olivLaw · US equity research
THOR Industries, Inc. THO
Motor Homes · SIC 3716 · Vertical: Transportation equipment (SIC 371x)
THOR Industries is the world's largest manufacturer of recreational vehicles, selling through independent dealers in North America and Europe. Net sales for fiscal 2026 reached 9.6 billion USD, but retail demand remains soft due to high interest rates and costs, and margins have been under pressure.
At the close of 04 Nov 2026, THOR Industries, Inc. (THO) stock was 84.65 USD (+9.35% on the day), with market capitalisation 4.4 bn USD, P/E 25.0 on diluted EPS of 3.38 USD over the last 12 months, dividend yield 2.46%, beta 1.03, 52-week range 63.87–120.34 USD. Latest reported quarter (Q4 2026): revenue of 2.3 bn USD (−8.4% YoY), net income of 40.8 m USD (−67.5% YoY), diluted EPS 0.78 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)
- 74.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 59.54 – 80.81
- above the upper band · %B 1.18 · band width 30.3%
- SMA 50 / 200
- 71.29 / 81.18
- mixed trend
- MACD (12, 26, 9)
- 2.41 / 0.64
- 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 | +25.9% | −1.1% | +27.0 pp | — |
| 3 months | +6.5% | −0.5% | +7.0 pp | — |
| 6 months | +9.7% | +4.4% | +5.3 pp | — |
| Year to date | −17.6% | +12.3% | −29.9 pp | — |
| 1 year | −17.3% | +13.5% | −30.8 pp | −14.5% |
| 3 years | −13.4% | +76.4% | −89.8 pp | +7.4% |
| 5 years | −22.1% | +63.7% | −85.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.0 bn | 2.9 bn | 2.5 bn | 2.4 bn | 2.1 bn | 2.8 bn | 2.3 bn |
| Cost of revenue | 1.9 bn | 1.8 bn | 2.5 bn | 2.2 bn | 2.1 bn | 1.9 bn | 2.4 bn | 2.0 bn |
| Gross profit | 281.4 m | 245.2 m | 443.1 m | 370.9 m | 321.0 m | 251.3 m | 354.8 m | 285.6 m |
| SG&A | 240.2 m | 206.2 m | 238.3 m | 237.9 m | 254.0 m | 212.0 m | 230.9 m | 206.4 m |
| Depreciation & amortisation | 67.7 m | 66.0 m | 66.2 m | 71.4 m | 66.0 m | 64.9 m | 66.0 m | 69.5 m |
| Interest expense | 17.6 m | 15.5 m | 14.0 m | 14.2 m | 11.9 m | 11.7 m | 10.8 m | 10.8 m |
| Pre-tax income | -1.2 m | -1.6 m | 155.6 m | 143.4 m | 32.5 m | 21.0 m | 133.5 m | 51.8 m |
| Income tax | -283.0 k | 1.5 m | 21.7 m | 16.7 m | 9.3 m | 6.4 m | 37.9 m | 10.5 m |
| Net income | -1.8 m | -551.0 k | 135.2 m | 125.8 m | 21.7 m | 17.8 m | 97.2 m | 40.8 m |
| Diluted EPS | -0.03 | -0.01 | 2.53 | 2.36 ≈ | 0.41 | 0.34 | 1.86 | 0.78 ≈ |
| Operating cash flow | 30.7 m | 30.8 m ≈ | 257.7 m ≈ | 258.7 m | -44.9 m | -112.2 m ≈ | 234.2 m ≈ | 244.2 m |
| Capex | 24.3 m | 25.0 m | 35.2 m | 37.1 m | 29.9 m | 33.0 m | — | — |
| Dividends paid | — | — | 26.6 m ≈ | 26.4 m | — | — | 27.1 m ≈ | 26.9 m |
| Share repurchases | 0 | 1.7 m ≈ | 0 ≈ | 50.9 m | 5.0 m | 25.2 m ≈ | 50.5 m ≈ | 34.3 m |
≈ 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 90 percentile of its own 40-quarter history (min 3.9, median 16.5, max 28.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.9 bn | 8.2 bn | 12.3 bn | 16.3 bn | 11.1 bn | 10.0 bn | 9.6 bn | 9.6 bn |
| Revenue YoY | −5.6% | +3.9% | +50.8% | +32.4% | −31.8% | −9.7% | −4.6% | +0.3% |
| Net income | 133.3 m | 223.0 m | 659.9 m | 1.1 bn | 374.3 m | 265.3 m | 258.6 m | 177.5 m |
| Net income YoY | −69.0% | +67.3% | +195.9% | +72.4% | −67.1% | −29.1% | −2.5% | −31.3% |
| Diluted EPS | 2.47 | 4.02 | 11.85 | 20.59 | 6.95 | 4.94 | 4.84 | 3.38 |
| Diluted EPS YoY | −69.7% | +62.8% | +194.8% | +73.8% | −66.2% | −28.9% | −2.0% | −30.2% |
| net % | 1.7% | 2.7% | 5.4% | 7.0% | 3.4% | 2.6% | 2.7% | 1.8% |
| Free cash flow | 380.8 m | 435.1 m | 394.8 m | 749.6 m | 772.7 m | 405.9 m | 456.3 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jul 2026
- Cash
- 482.0 m USD
- Financial debt
- 868.0 m USD
- Net debt
- 386.0 m USD
- Equity
- 4.3 bn USD
- Total assets
- 7.0 bn USD
- Debt / equity
- 0.20x
- Current ratio
- 1.77x
- ROE
- 4.2%
- ROA
- 2.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 12.3 bn | 16.3 bn | 11.1 bn | 10.0 bn | 9.6 bn | 9.6 bn | SEC (XBRL)· 22 Sept 2026verified |
| Cost of revenue | 10.4 bn | 13.5 bn | 9.5 bn | 8.6 bn | 8.2 bn | 8.4 bn | SEC (XBRL)· 22 Sept 2026verified |
| Gross profit | 1.9 bn | 2.8 bn | 1.6 bn | 1.5 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 22 Sept 2026verified |
| Research & development | — | — | — | 49.4 m | 48.6 m | 41.6 m | SEC (XBRL)· 22 Sept 2026verified |
| SG&A | 869.9 m | 1.1 bn | 870.1 m | 895.5 m | 922.6 m | 903.4 m | SEC (XBRL)· 22 Sept 2026verified |
| Depreciation & amortisation | 230.6 m | 284.5 m | 276.9 m | 277.1 m | 271.2 m | 266.4 m | SEC (XBRL)· 22 Sept 2026verified |
| Interest expense | 93.5 m | 90.1 m | 97.4 m | 100.0 m | 61.2 m | 45.3 m | SEC (XBRL)· 22 Sept 2026verified |
| Pre-tax income | 844.6 m | 1.5 bn | 499.4 m | 348.8 m | 296.2 m | 238.7 m | SEC (XBRL)· 22 Sept 2026verified |
| Income tax | 183.7 m | 321.6 m | 125.1 m | 83.4 m | 39.6 m | 64.1 m | SEC (XBRL)· 22 Sept 2026verified |
| Net income | 659.9 m | 1.1 bn | 374.3 m | 265.3 m | 258.6 m | 177.5 m | SEC (XBRL)· 22 Sept 2026verified |
| Diluted EPS | 11.85 | 20.59 | 6.95 | 4.94 | 4.84 | 3.38 | SEC (XBRL)· 22 Sept 2026verified |
| Weighted average diluted shares | 55.7 m | 55.3 m | 53.9 m | 53.7 m | 53.4 m | 52.6 m | SEC (XBRL)· 22 Sept 2026verified |
| Dividend per share | 1.64 | 1.72 | 1.80 | 1.92 | 2.00 | 2.08 | SEC (XBRL)· 22 Sept 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 445.9 m | 311.6 m | 441.2 m | 501.3 m | 586.6 m | 482.0 m | SEC (XBRL)· 22 Sept 2026verified |
| Receivables | 796.5 m | 848.8 m | 543.9 m | 502.3 m | 541.7 m | 486.8 m | SEC (XBRL)· 22 Sept 2026verified |
| Inventories | 1.4 bn | 1.8 bn | 1.7 bn | 1.4 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 22 Sept 2026verified |
| Current assets | 2.8 bn | 3.1 bn | 2.8 bn | 2.7 bn | 2.8 bn | 2.7 bn | SEC (XBRL)· 22 Sept 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 22 Sept 2026verified |
| Goodwill | 1.6 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 22 Sept 2026verified |
| Intangibles (excl. goodwill) | 937.2 m | 1.1 bn | 997.0 m | 861.1 m | 758.8 m | 684.5 m | SEC (XBRL)· 22 Sept 2026verified |
| Total assets | 6.7 bn | 7.4 bn | 7.3 bn | 7.0 bn | 7.1 bn | 7.0 bn | SEC (XBRL)· 22 Sept 2026verified |
| Accounts payable | 915.0 m | 822.4 m | 736.3 m | 628.1 m | 738.1 m | 740.5 m | SEC (XBRL)· 22 Sept 2026verified |
| Short-term debt | 12.4 m | 13.2 m | 11.4 m | 32.7 m | 3.4 m | 2.8 m | SEC (XBRL)· 22 Sept 2026verified |
| Long-term debt | 1.6 bn | 1.8 bn | 1.3 bn | 1.1 bn | 919.6 m | 865.1 m | SEC (XBRL)· 22 Sept 2026verified |
| Current liabilities | 1.8 bn | 1.8 bn | 1.7 bn | 1.6 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 22 Sept 2026verified |
| Equity | 2.9 bn | 3.6 bn | 4.0 bn | 4.1 bn | 4.3 bn | 4.3 bn | SEC (XBRL)· 22 Sept 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 526.5 m | 990.1 m | 981.6 m | 545.5 m | 577.9 m | 321.2 m | SEC (XBRL)· 22 Sept 2026verified |
| Capex | 131.7 m | 240.6 m | 208.9 m | 139.6 m | 121.6 m | — | SEC (XBRL)· 24 Sept 2025verified |
| Free cash flow | 394.8 m ≈ | 749.6 m ≈ | 772.7 m ≈ | 405.9 m ≈ | 456.3 m ≈ | — | SEC (XBRL)· 24 Sept 2025derived |
| Investing cash flow | -428.5 m | -1.0 bn | -222.5 m | -146.8 m | -64.5 m | -125.4 m | SEC (XBRL)· 22 Sept 2026verified |
| Financing cash flow | -188.4 m | -47.8 m | -635.7 m | -337.7 m | -426.3 m | -296.6 m | SEC (XBRL)· 22 Sept 2026verified |
| Dividends paid | 90.8 m | 94.9 m | 96.0 m | 102.1 m | 106.1 m | 108.8 m | SEC (XBRL)· 22 Sept 2026verified |
| Share repurchases | 0 | 165.1 m | 42.0 m | 68.4 m | 52.6 m | 115.1 m | SEC (XBRL)· 22 Sept 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: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation32
- Balance sheet81
- Quality74
- Growth0
- Returns79
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: 27.33 – 72.63 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)42.40 – 72.63 (Mid 53.75)WACC 8.5% · starting FCFF 219.2 m USD · terminal value share of EV 75%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): 13.1%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E41.01 – 68.38 (Mid 58.66)17 companies used · median multiple 17.4x · quartiles 12.1x – 20.2xALSN, APTV, ATMU, BLBD, CAAS, DORM, FSS, GM, GTX, LCII, OSK, PATK, PCAR, SMP, STRT, VC, WGO
- Dividend discount (DDM)27.33 – 36.76 (Mid 31.35)
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
Unattractive profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.8% | 49 (vs peers) | 10% |
| FCF conversion · Quality | 104.8% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -4.8% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -21.4% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 81 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 25.0x | 16 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.3% | 53 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 5.1% | 73 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 58.5% | 88 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial81/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns79/100 · 2/2 factors with a value
- Valuation32/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
THOR INDUSTRIES, INC. (THO). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 9.6 bn USD in 2026; YoY growth 0.3%; net margin 1.8%; ROE 4.2%.
The estimated value range is 41.01–68.38 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 53.75 USD, the price of 84.65 USD leaves a potential of -36.5% (value / price − 1) and a margin of safety of -57.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 104.8%
- Current ratio: 1.8x
- Shareholder yield (distributions): 5.1%
- Payout ratio (FCF): 58.5%
What contradicts it
- Revenue CAGR 3Y: -4.8%
- EPS CAGR 3Y: -21.4%
- P/E (TTM): 25.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Transportation equipment (SIC 371x) · same industry group (3-digit SIC) · compared with 39 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 | |
|---|---|---|---|---|---|---|
| TSLATesla, Inc. | 1,522.6 bn | 424.6 | 3.8% | 3.1% | −2.9% | −10% / +60% |
| GMGeneral Motors Company | 78.0 bn | 20.6 | 6.1% | 2.1% | −1.3% | +26% / +192% |
| PCARPACCAR Inc | 55.9 bn | 20.2 | 13.7% | 9.5% | −15.5% | +1% / +16% |
| RIVNRivian Automotive, Inc. | 20.5 bn | — | -55.0% | -45.9% | +8.4% | −17% / −16% |
| ALSNAllison Transmission Holdings, Inc. | 9.9 bn | 17.4 | 29.7% | 11.1% | −6.7% | +36% / +125% |
| APTVAptiv PLC | 8.8 bn | 11.9 | 8.5% | 4.6% | +3.5% | −44% / −48% |
| OSKOshkosh Corporation | 8.7 bn | 17.5 | 11.0% | 4.6% | −2.9% | +12% / +47% |
| NIONIO Inc. | 8.2 bn | — | -302.6% | -17.1% | +38.9% | −40% / −55% |
| VFSVinFast Auto Ltd. | 7.8 bn | — | — | -175.5% | +54.7% | +2% / −61% |
| FSSFederal Signal Corporation | 7.2 bn | 24.5 | 20.5% | 11.7% | +17.1% | +3% / +71% |
| MODModine Manufacturing Co | 5.2 bn | 41.3 | 11.4% | 3.6% | +23.1% | −39% / +100% |
| THOThor Industries, Inc. | 4.4 bn | 25.0 | 4.2% | 1.8% | +0.3% | −17% / −13% |
| 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% |
| LCIILci Industries | 2.5 bn | 12.1 | 15.0% | 5.2% | +10.2% | −8% / −4% |
| VCVisteon Corp | 2.0 bn | 13.8 | 10.8% | 4.1% | −2.5% | −22% / −32% |
| BLBDBlue Bird Corp | 1.9 bn | 7.4 | 64.3% | 17.5% | +9.9% | +17% / +220% |
| LCIDLucid Group, Inc. | 1.3 bn | — | -571.4% | -249.2% | +67.6% | −75% / −92% |
| SMPStandard Motor Products, Inc. | 1.0 bn | 15.1 | 9.9% | 3.8% | +22.4% | +22% / +28% |
| WGOWinnebago Industries, Inc. | 969.7 m | 28.2 | 2.8% | 1.3% | −3.4% | −6% / −47% |
| CPSCooper-Standard Holdings Inc. | 391.6 m | — | — | -2.0% | +0.4% | −29% / +24% |
| STRTStrattec Security Corp | 258.5 m | 15.6 | 7.2% | 2.9% | +2.5% | −14% / +201% |
| MPAAMotorcar Parts Of America, Inc. | 200.3 m | — | -1.6% | -0.5% | +4.3% | −20% / +10% |
1- and 3-year price returns: for THO 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 | 46.18 Total return -44% · Per year -44% | 82.05 Total return -1% · Per year -1% | 124.13 Total return 50% · Per year 50% |
| 3 years | 36.87 Total return -52% · Per year -22% | 74.42 Total return -5% · Per year -2% | 124.73 Total return 56% · Per year 16% |
| 5 years | 29.43 Total return -58% · Per year -16% | 67.51 Total return -9% · Per year -2% | 125.33 Total return 63% · Per year 10% |
- Exit P/E± 18.61
- Net margin± 13.02
- Annual revenue growth± 11.73
- Annual dilution± 1.09
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
THOR Industries is the world's largest manufacturer of recreational vehicles, selling through independent dealers in North America and Europe. Net sales for fiscal 2026 reached 9.6 billion USD, but retail demand remains soft due to high interest rates and costs, and margins have been under pressure.
SWOT
Strengths
- Leading market position in North America and worldwide, with a strong brand and high unit shares in towables and motorhomes.
- Geographic diversification, with Europe supporting results when the North American market is weak.
- Solid liquidity, allowing debt reduction and share buybacks even in a weak cycle.
Weaknesses
- Gross margins fell considerably in fiscal 2026, and the company partly absorbed cost increases.
- Dependence on the economic cycle and seasonality makes quarterly revenue volatile.
- Reliance on a limited number of chassis suppliers creates delays and inefficiencies in production.
Opportunities
- Centralized purchasing programs and growth in owned-supplier businesses could improve margins.
- A decline in interest rates could revive retail demand, especially for towables.
- Investment in campground and RV parking infrastructure could support long-term interest in the lifestyle.
Threats
- Trade tariffs and uncertain trade policy could raise material costs.
- Competitive pressure from start-ups and automakers could erode market share.
- High fuel prices linked to the Iran conflict could discourage buyers.
Risks
- Cyclicality and seasonalityhigh
The RV industry is cyclical and sales can drop sharply if demand contracts. The company could lose sales if it cannot cut production quickly.
- Dependence on chassis suppliershigh
Chassis shortages, particularly in Europe, can delay production and motorized sales.
- Material costs and tariffsmedium
Rising material prices and import tariffs could compress margins if they cannot be passed on to customers.
- Intense competitionmedium
Low barriers to entry and new competitors could push prices down and reduce market share.
- Emissions regulationlow
Emissions rules could raise chassis costs and accelerate the shift toward electric or hybrid vehicles.
Investment thesis
What would need to be true (bull case)
- A leading position in both regions and European diversification could support revenue when the US market recovers. Debt reduction and share buybacks point to a solid financial base.
- Dealer stocks have fallen and the backlog has grown, which could speed up deliveries if demand stabilizes.
- Cost reduction and vertical integration initiatives could improve margins even without a large rise in volumes.
What would break the thesis
- Gross margins fell considerably, and cost pressure could continue if tariffs and materials stay expensive.
- Retail demand remains weak, and the North American market could fall further than RVIA forecasts.
- Dependence on the economic cycle and on rate-sensitive buyers makes results hard to predict.
What to watch
- Gross margin trend and results in the North American segmentsQ1 2027
- Independent dealer inventory levels and new orders in backlogQ1 2027
- Fiscal 2027 guidance and RVIA forecasts for 2026 shipments2027
- Effects of restructuring and tax changes on European resultsnext 10-K
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
THOR Industries, Inc. (NYSE: THO) was founded in 1980 and describes itself as the largest manufacturer of recreational vehicles (RVs) in the world, a leader in North America and one of the largest in Europe. The company builds travel trailers, fifth wheels and motorhomes in the United States and Europe and sells them mainly to independent, non-franchise dealers in the US, Canada and Europe, together with parts and accessories 1. Its supply operations, Airxcel and Postle, make components and aluminum extrusions for RV and other manufacturers 1.
Segments
North American Towable RVs
The towable segment includes Airstream, Jayco, Keystone and KZ and produced most of the company's trailer sales in the region. Net sales fell 16.1% in fiscal 2026 on lower unit shipments and weaker margins 2.
North American Motorized RVs
The motorized segment includes Thor Motor Coach, Tiffin Motorhomes and the motorized lines of Airstream and Jayco, covering Class A, C and B motorhomes. Sales rose in fiscal 2026, but gross margin fell under promotional pressure and higher material costs 2.
Trends
- High interest rates and weaker consumer budgetsheadwind
High rates and inflation have discouraged discretionary purchases, and retail demand stayed soft through the key selling season. If rates ease, demand could gradually recover.
- Leaner dealer inventoriestailwind
Independent dealer inventories have fallen sharply, which could support new orders once demand stabilizes.
- Cost and tariff pressureheadwind
Materials, chassis and tariffs on imports raised costs, and the company did not fully pass these increases to customers, compressing margins.
- Growth in owned supplier businessesmixed
Owned suppliers increased content per unit, and centralized purchasing programs could improve margins over the long term.
Competitive position
The RV industry is fragmented with low barriers to entry, with roughly 80 manufacturers in the US and Canada according to Stat Surveys and about 30 in Europe according to CIVD 1. Competition turns on price, design, quality and brand, and new entrants, including some automakers, add pressure 1. The used RV market also competes directly with new sales 1.
- Winnebago IndustriesWGO
US-based maker of motorhomes and towables that competes directly in the North American motorized segment.
- European motorcaravan and caravan makers
European manufacturers named in the sources that compete with EHG brands in the European market.
- North American start-up RV makers
Newer North American companies that entered the RV industry with competing products, as noted in the risk factors.
- Automakers with RV divisions
Vehicle manufacturers that entered the RV segment in North America and Europe with products that can compete directly.
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
- Financial Analysis : Mercedes - Benz Group ( OTCMKTS : MBGYY ) vs . Thor Industries ( NYSE : THO )Surge — GDELT DOC · 25 Oct 2026 · RO
- Show HN: InstinctFlash – Run 5B world-action models in real time on Jetson ThorHacker News · 22 Sept 2026 · EN
- 7 august: Ziua în care s-a încheiat călătoria incredibilă a exploratorului Thor Heyerdahl. 101 zile cu pluta în Oceanul PacificAdevărul · 06 Aug 2026 · RO
The latest news item in our archive is from 25 Oct 2026; the newest SEC filing is from 03 Nov 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
- Proxy statement03 Nov 2026
- Current report13 Oct 2026Other events · Financial statements and exhibits
- Current report22 Sept 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Annual report22 Sept 2026
- Current report16 Jun 2026Other events · Financial statements and exhibits
- Current report03 Jun 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Jun 2026
- Current report24 Mar 2026Other events · Financial statements and exhibits
- Current report03 Mar 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-07-31 · SEC / THOR Industries, Inc. · 22 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / THOR Industries, Inc. · 22 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.