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what it is
Thor builds and sells RVs, from travel trailers to motorhomes, through brands like Airstream, Jayco, and Tiffin.
how it gets paid
Last year Thor Industries made $9.6B in revenue.
why growth slowed
Revenue fell 4.6% last year. The number that mattered was 112% revenue growth.
what just happened
Thor's latest quarter was a clean surprise, with revenue hitting $4.5B and EPS jumping to $0.75.
At a glance
B+ balance sheet — decent shape, but not bulletproof
45/100 earnings predictability — expect surprises
22.4x trailing p/e — priced about right
1.9% dividend yield — cash in your pocket every quarter
10.0% return on capital — nothing to write home about
xvary composite: 55/100 — below average
What they do
Thor builds and sells RVs, from travel trailers to motorhomes, through brands like Airstream, Jayco, and Tiffin.
If you shop for an RV, Thor meets you with a wall of brands, from Airstream to Jayco to Tiffin. That scale matters: Thor has 20,900 employees and is the largest RV maker, so dealers get more floor coverage and you get more price points in one place. Brand breadth (product mix → more buyers served → steadier sales) is the moat.
How they make money
$9.6B
annual revenue · revenue declined -4.6% last year
total revenue
$9.6B
4.6%
The products that matter
manufactures and sells RVs
Motorhomes & Travel Trailers
$9.6B revenue
it's the entire $9.6B business, and sales fell 4.6% from last year. concentration cuts both ways. if the cycle turns up, you feel it fast. if it turns down, there is nowhere else for growth to hide.
100% of revenue
Key numbers
112%
quarterly growth
Quarterly revenue doubled vs. prior year to $4.5B. That tells you the downturn did not break the business.
22.4x
trailing p/e
You are paying 22.4 times trailing earnings for a company with a 4.1% net margin. That is not a bargain multiple.
10.0%
return on capital
Return on capital means profit earned on the money tied up in the business. So what: Thor is decent, not elite, at turning factories and inventory into earnings.
$913M
long-term debt
Debt is 14% of capital, which keeps the balance sheet from becoming the problem during a demand slump.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $913M (14% of capital)
- net profit margin 4.1% — keeps 4 cents of every dollar in revenue
- return on equity 12% — $0.12 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 THO 3 years ago → it's now worth $12,370.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Thor's latest quarter was a clean surprise, with revenue hitting $4.5B and EPS jumping to $0.75.
Revenue rose 112% vs. prior year, while EPS climbed 121%. Management got help from stronger motorized demand, where unit shipments rose 32.3% in North America.
$4.5B
revenue
$0.75
eps
12.7%
gross margin
the number that mattered
The number that mattered was 112% revenue growth, because it shows dealer restocking and demand recovery are both showing up at the same time.
-
thor industries’ fiscal first-quarter performance was dramatically better than we had anticipated.
-
to wit, the company posted earnings of $0.41 a share, well above our estimate and the year-ago figure, on a better-than-expected 11% jump in sales.
-
the lion’s share of the good news may be attributed to the north american motorized division, which reported a hefty 30.9% jump in fiscal first-quarter sales.
-
this was the result of a 32.3% increase in unit shipments, driven by a combination of new products in the premium segment and a continued emphasis on targeting critical retail price points where consumer demand is currently highest.
-
the segment ended the october period with a 32.5% vs. prior year increase in backlog, which augurs well for its future performance.
source: company earnings report, 2026
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What could go wrong
the core risk is simple: Thor gets all $9.6B of revenue from a purchase many customers finance and many buyers can delay.
med
rate-sensitive demand
Thor sells discretionary vehicles that are often financed. If borrowing stays expensive or confidence weakens, showroom traffic can cool fast.
100% of the $9.6B revenue base sits inside the RV cycle. there is no defensive second segment to balance it.
med
the recent order improvement might be a pocket, not a trend
the best recent numbers were concentrated in motorized: 30.9% sales growth, 32.3% unit shipment growth, and backlog up 32.5%.
the recovery case leans on those signals. if they flatten out, investors lose the clearest reason to pay 22.4x trailing earnings today.
med
thin margins leave you very little room for error
a 2.3% net margin and 2.7% recent quarterly margin do not absorb much pain from discounting, freight pressure, or production mistakes.
when your margin starts with a two, small operating issues do outsized damage to earnings.
med
the stock already assumes some normalization
THO trades at 22.4x trailing earnings while analysts expect $4.25 in fiscal 2026 EPS after $4.84 in fiscal 2025. that is not distressed pricing.
if the rebound stays uneven, you could be paying a respectable multiple for a business still acting very cyclical.
if demand stumbles, essentially all of the $9.6B revenue base feels it, and a 2.3% margin gives management very little room to absorb the hit.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
motorized backlog and unit shipments
recent momentum came from 32.3% shipment growth and backlog up 32.5%. if those cool, the recovery narrative cools with them.
metric
quarterly margin
2.7% margin is workable, not roomy. you want to see it hold or improve, because a business this thin cannot hide mistakes.
calendar
the next earnings report
one better quarter got attention. the next one tells you whether that was the start of a pattern or one clean patch inside a noisy cycle.
risk
institutional selling
funds have been net sellers for two straight quarters. not a panic signal, but big money is still waiting for better proof.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts think the stock is moving normally, without a strong short-term signal either way.
risk profile
average
stability score 3 — middle-of-the-road risk fits a cyclical manufacturer with a decent balance sheet and thin margins.
chart momentum
top 20%
technical score 2 — the chart has improved faster than the underlying business. price is voting before the income statement fully agrees.
earnings predictability
45 / 100
earnings can surprise in both directions. that's what cyclical demand plus a 2.3% margin tends to do.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 179 buyers vs. 189 sellers in 3q2025. total institutional holdings: 53.3M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$56
$133
$108
current price
$95
target midpoint · 12% from current · 3-5yr high: $170 (+55% · 13% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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