Morningstar

Thor Industries Inc THO

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Stock XNYS Rating as of
$109.97 +1.55 (1.43%)
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As of Delayed Price Closed

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Thor Looks Well Set Up to Remain the Top RV Firm in an Oligopolistic Space

David Whiston

Founded in 1980 via the acquisition of Airstream, Thor Industries has grown to become the world’s largest recreational vehicle manufacturer. The company fabricates and sells a wide array of vehicles through three segments: North American towables, North American motorized, and Europe. Additionally, the company sells aftermarket component parts and digital solutions that are classified within its other segment. During fiscal 2024, the company generated 37% of sales from North American towables, 24% of sales from North American motorized segment, 34% of sales from Europe, and the remaining from parts.

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Price vs Fair Value

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THO is trading at a 574% premium.
Price
$109.97
Fair Value
$372.00
Uncertainty
Very High
1-Star Price
$641.74
5-Star Price
$51.50
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Thor has positioned itself as the largest RV manufacturer in North America and Europe, which should disproportionately benefit the company as the industry returns to growth.

Bears

Thor operates about 35 brands across North America and Europe. We believe this has driven some brand dilution, affecting margins.

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Trading Information

Previous Close Price
$108.42
Day Range
$109.37–113.47
52-Week Range
$84.55–129.31
Bid/Ask
$107.14 / $112.38
Market Cap
$5.82 Bil
Volume/Avg
621,072 / 537,348

Key Statistics

Price/Earnings (Normalized)
21.37
Price/Sales
0.59
Dividend Yield (Trailing)
1.75%
Dividend Yield (Forward)
1.75%
Total Yield
2.92%

Company Profile

Based in Elkhart, Indiana, Thor Industries manufactures Class A, Class B, and Class C motor homes along with travel trailers and fifth wheel towables across over 30 brands. Through the acquisition of Erwin Hymer in 2019, the company expanded its geographic footprint and now produces various motorized and towable recreational vehicles for Europe, including motorcaravans, campervans, urban vehicles, caravans, and other RV-related products and services. The company has also begun generating revenue through aftermarket component parts through the acquisition of Airxcel in 2021, however, this is still a nascent part of the business as it accounts for less than 10% of total sales. In fiscal 2023, the company wholesaled 187,015 units and generated over $11.1 billion in revenue.
Sector
Consumer Cyclical
Industry
Recreational Vehicles
Stock Style Box
Small Value
Total Number of Employees
22,300
Website
https://www.thorindustries.com

Competitors

Valuation

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Metric
THO
PII
WGO
Price/Earnings (Normalized)
 21.3713.4812.36
Price/Book Value
 1.433.541.28
Price/Sales
 0.590.590.61
Price/Cash Flow
 10.479.339.41
Price/Earnings
THO
PII
WGO

Financial Strength

Metric
THO
PII
WGO
Quick Ratio
 0.770.301.29
Current Ratio
 1.691.422.45
Interest Coverage
 4.934.017.17
Quick Ratio
THO
PII
WGO

Profitability

Metric
THO
PII
WGO
Return on Assets (Normalized)
 4.00%6.45%4.96%
Return on Equity (Normalized)
 7.21%26.91%8.90%
Return on Invested Capital (Normalized)
 6.74%13.21%6.62%
Return on Assets
THO
PII
WGO

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