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1. Company Snapshot

1.a. Company Description

Thor Industries, Inc.designs, manufactures, and sells recreational vehicles (RVs), and related parts and accessories in the United States, Canada, and Europe.The company offers travel trailers; gasoline and diesel Class A, Class B, and Class C motorhomes; conventional travel trailers and fifth wheels; luxury fifth wheels; and motorcaravans, caravans, campervans, and urban vehicles.


It also provides aluminum extrusion and specialized component products to RV and other manufacturers; and digital products and services for RVs. The company provides its products through independent and non-franchise dealers.The company was founded in 1980 and is based in Elkhart, Indiana.

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1.b. Last Insights on THO

Breaking News: Thor Industries, Inc. reported strong Q1 results for fiscal 2026, with revenue of $2.39 billion, net income attributable to THOR of $21.7 million, and adjusted EBITDA of $131.0 million. The company's North American market share improved for the second consecutive quarter, and consolidated gross profit margin expanded 30 basis points. CEO Bob Mariani stated the company is positioned advantageously in case of a market uptick. Zacks Consensus Estimate was beaten with quarterly earnings of $0.41 per share. Thor's results show improving market share amidst a challenging backdrop.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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THOR Q1 Earnings Surpass Expectations, Revenues Rise Y/Y

Dec -04

Source: zacks.com

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Airstream® Launches Special Edition Travel Trailer in Collaboration with Stetson and Four Sixes Ranch

Dec -04

Source: prnewswire.com

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THOR Industries Opened The Year With Thunderous Performance, But Fully Valued

Dec -04

Source: seekingalpha.com

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Thor Industries (THO) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates

Dec -03

Source: zacks.com

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Thor's Strong Numbers Come With A Consumer Reality Check

Dec -03

Source: feeds.benzinga.com

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Stock Market Live December 3: S&P 500 (VOO) Falls As Job Losses Spook Street

Dec -03

Source: 247wallst.com

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Thor Industries (THO) Tops Q1 Earnings and Revenue Estimates

Dec -03

Source: zacks.com

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THOR INDUSTRIES ANNOUNCES FISCAL 2026 FIRST QUARTER RESULTS

Dec -03

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.80%)

6. Segments

North American Towables

Expected Growth: 2.5%

Thor Industries' North American Towables segment growth of 2.5% is driven by increasing demand for recreational vehicles, particularly among younger demographics and retirees. Additionally, the rise of outdoor recreation and glamping trends, as well as the company's strategic acquisitions and product innovations, contribute to the segment's growth.

North American Motorized

Expected Growth: 1.8%

Thor Industries' North American Motorized segment growth of 1.8% is driven by increasing demand for recreational vehicles, particularly among younger demographics and retirees. Additionally, the company's strategic acquisitions, product innovations, and expanding distribution network have contributed to the growth. Furthermore, the rise of experiential travel and outdoor recreation has boosted sales of motorhomes and travel trailers.

European

Expected Growth: 1.2%

Thor Industries' European segment growth of 1.2% is driven by increasing demand for recreational vehicles, particularly in Germany and the UK. Strengthening consumer confidence, low interest rates, and a growing middle class are contributing to the growth. Additionally, Thor's strategic acquisitions and expansion of its European distribution network are also supporting the segment's growth.

Other

Expected Growth: 0.8%

Thor Industries' Other segment growth is driven by increasing demand for towing and trailering products, as well as growth in the Company's international business. Additionally, the Company's focus on innovation and new product development has contributed to the segment's growth.

Intercompany Eliminations

Expected Growth: 0.0%

Thor Industries, Inc.'s Intercompany Eliminations with 0.0% growth is driven by the absence of significant transactions between subsidiaries, indicating a lack of intercompany sales, services, or investments. This suggests a decentralized operating structure, minimal cross-segment dependencies, and a focus on standalone business units.

7. Detailed Products

Towable RVs

Thor Industries offers a wide range of towable RVs, including travel trailers and fifth-wheel trailers, designed for outdoor enthusiasts and families.

Motorhomes

Thor Industries manufactures a variety of motorhomes, including Class A, Class C, and Class B models, designed for full-time living, travel, and adventure.

Bus Conversions

Thor Industries offers luxury bus conversions, designed for comfort and style, perfect for full-time living, travel, and entertainment.

Pontoon Boats

Thor Industries manufactures a range of pontoon boats, designed for fishing, cruising, and water sports, perfect for lake and ocean enthusiasts.

Truck Campers

Thor Industries offers truck campers, designed for outdoor enthusiasts who want to explore the great outdoors, with ease and convenience.

8. Thor Industries, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Thor Industries, Inc. operates in an industry with moderate threat of substitutes. While there are alternative recreational vehicles available, the company's strong brand recognition and diverse product offerings mitigate the threat of substitutes.

Bargaining Power Of Customers

Thor Industries, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's strong brand recognition and wide distribution network further reduce the bargaining power of customers.

Bargaining Power Of Suppliers

Thor Industries, Inc. relies on a diverse supplier base, which reduces the bargaining power of individual suppliers. However, the company's dependence on a few key suppliers for certain components increases the bargaining power of these suppliers.

Threat Of New Entrants

The recreational vehicle industry has high barriers to entry, including significant capital requirements and regulatory hurdles. These barriers make it difficult for new entrants to enter the market, reducing the threat of new entrants.

Intensity Of Rivalry

The recreational vehicle industry is highly competitive, with several established players competing for market share. Thor Industries, Inc. faces intense competition from rivals such as Winnebago Industries, Inc. and Forest River, Inc.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 24.68%
Debt Cost 9.98%
Equity Weight 75.32%
Equity Cost 12.87%
WACC 12.16%
Leverage 32.76%

11. Quality Control: Thor Industries, Inc. passed 7 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

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LCI

A-Score: 5.6/10

Value: 6.9

Growth: 5.8

Quality: 5.1

Yield: 8.0

Momentum: 2.0

Volatility: 6.0

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Allison Transmission Holdings

A-Score: 5.6/10

Value: 5.8

Growth: 7.4

Quality: 7.5

Yield: 2.0

Momentum: 3.0

Volatility: 8.0

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Thor Industries

A-Score: 4.8/10

Value: 6.1

Growth: 4.0

Quality: 5.3

Yield: 4.0

Momentum: 4.0

Volatility: 5.3

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Brunswick

A-Score: 4.5/10

Value: 6.9

Growth: 4.8

Quality: 2.7

Yield: 5.0

Momentum: 2.0

Volatility: 5.3

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Harley-Davidson

A-Score: 4.4/10

Value: 6.6

Growth: 4.0

Quality: 3.4

Yield: 5.0

Momentum: 2.5

Volatility: 5.0

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Polaris

A-Score: 3.9/10

Value: 6.4

Growth: 2.6

Quality: 2.4

Yield: 7.0

Momentum: 2.0

Volatility: 3.3

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

100.84$

Current Price

100.84$

Potential

-0.00%

Expected Cash-Flows