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Thor Industries

THO
39
Auto - Recreational Vehicles · Consumer Cyclical
Also trades as: 0LF8.L GBP 0.66 (+0.14%)
Price
$66.11
+0.27 (+0.41%)
Market Cap
$3.44B
Winston Score
39
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 9, 2026 · filings through Jul 31, 2026

§How the score breaks down

Quality
Weak
4/30
Growth
Weak
4/20
Cash Flow
Strong
7/10
Stability
Strong
8/10
Valuation
Strong
7/10
Ownership
Mixed
6/15
Dividends
Good
3/5

39 of 100 counted points = Winston Score 39.

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Share count falling — buybacks

−4.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 55.3M (2022) → 52.6M (2026)

§Winston Score History

The full picture

Thor Industries makes recreational vehicles (RVs) — the large motorhomes and towable trailers that families use for road trips and camping. Its brands include Airstream, Keystone, and Jayco, and it sells to everyday consumers through a network of independent RV dealerships across North America and Europe. Thor is the largest RV manufacturer in the world by volume.

The company makes money by selling RVs to dealers, who then resell them to end customers. Thor operates mainly in the United States but also has a meaningful European presence through its Erwin Hymer Group subsidiary. Its scale and broad brand portfolio give it a cost and distribution advantage over smaller rivals, though its thin margins — around 13% gross and 3% operating — leave little room for error. The biggest risk is that RV demand is highly sensitive to consumer confidence, interest rates, and fuel prices, all of which have pressured industry-wide shipment volumes in recent years.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-67.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

4.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$546M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Thor Industries's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
14.8%
Thin — 14.8% gross margin
Profit after running costs
Operating Margin
2.2%
Thin — 2.2% operating margin
Return on the money invested
ROCE
3.8%
Weak — 3.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+0.3%
Nearly flat sales (+0.3% YoY)
Profit growth
EPS YoY
-30.3%
Earnings shrinking (-30.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
181%
Turns 181% of profit into real cash
Spare cash per sale
FCF Margin
1.8%
Thin free cash flow (1.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.20
Conservative — low debt load (0.20)
Covers its interest
Interest Cover
5.35x
Adequate interest coverage (5.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
19.5x
Fair value — P/E 19.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+3.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (19.5 → 16.3)

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Dividends

Dividend
Dividend Yield
2.89%
Moderate income — 2.89% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+4.0%
Dividend growing modestly (4.0% YoY)

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