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Winnebago Industries Inc WGO

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Stock XNYS Rating as of
$53.26 −0.18 (0.34%)
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As of Delayed Price Closed
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Company Report

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Winnebago Earnings: Dealer Restocking Not Happening Until at Least Calendar 2025

David Whiston

Winnebago’s fiscal 2024 third-quarter results showed dealers continue to be unwilling to build inventory as they wait for interest rates to decline. Adjusted diluted EPS of $1.13 missed the $1.32 LSEG consensus and fell 46.9% year over year while revenue fell 12.7%. We are lowering our per share fair value estimate to $82 from $86, mostly on modeling 8.8% less revenue over our five-year explicit forecast period.

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Price vs Fair Value

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WGO is trading at a 438% premium.
Price
$53.26
Fair Value
$95.00
Uncertainty
Very High
1-Star Price
$382.60
5-Star Price
$74.00
Economic Moat
Cqw
Capital Allocation
Jywvmwvdd

Bulls Say, Bears Say

Bulls

The Grand Design acquisition materially raised Winnebago's operating margin, and future deals could do the same.

Bears

Management's desire to keep making acquisitions could prove to be a poor use of capital.

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News

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Trading Information

Previous Close Price
$53.44
Day Range
$52.97–53.82
52-Week Range
$51.02–75.42
Bid/Ask
$52.68 / $53.81
Market Cap
$1.54 Bil
Volume/Avg
229,920 / 555,646

Key Statistics

Price/Earnings (Normalized)
11.31
Price/Sales
0.56
Dividend Yield (Trailing)
2.33%
Dividend Yield (Forward)
2.33%
Total Yield
8.46%

Company Profile

Winnebago Industries manufactures Class A, B, and C motor homes along with towables, customized specialty vehicles, boats, and parts. Headquartered in Eden Prairie, Minnesota, Winnebago has been producing recreational vehicles since 1958. Revenue was about $3.5 billion in fiscal 2023. Winnebago expanded into towables in 2011 with the acquisition of SunnyBrook and acquired Grand Design in November 2016. Towables made up 79% of the firm's RV unit volume, up from 31% in fiscal 2016. The company's total RV unit volume was 39,447 in fiscal 2023. Winnebago expanded into boating in 2018 with the purchase of Chris-Craft, bought premium motor home maker Newmar in November 2019, and bought Barletta pontoon boats in August 2021. It also is developing electric and autonomous technology.
Sector
Consumer Cyclical
Industry
Recreational Vehicles
Stock Style Box
Small Value
Total Number of Employees
6,250
Website
https://www.winnebagoind.com

Competitors

Valuation

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Metric
WGO
MBUU
BRK.B
Price/Earnings (Normalized)
 11.316.3221.73
Price/Book Value
 1.171.231.53
Price/Sales
 0.560.662.15
Price/Cash Flow
 8.6113.7223.72
Price/Earnings
WGO
MBUU
BRK.B

Financial Strength

Metric
WGO
MBUU
BRK.B
Quick Ratio
 1.290.61—
Current Ratio
 2.451.67—
Interest Coverage
 7.17−27.6118.86
Quick Ratio
WGO
MBUU
BRK.B

Profitability

Metric
WGO
MBUU
BRK.B
Return on Assets (Normalized)
 4.96%12.81%3.90%
Return on Equity (Normalized)
 8.90%18.64%7.49%
Return on Invested Capital (Normalized)
 6.62%17.86%6.61%
Return on Assets
WGO
MBUU
BRK.B
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Recreational Vehicles Industry Comparables

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1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Thor Industries Inc
THO
DffvgbwTszq$5.0 Bil
 BRP Inc Shs Subord.Voting
DOOO
ZxnjlxwfcnDjzt$4.8 Bil
 Brunswick Corp
BC
RdnkzbmwMfzdjrl$4.7 Bil
 Harley-Davidson Inc
HOG
KpnjlwqsXbvr$4.4 Bil
 Polaris Inc
PII
DxvdpbsgfdKmbl$4.3 Bil
 LCI Industries Inc
LCII
—Ntcl$2.6 Bil
 Sanlorenzo SpA Ordinary Shares
SNLRF
—Hwcwbn$1.5 Bil
 Malibu Boats Inc Class A
MBUU
HwmttqwcwZmtlgq$686.2 Mil
 Marine Products Corp
MPX
—Txdkx$332.6 Mil

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