olivLaw · US equity research
LCI Industries LCII
Motor Vehicle Parts & Accessories · SIC 3714 · Vertical: Motor Vehicle Parts & Accessories (SIC 3714)
LCI Industries supplies engineered components for the recreation, transportation, marine and housing industries, through OEM and aftermarket segments. In the second quarter of 2026 sales fell on weaker RV production, and the company announced a merger with Patrick Industries, which makes it relevant for investors. Guidance for 2026 was reduced, with revenue estimated between 3.9 and 4.1 billion USD.
At the close of 04 Nov 2026, LCI Industries (LCII) stock was 104.28 USD (+2.39% on the day), with market capitalisation 2.5 bn USD, P/E 12.1 on diluted EPS of 8.60 USD over the last 12 months, dividend yield 4.41%, beta 0.93, 52-week range 78.16–157.13 USD. Latest reported quarter (Q2 2026): revenue of 968.7 m USD (−12.5% YoY), net income of 67.1 m USD (+16.5% YoY), diluted EPS 2.75 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 76.9
- overbought (≥ 70)
- Bollinger (20, 2)
- 70.67 – 105.68
- in the upper half of the band · %B 0.96 · band width 39.7%
- SMA 50 / 200
- 89.77 / 110.84
- mixed trend
- MACD (12, 26, 9)
- 4.10 / 1.59
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +26.3% | −1.1% | +27.4 pp | — |
| 3 months | −2.7% | −0.5% | −2.2 pp | — |
| 6 months | −10.8% | +4.4% | −15.2 pp | — |
| Year to date | −14.1% | +12.3% | −26.4 pp | — |
| 1 year | −2.4% | +13.5% | −15.9 pp | −12.2% |
| 3 years | −11.3% | +76.4% | −87.7 pp | +9.8% |
| 5 years | −30.8% | +63.7% | −94.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 915.5 m | 803.1 m | 1.0 bn | 1.1 bn | 1.0 bn | 932.7 m | 1.1 bn | 968.7 m |
| Cost of revenue | 695.5 m | 633.7 m | 793.8 m | 837.2 m | 783.9 m | 726.8 m | 816.9 m | 667.5 m |
| Gross profit | 220.0 m | 169.4 m | 251.7 m | 270.0 m | 252.6 m | 205.9 m | 273.7 m | 301.1 m |
| SG&A | 166.1 m | -43.2 m | 120.6 m | 128.0 m | 177.2 m | -34.5 m | 122.6 m | 143.8 m |
| Operating income | 53.9 m | 16.1 m | 81.3 m | 87.8 m | 75.4 m | 35.4 m | 95.2 m | 96.0 m |
| Depreciation & amortisation | 31.3 m ≈ | 29.7 m | 29.5 m | 30.3 m ≈ | 30.5 m ≈ | 30.9 m | 29.8 m | 30.9 m ≈ |
| Pre-tax income | 47.4 m | 11.0 m | 67.3 m | 78.1 m | 84.0 m | 25.7 m | 85.2 m | 90.2 m |
| Income tax | 11.8 m | 1.5 m | 17.8 m | 20.5 m | 21.5 m | 7.0 m | 22.3 m | 23.1 m |
| Net income | 35.6 m | 9.5 m | 49.4 m | 57.6 m | 62.5 m | 18.7 m | 62.9 m | 67.1 m |
| Diluted EPS | 1.39 | 0.37 ≈ | 1.94 | 2.29 | 2.55 | 0.77 ≈ | 2.53 | 2.75 |
| Operating cash flow | 78.4 m ≈ | 106.6 m | 42.7 m | 112.2 m ≈ | 97.2 m ≈ | 78.9 m | -33.5 m | 203.7 m ≈ |
| Capex | 10.1 m ≈ | 10.9 m | 9.0 m | 12.7 m ≈ | 16.3 m ≈ | 14.6 m | 9.7 m | 18.8 m ≈ |
| Dividends paid | 26.7 m ≈ | 29.3 m | 29.4 m | 29.0 m ≈ | 27.8 m ≈ | 27.8 m | 27.9 m | 28.0 m ≈ |
| Share repurchases | 0 ≈ | 0 | 28.3 m | 38.1 m ≈ | 62.2 m ≈ | 0 | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 15 percentile of its own 39-quarter history (min 5.2, median 16.4, max 60.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.4 bn | 2.8 bn | 4.5 bn | 5.2 bn | 3.8 bn | 3.7 bn | 4.1 bn |
| Revenue YoY | +15.3% | −4.2% | +17.9% | +60.0% | +16.4% | −27.3% | −1.2% | +10.2% |
| Net income | 148.6 m | 146.5 m | 158.4 m | 287.7 m | 395.0 m | 64.2 m | 142.9 m | 188.3 m |
| Net income YoY | +11.8% | −1.4% | +8.1% | +81.6% | +37.3% | −83.7% | +122.6% | +31.8% |
| Diluted EPS | 5.83 | 5.84 | 6.27 | 11.32 | 15.48 | 2.52 | 5.60 | 7.57 |
| Diluted EPS YoY | +11.3% | +0.2% | +7.4% | +80.5% | +36.7% | −83.7% | +122.2% | +35.2% |
| net % | 6.0% | 6.2% | 5.7% | 6.4% | 7.6% | 1.7% | 3.8% | 4.6% |
| Free cash flow | 36.8 m | 211.3 m | 174.1 m | -210.1 m | 471.9 m | 465.0 m | 328.0 m | 278.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 222.6 m USD
- Financial debt
- 945.2 m USD
- Net debt
- 722.6 m USD
- Equity
- 1.4 bn USD
- Total assets
- 3.2 bn USD
- Debt / equity
- 0.69x
- Current ratio
- 2.85x
- ROE
- 13.7%
- ROA
- 6.2%
- FCF margin
- 6.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 4.5 bn | 5.2 bn | 3.8 bn | 3.7 bn | 4.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 2.1 bn | 3.4 bn | 3.9 bn | 3.0 bn | 2.9 bn | 3.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 706.1 m | 1.0 bn | 1.3 bn | 776.2 m | 879.7 m | 980.3 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 483.2 m | 644.6 m | 720.3 m | 453.3 m | 465.0 m | 495.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 222.9 m | 398.4 m | 553.0 m | 123.4 m | 218.2 m | 279.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 98.0 m | 112.3 m | 129.2 m | 131.8 m | 125.7 m | 121.2 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 320.9 m ≈ | 510.7 m ≈ | 682.2 m ≈ | 255.2 m ≈ | 343.9 m ≈ | 401.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | — | 16.4 m | 27.6 m | 40.4 m | 28.9 m | 35.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 209.5 m | 382.0 m | 525.5 m | 83.0 m | 189.3 m | 255.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 51.0 m | 94.3 m | 130.5 m | 18.8 m | 46.5 m | 66.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 158.4 m | 287.7 m | 395.0 m | 64.2 m | 142.9 m | 188.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 6.27 | 11.32 | 15.48 | 2.52 | 5.60 | 7.57 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 25.3 m | 25.4 m | 25.5 m | 25.4 m | 25.5 m | 24.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 2.80 | 3.45 | 4.05 | 4.20 | 4.30 | 4.60 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 51.8 m | 62.9 m | 47.5 m | 66.2 m | 165.8 m | 222.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 268.6 m | 319.8 m | 214.3 m | 214.7 m | 199.6 m | 243.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 493.9 m | 1.1 bn | 1.0 bn | 768.4 m | 736.6 m | 809.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 869.8 m | 1.6 bn | 1.4 bn | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 387.2 m | 426.5 m | 482.2 m | 465.8 m | 432.7 m | 428.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 454.7 m | 543.2 m | 567.1 m | 589.6 m | 585.8 m | 622.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 420.9 m | 520.0 m | 503.3 m | 448.8 m | 392.0 m | 402.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 2.3 bn | 3.3 bn | 3.2 bn | 3.0 bn | 2.9 bn | 3.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 17.8 m | 71.0 m | 23.1 m | 589.0 k | 423.0 k | 3.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 720.4 m | 1.2 bn | 1.1 bn | 846.8 m | 756.8 m | 941.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 416.4 m | 627.2 m | 421.3 m | 395.0 m | 412.1 m | 473.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 1.4 bn | 2.2 bn | 1.9 bn | 1.6 bn | 1.5 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 908.3 m † | 1.1 bn † | 1.4 bn † | 1.4 bn † | 1.4 bn † | 1.4 bn † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 231.4 m | -111.6 m | 602.5 m | 527.2 m | 370.3 m | 331.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 57.3 m | 98.5 m | 130.6 m | 62.2 m | 42.3 m | 52.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 174.1 m ≈ | -210.1 m ≈ | 471.9 m ≈ | 465.0 m ≈ | 328.0 m ≈ | 278.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -232.3 m | -281.2 m | -241.8 m | -83.7 m | -61.1 m | -147.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 14.0 m | 404.6 m | -374.9 m | -426.2 m | -208.2 m | -125.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 70.4 m | 87.2 m | 102.7 m | 106.3 m | 109.5 m | 114.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 0 | 0 | 24.1 m | 0 | 0 | 128.6 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation73
- Returns99
- Quality74
- Balance sheet67
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 60.45 – 239.51 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)132.98 – 239.51 (Mid 172.01)WACC 8.1% · starting FCFF 313.4 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -21.1%
- Peers: EV/EBITDA79.00 – 154.97 (Mid 104.64)15 companies used · median multiple 7.5x · quartiles 6.0x – 10.4xALV, APTV, ATMU, BWA, CAAS, CPS, DCH, DORM, GNTX, LEA, MOD, PATK, PHIN, SMP, THRM
- Peers: P/E98.42 – 177.45 (Mid 129.68)19 companies used · median multiple 15.1x · quartiles 11.5x – 20.6xADNT, ALSN, ALV, APTV, ATMU, BWA, CAAS, DAN, DORM, GNTX, GTX, HLLY, LEA, MGA, PATK, PHIN, SMP, STRT, VC
- Dividend discount (DDM)60.45 – 81.29 (Mid 69.34)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.6% | 57 (vs peers) | 10% |
| Net margin · Quality | 5.2% | 76 (vs peers) | 6% |
| FCF conversion · Quality | 135.8% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -7.5% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -21.2% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.5x | 33 (vs peers) | 10% |
| Interest coverage · Balance sheet | 8.5x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 12.1x | 71 (vs peers) | 10% |
| EV/EBITDA · Valuation | 7.5x | 53 (vs peers) | 10% |
| FCF yield · Valuation | 11.3% | 100 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 6.9% | 98 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 38.9% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet67/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality74/100 · 3/3 factors with a value
- Returns99/100 · 2/2 factors with a value
- Valuation73/100 · 3/3 factors with a value
Memo
LCI INDUSTRIES (LCII). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.1 bn USD in 2025; YoY growth 10.2%; net margin 5.2%; ROE 15.0%; net debt/EBITDA 1.5x.
The estimated value range is 88.71–166.21 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 117.16 USD, the price of 104.28 USD leaves a potential of 12.4% (value / price − 1) and a margin of safety of 11.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 5.2%
- FCF conversion: 135.8%
- Interest coverage: 8.5x
- Current ratio: 2.5x
- P/E (TTM): 12.1x
- FCF yield: 11.3%
- Shareholder yield (distributions): 6.9%
- Payout ratio (FCF): 38.9%
What contradicts it
- Revenue CAGR 3Y: -7.5%
- EPS CAGR 3Y: -21.2%
Versus the vertical median
Motor Vehicle Parts & Accessories (SIC 3714) · same industry (4-digit SIC) · compared with 34 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MGAMagna International Inc. | 18.4 bn | 22.4 | 6.9% | 2.0% | −1.9% | +34% / +22% |
| BWABorgwarner Inc. | 10.1 bn | 21.5 | 8.2% | 3.4% | +1.6% | +17% / +50% |
| ALSNAllison Transmission Holdings, Inc. | 9.9 bn | 17.4 | 29.7% | 11.1% | −6.7% | +36% / +125% |
| ALVAutoliv, Inc. | 9.0 bn | 15.1 | 24.8% | 5.6% | +4.1% | +7% / +21% |
| APTVAptiv PLC | 8.8 bn | 11.9 | 8.5% | 4.6% | +3.5% | −44% / −48% |
| LEALear Corp | 5.7 bn | 10.4 | 11.6% | 2.5% | −0.2% | +11% / −11% |
| MODModine Manufacturing Co | 5.2 bn | 41.3 | 11.4% | 3.6% | +23.1% | −39% / +100% |
| GNTXGentex Corporation | 4.4 bn | 11.0 | 16.4% | 15.5% | +9.6% | −9% / −32% |
| DORMDorman Products, Inc. | 4.2 bn | 21.2 | 13.3% | 9.3% | +6.0% | +8% / +98% |
| ATMUAtmus Filtration Technologies Inc. | 3.9 bn | 18.3 | 55.8% | 11.3% | +5.7% | −5% / +119% |
| GTXGarrett Motion Inc. | 3.6 bn | 10.1 | — | 10.0% | +3.1% | +20% / +167% |
| PATKPatrick Industries Inc | 2.7 bn | 20.1 | 13.0% | 3.7% | +6.3% | −22% / +55% |
| PHINPhinia Inc. | 2.6 bn | 14.5 | 12.2% | 5.2% | +2.4% | +33% / +181% |
| DANDana Incorporated | 2.6 bn | 2.4 | 71.4% | 14.6% | −3.0% | +6% / +80% |
| LCIILci Industries | 2.5 bn | 12.1 | 15.0% | 5.2% | +10.2% | −2% / −11% |
| VCVisteon Corp | 2.0 bn | 13.8 | 10.8% | 4.1% | −2.5% | −22% / −32% |
| THRMGentherm Incorporated | 1.6 bn | 105.3 | 1.3% | 0.6% | +2.9% | −13% / −32% |
| ADNTAdient plc | 1.3 bn | 28.5 | 2.7% | 0.3% | −1.0% | −12% / −47% |
| DCHDauch Corporation | 1.1 bn | — | -15.2% | -2.0% | −4.7% | −27% / −31% |
| SMPStandard Motor Products, Inc. | 1.0 bn | 15.1 | 9.9% | 3.8% | +22.4% | +22% / +28% |
| AEVAAeva Technologies, Inc. | 661.5 m | — | — | -150.1% | +99.4% | −15% / +240% |
| CPSCooper-Standard Holdings Inc. | 391.6 m | — | — | -2.0% | +0.4% | −29% / +24% |
| HLLYHolley Inc. | 351.6 m | 35.3 | 2.3% | 1.7% | +1.9% | −32% / −30% |
| KNDIKandi Technologies Group, Inc. | 287.8 m | — | -30.5% | -107.4% | −31.5% | −63% / −88% |
| STRTStrattec Security Corp | 258.5 m | 15.6 | 7.2% | 2.9% | +2.5% | −14% / +201% |
1- and 3-year price returns: for LCII from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 56.37 Total return -43% · Per year -43% | 100.16 Total return 0% · Per year 0% | 151.55 Total return 50% · Per year 50% |
| 3 years | 44.76 Total return -49% · Per year -20% | 90.39 Total return -1% · Per year -0% | 151.55 Total return 61% · Per year 17% |
| 5 years | 35.54 Total return -53% · Per year -14% | 81.58 Total return -3% · Per year -1% | 151.55 Total return 71% · Per year 11% |
- Exit P/E± 22.60
- Net margin± 15.82
- Annual revenue growth± 14.29
- Annual dilution± 1.33
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
LCI Industries supplies engineered components for the recreation, transportation, marine and housing industries, through OEM and aftermarket segments. In the second quarter of 2026 sales fell on weaker RV production, and the company announced a merger with Patrick Industries, which makes it relevant for investors. Guidance for 2026 was reduced, with revenue estimated between 3.9 and 4.1 billion USD 13.
SWOT
Strengths
- Leading position in RV component supply, with strong shares in several product categories and long customer relationships 1.
- Diversification through the aftermarket and adjacent industries, which dampens cyclicality 1.
- Solid liquidity at the end of the first half of 2026, supporting cost improvement investments 3.
Weaknesses
Opportunities
Risks
- Dependence on the RV markethigh
Most sales are linked to RV production, and a decline in wholesale shipments could significantly reduce results 1.
- Customer concentrationhigh
Two large customers represent a significant share of sales, and a loss or cut in orders would have a material impact 1.
- Tariffs and supply chainsmedium
A significant part of materials is imported, and tariff changes could compress margins or disrupt supply 12.
- Merger with Patrick Industriesmedium
Completion depends on shareholder and regulatory approvals, and delays or failure could affect strategic plans 2.
- Leadership changeslow
The retirement of the chief executive and board changes could affect strategic continuity in the short term 2.
Investment thesis
What would need to be true (bull case)
- If cost reductions and margin gains hold, the company could earn better profitability even with lower volumes 3.
- Diversification into the aftermarket and adjacent industries could dampen the RV cycle 1.
- The merger with Patrick Industries could create a broader supplier with an extended product range 2.
What to watch
- Completion of the merger with Patrick Industries and required approvals2027
- Revised guidance for North American RV wholesale shipmentsQ3 2026
- Appointment of a permanent chief executive2026
- Progress of tariff refunds and pass-throughs to customersnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
LCI Industries, through its subsidiary Lippert Components, Inc., is a global supplier of engineered components for the recreation, transportation, marine and housing industries. The company sells to original equipment manufacturers (OEMs) and to the aftermarket, through dealers, distributors, service centers and direct online sales 1. Its range covers chassis and suspension, furniture, windows, appliances, towing accessories, doors, steps and leveling systems 1. In 2025 consolidated net sales were 4.1 billion USD, up 10% 1.
The company operates over 100 manufacturing facilities in North America and Europe, with competencies in metal, glass, furniture, electronics and plastics manufacturing 1. Its strategy emphasizes innovation, quality and diversification beyond the RV market through acquisitions and adjacent industries 1. Customer concentration is high: Berkshire Hathaway and Thor together accounted for a significant share of consolidated net sales in 2025 1.
In 2026 the company has been led on an interim basis after the former chief executive retired, and in June 2026 it signed a merger agreement with Patrick Industries, with closing expected in the first half of 2027 2. Tariffs under IEEPA ruled unlawful by the Supreme Court have produced refunds, part of which is to be passed through to customers 2.
Segments
Market context
The main market is North American RVs, where production depends on retail demand and dealer financing. In 2025 wholesale shipments of travel trailers and fifth-wheels rose slightly to 298200 units, while retail demand fell to 305300 units 1. For 2026 the company cut its North American wholesale estimate to 280000–300000 units from 315000–330000 3.
Adjacent markets such as transportation, marine and manufactured housing offer diversification, although marine demand has declined in recent years 1. The aftermarket benefits from the large base of RV owners who buy upgrades outside the peak season 1.
Trends
- Weak RV demandheadwind
Retail RV sales remain under pressure from inflation and high interest rates, and 2026 guidance was reduced because of softer market conditions 3. If demand does not recover, OEM volumes could stay low.
- Tariff refundsmixed
The cancellation of IEEPA tariffs has led to expected refunds of 119.3 million USD, part of which is to be passed through to customers, which affected second-quarter margins 23. The final amount and timing remain uncertain, including because of the government appeal.
- Cost improvementstailwind
The company reports margin gains from sourcing strategies and cost reductions, and operating margin rose in the second quarter of 2026 3. These measures could support profitability even if volumes remain low.
- Raw material price increasesheadwind
Steel, aluminum and fuel costs have risen, and companies in the industry cannot always pass these costs fully to customers 13. If pressure persists, margins could be affected.
Competitive position
The sources note that barriers to entry are generally low in the industries served, although safety standards and initial capital investment are needed 1. The company differentiates on quality, innovation, price and service, and on long customer relationships 1. Competition exists both among RV makers and among component suppliers.
- Patrick IndustriesPATK
Partner in the merger announced in June 2026, which would create a combined component supplier 2.
- Thor IndustriesTHO
Major customer and RV maker, and an important player in the industry supply chain 1.
- Winnebago IndustriesWGO
RV maker named in the company filings as an OEM customer 1.
- Brunswick CorporationBC
Marine industry customer named among adjacent industries 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- LCI Industries (LCII) Turns Shrinking Sales Into Bigger ProfitsYahoo Finance — News · 16 Sept 2026 · EN
The latest news item in our archive is from 16 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report30 Oct 2026Other events · Financial statements and exhibits
- Current report28 Oct 2026Other events · Financial statements and exhibits
- Current report22 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report13 Oct 2026Other events · Financial statements and exhibits
- Current report10 Sept 2026Other events · Financial statements and exhibits
- Current report10 Aug 2026Other events · Financial statements and exhibits
- Current report07 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report07 Aug 2026Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / LCI Industries · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / LCI Industries · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / LCI Industries · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.