General Motors vs Winnebago Industries

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KIRA’s take AI analyst

I put General Motors and Winnebago Industries side by side, using each one’s latest annual report. Here is what stands out:

General Motors is the larger business, with $185.0B of revenue in fiscal 2025 against $2.7B for Winnebago Industries, about 68 times as much.
General Motors grew revenue faster (−1.3%, against −3.4%).
Winnebago Industries kept more of each dollar of sales as operating profit (2.5% operating margin, against 1.6%).
General Motors turned more of its sales into free cash flow (9.5% FCF margin, against 5.4%).
Winnebago Industries earned a higher return on the capital invested in it (3.3%, against 1.5%).

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

General Motors

6/10

Revenue growth5-year growthNet marginFCF marginReturn on equityShare count change

Winnebago Industries

WGO

3/10

Operating marginReturn on capitalNet debt / EBITDA

Side by side

Best in the row

Latest fiscal year	GM FY25	WGO FY26
Size
Market cap	$67.7B	$798M
Revenue	$185.0B	$2.7B
Free cash flow	$17.6B	$145M
Net income	$2.7B	$34.5M
Growth
Revenue growth	−1.3%	−3.4%
5-year growth	8.6%	−5.7%
Share count change	−13.8%	0.4%
Profitability
Gross margin	—	13.0%
Operating margin	1.6%	2.5%
Net margin	1.5%	1.3%
FCF margin	9.5%	5.4%
Return on capital	1.5%	3.3%
Return on equity	4.3%	2.8%
Balance sheet
Net debt	$103.9B	$268M
Net debt / EBITDA	7.0x	2.1x
Dividends and buybacks	$6.7B	$41.6M
Valuation & quality
P/E	16.6x	—
Piotroski F-score	6	6

Ten years

Revenue

FY17

GM $145.6B

WGO $1.5B

FY18

GM $147.0B

WGO $2.0B

FY19

GM $137.2B

WGO $2.0B

FY20

GM $122.5B

WGO $2.4B

FY21

GM $127.0B

WGO $3.6B

FY22

GM $156.7B

WGO $5.0B

FY23

GM $171.8B

WGO $3.5B

FY24

GM $187.4B

WGO $3.0B

FY25

GM $185.0B

WGO $2.8B

FY26

GM —

WGO $2.7B

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

GM WGO

Operating margin

FY17

GM 6.0%

WGO 8.1%

FY18

GM 3.0%

WGO 8.0%

FY19

GM 4.0%

WGO 7.8%

FY20

GM 5.4%

WGO 4.8%

FY21

GM 7.3%

WGO 11.2%

FY22

GM 6.6%

WGO 11.8%

FY23

GM 5.4%

WGO 8.6%

FY24

GM 6.8%

WGO 3.4%

FY25

GM 1.6%

WGO 2.0%

FY26

GM —

WGO 2.5%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

GM WGO

Free cash flow

FY17

GM $8.9B

WGO $83.1M

FY18

GM $6.5B

WGO $54.7M

FY19

GM $7.4B

WGO $92.9M

FY20

GM $11.4B

WGO $238M

FY21

GM $7.7B

WGO $192M

FY22

GM $6.8B

WGO $313M

FY23

GM $10.0B

WGO $211M

FY24

GM $9.3B

WGO $98.9M

FY25

GM $17.6B

WGO $89.5M

FY26

GM —

WGO $145M

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

GM WGO

Return on capital

FY17

GM 4.1%

WGO 19.0%

FY18

GM 3.7%

WGO 15.3%

FY19

GM 4.0%

WGO 14.9%

FY20

GM 4.0%

WGO 9.5%

FY21

GM 5.3%

WGO 28.3%

FY22

GM 5.7%

WGO 32.9%

FY23

GM 5.5%

WGO 14.6%

FY24

GM 5.3%

WGO 3.1%

FY25

GM 1.5%

WGO 3.1%

FY26

GM —

WGO 3.3%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

GM WGO

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.