Tearsheet

Thor Industries (THO)

Market Price (12/26/2025): $105.66 | Market Cap: $5.6 Bil
Sector: Consumer Discretionary | Industry: Leisure Products

Thor Industries (THO)

Market Price (12/26/2025): $105.66
Market Cap: $5.6 Bil
Sector: Consumer Discretionary
Industry: Leisure Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.0%, FCF Yield is 6.7%	Trading close to highs Dist 52W High is -4.9%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%
1	Low stock price volatility Vol 12M is 42%	Weak multi-year price returns 2Y Excs Rtn is -52%, 3Y Excs Rtn is -35%	Key risks THO key risks include [1] margin pressure from supply chain disruptions and volatile raw material costs, Show more.
2	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, and Luxury Consumer Goods.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.0%, FCF Yield is 6.7%
1	Low stock price volatility Vol 12M is 42%
2	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, and Luxury Consumer Goods.
3	Trading close to highs Dist 52W High is -4.9%
4	Weak multi-year price returns 2Y Excs Rtn is -52%, 3Y Excs Rtn is -35%
5	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%
6	Key risks THO key risks include [1] margin pressure from supply chain disruptions and volatile raw material costs, Show more.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022
Share Price CYE	$105.66	$93.55	$113.95	$71.32
Market Cap CYE ($ Bil)	5.6	5.0	6.1	3.8
Total Debt ($ Bil)	0.9	0.9	1.1	1.3
Total Cash ($ Bil)	0.5	0.6	0.5	0.4
Enterprise Value ($ Bil)	6.0	5.9	7.2	5.1
Valuation Ratios
P/S TTM	0.6	0.5	0.6	0.4
P/EBIT TTM	15.0	14.7	14.4	6.8
P/E TTM	19.7	19.7	23.7	10.8
P/FCF TTM	14.9	11.2	15.5	5.2
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8
P/EBIT TTM (Sector)	7.7	8.3	7.8	6.4
P/E TTM (Sector)	10.4	11.1	10.3	8.4
P/FCF TTM (Sector)	11.3	12.4	9.6	7.3

	12/26/25	2024	2023
Share Price CYE	$105.66	$93.55	$113.95
Market Cap CYE ($ Bil)	5.6	5.0	6.1
Total Debt ($ Bil)	0.9	0.9	1.1
Total Cash ($ Bil)	0.5	0.6	0.5
Enterprise Value ($ Bil)	6.0	5.9	7.2
Valuation Ratios
P/S TTM	0.6	0.5	0.6
P/EBIT TTM	15.0	14.7	14.4
P/E TTM	19.7	19.7	23.7
P/FCF TTM	14.9	11.2	15.5
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.7	8.3	7.8
P/E TTM (Sector)	10.4	11.1	10.3
P/FCF TTM (Sector)	11.3	12.4	9.6

	THO	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	9.8
Rev Chg Q	11.5%	7.3%
Rev Chg LTM	1.4%	6.1%
Rev Chg 3Y Avg	-12.8%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.5
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	3.3%	18.8%
CFO/Rev LTM	5.1%	20.4%
Net Inc Mgn	2.9%	13.1%
VALUATION	LOW
P/S	0.6	3.3
P/CFO	11.1	15.8
P/FCF	14.9	20.7
P/E	19.7	23.5
STABILITY	GOOD
Debt/Equity	0.16	0.21
Cash/Assets	0.07	0.07

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Metric	Value	Date	Source
North American Towable RV Backlog	Data not available in the latest reports	7312025	Link
North American Motorized RV Backlog	1000000000	7312025	Link
European RV Backlog	1525592000	7312025	Link
North American Towable RV Unit Shipments	119790	7312025	Link
North American Motorized RV Unit Shipments	17153	7312025	Link
European RV Unit Shipments	44445	7312025	Link
North American Towable and Fifth Wheel Market Share	39.1%	7312025	Link
North American Motorhome Market Share	48.3%	7312025	Link
European Motorcaravan and Campervan Market Share	26.1%	7312025	Link
Number of Independent Dealership Locations	3500	9242025	Link
Number of Employees	20900	11062025	Link

Recent
12/03/2025	Earnings Release	Rev: $2.0 Bil (A) vs. $2.0 Bil (E) EPS: 0.41 (A) vs. $-0.07 (E)
Upcoming
1/05/2026	Dividend	Amount: $0.52 Payment On: 1/19/2026
3/04/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $0.04 (E)

THO Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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For the approximate time period from August 31, 2025, to December 26, 2025, Thor Industries (THO) stock movement, reflecting a decline, can be attributed to the following key factors based on the company's fiscal 2025 annual results, which reported a 2.5% year-over-year fall in profits.

1. Fiscal 2025 Profits Declined by 2.5% Year-Over-Year. This direct fall in annual profits served as a significant negative indicator for investors, contributing to a downward pressure on the stock price.

2. Overall Net Sales Decreased by 4.6% in Fiscal 2025. A reduction in consolidated net sales from fiscal 2024 to fiscal 2025 directly impacted the company's top line and consequently its profitability.

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Stock Movement Drivers

Fundamental Drivers

The 1.0% change in THO stock from 9/25/2025 to 12/25/2025 was primarily driven by a 6.4% change in the company's Net Income Margin (%).

	9252025	12252025	Change
Stock Price ($)	105.30	106.36	1.01%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9579.49	9825.83	2.57%
Net Income Margin (%)	2.70%	2.87%	6.35%
P/E Multiple	21.57	19.87	-7.88%
Shares Outstanding (Mil)	52.96	52.69	0.51%
Cumulative Contribution			1.00%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
THO	1.0%
Market (SPY)	4.9%	26.1%
Sector (XLY)	3.8%	25.2%

Fundamental Drivers

The 21.2% change in THO stock from 6/26/2025 to 12/25/2025 was primarily driven by a 23.5% change in the company's Net Income Margin (%).

	6262025	12252025	Change
Stock Price ($)	87.75	106.36	21.21%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9589.87	9825.83	2.46%
Net Income Margin (%)	2.32%	2.87%	23.55%
P/E Multiple	20.95	19.87	-5.17%
Shares Outstanding (Mil)	53.20	52.69	0.97%
Cumulative Contribution			21.20%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
THO	21.2%
Market (SPY)	13.1%	30.6%
Sector (XLY)	14.2%	42.5%

Fundamental Drivers

The 13.5% change in THO stock from 12/25/2024 to 12/25/2025 was primarily driven by a 32.5% change in the company's Net Income Margin (%).

	12252024	12252025	Change
Stock Price ($)	93.68	106.36	13.53%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9685.43	9825.83	1.45%
Net Income Margin (%)	2.17%	2.87%	32.45%
P/E Multiple	23.64	19.87	-15.96%
Shares Outstanding (Mil)	52.97	52.69	0.54%
Cumulative Contribution			13.53%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
THO	13.5%
Market (SPY)	15.8%	47.7%
Sector (XLY)	5.3%	53.7%

Fundamental Drivers

The 46.6% change in THO stock from 12/26/2022 to 12/25/2025 was primarily driven by a 426.6% change in the company's P/E Multiple.

	12262022	12252025	Change
Stock Price ($)	72.55	106.36	46.59%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15462.39	9825.83	-36.45%
Net Income Margin (%)	6.67%	2.87%	-56.98%
P/E Multiple	3.77	19.87	426.57%
Shares Outstanding (Mil)	53.66	52.69	1.80%
Cumulative Contribution			46.55%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
THO	-8.6%
Market (SPY)	48.3%	44.5%
Sector (XLY)	38.1%	51.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
THO Return	28%	13%	-26%	60%	-18%	14%	61%
Peers Return	7%	33%	-22%	32%	-2%	31%	90%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
THO Win Rate	58%	50%	25%	42%	42%	67%
Peers Win Rate	55%	57%	35%	50%	48%	65%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
THO Max Drawdown	-53%	0%	-33%	-0%	-24%	-31%
Peers Max Drawdown	-59%	-1%	-32%	-8%	-27%	-32%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: WGO, REVG, PII, BC, LCII. See THO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	THO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-54.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	120.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-60.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	154.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	76 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-72.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	267.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-81.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	435.5%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,596 days	1,480 days

Compare to WGO, WKHS, HAS, MAT, THO

In The Past

Thor Industries's stock fell -54.7% during the 2022 Inflation Shock from a high on 3/17/2021. A -54.7% loss requires a 120.5% gain to breakeven.

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About Thor Industries (THO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Thor 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.

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Here are 1-3 brief analogies to describe Thor Industries (THO):

The General Motors of RVs
The Volkswagen Group of recreational vehicles

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Travel Trailers: Towable recreational vehicles designed to be hitched to a car, SUV, or truck.
Fifth-Wheel RVs: Larger towable recreational vehicles designed to be towed by pickup trucks with a special hitch in the truck bed.
Class A Motorhomes: Large, bus-like motorized recreational vehicles built on commercial chassis, offering extensive living amenities.
Class C Motorhomes: Medium-sized motorized recreational vehicles built on a van-cutaway chassis, often featuring an over-cab sleeping area.
Class B Motorhomes: Compact, van-based motorized recreational vehicles, also known as camper vans, designed for maneuverability and efficiency.

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Thor Industries (THO) sells primarily to other companies, specifically independent recreational vehicle (RV) dealerships. While no single customer accounts for 10% or more of Thor's consolidated net sales (as per their most recent 10-K filing), the company does sell a significant portion of its products to a relatively small number of large dealers.

Major customers include:

Camping World Holdings, Inc. (NYSE: CWH) - The largest RV retailer in the United States.
RV Retailer, LLC - One of the largest privately held RV dealership groups in the United States.
Numerous other independent and regional RV dealerships across North America and Europe.

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Daimler Truck Holding AG (DTG)
Ford Motor Company (F)
Stellantis N.V. (STLA)
General Motors Company (GM)
LCI Industries (LCII)
Dexter Axle Company

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Robert W. Martin, President and Chief Executive Officer

Mr. Martin joined Thor Industries in 2001 following the acquisition of Keystone RV, where he had been working since July 1998. He served as President and Chief Operating Officer of Thor from August 2012 to July 2013 and President of the RV Group from January 2012 to August 2012. Before that, he was President of Keystone RV from January 2010 to January 2012 and Executive Vice President and Chief Operating Officer of Keystone RV from January 2007 to January 2010. He was appointed Chief Executive Officer of Thor Industries in August 2013.

Colleen Zuhl, Senior Vice President and Chief Financial Officer

Ms. Zuhl, a Certified Public Accountant, became part of Thor Industries in June 2011. Her roles at Thor included Vice President and Corporate Controller from February 2013 to October 2013, Interim Chief Financial Officer from October 2012 to February 2013, and Director of Finance from June 2011 to October 2012. Prior to joining Thor, she held the position of Chief Financial Officer for All American Group, Inc. (formerly Coachmen Industries, Inc.), a publicly traded recreational vehicle and manufactured housing company, from August 2006 to June 2011. She spent over 15 years at Ernst & Young, LLP, serving as an audit senior manager before her time at All American Group. She was named Chief Financial Officer in October 2013.

W. Todd Woelfer, Senior Vice President and Chief Operating Officer

Mr. Woelfer joined Thor Industries in August 2012, initially as Senior Vice President, General Counsel, and Corporate Secretary. In December 2021, he was promoted to Senior Vice President & Chief Operating Officer. His responsibilities as COO include leading corporate initiatives such as innovation and data strategies, marketing, and corporate sustainability. Before his tenure at Thor, he was a managing partner at May Oberfell Lorber, providing advice to corporate clients. From May 2007 to May 2010, Mr. Woelfer served as General Counsel for All American Group, Inc. (formerly Coachmen Industries, Inc.), a NYSE-listed recreational vehicle and manufactured housing company.

Kenneth D. Julian, Senior Vice President of Administration and Human Resources

Mr. Julian has been with Thor Industries since March 2004. He previously served as Vice President, Human Resources from July 2009 to August 2014 and as Vice President of Administration of Keystone RV from March 2004 to June 2009. Before joining Thor Industries, he was the Director of Operations and Human Resources, and Corporate Secretary, for Ascot Enterprises, Inc. from February 1989 to March 2004. He brings over 30 years of experience in the RV industry to his role.

Troy B. James, Senior Vice President, International Business Operations

Mr. James possesses over 26 years of experience in the RV industry. He became part of Thor Industries in 2012 and was the President of Thor's Dutchmen RV business before his promotion to Senior Vice President of International Operations in February 2019. In his current role, he is responsible for leading Thor Industries' global operations and growth strategy, including the integration of international operations and identifying best practices. Prior to his time at Dutchmen, Mr. James spent 15 years in various senior management roles at Jayco Corp.

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The key risks to Thor Industries (THO) primarily stem from the cyclical and discretionary nature of the recreational vehicle (RV) industry, alongside operational challenges and market competition.

Cyclical Nature of the RV Industry and Macroeconomic Sensitivity: Thor Industries' business is highly susceptible to economic conditions, consumer confidence, and interest rates. Demand for RVs is discretionary, and sales typically decline during economic downturns, periods of high inflation, or when financing costs are elevated for both dealers and consumers. This sensitivity can lead to significant fluctuations in sales, production rates, and net income. The company's net sales, for example, decreased by 24.7% in 2024 compared to 2023, reflecting these challenges.
Supply Chain Disruptions and Fluctuating Raw Material Costs: The company faces risks related to the availability and pricing of raw materials and component parts. Fluctuations in these costs can adversely affect the business and pressure profit margins, especially if increased costs cannot be fully passed on to customers. Additionally, disruptions in the supply chain, such as chassis shortages, can impact production and delivery.
Intense Competition: Thor Industries operates in a highly competitive market, not only against numerous other RV manufacturers like Winnebago Industries and Forest River but also against consumer demand for used recreational vehicles. This competition can impact pricing strategies, product innovation requirements, and overall market share, potentially affecting sales and profitability.

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The clear emerging threat stems from the confluence of a growing "experience economy" and the expanding availability of alternative access models for outdoor recreation and mobile living. Specifically, this includes the rapid growth and sophistication of RV rental platforms (e.g., Outdoorsy, RVshare), the rise of luxury glamping and unique outdoor accommodation providers, and the increasing appeal of customizable van-life conversions. These alternatives enable consumers to engage in recreational travel and outdoor experiences with less financial commitment and fewer ownership responsibilities, directly competing with the acquisition of new recreational vehicles by offering compelling substitutes that satisfy similar needs through different business models or ownership paradigms.

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Thor Industries, a prominent manufacturer of recreational vehicles (RVs), operates within the addressable markets of North America and Europe, primarily focusing on towable RVs and motorhomes.

North American Market

The North American recreational vehicle (RV) market is a significant addressable market for Thor Industries. In 2025, the market size is estimated at USD 21.77 billion and is projected to grow to USD 32.54 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 8.37%.

Towable RVs: In 2024, towable RVs constituted a substantial portion of the North American RV market, holding 64.11% of the market share. This segment includes products like travel trailers, fifth wheels, folding camp trailers, and truck campers.
Motorhomes: The motorhome segment in North America is also a key market, with a projected compound annual growth rate (CAGR) of 13.13% through 2030. This category encompasses Class A, B, and C motorhomes.

European Market

The European recreational vehicle (RV) market also represents a substantial addressable market for Thor Industries. The market was valued at USD 33.38 billion in 2025 and is anticipated to reach USD 57.22 billion by 2030, with a CAGR of 11.26% during this period.

Motorhomes: Motorhomes held the largest share of the European recreational vehicle market in 2024, accounting for 54.12% of unit sales.
Towable RVs (Caravans): The broader European camping and caravanning market, which includes towable RVs, was valued at USD 9.64 billion in 2025 and is forecast to reach USD 13.74 billion by 2030, growing at a 7.34% CAGR.

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Thor Industries (THO) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

Strategic Initiatives and Operational Efficiency: The company is implementing structural efficiency and cost discipline, including restructuring efforts, to enhance operating efficiencies and align with market conditions. This includes managing bills of materials to offer more affordable RVs, which can stimulate demand and improve competitiveness.
Product Innovation and Development: Thor Industries is focusing on innovation and new product development to maintain its competitive edge and cater to evolving consumer preferences. This includes introducing advanced products like the award-winning Hybrid Class A Motorhome, which can attract new customers and drive sales.
Market Share Expansion: Thor has demonstrated market share gains, particularly in the North American Motorized RV segment. The company aims to continue capitalizing on these gains and expand its market presence across its various segments.
Geographic and Portfolio Diversification: Expansion into Europe through the acquisition of Erwin Hymer Group and the introduction of aftermarket component parts via the acquisition of Airxcel are strategic moves that position Thor for broader growth opportunities by diversifying its revenue streams across different markets and product categories.
Recovery in the Retail Environment and Optimized Dealer Inventory: While the RV market has faced challenges, Thor anticipates a stronger retail environment in the latter half of calendar 2025 and early fiscal 2026. Coupled with improved dealer inventory turns and appropriate channel positioning, this recovery is expected to lead to increased wholesale shipments and sales.

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Share Repurchases

Thor Industries re-authorized a new $400 million share repurchase program on June 23, 2025, which is set to expire on July 31, 2027.
Since initiating its buyback program in December 2021, the company has repurchased over 3.5 million shares.
In fiscal year 2025, the company repurchased $52.6 million in shares.

Outbound Investments

In December 2020, Thor Industries acquired luxury motorized recreational vehicle manufacturer Tiffin Motorhomes, Inc., including Vanleigh RV, for approximately $300 million.
In September 2021, Thor Industries acquired Airxcel.
During the third quarter of fiscal 2022, Thor acquired the remaining interest in Togo Group (rebranded as Roadpass Digital) for $16.144 million in cash, achieving 100% ownership.

Capital Expenditures

Capital expenditures for fiscal year 2025 totaled $123.0 million.
For the first quarter of fiscal 2025, capital expenditures were approximately $25.3 million, with a focus on prudently upgrading facilities and machinery, and investing in innovation-related projects.
Capital expenditures for fiscal year 2024 were approximately $139.6 million, less than originally planned due to adjustments in non-critical spending in response to market conditions.

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HD (13.0%)

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Higher CFO/Rev LTM (Value for THO: 5.1%)

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MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for THO: -12.8%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for THO: 3.3%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for THO: 5.1%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for THO: 3.8%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for THO: 5.0%)

XOM (9.2%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

V (5.1%)

Visa

		Best Bets In Consumer Discretionary Sector
	THO	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	19.9	31.8	35.0	21.5	26.5	30.5	22.1	12.1	25.1	21.4	17.3
P/EBIT	15.1	30.9	21.0	78.3	18.3	13.4	14.7	8.9	22.2	18.6	10.2
What You Get
Rev Chg Q	11.5%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	1.4%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	-12.8%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	5.0%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Thor Industries Earnings Notes
2	Thor Industries Earnings Notes
3	How Low Can Thor Industries Stock Really Go?	Return
4	Better Bet Than THO Stock: Pay Less Than Thor Industries To Get More From TMUS, UNH
5	Better Bet Than THO Stock: Pay Less Than Thor Industries To Get More From CCL, EXPE
6	Better Bet Than THO Stock: Pay Less Than Thor Industries To Get More From YETI
7	THO Dip Buy Analysis
8	Thor Industries Total Shareholder Return (TSR): -10.4% in 2025 and 6.6% 3-yr compounded annual returns (above peer average)
9	Thor Industries (THO) Operating Cash Flow Comparison	Financials
10	Thor Industries (THO) Net Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to THO. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	13.3%	13.3%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.3%	5.3%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.7%	19.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.8%	1.8%	-1.6%
THO_3312020_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03312020	THO	Thor Industries	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	126.5%	227.6%	-13.5%
THO_10312018_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	10312018	THO	Thor Industries	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-5.7%	-6.6%	-37.3%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Thor Industries

Peers to compare with:

Financials

	THO	WGO	REVG	PII	BC	LCII	Median
Name	Thor Ind.	Winnebag.	REV	Polaris	Brunswick	LCI Indu.
Mkt Price	106.36	42.59	62.08	66.28	75.98	123.81	71.13
Mkt Cap	5.6	1.2	3.0	3.8	5.0	3.0	3.4
Rev LTM	9,826	2,875	2,464	6,986	5,184	3,992	4,588
Op Inc LTM	327	72	182	132	293	261	221
FCF LTM	373	136	190	581	589	310	341
FCF 3Y Avg	507	139	103	394	402	366	380
CFO LTM	502	171	241	769	736	359	431
CFO 3Y Avg	655	188	140	717	623	422	523

Growth & Margins

	THO	WGO	REVG	PII	BC	LCII	Median
Name	Thor Ind.	Winnebag.	REV	Polaris	Brunswick	LCI Indu.
Rev Chg LTM	1.4%	1.4%	3.5%	-9.4%	-4.8%	5.7%	1.4%
Rev Chg 3Y Avg	-12.8%	-14.4%	2.3%	-4.5%	-7.7%	-8.8%	-8.3%
Rev Chg Q	11.5%	12.3%	11.1%	6.9%	6.8%	13.2%	11.3%
QoQ Delta Rev Chg LTM	2.6%	2.8%	2.8%	1.7%	1.7%	3.1%	2.7%
Op Mgn LTM	3.3%	2.5%	7.4%	1.9%	5.6%	6.5%	4.5%
Op Mgn 3Y Avg	3.8%	4.5%	5.1%	5.2%	9.4%	4.8%	5.0%
QoQ Delta Op Mgn LTM	0.2%	0.5%	0.2%	-0.1%	-0.5%	0.4%	0.2%
CFO/Rev LTM	5.1%	5.9%	9.8%	11.0%	14.2%	9.0%	9.4%
CFO/Rev 3Y Avg	6.5%	6.2%	5.6%	9.2%	10.9%	10.9%	7.8%
FCF/Rev LTM	3.8%	4.7%	7.7%	8.3%	11.4%	7.8%	7.7%
FCF/Rev 3Y Avg	5.0%	4.6%	4.1%	5.2%	7.1%	9.5%	5.1%

Valuation

	THO	WGO	REVG	PII	BC	LCII	Median
Name	Thor Ind.	Winnebag.	REV	Polaris	Brunswick	LCI Indu.
Mkt Cap	5.6	1.2	3.0	3.8	5.0	3.0	3.4
P/S	0.6	0.4	1.2	0.5	1.0	0.8	0.7
P/EBIT	15.1	17.0	21.1	-130.5	-38.4	11.1	13.1
P/E	19.9	33.0	31.6	-24.9	-20.9	16.9	18.4
P/CFO	11.2	7.0	12.5	4.9	6.8	8.4	7.7
Total Yield	5.0%	3.8%	3.6%	-0.0%	-2.5%	6.9%	3.7%
Dividend Yield	0.0%	0.8%	0.4%	4.0%	2.2%	1.0%	0.9%
FCF Yield 3Y Avg	9.5%	10.3%	6.2%	9.6%	8.4%	13.2%	9.6%
D/E	0.2	0.5	0.0	0.5	0.5	0.4	0.4
Net D/E	0.1	0.3	0.0	0.4	0.4	0.3	0.3

Returns

	THO	WGO	REVG	PII	BC	LCII	Median
Name	Thor Ind.	Winnebag.	REV	Polaris	Brunswick	LCI Indu.
1M Rtn	-0.9%	17.5%	18.1%	-0.9%	13.6%	7.1%	10.3%
3M Rtn	1.0%	27.0%	8.8%	17.4%	23.9%	32.2%	20.6%
6M Rtn	21.2%	50.3%	36.1%	68.9%	38.7%	39.7%	39.2%
12M Rtn	13.5%	-7.6%	98.4%	22.5%	18.4%	25.0%	20.5%
3Y Rtn	46.6%	-13.7%	486.6%	-26.4%	13.9%	47.2%	30.2%
1M Excs Rtn	-0.5%	19.7%	16.0%	-1.6%	13.5%	8.0%	10.7%
3M Excs Rtn	-4.0%	22.1%	3.9%	12.4%	18.9%	27.2%	15.7%
6M Excs Rtn	8.3%	37.4%	23.2%	56.0%	25.9%	26.8%	26.3%
12M Excs Rtn	-5.0%	-28.3%	79.8%	4.1%	0.2%	6.9%	2.1%
3Y Excs Rtn	-35.3%	-94.9%	415.2%	-107.8%	-65.8%	-27.4%	-50.5%

Comparison Analyses

	Title
0	Why WGO With 12% Upside May Beat THO?
1	Thor Industries vs. Advanced Micro Devices: With Return Forecast Of 49%, Advanced Micro Devices Is A Better Bet
2	Thor Industries vs. Stryker: With Return Forecast Of 18%, Stryker Is A Better Bet
3	Thor Industries vs. NextEra Energy: With Return Forecast Of 19%, NextEra Energy Is A Better Bet
4	Thor Industries vs. Ritchie Bros. Auctioneers: Similar Market Cap, Similar Bets
5	Thor Industries vs. TriNet Group: Similar Market Cap, But Thor Industries Is A Better Bet
6	Thor Industries vs. Amkor Technology: Similar Market Cap, But Thor Industries Is A Better Bet
7	Thor Industries vs. United States Steel: Similar Market Cap; Which Stock Is A Better Bet?
8	Thor Industries vs. Columbia Sportswear Company: Similar Market Cap; Which Stock Is A Better Bet?
9	Thor Industries vs. On Assignment: Similar Market Cap; Which Stock Is A Better Bet?

FDIC Bank Data

$ Mil \| FY: 7/31	LTM	2025	2024	2023	2022	2021	2020
Period End	10/31/2025	7/31/2025	7/31/2024	7/31/2023	7/31/2022	7/31/2021	7/31/2020
Filing Date	12/3/2025	9/24/2025	9/24/2024	9/25/2023	9/28/2022	9/28/2021	9/28/2020
Key Financials
Total Revenue	9,826	9,579	10,043	11,122	16,313	12,317	8,168
EBITDA	642	616	715	874	1,834	1,169	576
Operating Income	327	299	424	585	1,533	908	387
Net Income	282	259	265	374	1,138	660	223
EPS	5.31	4.87	4.98	7.00	20.67	11.93	4.04
Growth Rates
Total Revenue Growth	1.4%	-4.6%	-9.7%	-31.8%	32.4%	50.8%	3.9%
EBITDA Growth	0.8%	-13.8%	-18.2%	-52.4%	57.0%	102.8%	43.5%
Operating Income Growth	-0.3%	-29.4%	-27.6%	-61.8%	68.8%	134.7%	7.0%
Net Income Growth	34.4%	-2.5%	-29.1%	-67.1%	72.4%	195.9%	67.3%
Margins
EBITDA Margin	6.5%	6.4%	7.1%	7.9%	11.2%	9.5%	7.1%
Operating Income Margin	3.3%	3.1%	4.2%	5.3%	9.4%	7.4%	4.7%
Net Income Margin	2.9%	2.7%	2.6%	3.4%	7.0%	5.4%	2.7%
Cash & Debt
Total Cash	510	587	501	441	312	446	539
Total Debt	916	923	1,134	1,303	1,767	1,607	1,667
Net Debt / (Cash)	406	336	633	861	1,456	1,161	1,128
Cash Flows
Net Cash from Operations	502	578	546	982	990	526	541
Free Cash from Operations	373	455	406	773	748	398	434
Returns to Shareholders
Dividends	53	106	102	96	95	91	88
Share Repurchases	58	53	68	42	165	-0	-0

$ Mil \| FY: 7/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	10/31/2025	7/31/2025	4/30/2025	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023
Filing Date	12/3/2025	9/24/2025	6/4/2025	3/5/2025	12/4/2024	9/24/2024	6/5/2024	3/6/2024	12/6/2023	9/25/2023	6/6/2023	3/7/2023
Key Financials Quarterly
Total Revenue	2,389	2,524	2,895	2,018	2,143	2,534	2,801	2,207	2,501	2,738	2,929	2,347
Ebitda	108	225	233	76	82	219	232	103	160	229	250	126
Operating Income	39	103	175	10	11	135	163	18	108	149	187	39
Net Income	22	126	135	-1	-2	90	115	7	54	90	121	27
EPS	0.41	2.37	2.54	-0.01	-0.03	1.69	2.15	0.14	1.01	1.70	2.26	0.51
Key Financials TTM
Total Revenue TTM	9,826	9,579	9,590	9,496	9,685	10,043	10,247	10,375	10,514	11,122	12,205	13,934
Ebitda TTM	642	616	610	609	636	715	724	742	765	874	1,078	1,384
Operating Income TTM	327	299	331	319	328	424	438	463	484	585	793	1,090
Net Income TTM	282	259	223	202	210	265	266	272	292	374	565	792
Growth Rates Quarterly
Total Revenue Growth	11.5%	-0.4%	3.3%	-8.6%	-14.3%	-7.4%	-4.4%	-5.9%	-19.5%	-28.4%	-37.1%	-39.4%
EBITDA Growth	31.6%	2.6%	0.3%	-26.1%	-48.9%	-4.2%	-7.1%	-18.1%	-40.5%	-47.2%	-55.1%	-71.8%
Operating Income Growth	241.6%	-23.9%	7.5%	-46.7%	-89.4%	-9.7%	-13.0%	-53.2%	-48.6%	-58.1%	-61.3%	-89.3%
Net Income Growth	1282.8%	39.7%	18.1%	-107.6%	-103.4%	-0.3%	-5.1%	-73.3%	-60.7%	-67.9%	-65.3%	-89.8%
Margins Quarterly
EBITDA Margin	4.5%	8.9%	8.0%	3.8%	3.8%	8.6%	8.3%	4.7%	6.4%	8.4%	8.5%	5.4%
Operating Income Margin	1.6%	4.1%	6.1%	0.5%	0.5%	5.3%	5.8%	0.8%	4.3%	5.5%	6.4%	1.7%
Net Income Margin	0.9%	5.0%	4.7%	-0.0%	-0.1%	3.6%	4.1%	0.3%	2.1%	3.3%	4.1%	1.2%
Cash & Debt
Total Cash	510	587	508	374	445	501	372	340	426	441	353	282
Total Debt	916	923	1,016	1,031	1,076	1,134	1,245	1,408	1,283	1,303	1,652	1,770
Net Debt / (Cash)	406	336	508	657	631	633	873	1,068	857	861	1,299	1,488
Cash Flows Quarterly
FCF from Operations	-45	259	258	31	31	338	252	-104	60	508	289	91
Cash Flows TTM
FCF from Operations TTM	502	578	657	651	517	546	715	752	947	982	827	877
Returns to Shareholders Quarterly
Dividends	0	26	27	0	0	25	26	0	0	24	24	0
Share Repurchases	5	51	-0	2	-0	25	13	-0	30	-0	17	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	27.4%	107.8%	118.8%	5.9%	5.5%	61.4%	59.6%	5.3%	38.1%	48.0%	44.5%	8.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	68.4%	77.0%	51.6%	36.6%	39.6%	51.0%	37.7%	32.1%	41.9%	50.9%	48.8%	57.2%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
European	2,871	2,898	2,449	2,976
North American Towables	1,290	1,430	2,041	1,871
North American Motorized	1,078	1,268	1,239	1,074
Other	1,059	1,048	1,273
Corporate	723	617	406	462	447
Other, net				272	212
Recreational vehicles					5,112
Total	7,021	7,261	7,408	6,654	5,771

Price Behavior

Price Behavior

Market Price	$106.36
Market Cap ($ Bil)	5.6
First Trading Date	12/30/1987
Distance from 52W High	-4.9%
	50 Days	200 Days
DMA Price	$103.76	$92.90
DMA Trend	up	down
Distance from DMA	2.5%	14.5%
	3M	1YR
Volatility	36.6%	42.0%
Downside Capture	18.65	83.28
Upside Capture	19.06	83.64
Correlation (SPY)	26.9%	47.5%

THO Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.28	0.97	0.95	1.24	1.04	1.18
Up Beta	0.66	1.11	1.74	1.94	1.24	1.21
Down Beta	0.32	1.74	1.42	1.28	0.98	1.05
Up Capture	171%	63%	32%	122%	71%	150%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	7	21	29	65	118	378
Down Capture	146%	62%	69%	82%	97%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	13	21	34	61	130	372

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of THO With Other Asset Classes (Last 1Y)
	THO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.0%	8.3%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	41.7%	24.3%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	0.40	0.27	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		53.2%	47.4%	-4.5%	14.2%	47.0%	19.4%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of THO With Other Asset Classes (Last 5Y)
	THO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	4.8%	9.8%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	41.1%	23.8%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.24	0.37	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		52.0%	47.6%	2.7%	6.9%	43.7%	19.9%

Based On 10-Year Data

		Comparison of THO With Other Asset Classes (Last 10Y)
	THO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.4%	13.1%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	43.8%	22.0%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.35	0.55	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		55.9%	54.4%	-0.9%	17.6%	47.1%	15.6%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	2,977,644
Short Interest: % Change Since 11302025	-11.1%
Average Daily Volume	983,161
Days-to-Cover Short Interest	3.03
Basic Shares Quantity	52,690,083
Short % of Basic Shares	5.7%

Returns Analyses

	Title
0	How Low Can Thor Industries Stock Really Go?
1	Thor Industries Stock Return Comparison
2	Thor Industries Total Shareholder Return (TSR): -27.3% in 2022 and 14.1% 3-yr returns (above peer average)
3	Thor Industries (THO) Stock Return: AI Predicts THO Average and Excess Return After a Fall or Rise

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
12/3/2025	-9.5%	-6.0%
9/24/2025	6.1%	1.4%	5.8%
6/4/2025	4.2%	7.5%	11.2%
3/5/2025	-14.5%	-17.3%	-17.2%
12/4/2024	-3.2%	-1.8%	-10.9%
9/24/2024	6.1%	6.5%	5.2%
6/5/2024	0.7%	-0.5%	-3.6%
3/6/2024	-15.4%	-19.0%	-12.3%
...
SUMMARY STATS
# Positive	13	12	12
# Negative	12	13	13
Median Positive	4.1%	6.7%	5.5%
Median Negative	-4.3%	-6.0%	-8.0%
Max Positive	17.7%	17.1%	28.3%
Max Negative	-26.8%	-28.8%	-39.5%

	Forward Returns
12/3/2025	-9.5%	-6.0%
9/24/2025	6.1%	1.4%	5.8%
6/4/2025	4.2%	7.5%	11.2%
3/5/2025	-14.5%	-17.3%	-17.2%
12/4/2024	-3.2%	-1.8%	-10.9%
9/24/2024	6.1%	6.5%	5.2%
6/5/2024	0.7%	-0.5%	-3.6%
3/6/2024	-15.4%	-19.0%	-12.3%
12/6/2023	1.4%	4.7%	7.5%
9/25/2023	-2.1%	0.7%	-6.8%
6/6/2023	17.7%	17.1%	28.3%
3/7/2023	-3.8%	-12.9%	-16.9%
12/7/2022	-4.8%	-1.6%	-0.3%
9/28/2022	4.1%	2.1%	11.1%
6/8/2022	1.0%	-5.8%	9.1%
3/9/2022	3.1%	-0.9%	-5.8%
12/8/2021	-1.9%	-3.3%	0.4%
9/28/2021	7.9%	12.2%	-9.2%
6/8/2021	-1.3%	-7.4%	-4.1%
3/9/2021	1.8%	12.9%	4.3%
12/8/2020	-2.8%	-6.2%	3.8%
9/28/2020	1.5%	7.2%	-5.5%
6/8/2020	11.1%	6.8%	1.3%
3/9/2020	-26.8%	-28.8%	-39.5%
12/9/2019	-5.1%	1.6%	3.5%
SUMMARY STATS
# Positive	13	12	12
# Negative	12	13	13
Median Positive	4.1%	6.7%	5.5%
Median Negative	-4.3%	-6.0%	-8.0%
Max Positive	17.7%	17.1%	28.3%
Max Negative	-26.8%	-28.8%	-39.5%

SEC Filings

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Report Date	Filing Date	Filing
10312025	12032025	10-Q 10/31/2025
7312025	9242025	10-K 7/31/2025
4302025	6042025	10-Q 4/30/2025
1312025	3052025	10-Q 1/31/2025
10312024	12042024	10-Q 10/31/2024
7312024	9242024	10-K 7/31/2024
4302024	6052024	10-Q 4/30/2024
1312024	3062024	10-Q 1/31/2024
10312023	12062023	10-Q 10/31/2023
7312023	9252023	10-K 7/31/2023
4302023	6062023	10-Q 4/30/2023
1312023	3072023	10-Q 1/31/2023
10312022	12072022	10-Q 10/31/2022
7312022	9282022	10-K 7/31/2022
4302022	6082022	10-Q 4/30/2022
1312022	3092022	10-Q 1/31/2022

Insider Activity

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External Quote Links

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7	FinViz

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Thor Industries (THO)

Market Price (12/26/2025): $105.66 | Market Cap: $5.6 BilSector: Consumer Discretionary | Industry: Leisure Products

Thor Industries (THO)

Market Price (12/26/2025): $105.66Market Cap: $5.6 BilSector: Consumer DiscretionaryIndustry: Leisure Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

THO Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Thor Industries (THO)

North American Market

European Market

Share Repurchases

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Thor Industries (THO)

INDUSTRY: Leisure Products

Higher Rev Chg 3Y Avg | Lower P/S (Values for THO: -12.8% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for THO: -12.8% | 17.2x)

Higher Rev Chg LTM (Value for THO: 1.4%)

Higher Rev Chg 3Y Avg (Value for THO: -12.8%)

Higher Op Mgn LTM (Value for THO: 3.3%)

Higher CFO/Rev LTM (Value for THO: 5.1%)

Higher FCF/Rev LTM (Value for THO: 3.8%)

Higher Total Yield (Value for THO: 5.0%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for THO: -12.8% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for THO: -12.8% | 17.2x)

Higher Rev Chg LTM (Value for THO: 1.4%)

Higher Rev Chg 3Y Avg (Value for THO: -12.8%)

Higher Op Mgn LTM (Value for THO: 3.3%)

Higher CFO/Rev LTM (Value for THO: 5.1%)

Higher FCF/Rev LTM (Value for THO: 3.8%)

Higher Total Yield (Value for THO: 5.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for THO: -12.8% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for THO: -12.8% | 17.2x)

Higher Rev Chg LTM (Value for THO: 1.4%)

Higher Rev Chg 3Y Avg (Value for THO: -12.8%)

Higher Op Mgn LTM (Value for THO: 3.3%)

Higher CFO/Rev LTM (Value for THO: 5.1%)

Higher FCF/Rev LTM (Value for THO: 3.8%)

Higher Total Yield (Value for THO: 5.0%)

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Market Price (12/26/2025): $105.66 | Market Cap: $5.6 Bil
Sector: Consumer Discretionary | Industry: Leisure Products

Market Price (12/26/2025): $105.66
Market Cap: $5.6 Bil
Sector: Consumer Discretionary
Industry: Leisure Products