK | $3B | 22.4 | 10.1 | 11.8 | 23.1% | 7.0% | 11.7% | 7.6% | 3.7 |
 SRI | $215M | -2.1 | 20.2 | 17.6 | 19.9% | -2.0% | -48.4% | -3.7% | 11.4 |
 CVCO | $5B | 25.1 | 17.5 | 19.9 | 23.5% | 10.2% | 17.6% | 21.0% | 0.1 |
| Consumer Cyclical Median | — | 21.2 | 12.2 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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THO — Frequently Asked Questions
Quick answers to the most common questions about buying THO stock.
What is Thor Industries, Inc.'s P/E ratio?
Thor Industries, Inc.'s current P/E ratio is 15.0x. The historical average is 23.4x. This places it at the 33th percentile of its historical range.
What is Thor Industries, Inc.'s EV/EBITDA?
Thor Industries, Inc.'s current EV/EBITDA is 7.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.5x.
What is Thor Industries, Inc.'s ROE?
Thor Industries, Inc.'s return on equity (ROE) is 6.2%. The historical average is 17.1%.
Is THO stock overvalued?
Based on historical data, Thor Industries, Inc. is trading at a P/E of 15.0x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Thor Industries, Inc.'s dividend yield?
Thor Industries, Inc.'s current dividend yield is 2.75% with a payout ratio of 41.0%.
What are Thor Industries, Inc.'s profit margins?
Thor Industries, Inc. has 12.5% gross margin and 3.1% operating margin.
How much debt does Thor Industries, Inc. have?
Thor Industries, Inc.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.