Latest Ratios: P/E Ratio 30.1x · EV/EBITDA 12.5x · ROE 2.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $775M | $1.0B | $1.8B | $2.3B | $2.0B | $2.5B | $2.0B | $1.0B | $1.2B | $1.1B | $646M |
| Enterprise Value | $1.2B | $1.4B | $2.2B | $2.6B | $2.3B | $2.6B | $2.2B | $1.2B | $1.5B | $1.3B | $561M |
| P/E Ratio → | 30.14 | 39.54 | 135.59 | 10.22 | 5.17 | 8.83 | 31.74 | 9.10 | 11.58 | 14.89 | 14.23 |
| P/S Ratio | 0.28 | 0.36 | 0.59 | 0.65 | 0.41 | 0.69 | 0.83 | 0.51 | 0.59 | 0.69 | 0.66 |
| P/B Ratio | 0.63 | 0.83 | 1.38 | 1.65 | 1.60 | 2.36 | 2.36 | 1.61 | 2.22 | 2.41 | 2.41 |
| P/FCF | 8.66 | 11.38 | 17.80 | 10.66 | 6.46 | 12.94 | 8.21 | 10.93 | 21.70 | 12.79 | 22.92 |
| P/OCF | 6.02 | 7.90 | 12.23 | 7.65 | 5.04 | 10.49 | 7.23 | 7.59 | 14.24 | 10.94 | 12.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.51 | 0.73 | 0.74 | 0.47 | 0.72 | 0.94 | 0.62 | 0.73 | 0.84 | 0.58 |
| EV / EBITDA | 12.51 | 15.04 | 13.67 | 7.44 | 3.67 | 5.95 | 14.55 | 6.90 | 8.22 | 8.29 | 7.84 |
| EV / EBIT | 20.92 | 25.71 | 36.49 | 8.53 | 4.20 | 6.42 | 19.42 | 7.94 | 9.20 | 12.98 | 9.98 |
| EV / FCF | — | 16.09 | 21.95 | 12.27 | 7.47 | 13.61 | 9.28 | 13.27 | 26.99 | 15.66 | 19.89 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 13.0% | 13.0% | 14.6% | 16.8% | 18.7% | 17.9% | 13.3% | 15.5% | 14.9% | 14.4% | 11.6% |
| Operating Margin | 2.0% | 2.0% | 3.4% | 8.6% | 11.8% | 11.2% | 4.8% | 7.8% | 8.0% | 8.1% | 6.7% |
| Net Profit Margin | 0.9% | 0.9% | 0.4% | 6.2% | 7.9% | 7.8% | 2.6% | 5.6% | 5.1% | 4.6% | 4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.1% | 2.1% | 1.0% | 16.4% | 33.7% | 29.9% | 8.4% | 19.2% | 21.0% | 20.1% | 18.6% |
| ROA | 1.1% | 1.1% | 0.5% | 8.6% | 17.0% | 14.6% | 4.3% | 10.4% | 10.5% | 11.0% | 12.1% |
| ROIC | 2.6% | 2.6% | 4.4% | 13.7% | 31.6% | 26.9% | 8.8% | 13.9% | 16.0% | 21.7% | 29.6% |
| ROCE | 2.9% | 2.9% | 4.9% | 14.8% | 31.8% | 25.8% | 9.6% | 17.7% | 20.3% | 24.2% | 22.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.49 | 0.49 | 0.58 | 0.47 | 0.47 | 0.53 | 0.66 | 0.40 | 0.55 | 0.62 | — |
| Debt / EBITDA | 6.22 | 6.22 | 4.67 | 1.86 | 0.94 | 1.28 | 3.61 | 1.42 | 1.62 | 1.75 | — |
| Net Debt / Equity | — | 0.34 | 0.32 | 0.25 | 0.25 | 0.12 | 0.31 | 0.34 | 0.54 | 0.54 | -0.32 |
| Net Debt / EBITDA | 4.40 | 4.40 | 2.59 | 0.97 | 0.50 | 0.29 | 1.68 | 1.21 | 1.61 | 1.52 | -1.20 |
| Debt / FCF | — | 4.71 | 4.15 | 1.61 | 1.01 | 0.67 | 1.07 | 2.33 | 5.29 | 2.87 | -3.04 |
| Interest Coverage | 2.16 | 2.16 | 2.82 | 14.82 | 13.46 | 10.10 | 3.04 | 8.66 | 8.79 | 5.96 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.42 | 2.42 | 2.44 | 2.52 | 2.10 | 2.60 | 2.38 | 2.08 | 1.82 | 1.88 | 3.02 |
| Quick Ratio | 1.21 | 1.21 | 1.36 | 1.33 | 1.09 | 1.76 | 1.77 | 1.06 | 0.87 | 1.03 | 1.70 |
| Cash Ratio | 0.53 | 0.53 | 0.82 | 0.78 | 0.54 | 1.07 | 0.97 | 0.19 | 0.01 | 0.22 | 0.92 |
| Asset Turnover | — | 1.24 | 1.25 | 1.39 | 2.00 | 1.72 | 1.34 | 1.80 | 1.92 | 1.71 | 2.50 |
| Inventory Turnover | 6.14 | 6.14 | 5.79 | 6.17 | 7.66 | 8.73 | 11.17 | 8.35 | 8.80 | 9.31 | 7.04 |
| Days Sales Outstanding | — | 26.00 | 22.52 | 19.78 | 18.71 | 25.52 | 34.21 | 29.05 | 29.79 | 29.38 | 24.77 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 5.0% | 3.8% | 2.1% | 1.5% | 1.2% | 0.6% | 0.7% | 1.3% | 1.1% | 1.2% | 1.7% |
| Payout Ratio | 151.4% | 151.4% | 283.1% | 15.4% | 6.1% | 5.7% | 23.7% | 12.2% | 12.4% | 17.9% | 23.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 2.5% | 0.7% | 9.8% | 19.3% | 11.3% | 3.2% | 11.0% | 8.6% | 6.7% | 7.0% |
| FCF Yield | 11.5% | 8.8% | 5.6% | 9.4% | 15.5% | 7.7% | 12.2% | 9.1% | 4.6% | 7.8% | 4.4% |
| Buyback Yield | 6.9% | 5.3% | 4.2% | 2.4% | 10.6% | 1.9% | 0.1% | 0.8% | 0.5% | 0.1% | 0.5% |
| Total Shareholder Yield | 11.9% | 9.1% | 6.3% | 3.9% | 11.8% | 2.6% | 0.8% | 2.2% | 1.6% | 1.3% | 2.2% |
| Shares Outstanding | — | $28M | $30M | $35M | $33M | $34M | $33M | $32M | $32M | $31M | $27M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WGO stock.
Winnebago Industries, Inc.'s current P/E ratio is 30.1x. The historical average is 24.4x. This places it at the 83th percentile of its historical range.
Winnebago Industries, Inc.'s current EV/EBITDA is 12.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
Winnebago Industries, Inc.'s return on equity (ROE) is 2.1%. The historical average is 17.2%.
Based on historical data, Winnebago Industries, Inc. is trading at a P/E of 30.1x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Winnebago Industries, Inc.'s current dividend yield is 5.01% with a payout ratio of 151.4%.
Winnebago Industries, Inc. has 13.0% gross margin and 2.0% operating margin.
Winnebago Industries, Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Cyclical demand and inventory
Metrics are mathematically derived from official filings.
Market Pricing Reflects Trough Earnings
According to current market data, Winnebago trades at a trailing P/E of 34.45, which appears to reflect a significant valuation premium relative to its forward P/E of 14.22, suggesting that investors are pricing in a recovery from current cyclical lows rather than immediate earnings growth.
The divergence between trailing and forward multiples indicates that the market anticipates a normalization of margins as the company moves past the current inventory destocking phase. However, the low P/S ratio of 0.32 suggests that the market remains skeptical of the company's ability to sustain historical revenue levels in a high-interest-rate environment.
Capital Efficiency Under Cyclical Pressure
As reported in recent financial statements, Winnebago's ROIC has compressed to 1.2% in 2026Q3, a sharp decline from historical peaks that highlights the difficulty of generating adequate returns on invested capital when operating margins are squeezed by persistent wholesale shipment volatility and high dealer inventory levels.
The decay in ROIC suggests that the company's capital-intensive assembly model is struggling to maintain efficiency as volume growth turns negative. Investors should monitor whether management's recent acquisitions, particularly in the Marine segment, can eventually provide a higher-margin offset to the core RV business's diminishing returns.
Working Capital Cycles Signal Caution
Based on Winnebago's reported figures, the cash conversion cycle has fluctuated significantly, reaching 72 days in 2026Q3, which indicates that the company is facing increased friction in converting wholesale shipments into cash as dealer inventory days remain elevated compared to more favorable periods in the recent past.
The trend in DIO and DSO suggests that the company is carrying the burden of channel inventory, which may necessitate further production cuts to prevent excessive dealer floorplan financing costs. This inefficiency in working capital management appears to be a direct consequence of the current demand-supply mismatch in the North American RV market.
Deleveraging Enhances Balance Sheet Resilience
According to recent SEC filings, Winnebago has successfully reduced its debt-to-equity ratio to a nominal 0.03 as of 2026Q3, providing a fortress-like balance sheet that offers significant protection against the ongoing cyclical downturn and potential volatility in the broader consumer discretionary sector.
This aggressive deleveraging strategy significantly lowers the company's interest coverage risk, allowing it to maintain dividend payments despite the current earnings contraction. While this conservative stance limits financial risk, it also raises questions about whether the company will utilize this liquidity for strategic growth or remain defensive until the market stabilizes.
Misapplication of P/E in Cyclicality
The trailing P/E ratio is frequently misapplied to Winnebago's business model, as it obscures the reality that earnings are currently depressed by cyclical inventory adjustments and high interest rates, making the metric a poor indicator of the company's long-term normalized earning power or intrinsic value.
Analysts should instead focus on EV/EBITDA or normalized free cash flow, which better account for the company's capital structure and the cyclical nature of its assembly-heavy operations. Relying on P/E during a trough period risks misinterpreting a temporary margin compression as a permanent decline in the company's competitive position.