# Winnebago Industries, Inc. (WGO)

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

**Price:** USD 28.57 (+11.43% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 25.64 · day 25.25–28.73 · 52w 21.95–50.16 · market cap $808M · NYQ

## Key facts
- Last four reported quarters (through Aug 29, 2026): revenue $2.70B, net income $34.5M (1.3% margin), free cash flow $145M (SEC filings).
- Valuation: P/E 23.4x (avg 66.6x at the last 3 fiscal year-ends), EV/EBITDA 8.5x, net debt $262M.
- 1 of 80 tracked superinvestors hold WGO (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $512K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.64 on a 1–5 scale) (14 analysts), mean target USD 35.27 (range 24–63).
- Total return with dividends: 1Y -24.3% vs S&P 500 +14.9%; 5Y -51.5% vs S&P 500 +80.3%.
- Next earnings: 2026-12-18, EPS estimate USD 0.32, revenue estimate $647M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.96B | $3.49B | $2.97B | $2.80B | $2.70B | $2.70B |
| Gross profit | $929M | $586M | $434M | $365M | $350M | — |
| Operating income | $584M | $301M | $100M | $57.2M | $66.2M | $66.2M |
| Net income | $391M | $216M | $13.0M | $25.7M | $34.5M | $34.5M |
| EPS (diluted) | $11.84 | $6.23 | $0.44 | $0.91 | $1.21 | — |
| Free cash flow | $313M | $211M | $98.9M | $89.5M | $145M | $145M |
| Gross margin | 18.7% | 16.8% | 14.6% | 13.0% | 13.0% | — |
| Operating margin | 11.8% | 8.6% | 3.4% | 2.0% | 2.4% | 2.4% |
| Net margin | 7.9% | 6.2% | 0.4% | 0.9% | 1.3% | 1.3% |
| Revenue growth | +36.6% | -29.6% | -14.8% | -5.9% | -3.4% | — |
| Cash + short-term investments | $282M | $310M | $331M | $174M | $181M | — |
| Total debt | $546M | $592M | $696M | $541M | $443M | — |
Fiscal years end Aug. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 29, 2026)
P/E 23.4x · P/S 0.3x · EV/EBITDA 8.5x · EV/Sales 0.4x · P/FCF 5.6x · P/B 0.7x · FCF yield 17.90% · Earnings yield 4.27% · Dividend yield (paid, TTM) 4.94% · Buyback yield (TTM) 0.21% · Net debt $262M · EV $1.07B
P/E at fiscal year-ends: Aug 2026 24.8x, Aug 2025 39.6x, Aug 2024 135.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold WGO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 0.16% | $53.4M | Added +72.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-19 | Woodson Bret A | SVP-CHRO | 1,235 | $39K | 3.8% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-13 | Woodson Bret A | SVP-CHRO | 2,414 | $79K | 7.2% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-13 | Happe Michael J | PRESIDENT & CEO | 12,045 | $394K | 3.3% | Yes | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.64 on a 1–5 scale), 14 analysts; mean target USD 35.27 (low 24, high 63).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Citigroup | Target raised | Neutral | $24 → $28 |
| 2026-10-22 | BMO Capital | Target lowered | Outperform | $38 → $33 |
| 2026-10-22 | StoneX | Target lowered | Buy | $40 → $36 |
| 2026-10-13 | Citigroup | Target lowered | Neutral | $29 → $24 |
| 2026-09-16 | Citigroup | Target lowered | Neutral | $30 → $29 |
| 2026-07-27 | Seaport Global | Initiated | Neutral |  |
| 2026-07-08 | Truist Securities | Target lowered | Buy | $43 → $35 |
| 2026-06-29 | Citigroup | Target raised | Neutral | $29 → $30 |
| 2026-06-26 | BMO Capital | Target lowered | Outperform | $48 → $38 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -24.3% | -51.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -24.4% | -13.4% |
| Volatility (annualized) | 45.2% | 43.0% |
| Max drawdown | -52.9% (Feb 2026→Oct 2026) | -65.5% (Jan 2022→Oct 2026) |

## Peers (Recreational Vehicles)
MCFT (MasterCraft Boat Holdings, Inc.) USD 20.29 +4.59% · MBUU (Malibu Boats, Inc.) USD 22.66 +3.75% · LVWR (LiveWire Group, Inc.) USD 1.66 +1.22% · LCII (LCI Industries) USD 86.6 +4.15% · PATK (Patrick Industries, Inc.) USD 70.27 +4.41% · HOG (Harley-Davidson, Inc.) USD 29.11 +6.47%

## More
Full page: https://nexqual.com/WGO · 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 WGO's own 10-K filed 2026-10-21 (https://www.sec.gov/Archives/edgar/data/107687/000162828026066701/wgo-20260829.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Stellantis (STLA) | "In the case of motorhome RV chassis, Mercedes-Benz (USA and Canada), Stellantis N.V., Freightliner Trucks, Ford Motor Company, and Spartan RV Chassis are our major suppliers." |
| Supplier | Ford (F) | "In the case of motorhome RV chassis, Mercedes-Benz (USA and Canada), Stellantis N.V., Freightliner Trucks, Ford Motor Company, and Spartan RV Chassis are our major suppliers." |

## Revenue by business segment (quarter ended 2026-08-29)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Motorhome RV | $323.6M | 50.2% | -10.4% | $7.9M | 2.4% |
| Towable RV | $220.3M | 34.1% | -28.1% | $9.3M | 4.2% |
| Marine | $92.3M | 14.3% | -2.7% | $6.6M | 7.2% |
| Total revenue | $645.1M | 100% | — | $17.6M | 2.7% |

## Revenue by product line (quarter ended 2026-08-29)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Class C and Other | $164.4M | 25.5% | -1.1% |
| Travel Trailer | $120.1M | 18.6% | -22.6% |
| Class A | $93.3M | 14.5% | -31.1% |
| Fifth Wheel | $90.3M | 14.0% | -36.0% |
| Class B | $65.9M | 10.2% | +10.8% |
| Other | $9.9M | 1.5% | -1.0% |
| Total revenue | $645.1M | 100% | — |
The lines above cover 84.3% of total revenue.

## Revenue by region (fiscal year ended 2026-08-29)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.54B | 93.9% | -3.0% |
| International | $163.9M | 6.1% | -8.2% |
| Total revenue | $2.70B | 100% | — |

## Customer concentration

Period ended 2025-03-01: 10.8% of revenue from unnamed direct customers (10-Q, filed 2026-03-25).

## Company outlook (8-K filed 2026-10-21)

- "Financial Guidance -- EDEN PRAIRIE, MINN., October 21, 2026 -- Winnebago Industries, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.32 | $0.40 | -19.2% | $647.4M | 11 |
| Next quarter (ends 2027-02-28) | $0.29 | $0.43 | -31.4% | $642.6M | 11 |
| Current fiscal year (ends 2027-08-31) | $1.97 | $2.40 | -17.8% | $2.71B | 13 |
| Next fiscal year (ends 2028-08-31) | $2.54 | $4.44 | -42.8% | $2.86B | 11 |