Thor Industries

THO

Auto - Recreational Vehicles · Consumer Cyclical

Also trades as: 0LF8.L

Price

$79.49

+0.75 (+0.95%)

Market Cap

$4.14B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Mixed

Dividends

Good

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Share count falling — buybacks

−4.1% over 4y

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

Diluted shares outstanding: 55.7M (2021) → 53.4M (2025)

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

For growth stock investors

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

Revenue Growth

-3.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-26.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$49M/ year

→ Flat (-2% vs prior year)

0.5% of revenue

Below sector average (4%)

Steady R&D investment year-over-year

Insider Activity

4.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$515M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

12.8%

Thin — 12.8% gross margin

Profit after running costs

Operating Margin

3.5%

Thin — 3.5% operating margin

Return on the money invested

ROCE

4.7%

Weak — 4.7% 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

+2.4%

Nearly flat sales (+2.4% YoY)

Profit growth

EPS YoY

+18.7%

Earnings growing fast (+18.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

129%

Turns 129% of profit into real cash

Spare cash per sale

FCF Margin

2.0%

Thin free cash flow (2.0%)

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

0.22

Conservative — low debt load (0.22)

Covers its interest

Interest Cover

6.54x

Adequate interest coverage (6.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

16.0x

Fair value — P/E 16.0

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

-2.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

2.57%

Moderate income — 2.57% 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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