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THO

Thor Industries, Inc.

THO

Thor Industries, Inc. • NYSE
$105.62 ▼ -0.35% (-0.37)
Market Cap $5.61 B
52w High $114.49
52w Low $63.16
Dividend Yield 2.02%
P/E 21.82
Volume 222.03K
Outstanding Shares 53.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $2.524B ▼ $179.014M ▼ $125.757M ▼ 4.983% ▲ $2.37 ▼ $133.021M ▼
Q3-2025 $2.895B ▲ $267.877M ▲ $135.185M ▲ 4.67% ▲ $2.54 ▲ $232.958M ▲
Q2-2025 $2.018B ▼ $235.466M ▼ $-551K ▲ -0.027% ▲ $-0.01 ▲ $76.374M ▼
Q1-2025 $2.143B ▼ $240.197M ▼ $-1.832M ▼ -0.085% ▼ $-0.035 ▼ $81.733M ▼
Q4-2024 $2.534B $280.375M $90.015M 3.552% $1.7 $218.959M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $586.596M ▲ $7.065B ▼ $1.191B ▼ $4.288B ▲
Q3-2025 $508.321M ▲ $7.17B ▲ $2.946B ▲ $4.224B ▲
Q2-2025 $373.819M ▼ $6.714B ▼ $2.761B ▼ $3.952B ▼
Q1-2025 $445.222M ▼ $6.873B ▼ $2.811B ▼ $4.054B ▼
Q4-2024 $501.316M $7.021B $2.947B $4.067B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $125.757M ▼ $258.674M ▲ $2.877M ▲ $-182.216M ▼ $78.275M ▼ $220.737M ▼
Q3-2025 $133.928M ▲ $257.667M ▲ $-32.879M ▼ $-77.085M ▲ $134.502M ▲ $224.155M ▲
Q2-2025 $-3.089M ▼ $30.842M ▲ $-9.121M ▲ $-102.385M ▼ $-71.403M ▼ $4.577M ▼
Q1-2025 $-873K ▼ $30.74M ▼ $-25.342M ▲ $-64.62M ▲ $-56.094M ▼ $5.467M ▼
Q4-2024 $91.464M $338.016M $-43.923M $-164.35M $129.497M $304.45M

Revenue by Products

Product Q3-2023Q1-2024Q2-2024Q3-2024
Recreation Vehicles
Recreation Vehicles
 $10.28Bn ▲$2.36Bn ▼$2.08Bn ▼$2.65Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Thor’s revenue and profits clearly reflect a cyclical, pandemic-driven boom followed by a reset. Sales surged earlier in the period and have stepped down each year since, settling closer to pre-boom levels. Profit margins expanded sharply at the peak, then compressed as demand normalized, dealer inventories adjusted, and pricing power softened. More recently, profitability looks stable but at a much more modest level than during the boom. The company is still earning money, but with less room for error, making cost control and mix management important to maintain earnings in a softer demand environment.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid and has quietly improved. Total assets have been fairly stable, while shareholder equity has been building over time, suggesting retained earnings and a stronger capital base. Debt rose during the high-demand period but has been steadily reduced since, easing leverage and financial risk. Cash on hand has generally trended up, giving Thor more flexibility to handle downturns, invest selectively, or manage working capital swings typical of a cyclical, inventory-heavy business like RVs.

Cash Flow

Cash Flow Cash generation has been a key strength. Thor has produced positive operating cash flow in each of the past five years, even as earnings came off their peak. Free cash flow has also been consistently positive after funding a relatively modest and stable level of capital spending. This indicates that the business converts a good portion of its accounting profits into real cash, which supports debt reduction, potential shareholder returns, and ongoing investment in new products and technologies without stretching the balance sheet.

Competitive Edge

Competitive Edge Thor holds a leading position in the global RV industry, supported by a powerful portfolio of brands that span price points and customer segments. Its large, well-established dealer network in North America and Europe gives it strong distribution and service reach, which is difficult for smaller rivals to replicate. Scale benefits in purchasing and manufacturing help keep costs competitive, while a flexible, relatively variable cost structure allows the company to pull back production in downturns and protect profitability. The decentralized brand structure lets individual units stay close to consumer preferences, while the parent still benefits from size and shared capabilities. Overall, the company appears well-entrenched, though still exposed to the inherent cyclicality of discretionary big-ticket purchases.

Innovation and R&D

Innovation and R&D Thor is actively using innovation to defend and extend its moat, especially around electrification and digital experiences. It is investing in high-voltage electric and hybrid RV platforms, such as electric-assist trailers and concept motorhomes with extended range, in partnership with specialist engineering firms. These efforts aim to solve range anxiety for electric tow vehicles and make RV ownership more compatible with an EV future. At the same time, Thor is building a digital ecosystem—trip-planning tools, connected-vehicle features, and smarter control systems—to improve the ownership experience. It is also enhancing aftermarket parts and service capabilities through software partnerships, and pushing more sustainable designs and manufacturing practices. The commercial success and cost competitiveness of these innovations will be important to watch as the market tests willingness to pay for advanced, greener RVs.

Summary

Thor today looks like a mature, cyclical leader that cashed in on an exceptional demand spike and has since transitioned back to more normal conditions. The income statement shows lower but stabilizing earnings after the boom, the balance sheet has strengthened through debt reduction and growing equity, and cash flow remains a notable bright spot. Competitively, its scale, brands, and dealer network form a meaningful moat, though the business remains sensitive to economic cycles and consumer confidence. Its push into electric and hybrid RVs, along with connected and digital services, suggests management is trying to stay ahead of structural shifts in mobility and customer expectations. How well Thor balances cyclical discipline with these longer-term innovation bets will likely shape its performance over the coming years.

NEWS

November 19, 2025 · 4:15 PM UTC

THOR INDUSTRIES ANNOUNCES DATE FOR ITS FISCAL 2026 FIRST QUARTER EARNINGS RELEASE

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October 8, 2025 · 8:40 AM UTC

THOR Industries Announces Regular Quarterly Dividend

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September 24, 2025 · 6:30 AM UTC

THOR Industries Announces Fiscal 2025 Fourth Quarter and Full Year Results

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September 22, 2025 · 8:00 AM UTC

THOR Industries Introduces World's First Range Extended Electric Class A Motorhome

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September 10, 2025 · 5:00 PM UTC

THOR Industries Announces Date for its Fiscal 2025 Fourth Quarter Earnings Release

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