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World's largest RV manufacturer, making towable and motorized recreational vehicles under many brand names.
World's largest RV manufacturer, making towable and motorized recreational vehicles under many brand names.
Sells wholesale to independent dealers, who stock vehicles with floorplan loans (inventory financing) and sell to consumers, so factory shipments depend on how many dealers will stock and how many buyers can finance a purchase. Interest rates matter twice, on dealer costs and consumer payments. The 2019 Erwin Hymer Group deal added a major European business.
Moat: narrow (scale, brand, distribution). Multi-brand portfolio and dealer network scale give cost and shelf-space advantages.
Headquarters: Elkhart, Indiana, US · Founded: 1980 · Employees: 19,500
Size Thor Industries (THO) is a United States Consumer Discretionary company (Recreational Products) with a market value of $4.18B, the 1320th largest of 3,117 United States companies the cockpit tracks. Shares closed at $80.77 on 6 Nov 2026.
Performance Over six months the shares gained 4.6%, against +2.1% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 0.3% over the last twelve months (peer median +7.1%); the operating margin is 2.7% (peer median 9.8%).
Valuation It trades at 22.3× forward earnings against a peer median of 17.9× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is -5%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.8 points below its cost of capital (11.2% WACC).
Short interest Short interest is 10.1% of the free float (15 Oct 2026).
Next results Next results expected around 9 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $9.61B | $9.61B | $9.58B | $10.0B | $11.1B |
| Revenue growth | — | 0% | -5% | -10% | — |
| Gross profit | $1.10B | $1.07B | $1.20B | $1.59B | $1.46B |
| EBITDA | $528M | $528M | $571M | $702M | $862M |
| Net income | $178M | $178M | $259M | $265M | $374M |
| Free cash flow | $169M | $169M | $455M | $406M | $773M |
| Capital expenditure | $152M | $152M | $123M | $140M | $208M |
| Total debt | $971M | $971M | $1.03B | $1.25B | $1.40B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Thor Industries THO | $4.18B | +5% | 0% | 3% | 22.3× | 16.0% |
| Winnebago Industries WGO | $892M | -1% | -3% | 2% | 15.8× | 6.9% |
| Polaris PII | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% |
| Trigano TRI.PA | $2.93B | -16% | +2% | 9% | 9.4× | -6.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | THO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +22.2% | +3.7% | 2nd highest of 21 |
| 6-month return | +4.6% | +2.1% | 10th highest of 21 |
| Distance from 52-week high | -34.2% | -18.1% | 3rd lowest of 21 |
| Revenue growth (TTM) | +0.3% | +7.1% | 4th lowest of 21 |
| Operating margin | 2.7% | 9.8% | 3rd lowest of 21 |
| Forward P/E | 22.3× | 17.9× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 16.0% | 2.5% | 4th most demanding of 18 |
| Growth delivered (Del g) | -4.8% | +7.9% | lowest of 18 |
| Hurdle (Req g minus delivered) | +20.8 pp | -5.2 pp | 3rd most demanding of 18 |
| ROIC minus cost of capital | -6.8 pp | +3.6 pp | lowest of 20 |
| EV / EBITDA | 8.8× | 11.4× | 6th cheapest of 19 |
| Net debt / EBITDA | 0.9× | -0.0× | 7th most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Thor Industries THO | United States | $4.18B | +5% | 0% | 3% | 22.3× | 16.0% | -4.8% |
| Fluidra FDR.MC | Spain | $4.12B | +4% | +2% | 14% | 14.9× | 5.4% | +8.0% |
| Mattel MAT | United States | $4.39B | 0% | +3% | 9% | 12.8× | 0.2% | +3.1% |
| Asmodee ASMDEE-B.ST | Sweden | $3.97B | +39% | +17% | 16% | 17.1× | -1.8% | +11.9% |
| Acushnet GOLF | United States | $4.72B | -12% | +7% | 13% | 20.0× | 3.8% | +9.7% |
| Polaris PII | United States | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% | +0.4% |
| Yamaha 7951.T | Japan | $3.39B | +7% | +5% | 8% | 15.8× | -1.7% | +4.5% |
| Hayward HAYW | United States | $3.38B | +11% | +8% | 22% | 17.9× | 9.9% | +5.1% |
| Technogym S.p.A TGYM.MI | Italy | $3.34B | -32% | +10% | 16% | 23.8× | 9.7% | +14.9% |
| Callaway Golf CALY | United States | $3.00B | -4% | -37% | 9% | 18.6× | 2.4% | +5.3% |
| Tomy 7867.T | Japan | $2.74B | +89% | +7% | 9% | 20.2× | 2.5% | +13.9% |
| Games Workshop GAW.L | United Kingdom | $7.15B | -17% | +7% | 42% | 25.2× | 11.7% | +12.3% |
| Alpha 002292.SZ | China | $2.08B | +13% | +2% | 9% | 72.3× | 28.4% | +0.9% |
| tonies TNIE.DE | Germany | $1.86B | +24% | +36% | 4% | 37.4× | n/a | n/a |
| VTech 0303.HK | Hong Kong | $1.72B | -15% | -7% | 9% | 11.9× | -9.7% | -3.0% |
| Bloks 0325.HK | Hong Kong | $1.56B | -23% | +30% | 21% | 12.4× | -1.0% | +102.8% |
| Spin Master TOY.TO | Canada | $1.52B | +6% | -2% | 9% | 9.6× | -11.5% | +7.0% |
| Sanlorenzo SL.MI | Italy | $1.46B | -7% | +2% | 14% | 11.8× | -2.0% | +13.7% |
| New Gonow Recreational Vehicles 0805.HK | Hong Kong | $1.36B | +491% | +13% | 2% | n/a | n/a | n/a |
| Yonex 7906.T | Japan | $1.31B | -10% | +15% | 10% | 14.6× | n/a | n/a |
| Mips MIPS.ST | Sweden | $1.24B | +75% | +41% | 37% | 47.3× | 32.9% | +7.9% |