A month has gone by since the last earnings report for Thor Industries (THO - Free Report) . Shares have lost about 8.1% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Thor Industries due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
THOR Q4 Earnings Miss ExpectationsTHOR posted adjusted earnings of 78 cents per share for the fourth quarter of fiscal 2026, missing the Zacks Consensus Estimate of 93 cents by 16.1%. The bottom line fell 66.9% year over year as North American margins came under pressure from lower volumes, promotions and higher costs.
Quarterly revenues of $2.31 billion topped the Zacks Consensus Estimate of $2.15 billion by 7.4% but declined 8.4% year over year. Global independent dealer inventories fell 11.5% from a year earlier, while European growth partly offset weaker North American results.
Margins Contract as Profitability WeakensGross profit declined 23% year over year to $285.6 million, while gross margin narrowed 230 basis points to 12.4%. Net income attributable to THOR fell 67.5% to $40.8 million.
Selling, general and administrative expenses decreased to $206.4 million from $237.9 million. Adjusted EBITDA dropped 37.1% to $131.7 million. Management said THOR absorbed a meaningful portion of supplier cost increases to protect retail affordability rather than pass the full burden to dealers and customers.
Towable Sales Slide Amid Dealer CautionNorth American Towable net sales fell 22.7% year over year to $687.3 million as unit shipments declined 19.7% to 20,616. Fifth-wheel unit shipments dropped 34.7%.
Gross profit decreased 38.9% to $72.4 million, while gross margin contracted 280 basis points to 10.5% on lower sales, unfavorable mix, promotions and higher material costs. Pretax income fell 77.2% to $17 million. Backlog rose 74.6% to $916.6 million, while dealer inventory fell 16% to 53,330 units and declined 20.6% sequentially.
Motorized Segment Faces Sharper Margin PressureNorth American Motorized net sales declined 10.4% to $499.3 million as unit shipments fell 13.1% to 3,806. A 2.7% increase in overall net price per unit partly offset lower volumes. Class C unit shipments declined 19.1% in the quarter.
Gross margin dropped 600 basis points to 5.3% as material, overhead and warranty cost percentages increased. The segment posted a pretax loss of $5.2 million, while backlog decreased 27.5% to $728.2 million and dealer inventory increased 9.2% to 10,639 units.
THOR Europe Delivers Resilient Top-Line GrowthEuropean RV net sales increased 5% year over year to $969.2 million, supported by a 3.9% rise in unit shipments to 13,370 and a 1.1% increase in overall net price per unit. Favorable currency movements contributed 0.1% to the pricing increase. Sales also benefited from lower promotional activity and a shift toward higher-priced motorized products.
Gross profit rose 3.3% to $148.7 million, while gross margin edged down 30 basis points to 15.3%. Pretax income increased 5.9% to $55 million. European backlog grew 8.4% to $1.65 billion, while dealer inventory declined 7.7% to 20,520 units.
Liquidity Supports Capital DeploymentTHOR ended fiscal 2026 with $482 million in cash and cash equivalents and total liquidity of $1.30 billion. Gross debt stood at $875.8 million, while cash from operations for the full fiscal year totaled $321.2 million, down from $577.9 million a year earlier.
During fiscal 2026, THO reduced debt by $59.7 million and repurchased $115.1 million of shares, including $34.3 million in the fourth quarter. Capital expenditures totaled $152.4 million, while the regular quarterly dividend stood at 52 cents per share. The remaining repurchase authorization was $264.2 million as of July 31.
THOR Defers Fiscal 2027 Guidance as Cost Actions AdvanceManagement expects the fiscal 2027 retail environment to remain relatively flat with fiscal 2026 and held off on issuing annual guidance until it gathers feedback from key September industry events. The company expects current Towable pressures to persist to some degree into the first half of fiscal 2027 and plans to provide full-year guidance later this calendar year.
THOR expects strategic initiatives and restructuring activities to improve its annual earnings profile by more than $100 million once fully implemented. The company has unified its North American RV operations under one group to expand purchasing leverage, standardize operations, align brands and integrate data systems.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -62.15% due to these changes.
VGM ScoresCurrently, Thor Industries has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Thor Industries has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Four NYSE companies raised their dividends within a single week, but a closer look at the coverage ratios, balance sheets, and business risks reveals that some of these payouts stand on far shakier ground than the headline increases suggest.
A dividend raise is the most direct cash-flow signal a board of directors can send. Four NYSE companies have sent it within roughly a week. Four companies announced higher quarterly payouts. They are RPM International (NYSE:RPM | RPM Price Prediction), Lockheed Martin (NYSE:LMT), Penske Automotive Group (NYSE:PAG) and Thor Industries (NYSE:THO). Among the reported amounts, the largest percentage raise came from RPM, which lifted its quarterly dividend from $0.54 to $0.57 per share. The four offer payout growth with moderate yields, and each raise needs to hold up against the coverage numbers, while RPM and Lockheed run on coatings and defense demand. Penske and Thor depend on auto and RV buying cycles, so their dividends carry a different kind of risk.
RPM International: Coatings Cash Flow Funds a Bigger Check RPM declared a quarterly dividend of $0.57 per share, up from $0.54. The increase is about 5.56%. Investors who own shares before the October 20 ex-dividend date receive the new rate on October 30. The trailing yield is 2.21%. At the latest price of $100.09, the new $2.28 annualized rate yields roughly 2.28%.
Dividend safety: The trailing $2.16 in dividends uses about 39% of trailing EPS of $5.50. Fiscal first-quarter free cash flow rose 17.4% to $205 million, while the new rate costs roughly $72.7 million a quarter. Operating cash flow for fiscal 2026 was $898.7 million. The company holds $313 million in cash and $3.48 billion of shareholders’ equity against $4.75 billion of liabilities. The payout has gone up every year: $0.38 in 2021, $0.40 in 2022, $0.42 in 2023, $0.46 in 2024 and $0.51 in 2025, and now $0.57.
Bull case: Performance Coatings sales climbed 10.2% on demand from high-performance buildings, energy and infrastructure, and adjusted EPS of $1.98 beat the $1.95 estimate. Management expects fiscal 2027 sales and adjusted EBITDA to grow by a mid-single-digit percentage. The board added $700 million to the buyback program. The stock is down 10.09% over the past year and trades at 17x forward earnings. Its yield is higher than a year ago.
Risk: Construction Products, the largest segment, grew just 0.8% and absorbed $4.4 million in bad-debt charges and $6.3 million in warranty charges.
Lockheed Martin: Record Backlog Behind a Two-Decade Payout Climb Lockheed’s board declared an increased fourth-quarter dividend on October 9, raising the payout over the prior quarter’s rate. That prior rate of $3.45 was paid for four straight quarters after the last raise from $3.30. The upcoming payment goes ex-dividend on December 1 and is paid on December 31. The trailing yield is 2.61%, with the stock at $532.64 at the last close.
Dividend safety: Trailing dividends of $13.65 per share take about 49% of trailing EPS of $28.11. Cash dividends cost $816 million in the first quarter, which comes to about $3.26 billion a year at that rate. Management guides to more than $7 billion of 2026 free cash flow, and the second quarter alone produced $2.92 billion. It carries more debt than the other three: $53.68 billion of liabilities against $8.77 billion of equity. The quarterly rate has been higher every year since early 2003, rising from $0.12 to $3.45.
Bull case: Backlog hit a record $230.4 billion after $65 billion of new orders, including a $35 billion multiyear THAAD interceptor contract. Management raised 2026 EPS guidance to $29.95 to $30.65, and the shares trade at 16x forward earnings. Global rearmament gives the dividend a demand base that does not depend on consumer spending.
Risk: Fixed-price programs can still produce charges. The first quarter included a $125 million F-16 charge. It also saw negative free cash flow of $291 million, so investors should keep an eye on the upcoming third-quarter earnings report.
Penske Automotive Group: Quarterly Raises Meet a Buyout Penske lifted its quarterly dividend to $1.46 per share from $1.44, a raise of about 1.39%. The ex-dividend date is November 13, and payment follows on December 1. The trailing yield is 2.88%. The new $5.84 annualized rate yields about 2.75% at $212.
Dividend safety: Trailing dividends of $5.64 use about 40% of trailing EPS of $14.16. Shareholders’ equity is $5.83 billion, and the interest in Penske Transportation Solutions added $57.4 million of equity earnings in the second quarter. The raise record is the strongest in this group: the dividend rose with every quarterly payment from $0.43 in early 2021 to $1.46.
Bull case: Second-quarter revenue grew 11.1% to $8.51 billion, and adjusted EPS of $3.62 beat estimates. Toyota and Lexus acquisitions add about $2 billion in annualized revenue, and Class 8 truck orders rose 118% over the first six months. The business still depends on vehicle sales cycles, but service, parts and trucks help steady it.
Risk: Penske has agreed to be taken private by Penske Corporation and Mitsui, its two largest shareholders. If the deal closes, public holders are cashed out and the dividend stream ends. The stock is up 7.04% over the past week, so investors have already responded to the deal.
Thor Industries: Highest Yield in the Group During an RV Slump Thor raised its quarterly dividend to $0.54 from $0.52, an increase of about 3.85%. The stock goes ex-dividend on October 27, and payment follows on November 10. The trailing yield of 3.18% is the highest of the four. The new $2.16 annualized rate yields about 3.09% at $70.
Dividend safety: This is the most stretched payout in the group. Trailing dividends of $2.08 take up about 57% of trailing EPS of $3.63. Its balance sheet provides the buffer. Thor holds $482 million in cash against fiscal 2026 dividend payments of $108.8 million. Total liabilities fell 44% to $1.55 billion, against $4.26 billion of equity. The dividend record shows annual increases going back at least 13 years.
For the bull case, the stock trades at 0.876 times book value, against book value of $82.56 per share. Management is aiming more than $100 million in annualized savings, European sales rose 5% in the fourth quarter, and $264.2 million remains on the buyback authorization. If RV retail demand recovers, those cost cuts would lift earnings quickly.
Risk: The RV downturn is still hurting earnings. Fourth-quarter net income fell 67.5%, gross margin contracted 230 basis points to 12.4%, and management deferred fiscal 2027 guidance.
Which of These Raises Rests on the Firmest Footing RPM and Lockheed back their raises with payout ratios under half of earnings, growing free cash flow and long records of annual increases. Their income depends on infrastructure and defense budgets more than on consumer spending. Thor offers the highest yield but has the thinnest earnings coverage, so its dividend relies on its financial buffer while the RV cycle works itself out. Penske has the longest run of quarterly raises, but the take-private agreement means its payments are likely to end once the deal closes.
Contact [email protected] for any questions or corrections.
, /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced that its Board of Directors approved, at its October 13, 2026 meeting, the payment of a regular quarterly cash dividend of $0.54 per share. The new quarterly dividend amount represents a 3.8% increase from the previous quarterly dividend amount of $0.52.
The regular cash dividend is payable on November 10, 2026, to shareholders of record at the close of business on October 27, 2026.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles. For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance and actual results may differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the level of consumer confidence and the level of discretionary consumer spending; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic initiatives including realignments or other reorganizational actions; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits costs to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2026.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Thor Industries, Inc. (NYSE:THO – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $63.16 and last traded at $63.06, with a volume of 15,016 shares changing hands. The stock had previously closed at $63.87.
Analyst Ratings Changes Several equities research analysts recently issued reports on the company. Truist Financial upped their price target on Thor Industries from $80.00 to $87.00 and gave the stock a “hold” rating in a report on Thursday. Weiss Ratings cut Thor Industries from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, September 28th. Citigroup cut their price objective on shares of Thor Industries from $79.00 to $76.00 and set a “neutral” rating on the stock in a report on Wednesday, September 16th. DA Davidson cut their price objective on shares of Thor Industries from $100.00 to $80.00 and set a “neutral” rating on the stock in a report on Monday, June 15th. Finally, BMO Capital Markets reduced their target price on shares of Thor Industries from $110.00 to $95.00 and set an “outperform” rating for the company in a research note on Tuesday, September 15th. Three equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $85.67.
View Our Latest Stock Analysis on THO
Thor Industries Price Performance The company has a current ratio of 1.77, a quick ratio of 0.85 and a debt-to-equity ratio of 0.20. The business’s fifty day moving average is $74.26 and its 200 day moving average is $75.93. The company has a market cap of $3.27 billion, a P/E ratio of 18.73, a PEG ratio of 0.87 and a beta of 1.43. Thor Industries (NYSE:THO – Get Free Report) last announced its quarterly earnings data on Tuesday, September 22nd. The RV manufacturer reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.10). Thor Industries had a net margin of 1.85% and a return on equity of 3.76%. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same period last year, the company posted $2.36 earnings per share. Thor Industries’s revenue for the quarter was down 8.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Thor Industries, Inc. will post 4.12 EPS for the current year.
Institutional Inflows and Outflows Institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in shares of Thor Industries by 108.0% in the third quarter. GAMMA Investing LLC now owns 6,487 shares of the RV manufacturer’s stock worth $448,000 after acquiring an additional 3,368 shares during the period. Versant Capital Management Inc grew its position in shares of Thor Industries by 865.7% in the third quarter. Versant Capital Management Inc now owns 985 shares of the RV manufacturer’s stock valued at $68,000 after purchasing an additional 883 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of Thor Industries by 32.8% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,310 shares of the RV manufacturer’s stock valued at $850,000 after purchasing an additional 2,795 shares in the last quarter. Triad Investment Management raised its stake in shares of Thor Industries by 10.9% during the 2nd quarter. Triad Investment Management now owns 51,900 shares of the RV manufacturer’s stock valued at $3,901,000 after purchasing an additional 5,088 shares during the period. Finally, Waverly Advisors LLC raised its stake in shares of Thor Industries by 4.4% during the 2nd quarter. Waverly Advisors LLC now owns 6,431 shares of the RV manufacturer’s stock valued at $483,000 after purchasing an additional 271 shares during the period. Hedge funds and other institutional investors own 96.71% of the company’s stock.
(Get Free Report)
Thor Industries, Inc is a recreational vehicle (RV) manufacturer headquartered in Elkhart, Indiana. The company designs, manufactures, and sells towable and motorized RVs, including travel trailers, fifth wheels, conventional motorhomes, and touring coaches. Its products are marketed for vacation travel, camping, and other forms of recreational use.
Thor’s North American portfolio includes well-known brands such as Airstream, Jayco, Keystone, Dutchmen, and CrossRoads. Airstream produces premium travel trailers and touring coaches, while the company’s other brands serve a broad range of customers and price points across the RV market.
Thor also operates internationally through the Erwin Hymer Group, a major European recreational vehicle platform.
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Bank of America Corp DE purchased a new position in Thor Industries, Inc. (NYSE:THO – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 91,621 shares of the RV manufacturer’s stock, valued at approximately $6,886,000. Bank of America Corp DE owned about 0.18% of Thor Industries at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Thor Industries in the second quarter worth about $363,258,000. Madison Asset Management LLC bought a new stake in Thor Industries during the 2nd quarter valued at approximately $66,217,000. Canada Pension Plan Investment Board acquired a new stake in Thor Industries in the 2nd quarter valued at approximately $65,419,000. ACR Alpine Capital Research LLC increased its position in Thor Industries by 18.6% in the 1st quarter. ACR Alpine Capital Research LLC now owns 4,903,124 shares of the RV manufacturer’s stock worth $391,711,000 after buying an additional 769,342 shares during the period. Finally, Balyasny Asset Management L.P. increased its position in Thor Industries by 130.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,081,238 shares of the RV manufacturer’s stock worth $111,011,000 after buying an additional 611,639 shares during the period. Institutional investors own 96.71% of the company’s stock.
Analyst Ratings Changes Several research firms have issued reports on THO. Citigroup decreased their price target on shares of Thor Industries from $79.00 to $76.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 16th. Robert W. Baird reduced their target price on shares of Thor Industries from $90.00 to $80.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. Benchmark reissued a “hold” rating on shares of Thor Industries in a research report on Friday, June 12th. Argus upgraded Thor Industries to a “hold” rating in a research note on Friday, June 12th. Finally, Loop Capital upped their price target on Thor Industries from $90.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Three equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $84.89.
Get Our Latest Stock Report on THO Thor Industries Stock Performance NYSE:THO opened at $72.11 on Monday. The stock has a market capitalization of $3.72 billion, a P/E ratio of 21.27, a price-to-earnings-growth ratio of 0.98 and a beta of 1.34. The company has a current ratio of 1.77, a quick ratio of 0.85 and a debt-to-equity ratio of 0.20. Thor Industries, Inc. has a 1 year low of $67.31 and a 1 year high of $122.83. The firm has a 50 day moving average of $75.98 and a 200-day moving average of $76.84.
Thor Industries (NYSE:THO – Get Free Report) last announced its earnings results on Tuesday, September 22nd. The RV manufacturer reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.10). Thor Industries had a return on equity of 3.76% and a net margin of 1.85%.The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same quarter in the previous year, the company posted $2.36 earnings per share. Thor Industries’s revenue for the quarter was down 8.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Thor Industries, Inc. will post 4.12 EPS for the current fiscal year.
(Free Report)
Thor Industries, Inc is a manufacturer of recreational vehicles (RVs) and related products. The company produces towable RVs, including travel trailers and fifth-wheel trailers, as well as motorized RVs such as Class A, Class B and Class C motorhomes. Its portfolio includes well-known brands such as Airstream, Jayco, Entegra Coach, Keystone, Dutchmen, Tiffin and CrossRoads.
Thor also owns Erwin Hymer Group, a major European recreational-vehicle manufacturer whose brands include HYMER, Dethleffs, Bürstner, LMC, Carado and Sunlight.
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Thor Industries NYSE: THO is not an exciting stock, but that lack of excitement is what makes it such a good one to buy and hold. Beyond its core business of manufacturing RVs, Thor Industries drives consistent cash flows that sustain balance sheet health while paying dividends and buying back shares. The stock tends to trade in a wide range driven by consumer habits, which is where today’s opportunity lies.
Thor Industries Today
THO
Thor Industries
$71.43 -2.37 (-3.21%)
As of 01:33 PM Eastern
This is a fair market value price provided by Massive. Learn more.
$67.31▼
$122.832.91%
30.92
$84.89
Thor Industries is in the midst of a major industry-wide slump, and its stock price is an attractive entry, trading at the bottom of its range. Weak discretionary spending is weighing on sales, especially in domestic markets. This has impacted the stock price but not enough to impair the capital-return outlook. The takeaway is that THO shares yield approximately 3% while trading at rock-bottom prices and confirming support at the critical level.
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Investors buying at the low end of this range are looking at a little more than 70% upside potential, in addition to the dividend, over the next few years. The dividend is reliable, less than 50% of next year's earnings outlook, and on track to increase annually. The company is a Dividend Achiever on track to become a Dividend Champion within the next 10 years.
Thor Industries Sacrifices Margins for Market Share GainsNear-term headwinds include contracting revenue and margins. Revenue for Q4 fiscal year 2026 (FY2026) contracted by 8.4%, less than expected, but still bad news for investors. Weakness was seen in the domestic market, with units down by double digits, offset to a degree by pricing, mix, and the European segment. European sales were a bright spot, up 5%, and are expected to remain healthy, underpinning an outlook for flattish results next year.
Margin was another sore spot. Management says it's leaning into affordability measures, and the resulting margin pressure was compounded by rising material costs. Gross margin contracted by 230 basis points (bps), accelerating the contraction in earnings and the bottom line. The key point is that the $40.8 million in net income was sufficient to support the company's health, leaving it well positioned to execute its strategy and sustain capital returns in 2027. Additionally, market share gains were logged, setting the stage for an accelerated recovery when RV markets stabilize.
Thor's strategy includes realigning production and business to match industry demand. Execs don’t expect a robust rebound soon, but are confident in the company's ability to recover margin with simple stabilization. As it stands, Thor isn’t providing explicit guidance until after the fall industry events, when it has clearer visibility into what to expect.
Institutional Holders Exude Confidence in THO’s Cash-Returning CapacityInstitutional activity reflects strong confidence in THO’s outlook. Institutions own nearly 100% of the shares and have bought each quarter in 2026, ramping activity sequentially to record levels as of late Q3. The ramp is significant, as it aligns with the technical support confirmation, suggesting downside is limited.
89th Percentile
Hold
17.0% Upside
Bearish
Strong
-0.09 N/A
36.45%
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With this in play, THO’s share price is unlikely to fall below $67.50 and is more likely to rebound as the year progresses. The question is how high it might get by year’s end and next year, and the answer is modestly higher.
Analysts' trends also reflect confidence in THO’s outlook. MarketBeat tracks 14 analysts with current ratings, enough to support moderate conviction in the outlook, with a consensus of Hold, no Sell ratings logged and a 21.4% Buy-side bias. More importantly, price targets suggest almost 20% upside at the consensus, and even the low end of the range offers some upside.
The biggest risk now is how long the slump lasts and what its impact on investor sentiment will be. Management isn’t expecting much, but the stock needs an eventual recovery to return to the high end of its trading range. The trigger is likely to be external, linked to oil prices and the Fed, which are weighing on consumer discretionary spending.
The best-case scenario is that oil prices revert to the low end of their range within the next quarter or two, and there is a case for that happening. Industry workarounds and increased non-OPEC production raise the risk of a supply glut next year, which could undermine oil markets and inflationary trends. Thor's catalysts include its North American model restructuring, intended to simplify its cost structure, and massive dealer inventory reductions that could help sustain order volume.
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Key Takeaways THOR Industries' Q4 EPS fell 66.9% as lower North American volumes, promotions and costs pressured margins.THOR's Towable and Motorized segments saw lower sales and shipments.European RV sales rose 5%, while restructuring actions are expected to improve annual earnings. THOR Industries, Inc. (THO - Free Report) posted adjusted earnings of 78 cents per share for the fourth quarter of fiscal 2026, missing the Zacks Consensus Estimate of 93 cents by 16.1%. The bottom line fell 66.9% year over year as North American margins came under pressure from lower volumes, promotions and higher costs.
Quarterly revenues of $2.31 billion topped the Zacks Consensus Estimate of $2.15 billion by 7.4% but declined 8.4% year over year. Global independent dealer inventories fell 11.5% from a year earlier, while European growth partly offset weaker North American results.
THO Margins Contract as Profitability WeakensGross profit declined 23% year over year to $285.6 million, while gross margin narrowed 230 basis points to 12.4%. Net income attributable to THOR fell 67.5% to $40.8 million.
Selling, general and administrative expenses decreased to $206.4 million from $237.9 million. Adjusted EBITDA dropped 37.1% to $131.7 million. Management said THOR absorbed a meaningful portion of supplier cost increases to protect retail affordability rather than pass the full burden to dealers and customers.
THOR Towable Sales Slide Amid Dealer CautionNorth American Towable net sales fell 22.7% year over year to $687.3 million as unit shipments declined 19.7% to 20,616. Fifth-wheel unit shipments dropped 34.7%.
Gross profit decreased 38.9% to $72.4 million, while gross margin contracted 280 basis points to 10.5% on lower sales, unfavorable mix, promotions and higher material costs. Pretax income fell 77.2% to $17 million. Backlog rose 74.6% to $916.6 million, while dealer inventory fell 16% to 53,330 units and declined 20.6% sequentially.
THO Motorized Segment Faces Sharper Margin PressureNorth American Motorized net sales declined 10.4% to $499.3 million as unit shipments fell 13.1% to 3,806. A 2.7% increase in overall net price per unit partly offset lower volumes. Class C unit shipments declined 19.1% in the quarter.
Gross margin dropped 600 basis points to 5.3% as material, overhead and warranty cost percentages increased. The segment posted a pretax loss of $5.2 million, while backlog decreased 27.5% to $728.2 million and dealer inventory increased 9.2% to 10,639 units.
THOR Europe Delivers Resilient Top-Line GrowthEuropean RV net sales increased 5% year over year to $969.2 million, supported by a 3.9% rise in unit shipments to 13,370 and a 1.1% increase in overall net price per unit. Favorable currency movements contributed 0.1% to the pricing increase. Sales also benefited from lower promotional activity and a shift toward higher-priced motorized products.
Gross profit rose 3.3% to $148.7 million, while gross margin edged down 30 basis points to 15.3%. Pretax income increased 5.9% to $55 million. European backlog grew 8.4% to $1.65 billion, while dealer inventory declined 7.7% to 20,520 units.
THO Liquidity Supports Capital DeploymentTHOR ended fiscal 2026 with $482 million in cash and cash equivalents and total liquidity of $1.30 billion. Gross debt stood at $875.8 million, while cash from operations for the full fiscal year totaled $321.2 million, down from $577.9 million a year earlier.
During fiscal 2026, THO reduced debt by $59.7 million and repurchased $115.1 million of shares, including $34.3 million in the fourth quarter. Capital expenditures totaled $152.4 million, while the regular quarterly dividend stood at 52 cents per share. The remaining repurchase authorization was $264.2 million as of July 31.
THOR Defers Fiscal 2027 Guidance as Cost Actions AdvanceManagement expects the fiscal 2027 retail environment to remain relatively flat with fiscal 2026 and held off on issuing annual guidance until it gathers feedback from key September industry events. The company expects current Towable pressures to persist to some degree into the first half of fiscal 2027 and plans to provide full-year guidance later this calendar year.
THOR expects strategic initiatives and restructuring activities to improve its annual earnings profile by more than $100 million once fully implemented. The company has unified its North American RV operations under one group to expand purchasing leverage, standardize operations, align brands and integrate data systems.
THO currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Releases From Auto SpaceGeneral Motors Company (GM - Free Report) reported second-quarter 2026 adjusted earnings of $3.57 per share, up 41.3% year over year. The figure beat the Zacks Consensus Estimate of $3.13 by 14.06%. Revenues increased 1.9% to $48.03 billion and surpassed the consensus estimate of $46.56 billion by 3.15%. Strong pricing, lower costs and disciplined incentives supported results. General Motors raised its full-year adjusted EBIT guidance to $14-$16 billion from $13.5-$15.5 billion. Adjusted earnings are now projected at $12-$14 per share, up from the prior range of $11.50-$13.50.
Tesla, Inc. (TSLA - Free Report) reported second-quarter 2026 adjusted earnings of 33 cents per share, which declined 17.5% year over year. The figure missed the Zacks Consensus Estimate of 50 cents by 34%. Revenues advanced 25.5% to $28.24 billion and surpassed the consensus estimate of $25.81 billion by 9.41%. Tesla expects 2026 capital expenditures to exceed $25 billion and rise further over the next two to three years.
Genuine Parts Company (GPC - Free Report) reported second-quarter 2026 adjusted earnings of $2.15 per share, beating the Zacks Consensus Estimate of $2.10 by 2.38%. The bottom line increased 2.4% from $2.10 in the year-ago quarter. Revenues rose 6% year over year to $6.54 billion and surpassed the consensus estimate of $6.39 billion by 2.36%. Genuine Parts reaffirmed its 2026 adjusted earnings guidance of $7.50-$8 per share and total sales growth outlook of 3-5.5%. Genuine Parts ended June with $2.3 billion of liquidity, including $559 million in cash.
Thor Industries THO experienced a mixed finish to fiscal year 2026. In Q4 (July), the company reported an earnings per share (EPS) of $0.78, which fell short of expectations. However, revenue reached $2.31 billion, surpassing forecasts despite an 8.4% year-over-year decline. THO refrained from offering initial guidance for fiscal year 2027, citing the upcoming Hershey show and Elkhart Open House as key events for assessing industry demand. The company also highlighted the ongoing evaluation of savings from its new North American operating structure. THO anticipates a relatively flat retail environment and expects persistent demand and affordability challenges in the near future.
Towables: North American Towables faced significant pressure, with sales plummeting 22.7% to $687.3 million and unit shipments declining by 19.7%. Although dealer inventory decreased by 16.0% year-over-year and 20.6% sequentially, indicating healthier channel levels, gross margin fell by 280 basis points to 10.5% due to lower volumes, increased promotions, and rising material costs. Motorized RVs: Sales of Motorized RVs declined by 10.4% to $499.3 million, accompanied by a 13.1% drop in unit shipments. Gross margin decreased by 600 basis points to 5.3%, driven by heightened promotional activity, increased material costs, and overhead pressures from lower volumes. Europe: In contrast, Europe showed positive results, with sales rising 5.0% to $969.2 million and shipments increasing by 3.9%. Consumer demand remains strong for motorized products, and lower-margin special-edition units have cleared the market, leading to a 90 basis point improvement in gross margin to 15.3%. Margins: Consolidated gross margin fell by 230 basis points year-over-year to 12.4%, primarily due to pressures in North America. THO has chosen to absorb some supplier cost increases rather than passing them fully to consumers, contributing to near-term margin challenges while aiming to maintain affordability. Looking ahead: THO anticipates that the current pressures on Towables will continue into the first half of fiscal year 2027. However, the unified North American RV operating model is starting to yield procurement savings. Management expects that strategic and restructuring initiatives will enhance annual earnings by over $100 million once fully implemented. The conclusion of fiscal year 2026 for THO was marked by mixed results, with the EPS miss highlighting significant margin pressures stemming from declining sales, operating deleverage, promotional strategies, and the choice to absorb higher input costs to support affordability. While the revenue beat suggests that demand is holding better than anticipated, the lack of initial guidance for fiscal year 2027 limits visibility. The modest rise in THO's stock may reflect optimism surrounding the company's restructuring efforts and unified North American operating model, which is projected to boost annual earnings significantly. It will be crucial to monitor whether these strategies translate into improved margins and if upcoming industry events indicate a healthier demand landscape.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining over1200 points on Tuesday.
The Dow traded down 0.31% to 51,889.27 while the NASDAQ climbed 0.51% to 27,259.09. The S&P 500 also rose, gaining, 0.10% to 7,772.79.
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Top Headline
Shares of Thor Industries (NYSE:THO) gained around 5% on Tuesday after the company reported results for the fourth quarter.
The company posted quarterly earnings of 78 cents per share which missed the analyst consensus estimate of 96 cents per share. The company reported quarterly sales of $2.312 billion which beat the analyst consensus estimate of $2.168 billion.
Equities Trading UP
Viking Therapeutics Inc (NASDAQ:VKTX) shares shot up 26% to $37.88 after the company announced top-line results from the maintenance study of VK2735. Shares of Decoy Therapeutics Inc (NASDAQ:DCOY) got a boost, surging 144% to $6.24 after the company announced a refined corporate strategy to explore its D-MAVs for additional candidates. Quanome Technologies, Inc (NASDAQ:QNME) shares were also up, gaining 72% to $1.10 after the company announced it entered into a Purchase and Sale Agreement and related purchase order with Compal Electronics for the purchase of 32 GPU server units. Equities Trading DOWN
Celldex Therapeutics Inc (NASDAQ:CLDX) shares dropped 15% to $32.18. The company reported topline results from the Phase 3 EMBARQ-CSU1 and EMBARQ-CSU2 trials evaluating two doses of barzolvolimab in patients with chronic spontaneous urticaria whose symptoms are inadequately controlled by H1-antihistamines. Shares of Compass Therapeutics Inc. (NASDAQ:CMPX) were down 25% to $1.36 after the company announced that the FDA recommended it conduct a trial demonstrating a survival benefit before proceeding with a Biologics License Application submission for tovecimig in patients with previously treated, advanced biliary tract cancer. Xanadu Quantum Technologies Ltd (NASDAQ:XNDU) was down, falling 17% to $6.08. Commodities
In commodity news, oil traded down 1.4% to $94.45 while gold traded down 0.3% at $4,369.80.
Silver traded down 0.1% to $66.345 on Tuesday, while copper rose 1.4% to $6.8595.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 climbed 0.4%, while Spain’s IBEX 35 Index rose 0.7%, London’s FTSE 100 slipped 0.1%, Germany’s DAX gained 0.2%, while France’s CAC 40 surged 0.4%.
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Asian markets closed mixed on Tuesday, with Hong Kong’s Hang Seng index rising 0.18%, China’s Shanghai Composite rising 0.06% and India’s BSE Sensex falling 0.44%.
Economics
U.S. Redbook Index rose by 7.6% year-over-year in the week ending Sept. 19. The Federal Reserve’s Fifth District manufacturing index declined to -2 in September, compared to 4 in the previous month and versus market estimates of 5. Photo via Shutterstock
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Thor Industries (THO - Free Report) came out with quarterly earnings of $0.78 per share, missing the Zacks Consensus Estimate of $0.93 per share. This compares to earnings of $2.31 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -16.13%. A quarter ago, it was expected that this recreational vehicle maker would post earnings of $1.88 per share when it actually produced earnings of $1.86, delivering a surprise of -1.06%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Thor Industries, which belongs to the Zacks Building Products - Mobile Homes and RV Builders industry, posted revenues of $2.31 billion for the quarter ended July 2026, surpassing the Zacks Consensus Estimate by 7.37%. This compares to year-ago revenues of $2.52 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Thor Industries shares have lost about 31.9% since the beginning of the year versus the S&P 500's gain of 13.4%.
What's Next for Thor Industries?While Thor Industries has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Thor Industries was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.46 on $2.32 billion in revenues for the coming quarter and $4.38 on $9.81 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Mobile Homes and RV Builders is currently in the bottom 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the broader Zacks Construction sector, Comfort Systems (FIX - Free Report) , has yet to report results for the quarter ended September 2026.
This heating, ventilation and air conditioning company is expected to post quarterly earnings of $12.42 per share in its upcoming report, which represents a year-over-year change of +50.6%. The consensus EPS estimate for the quarter has been revised 0.9% higher over the last 30 days to the current level.
Comfort Systems' revenues are expected to be $3.35 billion, up 36.7% from the year-ago quarter.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Thor Industries (THO - Free Report) reported $2.31 billion in revenue for the quarter ended July 2026, representing a year-over-year decline of 8.4%. EPS of $0.78 for the same period compares to $2.31 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $2.15 billion, representing a surprise of +7.37%. The company delivered an EPS surprise of -16.13%, with the consensus EPS estimate being $0.93.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Thor Industries performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Unit Shipments - Recreational vehicles - European: 13,370 versus the three-analyst average estimate of 11,641.Unit Shipments - Recreational vehicles - North American Towable: 20,616 compared to the 18,105 average estimate based on three analysts.Unit Shipments - Total: 37,792 compared to the 34,028 average estimate based on three analysts.Unit Shipments - Recreational vehicles - Total North America: 24,422 compared to the 22,387 average estimate based on three analysts.Unit Shipments - Recreational vehicles - North American Motorized: 3,806 versus 4,282 estimated by three analysts on average.Net Sales- Recreational vehicles- European: $969.19 million versus the four-analyst average estimate of $854.3 million. The reported number represents a year-over-year change of +5%.Net Sales- Recreational vehicles- Total North America: $1.19 billion versus the four-analyst average estimate of $1.14 billion. The reported number represents a year-over-year change of -18%.Net Sales- Recreational vehicles- North American Motorized: $499.26 million compared to the $525.44 million average estimate based on four analysts. The reported number represents a change of -10.4% year over year.Net Sales- Recreational vehicles- North American Towable: $687.33 million versus $613.29 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -22.7% change.Net Sales- Recreational vehicles- Total: $2.16 billion versus $1.97 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -9% change.Gross Profit- Recreational vehicles- North American Motorized: $26.64 million versus the three-analyst average estimate of $55.82 million.Gross Profit- Other, net: $37.89 million versus $46.55 million estimated by three analysts on average.View all Key Company Metrics for Thor Industries here>>>
Shares of Thor Industries have returned -11.9% over the past month versus the Zacks S&P 500 composite's +1.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
(1) See reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures included at the end of this release
Fiscal 2026 Fourth Quarter
Net sales of $2.31 billion, Net income attributable to THOR of $40.8 million and EBITDA of $130.0 million in the quarter European segment continues to provide valuable geographic diversification with resilient results relative to a pressured North American market Used our strong liquidity position advantageously, repurchasing an additional $34.3 million of shares during the quarter Independent dealer inventory turns improved compared to the prior quarter, with dealer inventory at healthy levels entering our fiscal 2027 Adjusted EBITDA of $131.7 million in the quarter excludes, among other items, nonrecurring costs associated with strategic reorganization initiatives and the impact of gains on investments Fiscal Year 2026
Net sales of $9.61 billion, Net income attributable to THOR of $177.5 million and EBITDA of $541.9 million for the fiscal year Net sales for the European segment increased 3.1% on a constant currency basis compared to the prior year, and the segment is well positioned for the coming fiscal year following restructuring initiatives to optimize its production capacities and further improve its gross margin profile Prudently deployed capital during a muted retail market, reducing debt by $59.7 million and repurchasing shares of $115.1 million during the fiscal year Further year-over-year content-per-unit ("CPU") growth within our owned supplier group as our strategic growth strategy for these businesses advances , /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced financial results for its fiscal 2026 fourth quarter and full year ended July 31, 2026.
"Our fiscal 2026 proved to be more challenging than we anticipated at the outset of the year due to the headwinds impacting the RV industry. The retail market never reached the inflection point many in the industry expected, as stubborn interest rates, elevated fuel costs and ever-present inflationary pressures have strained household budgets and kept retail soft throughout the critical selling season," stated Bob Martin, President and Chief Executive Officer. "Against this backdrop, our teams executed by delivering net sales of $9.61 billion for fiscal 2026, exceeding the high end of our guidance — evidence of both our geographic diversity and the sustained appeal of the RV lifestyle. Our European segment was a key contributor with net sales for fiscal 2026 up 3.1% compared to the prior-year period on a constant currency basis.
"Our earnings performance did not keep pace with our top-line performance. As the fiscal year progressed, heightened affordability concerns and increasing material costs resulted in significant pressure on our gross margins. We responded with restructuring actions and began evolving our North American RV operating model. We directed those initiatives towards protecting attainable price points for consumers, accepting near-term margin pressure in exchange for long-term health of the business. The strength of our brands, the health of our balance sheet and our leadership across the RV market remain firmly intact and we are using this cycle to build a permanently stronger THOR," stated Martin.
"Our fiscal fourth quarter results reflected the macroeconomic pressures of our fiscal 2026 while also demonstrating the disciplined approach we have brought to our operations," added Todd Woelfer, Senior Vice President and Chief Operating Officer. "We managed production closely against global independent dealer inventory levels, which have declined 11.5% as of July 31, 2026 compared to July 31, 2025. This leaves the product channel well positioned even under a conservative outlook and positions THOR to achieve meaningful results once the market simply stabilizes, even if it stabilizes at a depressed level. Despite the difficult market conditions, both the North American Motorized and European segments gained market share for the six months ended June 30, 2026, with the North American Motorized segment up 130 basis points compared to the prior-year period. Additionally, our owned supply companies continued to grow despite the challenged North American RV market, posting strong year-over-year CPU gains.
"Regardless of where projected industry levels settle, we are not easing off the initiatives that improve our earnings power: expanding our enterprise purchasing programs, growing our owned-supplier business and optimizing our organizational structure. These are the levers that will make THOR structurally stronger through and beyond this downturn. Our initiatives are being executed now with strong momentum and, even assuming a flat retail market against fiscal 2026 volumes, THOR can materially improve its earnings profile," concluded Woelfer.
"The near-term industry backdrop has been difficult, but our capital deployment reflects continued confidence in our financial position," said Colleen Zuhl, Senior Vice President and Chief Financial Officer. "With much of our business impacted by macroeconomic headwinds, we remain focused on what we can control. During fiscal 2026, we reduced debt by $59.7 million and repurchased shares of $115.1 million, of which $34.3 million was repurchased during the fiscal 2026 fourth quarter.
"This year's pressure has been concentrated in gross margin, and the structural actions now underway are designed to lower our cost base durably — not temporarily — and to expand margins as volumes and mix recover. The restructuring costs we have incurred in fiscal 2025 and fiscal 2026 have put us on an advantageous path going forward. We have made difficult decisions in a down market, and will continue to do so as we assess additional opportunities to strengthen our earnings profile and streamline our business in fiscal 2027. Our balance sheet strength enabled us to execute these actions without compromising financial stability. That strength and our healthy leverage ratio leave us well positioned to operate in any environment and to act on opportunities as they arise, generating value for our independent dealers, RV customers and shareholders," concluded Zuhl.
Fourth Quarter Financial Results
THOR's consolidated results were primarily driven by the results of its individual reportable segments as noted below.
Segment Results
North American Towable RVs
($ in thousands)
Three Months Ended
July 31,
Change
Fiscal Years Ended
July 31,
Change
2026
2025
2026
2025
Net Sales
$ 687,334
$ 888,744
(22.7) %
$ 3,176,687
$ 3,784,666
(16.1) %
Unit Shipments
20,616
25,682
(19.7) %
95,045
119,790
(20.7) %
Gross Profit
$ 72,391
$ 118,576
(38.9) %
$ 356,577
$ 496,976
(28.3) %
Gross Profit Margin %
10.5 %
13.3 %
(280) bps
11.2 %
13.1 %
(190) bps
Income Before Income Taxes
$ 16,980
$ 74,452
(77.2) %
$ 147,329
$ 247,012
(40.4) %
As of July 31,
Change
($ in thousands)
2026
2025
Order Backlog
$ 916,584
$ 525,014
74.6 %
North American Towable net sales declined in our fiscal 2026 fourth quarter compared to the prior-year period due to a 19.7% decrease in unit shipments, with fifth wheel unit shipments down 34.7%. Sales volumes remain challenged by the retail environment and cautious independent dealer ordering patterns that have led to a 16.0% decline in independent dealer inventory levels of towable product as of July 31, 2026 compared to July 31, 2025. The gross profit margin percentage in the fourth quarter of fiscal 2026 declined by 280 basis points compared to the prior-year period, primarily due to lower sales volumes, an unfavorable product mix, increased promotional activity and an increased material cost percentage. Income before income taxes included gains on sales of fixed assets for the three months ended July 31, 2026 and July 31, 2025 of $0.1 million and $21.4 million, respectively, and for the twelve months ended July 31, 2026 and July 31, 2025 of $36.9 million and $24.1 million, respectively. North American Motorized RVs
($ in thousands)
Three Months Ended
July 31,
Change
Fiscal Years Ended
July 31,
Change
2026
2025
2026
2025
Net Sales
$ 499,257
$ 557,412
(10.4) %
$ 2,455,160
$ 2,175,604
12.8 %
Unit Shipments
3,806
4,379
(13.1) %
19,288
17,153
12.4 %
Gross Profit
$ 26,641
$ 62,869
(57.6) %
$ 215,850
$ 210,634
2.5 %
Gross Profit Margin %
5.3 %
11.3 %
(600) bps
8.8 %
9.7 %
(90) bps
Income Before Income Taxes
$ (5,239)
$ 39,081
(113.4) %
$ 74,163
$ 85,343
(13.1) %
As of July 31,
Change
($ in thousands)
2026
2025
Order Backlog
$ 728,206
$ 1,004,620
(27.5) %
Net sales for the North American Motorized segment decreased 10.4% in the fourth quarter of fiscal 2026 compared to the prior-year period, influenced by higher promotional activity and a 13.1% decrease in unit shipments that was partially offset by a 2.7% increase in the overall net price per unit as mix within our Class C and Class B products improved. The gross profit margin percentage declined 600 basis points compared to the prior-year period due to the decline in net sales and the combined increases in the material, overhead and warranty cost percentages. Income before income taxes in the prior-year period included an $11.2 million insurance settlement benefit. European RVs
($ in thousands)
Three Months Ended
July 31,
Change
Fiscal Years Ended
July 31,
Change
2026
2025
2026
2025
Net Sales
$ 969,193
$ 923,051
5.0 %
$ 3,296,729
$ 3,023,961
9.0 %
Unit Shipments
13,370
12,873
3.9 %
45,623
44,445
2.7 %
Gross Profit
$ 148,711
$ 143,912
3.3 %
$ 443,683
$ 460,319
(3.6) %
Gross Profit Margin %
15.3 %
15.6 %
(30) bps
13.5 %
15.2 %
(170) bps
Income Before Income Taxes
$ 55,020
$ 51,948
5.9 %
$ 72,241
$ 101,634
(28.9) %
As of July 31,
Change
($ in thousands)
2026
2025
Order Backlog
$ 1,653,970
$ 1,525,592
8.4 %
European RV net sales for the fourth quarter of fiscal 2026 increased 5.0% compared to the prior-year period, driven by the combined impact of a 3.9% increase in unit shipments and a 1.1% increase in the overall net price per unit, of which 0.1% was due to favorable changes in foreign currency exchange rates. Net sales benefited from a lower promotional environment compared to the prior-year period along with product mix continuing to shift towards higher-priced motorized products from lower-priced caravans. The gross profit margin percentage declined just 30 basis points compared to the prior-year period, reflecting the more favorable supplier dynamics in our European operations compared to North America. The slight margin decline was primarily due to a higher warranty cost percentage, partially offset by a lower overhead cost percentage. Income before income taxes included restructuring costs of $11.1 million and $25.2 million for the three and twelve months ended July 31, 2026, respectively. Fiscal 2027 Guidance
"We are confident in our ability to operate successfully in the current market and expect a relatively flat retail environment in fiscal 2027 compared to fiscal 2026, with many of the same headwinds we experienced in fiscal 2026 facing us in the near term. We have two early and critical North American industry events during the second half of September: the Hershey, PA show and the Elkhart, IN Open House. These events will provide us with additional insight regarding our fiscal year expectations as we connect with our independent dealer partners and other industry leaders. Due to the key insights these events provide, we have determined that it is prudent to allow time to gather this input prior to providing fiscal 2027 guidance. Also impacting both the near-term and long-term profile of THOR is the strategic evolution of our North American RV operating model, including the recently announced leadership changes, which will position us to amplify and accelerate the benefits our management teams have already identified," commented Woelfer. "We are committed to providing investors with complete and reliable guidance, both for fiscal 2027 and our longer-term earnings profile, and we will provide details regarding our cost savings expectations alongside our annual guidance later this fall. In the meantime, we can share that we expect the cumulative impact of our key strategic initiatives and restructuring activities to drive costs out of our business and improve our earnings profile in excess of $100 million annually once the initiatives are fully implemented.
"The RV industry remains in an extended down cycle and we are not going to characterize it as anything other than what it is. Certainly, our earnings are currently below where we want them to be. The measure of the Company is not its earnings at a cyclical low, but how it responds during the cycle. We remain fully committed to both our independent dealer partners and retail customers. Their success and ours are inseparable and we are continuing to invest in those relationships rather than pulling back from them," added Woelfer.
Mr. Martin concluded, "Fiscal 2026 was a structurally important year for THOR. With numerous macro elements working against our industry, we took action to address our margin profile, our production footprint and the supply chain pressures weighing on the business. That work gives THOR a strong foundation to operate successfully in any industry backdrop. With this strong foundation, we can better address the affordability challenges that retail customers are facing and be the leader that our industry needs. The RV lifestyle provides the freedom and connection to nature that consumers desire; that demand has not gone away. Our responsibility is to deliver the value proposition that grows market share for our brands while reestablishing our earnings power. We believe in the initiatives we are executing and are confident in the upside to our financial performance when the RV market inevitably inflects."
Supplemental Earnings Release Materials
THOR Industries has provided a comprehensive question and answer document, as well as a PowerPoint presentation, relating to its quarterly results and other topics.
To view these materials, go to http://ir.thorindustries.com.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles.
For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance and actual results may differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the level of consumer confidence and the level of discretionary consumer spending; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic initiatives including realignments or other reorganizational actions; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits costs to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2026.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS AND FISCAL YEARS ENDED JULY 31, 2026 AND 2025
($000's except share and per share data)
Three Months Ended July 31, (Unaudited)
Fiscal Years Ended July 31,
2026
% Net
Sales (1)
2025
% Net
Sales (1)
2026
% Net
Sales (1)
2025
% Net
Sales (1)
Net sales
$ 2,311,628
$ 2,523,783
$ 9,608,145
$ 9,579,490
Gross profit
$ 285,632
12.4 %
$ 370,883
14.7 %
$ 1,212,630
12.6 %
$ 1,340,641
14.0 %
Selling, general and administrative
expenses
206,416
8.9 %
237,862
9.4 %
903,396
9.4 %
922,554
9.6 %
Amortization of intangible assets
28,616
1.2 %
30,357
1.2 %
112,159
1.2 %
119,027
1.2 %
Interest expense, net
8,744
0.4 %
10,058
0.4 %
36,836
0.4 %
48,441
0.5 %
Other income, net
9,912
0.4 %
50,761
2.0 %
78,482
0.8 %
45,572
0.5 %
Income before income taxes
51,768
2.2 %
143,367
5.7 %
238,721
2.5 %
296,191
3.1 %
Income tax provision
10,462
0.5 %
16,742
0.7 %
64,067
0.7 %
39,600
0.4 %
Net income
41,306
1.8 %
126,625
5.0 %
174,654
1.8 %
256,591
2.7 %
Less: Net income (loss) attributable
to non-controlling interests
468
— %
868
— %
(2,885)
— %
(1,968)
— %
Net income attributable to THOR
Industries, Inc.
$ 40,838
1.8 %
$ 125,757
5.0 %
$ 177,539
1.8 %
$ 258,559
2.7 %
Earnings per common share:
Basic
$ 0.79
$ 2.37
$ 3.39
$ 4.87
Diluted
$ 0.78
$ 2.36
$ 3.38
$ 4.84
Weighted-average common shares
outstanding:
Basic
51,820,661
52,959,358
52,365,109
53,085,577
Diluted
52,027,149
53,285,322
52,562,672
53,400,306
(1) Percentages may not add due to rounding differences
The following table reconciles consolidated net income to consolidated EBITDA and Adjusted EBITDA:
EBITDA Reconciliations
($ in thousands)
Three Months Ended
July 31,
Fiscal Years Ended
July 31,
2026
2025
2026
2025
Net income (GAAP)
$ 41,306
$ 126,625
$ 174,654
$ 256,591
Add back:
Interest expense, net
8,744
10,058
36,836
48,441
Income tax provision
10,462
16,742
64,067
39,600
Depreciation and amortization of intangible assets
69,492
71,379
266,355
271,207
EBITDA (Non-GAAP)
$ 130,004
$ 224,804
$ 541,912
$ 615,839
Add back:
Stock-based compensation expense
979
4,074
26,578
30,872
Change in LIFO reserve, net
(3,663)
3,602
2,278
702
Non-cash foreign currency loss (gain)
(1,128)
1,944
(3,741)
9,255
Investment-related gain (1)
(10,147)
(5,563)
(23,309)
(149)
Weather-related gain
—
(12,153)
—
(13,653)
Strategic initiatives
16,901
15,020
45,924
43,201
Other gains, including on sales of PP&E
(1,209)
(22,222)
(45,285)
(26,941)
Adjusted EBITDA (Non-GAAP)
$ 131,737
$ 209,506
$ 544,357
$ 659,126
(1) Includes the fair value adjustments of certain warrants and stock investments along with equity method investment income and losses
EBITDA and Adjusted EBITDA are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one-time items. EBITDA is defined as net income before net interest expense, income tax provision and depreciation and amortization. Adjusted EBITDA reflects adjustments to EBITDA to identify items that, in management's judgment, significantly affect the assessment of earnings results between periods. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.
Thor Industries had a challenging fiscal 2026, and the company said many of the headwinds it faced are expected to continue to plague its business in the year ahead.
Dealer preparation and execution drive Keystone's strongest retail performance since before the pandemic
, /PRNewswire/ -- Keystone RV and its dealer partners delivered the company's strongest retail sales performance at America's Largest RV Show in Hershey Pa. since before the pandemic.
Keystone also broke multiple fifth-wheel sales records, a result that reflects how effectively both Keystone and its dealers performed in a challenging market.
"This was a remarkable team effort," said Keystone President Troy James. "Our dealer partners worked hard preparing for the show and executed at an incredibly high level from start to finish. Our product development teams created products that clearly connected with customers, and the work that our marketing and sales teams did alongside our dealer partners generated strong booth traffic and turned that interest into action."
James credited Keystone's dealers with turning that traffic into record results – from mutual display planning, setup, and staffing to consistent follow-up with retail customers.
"We know how hard our dealers have been working to generate interest in Keystone's products, and we don't take that for granted." James added. "Our commitment to our dealers is straightforward: we will keep showing up with the products, the marketing support, and the responsiveness they need. This week gives us all reason to have confidence in the momentum we are building together."
James also thanked the retail customers who visited the Keystone displays during the show.
"We are grateful to the customers who spent time with our teams and with our dealers, and who trusted Keystone with their purchases," James said. "Their confidence in Keystone and in the dealers who stand behind our products is what makes these results meaningful."
About Keystone RV Company
Founded in 1996 and headquartered in Goshen, Indiana, Keystone RV Company is the #1 manufacturer of towable RVs in North America and part of THOR Industries (NYSE: THO). Keystone builds iconic brands including Montana®, Cougar®, Coleman®, Raptor®, and Sprinter® offering a full lineup of travel trailers, fifth wheels, and toy haulers. Designed to be Proven in the Wild™, Keystone RVs are built for those who go further and stay out longer. Learn more at keystonerv.com.
For Media Inquiries:
Contact Kasey Findley, Director of External Relations, at [email protected] or 574-535-2467.
In its upcoming report, Thor Industries (THO - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.95 per share, reflecting a decline of 58.9% compared to the same period last year. Revenues are forecasted to be $2.15 billion, representing a year-over-year decrease of 14.7%.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.9% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
In light of this perspective, let's dive into the average estimates of certain Thor Industries metrics that are commonly tracked and forecasted by Wall Street analysts.
Analysts forecast 'Net Sales- Recreational vehicles- North American Motorized' to reach $525.44 million. The estimate points to a change of -5.7% from the year-ago quarter.
The consensus estimate for 'Net Sales- Recreational vehicles- North American Towable' stands at $613.29 million. The estimate indicates a change of -31% from the prior-year quarter.
According to the collective judgment of analysts, 'Net Sales- Recreational vehicles- Total' should come in at $1.97 billion. The estimate indicates a year-over-year change of -16.6%.
Based on the collective assessment of analysts, 'Net Sales- Recreational vehicles- European' should arrive at $854.30 million. The estimate indicates a year-over-year change of -7.5%.
Analysts' assessment points toward 'Net Sales- Recreational vehicles- Total North America' reaching $1.14 billion. The estimate indicates a change of -21.3% from the prior-year quarter.
The combined assessment of analysts suggests that 'Unit Shipments - Recreational vehicles - European' will likely reach 11,641 . The estimate is in contrast to the year-ago figure of 12,873 .
The collective assessment of analysts points to an estimated 'Unit Shipments - Recreational vehicles - North American Towable' of 18,105 . The estimate compares to the year-ago value of 25,682 .
Analysts expect 'Unit Shipments - Total' to come in at 34,028 . The estimate compares to the year-ago value of 42,934 .
Analysts predict that the 'Unit Shipments - Recreational vehicles - Total North America' will reach 22,387 . Compared to the current estimate, the company reported 30,061 in the same quarter of the previous year.
It is projected by analysts that the 'Unit Shipments - Recreational vehicles - North American Motorized' will reach 4,282 . The estimate compares to the year-ago value of 4,379 .
The consensus among analysts is that 'Gross Profit- Recreational vehicles- North American Motorized' will reach $55.82 million. Compared to the current estimate, the company reported $62.87 million in the same quarter of the previous year.
The average prediction of analysts places 'Gross Profit- Other' at $46.55 million. Compared to the present estimate, the company reported $45.53 million in the same quarter last year.
View all Key Company Metrics for Thor Industries here>>>
Thor Industries shares have witnessed a change of -12.9% in the past month, in contrast to the Zacks S&P 500 composite's -2.9% move. With a Zacks Rank #2 (Buy), THO is expected outperform the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
The market expects Thor Industries (THO - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended July 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on September 22, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis recreational vehicle maker is expected to post quarterly earnings of $0.95 per share in its upcoming report, which represents a year-over-year change of -58.9%.
Revenues are expected to be $2.15 billion, down 14.7% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.88% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Thor Industries?For Thor Industries, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +5.94%.
On the other hand, the stock currently carries a Zacks Rank of #2.
So, this combination indicates that Thor Industries will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Thor Industries would post earnings of $1.88 per share when it actually produced earnings of $1.86, delivering a surprise of -1.06%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Thor Industries appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
THOR Industries, Inc. (NYSE:THO) will release earnings for its fourth quarter before the opening bell on Tuesday, Sept. 22.
Analysts expect the company to report quarterly earnings of 94 cents per share, down from $2.36 per share in the year-ago period. The consensus estimate for THO’s quarterly revenue is $2.17 billion. It reported $2.52 billion last year, according to Benzinga Pro.
On June 3, Thor Industries reported mixed third-quarter financial results and cut its FY26 GAAP EPS guidance below estimates.
Shares of Thor Industries gained 0.9% to close at $73.48 on Monday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Citigroup analyst James Hardiman maintained a Neutral rating and cut the price target from $80 to $79 on July 24, 2026. This analyst has an accuracy rate of 61%. Truist Securities analyst Michael Swartz maintained a Hold rating and cut the price target from $109 to $80 on July 8, 2026. This analyst has an accuracy rate of 60%. DA Davidson analyst Griffin Bryan maintained a Neutral rating and slashed the price target from $100 to $80 on June 15, 2026. This analyst has an accuracy rate of 78%. Seaport Global analyst Gerrick Johnson initiated coverage on the stock with a Neutral rating on April 20, 2026. This analyst has an accuracy rate of 55%. Roth Capital analyst Scott Stember maintained a Neutral rating and raised the price target from $93 to $97 on Dec. 4, 2025. This analyst has an accuracy rate of 53%. Trending
Considering buying THO stock? Here’s what analysts think:
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Market News and Data brought to you by Benzinga APIs
THOR Industries, Inc. (NYSE:THO) will release earnings for its fourth quarter before the opening bell on Tuesday, Sept. 22.
Analysts expect the company to report quarterly earnings of 94 cents per share, down from $2.36 per share in the year-ago period. The consensus estimate for THO’s quarterly revenue is $2.17 billion. It reported $2.52 billion last year, according to Benzinga Pro.
Citigroup analyst James Hardiman, on July 24, maintained a Neutral rating on Thor Industries and lowered the price target from $80 to $79.
With the recent buzz around Thor Industries, some investors may be eyeing potential gains from the company’s dividends too. As of now, THO has an annual dividend yield of 2.85%, which is a quarterly dividend amount of 52 cents per share ($2.08 a year).
To figure out how to earn $500 monthly from Thor Industries, we start with the yearly target of $6,000 ($500 x 12 months).
Trending
Next, we divide this amount by THO’s $2.08 dividend per share: $6,000 / $2.08 = 2,885 shares.
So, an investor would need to own approximately $210,201 worth of Thor Industries, or 2,885 shares to generate a monthly dividend income of $500.
Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $2.08 = 577 shares, or $42,040 to generate a monthly dividend income of $100.
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.
The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.
For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).
Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).
Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.
THO Price Action: Shares of Thor Industries gained 1.2% to close at $72.86 on Friday.
, /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO), the world's largest manufacturer of recreational vehicles, today announced further leadership changes as a part of the previously announced evolution of its North American RV operating model to amplify the identified benefits of this evolution across our North American RV companies.
Effective immediately, Ken Walters, President of Jayco and leader of the Jayco and Tiffin Motorhomes group, will assume the role of President of North American RV operations. Walters will report to THOR executive management in Elkhart and will coordinate North American RV operations across all of THOR's operating companies as they implement and build upon the initiatives of THOR's North American RV Group operating model. Nic Martin, Vice President of Sales at Jayco, will become President of Jayco. Martin brings an extensive background to the role in the sales and operations of Jayco and is well positioned to keep Jayco on its successful path within the industry.
"Ken has done an outstanding job as President of Jayco, guiding a highly respected towable and motorized brand through a difficult market while putting dealers and retail customers first. Early successes of the Jayco and Tiffin Motorhomes group are promising, and we are eager to amplify those successes across all of our North American RV entities," said Bob Martin, President and CEO of THOR.
As THOR's leadership teams within the previously announced two RV groups evaluated their approach to achieving benefits of consolidation, it became clear that unified coordination of execution across North American RV would bring the enterprise more benefits on an accelerated timeline. For THOR going forward, there will be three distinct operating groups: North American RV, European, and Supply.
"We are proud of the work that our leadership teams have done as we work towards achieving the objectives of our evolved North American RV operating model and begin realizing its expected benefits," stated Bob Martin. "Our structure has been decentralized for decades, so this is an involved process but one with potentially significant benefits and cost savings as its outcome. As our leadership teams within the two RV groups worked through the evaluation phase of this process during the previous two quarters, it became clear to us that we could achieve a greater magnitude of benefits with additional coordination across all of our RV companies that will position THOR to deliver positive benefits for our dealer partners and retail customers, address affordability and enhance our margin profile."
To further advance this objective of amplifying benefits across our North American RV group, Mike Ritchie, Vice President of Finance at Jayco, will become CFO of North American RV operations. Ritchie will fill a pivotal role with a focus on financial performance and aligning synergistic initiatives across the THOR North American RV operations. Ritchie will continue to report to Colleen Zuhl, Senior Vice President and Chief Financial Officer of THOR. Walters and Ritchie will remain heavily involved with the operational and financial performance of the North American RV group at the local level, ensuring operational excellence and the successful implementation of key initiatives.
Trey Miller, Vice President of Marketing at Jayco, will be promoted to Chief Marketing Officer of the THOR North American RV operations. Prior to joining Jayco, Miller served in lead marketing positions with both Dometic and Stag Parkway. In his new role, Miller will be the manager of the marketing teams across the THOR North American RV operations.
Additionally, Troy James, currently the Chief Operating Officer of the Thor Motor Coach and Keystone group, will become President of Keystone. James brings an extensive operational background to the role, with both North American and European sales and operational experience. James will continue his focus of enhancing organizational performance and reestablishing Keystone's prominent position within the industry.
"We are extremely excited about the direction that our North American RV operating model has taken," said Todd Woelfer, Senior Vice President and Chief Operating Officer of THOR. "Our operating companies have taken this challenge head-on and identified a path towards enhanced synergies and structural improvements that further the alignment of our operating companies. We are focused on realizing the benefits of our evolved operating model, driving out costs within the Company to strengthen our earnings profile and continue leading the industry in addressing the affordability concerns of RV retail customers. We will not simply stand by and pass rising costs on to pressured retail customers and dealers while waiting for an inflection at the retail level. We believe it is essential to our long-term positioning to prioritize the health of the retail market rather than abdicate responsibility. The strength of our leadership teams and the initiatives we are implementing will make us a key component of the solutions to the challenges facing our industry."
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles.
For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic realignments or other reorganizational actions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.
Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.
On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.
One stock to keep an eye on is Thor Industries (THO - Free Report) . THO is currently holding a Zacks Rank #2 (Buy) and a Value grade of A.
We should also highlight that THO has a P/B ratio of 1.29. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. THO's current P/B looks attractive when compared to its industry's average P/B of 1.51. Over the past year, THO's P/B has been as high as 1.51 and as low as 0.87, with a median of 1.27.
Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. THO has a P/S ratio of 0.38. This compares to its industry's average P/S of 1.12.
Finally, our model also underscores that THO has a P/CF ratio of 10.88. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 12.56. THO's P/CF has been as high as 12.12 and as low as 7.08, with a median of 10.10, all within the past year.
These are only a few of the key metrics included in Thor Industries's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, THO looks like an impressive value stock at the moment.
, /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced that the date for its fiscal 2026 fourth quarter earnings release will be on Tuesday, September 22, 2026, before the market opens.
Upon the release of THOR's fiscal 2026 fourth quarter earnings, the Company will concurrently publish a copy of the earnings release, a comprehensive question and answer document and a slide presentation on the Company's website. To view the quarterly earnings documents, please go to http://ir.thorindustries.com/.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles.
For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance and actual results may differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic initiatives including realignments or other reorganizational actions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits costs to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.
Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.
On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.
One company value investors might notice is Thor Industries (THO - Free Report) . THO is currently holding a Zacks Rank #2 (Buy) and a Value grade of A.
Investors should also recognize that THO has a P/B ratio of 1.29. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 1.61. Within the past 52 weeks, THO's P/B has been as high as 1.51 and as low as 0.87, with a median of 1.27.
Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. THO has a P/S ratio of 0.42. This compares to its industry's average P/S of 1.18.
Finally, investors should note that THO has a P/CF ratio of 10.88. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. THO's current P/CF looks attractive when compared to its industry's average P/CF of 13.40. THO's P/CF has been as high as 12.12 and as low as 7.08, with a median of 10.10, all within the past year.
Value investors will likely look at more than just these metrics, but the above data helps show that Thor Industries is likely undervalued currently. And when considering the strength of its earnings outlook, THO sticks out as one of the market's strongest value stocks.
Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.
Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase, investors find themselves invested in shares that have limited to no upside or even a downside. So, betting on a stock just by looking at the traditional momentum parameters could be risky at times.
It could be safer to invest in bargain stocks that have been witnessing price momentum recently. While the Zacks Momentum Style Score (part of the Zacks Style Scores system), which pays close attention to trends in a stock's price or earnings, is pretty useful in identifying great momentum stocks, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.
Thor Industries (THO - Free Report) is one of the several great candidates that made it through the screen. While there are numerous reasons why this stock is a great choice, here are the most vital ones:
A dash of recent price momentum reflects growing interest of investors in a stock. With a four-week price change of 0.6%, the stock of this recreational vehicle maker is certainly well-positioned in this regard.
While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. THO meets this criterion too, as the stock gained 2% over the past 12 weeks.
Moreover, the momentum for THO is fast paced, as the stock currently has a beta of 1.33. This indicates that the stock moves 33% higher than the market in either direction.
Given this price performance, it is no surprise that THO has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.
In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped THO earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Most importantly, despite possessing fast-paced momentum features, THO is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. THO is currently trading at 0.40 times its sales. In other words, investors need to pay only 40 cents for each dollar of sales.
So, THO appears to have plenty of room to run, and that too at a fast pace.
In addition to THO, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.
This is not the only screen that could help you find your next winning stock pick. Based on your personal investing style, you may choose from over 45 Zacks Premium Screens that are strategically created to beat the market.
However, keep in mind that the key to a successful stock-picking strategy is to ensure that it produced profitable results in the past. You could easily do that with the help of the Zacks Research Wizard. In addition to allowing you to backtest the effectiveness of your strategy, the program comes loaded with some of our most successful stock-picking strategies.
Click here to sign up for a free trial to the Research Wizard today.
Key Takeaways THO's recent downward EPS revisions earn the RV maker a Zacks Rank #5 (Strong Sell).Thor Industries stock is down over 20% YTD and it's facing compounding headwinds.
Thor Industries (THO - Free Report) boasts that it is the world’s largest manufacturer of recreational vehicles.
The RV giant’s revenue and earnings have dropped over the last several years as it faces multiple headwinds from higher interest rates and slowing consumer spending to the extremely difficult-to-compete-against Covid-era boom.
What's Going On with the RV Giant?Thor Industries is the biggest manufacturer of recreational vehicles in the world, making and selling hundreds of RV models across Airstream, CrossRoads, Dutchmen, Heartland, and tons of other brands.
Image Source: Zacks Investment Research
The Indiana-based company builds a variety of RVs in North America and Europe and sells those vehicles along with related parts and accessories to independent, non-franchise dealers throughout the U.S., Canada, and Europe.
THO posted strong growth between 2010 and 2018. Then the quick COVID shutdown, mixed with the Wall Street and economic boom sparked by the reopening and rock-bottom interest rates, helped Thor grow its revenue by 51% in its fiscal 2021 and another 32% in FY22.
The RV maker roughly doubled its revenue between fiscal 2020 and 2022. This growth was always going to be impossible to keep up with since it was sparked by a confluence of events that we might not see again.
Thor posted three straight years of declining sales since then. The RV company’s earnings follow a similar boom-and-bust pattern.
Image Source: Zacks Investment Research
Thor lowered its full-year guidance when it reported its Q3 FY26 results in early June. The company cited an array of “persistent macroeconomic pressures weighing on the broader RV market” as the reasons for its subdued outlook.
The list of setbacks includes a “challenged retail environment driven in large part by low consumer confidence, cautious independent dealer ordering patterns and ongoing tariff-related and inflationary cost dynamics that continue to negatively impact industry-wide performance.”
Image Source: Zacks Investment Research
Its downward earnings revisions land THO a Zacks Rank #5 (Strong Sell) right now.
Investors likely want to stay away from the stock until Thor shows signs of a turnaround. Plus, THO shares have fallen 23% YTD as part of a sideways run over the last decade.
Edgestream Partners L.P. raised its stake in shares of Thor Industries, Inc. (NYSE:THO – Free Report) by 133.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 26,816 shares of the RV manufacturer’s stock after acquiring an additional 15,309 shares during the period. Edgestream Partners L.P. owned approximately 0.05% of Thor Industries worth $2,142,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in THO. V Square Quantitative Management LLC bought a new stake in shares of Thor Industries in the fourth quarter worth approximately $29,000. Curio Wealth LLC purchased a new position in shares of Thor Industries during the fourth quarter valued at approximately $36,000. Danske Bank A S bought a new position in Thor Industries during the third quarter valued at approximately $41,000. eCIO Inc. bought a new position in Thor Industries during the fourth quarter valued at approximately $49,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in Thor Industries in the fourth quarter worth approximately $51,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.
Thor Industries Price Performance Shares of NYSE:THO opened at $74.93 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.71 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $3.90 billion, a PE ratio of 32.44, a price-to-earnings-growth ratio of 1.99 and a beta of 1.33. The firm’s 50 day moving average price is $76.04 and its 200-day moving average price is $86.51. Thor Industries, Inc. has a twelve month low of $69.71 and a twelve month high of $122.83.
Thor Industries (NYSE:THO – Get Free Report) last announced its earnings results on Wednesday, June 3rd. The RV manufacturer reported $1.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.88 by ($0.02). Thor Industries had a net margin of 2.67% and a return on equity of 5.74%. The business had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the firm posted $2.53 earnings per share. The business’s quarterly revenue was down 3.9% compared to the same quarter last year. Thor Industries has set its FY 2026 guidance at 3.300-3.800 EPS. Equities research analysts expect that Thor Industries, Inc. will post 3.2 EPS for the current year.
Thor Industries Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Wednesday, July 1st. Thor Industries’s dividend payout ratio (DPR) is currently 90.04%.
Analyst Ratings Changes A number of research firms have commented on THO. Bank of America cut their target price on shares of Thor Industries from $120.00 to $96.00 and set a “buy” rating for the company in a research report on Thursday, June 4th. DA Davidson lowered their price target on Thor Industries from $100.00 to $80.00 and set a “neutral” rating on the stock in a report on Monday, June 15th. Loop Capital raised their price target on Thor Industries from $90.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Argus upgraded Thor Industries to a “hold” rating in a research note on Friday, June 12th. Finally, Benchmark reaffirmed a “hold” rating on shares of Thor Industries in a report on Friday, June 12th. Three equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Thor Industries presently has an average rating of “Hold” and an average price target of $92.33.
Check Out Our Latest Stock Report on THO
Thor Industries Profile (Free Report)
Thor Industries, Inc is a leading manufacturer of recreational vehicles (RVs) and related components for the leisure travel market. Through its family of well-known brands—such as Airstream, Heartland, Jayco, Keystone RV and Thor Motor Coach—the company designs, manufactures and sells a broad range of motorized and towable RVs, complemented by aftermarket parts and service solutions. Thor offers products that span travel trailers, fifth wheels, toy haulers and Class A, B and C motorhomes, addressing both entry-level and premium segments.
Founded in 1980 when Wade Thompson and Peter Orthwein acquired Airstream from Beatrice Foods, Thor Industries has grown organically and through strategic acquisitions to become one of the largest RV producers in the world.
Read More Five stocks we like better than Thor Industries 3 Fixed-Income ETFs Show Why Yield Is Only Part of the Income Story AbbVie Quietly Solved Its Biggest Problem—Now What? Rio Tinto’s Results Make the Case for Looking Beyond Tech in the AI Trade Strategy’s Structural Strength: Hidden in a $8 Billion Illusion Want to see what other hedge funds are holding THO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Thor Industries, Inc. (NYSE:THO – Free Report).
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Caxton Associates LLP bought a new stake in shares of Thor Industries, Inc. (NYSE:THO – Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 9,752 shares of the RV manufacturer’s stock, valued at approximately $779,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of THO. V Square Quantitative Management LLC purchased a new stake in shares of Thor Industries during the 4th quarter valued at $29,000. Curio Wealth LLC purchased a new position in Thor Industries in the fourth quarter worth $36,000. Danske Bank A S purchased a new position in Thor Industries in the third quarter worth $41,000. eCIO Inc. bought a new position in Thor Industries in the fourth quarter valued at $49,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Thor Industries in the fourth quarter valued at $51,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.
Analyst Ratings Changes THO has been the topic of a number of research reports. Bank of America lowered their price target on Thor Industries from $120.00 to $96.00 and set a “buy” rating on the stock in a research report on Thursday, June 4th. Seaport Research Partners began coverage on Thor Industries in a report on Monday, April 20th. They issued a “neutral” rating for the company. Wall Street Zen lowered Thor Industries from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. BNP Paribas Exane began coverage on Thor Industries in a report on Monday, April 20th. They set a “neutral” rating on the stock. Finally, Benchmark restated a “hold” rating on shares of Thor Industries in a research report on Friday, June 12th. Three investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $92.33.
View Our Latest Stock Report on THO
Thor Industries Price Performance THO stock opened at $76.78 on Monday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.80 and a current ratio of 1.71. Thor Industries, Inc. has a 52 week low of $69.71 and a 52 week high of $122.83. The firm’s fifty day moving average is $75.81 and its 200 day moving average is $87.62. The firm has a market cap of $4.00 billion, a P/E ratio of 33.24, a P/E/G ratio of 2.03 and a beta of 1.33.
Thor Industries (NYSE:THO – Get Free Report) last issued its earnings results on Wednesday, June 3rd. The RV manufacturer reported $1.86 EPS for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.02). The business had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Thor Industries had a return on equity of 5.74% and a net margin of 2.67%.Thor Industries’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.53 EPS. Thor Industries has set its FY 2026 guidance at 3.300-3.800 EPS. Research analysts predict that Thor Industries, Inc. will post 3.2 earnings per share for the current year.
Thor Industries Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were issued a $0.52 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.08 annualized dividend and a dividend yield of 2.7%. Thor Industries’s payout ratio is currently 90.04%.
Thor Industries Profile (Free Report)
Thor Industries, Inc is a leading manufacturer of recreational vehicles (RVs) and related components for the leisure travel market. Through its family of well-known brands—such as Airstream, Heartland, Jayco, Keystone RV and Thor Motor Coach—the company designs, manufactures and sells a broad range of motorized and towable RVs, complemented by aftermarket parts and service solutions. Thor offers products that span travel trailers, fifth wheels, toy haulers and Class A, B and C motorhomes, addressing both entry-level and premium segments.
Founded in 1980 when Wade Thompson and Peter Orthwein acquired Airstream from Beatrice Foods, Thor Industries has grown organically and through strategic acquisitions to become one of the largest RV producers in the world.
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It has been about a month since the last earnings report for Thor Industries (THO - Free Report) . Shares have added about 2.2% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Thor Industries due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
THOR Q3 Earnings Miss ExpectationsTHOR posted earnings of $1.86 per share for the third quarter of fiscal 2026 (ended April 30), missing the Zacks Consensus Estimate of $1.88 by 1.1%. The bottom line declined 32.9% year over year.
THO’s quarterly revenues came in at $2.78 billion, beating the Zacks Consensus Estimate of $2.64 billion by 5.2% and decreasing 3.9% from the year-ago quarter. The results reflected a pressured RV retail backdrop, with industry retail tracking near 300,000 units in calendar 2026, weighing most heavily on value-oriented towables.
THO Margins Compress as Profitability SoftensTHO’s gross profit fell 19.9% year over year to $354.8 million, and gross margin narrowed 250 basis points to 12.8%. The downturn reflected lower consolidated volumes and cost pressures, particularly in North American Towables, alongside an unfavorable mix.
Net income attributable to THOR declined 28.1% to $97.2 million. The reported profitability benefited from favorable market value adjustments on certain investments and gains on the sale of select real estate tied to footprint optimization, while adjusted profitability excluded several nonrecurring items.
THOR Towable Segment Hit by Dealer CautionNorth American Towable net sales declined 24.6% year over year to $881.8 million as independent dealers stayed cautious in a strained retail environment. Unit shipments fell 25% year over year to 27,045 units, while gross profit declined 48.5% to $89.7 million. Segment gross margin contracted 470 basis points to 10.2%, pressured by lower sales, higher material costs and product mix. Pretax income decreased 46% year over year to $52.7 million.
Backlog for the Towable segment stood at $386 million as of April 30, 2026, down 39.1% from the prior-year period. Dealer inventory of THOR Towable products was 67,151 units, down 17.3% year over year, consistent with dealers managing risk into an uncertain selling season.
THO Motorized and Europe Deliver Better Top-Line TrendsNorth American Motorized remained a relatively bright spot. Net sales increased 7.7% to $717.7 million, driven by higher unit shipments. Unit shipments rose 9.1% year over year to 6,008 units. Gross profit slipped 10.5% to $62.9 million, while gross margin eased to 8.8% from 10.5% in the prior-year period, as higher volumes were more than offset by increases in material, warranty and overhead costs. Pretax income declined 22.9% to $25.3 million. The segment’s backlog was $766.1 million, down from $883.7 million as of April 30, 2025.
In the Europe RVs segment, net sales rose 11.8% to $987.6 million, aided by higher unit shipments and pricing, including currency effects. Unit shipments grew 4.2% year over year to 14,065 units. Gross profit edged down 0.6% to $142 million, while pretax income rose 21.3% to $56.2 million. European backlog was $1.36 billion, up 1% year over year, and dealer inventory was 20,400 units, down 11.2% year over year.
THOR Liquidity Remains Solid Despite Lower Cash FlowAs of April 30, 2026, THOR’s cash and cash equivalents totaled $371.9 million. Through the first nine months of fiscal 2026, net cash provided by operating activities was $77 million, down from $319.2 million in the prior-year period.
THO Lowers Full-Year Earnings View as Headwinds PersistTHOR maintained its full-year fiscal 2026 consolidated net sales guidance of $9-$9.5 billion, but lowered its diluted earnings outlook to $3.30-$3.80 from the prior $3.75-$4.25 range, citing prolonged macroeconomic and consumer-confidence pressures.
On capital deployment, THOR repurchased $50.5 million of shares during the quarter and paid $27.1 million in dividends, underscoring management’s intent to stay disciplined while investing in operational initiatives such as its North American RV realignment aimed at sourcing coordination, standardization and data integration.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -35.83% due to these changes.
VGM ScoresCurrently, Thor Industries has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Thor Industries has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.
, /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced that its Board of Directors approved, at its June 16, 2026, meeting, the payment of a regular quarterly cash dividend of $0.52 per share.
The regular cash dividend is payable on July 15, 2026, to shareholders of record at the close of business on July 1, 2026.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles. For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance and actual results may differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the level of consumer confidence and the level of discretionary consumer spending; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic initiatives including realignments or other reorganizational actions; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits costs to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
, /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced that its Board of Directors approved, at its March 24, 2026, meeting, the payment of a regular quarterly cash dividend of $0.52 per share.
The regular cash dividend is payable on April 20, 2026, to shareholders of record at the close of business on April 6, 2026.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles. For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic realignments or other reorganizational actions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended January 31, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
, /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO), the world's largest manufacturer of recreational vehicles, today announced the appointment of Andy Murray as Senior Vice President of Strategy and Business Development, a newly created role reflecting THOR's continued focus on strengthening its supply chain capabilities and supporting long-term value creation across the RV industry.
Murray joins THOR with prior executive-level experience from LCI Industries, where he served for twenty years and most recently as Chief Sales Officer. He is widely respected across the RV and specialty manufacturing industries for his experience and leadership.
"Andy is an outstanding addition to THOR," said Bob Martin, President and Chief Executive Officer of THOR Industries. "He is highly regarded across our industry, and his understanding of the RV supply ecosystem and strong operating discipline will help us further strengthen our partnerships, improve performance, and support our long-term growth strategy."
In his new role, Murray will focus on enhancing operational and financial performance, identifying both organic and M&A growth opportunities, and strengthening collaboration across OEM customers, supply partners, and the broader RV ecosystem.
THOR is uniquely positioned to help strengthen the RV supply base in ways that benefit the entire industry. With its scale, long-standing relationships, and deep understanding of RV manufacturing, the Company is able to support improvements in performance, innovation, and reliability across the supply chain ecosystem.
Importantly, THOR's commitment to focus its resources solely on the RV industry ensures that its interests are fully aligned with those of its supply customers. THOR's strategy is centered entirely on advancing the RV ecosystem, creating a shared incentive to drive long-term success across the value chain.
Supply chain performance continues to be an important part of THOR's long-term strategy. Recent investments, including the February 2026 acquisition of Synergy Design, LLC by Airxcel, reflect THOR's focus on expanding capabilities and supporting the evolving needs of RV OEMs.
"In its supply chain strategy, THOR has built a strong foundation, and there is significant opportunity ahead," said Murray. "THOR has a clear vision for strengthening its capabilities and working across the industry to drive performance and pursue new opportunities that benefit both THOR and the broader RV ecosystem."
THOR remains committed to working closely with its long-standing supplier partners as it continues to evolve its capabilities to better serve customers across the RV industry.
The creation of this role and the hiring of Murray reflects THOR's continued commitment to investing in its capabilities, strengthening its supply network, and positioning the company for long-term, sustainable growth.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles.
For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic realignments or other reorganizational actions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended January 31, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
It has been about a month since the last earnings report for Thor Industries (THO - Free Report) . Shares have lost about 14.3% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Thor Industries due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Thor Industries, Inc. before we dive into how investors and analysts have reacted as of late.
THOR Q2 Earnings Surpass Expectations, Revenues Rise Y/YTHOR reported earnings of 4 cents per share for the second quarter of fiscal 2026 (ended Jan. 31), beating the Zacks Consensus Estimate of 3 cents. In the year-ago quarter, the company posted a loss of 1 cent per share.
THOR registered revenues of $2.13 billion for the fiscal second quarter, surpassing the Zacks Consensus Estimate of $1.98 billion. The top line increased 5.3% year over year.
Segmental ResultsNorth American Towable RVs: Segment revenues declined 14.2% year over year to $710.49 million due to a drop in unit shipments. The revenues missed our estimate of $719.2 million. Unit shipments in the quarter under review totaled 21,577, down from 28,013 units in the year-ago period.
Gross profit totaled $75.5 million, down 17.6% year over year due to higher material and overhead costs. Pretax income increased to $31.2 million from $28.2 million in the prior-year quarter, thanks to higher gains on asset sales. The unit’s backlog stood at $621.5 million at quarter-end, compared with $1.07 billion as of Jan. 31, 2025.
North American Motorized RVs: Segment revenues totaled $577.07 million, up 29.3% year over year, driven by an increase in unit shipments. The figure also surpassed our estimate of $465.9 million. Unit shipments totaled 4,524 compared with 3,526 reported a year ago.
Gross profit totaled $54.64 million, up 57.3% year over year, driven by volume leverage and lower labor costs. Pretax profit rose sharply to $20.9 million from the year-ago period. The segment’s backlog stood at $1.04 billion, down from $1.12 billion as of Jan. 31, 2025.
European RVs: Segment revenues totaled $684.47 million, up 11.8% year over year due to an increase in unit shipments. The figure also surpassed our estimate of $599.3. Unit shipments totaled 9,465 compared with 9,442 reported a year ago.
Gross profit totaled $75.1 million, down 7.2% year over year due to a greater share of lower-margin special-edition motorcaravans and higher warranty costs. The segment reported a pretax loss of $12.3 million compared with pretax income of $2.21 million in the year-ago period. The backlog stood at $1.83 billion, up from $1.64 billion as of Jan. 31, 2025.
FinancialsAs of Jan. 31, 2026, THOR had cash and cash equivalents of $242.2 million and long-term debt of $877.7 million.
Thor Provides 2026 GuidanceTHOR expects its fiscal 2026 consolidated net sales to be in the range of $9-$9.5 billion compared with $9.58 billion in fiscal 2025. EPS is expected to be in the range of $3.75-$4.25 compared with $4.84 in fiscal 2025.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -8.2% due to these changes.
VGM ScoresCurrently, Thor Industries has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Thor Industries has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Shares of Thor Industries, Inc. (NYSE:THO – Get Free Report) have received a consensus rating of “Hold” from the thirteen analysts that are covering the company, Marketbeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $106.10.
A number of brokerages have recently weighed in on THO. BMO Capital Markets reduced their price target on shares of Thor Industries from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 4th. Benchmark reissued a “hold” rating on shares of Thor Industries in a research report on Wednesday, March 4th. Citigroup reduced their price target on shares of Thor Industries from $116.00 to $100.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 4th. Zacks Research raised shares of Thor Industries from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 1st. Finally, DA Davidson reduced their price target on shares of Thor Industries from $102.00 to $100.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 4th.
Check Out Our Latest Research Report on THO
Thor Industries Trading Down 1.4% Shares of NYSE THO opened at $76.22 on Wednesday. The company’s fifty day moving average is $96.36 and its 200-day moving average is $102.36. The stock has a market cap of $4.01 billion, a price-to-earnings ratio of 23.67, a P/E/G ratio of 1.50 and a beta of 1.45. Thor Industries has a twelve month low of $63.15 and a twelve month high of $122.83. The company has a quick ratio of 0.73, a current ratio of 1.76 and a debt-to-equity ratio of 0.20.
Thor Industries (NYSE:THO – Get Free Report) last announced its quarterly earnings results on Tuesday, March 3rd. The RV manufacturer reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.31. The company had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $1.96 billion. Thor Industries had a net margin of 3.02% and a return on equity of 6.96%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) earnings per share. Thor Industries has set its FY 2026 guidance at 3.750-4.250 EPS. Equities research analysts predict that Thor Industries will post 4.64 EPS for the current year.
Thor Industries Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Monday, April 20th. Stockholders of record on Monday, April 6th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, April 6th. Thor Industries’s dividend payout ratio (DPR) is currently 64.60%.
Insider Buying and Selling at Thor Industries In related news, COO W. Todd Woelfer sold 4,567 shares of the company’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $114.84, for a total value of $524,474.28. Following the completion of the transaction, the chief operating officer directly owned 104,109 shares of the company’s stock, valued at approximately $11,955,877.56. This represents a 4.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter Busch Orthwein bought 2,600 shares of Thor Industries stock in a transaction that occurred on Friday, March 6th. The stock was bought at an average cost of $88.25 per share, with a total value of $229,450.00. Following the completion of the purchase, the director owned 139,000 shares in the company, valued at approximately $12,266,750. This trade represents a 1.91% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 4.70% of the company’s stock.
Hedge Funds Weigh In On Thor Industries A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ACR Alpine Capital Research LLC boosted its stake in Thor Industries by 0.7% in the 4th quarter. ACR Alpine Capital Research LLC now owns 4,133,782 shares of the RV manufacturer’s stock worth $424,415,000 after purchasing an additional 26,712 shares during the period. Dimensional Fund Advisors LP boosted its stake in Thor Industries by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,050,494 shares of the RV manufacturer’s stock worth $313,201,000 after purchasing an additional 48,157 shares during the period. Life Cycle Investment Partners Ltd acquired a new position in Thor Industries in the 4th quarter worth $255,482,000. Capital Research Global Investors boosted its stake in Thor Industries by 3.2% in the 4th quarter. Capital Research Global Investors now owns 1,581,876 shares of the RV manufacturer’s stock worth $162,411,000 after purchasing an additional 48,466 shares during the period. Finally, American Century Companies Inc. boosted its stake in Thor Industries by 16.7% in the 3rd quarter. American Century Companies Inc. now owns 1,362,071 shares of the RV manufacturer’s stock worth $141,233,000 after purchasing an additional 195,357 shares during the period. 96.71% of the stock is owned by institutional investors and hedge funds.
Thor Industries Company Profile (Get Free Report)
Thor Industries, Inc is a leading manufacturer of recreational vehicles (RVs) and related components for the leisure travel market. Through its family of well-known brands—such as Airstream, Heartland, Jayco, Keystone RV and Thor Motor Coach—the company designs, manufactures and sells a broad range of motorized and towable RVs, complemented by aftermarket parts and service solutions. Thor offers products that span travel trailers, fifth wheels, toy haulers and Class A, B and C motorhomes, addressing both entry-level and premium segments.
Founded in 1980 when Wade Thompson and Peter Orthwein acquired Airstream from Beatrice Foods, Thor Industries has grown organically and through strategic acquisitions to become one of the largest RV producers in the world.
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, /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced that the date for its fiscal 2026 third quarter earnings release will be on Wednesday, June 3, 2026, before the market opens.
Upon the release of THOR's fiscal 2026 third quarter earnings, the Company will concurrently publish a copy of the earnings release, a comprehensive question and answer document and a slide presentation on the Company's website. To view the quarterly earnings documents, please go to http://ir.thorindustries.com/.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles. For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic realignments or other reorganizational actions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended January 31, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
On May 20, 2026, Thor Industries Inc THO shares rose 3.6% to $74.76, recovering slightly after a challenging year where the stock has declined 26.3% year-to-date and 8.6% over the past year. The shares have fluctuated between a 52-week high of $122.83 and a low of $70.56.
GF Value™ verdict: Current price is $74.76, compared to GF Value™ of $96.65, indicating a 22.6% upside.GF Score™: 76/100, indicating an above-average potential for long-term returns.Most notable signal: Insiders have bought $0.2M in shares over the last 3 months, with no selling activity. Is THO Overvalued or Undervalued? Thor Industries Inc THO is currently trading at $74.76, which is significantly below its GF Value™ of $96.65. This represents a margin of safety of approximately 22.6%, suggesting that the stock is undervalued at its current price. The GF Valuation label suggests that the stock is modestly undervalued, indicating potential opportunities for investors who are looking for a solid entry point in a company with a strong market presence.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. While the undervaluation presents an opportunity, it is essential to consider the company’s current financial and market conditions, which may affect its recovery and future performance.
How Does THO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 13.3x 14.3x Forward P/E 13.3x N/A Thor Industries' current P/E (TTM) of 13.3x is below its 5-year median P/E of 14.3x by approximately 7%. This analysis aligns with the GF Value™ verdict, suggesting that the stock is trading at a discount to its historical valuation. The lower P/E ratio may indicate that the market has priced in some risks or uncertainties associated with the company’s future growth prospects.
What Does THO's GF Score™ Tell Us? Metric Rating GF Score™ 76 Financial Strength 7/10 Profitability 7/10 Growth 4/10 Valuation 8/10 Momentum 5/10 The GF Score™ of 76/100 indicates that Thor Industries Inc has a favorable ranking based on key factors. The strongest areas are Financial Strength and Profitability, both rated at 7/10, suggesting a stable financial foundation and good profit margins. However, the Growth rank of 4/10 indicates that there may be concerns regarding the company’s ability to expand its revenue or earnings in the near term, which could affect its long-term performance.
What Are Insiders Doing with THO Stock? In the past three months, insiders have purchased approximately $0.2 million worth of Thor Industries shares, with no selling activity reported. This pattern of buying suggests that insiders have confidence in the company’s future prospects, which can be a positive signal for investors. The absence of selling further reinforces the belief that insiders view the current price as an attractive entry point.
What This Means for Investors Based on the GF Value™, Thor Industries Inc THO is currently undervalued. The significant margin of safety relative to the GF Value™ indicates a potential opportunity for investors seeking exposure to the vehicles and parts industry. However, it is essential to consider market conditions and the company's growth prospects before making any investment decisions.
For the complete analysis, visit the Thor Industries Inc THO stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is THO's GF Score™?
THO's GF Score™ is 76/100, indicating that it has an above-average potential for long-term returns based on key financial metrics.
Is THO overvalued or undervalued?
THO is currently undervalued, with a GF Value™ of $96.65 compared to its current price of $74.76, suggesting a potential upside of 22.6%.
What is THO's P/E ratio?
THO's P/E (TTM) is 13.3x, which is 7% below its 5-year median P/E of 14.3x, indicating that it is trading at a discount compared to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
What happenedAn SEC filing dated May 14, 2026, shows Timucuan Asset Management sold 47,996 shares of Thor Industries (THO +1.64%) during the first quarter. The estimated transaction value is $4.89 million based on the average closing price from January through March. The quarter-end value of the position decreased by $63.05 million, reflecting both trading activity and price movements.
What else to knowThis sale left Thor Industries at 7.5% of the fund's reportable AUM at the end of the quarter.
Top holdings after the filing:Charles Schwab: $277.15 million (10.2% of AUM)Installed Building Products: $219.24 million (8.1% of AUM)Somnigroup International: $217.45 million (8.0% of AUM)Analog Devices: $216.29 million (8.0% of AUM)Thor Industries: $203.84 million (7.5% of AUM)As of May 20, 2026, Thor Industries shares were trading at $74.76, down 9.7% over the past year and underperforming the S&P 500 by 34 percentage points.
Company overviewMetricValueRevenue (TTM)$9.93 billionNet income (TTM)$300.41 millionDividend yield2.78%Price (as of market close May 20, 2026)$74.76Company snapshotThor Industries:
Offers a broad portfolio of recreational vehicles (RVs), including travel trailers, motorhomes, fifth wheels, and related parts and accessories across North America and Europe.Generates revenue primarily through the design, manufacture, and sale of RVs and components, and distributes products through independent and non-franchise dealers.Serves outdoor enthusiasts, families, and travelers seeking mobile leisure solutions, with a customer base spanning the United States, Canada, and Europe.Thor Industries is a leading manufacturer in the recreational vehicle sector, operating at scale with diversified product lines and a global footprint. The company leverages a dealer-based distribution network to reach a broad customer base and sustain recurring revenue through both vehicle sales and aftermarket parts. Its strategic focus on product innovation and market expansion underpins a competitive position in the consumer cyclical industry.
What this transaction means for investorsTimucuan Asset Management is known for maintaining a concentrated portfolio and holding onto its favorite holdings for years, if not decades. I think this is important to note in the context of the firm’s Q1 Thor Industries sale, as I don’t believe investors should overreact to this news. The firm has been holding (and adding to) Thor since 2019 and only sold roughly 2% of its stake in Q1. In fact, Timucuan still holds nearly 5% of Thor’s total shares outstanding, so this isn’t a major sale by any means.
As for the stock itself, Thor operates in the highly cyclical RV industry, but has produced incredible returns for investors who bought and held for the long haul. Thor has delivered a 14% annualized total return since 1990 and has increased its dividend payments for 16 years, despite the inherent cyclicality of its operations. Furthermore, the company continues to hold a near-50% market share in the motorized RV niche in North America. It also holds No. 1 or No. 2 positions in N.A.’s towable niche and the European RV market.
While the current market is challenging for Thor, as consumer confidence remains weak and the company continues to rebound from the decline it saw following immense pandemic-fueled growth, its price-to-sales ratio of 0.40 is well below its ten-year average of 0.57. While I’m not sure exactly why Timucuan trimmed its Thor Industries position, investors shouldn’t worry about the transaction either way. In fact, I’d argue that if you’re truly interested in the stock, now is as good a time as any to take a serious look at the long-term outperformer.
Charles Schwab is an advertising partner of Motley Fool Money. Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Installed Building Products. The Motley Fool recommends Charles Schwab and recommends the following options: short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
Wall Street analysts expect Thor Industries (THO - Free Report) to post quarterly earnings of $1.88 per share in its upcoming report, which indicates a year-over-year decline of 32.1%. Revenues are expected to be $2.64 billion, down 8.7% from the year-ago quarter.
The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
Given this perspective, it's time to examine the average forecasts of specific Thor Industries metrics that are routinely monitored and predicted by Wall Street analysts.
It is projected by analysts that the 'Net Sales- Recreational vehicles- North American Motorized' will reach $612.10 million. The estimate indicates a year-over-year change of -8.2%.
The average prediction of analysts places 'Net Sales- Recreational vehicles- North American Towable' at $1.02 billion. The estimate indicates a year-over-year change of -12.5%.
Analysts expect 'Net Sales- Recreational vehicles- Total' to come in at $2.40 billion. The estimate indicates a change of -11.7% from the prior-year quarter.
Analysts forecast 'Net Sales- Recreational vehicles- European' to reach $824.29 million. The estimate points to a change of -6.7% from the year-ago quarter.
Analysts' assessment points toward 'Net Sales- Recreational vehicles- Total North America' reaching $1.64 billion. The estimate indicates a year-over-year change of -10.9%.
The combined assessment of analysts suggests that 'Unit Shipments - Recreational vehicles - European' will likely reach 12,219 . Compared to the present estimate, the company reported 13,495 in the same quarter last year.
The collective assessment of analysts points to an estimated 'Unit Shipments - Recreational vehicles - North American Towable' of 31,127 . The estimate is in contrast to the year-ago figure of 36,077 .
Based on the collective assessment of analysts, 'Unit Shipments - Total' should arrive at 48,868 . Compared to the current estimate, the company reported 55,079 in the same quarter of the previous year.
According to the collective judgment of analysts, 'Unit Shipments - Recreational vehicles - Total North America' should come in at 36,649 . Compared to the present estimate, the company reported 41,584 in the same quarter last year.
The consensus among analysts is that 'Unit Shipments - Recreational vehicles - North American Motorized' will reach 5,522 . Compared to the present estimate, the company reported 5,507 in the same quarter last year.
Analysts predict that the 'Gross Profit- Recreational vehicles- North American Motorized' will reach $79.47 million. The estimate compares to the year-ago value of $70.30 million.
The consensus estimate for 'Gross Profit- Other' stands at $62.69 million. Compared to the present estimate, the company reported $55.68 million in the same quarter last year.
View all Key Company Metrics for Thor Industries here>>>
Over the past month, shares of Thor Industries have returned +1.6% versus the Zacks S&P 500 composite's +6% change. Currently, THO carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
(1) See reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures included at the end of this release
Fiscal 2026 Third Quarter
Net sales of $2.78 billion, Net income attributable to THOR of $97.2 million and EBITDA of $209.1 million in the quarter North American Motorized and European top-line results continue to indicate resilient demand for these products in a difficult macroeconomic environment Opportunistically repurchased $50.5 million of shares during the quarter Net income attributable to THOR was aided by gains from favorable market value adjustments on certain investments as well as gains on the sales of certain real estate associated with strategically optimizing our footprint. Adjusted EBITDA of $183.6 million in the quarter excludes, among other items, nonrecurring costs or benefits associated with strategic reorganization initiatives, the impact of gains on investments and the impact of real estate transactions Full-year fiscal 2026 diluted EPS guidance has been revised in light of prolonged macroeconomic headwinds Consolidated net sales in the range of $9.0 billion to $9.5 billion (no revision) Diluted earnings per share in the range of $3.30 to $3.80 (previously $3.75 to $4.25) , /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced financial results for its fiscal 2026 third quarter ended April 30, 2026.
"At the end of our fiscal second quarter, we correctly identified the risk of geopolitical events having an adverse impact on the RV selling season. The consequences of this risk coming to fruition during our fiscal third quarter have exceeded the expectations of our industry due to the unforeseen duration of these macroeconomic influences and their impact on consumer sentiment and material costs. In particular, our North American Towable segment has confronted both suppressed volumes due to strained consumer sentiment and rising material costs brought on by tariff and inflationary pressures. Despite these challenges, we are focused on executing our strategy within any economic environment. Our fiscal third quarter results demonstrate the steadfastness of our teams as we navigate this challenging macroeconomic backdrop. Our North American Motorized and European segment results showed resilience and illustrate an enduring interest in the RV lifestyle, with fiscal 2026 third quarter Motorized net sales up 7.7% and European net sales up 3.6% on a constant currency basis compared to the prior-year period. We remain committed to diligently managing our business and better positioning it for the near-term RV landscape as we wait for resolutions to macroeconomic headwinds and an inflection in consumer confidence and the retail market. Our previously announced strategic realignment of our North American RV operations is well under way with management team assessments largely complete and initiatives ready to be implemented. Our operations in both North America and Europe continue to be streamlined while also delivering innovative and refreshed products. We have invested heavily in growing our owned supplier businesses to further diversify our revenue streams within the RV market and provide optionality as a trusted partner within the supplier landscape. Our future is bright, supported by the strong foundation we have built and the operational efficiencies we continue to pursue," stated Bob Martin, President and Chief Executive Officer of THOR Industries. "Our confidence in the appeal of the RV lifestyle remains high despite current macroeconomic impediments. We look forward to advancing the realignment of our North American RV operations and to start seeing key initiatives put in motion as well as their benefits starting to be realized. We are clear and confident in our strategy going forward, and are well-equipped to manage through any market landscape."
Todd Woelfer, Senior Vice President and Chief Operating Officer, added, "Our fiscal third quarter results reflect both the resilience of our diversified business model and the persistent macroeconomic headwinds facing the RV consumer. With three quarters of fiscal 2026 now complete, we have meaningful visibility into the full-year trajectory of our financial performance. The strained retail environment is reflective of the low level of consumer confidence and has led to reduced retail expectations for the industry. Cost pressures have particularly weighed on our North American Towable results. Even against the backdrop of macroeconomic uncertainty and a subdued retail environment, our conviction that the RV lifestyle continues to resonate with consumers was affirmed. Our North American Motorized segment delivered net sales growth compared to the prior-year period and expanded its retail market share to 47.8% for the three months ended March 31, 2026, while our European segment also grew net sales compared to the prior-year period and increased retail market share to 24.4% for the three months ended March 31, 2026, clear evidence that demand for our products remains durable in the categories where consumers see compelling value. In addition to the resilience of these segments, our owned supply companies continue to provide a lift to our consolidated financial results, with strong top- and bottom-line performances and content per unit growth across the RV industry for the nine months ended April 30, 2026 compared to the prior-year period. At the same time, we recognize that our North American Towable segment is facing continuing and amplified headwinds, and the strategic realignment we have set in motion is specifically designed to position that segment for stronger net sales and margin performance as retail conditions improve."
"As we enter the final quarter of fiscal 2026 mindful of the heightened uncertainty affecting consumer confidence and dealer ordering patterns, we are focused on execution: progressing through the operational steps of our North American RV realignment, continuing to invest in product innovation across all of our brands and maintaining the disciplined capital allocation framework that has allowed us to return capital to shareholders while preserving balance sheet strength. We have built THOR to perform through cycles, and the work we are doing today is creating a stronger foundation for the long-term value we are committed to delivering to our shareholders," stated Woelfer.
"Our disciplined capital allocation framework allowed us to maintain our balance sheet focus amidst an otherwise challenging operational environment. During the quarter, we returned capital to shareholders through $50.5 million in share repurchases and $27.1 million in dividend payments. We took advantage of suppressed market values due to macroeconomic conditions and strategically repurchased shares," added Colleen Zuhl, Senior Vice President and Chief Financial Officer. "We remain focused on maintaining the Company's resiliency within a difficult economic backdrop while still being poised for growth opportunities. THOR has demonstrated throughout its history an ability to manage through a diverse set of market conditions. Our strong liquidity position allows us to weather difficult environments while also being able to explore attractive ventures. Our focus going forward is to continue to manage working capital and to protect margins through efficiencies and production discipline, all while remaining committed to investing in our business. This commitment includes strategic initiatives that are forward-thinking and create long-term shareholder value. As we begin our fiscal 2026 fourth quarter, we are confident that our liquidity position affords us to not have to settle on an individual priority but instead pick and choose advantageous opportunities as they arise."
Third Quarter Financial Results
THOR's consolidated results were primarily driven by the results of its individual reportable segments as noted below.
Segment Results
North American Towable RVs
($ in thousands)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026
2025
2026
2025
Net Sales
$ 881,778
$ 1,168,878
(24.6) %
$ 2,489,353
$ 2,895,922
(14.0) %
Unit Shipments
27,045
36,077
(25.0) %
74,429
94,108
(20.9) %
Gross Profit
$ 89,693
$ 174,317
(48.5) %
$ 284,186
$ 378,400
(24.9) %
Gross Profit Margin %
10.2 %
14.9 %
(470) bps
11.4 %
13.1 %
(170) bps
Income Before Income Taxes
$ 52,683
$ 97,587
(46.0) %
$ 130,349
$ 172,560
(24.5) %
As of April 30,
Change
($ in thousands)
2026
2025
Order Backlog
$ 385,988
$ 634,318
(39.1) %
Net sales declined in our fiscal 2026 third quarter compared to the prior-year period due to a 25.0% decrease in unit shipments influenced by a challenging retail environment and cautious independent dealer ordering patterns. The gross profit margin percentage in the third quarter of fiscal 2026 declined by 470 basis points compared to the prior-year period, primarily due to lower sales, an increased material cost percentage and an unfavorable product mix. Income before income taxes for the three and nine months ended April 30, 2026, includes gains on sales of fixed assets of $23.8 million and $36.8 million, respectively. North American Motorized RVs
($ in thousands)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026
2025
2026
2025
Net Sales
$ 717,736
$ 666,686
7.7 %
$ 1,955,903
$ 1,618,192
20.9 %
Unit Shipments
6,008
5,507
9.1 %
15,482
12,774
21.2 %
Gross Profit
$ 62,947
$ 70,297
(10.5) %
$ 189,209
$ 147,765
28.0 %
Gross Profit Margin %
8.8 %
10.5 %
(170) bps
9.7 %
9.1 %
+60 bps
Income Before Income Taxes
$ 25,349
$ 32,883
(22.9) %
$ 79,402
$ 46,262
71.6 %
As of April 30,
Change
($ in thousands)
2026
2025
Order Backlog
$ 766,117
$ 883,739
(13.3) %
Net sales for the North American Motorized segment increased 7.7% in the third quarter of fiscal 2026 compared to the prior-year period, driven by a 9.1% increase in unit shipments and a 1.4% decrease in the overall net price per unit as our more moderately priced Class C products remain popular with consumers. The gross profit margin percentage declined 170 basis points compared to the prior-year period due to the increased volumes being more than offset by the combined increases in the material, warranty and overhead cost percentages. European RVs
($ in thousands)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026
2025
2026
2025
Net Sales
$ 987,585
$ 883,542
11.8 %
$ 2,327,536
$ 2,100,910
10.8 %
Unit Shipments
14,065
13,495
4.2 %
32,253
31,572
2.2 %
Gross Profit
$ 142,029
$ 142,830
(0.6) %
$ 294,972
$ 316,407
(6.8) %
Gross Profit Margin %
14.4 %
16.2 %
(180) bps
12.7 %
15.1 %
(240) bps
Income Before Income Taxes
$ 56,167
$ 46,299
21.3 %
$ 17,221
$ 49,686
(65.3) %
As of April 30,
Change
($ in thousands)
2026
2025
Order Backlog
$ 1,357,430
$ 1,343,608
1.0 %
European RV net sales for the third quarter of fiscal 2026 increased 11.8% compared to the prior-year period, driven by the combined impact of a 4.2% increase in unit shipments and a 7.6% increase in the overall net price per unit, of which 8.2% was due to favorable changes in foreign currency exchange rates. The gross profit margin percentage fell 180 basis points in our fiscal 2026 third quarter compared to the prior-year period due to a higher material cost percentage, a higher mix of lower-margin special-edition motorcaravan products and an increased warranty cost percentage. Income before income taxes includes restructuring costs of $3.4 million and $15.8 million for the three and nine months ended April 30, 2026, respectively. Fiscal 2026 Guidance
"Our results through the first three quarters of fiscal 2026 reflect the persistent macroeconomic pressures weighing on the broader RV market, including a challenged retail environment driven in large part by low consumer confidence, cautious independent dealer ordering patterns and ongoing tariff-related and inflationary cost dynamics that continue to negatively impact industry-wide performance. While these external conditions remain outside of our control, we are firmly focused on the conditions that are within our control — measured production management, the strategic realignment of our North American RV operations, continued operational improvements across our European segment and the disciplined capital allocation framework that has guided our decisions throughout the fiscal year. Given the prolonged geopolitical and macroeconomic conditions and the resulting pressure on consumer confidence and retail demand, we believe it is prudent to revise portions of our full-year guidance. Despite this revision, we remain confident in our ability to execute through the remainder of fiscal 2026 and position THOR to outperform when market conditions stabilize," commented Woelfer.
For fiscal 2026, the Company's full-year financial guidance includes:
Consolidated net sales in the range of $9.0 billion to $9.5 billion (no revision) Declining gross margin at midpoint (previously stable) Diluted earnings per share in the range of $3.30 to $3.80 (previously $3.75 to $4.25) For the fiscal year 2026 period, an assumption of a mid-teens retail decline in North America with a low-single-digit market share decline in North American Towables and a low-single-digit market share gain in North American Motorized (previously low- to mid-single-digit retail decline in North America with stable market share) No meaningful financial impact for the balance of the fiscal year related to the strategic evolution of our North American RV operations (no revision) A total tax rate in the range of 26% to 28% including estimated discrete items (previously 24% to 26% excluding discrete items) Mr. Martin concluded by saying, "While the current operating environment reflects heightened near-term headwinds for our industry, our conviction in the long-term trajectory of the RV market remains as strong as ever. Consumers continue to value the freedom, flexibility and connection to the outdoors that the RV lifestyle uniquely provides. The fundamental drivers of demand — favorable demographic trends, the enduring appeal of outdoor recreation and the millions of consumers introduced to the RV lifestyle over the past several years — remain firmly intact. As we enter the final quarter of fiscal 2026, we are focused on executing the strategic initiatives that will position THOR to lead the RV industry into its next phase of growth. We have built this Company to perform across cycles, and the operational discipline, brand strength and innovation pipeline we are advancing today give me tremendous confidence in our ability to deliver sustainable, long-term value for our shareholders, our independent dealer partners and the consumers we serve."
Supplemental Earnings Release Materials
THOR Industries has provided a comprehensive question and answer document, as well as a PowerPoint presentation, relating to its quarterly results and other topics.
To view these materials, go to http://ir.thorindustries.com.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles.
For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance and actual results may differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the level of consumer confidence and the level of discretionary consumer spending; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic initiatives including realignments or other reorganizational actions; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits costs to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2026 AND 2025
($000's except share and per share data) (Unaudited)
Three Months Ended April 30,
Nine Months Ended April 30,
2026
% Net
Sales (1)
2025
% Net
Sales (1)
2026
% Net
Sales (1)
2025
% Net
Sales (1)
Net sales
$ 2,781,538
$ 2,894,816
$ 7,296,517
$ 7,055,707
Gross profit
$ 354,770
12.8 %
$ 443,119
15.3 %
$ 926,998
12.7 %
$ 969,758
13.7 %
Selling, general and administrative
expenses
230,929
8.3 %
238,273
8.2 %
696,980
9.6 %
684,692
9.7 %
Amortization of intangible assets
27,818
1.0 %
29,604
1.0 %
83,543
1.1 %
88,670
1.3 %
Interest expense, net
9,655
0.3 %
11,205
0.4 %
28,092
0.4 %
38,383
0.5 %
Other income (expense), net
47,105
1.7 %
(8,457)
(0.3) %
68,570
0.9 %
(5,189)
(0.1) %
Income before income taxes
133,473
4.8 %
155,580
5.4 %
186,953
2.6 %
152,824
2.2 %
Income tax provision
37,935
1.4 %
21,652
0.7 %
53,605
0.7 %
22,858
0.3 %
Net income
95,538
3.4 %
133,928
4.6 %
133,348
1.8 %
129,966
1.8 %
Less: Net loss attributable to non-
controlling interests
(1,691)
(0.1) %
(1,257)
— %
(3,353)
— %
(2,836)
— %
Net income attributable to THOR
Industries, Inc.
$ 97,229
3.5 %
$ 135,185
4.7 %
$ 136,701
1.9 %
$ 132,802
1.9 %
Earnings per common share:
Basic
$ 1.86
$ 2.54
$ 2.60
$ 2.50
Diluted
$ 1.86
$ 2.53
$ 2.59
$ 2.49
Weighted-average common shares
outstanding:
Basic
52,240,856
53,203,568
52,548,586
53,128,112
Diluted
52,399,684
53,433,493
52,743,174
53,439,096
(1) Percentages may not add due to rounding differences
The following table reconciles consolidated net income to consolidated EBITDA and Adjusted EBITDA:
EBITDA Reconciliations
($ in thousands)
Three Months Ended
April 30,
Nine Months Ended
April 30,
2026
2025
2026
2025
Net income (GAAP)
$ 95,538
$ 133,928
$ 133,348
$ 129,966
Add back:
Interest expense, net
9,655
11,205
28,092
38,383
Income tax provision
37,935
21,652
53,605
22,858
Depreciation and amortization of intangible assets
65,950
66,173
196,863
199,828
EBITDA (Non-GAAP)
$ 209,078
$ 232,958
$ 411,908
$ 391,035
Add back:
Stock-based compensation expense
6,702
8,188
25,599
26,798
Change in LIFO reserve, net
2,837
(1,400)
5,941
(2,900)
Non-cash foreign currency loss (gain)
(1,534)
2,665
(2,613)
7,311
Investment-related loss (gain) (1)
(14,227)
137
(13,162)
5,414
Weather-related loss (gain)
—
(1,500)
—
(1,500)
Strategic initiatives
6,282
12,722
29,023
28,181
Other loss (gain), including sales of PP&E
(25,577)
1,053
(44,076)
(4,719)
Adjusted EBITDA (Non-GAAP)
$ 183,561
$ 254,823
$ 412,620
$ 449,620
(1) Includes the fair value adjustments of certain warrants and stock investments along with equity method investment income and losses
EBITDA and Adjusted EBITDA are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one-time items. EBITDA is defined as net income before net interest expense (income), income tax provision (benefit) and depreciation and amortization. Adjusted EBITDA reflects adjustments to EBITDA to identify items that, in management's judgment, significantly affect the assessment of earnings results between periods. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.
Thor Industries (THO - Free Report) came out with quarterly earnings of $1.86 per share, missing the Zacks Consensus Estimate of $1.88 per share. This compares to earnings of $2.77 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -0.85%. A quarter ago, it was expected that this recreational vehicle maker would post earnings of $0.03 per share when it actually produced earnings of $0.04, delivering a surprise of +33.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Thor Industries, which belongs to the Zacks Building Products - Mobile Homes and RV Builders industry, posted revenues of $2.78 billion for the quarter ended April 2026, surpassing the Zacks Consensus Estimate by 5.19%. This compares to year-ago revenues of $2.89 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Thor Industries shares have lost about 24.5% since the beginning of the year versus the S&P 500's gain of 11.2%.
What's Next for Thor Industries?While Thor Industries has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Thor Industries was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.47 on $2.33 billion in revenues for the coming quarter and $4.15 on $9.51 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Mobile Homes and RV Builders is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Winnebago Industries (WGO - Free Report) , is yet to report results for the quarter ended May 2026.
This recreational vehicle maker is expected to post quarterly earnings of $0.85 per share in its upcoming report, which represents a year-over-year change of +4.9%. The consensus EPS estimate for the quarter has been revised 0.8% lower over the last 30 days to the current level.
Winnebago Industries' revenues are expected to be $776.91 million, up 0.2% from the year-ago quarter.
For the quarter ended April 2026, Thor Industries (THO - Free Report) reported revenue of $2.78 billion, down 3.9% over the same period last year. EPS came in at $1.86, compared to $2.77 in the year-ago quarter.
The reported revenue represents a surprise of +5.19% over the Zacks Consensus Estimate of $2.64 billion. With the consensus EPS estimate being $1.88, the EPS surprise was -0.85%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Thor Industries performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Unit Shipments - Recreational vehicles - European: 14,065 compared to the 12,219 average estimate based on two analysts.Unit Shipments - Recreational vehicles - North American Towable: 27,045 versus the two-analyst average estimate of 31,127.Unit Shipments - Total: 47,118 compared to the 48,868 average estimate based on two analysts.Unit Shipments - Recreational vehicles - Total North America: 33,053 compared to the 36,649 average estimate based on two analysts.Unit Shipments - Recreational vehicles - North American Motorized: 6,008 versus the two-analyst average estimate of 5,522.Net Sales- Recreational vehicles- European: $987.59 million versus $824.29 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +11.8% change.Net Sales- Recreational vehicles- Total North America: $1.6 billion compared to the $1.64 billion average estimate based on four analysts. The reported number represents a change of -12.9% year over year.Net Sales- Recreational vehicles- North American Motorized: $717.74 million compared to the $612.1 million average estimate based on four analysts. The reported number represents a change of +7.7% year over year.Net Sales- Recreational vehicles- North American Towable: $881.78 million versus $1.02 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -24.6% change.Net Sales- Recreational vehicles- Total: $2.59 billion versus the two-analyst average estimate of $2.4 billion. The reported number represents a year-over-year change of -4.9%.Gross Profit- Recreational vehicles- North American Motorized: $62.95 million versus the two-analyst average estimate of $79.47 million.Gross Profit- Other: $60.1 million versus the two-analyst average estimate of $62.69 million.View all Key Company Metrics for Thor Industries here>>>
Shares of Thor Industries have returned +3.1% over the past month versus the Zacks S&P 500 composite's +5.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Published in earnings earnings-estimates-revisions earnings-surprise
THOR Industries reported Q3 '26 results that were mixed to bad, with declining sales and profitability across key segments. NA Towable RV sales dropped nearly 25% y/y, with a 39% decline in backlog, while margins suffered from higher material costs and an unfavorable mix. Operating cash flow fell sharply due to inventory buildup, turning free cash flow negative, and management cut full-year EPS guidance to $3.30-$3.80.
On June 10, 2026, Thor Industries Inc THO shares fell 5.0% to a current price of $74.84. The stock has experienced a challenging period, trading within a 52-week range of $69.71 to $122.83.
GF Value™ verdict: THO is currently priced at $74.84, which is 21.8% below the GF Value™ estimate of $95.73.GF Score™ of 74/100 indicates the stock is rated as above average based on key financial metrics.No insider transactions have been reported in the last 3 months, reflecting a lack of insider activity. Is THO Overvalued or Undervalued? According to the GF Value™, Thor Industries Inc THO is currently undervalued with a fair value estimate at $95.73, suggesting a significant upside potential of 21.8% from the current price of $74.84. The GF Valuation label categorizes THO as modestly undervalued, indicating that there may be an attractive opportunity for potential investors. However, it is essential to consider market conditions and the risks associated with investing in a stock that has experienced a decline of 26.2% year-to-date and 13.7% over the past year.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The current price being below the fair value suggests that THO may offer a margin of safety for those looking to enter or increase their exposure to this stock.
How Does THO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 15.1x 15.3x (5-Year Median) Forward P/E 15.2x - The current P/E (TTM) ratio of 15.1x is slightly below its 5-year median of 15.3x and aligns closely with the forward P/E of 15.2x. This P/E analysis agrees with the GF Value™ verdict, suggesting that the stock is trading at a valuation that reflects modest undervaluation compared to its historical context.
What Does THO's GF Score™ Tell Us? Metric Rating GF Score™ 74 Financial Strength 7/10 Profitability 7/10 Growth 3/10 Valuation 10/10 Momentum 5/10 The GF Score™ of 74/100 reflects a strong overall position, particularly in the Valuation category, where it scores a perfect 10/10. However, the Growth rank of 3/10 indicates that there may be concerns about future revenue and earnings growth potential. The Financial Strength and Profitability ranks of 7/10 suggest that the company maintains a solid financial position and operational efficiency, which may be reassuring to potential investors.
What Are Insiders Doing with THO Stock? In the last three months, there have been no reported insider transactions involving Thor Industries Inc THO . This lack of insider activity may suggest a neutral outlook from current management regarding the stock's future performance. It can also indicate that insiders are not currently taking advantage of the lower prices, which could be seen as a bearish sign.
What This Means for Investors Based on the current analysis, Thor Industries Inc THO is considered undervalued with a potential upside according to the GF Value™. While the stock's current price provides a margin of safety, the challenges in growth and recent price declines should be taken into account by those considering an investment.
For the complete analysis, visit the Thor Industries Inc THO stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is THO's GF Score™?
THO has a GF Score™ of 74/100, indicating that it is rated above average based on key financial metrics and historical performance.
Is THO overvalued or undervalued?
THO is currently considered undervalued, with a GF Value™ estimate of $95.73 compared to the current price of $74.84, reflecting a 21.8% upside potential.
What is THO's P/E ratio?
THO has a P/E (TTM) ratio of 15.1x, which is slightly below its 5-year median of 15.3x, suggesting that it is trading at a comparable valuation to its historical levels.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
