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Thor Industries (THO) Financials

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$70.05 +1.00 (+1.45%)
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Annual Income Statements for Thor Industries

Annual Income Statements for Thor Industries

This table shows Thor Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 7/31/2016 7/31/2017 7/31/2018 7/31/2019 7/31/2020 7/31/2021 7/31/2022 7/31/2023 7/31/2024 7/31/2025 7/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 257 374 430 248 223 660 1,138 374 265 259 178
Consolidated Net Income / (Loss)		 257 374 430 247 221 661 1,138 374 265 257 175
Net Income / (Loss) Continuing Operations		 258 374 430 247 221 661 1,138 374 265 257 175
Total Pre-Tax Income 		383 556 633 300 273 845 1,460 499 349 296 239
Total Operating Income		 383 560 632 361 377 908 1,533 585 424 299 197
Total Gross Profit		 726 1,044 1,165 973 1,118 1,895 2,806 1,596 1,452 1,341 1,213
Total Revenue		 4,582 7,247 8,329 7,865 8,168 12,317 16,313 11,122 10,043 9,579 9,608
Operating Revenue		 4,582 7,247 8,329 7,865 8,168 12,317 16,313 11,122 10,043 9,579 9,608
Total Cost of Revenue		 3,856 6,203 7,164 6,892 7,050 10,422 13,506 9,525 8,591 8,239 8,396
Operating Cost of Revenue		 3,856 6,203 7,164 6,892 7,050 10,422 13,506 9,525 8,591 8,239 8,396
Total Operating Expenses		 343 484 533 612 741 987 1,273 1,011 1,028 1,042 1,016
Selling, General & Admin Expense		 306 420 477 536 634 870 1,116 870 896 923 903
Amortization Expense		 28 64 55 76 97 117 157 141 133 119 112
Total Other Income / (Expense), net		 0.33 -3.43 0.93 -62 -104 -63 -73 -86 -75 -2.87 42
Interest & Investment Income		 0.74 0.92 2.15 8.08 3.12 - -90 -97 -89 -48 -37
Other Income / (Expense), net		 1.18 5.38 3.96 -1.85 0.31 30 17 11 14 46 78
Income Tax Expense		 125 182 203 52 52 184 322 125 83 40 64
Net Income / (Loss) Attributable to Noncontrolling Interest		 - 0.00 0.00 -0.81 -1.59 1.00 0.44 -0.03 0.09 -1.97 -2.89
Basic Earnings per Share		 $4.89 $7.12 $8.17 $2.47 $4.04 $11.93 $20.67 $7.00 $4.98 $4.87 $3.39
Weighted Average Basic Shares Outstanding		 52.46M 52.56M 52.67M 53.91M 55.17M 55.33M 55.03M 53.48M 53.25M 53.09M 52.37M
Diluted Earnings per Share		 $4.88 $7.09 $8.14 $2.47 $4.02 $11.85 $20.59 $6.95 $4.94 $4.84 $3.38
Weighted Average Diluted Shares Outstanding		 52.46M 52.76M 52.85M 54.03M 55.40M 55.69M 55.26M 53.86M 53.69M 53.40M 52.56M
Weighted Average Basic & Diluted Shares Outstanding		 52.46M 52.60M 52.70M 54M 55.20M 55.37M 53.68M 53.31M 52.93M 52.63M 51.61M

Quarterly Income Statements for Thor Industries

This table shows Thor Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 1/31/2024 4/30/2024 7/31/2024 10/31/2024 1/31/2025 4/30/2025 7/31/2025 10/31/2025 1/31/2026 4/30/2026 7/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 7.22 115 90 -1.83 -0.55 135 126 22 18 97 41
Consolidated Net Income / (Loss)		 5.33 114 91 -0.87 -3.09 134 127 23 15 96 41
Net Income / (Loss) Continuing Operations		 5.33 114 91 -0.87 -3.09 134 127 23 15 96 41
Total Pre-Tax Income 		6.89 142 127 -1.16 -1.60 156 143 32 21 133 52
Total Operating Income		 18 163 135 11 9.73 175 103 39 11 96 51
Total Gross Profit		 271 422 401 281 245 443 371 321 251 355 286
Total Revenue		 2,207 2,801 2,534 2,143 2,018 2,895 2,524 2,389 2,126 2,782 2,312
Operating Revenue		 2,207 2,801 2,534 2,143 2,018 2,895 2,524 2,389 2,126 2,782 2,312
Total Cost of Revenue		 1,937 2,379 2,133 1,861 1,773 2,452 2,153 2,068 1,875 2,427 2,026
Operating Cost of Revenue		 1,937 2,379 2,133 1,861 1,773 2,452 2,153 2,068 1,875 2,427 2,026
Total Operating Expenses		 253 259 266 270 235 268 268 282 240 259 235
Selling, General & Admin Expense		 220 227 231 240 206 238 238 254 212 231 206
Amortization Expense		 32 32 35 30 29 30 30 28 28 28 29
Total Other Income / (Expense), net		 -11 -21 -7.90 -13 -11 -20 41 -6.53 9.56 37 1.17
Interest & Investment Income		 -28 -22 - -15 -12 -11 -10 -9.02 -9.42 -9.66 -8.74
Other Income / (Expense), net		 17 1.16 11 2.65 0.62 -8.46 51 2.49 19 47 9.91
Income Tax Expense		 1.57 29 36 -0.28 1.49 22 17 9.32 6.35 38 10
Net Income / (Loss) Attributable to Noncontrolling Interest		 -1.89 -0.93 1.45 0.96 -2.54 -1.26 0.87 1.50 -3.16 -1.69 0.47
Basic Earnings per Share		 $0.14 $2.15 $1.68 ($0.03) ($0.01) $2.54 $2.37 $0.41 $0.34 $1.86 $0.78
Weighted Average Basic Shares Outstanding		 53.32M 53.31M 53.25M 52.97M 53.21M 53.20M 53.09M 52.69M 52.70M 52.24M 52.37M
Diluted Earnings per Share		 $0.13 $2.13 $1.69 ($0.03) ($0.01) $2.53 $2.35 $0.41 $0.34 $1.86 $0.77
Weighted Average Diluted Shares Outstanding		 53.65M 53.72M 53.69M 52.97M 53.21M 53.43M 53.40M 52.98M 52.84M 52.40M 52.56M
Weighted Average Basic & Diluted Shares Outstanding		 53.32M 53.20M 52.93M 53.22M 53.20M 53.20M 52.63M 52.84M 52.60M 52.06M 51.61M

Annual Cash Flow Statements for Thor Industries

This table details how cash moves in and out of Thor Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 7/31/2016 7/31/2017 7/31/2018 7/31/2019 7/31/2020 7/31/2021 7/31/2022 7/31/2023 7/31/2024 7/31/2025 7/31/2026
Net Change in Cash & Equivalents		 26 13 52 176 90 -93 -137 130 60 85 -105
Net Cash From Operating Activities		 341 419 467 508 541 526 990 982 546 578 321
Net Cash From Continuing Operating Activities		 341 419 467 508 541 526 990 982 546 578 321
Net Income / (Loss) Continuing Operations		 257 374 430 132 221 661 1,138 374 265 257 175
Consolidated Net Income / (Loss)		 257 374 430 132 221 661 1,138 374 265 257 175
Depreciation Expense		 25 34 38 73 99 113 128 136 145 152 154
Amortization Expense		 28 65 57 82 108 133 168 152 151 126 116
Non-Cash Adjustments To Reconcile Net Income		 18 10 16 90 34 32 24 36 31 5.27 -19
Changes in Operating Assets and Liabilities, net		 14 -65 -74 130 79 -412 -468 283 -47 38 -105
Net Cash From Investing Activities		 -601 -117 -183 -1,866 -84 -428 -1,049 -222 -147 -64 -125
Net Cash From Continuing Investing Activities		 -601 -117 -183 -1,866 -84 -428 -1,049 -222 -147 -64 -125
Purchase of Property, Plant & Equipment		 -52 -115 -138 -130 -107 -129 -242 -208 -140 -123 -152
Acquisitions		 -558 -5.04 -50 -1,736 0.00 -311 -782 -6.18 -7.31 0.00 -9.56
Sale of Property, Plant & Equipment		 8.71 4.68 3.84 2.73 28 1.95 16 14 25 63 68
Other Investing Activities, net		 -0.56 -1.27 1.27 -2.16 -5.23 9.33 -41 -22 -25 -4.78 -31
Net Cash From Financing Activities		 287 -289 -231 1,539 -393 -188 -48 -636 -338 -426 -297
Net Cash From Continuing Financing Activities		 287 -289 -231 1,539 -393 -188 -48 -636 -338 -426 -297
Repayment of Debt		 -8.18 -215 -145 -568 -680 -314 -269 -489 -450 -252 -59
Repurchase of Common Equity		 - - - - 0.00 0.00 -165 -42 -68 -53 -115
Payment of Dividends		 -63 -69 -78 -84 -88 -91 -95 -96 -102 -106 -109
Issuance of Debt		 360 0.00 0.00 2,196 379 226 500 0.00 300 0.00 0.00
Other Financing Activities, net		 -2.16 -4.57 -7.66 -4.82 -4.21 -9.07 -19 -8.53 -17 -15 -14
Effect of Exchange Rate Changes		 - - 0.00 - - -2.21 -30 - - -1.87 -3.77
Cash Interest Paid		 0.67 8.56 3.90 57 102 79 74 95 86 59 44
Cash Income Taxes Paid		 128 199 219 88 57 227 381 143 147 109 62

Quarterly Cash Flow Statements for Thor Industries

This table details how cash moves in and out of Thor Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 1/31/2024 4/30/2024 7/31/2024 10/31/2024 1/31/2025 4/30/2025 7/31/2025 10/31/2025 1/31/2026 4/30/2026 7/31/2026
Net Change in Cash & Equivalents		 -86 32 129 -56 -71 135 78 -77 -268 130 110
Net Cash From Operating Activities		 -104 252 338 31 31 258 259 -45 -112 234 244
Net Cash From Continuing Operating Activities		 -104 252 338 31 31 258 259 -45 -112 234 244
Net Income / (Loss) Continuing Operations		 5.33 114 91 -0.87 -3.09 134 127 23 15 96 41
Consolidated Net Income / (Loss)		 5.33 114 91 -0.87 -3.09 134 127 23 15 96 41
Depreciation Expense		 36 36 38 38 37 37 41 38 37 38 41
Amortization Expense		 41 35 39 32 31 31 33 29 29 29 29
Non-Cash Adjustments To Reconcile Net Income		 1.39 7.23 9.18 8.27 7.93 8.80 -19 7.20 -1.39 -17 -8.11
Changes in Operating Assets and Liabilities, net		 -188 60 160 -46 -41 47 77 -142 -192 89 141
Net Cash From Investing Activities		 -30 -22 -44 -25 -9.12 -33 2.88 -21 -10 -30 -64
Net Cash From Continuing Investing Activities		 -30 -22 -44 -25 -9.12 -33 2.88 -21 -10 -30 -64
Purchase of Property, Plant & Equipment		 -41 -27 -34 -25 -26 -34 -38 -32 -28 -38 -54
Acquisitions		 0.19 - -3.50 - - - - - - - -0.31
Sale of Property, Plant & Equipment		 13 12 0.25 3.36 18 0.88 41 11 18 37 2.00
Other Investing Activities, net		 -1.97 -6.59 -7.10 -3.43 -0.70 -0.25 -0.40 -0.09 - -20 -12
Net Cash From Financing Activities		 46 -200 -164 -65 -102 -77 -182 -13 -136 -80 -68
Net Cash From Continuing Financing Activities		 46 -200 -164 -65 -102 -77 -182 -13 -136 -80 -68
Repayment of Debt		 -133 -161 0.11 -64 -33 -50 -105 -31 -43 -1.81 17
Repurchase of Common Equity		 - -13 -25 0.00 -1.73 - -51 -5.05 -25 -51 -34
Payment of Dividends		 - -26 -25 - - -27 -26 - - -27 -27
Issuance of Debt		 247 - -114 0.00 - - - 23 - - -23
Other Financing Activities, net		 -16 -0.19 -0.20 -0.20 -15 -0.22 -0.24 -0.23 -13 -0.24 -0.38
Effect of Exchange Rate Changes		 - 1.92 -0.25 3.13 - -13 - - - - -2.38
Cash Interest Paid		 15 29 16 22 9.82 19 7.95 17 5.61 16 5.63
Cash Income Taxes Paid		 83 21 36 9.23 45 31 24 8.18 38 16 -0.21

Annual Balance Sheets for Thor Industries

This table presents Thor Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 7/31/2016 7/31/2017 7/31/2018 7/31/2019 7/31/2020 7/31/2021 7/31/2022 7/31/2023 7/31/2024 7/31/2025 7/31/2026
Total Assets		 2,325 2,558 2,779 5,660 5,771 6,654 7,408 7,261 7,021 7,065 6,956
Total Current Assets		 1,017 1,180 1,312 2,037 2,102 2,804 3,062 2,794 2,650 2,778 2,740
Cash & Equivalents		 210 223 275 426 539 446 312 441 501 587 482
Accounts Receivable		 393 485 487 716 814 950 944 643 701 707 701
Inventories, net		 404 460 538 828 716 1,369 1,755 1,653 1,367 1,352 1,423
Prepaid Expenses		 11 12 11 42 30 36 52 56 81 132 134
Plant, Property, & Equipment, net		 344 425 522 1,092 1,108 0.00 0.00 0.00 0.00 1,316 1,310
Total Noncurrent Assets		 964 953 945 2,531 2,562 3,851 4,346 4,467 4,371 2,972 2,907
Long-Term Investments		 - - 48 46 - - 11 127 137 137 64
Goodwill		 378 378 378 1,358 1,477 1,563 1,804 1,800 1,787 1,841 1,916
Intangible Assets		 507 443 388 971 915 937 1,117 997 861 759 684
Noncurrent Deferred & Refundable Income Taxes		 53 93 78 73 79 41 7.95 5.77 28 36 3.71
Other Noncurrent Operating Assets		 26 38 52 82 92 1,309 1,405 1,537 1,557 199 238
Total Liabilities & Shareholders' Equity		 2,325 2,558 2,779 5,660 5,771 6,654 7,408 7,261 7,021 7,065 6,956
Total Liabilities		 1,060 981 841 3,565 3,426 3,706 3,807 3,277 2,947 2,776 2,696
Total Current Liabilities		 652 781 769 1,448 1,515 1,795 1,756 1,716 1,567 1,585 1,550
Short-Term Debt		 - - 0.00 61 50 38 35 61 105 63 64
Accounts Payable		 264 329 287 552 637 915 822 736 628 738 741
Accrued Expenses		 242 263 324 385 350 396 452 509 482 454 448
Current Deferred & Payable Income Tax Liabilities		 26 51 19 61 84 86 57 101 75 59 58
Current Employee Benefit Liabilities		 81 100 97 136 160 250 255 189 185 178 157
Other Current Liabilities		 39 38 42 253 235 110 135 121 92 92 83
Total Noncurrent Liabilities		 409 200 72 2,117 1,911 1,911 2,052 1,561 1,380 1,191 1,146
Long-Term Debt		 360 145 0.00 1,885 1,653 1,595 1,754 1,291 1,101 920 865
Noncurrent Deferred & Payable Income Tax Liabilities		 9.98 10 12 147 137 129 133 91 87 67 60
Other Noncurrent Operating Liabilities		 39 45 59 85 121 187 164 179 192 205 221
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,265 1,577 1,938 2,095 2,346 2,948 3,601 3,983 4,074 4,290 4,260
Total Preferred & Common Equity		 1,265 1,577 1,938 2,084 2,320 2,922 3,593 3,976 4,067 4,288 4,261
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,265 1,577 1,938 2,084 2,320 2,922 3,593 3,976 4,067 4,288 4,261
Common Stock		 231 242 258 423 443 467 505 546 584 615 642
Retained Earnings		 1,366 1,671 2,023 2,067 2,201 2,770 3,813 4,092 4,255 4,407 4,476
Treasury Stock		 -331 -336 -344 -348 -352 -360 -543 -593 -677 -744 -872
Accumulated Other Comprehensive Income / (Loss)		 - - 0.00 -57 27 45 -182 -69 -94 10 15
Noncontrolling Interest		 - - 0.00 11 26 26 7.79 7.38 6.62 1.05 -1.48

Quarterly Balance Sheets for Thor Industries

This table presents Thor Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 1/31/2023 4/30/2023 10/31/2023 1/31/2024 4/30/2024 10/31/2024 1/31/2025 4/30/2025 10/31/2025 1/31/2026 4/30/2026
Total Assets		 7,312 7,554 7,172 7,226 7,218 6,873 6,714 7,170 6,991 7,017 7,155
Total Current Assets		 2,863 3,085 2,806 2,839 2,870 2,533 2,524 2,836 2,720 2,716 2,887
Cash & Equivalents		 282 353 426 340 372 445 374 508 510 242 372
Accounts Receivable		 651 812 617 626 830 638 653 856 656 767 879
Inventories, net		 1,865 1,865 1,714 1,776 1,578 1,372 1,379 1,354 1,464 1,588 1,531
Prepaid Expenses		 66 55 49 97 90 78 118 118 90 119 105
Plant, Property, & Equipment, net		 1,325 1,360 1,378 1,382 1,380 1,380 1,320 1,380 1,313 1,333 1,322
Total Noncurrent Assets		 3,124 3,109 2,989 3,004 2,968 2,960 2,870 2,954 2,958 2,967 2,946
Long-Term Investments		 124 128 130 129 132 138 136 136 136 136 143
Goodwill		 1,784 1,797 1,769 1,788 1,777 1,792 1,749 1,835 1,851 1,883 1,874
Intangible Assets		 1,061 1,031 950 926 889 833 790 787 734 715 682
Noncurrent Deferred & Refundable Income Taxes		 8.38 8.02 2.59 9.46 12 26 21 28 30 25 18
Other Noncurrent Operating Assets		 147 145 137 153 157 171 175 169 207 209 229
Total Liabilities & Shareholders' Equity		 7,312 7,554 7,172 7,226 7,218 6,873 6,714 7,170 6,991 7,017 7,155
Total Liabilities		 3,524 3,656 3,249 3,283 3,210 2,811 2,761 2,946 2,692 2,694 2,842
Total Current Liabilities		 1,466 1,721 1,717 1,626 1,739 1,482 1,474 1,655 1,505 1,540 1,691
Short-Term Debt		 48 51 70 86 103 102 90 72 66 73 70
Accounts Payable		 639 794 749 762 802 572 699 795 661 764 864
Accrued Expenses		 454 498 469 453 473 457 423 471 434 427 453
Current Deferred & Payable Income Tax Liabilities		 42 62 100 70 87 79 46 42 58 51 50
Current Employee Benefit Liabilities		 157 196 204 148 191 173 136 193 182 136 166
Other Current Liabilities		 126 120 100 109 83 73 80 82 76 90 88
Total Noncurrent Liabilities		 2,057 1,935 1,532 1,657 1,471 1,330 1,286 1,291 1,187 1,154 1,151
Long-Term Debt		 1,759 1,641 1,272 1,390 1,209 1,044 1,003 1,011 913 878 871
Noncurrent Deferred & Payable Income Tax Liabilities		 126 122 92 84 77 84 79 84 64 62 59
Other Noncurrent Operating Liabilities		 173 172 168 182 185 202 204 197 210 214 221
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,788 3,898 3,924 3,943 4,008 4,062 3,953 4,224 4,299 4,323 4,312
Total Preferred & Common Equity		 3,781 3,892 3,915 3,936 4,003 4,054 3,952 4,224 4,297 4,323 4,314
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 3,781 3,892 3,915 3,936 4,003 4,054 3,952 4,224 4,297 4,323 4,314
Common Stock		 524 534 558 567 576 596 604 612 627 634 640
Retained Earnings		 3,928 4,025 4,120 4,101 4,190 4,226 4,199 4,308 4,401 4,392 4,462
Treasury Stock		 -576 -592 -634 -639 -652 -686 -693 -693 -762 -787 -838
Accumulated Other Comprehensive Income / (Loss)		 -96 -75 -128 -93 -111 -82 -158 -2.37 30 84 50
Noncontrolling Interest		 7.35 6.38 8.13 6.18 5.12 7.62 1.72 0.40 2.56 -0.56 -1.89

Annual Metrics And Ratios for Thor Industries

This table displays calculated financial ratios and metrics derived from Thor Industries' official financial filings.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 7/31/2016 7/31/2017 7/31/2018 7/31/2019 7/31/2020 7/31/2021 7/31/2022 7/31/2023 7/31/2024 7/31/2025 7/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 52,057,373.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 52,057,373.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 3.41
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 14.36% 58.16% 14.93% -5.57% 3.85% 50.80% 32.44% -31.82% -9.69% -4.62% 0.30%
EBITDA Growth		 35.18% 52.22% 9.90% -29.60% 13.50% 102.76% 55.87% -52.04% -17.20% -14.97% -12.43%
EBIT Growth		 31.66% 47.12% 12.54% -43.47% 4.88% 148.77% 65.22% -61.50% -26.69% -21.23% -20.04%
NOPAT Growth		 28.61% 46.07% 14.07% -30.52% 2.43% 132.40% 68.21% -63.28% -26.51% -19.66% -44.35%
Net Income Growth		 28.66% 45.90% 14.94% -42.50% -10.49% 198.52% 72.23% -67.12% -29.08% -3.32% -31.93%
EPS Growth		 30.48% 45.29% 14.81% -69.66% 62.75% 194.78% 73.76% -66.25% -28.92% -2.02% -30.17%
Operating Cash Flow Growth		 37.66% 22.90% 11.25% 8.90% 6.48% -2.67% 88.06% -0.86% -44.42% 5.93% -44.42%
Free Cash Flow Firm Growth		 -3,981.93% 206.45% 6.87% -620.13% 121.04% -75.29% 206.71% 183.84% -39.28% -21.67% -85.63%
Invested Capital Growth		 60.52% 5.86% 7.73% 119.61% -1.06% 17.84% 22.62% -5.92% -2.64% -1.99% 2.06%
Revenue Q/Q Growth		 5.39% 9.72% -0.72% 5.89% 0.16% 11.48% 1.42% -8.88% -1.99% -0.11% -2.16%
EBITDA Q/Q Growth		 8.75% 9.96% -6.82% 44.43% -11.99% 15.26% 2.88% -18.75% -1.23% 0.79% -15.04%
EBIT Q/Q Growth		 7.53% 10.45% -7.73% 55.53% -17.47% 18.66% 2.67% -25.70% -2.04% 2.38% -25.22%
NOPAT Q/Q Growth		 5.76% 10.92% -6.94% 95.31% -24.37% 17.65% 4.81% -30.84% -1.88% -1.17% -26.47%
Net Income Q/Q Growth		 5.69% 10.87% -6.77% 92.96% -28.36% 20.32% 4.64% -33.73% 0.07% 15.88% -32.82%
EPS Q/Q Growth		 6.09% 10.61% -6.76% 2.07% 11.98% 20.06% 5.16% -33.24% 0.20% 15.79% -31.85%
Operating Cash Flow Q/Q Growth		 13.22% 10.60% 7.57% 14.13% -5.01% 9.97% 0.12% 18.74% -23.70% -12.07% -4.32%
Free Cash Flow Firm Q/Q Growth		 -364.62% 201.53% 9.34% 11.49% -48.75% 161.03% 6.67% 14.10% -27.79% -15.67% -57.80%
Invested Capital Q/Q Growth		 49.15% -5.02% -7.88% -5.45% 0.68% -2.21% -1.07% -6.69% -3.64% -2.43% -2.02%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 15.85% 14.40% 13.98% 12.37% 13.69% 15.38% 17.20% 14.35% 14.46% 13.99% 12.62%
EBITDA Margin		 9.53% 9.18% 8.78% 6.54% 7.15% 9.61% 11.31% 7.96% 7.30% 6.51% 5.68%
Operating Margin		 8.36% 7.72% 7.59% 4.60% 4.61% 7.37% 9.40% 5.26% 4.22% 3.12% 2.05%
EBIT Margin		 8.38% 7.80% 7.64% 4.57% 4.62% 7.62% 9.50% 5.37% 4.36% 3.60% 2.87%
Profit (Net Income) Margin		 5.60% 5.16% 5.16% 3.14% 2.71% 5.37% 6.98% 3.37% 2.64% 2.68% 1.82%
Tax Burden Percent		 66.92% 67.27% 67.95% 82.57% 81.12% 78.25% 77.97% 74.95% 76.08% 86.63% 73.16%
Interest Burden Percent		 99.78% 98.44% 99.52% 83.30% 72.37% 90.03% 94.19% 83.67% 79.73% 85.94% 86.63%
Effective Tax Rate		 32.69% 32.73% 32.05% 17.43% 18.88% 21.75% 22.03% 25.06% 23.92% 13.37% 26.84%
Return on Invested Capital (ROIC)		 22.45% 25.85% 27.60% 11.57% 8.67% 18.60% 25.98% 8.92% 6.86% 5.64% 3.14%
ROIC Less NNEP Spread (ROIC-NNEP)		 30.11% 19.43% 27.29% 2.49% 2.21% 14.38% 21.70% 3.19% -1.59% 5.04% 12.62%
Return on Net Nonoperating Assets (RNNOA)		 -0.43% 0.49% -3.12% 0.70% 1.30% 6.37% 8.78% 0.95% -0.27% 0.50% 0.95%
Return on Equity (ROE)		 22.01% 26.34% 24.48% 12.27% 9.97% 24.97% 34.76% 9.87% 6.59% 6.14% 4.09%
Cash Return on Invested Capital (CROIC)		 -24.01% 20.15% 20.16% -63.28% 9.74% 2.22% 5.66% 15.02% 9.53% 7.64% 1.10%
Operating Return on Assets (OROA)		 20.07% 23.15% 23.84% 8.52% 6.60% 15.10% 22.04% 8.14% 6.13% 4.89% 3.93%
Return on Assets (ROA)		 13.40% 15.33% 16.12% 5.86% 3.87% 10.64% 16.19% 5.10% 3.72% 3.64% 2.49%
Return on Common Equity (ROCE)		 22.01% 26.34% 24.48% 12.23% 9.89% 24.72% 34.58% 9.85% 6.58% 6.13% 4.09%
Return on Equity Simple (ROE_SIMPLE)		 20.27% 23.74% 22.20% 11.87% 9.54% 22.62% 31.68% 9.41% 6.53% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 258 377 430 298 306 710 1,195 439 322 259 144
NOPAT Margin		 5.63% 5.20% 5.16% 3.79% 3.74% 5.77% 7.33% 3.95% 3.21% 2.70% 1.50%
Net Nonoperating Expense Percent (NNEP)		 -7.67% 6.41% 0.31% 9.08% 6.46% 4.22% 4.28% 5.74% 8.45% 0.60% -9.48%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - 4.91% 2.78%
Cost of Revenue to Revenue		 84.15% 85.60% 86.02% 87.63% 86.31% 84.62% 82.80% 85.65% 85.54% 86.01% 87.38%
SG&A Expenses to Revenue		 6.68% 5.79% 5.73% 6.82% 7.76% 7.06% 6.84% 7.82% 8.92% 9.63% 9.40%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 7.49% 6.68% 6.39% 7.78% 9.08% 8.01% 7.81% 9.09% 10.24% 10.87% 10.57%
Earnings before Interest and Taxes (EBIT)		 384 565 636 360 377 938 1,550 597 438 345 276
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 437 665 731 515 584 1,184 1,846 885 733 623 546
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.72 3.06 2.27 1.42 2.51 2.11 1.23 1.52 1.39 1.13 0.92
Price to Tangible Book Value (P/TBV)		 9.07 6.38 3.76 0.00 0.00 14.64 6.58 5.13 3.98 2.87 2.35
Price to Revenue (P/Rev)		 0.75 0.66 0.53 0.38 0.71 0.50 0.27 0.54 0.56 0.51 0.41
Price to Earnings (P/E)		 13.44 12.87 10.23 11.96 26.16 9.35 3.88 16.14 21.28 18.72 21.98
Dividend Yield		 1.83% 1.44% 1.77% 2.90% 1.51% 1.47% 2.12% 1.59% 1.81% 2.20% 2.77%
Earnings Yield		 7.44% 7.77% 9.77% 8.36% 3.82% 10.69% 25.78% 6.20% 4.70% 5.34% 4.55%
Enterprise Value to Invested Capital (EV/IC)		 2.54 3.16 2.53 1.25 2.00 1.79 1.16 1.43 1.34 1.12 0.92
Enterprise Value to Revenue (EV/Rev)		 0.78 0.65 0.49 0.56 0.86 0.60 0.36 0.61 0.62 0.53 0.45
Enterprise Value to EBITDA (EV/EBITDA)		 8.23 7.13 5.58 8.60 12.02 6.23 3.19 7.72 8.49 8.19 7.85
Enterprise Value to EBIT (EV/EBIT)		 9.36 8.39 6.41 12.31 18.62 7.87 3.80 11.45 14.22 14.80 15.55
Enterprise Value to NOPAT (EV/NOPAT)		 13.95 12.59 9.49 14.84 22.97 10.39 4.93 15.57 19.29 19.69 29.71
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.54 11.30 8.74 8.71 12.98 14.02 5.95 6.96 11.40 8.83 13.34
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 16.15 13.00 0.00 20.45 87.00 22.63 9.25 13.87 14.52 84.88
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.28 0.09 0.00 0.93 0.73 0.55 0.50 0.34 0.30 0.23 0.22
Long-Term Debt to Equity		 0.28 0.09 0.00 0.90 0.70 0.54 0.49 0.32 0.27 0.21 0.20
Financial Leverage		 -0.01 0.03 -0.11 0.28 0.59 0.44 0.40 0.30 0.17 0.10 0.08
Leverage Ratio		 1.64 1.72 1.52 2.09 2.57 2.35 2.15 1.93 1.77 1.68 1.64
Compound Leverage Factor		 1.64 1.69 1.51 1.74 1.86 2.11 2.02 1.62 1.41 1.45 1.42
Debt to Total Capital		 22.15% 8.42% 0.00% 48.16% 42.06% 35.65% 33.19% 25.34% 22.84% 18.65% 17.90%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 1.52% 1.23% 0.83% 0.64% 1.14% 1.98% 1.20% 1.23%
Long-Term Debt to Total Capital		 22.15% 8.42% 0.00% 46.64% 40.83% 34.81% 32.55% 24.20% 20.86% 17.44% 16.67%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.27% 0.64% 0.57% 0.14% 0.14% 0.13% 0.02% -0.03%
Common Equity to Total Capital		 77.85% 91.58% 100.00% 51.57% 57.30% 63.78% 66.66% 74.52% 77.03% 81.33% 82.13%
Debt to EBITDA		 0.82 0.22 0.00 3.78 2.92 1.38 0.97 1.53 1.65 1.58 1.70
Net Debt to EBITDA		 0.34 -0.12 0.00 2.82 1.99 1.00 0.79 0.89 0.77 0.42 0.70
Long-Term Debt to EBITDA		 0.82 0.22 0.00 3.66 2.83 1.35 0.95 1.46 1.50 1.48 1.59
Debt to NOPAT		 1.40 0.39 0.00 6.52 5.57 2.30 1.50 3.08 3.74 3.79 6.44
Net Debt to NOPAT		 0.58 -0.21 0.00 4.86 3.80 1.67 1.23 1.79 1.76 1.00 2.66
Long-Term Debt to NOPAT		 1.40 0.39 0.00 6.32 5.41 2.25 1.47 2.94 3.41 3.55 6.00
Altman Z-Score		 5.48 7.61 8.15 2.73 3.31 4.08 4.52 3.88 3.82 3.64 3.49
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.27% 0.82% 0.98% 0.52% 0.20% 0.17% 0.09% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.56 1.51 1.71 1.41 1.39 1.56 1.74 1.63 1.69 1.75 1.77
Quick Ratio		 0.92 0.91 0.99 0.79 0.89 0.78 0.72 0.63 0.77 0.82 0.76
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -276 294 314 -1,632 343 85 260 739 448 351 50
Operating Cash Flow to CapEx		 788.70% 380.02% 347.20% 398.47% 684.56% 414.93% 437.54% 504.59% 475.60% 968.34% 380.09%
Free Cash Flow to Firm to Interest Expense		 -173.25 30.17 60.49 -23.96 3.20 0.91 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 214.33 43.10 89.94 7.46 5.04 5.63 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 187.15 31.76 64.03 5.59 4.30 4.27 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.39 2.97 3.12 1.86 1.43 1.98 2.32 1.52 1.41 1.36 1.37
Accounts Receivable Turnover		 13.84 16.52 17.14 13.07 10.67 13.96 17.22 14.01 14.94 13.60 13.65
Inventory Turnover		 11.86 14.35 14.35 10.09 9.13 9.99 8.65 5.59 5.69 6.06 6.05
Fixed Asset Turnover		 15.85 18.84 17.58 9.74 7.43 0.00 0.00 0.00 0.00 0.00 7.32
Accounts Payable Turnover		 18.09 20.94 23.28 16.43 11.86 13.43 15.55 12.22 12.59 12.06 11.36
Days Sales Outstanding (DSO)		 26.38 22.10 21.30 27.93 34.20 26.14 21.19 26.05 24.42 26.83 26.75
Days Inventory Outstanding (DIO)		 30.76 25.43 25.43 36.17 39.98 36.52 42.21 65.29 64.14 60.22 60.32
Days Payable Outstanding (DPO)		 20.18 17.43 15.68 22.21 30.76 27.17 23.48 29.86 28.98 30.26 32.14
Cash Conversion Cycle (CCC)		 36.96 30.10 31.05 41.88 43.41 35.49 39.93 61.48 59.59 56.78 54.93
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,415 1,498 1,614 3,545 3,507 4,132 5,067 4,767 4,641 4,549 4,643
Invested Capital Turnover		 3.99 4.97 5.35 3.05 2.32 3.22 3.55 2.26 2.13 2.08 2.09
Increase / (Decrease) in Invested Capital		 534 83 116 1,930 -38 626 935 -300 -126 -92 94
Enterprise Value (EV)		 3,597 4,740 4,078 4,427 7,021 7,381 5,888 6,832 6,220 5,102 4,284
Market Capitalization		 3,446 4,818 4,401 2,967 5,834 6,170 4,414 6,041 5,646 4,841 3,903
Book Value per Share		 $24.11 $29.98 $36.77 $37.85 $42.03 $52.77 $65.89 $74.59 $76.46 $80.61 $81.86
Tangible Book Value per Share		 $7.24 $14.36 $22.24 ($4.44) ($1.30) $7.61 $12.31 $22.11 $26.68 $31.74 $31.90
Total Capital		 1,625 1,722 1,938 4,042 4,048 4,581 5,389 5,336 5,280 5,273 5,189
Total Debt		 360 145 0.00 1,947 1,703 1,633 1,789 1,352 1,206 983 929
Total Long-Term Debt		 360 145 0.00 1,885 1,653 1,595 1,754 1,291 1,101 920 865
Net Debt		 150 -78 -324 1,449 1,161 1,184 1,466 784 567 260 383
Capital Expenditures (CapEx)		 43 110 134 127 79 127 226 195 115 60 85
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 155 176 267 199 95 598 1,030 697 686 670 771
Debt-free Net Working Capital (DFNWC)		 365 399 542 650 637 1,047 1,341 1,138 1,188 1,257 1,253
Net Working Capital (NWC)		 365 399 542 589 587 1,009 1,307 1,077 1,083 1,193 1,190
Net Nonoperating Expense (NNE)		 1.28 2.30 -0.63 51 84 50 57 65 57 2.49 -30
Net Nonoperating Obligations (NNO)		 150 -78 -324 1,449 1,161 1,184 1,466 784 567 260 383
Total Depreciation and Amortization (D&A)		 53 100 95 155 207 246 296 288 295 279 270
Debt-free, Cash-free Net Working Capital to Revenue		 3.39% 2.43% 3.21% 2.53% 1.17% 4.86% 6.31% 6.26% 6.83% 7.00% 8.03%
Debt-free Net Working Capital to Revenue		 7.97% 5.51% 6.51% 8.27% 7.80% 8.50% 8.22% 10.23% 11.83% 13.12% 13.05%
Net Working Capital to Revenue		 7.97% 5.51% 6.51% 7.49% 7.19% 8.19% 8.01% 9.68% 10.78% 12.46% 12.38%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.89 $7.12 $8.17 $2.47 $4.04 $11.93 $20.67 $7.00 $4.98 $4.87 $3.39
Adjusted Weighted Average Basic Shares Outstanding		 52.48M 52.59M 52.70M 53.91M 55.17M 55.33M 55.03M 53.48M 53.25M 53.09M 52.37M
Adjusted Diluted Earnings per Share		 $4.88 $7.09 $8.14 $2.47 $4.02 $11.85 $20.59 $6.95 $4.94 $4.84 $3.38
Adjusted Weighted Average Diluted Shares Outstanding		 52.48M 52.59M 52.70M 54.03M 55.40M 55.69M 55.26M 53.86M 53.69M 53.40M 52.56M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $8.17 $2.47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 52.48M 52.59M 52.70M 55.06M 55.20M 55.37M 53.68M 53.31M 52.93M 52.63M 51.61M
Normalized Net Operating Profit after Tax (NOPAT)		 264 377 430 298 314 710 1,195 439 322 259 144
Normalized NOPAT Margin		 5.76% 5.20% 5.16% 3.79% 3.84% 5.77% 7.33% 3.95% 3.21% 2.70% 1.50%
Pre Tax Income Margin		 8.37% 7.68% 7.60% 3.81% 3.34% 6.86% 8.95% 4.49% 3.47% 3.09% 2.48%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 241.31 58.09 122.63 5.28 3.51 10.03 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 161.93 38.70 82.81 4.38 2.85 7.59 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 214.13 46.75 96.72 3.41 2.78 8.67 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 134.76 27.36 56.90 2.51 2.11 6.24 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 24.55% 18.55% 18.13% 34.02% 39.89% 13.74% 8.34% 25.64% 38.48% 41.36% 62.27%
Augmented Payout Ratio		 24.55% 18.55% 18.13% 34.02% 39.89% 13.74% 22.85% 36.87% 64.25% 61.88% 128.19%

Quarterly Metrics And Ratios for Thor Industries

This table displays calculated financial ratios and metrics derived from Thor Industries' official financial filings.

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 1/31/2024 4/30/2024 7/31/2024 10/31/2024 1/31/2025 4/30/2025 7/31/2025 10/31/2025 1/31/2026 4/30/2026 7/31/2026
DEI Shares Outstanding		 - - - - - - - - 52,838,664.00 52,595,933.00 52,057,373.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 52,838,664.00 52,595,933.00 52,057,373.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 0.34 1.85 0.78
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -5.93% -4.36% -7.45% -14.31% -8.57% 3.35% -0.41% 11.50% - -3.91% -8.41%
EBITDA Growth		 -12.93% -6.91% -3.95% -48.51% -30.77% -0.46% 2.20% 29.29% - -10.45% -42.49%
EBIT Growth		 -39.81% -9.70% -5.91% -84.83% -70.53% 1.59% 5.50% 194.95% - -14.18% -60.56%
NOPAT Growth		 -54.14% -9.92% -6.02% -90.21% -51.71% 15.98% -6.67% 247.98% - -54.44% -55.47%
Net Income Growth		 -79.36% -5.14% 0.20% -101.59% -158.00% 17.92% 38.44% 2,753.95% - -28.66% -67.38%
EPS Growth		 -74.00% -4.91% 0.60% -103.03% -107.69% 18.78% 39.05% 1,466.67% - -26.48% -67.23%
Operating Cash Flow Growth		 -213.76% -12.83% -33.40% -48.48% 129.69% 2.36% -23.47% -245.96% - -9.13% -5.60%
Free Cash Flow Firm Growth		 1,030.78% 168.56% -44.66% -80.87% 66.41% -27.74% -18.04% -79.13% - -102.54% -129.17%
Invested Capital Growth		 -4.59% -5.72% -2.64% -1.76% -8.34% -3.21% -1.99% 0.19% - 1.64% 2.06%
Revenue Q/Q Growth		 -11.73% 26.90% -9.53% -15.44% -5.82% 43.44% -12.82% -5.34% - 30.84% -16.89%
EBITDA Q/Q Growth		 -31.11% 109.71% -5.51% -62.28% -7.38% 201.50% -2.98% -52.28% - 116.85% -37.69%
EBIT Q/Q Growth		 -62.14% 367.44% -11.42% -90.32% -26.45% 1,511.45% -8.01% -72.95% - 370.63% -57.72%
NOPAT Q/Q Growth		 -82.73% 822.13% -25.31% -91.77% -14.81% 2,114.63% -39.89% -69.31% - 761.72% -41.26%
Net Income Q/Q Growth		 -90.32% 2,032.50% -19.47% -100.95% -253.84% 4,435.64% -5.45% -81.70% - 552.54% -56.76%
EPS Q/Q Growth		 -86.87% 1,538.46% -20.66% -101.78% 66.67% 25,400.00% -7.11% -82.55% - 447.06% -58.60%
Operating Cash Flow Q/Q Growth		 -274.08% 342.36% 34.28% -90.91% 0.33% 735.44% 0.39% -117.35% - 308.62% 4.28%
Free Cash Flow Firm Q/Q Growth		 -47.25% 67.41% -47.19% -58.99% 358.94% -27.30% -40.10% -89.56% - 97.79% -588.94%
Invested Capital Q/Q Growth		 4.55% -2.69% -3.64% 0.21% -2.46% 2.76% -2.43% 2.44% - -3.19% -2.02%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 12.27% 15.06% 15.84% 13.13% 12.15% 15.31% 14.70% 13.43% - 12.75% 12.36%
EBITDA Margin		 5.08% 8.40% 8.78% 3.92% 3.85% 8.09% 9.01% 4.54% - 7.54% 5.66%
Operating Margin		 0.83% 5.82% 5.32% 0.53% 0.48% 6.05% 4.07% 1.63% - 3.45% 2.19%
EBIT Margin		 1.59% 5.86% 5.74% 0.66% 0.51% 5.76% 6.08% 1.74% - 5.15% 2.62%
Profit (Net Income) Margin		 0.24% 4.05% 3.61% -0.04% -0.15% 4.63% 5.02% 0.97% - 3.43% 1.79%
Tax Burden Percent		 77.26% 79.79% 72.01% 75.52% 193.06% 86.08% 88.32% 71.32% - 71.58% 79.79%
Interest Burden Percent		 19.63% 86.70% 87.34% -8.21% -15.46% 93.28% 93.44% 78.27% - 93.25% 85.55%
Effective Tax Rate		 22.74% 20.21% 27.99% 0.00% 0.00% 13.92% 11.68% 28.68% - 28.42% 20.21%
Return on Invested Capital (ROIC)		 1.31% 9.59% 8.18% 0.77% 0.68% 10.54% 7.49% 2.46% - 5.16% 3.65%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.58% 7.95% 7.34% -0.50% -0.57% 7.83% 16.18% 1.48% - 11.36% 3.94%
Return on Net Nonoperating Assets (RNNOA)		 0.18% 2.03% 1.23% -0.09% -0.11% 1.19% 1.60% 0.17% - 1.15% 0.30%
Return on Equity (ROE)		 1.49% 11.62% 9.42% 0.68% 0.56% 11.73% 9.09% 2.63% - 6.31% 3.95%
Cash Return on Invested Capital (CROIC)		 11.45% 12.51% 9.53% 7.09% 13.78% 8.79% 7.64% 5.78% - 2.54% 1.10%
Operating Return on Assets (OROA)		 2.27% 8.13% 8.07% 0.91% 0.70% 7.68% 8.27% 2.46% - 7.06% 3.59%
Return on Assets (ROA)		 0.34% 5.63% 5.08% -0.06% -0.21% 6.17% 6.82% 1.37% - 4.71% 2.45%
Return on Common Equity (ROCE)		 1.49% 11.60% 9.40% 0.68% 0.56% 11.72% 9.08% 2.62% - 6.31% 3.95%
Return on Equity Simple (ROE_SIMPLE)		 6.89% 6.63% 0.00% 5.17% 5.09% 5.24% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 14 130 97 8.00 6.81 151 91 28 7.98 69 40
NOPAT Margin		 0.64% 4.64% 3.83% 0.37% 0.34% 5.21% 3.59% 1.16% - 2.47% 1.75%
Net Nonoperating Expense Percent (NNEP)		 0.73% 1.63% 0.84% 1.27% 1.24% 2.72% -8.69% 0.98% - -6.20% -0.29%
Return On Investment Capital (ROIC_SIMPLE)		 0.26% - - - 0.14% 2.84% 1.72% 0.53% 0.15% 1.31% 0.78%
Cost of Revenue to Revenue		 87.73% 84.94% 84.16% 86.87% 87.85% 84.69% 85.30% 86.57% - 87.25% 87.64%
SG&A Expenses to Revenue		 9.97% 8.09% 9.12% 11.21% 10.22% 8.23% 9.42% 10.63% - 8.30% 8.93%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue		 11.44% 9.24% 10.51% 12.60% 11.67% 9.25% 10.63% 11.80% - 9.30% 10.17%
Earnings before Interest and Taxes (EBIT)		 35 164 145 14 10 167 153 42 30 143 61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 112 235 222 84 78 234 227 108 97 210 131
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.50 1.32 1.39 1.35 1.39 0.91 1.13 1.28 - 0.96 0.92
Price to Tangible Book Value (P/TBV)		 4.83 3.95 3.98 3.84 3.87 2.41 2.87 3.21 - 2.36 2.35
Price to Revenue (P/Rev)		 0.57 0.51 0.56 0.57 0.58 0.40 0.51 0.56 - 0.42 0.41
Price to Earnings (P/E)		 21.75 19.86 21.28 26.12 27.08 17.29 18.72 19.47 - 15.84 21.98
Dividend Yield		 1.68% 1.91% 1.81% 1.85% 1.91% 2.73% 2.20% 2.41% - 2.61% 2.77%
Earnings Yield		 4.60% 5.04% 4.70% 3.83% 3.69% 5.78% 5.34% 5.14% - 6.31% 4.55%
Enterprise Value to Invested Capital (EV/IC)		 1.40 1.26 1.34 1.30 1.34 0.92 1.12 1.25 - 0.97 0.92
Enterprise Value to Revenue (EV/Rev)		 0.67 0.59 0.62 0.63 0.64 0.45 0.53 0.59 - 0.47 0.45
Enterprise Value to EBITDA (EV/EBITDA)		 9.12 8.20 8.49 9.26 9.78 6.94 8.19 9.00 - 7.13 7.85
Enterprise Value to EBIT (EV/EBIT)		 14.91 13.63 14.22 16.87 18.14 12.75 14.80 15.66 - 12.43 15.55
Enterprise Value to NOPAT (EV/NOPAT)		 20.22 18.52 19.29 24.26 25.17 16.37 19.69 20.97 - 23.37 29.71
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.21 8.51 11.40 11.72 9.30 6.53 8.83 11.60 - 13.65 13.34
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.93 9.80 13.87 18.18 9.27 10.30 14.52 21.65 - 38.31 84.88
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.37 0.33 0.30 0.28 0.28 0.26 0.23 0.23 - 0.22 0.22
Long-Term Debt to Equity		 0.35 0.30 0.27 0.26 0.25 0.24 0.21 0.21 - 0.20 0.20
Financial Leverage		 0.31 0.26 0.17 0.18 0.20 0.15 0.10 0.11 - 0.10 0.08
Leverage Ratio		 1.88 1.87 1.77 1.76 1.77 1.75 1.68 1.66 - 1.68 1.64
Compound Leverage Factor		 0.37 1.62 1.55 -0.14 -0.27 1.63 1.57 1.30 - 1.56 1.40
Debt to Total Capital		 27.24% 24.67% 22.84% 22.00% 21.67% 20.40% 18.65% 18.56% - 17.92% 17.90%
Short-Term Debt to Total Capital		 1.58% 1.94% 1.98% 1.96% 1.79% 1.36% 1.20% 1.26% - 1.34% 1.23%
Long-Term Debt to Total Capital		 25.66% 22.72% 20.86% 20.04% 19.88% 19.04% 17.44% 17.30% - 16.59% 16.67%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.11% 0.10% 0.13% 0.15% 0.03% 0.01% 0.02% 0.05% - -0.04% -0.03%
Common Equity to Total Capital		 72.64% 75.24% 77.03% 77.85% 78.30% 79.59% 81.33% 81.39% - 82.11% 82.13%
Debt to EBITDA		 1.94 1.77 1.65 1.75 1.77 1.75 1.58 1.51 - 1.47 1.70
Net Debt to EBITDA		 1.33 1.09 0.77 0.86 0.94 0.71 0.42 0.51 - 0.66 0.70
Long-Term Debt to EBITDA		 1.83 1.63 1.50 1.60 1.62 1.63 1.48 1.41 - 1.36 1.59
Debt to NOPAT		 4.31 3.99 3.74 4.59 4.54 4.13 3.79 3.52 - 4.80 6.44
Net Debt to NOPAT		 2.94 2.46 1.76 2.26 2.42 1.67 1.00 1.20 - 2.17 2.66
Long-Term Debt to NOPAT		 4.06 3.68 3.41 4.18 4.17 3.86 3.55 3.29 - 4.44 6.00
Altman Z-Score		 3.53 3.48 3.68 3.63 3.67 3.24 3.55 3.74 - 3.39 3.38
Noncontrolling Interest Sharing Ratio		 0.17% 0.15% 0.17% 0.20% 0.10% 0.07% 0.09% 0.12% - -0.02% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.75 1.65 1.69 1.71 1.71 1.71 1.75 1.81 - 1.71 1.77
Quick Ratio		 0.59 0.69 0.77 0.73 0.70 0.82 0.82 0.77 - 0.74 0.76
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 252 422 223 91 420 305 183 19 -350 -7.74 -53
Operating Cash Flow to CapEx		 -369.73% 1,639.09% 1,014.42% 140.30% 366.34% 789.71% 0.00% -217.00% - 20,594.02% 467.32%
Free Cash Flow to Firm to Interest Expense		 0.00 19.35 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 11.53 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 10.83 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.43 1.39 1.41 1.38 1.36 1.33 1.36 1.42 - 1.37 1.37
Accounts Receivable Turnover		 16.25 12.48 14.94 15.43 14.85 11.38 13.60 15.19 - 11.32 13.65
Inventory Turnover		 4.90 5.11 5.69 5.39 5.16 5.61 6.06 5.96 - 5.91 6.05
Fixed Asset Turnover		 7.66 7.48 0.00 7.02 7.03 6.95 0.00 7.30 - 7.27 7.32
Accounts Payable Turnover		 12.73 11.03 12.59 12.59 11.15 10.29 12.06 13.71 - 10.28 11.36
Days Sales Outstanding (DSO)		 22.46 29.24 24.42 23.65 24.58 32.08 26.83 24.04 - 32.25 26.75
Days Inventory Outstanding (DIO)		 74.50 71.38 64.14 67.77 70.70 65.10 60.22 61.28 - 61.76 60.32
Days Payable Outstanding (DPO)		 28.68 33.09 28.98 29.00 32.73 35.46 30.26 26.63 - 35.52 32.14
Cash Conversion Cycle (CCC)		 68.28 67.53 59.59 62.42 62.55 61.72 56.78 58.68 - 58.49 54.93
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,950 4,817 4,641 4,651 4,537 4,662 4,549 4,660 4,895 4,739 4,643
Invested Capital Turnover		 2.05 2.06 2.13 2.06 2.00 2.02 2.08 2.11 - 2.09 2.09
Increase / (Decrease) in Invested Capital		 -238 -292 -126 -83 -413 -154 -92 8.73 358 76 94
Enterprise Value (EV)		 6,924 6,088 6,220 6,053 6,058 4,292 5,102 5,828 - 4,582 4,284
Market Capitalization		 5,911 5,274 5,646 5,483 5,473 3,853 4,841 5,492 - 4,157 3,903
Book Value per Share		 $73.82 $75.07 $76.46 $76.60 $74.25 $79.39 $80.61 $81.63 $81.82 $82.03 $81.86
Tangible Book Value per Share		 $22.94 $25.06 $26.68 $27.01 $26.56 $30.11 $31.74 $32.53 $32.66 $33.43 $31.90
Total Capital		 5,419 5,321 5,280 5,208 5,047 5,307 5,273 5,279 5,273 5,254 5,189
Total Debt		 1,476 1,313 1,206 1,146 1,094 1,083 983 980 950 942 929
Total Long-Term Debt		 1,390 1,209 1,101 1,044 1,003 1,011 920 913 878 871 865
Net Debt		 1,008 808 567 563 584 438 260 333 573 426 383
Capital Expenditures (CapEx)		 28 15 33 22 8.42 33 -3.28 21 10 1.14 52
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 958 863 686 708 766 745 670 771 1,007 894 771
Debt-free Net Working Capital (DFNWC)		 1,299 1,235 1,188 1,154 1,140 1,253 1,257 1,281 1,249 1,266 1,253
Net Working Capital (NWC)		 1,213 1,131 1,083 1,051 1,050 1,181 1,193 1,215 1,176 1,196 1,190
Net Nonoperating Expense (NNE)		 8.78 16 5.69 8.87 9.90 17 -36 4.66 -6.66 -27 -0.93
Net Nonoperating Obligations (NNO)		 1,008 808 567 589 584 438 260 361 573 426 383
Total Depreciation and Amortization (D&A)		 77 71 77 70 67 67 74 67 66 67 70
Debt-free, Cash-free Net Working Capital to Revenue		 9.24% 8.42% 6.83% 7.31% 8.07% 7.76% 7.00% 7.85% - 9.10% 8.03%
Debt-free Net Working Capital to Revenue		 12.52% 12.05% 11.83% 11.91% 12.01% 13.06% 13.12% 13.04% - 12.89% 13.05%
Net Working Capital to Revenue		 11.69% 11.04% 10.78% 10.86% 11.06% 12.31% 12.46% 12.36% - 12.17% 12.38%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.14 $2.15 $1.68 ($0.03) ($0.01) $2.54 $2.37 $0.41 $0.34 $1.86 $0.78
Adjusted Weighted Average Basic Shares Outstanding		 53.32M 53.31M 53.25M 52.97M 53.21M 53.20M 53.09M 52.69M 52.70M 52.24M 52.37M
Adjusted Diluted Earnings per Share		 $0.13 $2.13 $1.69 ($0.03) ($0.01) $2.53 $2.35 $0.41 $0.34 $1.86 $0.77
Adjusted Weighted Average Diluted Shares Outstanding		 53.65M 53.72M 53.69M 52.97M 53.21M 53.43M 53.40M 52.98M 52.84M 52.40M 52.56M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 53.32M 53.20M 52.93M 53.22M 53.20M 53.20M 52.63M 52.84M 52.60M 52.06M 51.61M
Normalized Net Operating Profit after Tax (NOPAT)		 14 130 97 8.00 6.81 151 91 28 7.98 69 40
Normalized NOPAT Margin		 0.64% 4.64% 3.83% 0.37% 0.34% 5.21% 3.59% 1.16% - 2.47% 1.75%
Pre Tax Income Margin		 0.31% 5.08% 5.01% -0.05% -0.08% 5.37% 5.68% 1.36% - 4.80% 2.24%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 7.52 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 0.00 5.96 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 6.82 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 5.25 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 36.46% 37.98% 38.48% 0.00% 51.80% 47.49% 41.36% 0.00% - 41.65% 62.27%
Augmented Payout Ratio		 53.64% 54.20% 64.25% 18.31% 71.73% 59.72% 61.88% 20.56% - 92.31% 128.19%

Financials Breakdown Chart

Key Financial Trends

Thor Industries’ financial performance remains mixed. The company has recovered from the losses reported in the first half of fiscal 2025, but revenue, margins and earnings remain below the stronger levels seen in fiscal 2022 through early fiscal 2024.

Fiscal 2026 revenue improved year over year in the first two quarters, rising 11.5% in Q1 and 5.3% in Q2. However, revenue declined 3.9% in Q3 and 8.4% in Q4, when sales totaled $2.31 billion. The latest quarter also showed weaker profitability: gross margin fell to approximately 12.4% from 14.7% a year earlier, while operating margin declined to about 2.2% from 4.1%.

Net income has followed a similar pattern. Thor Industries reported losses in Q1 and Q2 of fiscal 2025, followed by a recovery in subsequent quarters. In fiscal 2026, quarterly net income was positive, but Q4 earnings attributable to common shareholders fell to $40.8 million, or $0.77 per diluted share, from $125.8 million, or $2.35 per share, in Q4 fiscal 2025. The company’s share repurchases helped reduce diluted shares outstanding to 52.6 million in Q4 fiscal 2026 from 53.4 million in Q4 fiscal 2025.

Cash generation also remains uneven. Operating cash flow was negative in Q1 and Q2 fiscal 2026 because of working-capital demands, before turning strongly positive in Q3 and Q4. Full-year operating cash flow was approximately $321 million, well below the roughly $657 million generated across the comparable fiscal 2025 quarters. The Q4 improvement was encouraging, with $244.2 million of operating cash flow and a $110.0 million increase in cash.

The balance sheet has improved over the longer term. At the latest reported quarter, total debt was approximately $944 million, down from about $1.48 billion in Q2 fiscal 2024 and $1.23 billion in Q3 fiscal 2024. Thor also continued to return capital through dividends and share repurchases. Nevertheless, inventories and accounts receivable increased during fiscal 2026, tying up cash and contributing to the weak first-half operating cash flow.

  • Profitability has recovered from fiscal 2025 losses: Thor Industries generated positive net income in all four fiscal 2026 quarters, compared with losses in Q1 and Q2 fiscal 2025.
  • Debt has declined materially: Total short- and long-term debt fell to approximately $944 million at April 30, 2026, from roughly $1.48 billion at January 31, 2024.
  • Second-half cash generation improved: Operating cash flow reached $234.2 million in Q3 and $244.2 million in Q4 fiscal 2026 after negative cash flow in the first two quarters.
  • Shareholder returns remain a priority: Thor paid quarterly dividends of $0.52 per share in fiscal 2026 and repurchased common stock throughout the year, supporting per-share results and reducing the share count.
  • Liquidity improved late in the year: Cash and equivalents were $371.9 million at April 30, 2026, and the latest cash-flow statement showed a further $110.0 million quarterly increase in cash.
  • Working-capital trends require monitoring: Fiscal 2026 operating cash flow was heavily influenced by changes in receivables, inventories and payables, making reported cash generation more volatile than earnings.
  • Asset quality is an important consideration: Goodwill and intangible assets totaled approximately $2.56 billion at April 30, 2026, representing a substantial portion of the company’s asset base and exposing shareholders to potential impairment risk.
  • Revenue momentum weakened late in fiscal 2026: Q3 and Q4 revenue declined year over year after strong growth in the first half, indicating that demand remains sensitive to broader recreational-vehicle and consumer spending conditions.
  • Margins remain below historical highs: Q4 fiscal 2026 gross margin was about 12.4%, compared with roughly 15.9% in Q4 fiscal 2024 and 14.7% in Q4 fiscal 2025.
  • Q4 earnings deteriorated sharply: Net income attributable to common shareholders fell approximately 68% year over year in Q4 fiscal 2026, while diluted EPS dropped from $2.35 to $0.77.

Overall, Thor Industries’ balance sheet is in better condition than it was several years ago, particularly because of lower debt. However, investors should watch whether the company can sustain its recent cash-flow recovery, reduce inventory-related pressure and stabilize revenue and margins. The latest results suggest that the recovery in earnings is not yet firmly established.

10/02/26 01:41 PM ETAI Generated. May Contain Errors.

Thor Industries Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Thor Industries' fiscal year ends in July. Their fiscal year 2026 ended on July 31, 2026.

The last 5 years of Thor Industries' net income performance:
  • 2022: $1.14 billion
  • 2023: $374.24 million
  • 2024: $265.40 million
  • 2025: $256.59 million
  • 2026: $174.65 million
Find out what analysts predict for Thor Industries in the coming months.

Thor Industries' total operating income in 2026 was $197.08 million, based on the following breakdown:
  • Total Gross Profit: $1.21 billion
  • Total Operating Expenses: $1.02 billion

Over the last 10 years, Thor Industries' total revenue changed from $4.58 billion in 2016 to $9.61 billion in 2026, a change of 109.7%.

In the past 13 quarters, Thor Industries' cash and equivalents has ranged from $242.18 million in Q2 2026 to $509.88 million in Q1 2026, and is currently $371.95 million as of their latest financial filing in Q3 2026.

Thor Industries had total debt of $928.80 million at the end of 2026, a 5.5% decrease from 2025, and a 158.0% increase since 2016.

Over the last 10 years, Thor Industries' book value per share changed from 24.11 in 2016 to 81.86 in 2026, a change of 239.6%.


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Financial statements for NYSE:THO last updated on 9/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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