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1. Company Snapshot

1.a. Company Description

LCI Industries, together with its subsidiaries, manufactures and supplies components for the manufacturers of recreational vehicles (RVs) and adjacent industries in the United States and internationally.It operates in two segments, Original Equipment Manufacturers (OEM) and Aftermarket.The OEM segment manufactures and distributes a range of engineered components, such as steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; appliances; air conditioners; televisions and sound systems; and other accessories.


This segment serves OEMs of RVs and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing, as well as travel trailers, fifth-wheel travel trailers, folding camping trailers, and truck campers.The Aftermarket segment supplies various components of RV and adjacent industries to retail dealers, wholesale distributors, and service centers.This segment also sells replacement glass and awnings to fulfill insurance claims; and biminis, covers, buoys, and fenders to the marine industry.


The company was formerly known as Drew Industries Incorporated and changed its name to LCI Industries in December 2016.LCI Industries was incorporated in 1984 and is based in Elkhart, Indiana.

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1.b. Last Insights on LCII

Breaking News: LCI Industries has a consensus recommendation of hold from brokerages. Seven research firms covering the firm have rated the stock with a hold recommendation. The average 1-year target price among analysts that have issued a report on the company is not specified. There is no recent earnings release to comment on. Analysts from various firms including but not limited to those tracked by MarketBeat Ratings have given a hold recommendation. No buy or sell recommendations are mentioned from the given data as of February 19 2026.

1.c. Company Highlights

2. LCI Industries' Q4 2025 Earnings: A Strong Finish to a Robust Year

LCI Industries reported a strong Q4 2025, with consolidated net sales reaching $933 million, up 16% year-over-year. The company's OEM segment saw an 18% increase in net sales to $737 million, driven by market share gains and a favorable mix shift towards higher-content units. The aftermarket segment also grew 8% year-over-year to $196 million. The company's adjusted EBITDA margin came in at 7.5%, with GAAP net income at $19 million, or $0.767 per diluted share, beating estimates of $0.69 per share.

Publication Date: Feb -19

📋 Highlights
  • Top-line growth and margin expansion: 15% YoY revenue growth ($933M), 100 bps operating margin improvement to 6.8%.
  • OEM segment performance: $737M net sales (+18% YoY), driven by higher-content units and market share gains.
  • Aftermarket expansion: $196M revenue (+8% YoY), supported by $20B embedded replaceable content in RVs over 10 years.
  • EBITDA and EPS growth: 53% adj. EBITDA growth (7.5% margin), GAAP net income up 216% to $0.77/share.
  • 2026 guidance: $4.2–4.3B revenue, 7.5–8% operating margin, $8.25–9.25 adj. EPS, and $60–80M capex for innovation.

Segment Performance

The OEM segment's strong performance was driven by sales price increases due to higher material costs and a favorable mix shift towards higher-content fifth wheel units. The aftermarket segment's growth was primarily driven by product innovation and increased demand for upgrade and service parts. As Jason Lippert, President and CEO, noted, "We have embedded over $20 billion of replaceable content into RVs through our OEM partners over the last decade, making us a trusted partner throughout the entire RV ownership life cycle."

Margin Expansion and Cost Savings

LCI Industries delivered a full-year operating margin of 6.8%, an improvement of 100 basis points year-over-year. The company plans to complete eight to ten facility consolidations in 2026, which should contribute to further margin expansion. The company's disciplined approach to capital allocation and focus on investing in the business to support innovation and ongoing product development are expected to drive future growth.

Valuation and Outlook

With a P/E Ratio of 19.78 and an EV/EBITDA ratio of 9.95, the market appears to be pricing in a moderate growth trajectory for LCI Industries. Analysts estimate next year's revenue growth at 7.4%, which is slightly below the company's expected consolidated 2026 revenue growth of 8.3% to 9.1%. The company's guidance for 2026, including an operating margin in the range of 7.5% to 8%, suggests continued margin expansion. With a Dividend Yield of 2.99% and a Free Cash Flow Yield of 8.32%, LCI Industries appears to offer an attractive combination of growth and income.

Industry Trends and Opportunities

The RV industry is expected to see wholesale shipments of 335,000 to 350,000 in 2026, with the aftermarket estimating mid-single-digit growth. LCI Industries is well-positioned to benefit from these trends, with a strong presence in the RV aftermarket and a growing presence in other end markets. The company's focus on innovation and product development should continue to drive growth and margin expansion.

3. NewsRoom

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LCI Industries (NYSE:LCII) Shares Gap Down – Here’s What Happened

Feb -22

Source: defenseworld.net

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What Makes LCI (LCII) a New Buy Stock

Feb -20

Source: zacks.com

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LCI Industries: Thriving In A Slow Industry Setting (Rating Upgrade)

Feb -20

Source: seekingalpha.com

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LCI Industries (NYSE:LCII) Receives Average Recommendation of “Hold” from Brokerages

Feb -19

Source: defenseworld.net

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LCI Industries (LCII) Q4 2025 Earnings Call Transcript

Feb -18

Source: seekingalpha.com

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Compared to Estimates, LCI (LCII) Q4 Earnings: A Look at Key Metrics

Feb -18

Source: zacks.com

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LCI (LCII) Q4 Earnings and Revenues Top Estimates

Feb -18

Source: zacks.com

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LCI Industries Reports Fourth Quarter and Full Year Financial Results

Feb -18

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.73%)

6. Segments

Original Equipment Manufacturers

Expected Growth: 6.5%

LCI Industries' 6.5% growth as an Original Equipment Manufacturer (OEM) is driven by increasing demand for recreational vehicles, strategic acquisitions, and expansion into adjacent markets. Additionally, the company's focus on innovation, operational efficiency, and strong relationships with major OEMs contribute to its growth momentum.

Aftermarket

Expected Growth: 7.5%

LCI Industries' aftermarket segment growth of 7.5% is driven by increasing demand for recreational vehicles, rising consumer spending on outdoor activities, and the company's strategic acquisitions and partnerships. Additionally, the growing need for replacement parts and accessories, as well as the company's focus on digitalization and e-commerce, contribute to the segment's growth.

7. Detailed Products

Chassis and Chassis Components

LCI Industries provides a wide range of chassis and chassis components, including axles, frames, and suspension systems, designed for recreational vehicles, buses, and specialty vehicles.

Towables

LCI Industries offers a variety of towable products, including travel trailers, fifth-wheel trailers, and tent trailers, designed for outdoor recreation and adventure.

Motorized Recreation Vehicles

LCI Industries manufactures motorized recreation vehicles, including motorhomes, camper vans, and conversion vans, designed for comfort and adventure on the go.

Aftermarket Parts and Accessories

LCI Industries provides a wide range of aftermarket parts and accessories, including appliances, furniture, and hardware, designed for recreational vehicles and specialty vehicles.

Windows and Doors

LCI Industries manufactures a variety of windows and doors, including slide-out windows, entrance doors, and compartment doors, designed for recreational vehicles and specialty vehicles.

Thermal Insulation and Flooring

LCI Industries offers thermal insulation and flooring products, including foam insulation, vinyl flooring, and carpeting, designed for recreational vehicles and specialty vehicles.

8. LCI Industries's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for LCI Industries is moderate, as there are alternative products available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for LCI Industries is low, as the company has a diverse customer base and no single customer accounts for a significant portion of its revenue.

Bargaining Power Of Suppliers

The bargaining power of suppliers for LCI Industries is moderate, as the company relies on a few large suppliers for its raw materials, but it also has some bargaining power due to its large scale of operations.

Threat Of New Entrants

The threat of new entrants for LCI Industries is low, as the industry has high barriers to entry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for LCI Industries is high, as the industry is highly competitive, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.47%
Debt Cost 4.72%
Equity Weight 60.53%
Equity Cost 11.07%
WACC 8.56%
Leverage 65.22%

11. Quality Control: LCI Industries passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Travel + Leisure

A-Score: 6.5/10

Value: 7.6

Growth: 4.7

Quality: 6.0

Yield: 7.0

Momentum: 7.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
LCI

A-Score: 5.9/10

Value: 6.3

Growth: 5.8

Quality: 5.0

Yield: 8.0

Momentum: 4.5

Volatility: 6.0

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Thor Industries

A-Score: 5.0/10

Value: 6.6

Growth: 4.0

Quality: 5.5

Yield: 4.0

Momentum: 4.5

Volatility: 5.3

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Harley-Davidson

A-Score: 4.8/10

Value: 8.1

Growth: 4.0

Quality: 4.4

Yield: 5.0

Momentum: 2.5

Volatility: 5.0

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Polaris

A-Score: 4.5/10

Value: 6.5

Growth: 2.6

Quality: 2.6

Yield: 7.0

Momentum: 5.0

Volatility: 3.7

1-Year Total Return ->

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Brunswick

A-Score: 4.2/10

Value: 5.8

Growth: 4.8

Quality: 1.9

Yield: 4.0

Momentum: 3.5

Volatility: 5.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

147.58$

Current Price

147.58$

Potential

-0.00%

Expected Cash-Flows