# LCI Industries (LCII)

> Source: Nexqual · https://nexqual.com/LCII · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, LCI Industries (LCII), nexqual.com/LCII" · informational, not investment advice.

**Price:** USD 86.6 (+4.15% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 83.15 · day 83.27–87.7 · 52w 77.58–159.66 · market cap $2.11B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.03B, net income $211M (5.2% margin), free cash flow $287M (SEC filings).
- Valuation: P/E 10.0x (avg 28.1x at the last 3 fiscal year-ends), EV/EBITDA 6.5x, net debt $636M.
- Analysts: Hold (mean 2.55 on a 1–5 scale) (11 analysts), mean target USD 119.8 (range 80–175).
- Total return with dividends: 1Y -0.9% vs S&P 500 +14.9%; 5Y -25.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 2.09, revenue estimate $1.00B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.47B | $5.21B | $3.78B | $3.74B | $4.12B | $4.03B |
| Gross profit | $1.04B | $1.27B | $776M | $880M | $980M | — |
| Operating income | $398M | $553M | $123M | $218M | $280M | $302M |
| Net income | $288M | $395M | $64.2M | $143M | $188M | $211M |
| EPS (diluted) | $11.32 | $15.48 | $2.52 | $5.60 | $7.57 | — |
| Free cash flow | -$210M | $472M | $465M | $328M | $278M | $287M |
| Gross margin | 23.3% | 24.5% | 20.5% | 23.5% | 23.8% | — |
| Operating margin | 8.9% | 10.6% | 3.3% | 5.8% | 6.8% | 7.5% |
| Net margin | 6.4% | 7.6% | 1.7% | 3.8% | 4.6% | 5.2% |
| Revenue growth | +60.0% | +16.4% | -27.3% | -1.2% | +10.2% | — |
| Cash + short-term investments | $62.9M | $47.5M | $66.2M | $166M | $223M | — |
| Total debt | $1.30B | $1.12B | $847M | $757M | $945M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.0x · P/S 0.5x · EV/EBITDA 6.5x · EV/Sales 0.7x · P/FCF 7.3x · P/B 1.5x · FCF yield 13.63% · Earnings yield 10.03% · Dividend yield (paid, TTM) 5.30% · Buyback yield (TTM) 2.96% · Net debt $636M · EV $2.74B
P/E at fiscal year-ends: Dec 2025 16.0x, Dec 2024 18.5x, Dec 2023 49.8x.

## Analysts
Consensus Hold (mean 2.55 on a 1–5 scale), 11 analysts; mean target USD 119.8 (low 80, high 175).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Stifel | Downgrade | Buy → Hold | $130 → $80 |
| 2026-08-10 | Roth Capital | Target lowered | Buy | $155 → $135 |
| 2026-08-06 | Stifel | Target lowered | Buy | $137 → $130 |
| 2026-07-20 | Stifel | Target lowered | Buy | $152 → $137 |
| 2026-07-08 | Truist Securities | Target lowered | Hold | $135 → $114 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -0.9% | -25.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.9% | -5.6% |
| Volatility (annualized) | 37.2% | 38.7% |
| Max drawdown | -48.7% (Feb 2026→Oct 2026) | -48.6% (Feb 2026→Oct 2026) |

## Peers (Recreational Vehicles)
PATK (Patrick Industries, Inc.) USD 70.27 +4.41% · HOG (Harley-Davidson, Inc.) USD 29.11 +6.47% · PII (Polaris Inc.) USD 56.69 +4.42% · THO (Thor Industries, Inc.) USD 70.71 +6.44% · DOO (BRP Inc.) USD 58.54 +4.78% · BC (Brunswick Corporation) USD 68.29 +4.29%

## More
Full page: https://nexqual.com/LCII · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LCII's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/763744/000076374426000011/lcii-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Furrion Holdings | "We negotiate for the purchase of a significant portion of raw materials and semi-finished components with suppliers that are not located in the United States, and this amount has increased as a result of our acquisitions…" |
| Supplier | Way Interglobal Network | "We negotiate for the purchase of a significant portion of raw materials and semi-finished components with suppliers that are not located in the United States, and this amount has increased as a result of our acquisitions…" |
| Customer | THOR INDUSTRIES INC (THO) | "Major customers include Thor Industries, Inc. (symbol: THO), Forest River, Inc. (a Berkshire Hathaway company, symbol: BRKA), and Winnebago Industries (symbol: WGO), as well as other RV OEMs." |
| Customer | BERKSHIRE HATHAWAY INC (BRK-B) | "Major customers include Thor Industries, Inc. (symbol: THO), Forest River, Inc. (a Berkshire Hathaway company, symbol: BRKA), and Winnebago Industries (symbol: WGO), as well as other RV OEMs." |
| Customer | BRUNSWICK CORP (BC) | "Major customers include Brunswick Corporation (symbol: BC), Polaris Inc. (symbol: PII), Blue Bird Corporation (symbol: BLBD), Skyline Champion Corporation (symbol: SKY), and Cavco Industries, Inc. (symbol: CVCO)." |
| Customer | Polaris Inc. (PII) | "Major customers include Brunswick Corporation (symbol: BC), Polaris Inc. (symbol: PII), Blue Bird Corporation (symbol: BLBD), Skyline Champion Corporation (symbol: SKY), and Cavco Industries, Inc. (symbol: CVCO)." |
| Customer | Blue Bird Corp (BLBD) | "Major customers include Brunswick Corporation (symbol: BC), Polaris Inc. (symbol: PII), Blue Bird Corporation (symbol: BLBD), Skyline Champion Corporation (symbol: SKY), and Cavco Industries, Inc. (symbol: CVCO)." |
| Customer | CAVCO INDUSTRIES, INC. (CVCO) | "Major customers include Brunswick Corporation (symbol: BC), Polaris Inc. (symbol: PII), Blue Bird Corporation (symbol: BLBD), Skyline Champion Corporation (symbol: SKY), and Cavco Industries, Inc. (symbol: CVCO)." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| OEM | $674.8M | 69.7% | -19.6% | $44.1M | 6.5% |
| — Adjacent industries OEMs (part of OEM) | $338.7M | 35.0% | +0.7% | — | — |
| — Travel trailers and fifth-wheels (part of OEM) | $282.3M | 29.1% | -36.1% | — | — |
| — Motorhomes (part of OEM) | $53.8M | 5.6% | -12.4% | — | — |
| Aftermarket | $293.9M | 30.3% | +9.8% | $51.9M | 17.7% |
| Total revenue | $968.7M | 100% | — | $96.0M | 9.9% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Windows and doors | $217.2M | 22.4% | -3.6% |
| Chassis, chassis parts and slide-out mechanisms | $190.8M | 19.7% | -17.2% |
| Furniture and mattresses | $100.2M | 10.3% | -23.5% |
| Axles and suspension solutions | $76.8M | 7.9% | -18.3% |
| Other | $60.9M | 6.3% | -14.9% |
| Appliances | $29.0M | 3.0% | -66.9% |
| Total revenue | $968.7M | 100% | — |
The lines above cover 69.7% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $861.0M | 88.9% | -14.2% |
| Non-US | $107.7M | 11.1% | +3.3% |
| Total revenue | $968.7M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 18%, 15% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.09 | $2.30 | -9.1% | $1.00B | 11 |
| Next quarter (ends 2026-12-31) | $1.09 | $1.27 | -14.5% | $916.1M | 11 |
| Current fiscal year (ends 2026-12-31) | $8.43 | $8.70 | -3.1% | $4.01B | 11 |
| Next fiscal year (ends 2027-12-31) | $9.26 | $9.83 | -5.8% | $4.19B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±9.7%; last 8 reports averaged ±5.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 43.0% | ±9.7% |
| 2026-12-18 | 56 | 38.8% | ±12.2% |
| 2027-01-15 | 84 | 37.5% | ±14.3% |
| 2027-04-16 | 175 | 35.6% | ±19.3% |