# Thor Industries (THO.US)

Canonical: https://gigainvestors.com/s/THO

Analysis as of: 2026-10-16T07:32:23.076Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $69.98 per share; close as of 2026-10-15.

Estimated value: low $87.21 per share, central $98.46 per share, high $113.44 per share. Buy at or below the central value $98.46 per share. Valuation as of 2026-10-16T07:32:23.076Z; scenarios are not confidence intervals.

Expected annual return: 13.2% at the stated quote. About 13.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.05×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: 0.09×

- FY2023: 0.05×

- FY2024: 0.04×

- FY2025: 0.03×

- FY2026: 0.02×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 15.2%

- ROIC, second-lowest year: 9.3%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 13.3%

- Recent gross margin (lower of latest and 3-year median): 12.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: 8.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 33.6%

- FY2018: 33.3%

- FY2019: 11.9%

- FY2020: 15.9%

- FY2021: 28.1%

- FY2022: 36.8%

- FY2023: 14.4%

- FY2024: 11.1%

- FY2025: 9.3%

- FY2026: 5.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.7B

- Net income, five-year total: $2.2B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.4 pp

- Working capital / revenue, final three-year average: 13.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.04×

- FY2023: 1.18×

- FY2024: 1.52×

- FY2025: 1.57×

- FY2026: 1.64×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 33.3% vs 9.3%

- Per-share earnings: 7.09 to 4.84 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquisition spending exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: -$1.6B

- Cumulative retained earnings: $2.8B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -4.7%

- Per-share value change: -$2.25

- Per-share value, starting three-year median: $7.09

- Per-share value, ending three-year median: $4.84

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 1.9%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $2.8B

- Cumulative net income, 10 years: $4.0B

- ROIC, first three-year median: 33.3%

- ROIC, last three-year median: 9.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: $7.09

- FY2018: $8.14

- FY2019: $2.47

- FY2020: $4.02

- FY2021: $11.85

- FY2022: $20.59

- FY2023: $6.95

- FY2024: $4.94

- FY2025: $4.84

- FY2026: $3.38

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 0.69×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 8.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.61×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.8%

- FY2018: -1.3%

- FY2019: -6.6%

- FY2020: -5.5%

- FY2021: 2.0%

- FY2022: 2.0%

- FY2023: -8.4%

- FY2024: -4.0%

- FY2025: -4.5%

- FY2026: -2.1%

## Holders

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 45% since Feb 2024 · "THO Q4 Earnings Miss Estimates on North American Margin Pressure" (finance.yahoo.com, Sep 2026) · sales +0.3%

Story as of 2026-10-16T09:59:41.632Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.7% a year for ten years

- 2025-06-04: Thor Industries Fiscal Third-Quarter Results Unexpectedly Rise; Affirms Full-Year Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/thor-industries-fiscal-third-quarter-143229899.html))

- 2025-09-24: THOR Industries (NYSE:THO) Surprises With Q2 Sales But Full-Year Sales Guidance Misses Expectations Significantly ([finance.yahoo.com](https://finance.yahoo.com/news/thor-industries-nyse-tho-surprises-104143818.html))

- 2026-06-03: Thor Industries Slashes FY26 EPS Outlook - Update ([nasdaq.com](https://www.nasdaq.com/articles/thor-industries-slashes-fy26-eps-outlook-update))

- 2026-09-23: THO Q4 Earnings Miss Estimates on North American Margin Pressure ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/tho-q4-earnings-miss-estimates-135800025.html))

### Sales · FY2025–2026

sales +0.3%; source https://www.sec.gov/Archives/edgar/data/730263/000073026326000027/tho-20260731.htm; observed 2026-09-22.

- FY2017: $7.2B 

- FY2018: $8.3B 

- FY2019: $7.9B 

- FY2020: $8.2B 

- FY2021: $12B 

- FY2022: $16B 

- FY2023: $11B 

- FY2024: $10B 

- FY2025: $9.6B 

- FY2026: $9.6B 

### Gross margin · FY2026

gross margin 12.6%; source https://www.sec.gov/Archives/edgar/data/730263/000073026326000027/tho-20260731.htm; observed 2026-09-22.

- FY2017: 13.4% 

- FY2018: 16.4% 

- FY2019: 11.3% 

- FY2020: 12.3% 

- FY2021: 14.3% 

- FY2022: 18.3% 

- FY2023: 13.1% 

- FY2024: 15.8% 

- FY2025: 12.5% 

- FY2026: 12.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in recreational vehicles; annual sales are USD 9.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/730263/000073026326000027/tho-20260731.htm (filed 2026-09-22); FY2026: revenue 9608145000; grossProfit 1212630000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); THO.US: THOR Industries, Inc. manufactures and sells recreational vehicles (RVs), and related parts and accessories in the United States, Germany, rest of Europe, Canada, and internationally. It operates through three segments: North American Towable Recreational Vehicles; North American Motorized Recreational Vehicles; and European Recreational Vehicles. The company offers travel trailers and motorhomes; Class A, Class C and Class B motorhomes; and fifth wheels under the Airstream Classic, Globetrotter, International, Tradewind, Flying Cloud, Caravel, Bambi, World Traveler, Basecamp, Interstate, Atlas, Rangeline, Jay Flight, Jay Feather, Eagle, Pinnacle, Colt, Range Lite, 3X, Prowler, North Trail, Big Horn, Odyssey, Esteem, Emblem, Insignia, Montana, Springdale, Hideout, Sprinter, Arcadia, Bullet, Fuzion, Raptor, Reign, Passport, Sprout, Cougar, Coleman, Kodiak, Aspen Trail, Astoria, Voltage, Colorado, Sunset Trail, Zinger, Redwood, Classic, Sportsmen, Connect, Ridgeway, Durango, Durango Gold, Sportster X, Sienna, Sonic, Stratus, and SportTrek brands. It also provides gasoline and diesel Class A products under the ACE, Resonate, Hurricane, Windsport, Outlaw, Indigo, Luminate, Vegas, Axis, Rize, Scope, Sequence, Tellaro, Palladium, Talavera, Sanctuary, Tranquility, Four Winds, Chateau, Compass, Gemini, Magnitude, Omni, Inception, Pasadena, Inception HD, Pasadena SV, Palazzo, Riviera, Aria, Allegro, Allegro Bay, Allegro Breeze, Allegro Bus, Allegro Red, Byway, GH1, GH2, GT1, GT2, Midas, Open Trail, Phaeton, Wayfarer, and Zephyr. In addition, the company offers recreational vehicles; and motorized and towable recreational vehicles, including motorcaravans, campervans, urban vehicles, and caravan. Further, it sells RV-related products; and manufactures and sells aluminum extrusions and specialized component products. The company sells its products to independent and non-franchise dealers. THOR Industries, Inc. was founded in 1980 and is based in Elkhart, Indiana.

### Why customers stay

Margins ranged from 12.5% to 15.8% during 2024–26; it earns 15.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2024: grossProfit / revenue = 15.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2025: grossProfit / revenue = 12.5%.

- Source: https://www.sec.gov/Archives/edgar/data/730263/000073026326000027/tho-20260731.htm (filed 2026-09-22); FY2026: grossProfit / revenue = 12.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); 10-year return on capital observations [[2017,0.33592231719730786],[2018,0.33273254900127713],[2019,0.11900162945140379],[2020,0.15919996882022736],[2021,0.28138248840388136],[2022,0.36791840905492496],[2023,0.1442399458205631],[2024,0.11095718439669336],[2025,0.09324094218016428],[2026,0.05279368823582134]]; median 0.15171995732039523. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 3.3% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2017: growth capex 16769000; upkeep 98258000; cash acquisitions 5039000; owner earnings 374254000. Growth capex plus acquisitions / owner earnings = 0.05827058628631892.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2018: growth capex 44974000; upkeep 93223000; cash acquisitions 0; owner earnings 430151000. Growth capex plus acquisitions / owner earnings = 0.10455398220624851.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2019: growth capex 0; upkeep 130224000; cash acquisitions 1658577000; owner earnings 151828000. Growth capex plus acquisitions / owner earnings = 10.924052216982375.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2020: growth capex 0; upkeep 106697000; cash acquisitions 0; owner earnings 312444000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2021: growth capex 0; upkeep 128835000; cash acquisitions 310938000; owner earnings 761618000. Growth capex plus acquisitions / owner earnings = 0.4082597837761187.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2022: growth capex 0; upkeep 242357000; cash acquisitions 781967000; owner earnings 1179900000. Growth capex plus acquisitions / owner earnings = 0.6627400627171794.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2023: growth capex 0; upkeep 208194000; cash acquisitions 6184000; owner earnings 443005000. Growth capex plus acquisitions / owner earnings = 0.013959210392659224.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2024: growth capex 0; upkeep 139635000; cash acquisitions 7314000; owner earnings 402818000. Growth capex plus acquisitions / owner earnings = 0.018157083347814646.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); FY2025: growth capex 0; upkeep 122987000; cash acquisitions 0; owner earnings 406779000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/730263/000073026326000027/tho-20260731.htm (filed 2026-09-22); FY2026: growth capex 0; upkeep 152387000; cash acquisitions 9555000; owner earnings 291507000. Growth capex plus acquisitions / owner earnings = 0.03277794358282991.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); Dividend observations: [[2017,69409000],[2018,77989000],[2019,84139000],[2020,88318000],[2021,90801000],[2022,94944000],[2023,95969000],[2024,102137000],[2025,106130000],[2026,108765000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/730263/000073026326000027/tho-20260731.htm (filed 2026-09-22); FY2026: cash repurchases 115126000 USD.

### Are managers owners

Insiders own 4.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); THO.US SharesStats.PercentInsiders = 4.681 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.7% yearly over ten years; actual growth was 1.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-22); Ten-year compound average after fade. Initial solved rate -0.06492314801626967. Price 69.98; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 4.889056422264425 → FY2026 5.545893861712357. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $79.31 per share

- 2016-11: $100.57 per share

- 2016-12: $100.05 per share

- 2017-01: $103.50 per share

- 2017-02: $110.82 per share

- 2017-03: $96.13 per share

- 2017-04: $96.18 per share

- 2017-05: $90.53 per share

- 2017-06: $104.52 per share

- 2017-07: $105.35 per share

- 2017-08: $108.64 per share

- 2017-09: $125.91 per share

- 2017-10: $136.22 per share

- 2017-11: $153.55 per share

- 2017-12: $150.72 per share

- 2018-01: $136.66 per share

- 2018-02: $129.00 per share

- 2018-03: $115.17 per share

- 2018-04: $106.14 per share

- 2018-05: $92.60 per share

- 2018-06: $97.39 per share

- 2018-07: $94.85 per share

- 2018-08: $95.44 per share

- 2018-09: $83.70 per share

- 2018-10: $69.64 per share

- 2018-11: $67.81 per share

- 2018-12: $52.00 per share

- 2019-01: $65.12 per share

- 2019-02: $64.57 per share

- 2019-03: $62.37 per share

- 2019-04: $65.87 per share

- 2019-05: $51.64 per share

- 2019-06: $58.45 per share

- 2019-07: $59.60 per share

- 2019-08: $45.91 per share

- 2019-09: $56.64 per share

- 2019-10: $63.26 per share

- 2019-11: $63.77 per share

- 2019-12: $74.29 per share

- 2020-01: $80.52 per share

- 2020-02: $75.41 per share

- 2020-03: $42.18 per share

- 2020-04: $66.20 per share

- 2020-05: $86.20 per share

- 2020-06: $106.53 per share

- 2020-07: $113.99 per share

- 2020-08: $94.43 per share

- 2020-09: $95.26 per share

- 2020-10: $84.58 per share

- 2020-11: $96.51 per share

- 2020-12: $92.99 per share

- 2021-01: $121.01 per share

- 2021-02: $117.06 per share

- 2021-03: $134.74 per share

- 2021-04: $141.59 per share

- 2021-05: $123.00 per share

- 2021-06: $113.00 per share

- 2021-07: $118.36 per share

- 2021-08: $113.43 per share

- 2021-09: $122.76 per share

- 2021-10: $101.96 per share

- 2021-11: $105.71 per share

- 2021-12: $103.77 per share

- 2022-01: $94.59 per share

- 2022-02: $90.50 per share

- 2022-03: $78.70 per share

- 2022-04: $76.55 per share

- 2022-05: $75.97 per share

- 2022-06: $74.73 per share

- 2022-07: $84.33 per share

- 2022-08: $81.01 per share

- 2022-09: $69.98 per share

- 2022-10: $81.47 per share

- 2022-11: $86.14 per share

- 2022-12: $75.49 per share

- 2023-01: $95.33 per share

- 2023-02: $90.99 per share

- 2023-03: $79.64 per share

- 2023-04: $79.02 per share

- 2023-05: $78.27 per share

- 2023-06: $103.50 per share

- 2023-07: $115.49 per share

- 2023-08: $104.82 per share

- 2023-09: $95.13 per share

- 2023-10: $87.93 per share

- 2023-11: $99.07 per share

- 2023-12: $118.25 per share

- 2024-01: $113.02 per share

- 2024-02: $128.18 per share

- 2024-03: $117.34 per share

- 2024-04: $99.42 per share

- 2024-05: $99.24 per share

- 2024-06: $93.45 per share

- 2024-07: $106.14 per share

- 2024-08: $107.26 per share

- 2024-09: $109.89 per share

- 2024-10: $104.08 per share

- 2024-11: $111.60 per share

- 2024-12: $95.71 per share

- 2025-01: $102.84 per share

- 2025-02: $99.39 per share

- 2025-03: $75.81 per share

- 2025-04: $72.42 per share

- 2025-05: $81.19 per share

- 2025-06: $88.81 per share

- 2025-07: $90.99 per share

- 2025-08: $109.60 per share

- 2025-09: $103.69 per share

- 2025-10: $104.35 per share

- 2025-11: $105.62 per share

- 2025-12: $102.67 per share

- 2026-01: $111.87 per share

- 2026-02: $96.13 per share

- 2026-03: $79.89 per share

- 2026-04: $79.04 per share

- 2026-05: $79.08 per share

- 2026-06: $75.16 per share

- 2026-07: $74.97 per share

- 2026-08: $76.00 per share

- 2026-09: $69.10 per share

- 2026-10: $69.98 per share

## Annual estimated value (USD per share)

- FY2017: low $98.21 per share, central $136.25 per share, high $159.61 per share

- FY2018: low $120.23 per share, central $174.44 per share, high $204.68 per share

- FY2019: low $107.64 per share, central $151.44 per share, high $176.94 per share

- FY2020: low $117.39 per share, central $168.12 per share, high $196.41 per share

- FY2021: low $169.45 per share, central $245.54 per share, high $287.99 per share

- FY2022: low $221.36 per share, central $322.91 per share, high $379.55 per share

- FY2023: low $119.27 per share, central $166.16 per share, high $194.33 per share

- FY2024: low $87.61 per share, central $98.91 per share, high $113.97 per share

- FY2025: low $90.66 per share, central $102.14 per share, high $117.42 per share

- FY2026: low $85.64 per share, central $96.69 per share, high $111.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/730263/000073026326000027/tho-20260731.htm); period 2026-07-31, filed 2026-09-22.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.