Thor Industries (THO)
Market Price (7/14/2026): $71.94 | Market Cap: $3.8 BilSector: Consumer Discretionary | Industry: Leisure Products
Thor Industries (THO)
Market Price (7/14/2026): $71.94Market Cap: $3.8 BilSector: Consumer DiscretionaryIndustry: Leisure Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, FCF Yield is 5.3% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30% Low stock price volatilityVol 12M is 38% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, and Luxury Consumer Goods. | Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -94% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.7%, Rev Chg QQuarterly Revenue Change % is -3.9% Key risksTHO key risks include [1] margin pressure from supply chain disruptions and volatile raw material costs, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, FCF Yield is 5.3% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30% |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, and Luxury Consumer Goods. |
| Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -94% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.7%, Rev Chg QQuarterly Revenue Change % is -3.9% |
| Key risksTHO key risks include [1] margin pressure from supply chain disruptions and volatile raw material costs, Show more. |
Qualitative Assessment
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Thor Industries (THO) stock has lost about 10% since 3/31/2026 because of the following key factors:
1. Continued Softness and Declining Demand in the RV Market.
The recreational vehicle (RV) industry experienced a continued downturn during the period, with normalizing wholesale values and softening pricing, particularly for towables and larger motorhomes. New RV sales declined significantly, with the overall RV industry experiencing a 24.12% year-over-year decrease in February 2026, as motorized RVs fell by 31.24% and towable RVs by 22.96%. This "compression cycle" reflected manufacturers and dealers adjusting to softer sales and elevated inventory levels.
2. Impact of Higher Financing Costs on Consumer Purchasing Behavior.
Elevated interest rates continued to act as a significant macroeconomic headwind, contributing to more deliberate and cautious purchasing behavior among consumers for big-ticket discretionary items like RVs. This factor, along with shifting consumer priorities, directly impacted demand across the RV market, making buyers more value-driven and price-aware.
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Thor Industries (THO) stock has lost about 10% since 3/31/2026 because of the following key factors:
1. Continued Softness and Declining Demand in the RV Market.
The recreational vehicle (RV) industry experienced a continued downturn during the period, with normalizing wholesale values and softening pricing, particularly for towables and larger motorhomes. New RV sales declined significantly, with the overall RV industry experiencing a 24.12% year-over-year decrease in February 2026, as motorized RVs fell by 31.24% and towable RVs by 22.96%. This "compression cycle" reflected manufacturers and dealers adjusting to softer sales and elevated inventory levels.
2. Impact of Higher Financing Costs on Consumer Purchasing Behavior.
Elevated interest rates continued to act as a significant macroeconomic headwind, contributing to more deliberate and cautious purchasing behavior among consumers for big-ticket discretionary items like RVs. This factor, along with shifting consumer priorities, directly impacted demand across the RV market, making buyers more value-driven and price-aware.
3. Fiscal Q3 2026 Earnings Miss and Subsequent Analyst Downgrades.
Thor Industries announced its fiscal Q3 2026 results (for the quarter ended April 30, 2026) on June 3, 2026, reporting earnings of $1.86 per share, which missed the Zacks Consensus Estimate of $1.88 per share. This negative earnings surprise, although slight at 1.06%, was followed by several analyst downgrades and price target reductions in June 2026. For instance, DA Davidson lowered its price target from $100 to $80 on June 15, 2026, while Citigroup reduced its target from $82 to $80 on June 5, 2026, both maintaining "Neutral" ratings. These revisions in analyst sentiment contributed to the downward pressure on the stock.
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Stock Movement Drivers
Fundamental Drivers
The -8.7% change in THO stock from 3/31/2026 to 7/13/2026 was primarily driven by a -11.6% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.80 | 71.96 | -8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,934 | 9,820 | -1.1% |
| Net Income Margin (%) | 3.0% | 2.7% | -11.6% |
| P/E Multiple | 13.8 | 14.3 | 3.6% |
| Shares Outstanding (Mil) | 53 | 52 | 0.9% |
| Cumulative Contribution | -8.7% |
Market Drivers
3/31/2026 to 7/13/2026| Return | Correlation | |
|---|---|---|
| THO | -8.7% | |
| Market (SPY) | 15.2% | 28.3% |
| Sector (XLY) | 6.5% | 41.8% |
Fundamental Drivers
The -28.6% change in THO stock from 12/31/2025 to 7/13/2026 was primarily driven by a -23.9% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 100.77 | 71.96 | -28.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,826 | 9,820 | -0.1% |
| Net Income Margin (%) | 2.9% | 2.7% | -6.9% |
| P/E Multiple | 18.8 | 14.3 | -23.9% |
| Shares Outstanding (Mil) | 53 | 52 | 0.9% |
| Cumulative Contribution | -28.6% |
Market Drivers
12/31/2025 to 7/13/2026| Return | Correlation | |
|---|---|---|
| THO | -28.6% | |
| Market (SPY) | 10.2% | 38.0% |
| Sector (XLY) | -2.6% | 44.7% |
Fundamental Drivers
The -16.6% change in THO stock from 6/30/2025 to 7/13/2026 was primarily driven by a -30.5% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 86.26 | 71.96 | -16.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,590 | 9,820 | 2.4% |
| Net Income Margin (%) | 2.3% | 2.7% | 15.0% |
| P/E Multiple | 20.6 | 14.3 | -30.5% |
| Shares Outstanding (Mil) | 53 | 52 | 1.8% |
| Cumulative Contribution | -16.6% |
Market Drivers
6/30/2025 to 7/13/2026| Return | Correlation | |
|---|---|---|
| THO | -16.6% | |
| Market (SPY) | 22.3% | 35.2% |
| Sector (XLY) | 7.4% | 44.0% |
Fundamental Drivers
The -25.5% change in THO stock from 6/30/2023 to 7/13/2026 was primarily driven by a -42.3% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 96.54 | 71.96 | -25.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,205 | 9,820 | -19.5% |
| Net Income Margin (%) | 4.6% | 2.7% | -42.3% |
| P/E Multiple | 9.1 | 14.3 | 56.9% |
| Shares Outstanding (Mil) | 53 | 52 | 2.3% |
| Cumulative Contribution | -25.5% |
Market Drivers
6/30/2023 to 7/13/2026| Return | Correlation | |
|---|---|---|
| THO | -25.5% | |
| Market (SPY) | 75.0% | 44.8% |
| Sector (XLY) | 39.8% | 50.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| THO Return | 13% | -26% | 60% | -18% | 10% | -28% | -12% |
| Peers Return | 24% | -25% | 37% | -18% | 16% | -10% | 9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| THO Win Rate | 50% | 25% | 42% | 42% | 58% | 29% | |
| Peers Win Rate | 58% | 37% | 50% | 47% | 62% | 34% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| THO Max Drawdown | -38% | -35% | -27% | -31% | -38% | -40% | |
| Peers Max Drawdown | -25% | -39% | -25% | -31% | -36% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WGO, PII, BC, LCII, PATK. 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] 2026 data is for the year up to 7/13/2026 (YTD)
How Low Can It Go
| Event | THO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.9% | -18.8% |
| % Gain to Breakeven | 56.0% | 23.1% |
| Time to Breakeven | 126 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.6% | -9.5% |
| % Gain to Breakeven | 30.9% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.0% | -6.7% |
| % Gain to Breakeven | 28.1% | 7.1% |
| Time to Breakeven | 48 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.7% | -24.5% |
| % Gain to Breakeven | 50.8% | 32.4% |
| Time to Breakeven | 254 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.5% | -33.7% |
| % Gain to Breakeven | 146.7% | 50.9% |
| Time to Breakeven | 69 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -40.6% | -19.2% |
| % Gain to Breakeven | 68.4% | 23.8% |
| Time to Breakeven | 387 days | 105 days |
In The Past
Thor Industries's stock fell -35.9% during the 2025 US Tariff Shock. Such a loss loss requires a 56.0% gain to breakeven.
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| Event | THO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.9% | -18.8% |
| % Gain to Breakeven | 56.0% | 23.1% |
| Time to Breakeven | 126 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.6% | -9.5% |
| % Gain to Breakeven | 30.9% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.0% | -6.7% |
| % Gain to Breakeven | 28.1% | 7.1% |
| Time to Breakeven | 48 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.7% | -24.5% |
| % Gain to Breakeven | 50.8% | 32.4% |
| Time to Breakeven | 254 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.5% | -33.7% |
| % Gain to Breakeven | 146.7% | 50.9% |
| Time to Breakeven | 69 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -40.6% | -19.2% |
| % Gain to Breakeven | 68.4% | 23.8% |
| Time to Breakeven | 387 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.2% | -17.9% |
| % Gain to Breakeven | 49.6% | 21.8% |
| Time to Breakeven | 75 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -34.7% | -15.4% |
| % Gain to Breakeven | 53.1% | 18.2% |
| Time to Breakeven | 195 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -74.4% | -53.4% |
| % Gain to Breakeven | 290.7% | 114.4% |
| Time to Breakeven | 687 days | 1085 days |
In The Past
Thor Industries's stock fell -35.9% during the 2025 US Tariff Shock. Such a loss loss requires a 56.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Thor Industries (THO)
Thor Industries (THO) is a prominent manufacturer and seller of recreational vehicles (RVs), along with related parts and accessories, operating across the United States, Canada, and Europe. The company specializes in designing and producing a wide range of vehicles for leisure travel and outdoor lifestyles, serving a broad international market.
The company's diverse product range includes various types of RVs such as travel trailers, conventional and luxury fifth wheels, and Class A, B, and C motorhomes (both gasoline and diesel). For its European market, Thor provides motorcaravans, caravans, campervans, and urban vehicles. Additionally, Thor manufactures specialized components like aluminum extrusions for RV and other manufacturers, and offers digital products and services for RVs. Thor distributes its products through a network of independent and non-franchise dealers, who in turn serve the end-consumers.
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Here are 1-3 brief analogies for Thor Industries (THO):
The General Motors of recreational vehicles (RVs).
Like Ford Motor Company, but exclusively focused on manufacturing motorhomes, travel trailers, and other RVs.
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- Recreational Vehicles (RVs): Thor Industries designs, manufactures, and sells a wide range of RVs, including travel trailers, fifth wheels, various classes of motorhomes (Class A, B, C), and European motorcaravans, caravans, campervans, and urban vehicles.
- RV Parts and Accessories: The company provides parts and accessories specifically for recreational vehicles.
- Aluminum Extrusion and Specialized Component Products: Thor Industries manufactures and supplies aluminum extrusions and specialized components to RV and other manufacturers.
- Digital Products and Services for RVs: The company offers digital products and services tailored for recreational vehicles.
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Thor Industries, Inc. (THO) primarily sells its recreational vehicles (RVs) and related products to other companies, specifically independent and non-franchise dealers.
Its major customers are large RV dealership groups that distribute Thor's various brands (such as Airstream, Jayco, Keystone, etc.) to individual consumers. Based on their market presence and likelihood of stocking products from major RV manufacturers, the following public companies are significant customers:
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- LCI Industries (LCII)
- Patrick Industries (PATK)
- Ford Motor Company (F)
- Stellantis N.V. (STLA)
- Daimler Truck Holding AG (DTRUY)
- Dometic Group AB (DOM.ST)
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Robert W. Martin
President and Chief Executive Officer
Mr. Martin joined Thor Industries in 2001 when the company acquired Keystone RV, where he had been working since 1998. He became President and Chief Executive Officer in August 2013, having previously served as President and Chief Operating Officer from August 2012 to July 2013, and President of the RV Group from January 2012 to August 2012. Before leading Thor's RV Group, he was President of Keystone RV from 2010 to 2012 and Executive Vice President and Chief Operating Officer of Keystone RV from 2007 to 2010. His career in the RV industry also includes various positions at Keystone RV, such as Vice President of Sales and General Manager of Sales, and prior roles at Coachmen Industries, Inc., a former recreational vehicle and manufactured housing company. Mr. Martin has overseen operational restructurings and rebranding efforts within Thor's subsidiaries.
Colleen Zuhl
Senior Vice President and Chief Financial Officer
Ms. Zuhl, a Certified Public Accountant, joined Thor Industries in June 2011 and assumed the role of Chief Financial Officer effective October 1, 2013. Her previous roles at Thor include 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 her tenure at Thor, Ms. Zuhl served as Chief Financial Officer for All American Group, Inc. (formerly known as Coachmen Industries, Inc.), a publicly traded recreational vehicle and manufactured housing company, from August 2006 to June 2011. She also spent more than 15 years at Ernst & Young, LLP, where she was most recently an audit senior manager.
W. Todd Woelfer
Senior Vice President and Chief Operating Officer
Mr. Woelfer joined Thor Industries in August 2012 as Senior Vice President, General Counsel, and Corporate Secretary. He was promoted to Senior Vice President and Chief Operating Officer on November 30, 2021. In his role as COO, Mr. Woelfer is responsible for leading corporate initiatives including innovation and data strategies, marketing, corporate sustainability and responsibility (ESG), maximizing performance and synergies from acquisitions, and other corporate strategic initiatives. Before joining Thor, he was a managing partner at May Oberfell Lorber, a law firm where his practice focused on advising corporate clients. From May 2007 through May 2010, Mr. Woelfer served as General Counsel to All American Group, Inc. (formerly Coachmen Industries, Inc.).
Kenneth D. Julian
Senior Vice President of Administration and Human Resources
Mr. Julian has a long career in the recreational vehicle industry, spanning thirty years, with fifteen of those years at Thor Industries. He serves as Senior Vice President of Administration and Human Resources, overseeing various aspects of the company's internal operations and culture. He plays a role in adapting Thor's internal culture to align with the company's branding and strategic direction.
Trevor Gasper
Senior Vice President, General Counsel & Corporate Secretary
Mr. Gasper joined Thor Industries in September 2017. He initially served as Corporate Counsel and later as Assistant General Counsel before being appointed Vice President, General Counsel, and Corporate Secretary in November 2021. Prior to joining Thor, from 2006 to September 2017, Mr. Gasper was in private legal practice where his work focused on representing and advising companies in the RV industry, including Thor Industries and its subsidiaries.
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The key risks to Thor Industries (THO) primarily stem from the cyclical nature of the recreational vehicle (RV) industry and its susceptibility to broader economic conditions.
- Economic Sensitivity and Discretionary Consumer Spending: The RV industry is highly cyclical and sensitive to economic fluctuations. As RVs are considered discretionary purchases, consumer spending on these items is significantly impacted by factors such as economic downturns, shifts in consumer confidence, rising interest rates, and changes in financing conditions. A weakening economy or uncertain consumer outlook can directly lead to decreased demand, lower sales, and reduced profitability for Thor Industries.
- Supply Chain Constraints and Increased Costs: Thor Industries faces ongoing risks related to its supply chain, including potential constraints in the availability of raw materials, such as chassis, and increased costs for freight and transportation. These supply chain vulnerabilities can lead to production delays, higher manufacturing expenses, and ultimately impact the company's profitability and ability to meet customer demand.
- Reliance on Independent Dealers and Inventory Management: The company's sales model heavily depends on a network of independent dealers. This reliance exposes Thor Industries to risks associated with dealer performance, their inventory management decisions, and their willingness to stock products. Changes in dealer stocking levels, reduced orders due to weakened retail demand, or a loss of sales through key dealers can adversely affect Thor Industries' market reach and revenue streams, as evidenced by declining backlog levels in recent periods.
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The rise of peer-to-peer RV rental platforms, such as Outdoorsy and RVshare, represents a clear emerging threat. These platforms allow consumers to access and experience recreational vehicles without the significant upfront investment, maintenance costs, and storage requirements associated with ownership. By providing a convenient and often more affordable way to enjoy RV travel, these services could reduce the long-term demand for new RV purchases, thereby impacting Thor Industries' core manufacturing and sales business.
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Global Recreational Vehicle Market
The global recreational vehicle market was valued at approximately USD 56.7 billion in 2024 and is projected to grow to USD 82.4 billion by 2034, at a compound annual growth rate (CAGR) of 4% from 2025 to 2034. Another estimate valued the global market at USD 56.35 billion in 2024, projected to reach USD 97.86 billion by 2033, with a CAGR of 6.5% during 2025-2033. This market includes both towable RVs and motorhomes. In 2024, towable RVs held the largest market share at 65.2% globally, with motorhomes representing 69% of the market in the same year.North American Recreational Vehicle Market
North America is a dominant region in the global RV market, holding over 58.0% of total revenue by the end of 2025. The North America recreational vehicle market was valued at approximately USD 27.24 billion in 2024 and is projected to reach USD 59.3 billion by 2033, demonstrating a CAGR of 9.03% from 2025 to 2033. The U.S. recreational vehicle market alone was valued at USD 16.6 billion in 2025 and is expected to reach USD 45.1 billion in 2034, with an 11.7% CAGR. Towable RVs held 63.52% of the North American market share in 2025, while motorhomes are projected for faster growth. Specifically for the U.S. market:- The U.S. recreational vehicle market generated revenue of USD 31,609.7 million in 2022 and is expected to reach USD 83,043.0 million by 2030, growing at a CAGR of 12.8% from 2023 to 2030.
- Towable RVs were the largest revenue-generating vehicle type in the U.S. in 2022, holding an 87.6% share. Motorhomes are seen as the most lucrative segment with the fastest growth.
- The US travel trailer market reached USD 5.77 billion in 2025. The North America travel trailers market is expected to surpass USD 28.6 billion by the end of 2025 and grow to USD 57.3 billion by 2035, at a CAGR of 7.1%.
European Recreational Vehicle Market
Europe represents the second-largest market share globally for RVs.- The European recreational vehicle market was estimated at USD 33.38 billion in 2025 and is forecast to reach USD 62.69 billion by 2031, at an 11.08% CAGR from 2026-2031.
- In 2025, motorhomes maintained a dominant position with a 53.72% share of the Europe recreational vehicle market. The European motorhomes market size in 2026 is estimated at USD 25.33 billion and is projected to reach USD 37.24 billion by 2031, growing at an 8.05% CAGR.
- Campervans in Europe are experiencing fast growth at an 11.62% CAGR through 2031. The global campervan market size is valued at USD 23.28 billion in 2026, with Europe leading with a 45% market share.
- The caravanning market in Europe is expected to reach USD 22,996.3 million by 2030, with a CAGR of 13.9% from 2025 to 2030. The Europe caravans market size was valued at USD 7,945 million in 2025 and is anticipated to reach USD 26,980.48 million by 2034, growing at a CAGR of 14.55% from 2026 to 2034.
RV Parts and Accessories Market
The global RV accessory market size reached USD 22.6 billion in 2024 and is projected to grow at a CAGR of 6.2% from 2025 to 2033, reaching an estimated value of USD 38.8 billion.- North America leads this market, with Europe being the second-largest regional market, generating approximately USD 5.6 billion in 2024.
- The RV functional accessories market, which includes items like towing equipment, leveling systems, storage solutions, utility connections, and safety gear, was estimated at USD 1.2 billion in 2024 and is projected to grow at a CAGR of 9.2% between 2024 and 2033. North America is projected to dominate this segment, holding an estimated share of around 40%, with Europe's combined market share estimated at 25%.
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International Expansion, particularly in Europe: Thor Industries is actively prioritizing international expansion, building on its presence in Europe following the Erwin Hymer Group acquisition. The company anticipates capturing market share as market conditions stabilize, despite a projected modest reduction in European net sales for fiscal year 2025.
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Product Innovation and Diversification: Thor is focusing on developing RVs that cater to evolving consumer demands, including the digital nomad lifestyle and sustainability. This involves the collaboration with Harbinger Motors to develop a plug-in hybrid Class A motorhome prototype, the Embark, with commercialization expected in calendar 2025 and full production in 2026. Additionally, the company is expanding its offerings in the affordable RV segment, such as teardrop trailers and pop-ups, and focusing on new product categories like sub-3,500 lbs EV-towable trailers and off-grid packages (solar, lithium, inverters) to meet "boondocking" demand, which have shown rising take-rates and uplift average selling prices.
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Strengthening Dealer Relationships and Market Share Gains in North America: The company is pursuing an aggressive market share recapture strategy by focusing on reclaiming dealer lot space and improving relationships with key partners, including Camping World. The "meaningfully low" channel inventory positions Thor to increase shipments as dealers replenish their stock, and both the North American Towable and Motorized segments have shown market share improvements.
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Operational Efficiency and Strategic Realignment: Thor Industries is undergoing strategic organizational restructuring and evolving its North American operating model. This initiative aims to improve sourcing efficiencies, operational coordination, and brand alignment across its various brands, ultimately delivering long-term structural efficiencies.
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Share Repurchases
- Thor Industries re-authorized a $400 million share repurchase program on June 23, 2025, which replaces the previous authorization and is set to expire on July 31, 2027.
- Since December 2021, the company has repurchased over 3.5 million outstanding shares.
- In fiscal year 2025, Thor Industries spent $52.6 million on share buybacks, and in fiscal year 2024, the company repurchased approximately 721,000 shares for $68.4 million.
Share Issuance
- Thor Industries' shares outstanding showed slight declines: 0.053 billion in 2025 (a 0.53% decrease from 2024), 0.054 billion in 2024 (a 0.32% decrease from 2023), and 0.054 billion in 2023 (a 2.55% decrease from 2022), indicating share repurchases rather than issuances.
Outbound Investments
- In September 2021, Thor Industries acquired Airxcel for $750 million, a designer, manufacturer, and distributor of functional products for the RV industry.
- 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.
- In December 2020, Thor Industries acquired luxury motorized recreational vehicle manufacturer Tiffin Motorhomes, Inc., including Vanleigh RV, for approximately $300 million.
Capital Expenditures
- Capital expenditures for fiscal year 2025 totaled $123.0 million (or $121.6 million according to another source).
- For fiscal year 2024, capital expenditures were approximately $139.6 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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 74.45 |
| Mkt Cap | 3.2 |
| Rev LTM | 4,843 |
| Op Inc LTM | 262 |
| FCF LTM | 194 |
| FCF 3Y Avg | 295 |
| CFO LTM | 306 |
| CFO 3Y Avg | 435 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | -6.4% |
| Rev Chg Q | 5.1% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | -5.6% |
| Op Inc Chg 3Y Avg | -31.0% |
| Op Mgn LTM | 4.1% |
| Op Mgn 3Y Avg | 4.9% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 5.7% |
| CFO/Rev 3Y Avg | 8.0% |
| FCF/Rev LTM | 4.6% |
| FCF/Rev 3Y Avg | 5.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.2 |
| P/S | 0.6 |
| P/Op Inc | 13.0 |
| P/EBIT | 9.1 |
| P/E | 13.3 |
| P/CFO | 9.8 |
| Total Yield | 6.6% |
| Dividend Yield | 2.2% |
| FCF Yield 3Y Avg | 9.2% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.7% |
| 3M Rtn | -8.1% |
| 6M Rtn | -24.6% |
| 12M Rtn | -0.8% |
| 3Y Rtn | -20.5% |
| 1M Excs Rtn | -3.2% |
| 3M Excs Rtn | -18.8% |
| 6M Excs Rtn | -31.8% |
| 12M Excs Rtn | -21.1% |
| 3Y Excs Rtn | -85.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| North American Towables | 3,785 | 3,680 | 4,203 | 8,662 | |
| European | 3,024 | 3,365 | 3,037 | 2,887 | |
| North American Motorized | 2,176 | 2,446 | 3,314 | 3,980 | |
| Other | 860 | 782 | 778 | 1,226 | 373 |
| Intercompany eliminations | -264 | -229 | -210 | -442 | -147 |
| Recreational vehicles | 12,091 | ||||
| Total | 9,579 | 10,043 | 11,122 | 16,313 | 12,317 |
| $ Mil | 2005 | 2004 | 2002 | 2001 |
|---|---|---|---|---|
| towable recreational vehicles | 0 | 145 | ||
| motorized recreational vehicles | 0 | 28 | ||
| Buses | 0 | 10 | 12 | 20 |
| Corporate | -5 | -2 | ||
| Recreation vehicles | 43 | 25 | ||
| Total | 0 | 183 | 49 | 43 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| European | 2,966 | 2,871 | 2,898 | 2,449 | 2,976 |
| North American Towables | 1,270 | 1,290 | 1,430 | 2,041 | 1,871 |
| Other, net | 1,019 | 272 | |||
| North American Motorized | 979 | 1,078 | 1,268 | 1,239 | 1,074 |
| Corporate | 832 | 723 | 617 | 406 | 462 |
| Other | 1,059 | 1,048 | 1,273 | ||
| Total | 7,065 | 7,021 | 7,261 | 7,408 | 6,654 |
Price Behavior
| Market Price | $71.96 | |
| Market Cap ($ Bil) | 3.8 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | -39.4% | |
| 50 Days | 200 Days | |
| DMA Price | $75.43 | $92.52 |
| DMA Trend | down | down |
| Distance from DMA | -4.6% | -22.2% |
| 3M | 1YR | |
| Volatility | 37.7% | 38.5% |
| Downside Capture | 96.73 | 114.15 |
| Upside Capture | 25.93 | 60.51 |
| Correlation (SPY) | 23.0% | 35.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.15 | 0.80 | 0.78 | 1.09 | 1.08 | 1.11 |
| Up Beta | 0.24 | 0.96 | 1.02 | 1.16 | 1.41 | 1.21 |
| Down Beta | 1.41 | 0.97 | 0.91 | 1.45 | 1.31 | 1.00 |
| Up Capture | -61% | 40% | 29% | 42% | 55% | 79% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 13 | 25 | 36 | 61 | 124 | 376 |
| Down Capture | -4% | 96% | 94% | 132% | 106% | 106% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 8 | 16 | 27 | 61 | 125 | 371 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with THO | |
|---|---|---|---|---|
| THO | -22.2% | 38.4% | -0.57 | - |
| Sector ETF (XLY) | 5.5% | 18.7% | 0.15 | 43.7% |
| Equity (SPY) | 20.8% | 12.6% | 1.23 | 35.2% |
| Gold (GLD) | 20.0% | 27.9% | 0.64 | 13.0% |
| Commodities (DBC) | 27.6% | 18.9% | 1.16 | -18.4% |
| Real Estate (VNQ) | 13.3% | 13.9% | 0.66 | 38.6% |
| Bitcoin (BTCUSD) | -44.8% | 42.7% | -1.28 | 17.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with THO | |
|---|---|---|---|---|
| THO | -6.5% | 40.9% | -0.05 | - |
| Sector ETF (XLY) | 5.9% | 23.9% | 0.21 | 53.0% |
| Equity (SPY) | 13.0% | 17.1% | 0.59 | 47.9% |
| Gold (GLD) | 17.0% | 18.3% | 0.75 | 4.7% |
| Commodities (DBC) | 7.8% | 19.5% | 0.29 | 2.3% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.06 | 45.1% |
| Bitcoin (BTCUSD) | 13.6% | 53.5% | 0.44 | 19.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with THO | |
|---|---|---|---|---|
| THO | 3.1% | 44.3% | 0.23 | - |
| Sector ETF (XLY) | 12.7% | 22.1% | 0.52 | 55.1% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 53.4% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 2.4% |
| Commodities (DBC) | 6.3% | 18.0% | 0.28 | 14.6% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 46.5% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 15.9% |
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Returns Analyses
Earnings Returns History
Updated 7/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/3/2026 | 2.9% | 1.6% | -0.7% |
| 3/3/2026 | -5.6% | -10.2% | -16.5% |
| 12/3/2025 | -9.5% | -6.0% | -4.2% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 10 |
| # Negative | 11 | 13 | 14 |
| Median Positive | 3.1% | 6.5% | 6.6% |
| Median Negative | -3.8% | -6.0% | -6.3% |
| Max Positive | 17.7% | 17.1% | 28.3% |
| Max Negative | -15.4% | -19.0% | -17.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/3/2026 | 2.9% | 1.6% | -0.7% |
| 3/3/2026 | -5.6% | -10.2% | -16.5% |
| 12/3/2025 | -9.5% | -6.0% | -4.2% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 10 |
| # Negative | 11 | 13 | 14 |
| Median Positive | 3.1% | 6.5% | 6.6% |
| Median Negative | -3.8% | -6.0% | -6.3% |
| Max Positive | 17.7% | 17.1% | 28.3% |
| Max Negative | -15.4% | -19.0% | -17.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/03/2026 | 10-Q |
| 01/31/2026 | 03/03/2026 | 10-Q |
| 10/31/2025 | 12/03/2025 | 10-Q |
| 07/31/2025 | 09/24/2025 | 10-K |
| 04/30/2025 | 06/04/2025 | 10-Q |
| 01/31/2025 | 03/05/2025 | 10-Q |
| 10/31/2024 | 12/04/2024 | 10-Q |
| 07/31/2024 | 09/24/2024 | 10-K |
| 04/30/2024 | 06/05/2024 | 10-Q |
| 01/31/2024 | 03/06/2024 | 10-Q |
| 10/31/2023 | 12/06/2023 | 10-Q |
| 07/31/2023 | 09/25/2023 | 10-K |
| 04/30/2023 | 06/06/2023 | 10-Q |
| 01/31/2023 | 03/07/2023 | 10-Q |
| 10/31/2022 | 12/07/2022 | 10-Q |
| 07/31/2022 | 09/28/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 06/03/2026 | 10-Q |
| 01/31/2026 | 03/03/2026 | 10-Q |
| 10/31/2025 | 12/03/2025 | 10-Q |
| 07/31/2025 | 09/24/2025 | 10-K |
| 04/30/2025 | 06/04/2025 | 10-Q |
| 01/31/2025 | 03/05/2025 | 10-Q |
| 10/31/2024 | 12/04/2024 | 10-Q |
| 07/31/2024 | 09/24/2024 | 10-K |
| 04/30/2024 | 06/05/2024 | 10-Q |
| 01/31/2024 | 03/06/2024 | 10-Q |
| 10/31/2023 | 12/06/2023 | 10-Q |
| 07/31/2023 | 09/25/2023 | 10-K |
| 04/30/2023 | 06/06/2023 | 10-Q |
| 01/31/2023 | 03/07/2023 | 10-Q |
| 10/31/2022 | 12/07/2022 | 10-Q |
| 07/31/2022 | 09/28/2022 | 10-K |
| 04/30/2022 | 06/08/2022 | 10-Q |
| 01/31/2022 | 03/09/2022 | 10-Q |
| 10/31/2021 | 12/08/2021 | 10-Q |
| 07/31/2021 | 09/28/2021 | 10-K |
| 04/30/2021 | 06/08/2021 | 10-Q |
| 01/31/2021 | 03/09/2021 | 10-Q |
| 10/31/2020 | 12/08/2020 | 10-Q |
| 07/31/2020 | 09/28/2020 | 10-K |
| 04/30/2020 | 06/08/2020 | 10-Q |
| 01/31/2020 | 03/09/2020 | 10-Q |
| 10/31/2019 | 12/09/2019 | 10-Q |
| 07/31/2019 | 09/30/2019 | 10-K |
Recent Forward Guidance
Updated 7/12/2026Latest: Q3 2026 Earnings Reported 6/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 9.00 Bil | 9.25 Bil | 9.50 Bil | 0 | Affirmed | Guidance: 9.25 Bil for 2026 | |
| 2026 EPS | 3.3 | 3.55 | 3.8 | -11.2% | Lowered | Guidance: 4 for 2026 | |
| 2026 Total Tax Rate | 26.0% | 27.0% | 28.0% | 8.0% | 2.0% | Raised | Guidance: 25.0% for 2026 |
Prior: Q2 2026 Earnings Reported 3/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 9.00 Bil | 9.25 Bil | 9.50 Bil | 0 | Affirmed | Guidance: 9.25 Bil for 2026 | |
| 2026 Diluted EPS | 3.75 | 4 | 4.25 | 0 | Affirmed | Guidance: 4 for 2026 | |
| 2026 Tax Rate | 24.0% | 25.0% | 26.0% | ||||
Q1 2026 Earnings Reported 12/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 9.00 Bil | 9.25 Bil | 9.50 Bil | 0 | Affirmed | Guidance: 9.25 Bil for 2026 | |
| 2026 EPS | 3.75 | 4 | 4.25 | 0 | Affirmed | Guidance: 4 for 2026 | |
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Orthwein, Peter Busch | See Note | Buy | 3092026 | 88.25 | 2,600 | 229,450 | 12,266,750 | Form | |
| 2 | Woelfer, W. Todd | SVP, CHIEF OPERATING OFFICER | Direct | Sell | 1162026 | 114.84 | 4,567 | 524,497 | 11,956,398 | Form |
| 3 | Woelfer, W. Todd | SVP, CHIEF OPERATING OFFICER | Direct | Sell | 12162025 | 103.15 | 1,729 | 178,339 | 11,622,457 | Form |
| 4 | Orthwein, Peter Busch | See Note | Buy | 6232025 | 85.40 | 3,000 | 256,200 | 11,648,560 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Orthwein, Peter Busch | See Note | Buy | 3092026 | 88.25 | 2,600 | 229,450 | 12,266,750 | Form | |
| 2 | Woelfer, W. Todd | SVP, CHIEF OPERATING OFFICER | Direct | Sell | 1162026 | 114.84 | 4,567 | 524,497 | 11,956,398 | Form |
| 3 | Woelfer, W. Todd | SVP, CHIEF OPERATING OFFICER | Direct | Sell | 12162025 | 103.15 | 1,729 | 178,339 | 11,622,457 | Form |
| 4 | Orthwein, Peter Busch | See Note | Buy | 6232025 | 85.40 | 3,000 | 256,200 | 11,648,560 | Form |
Investor Activity (13F)
Updated Jul 14, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Leisure Products Resources |
| The Toy Book |
| Bicycle Retailer |
| SGB Media |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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