Brunswick vs Thor Industries
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The short version
- Thor Industries is the larger business, with $9.6B of revenue in fiscal 2026 against $5.4B for Brunswick, about 1.8 times as much.
- Brunswick grew revenue faster (2.4%, against 0.3%).
- Brunswick turned more of its sales into free cash flow (7.4% FCF margin, against 1.8%).
- Thor Industries earned a higher return on the capital invested in it (4.4%, against −0.8%).
| Latest fiscal year | BC · FY25 | THO · FY26 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $3.7B |
| Revenue | $5.4B | $9.6B |
| Free cash flow | $396M | $169M |
| Net income | −$137M | $178M |
| Growth | ||
| Revenue growth | 2.4% | 0.3% |
| 5-year growth | 4.3% | −4.9% |
| Share count change | −2.2% | −1.6% |
| Profitability | ||
| Gross margin | 24.8% | 12.6% |
| Operating margin | −0.8% | — |
| Net margin | −2.6% | 1.9% |
| FCF margin | 7.4% | 1.8% |
| Return on capital | −0.8% | 4.4% |
| Return on equity | −7.8% | 4.2% |
| Balance sheet | ||
| Net debt | $2.1B | $448M |
| Net debt / EBITDA | 8.5x | 0.8x |
| Dividends and buybacks | $193M | $224M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 4 | 6 |
Revenue
FY17
BC $3.8B
THO $7.2B
FY18
BC $4.1B
THO $8.3B
FY19
BC $4.1B
THO $7.9B
FY20
BC $4.3B
THO $8.2B
FY21
BC $5.8B
THO $12.3B
FY22
BC $6.8B
THO $16.3B
FY23
BC $6.4B
THO $11.1B
FY24
BC $5.2B
THO $10.0B
FY25
BC $5.4B
THO $9.6B
FY26
BC —
THO $9.6B
BC
THO
Operating margin
FY17
BC 8.7%
THO —
FY18
BC 8.6%
THO —
FY19
BC 11.5%
THO —
FY20
BC 12.4%
THO —
FY21
BC 13.9%
THO —
FY22
BC 13.9%
THO —
FY23
BC 11.5%
THO —
FY24
BC 6.0%
THO —
FY25
BC −0.8%
THO —
FY26
BC —
THO —
BC
THO
Free cash flow
FY17
BC $222M
THO $304M
FY18
BC $157M
THO $328M
FY19
BC $202M
THO $381M
FY20
BC $616M
THO $435M
FY21
BC $307M
THO $395M
FY22
BC $198M
THO $750M
FY23
BC $444M
THO $773M
FY24
BC $264M
THO $406M
FY25
BC $396M
THO $456M
FY26
BC —
THO $169M
BC
THO
Return on capital
FY17
BC 11.5%
THO 26.1%
FY18
BC 14.6%
THO 27.4%
FY19
BC 10.3%
THO 6.9%
FY20
BC 21.2%
THO 8.7%
FY21
BC 24.6%
THO 19.2%
FY22
BC 20.5%
THO 26.2%
FY23
BC 12.6%
THO 9.0%
FY24
BC 5.6%
THO 7.1%
FY25
BC −0.8%
THO 6.5%
FY26
BC —
THO 4.4%
BC
THO
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.