Thor Industries (THO)
Market Price (5/29/2026): $80.375 | Market Cap: $4.2 BilSector: Consumer Discretionary | Industry: Leisure Products
Thor Industries (THO)
Market Price (5/29/2026): $80.375Market Cap: $4.2 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 7.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%, FCF Yield is 5.4% Low stock price volatilityVol 12M is 37% 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 -56%, 3Y Excs Rtn is -75% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.8% 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 7.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%, FCF Yield is 5.4% |
| Low stock price volatilityVol 12M is 37% |
| 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 -56%, 3Y Excs Rtn is -75% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.8% |
| Key risksTHO key risks include [1] margin pressure from supply chain disruptions and volatile raw material costs, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Thor Industries (THO) stock has lost about 30% since 1/31/2026 because of the following key factors:
1. Persistent weakness in the recreational vehicle (RV) market and declining new unit sales significantly impacted investor sentiment. The broader RV market continued to face headwinds in early 2026, characterized by normalizing wholesale values and softening demand. Motorhome pricing eased, while towable RVs experienced more notable declines, particularly in entry-level segments. This challenging retail environment, coupled with higher financing costs and evolving consumer priorities, contributed to more deliberate purchasing behavior. New RV sales across the industry experienced a 14.51% year-over-year decline in January 2026, with motorized RVs down 15.07% and towable RVs down 14.42% year-over-year. Fuel costs, remaining elevated, also posed a growing headwind, particularly for Class A and Class C motorhome segments.
2. Deterioration in the European RV segment's profitability due to aggressive pricing and restructuring expenses. While Thor Industries' European RV net sales saw an 11.8% increase in the second quarter of fiscal 2026, primarily driven by favorable foreign exchange rates, the gross profit margin for this segment fell by 220 basis points compared to the prior-year period. This decline was attributed to a higher mix of lower-margin special-edition motorcaravan products and increased warranty costs. Furthermore, the company incurred restructuring costs of $5.1 million in the second quarter of fiscal 2026, specifically impacting the European segment's pre-tax income.
Show more
Stock Movement Drivers
Fundamental Drivers
The -27.7% change in THO stock from 1/31/2026 to 5/28/2026 was primarily driven by a -32.1% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 111.12 | 80.32 | -27.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,826 | 9,934 | 1.1% |
| Net Income Margin (%) | 2.9% | 3.0% | 5.4% |
| P/E Multiple | 20.8 | 14.1 | -32.1% |
| Shares Outstanding (Mil) | 53 | 53 | 0.0% |
| Cumulative Contribution | -27.7% |
Market Drivers
1/31/2026 to 5/28/2026| Return | Correlation | |
|---|---|---|
| THO | -27.7% | |
| Market (SPY) | 9.3% | 51.1% |
| Sector (XLY) | 0.9% | 52.4% |
Fundamental Drivers
The -22.1% change in THO stock from 10/31/2025 to 5/28/2026 was primarily driven by a -33.3% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 103.14 | 80.32 | -22.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,579 | 9,934 | 3.7% |
| Net Income Margin (%) | 2.7% | 3.0% | 12.0% |
| P/E Multiple | 21.1 | 14.1 | -33.3% |
| Shares Outstanding (Mil) | 53 | 53 | 0.5% |
| Cumulative Contribution | -22.1% |
Market Drivers
10/31/2025 to 5/28/2026| Return | Correlation | |
|---|---|---|
| THO | -22.1% | |
| Market (SPY) | 11.3% | 43.1% |
| Sector (XLY) | 2.2% | 42.4% |
Fundamental Drivers
The 13.4% change in THO stock from 4/30/2025 to 5/28/2026 was primarily driven by a 42.1% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.83 | 80.32 | 13.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,496 | 9,934 | 4.6% |
| Net Income Margin (%) | 2.1% | 3.0% | 42.1% |
| P/E Multiple | 18.6 | 14.1 | -24.4% |
| Shares Outstanding (Mil) | 53 | 53 | 1.0% |
| Cumulative Contribution | 13.4% |
Market Drivers
4/30/2025 to 5/28/2026| Return | Correlation | |
|---|---|---|
| THO | 13.4% | |
| Market (SPY) | 37.6% | 44.4% |
| Sector (XLY) | 24.7% | 49.5% |
Fundamental Drivers
The 8.2% change in THO stock from 4/30/2023 to 5/28/2026 was primarily driven by a 181.1% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5282026 | Change |
|---|---|---|---|
| Stock Price ($) | 74.22 | 80.32 | 8.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,934 | 9,934 | -28.7% |
| Net Income Margin (%) | 5.7% | 3.0% | -46.8% |
| P/E Multiple | 5.0 | 14.1 | 181.1% |
| Shares Outstanding (Mil) | 54 | 53 | 1.5% |
| Cumulative Contribution | 8.2% |
Market Drivers
4/30/2023 to 5/28/2026| Return | Correlation | |
|---|---|---|
| THO | 8.2% | |
| Market (SPY) | 88.5% | 45.1% |
| Sector (XLY) | 69.2% | 49.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| THO Return | 13% | -26% | 60% | -18% | 10% | -22% | -6% |
| Peers Return | 24% | -25% | 37% | -18% | 16% | -4% | 17% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| THO Win Rate | 50% | 25% | 42% | 42% | 58% | 20% | |
| Peers Win Rate | 58% | 37% | 50% | 47% | 62% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| THO Max Drawdown | -38% | -35% | -27% | -31% | -38% | -40% | |
| Peers Max Drawdown | -25% | -39% | -25% | -31% | -36% | -34% | |
| 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 5/28/2026 (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.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| 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)
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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:
AI Analysis | Feedback
- LCI Industries (LCII)
- Patrick Industries (PATK)
- Ford Motor Company (F)
- Stellantis N.V. (STLA)
- Daimler Truck Holding AG (DTRUY)
- Dometic Group AB (DOM.ST)
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
Thor Industries, Inc. (THO) operates within several significant addressable markets related to recreational vehicles (RVs) and associated products across North America and Europe.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%.
AI Analysis | Feedback
Thor Industries (THO) is expected to drive future revenue growth over the next 2-3 years through several key strategies:-
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.
-
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.
-
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.
-
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.
AI Analysis | Feedback
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.
Latest Trefis Analyses
Trade Ideas
Select ideas related to THO.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | FUN | Six Flags Entertainment | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.0% | 0.0% | 0.0% |
| 04242026 | MGM | MGM Resorts International | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -1.5% | -1.5% | -1.5% |
| 04242026 | WEN | Wendy's | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | -2.5% | -2.5% | -5.3% |
| 04102026 | WHR | Whirlpool | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | -0.8% | -0.8% | -4.8% |
| 04022026 | SKY | Champion Homes | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.1% | 3.1% | -1.2% |
| 10312022 | THO | Thor Industries | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -0.6% | 10.3% | -8.6% |
| 12312021 | THO | Thor Industries | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -25.6% | -25.6% | -33.1% |
| 03312020 | THO | Thor Industries | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 126.5% | 227.6% | -13.5% |
| 10312018 | THO | Thor Industries | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | -5.7% | -6.6% | -37.3% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 81.97 |
| Mkt Cap | 3.5 |
| Rev LTM | 4,843 |
| Op Inc LTM | 284 |
| FCF LTM | 195 |
| FCF 3Y Avg | 295 |
| CFO LTM | 306 |
| CFO 3Y Avg | 435 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | -6.4% |
| Rev Chg Q | 5.7% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | 3.5% |
| Op Inc Chg 3Y Avg | -29.7% |
| Op Mgn LTM | 4.5% |
| 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 | 3.5 |
| P/S | 0.6 |
| P/Op Inc | 12.1 |
| P/EBIT | 9.8 |
| P/E | 13.8 |
| P/CFO | 10.9 |
| Total Yield | 6.2% |
| Dividend Yield | 2.0% |
| FCF Yield 3Y Avg | 8.7% |
| D/E | 0.5 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.0% |
| 3M Rtn | -16.3% |
| 6M Rtn | -6.4% |
| 12M Rtn | 21.1% |
| 3Y Rtn | 9.6% |
| 1M Excs Rtn | -5.0% |
| 3M Excs Rtn | -25.8% |
| 6M Excs Rtn | -16.6% |
| 12M Excs Rtn | -8.1% |
| 3Y Excs Rtn | -70.1% |
Comparison Analyses
Price Behavior
| Market Price | $80.32 | |
| Market Cap ($ Bil) | 4.2 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | -32.8% | |
| 50 Days | 200 Days | |
| DMA Price | $77.66 | $97.63 |
| DMA Trend | down | down |
| Distance from DMA | 3.4% | -17.7% |
| 3M | 1YR | |
| Volatility | 37.7% | 37.4% |
| Downside Capture | 218.69 | 124.87 |
| Upside Capture | 75.29 | 87.56 |
| Correlation (SPY) | 55.0% | 40.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.72 | 1.18 | 1.17 | 1.12 | 1.26 | 1.14 |
| Up Beta | 1.12 | 1.40 | 1.14 | 1.20 | 1.67 | 1.21 |
| Down Beta | -0.40 | 1.69 | 1.92 | 1.57 | 1.57 | 0.99 |
| Up Capture | 11% | 24% | 19% | 49% | 77% | 109% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 15 | 26 | 54 | 122 | 378 |
| Down Capture | 25% | 167% | 173% | 125% | 105% | 106% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 26 | 35 | 68 | 127 | 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 | -0.3% | 37.3% | 0.06 | - |
| Sector ETF (XLY) | 13.5% | 18.0% | 0.56 | 46.3% |
| Equity (SPY) | 29.2% | 11.8% | 1.86 | 40.6% |
| Gold (GLD) | 35.7% | 26.7% | 1.12 | 10.3% |
| Commodities (DBC) | 40.2% | 18.8% | 1.66 | -19.9% |
| Real Estate (VNQ) | 13.3% | 13.0% | 0.70 | 39.9% |
| Bitcoin (BTCUSD) | -31.9% | 41.6% | -0.81 | 19.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with THO | |
|---|---|---|---|---|
| THO | -6.0% | 40.8% | -0.04 | - |
| Sector ETF (XLY) | 8.5% | 23.7% | 0.31 | 53.0% |
| Equity (SPY) | 14.2% | 17.0% | 0.66 | 48.4% |
| Gold (GLD) | 18.6% | 18.0% | 0.84 | 4.6% |
| Commodities (DBC) | 10.6% | 19.4% | 0.43 | 2.8% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 44.8% |
| Bitcoin (BTCUSD) | 12.8% | 54.7% | 0.43 | 18.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with THO | |
|---|---|---|---|---|
| THO | 4.5% | 44.2% | 0.26 | - |
| Sector ETF (XLY) | 13.4% | 22.0% | 0.56 | 55.5% |
| Equity (SPY) | 15.8% | 17.9% | 0.75 | 53.9% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 1.5% |
| Commodities (DBC) | 7.3% | 17.9% | 0.33 | 15.1% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 46.7% |
| Bitcoin (BTCUSD) | 66.5% | 66.9% | 1.06 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
Recent Forward Guidance [BETA]
Latest: 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 | 0 | Affirmed | Guidance: 9.25 Bil for 2026 |
| 2026 EPS | 3.75 | 4 | 4.25 | 0 | 0 | Affirmed | Guidance: 4 for 2026 |
Prior: 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
Expand for MoreUpdated on 4262026| # | 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 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why. Last Updated: 5282026