# THOR Industries, Inc. (THO)

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

**Price:** USD 70.71 (+6.44% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 66.43 · day 65.4–71.12 · 52w 62.83–122.83 · market cap $3.65B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $9.61B, net income $178M (1.8% margin) (SEC filings).
- Valuation: P/E 20.6x (avg 20.8x at the last 3 fiscal year-ends), net debt $386M.
- Earnings quality: non-operating income $78.5M vs operating income null over the last four quarters; P/E excluding non-operating income ≈30.4x (estimate: non-operating income taxed at the company's 26.8% effective rate).
- 2 of 80 tracked superinvestors hold THO (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 2.76 on a 1–5 scale) (17 analysts), mean target USD 83.2 (range 53–126).
- Total return with dividends: 1Y -33.9% vs S&P 500 +14.9%; 5Y -24.7% vs S&P 500 +80.3%.
- Next earnings: 2026-12-02, EPS estimate USD 0.14, revenue estimate $2.27B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $16.3B | $11.1B | $10.0B | $9.58B | $9.61B | $9.61B |
| Gross profit | $2.81B | $1.60B | $1.45B | $1.34B | $1.21B | — |
| Net income | $1.14B | $374M | $265M | $259M | $178M | $178M |
| EPS (diluted) | $20.59 | $6.95 | $4.94 | $4.84 | $3.38 | — |
| Free cash flow | $750M | $773M | $406M | $456M | — | — |
| Gross margin | 17.2% | 14.4% | 14.5% | 14.0% | 12.6% | — |
| Net margin | 7.0% | 3.4% | 2.6% | 2.7% | 1.8% | 1.8% |
| Revenue growth | +32.4% | -31.8% | -9.7% | -4.6% | +0.3% | — |
| Cash + short-term investments | $312M | $441M | $501M | $587M | $482M | — |
| Total debt | $1.77B | $1.30B | $1.13B | $923M | $868M | — |
Fiscal years end Jul. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 20.6x · P/E ex non-operating (est.) ≈30.4x · P/S 0.4x · EV/Sales 0.4x · P/B 0.9x · Earnings yield 4.86% · Buyback yield (TTM) 3.15% · Net debt $386M · EV $4.04B
P/E at fiscal year-ends: Jul 2026 22.2x, Jul 2025 18.8x, Jul 2024 21.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold THO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Tweedy Browne |  | 0.15% | $2.0M | New position |
| Bill Nygren | Oakmark Funds | 0.09% | $69.4M | Reduced -4.0% |

## Analysts
Consensus Hold (mean 2.76 on a 1–5 scale), 17 analysts; mean target USD 83.2 (low 53, high 126).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Citigroup | Target lowered | Neutral | $76 → $70 |
| 2026-10-08 | Truist Securities | Target raised | Hold | $80 → $87 |
| 2026-09-23 | Baird | Target lowered | Neutral | $90 → $80 |
| 2026-09-21 | B of A Securities | Target lowered | Buy | $96 → $86 |
| 2026-09-16 | Citigroup | Target lowered | Neutral | $79 → $76 |
| 2026-09-15 | BMO Capital | Target lowered | Outperform | $110 → $95 |
| 2026-07-24 | Citigroup | Target lowered | Neutral | $80 → $79 |
| 2026-07-08 | Truist Securities | Target lowered | Hold | $109 → $80 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -33.9% | -24.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -34.0% | -5.5% |
| Volatility (annualized) | 38.8% | 39.3% |
| Max drawdown | -46.2% (Feb 2026→Oct 2026) | -47.7% (Feb 2024→Oct 2026) |

## Peers (Recreational Vehicles)
PII (Polaris Inc.) USD 56.69 +4.42% · DOO (BRP Inc.) USD 58.54 +4.78% · HOG (Harley-Davidson, Inc.) USD 29.11 +6.47% · BC (Brunswick Corporation) USD 68.29 +4.29% · PATK (Patrick Industries, Inc.) USD 70.27 +4.41% · LCII (LCI Industries) USD 86.6 +4.15%

## More
Full page: https://nexqual.com/THO · 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)


Other companies that name THO in their own reports (relationship from THO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | LCI INDUSTRIES (LCII) | 10-K 2026-02-26 | "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." |
| supplier | PATRICK INDUSTRIES INC (PATK) | 10-K 2026-02-19 | "Its revenues from the RV market include sales to two major manufacturers of RVs that each account for over 10% of the Company's net sales, Forest River and Thor." |

## Revenue by business segment (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total North America | $1.19B | 51.3% | -17.9% |
| European | $969.2M | 41.9% | +5.0% |
| North American Towable | $687.3M | 29.7% | -22.7% |
| North American Motorized | $499.3M | 21.6% | -10.4% |
| Total revenue | $2.31B | 100% | — |
The lines above cover 144.6% of total revenue.

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Motorcaravan | $539.8M | 23.4% | +3.3% |
| Campervan | $281.4M | 12.2% | +14.2% |
| Fifth Wheels Towables | $269.6M | 11.7% | -30.5% |
| Classc Motorized | $253.9M | 11.0% | -12.2% |
| Classa Motorized | $127.5M | 5.5% | -17.2% |
| Classb Motorized | $117.9M | 5.1% | +3.3% |
| Other Rv Related | $110.9M | 4.8% | +0.2% |
| Caravan | $37.1M | 1.6% | -14.6% |
| Total revenue | $2.31B | 100% | — |
The lines above cover 75.2% of total revenue.

## Revenue by region (fiscal year ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $5.83B | 60.6% | -4.8% |
| Germany | $2.01B | 20.9% | +4.5% |
| Other Europe | $1.30B | 13.5% | +17.7% |
| Canada | $440.1M | 4.6% | +12.0% |
| Other foreign | $35.0M | 0.4% | -13.4% |
| Total revenue | $9.61B | 100% | — |

## Customer concentration

Period ended 2026-07-31: 13% of revenue from unnamed direct customers (10-K, filed 2026-09-22).

## Company outlook (8-K filed 2026-09-22)

- "Fiscal 2027 Guidance "We are confident in our ability to operate successfully in the current market and expect a relatively flat retail environment in fiscal 2027 compared to fiscal 2026, with many of the same headwinds we experienced in fiscal 2026 facing us in the near term."
- "Due to the key insights these events provide, we have determined that it is prudent to allow time to gather this input prior to providing fiscal 2027 guidance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.14 | $0.59 | -76.2% | $2.27B | 12 |
| Next quarter (ends 2027-01-31) | $0.24 | $0.42 | -41.9% | $2.11B | 10 |
| Current fiscal year (ends 2027-07-31) | $3.63 | $4.66 | -22.0% | $9.68B | 12 |
| Next fiscal year (ends 2028-07-31) | $4.80 | $5.71 | -16.0% | $10.13B | 12 |