Start here if you're new
what it is
LCI sells the guts of RVs and trailers, from chassis and windows to awnings and slide-out systems.
how it gets paid
Last year Lci Industries made $4.1B in revenue. OEM RV components was the main engine at $2.05B, or 50% of sales.
why it's growing
Revenue grew 10.2% last year. The 48.08% EPS beat matters most because it says LCI is executing better than analysts expected even as the industry remains cyclical.
what just happened
LCI's latest quarter beat expectations, with EPS at $0.77 versus a $0.52 estimate.
At a glance
B+ balance sheet — decent shape, but not bulletproof
40/100 earnings predictability — expect surprises
18.0x trailing p/e — the market's not buying it — or you found a deal
3.7% dividend yield — cash in your pocket every quarter
12.0% return on capital — nothing to write home about
xvary composite: 55/100 — below average
What they do
LCI sells the guts of RVs and trailers, from chassis and windows to awnings and slide-out systems.
LCI wins because it sells the unglamorous parts every RV maker needs, then keeps selling replacements after the first sale. It runs over 130 manufacturing and distribution facilities and employs 11,500 people as of 12/31/24, which means your customer can buy a chassis, a window, and an awning from the same supplier. That scale supports a 12.0% return on capital, which is finance-speak for how much profit it earns on the money tied up in the business, so what: this is a real operator, not a story stock.
How they make money
$4.1B
annual revenue · their business grew +10.2% last year
OEM RV components
$2.05B
+12.0%
Aftermarket RV parts
$0.82B
+8.0%
Chassis and towing systems
$0.53B
+10.0%
Windows, doors, and glass
$0.41B
+6.0%
Marine, utility, bus, and rail components
$0.29B
+4.0%
The products that matter
manufactures RV chassis
Steel Chassis
$4.1B revenue base
it is the only business line this page gives you, and it covers the full $4.1B revenue base. growth in the core business slowed to 4.2%, so you are watching unit demand and pricing discipline more than a hidden growth engine.
core business
Key numbers
1.5%
sales growth
Expected sales growth slows to 1.5% from a 12.5% historical rate, so what: the business is improving, but the easy rebound is mostly behind you.
18.0x
trailing p/e
P/E means price-to-earnings, or how much you pay for each dollar of profit, so what: you are not buying this like a distressed cyclical.
3.7%
dividend yield
Dividend yield means the annual cash payout as a share of the stock price, so what: you get paid to wait, but not enough to ignore a downturn.
12.0%
return on capital
Return on capital means profit earned on the money used in the business, so what: LCI is productive, just not cheap enough to excuse weak growth.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $944M (23% of capital)
- net profit margin 5.4% — keeps 5 cents of every dollar in revenue
- return on equity 16% — $0.16 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in LCII 3 years ago → it's now worth $13,410.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
LCI's latest quarter beat expectations, with EPS at $0.77 versus a $0.52 estimate.
Quarterly EPS history also shows a sharp rebound, with 2025 third-quarter EPS at $2.55 versus $1.39 in the 2024 third quarter. Gross margin was 24.3%, which helped convert recovering demand into profit.
$933M
revenue
$0.77
eps
24.3%
gross margin
the number that mattered
The 48.08% EPS beat matters most because it says LCI is executing better than analysts expected even as the industry remains cyclical.
-
indeed, the company reported september-interim earnings of $2.55 a share, well above our estimate and the year-ago figure, on a better-than-expected 13% top-line improvement.revenue growth was driven by a $105.6 million increase in oem net sales, while net sales from acquisitions contributed $41.9 million in the third quarter. and the bottom line reaped the rewards of margin expansion, the result of reduced costs from materials sourcing strategies, increased north american rv sales volume, and an improved sales mix of higher content fifth-wheel units.
-
as a result, we expect that the company will post 2025 earnings of about $7.30 a share, with a solid 12% increase likely in the cards for the current year. (note that starting in 2026, we will be reporting adjusted earnings for all companies under our review.) and investors are certainly enthused about the company’s prospects.
-
lcii stock has jumped over 50% in value since our late-october review, and it is currently trading in a range not seen since 2024.
-
so what about lci industries’ finances?the company ended the september interim with $199.7 million in cash on its ledger, up $38.5 million from a year ago, and long-term debt of $944.2 million, an increase of $121.9 million over the last 12 months.
-
investors seeking a short-term commitment can find more alluring alternatives elsewhere.based on recent price and earnings momentum, lcii stock is ranked to mimic the broader market over the year ahead.
source: company earnings report, 2026
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What could go wrong
the top risk is an RV production slowdown hitting a 4.8% margin supplier.
med
RV demand is still the whole story
this page shows one core business tied to recreational vehicles and a full $4.1B revenue base. when dealers or manufacturers pull back, suppliers do not have much to hide behind.
impact: slower RV builds pressure the whole revenue base, not a side segment.
med
4.8% net margin leaves little room for mistakes
LCII keeps less than 5 cents of profit on each sales dollar. that means lower volume, weaker pricing, or higher input costs reach earnings fast.
impact: thin margins turn small operating misses into larger EPS moves.
med
the balance sheet is fine until the cycle gets ugly
long-term debt stands at $944.2M while cash is $199.7M. that is manageable in normal conditions, but it gives you less room if demand rolls over.
impact: debt outweighs cash by roughly $744M, so flexibility matters more than the B+ headline grade suggests.
med
investors are not fully buying the recovery yet
164 institutions sold against 129 buyers last quarter, and earnings predictability is only 40/100. one good quarter did not erase the market's skepticism.
impact: mixed ownership and uneven predictability can keep the multiple capped even if operations improve.
a slowdown in RV production hits the full $4.1B revenue base while $944.2M of debt and a 4.8% net margin leave less margin for error than the recent EPS rebound suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings on may 05, 2026
you want to see whether revenue and margin guidance support that $8.15 EPS estimate.
metric
revenue around the $4.0B estimate
annual revenue was $4.1B, while the 2026 estimate sits near $4.0B. if you own LCII, that gap matters.
risk
margin discipline above 4.8%
the stock can absorb a soft patch better than it can absorb shrinking margins in a business that already runs thin.
trend
institutional flow after 164 sellers vs. 129 buyers
you are looking for stabilization here. net selling does not kill the thesis, but it tells you conviction is still mixed.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts think LCII will behave a lot like the broader market over the next year.
risk profile
average
stability score 3 — this is not a bunker stock, but it is not a disaster setup either.
chart momentum
average
technical score 3 — the chart is giving you no special message beyond the cycle still being undecided.
earnings predictability
40 / 100
earnings are harder to model here than in steadier industrial names. you should expect a bumpier reporting pattern.
source: institutional data
Institutional activity
129 buyers vs. 164 sellers in 3q2025. total institutional holdings: 26.2M shares.
source: institutional data
Price targets
3-5 year target range
$66
$166
$131
current price
$116
target midpoint · 11% from current · 3-5yr high: $210 (+60% · 15% ann'l return)
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