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Thor Industries

THO NYSE Leisure Products Financials FY2017–FY2026

Thor Industries' revenue rose 0.3% to $9.6 billion in fiscal 2026. Its net margin was 1.9%, down from 2.7% a year earlier. Free cash flow was $169 million, down 63.0%. It paid out $224 million in dividends and buybacks, 133% of free cash flow. The diluted share count fell 1.6%.

Last close · Oct 23, 2026

$70.10

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$9.6B
0.3% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$178M
31.4%
Free cash flow Cash from operations minus capital spending.
$169M
63.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.4%
2.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.7x

About these figures. Thor's debt for fiscal 2017 is what it had drawn on its credit line; it had no debt at the end of fiscal 2018, before it borrowed to buy Erwin Hymer Group in 2019.

What Thor Industries does

No business description yet.

Legal name
THOR INDUSTRIES, INC.
Fiscal year ends
July 31, 2026
Latest annual report
—
Accession · CIK
0000730263-26-000027
0000730263

Revenue and margins

Thor Industries had $9.6B of revenue in fiscal 2026, up 0.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew −7.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $169M in fiscal 2026, 1.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Thor Industries returned $224M to shareholders in fiscal 2026, 133% of free cash flow. The diluted share count fell 1.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Thor Industries yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$448M and divides by 52.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.7x · peers 16.5x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Thor Industries can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $312M$441M$501M$587M$482M
Debt incl. finance leases $1.8B$1.4B$1.2B$985M$930M
Net debt / EBITDA 0.8x1.1x1.0x0.6x0.8x
Debt / equity 0.5x0.3x0.3x0.2x0.2x
Interest coverage 17.2x6.1x4.5x5.8x6.3x
Current ratio 1.7x1.6x1.7x1.8x1.8x
Quick ratio 0.7x0.7x0.8x0.9x0.9x
Total assets $7.4B$7.3B$7.0B$7.1B$7.0B
Total liabilities $3.8B$3.3B$2.9B$2.8B$2.7B
Shareholders' equity $3.6B$4.0B$4.1B$4.3B$4.3B
Net debt (− = net cash) $1.5B$914M$707M$398M$448M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$0.7M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 6, 2026 Peter Busch OrthweinDirector Bought 2,600 $88.25 $0.2M Form 4
Jan 15, 2026 Woelfer W. ToddSVP, Chief Operating Officer Sold 4,567 $114.85 $0.5M Form 4
Dec 12, 2025 Woelfer W. ToddSVP, Chief Operating Officer Sold 1,729 $103.15 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score 7 / 97 / 96 / 9
Accruals ratio −3.9%−4.5%−2.1%
Altman Z'' 4.875.105.15

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Thor Industries THO $3.7B 0.3% — 1.8% 4.4% 20.7x 6
Polaris PII $3.1B −0.3% −4.9% 7.8% −10.5% — 3 Compare →
Hasbro HAS $16.8B 13.1% 0.2% 15.5% 0.3% 21.0x 5 Compare →
Brunswick BC $4.3B 2.4% −0.8% 7.4% −0.8% — 4 Compare →
Mattel MAT $4.7B −0.6% 10.2% 9.0% 13.5% 12.1x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $7.2B $8.3B $7.9B $8.2B $12.3B $16.3B $11.1B $10.0B $9.6B $9.6B
Gross profit $1.0B $1.2B $973M $1.1B $1.9B $2.8B $1.6B $1.5B $1.3B $1.2B
Research and development $2.6M $2.0M $9.4M — — — — $49.4M $48.6M $41.6M
Interest expense $9.7M $5.2M $68.1M $107M $93.5M $90.1M $97.4M $100M $61.2M $45.3M
Pretax income $556M $633M $185M $273M $845M $1.5B $499M $349M $296M $239M
Income tax $182M $203M $52.2M $51.5M $184M $322M $125M $83.4M $39.6M $64.1M
Net income $374M $430M $133M $223M $660M $1.1B $374M $265M $259M $178M
Diluted EPS $7.09 $8.14 $2.47 $4.02 $11.85 $20.59 $6.95 $4.94 $4.84 $3.38
Diluted shares 0.05B 0.05B 0.05B 0.06B 0.06B 0.06B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $419M $467M $508M $541M $527M $990M $982M $546M $578M $321M
Capital expenditure $115M $138M $127M $106M $132M $241M $209M $140M $122M $152M
Free cash flow $304M $328M $381M $435M $395M $750M $773M $406M $456M $169M
Depreciation and amortization $98.3M $93.2M $149M $196M $231M $285M $277M $277M $271M $266M
Stock-based compensation $12.5M $17.0M $18.9M $19.9M $30.5M $31.4M $39.5M $37.9M $30.9M $26.6M
Acquisitions $5.0M $0.0M $1.7B $0.0M $311M $782M $6.2M $7.3M $0.0M $9.6M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $165M $42.0M $68.4M $52.6M $115M
Dividends paid $69.4M $78.0M $84.1M $88.3M $90.8M $94.9M $96.0M $102M $106M $109M
Dividends and buybacks $69.4M $78.0M $84.1M $88.3M $90.8M $260M $138M $171M $159M $224M
Balance sheet
Cash and short-term investments $223M $275M $426M $539M $446M $312M $441M $501M $587M $482M
Total debt $145M $0.0M $1.9B $1.7B $1.6B $1.8B $1.4B $1.2B $983M $929M
Finance lease liabilities $0.0M $0.0M $0.0M $5.2M $5.8M $4.7M $3.5M $2.7M $1.9M $0.9M
Current assets $1.2B $1.3B $2.0B $2.1B $2.8B $3.1B $2.8B $2.7B $2.8B $2.7B
Current liabilities $781M $769M $1.4B $1.5B $1.8B $1.8B $1.7B $1.6B $1.6B $1.6B
Inventory $461M $538M $828M $716M $1.4B $1.8B $1.7B $1.4B $1.4B $1.4B
Property and equipment, net $425M $522M $1.1B $1.1B $1.2B $1.3B $1.4B $1.4B $1.3B $1.3B
Total assets $2.6B $2.8B $5.7B $5.8B $6.7B $7.4B $7.3B $7.0B $7.1B $7.0B
Total liabilities $981M $841M $3.6B $3.4B $3.7B $3.8B $3.3B $2.9B $2.8B $2.7B
Shareholders' equity $1.6B $1.9B $2.1B $2.3B $2.9B $3.6B $4.0B $4.1B $4.3B $4.3B
Margins
Gross margin 14.4% 14.0% 12.4% 13.7% 15.4% 17.2% 14.4% 14.5% 14.0% 12.6%
EBITDA margin 9.2% 8.8% 5.1% 7.1% 9.5% 11.3% 7.9% 7.2% 6.6% 5.7%
Net margin 5.2% 5.2% 1.7% 2.7% 5.4% 7.0% 3.4% 2.6% 2.7% 1.9%
FCF margin 4.2% 3.9% 4.8% 5.3% 3.2% 4.6% 7.0% 4.0% 4.8% 1.8%
Returns
Return on capital 26.1% 27.4% 6.9% 8.7% 19.2% 26.2% 9.0% 7.1% 6.5% 4.4%
Return on capital employed 32.8% 33.7% 8.1% 9.0% 20.6% 29.5% 10.7% 8.2% 6.5% 5.2%
Return on equity 26.3% 24.5% 6.6% 10.1% 25.2% 34.9% 9.9% 6.6% 6.2% 4.2%
Return on assets 15.3% 16.1% 3.2% 3.9% 10.6% 16.2% 5.1% 3.7% 3.7% 2.5%
Growth
Revenue growth 58.2% 14.9% −5.6% 3.9% 50.8% 32.4% −31.8% −9.7% −4.6% 0.3%
Net income growth 45.9% 14.9% −69.0% 67.3% 195.9% 72.4% −67.1% −29.1% −2.5% −31.3%
EPS growth 45.3% 14.8% −69.7% 62.8% 194.8% 73.8% −66.3% −28.9% −2.0% −30.2%
FCF growth 5.2% 7.9% 16.0% 14.3% −9.3% 89.9% 3.1% −47.5% 12.4% −63.0%
Share count change 0.3% 0.2% 2.2% 2.5% 0.5% −0.8% −2.6% −0.3% −0.5% −1.6%
Financial health
Net debt / EBITDA −0.1x −0.4x 3.8x 2.0x 1.0x 0.8x 1.1x 1.0x 0.6x 0.8x
Debt / equity 0.1x 0.0x 0.9x 0.7x 0.6x 0.5x 0.3x 0.3x 0.2x 0.2x
Interest coverage 58.2x 123.0x 3.7x 3.5x 10.0x 17.2x 6.1x 4.5x 5.8x 6.3x
Current ratio 1.5x 1.7x 1.4x 1.4x 1.6x 1.7x 1.6x 1.7x 1.8x 1.8x
Quick ratio 0.9x 1.0x 0.8x 0.9x 0.8x 0.7x 0.7x 0.8x 0.9x 0.9x
Capital allocation
Capex / revenue 1.6% 1.7% 1.6% 1.3% 1.1% 1.5% 1.9% 1.4% 1.3% 1.6%
Stock comp / revenue 0.2% 0.2% 0.2% 0.2% 0.3% 0.2% 0.4% 0.4% 0.3% 0.3%
Payouts / FCF 22.8% 23.8% 22.1% 20.3% 23.0% 34.7% 17.9% 42.0% 34.8% 132.6%
Quality scores
Piotroski F-score 5.0 7.0 3.0 5.0 7.0 8.0 5.0 7.0 7.0 6.0
Altman Z'' 6.3 7.6 2.8 3.1 4.1 5.2 4.6 4.9 5.1 5.2
Accruals ratio −1.9% −1.4% −8.9% −5.6% 2.2% 2.1% −8.3% −3.9% −4.5% −2.1%

Source: SEC EDGAR XBRL filings (CIK 0000730263). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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