What is Thor Industries' operating income?

Thor Industries' total operating income in 2025 was $299.06 million, based on the following breakdown: Total Gross Profit: $1.34 billion Total Operating Expenses: $1.04 billion

Thor Industries (THO) Financials

$72.89 +0.36 (+0.50%)

As of 03:58 PM Eastern

Compare

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2015	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
Net Income / (Loss) Attributable to Common Shareholders	199	257	374	430	248	223	660	1,138	374	265	259
Consolidated Net Income / (Loss)	199	257	374	430	247	221	661	1,138	374	265	257
Net Income / (Loss) Continuing Operations	202	258	374	430	247	221	661	1,138	374	265	257
Total Pre-Tax Income	293	383	556	633	300	273	845	1,460	499	349	296
Total Operating Income	291	383	560	632	361	377	908	1,533	585	424	299
Total Gross Profit	558	726	1,044	1,165	973	1,118	1,895	2,806	1,596	1,452	1,341
Total Revenue	4,007	4,582	7,247	8,329	7,865	8,168	12,317	16,313	11,122	10,043	9,579
Operating Revenue	4,007	4,582	7,247	8,329	7,865	8,168	12,317	16,313	11,122	10,043	9,579
Total Cost of Revenue	3,449	3,856	6,203	7,164	6,892	7,050	10,422	13,506	9,525	8,591	8,239
Operating Cost of Revenue	3,449	3,856	6,203	7,164	6,892	7,050	10,422	13,506	9,525	8,591	8,239
Total Operating Expenses	267	343	484	533	612	741	987	1,273	1,011	1,028	1,042
Selling, General & Admin Expense	251	306	420	477	536	634	870	1,116	870	896	923
Amortization Expense	16	28	64	55	76	97	117	157	141	133	119
Total Other Income / (Expense), net	2.26	0.33	-3.43	0.93	-62	-104	-63	-73	-86	-75	-2.87
Interest & Investment Income	1.29	0.74	0.92	2.15	8.08	3.12	-	-90	-97	-89	-48
Other Income / (Expense), net	1.14	1.18	5.38	3.96	-1.85	0.31	30	17	11	14	46
Income Tax Expense	91	125	182	203	52	52	184	322	125	83	40
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
Basic Earnings per Share	$3.75	$4.89	$7.12	$8.17	$2.47	$4.04	$11.93	$20.67	$7.00	$4.98	$4.87
Weighted Average Basic Shares Outstanding	53.17M	52.46M	52.56M	52.67M	53.91M	55.17M	55.33M	55.03M	53.48M	53.25M	53.09M
Diluted Earnings per Share	$3.74	$4.88	$7.09	$8.14	$2.47	$4.02	$11.85	$20.59	$6.95	$4.94	$4.84
Weighted Average Diluted Shares Outstanding	53.17M	52.46M	52.76M	52.85M	54.03M	55.40M	55.69M	55.26M	53.86M	53.69M	53.40M
Weighted Average Basic & Diluted Shares Outstanding	53.17M	52.46M	52.60M	52.70M	54M	55.20M	55.37M	53.68M	53.31M	52.93M	52.63M
Cash Dividends to Common per Share	-	-	$1.32	$1.48	$1.56	$1.60	$1.64	$1.72	$1.80	$1.92	$2.00

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	10/31/2023	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
Net Income / (Loss) Attributable to Common Shareholders	54	7.22	115	90	-1.83	-0.55	135	126	22	18	97
Consolidated Net Income / (Loss)	55	5.33	114	91	-0.87	-3.09	134	127	23	15	96
Net Income / (Loss) Continuing Operations	55	5.33	114	91	-0.87	-3.09	134	127	23	15	96
Total Pre-Tax Income	73	6.89	142	127	-1.16	-1.60	156	143	32	21	133
Total Operating Income	108	18	163	135	11	9.73	175	103	39	11	96
Total Gross Profit	358	271	422	401	281	245	443	371	321	251	355
Total Revenue	2,501	2,207	2,801	2,534	2,143	2,018	2,895	2,524	2,389	2,126	2,782
Operating Revenue	2,501	2,207	2,801	2,534	2,143	2,018	2,895	2,524	2,389	2,126	2,782
Total Cost of Revenue	2,143	1,937	2,379	2,133	1,861	1,773	2,452	2,153	2,068	1,875	2,427
Operating Cost of Revenue	2,143	1,937	2,379	2,133	1,861	1,773	2,452	2,153	2,068	1,875	2,427
Total Operating Expenses	250	253	259	266	270	235	268	268	282	240	259
Selling, General & Admin Expense	218	220	227	231	240	206	238	238	254	212	231
Amortization Expense	32	32	32	35	30	29	30	30	28	28	28
Total Other Income / (Expense), net	-35	-11	-21	-7.90	-13	-11	-20	41	-6.53	9.56	37
Interest & Investment Income	-20	-28	-22	-	-15	-12	-11	-10	-9.02	-9.42	-9.66
Other Income / (Expense), net	-15	17	1.16	11	2.65	0.62	-8.46	51	2.49	19	47
Income Tax Expense	18	1.57	29	36	-0.28	1.49	22	17	9.32	6.35	38
Net Income / (Loss) Attributable to Noncontrolling Interest	1.47	-1.89	-0.93	1.45	0.96	-2.54	-1.26	0.87	1.50	-3.16	-1.69
Basic Earnings per Share	$1.01	$0.14	$2.15	$1.68	($0.03)	($0.01)	$2.54	$2.37	$0.41	$0.34	$1.86
Weighted Average Basic Shares Outstanding	53.30M	53.32M	53.31M	53.25M	52.97M	53.21M	53.20M	53.09M	52.69M	52.70M	52.24M
Diluted Earnings per Share	$0.99	$0.13	$2.13	$1.69	($0.03)	($0.01)	$2.53	$2.35	$0.41	$0.34	$1.86
Weighted Average Diluted Shares Outstanding	53.85M	53.65M	53.72M	53.69M	52.97M	53.21M	53.43M	53.40M	52.98M	52.84M	52.40M
Weighted Average Basic & Diluted Shares Outstanding	53.32M	53.32M	53.20M	52.93M	53.22M	53.20M	53.20M	52.63M	52.84M	52.60M	52.06M
Cash Dividends to Common per Share	$0.48	$0.48	$0.48	-	$0.50	$0.50	$0.50	-	$0.52	$0.52	$0.52

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2015	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
Net Change in Cash & Equivalents	-106	26	13	52	176	90	-93	-137	130	60	85
Net Cash From Operating Activities	248	341	419	467	508	541	526	990	982	546	578
Net Cash From Continuing Operating Activities	248	341	419	467	508	541	526	990	982	546	578
Net Income / (Loss) Continuing Operations	199	257	374	430	132	221	661	1,138	374	265	257
Consolidated Net Income / (Loss)	199	257	374	430	132	221	661	1,138	374	265	257
Depreciation Expense	15	25	34	38	73	99	113	128	136	145	152
Amortization Expense	16	28	65	57	82	108	133	168	152	151	126
Non-Cash Adjustments To Reconcile Net Income	6.55	18	10	16	90	34	32	24	36	28	6.41
Changes in Operating Assets and Liabilities, net	11	14	-65	-74	130	79	-412	-468	283	-44	36
Net Cash From Investing Activities	-235	-601	-117	-183	-1,866	-84	-428	-1,049	-222	-147	-64
Net Cash From Continuing Investing Activities	-235	-601	-117	-183	-1,866	-84	-428	-1,049	-222	-147	-64
Purchase of Property, Plant & Equipment	-42	-52	-115	-138	-130	-107	-129	-242	-208	-140	-123
Acquisitions	-194	-558	-5.04	-50	-1,736	0.00	-311	-782	-6.18	-7.31	0.00
Sale of Property, Plant & Equipment	1.78	8.71	4.68	3.84	2.73	28	1.95	16	14	25	63
Other Investing Activities, net	0.02	-0.56	-1.27	1.27	-2.16	-5.23	9.33	-41	-22	-25	-4.78
Net Cash From Financing Activities	-119	287	-289	-231	1,539	-393	-188	-48	-636	-338	-426
Net Cash From Continuing Financing Activities	-119	287	-289	-231	1,539	-393	-188	-48	-636	-338	-426
Repayment of Debt	-0.08	-8.18	-215	-145	-568	-680	-314	-269	-489	-337	-252
Repurchase of Common Equity	-60	-	-	-	-	0.00	0.00	-165	-42	-68	-53
Payment of Dividends	-57	-63	-69	-78	-84	-88	-91	-95	-96	-102	-106
Issuance of Debt	-	360	0.00	0.00	2,196	379	226	500	0.00	187	0.00
Other Financing Activities, net	-1.43	-2.16	-4.57	-7.66	-4.82	-4.21	-9.07	-19	-8.53	-17	-15
Other Net Changes in Cash	-	-	0.00	-	-5.58	26	-	-	6.21	-	-1.87
Cash Interest Paid	0.18	0.67	8.56	3.90	57	102	79	74	95	86	59
Cash Income Taxes Paid	115	128	199	219	88	57	227	381	143	147	109

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	10/31/2023	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
Net Change in Cash & Equivalents	-15	-86	32	129	-56	-71	135	78	-77	-268	130
Net Cash From Operating Activities	60	-104	252	338	31	31	258	259	-45	-112	234
Net Cash From Continuing Operating Activities	60	-104	252	338	31	31	258	259	-45	-112	234
Net Income / (Loss) Continuing Operations	55	5.33	114	91	-0.87	-3.09	134	127	23	15	96
Consolidated Net Income / (Loss)	55	5.33	114	91	-0.87	-3.09	134	127	23	15	96
Depreciation Expense	35	36	36	38	38	37	37	41	38	37	38
Amortization Expense	35	41	35	39	32	31	31	33	29	29	29
Non-Cash Adjustments To Reconcile Net Income	11	1.39	7.23	9.18	8.27	7.93	8.80	-19	7.20	-1.39	-17
Changes in Operating Assets and Liabilities, net	-76	-188	60	160	-46	-41	47	77	-142	-192	89
Net Cash From Investing Activities	-51	-30	-22	-44	-25	-9.12	-33	2.88	-21	-10	-30
Net Cash From Continuing Investing Activities	-51	-30	-22	-44	-25	-9.12	-33	2.88	-21	-10	-30
Purchase of Property, Plant & Equipment	-38	-41	-27	-34	-25	-26	-34	-38	-32	-28	-38
Sale of Property, Plant & Equipment	0.28	13	12	0.25	3.36	18	0.88	41	11	18	37
Other Investing Activities, net	-9.13	-1.97	-6.59	-7.10	-3.43	-0.70	-0.25	-0.40	-0.09	-	-20
Net Cash From Financing Activities	-19	46	-200	-164	-65	-102	-77	-182	-13	-136	-80
Net Cash From Continuing Financing Activities	-19	46	-200	-164	-65	-102	-77	-182	-13	-136	-80
Repayment of Debt	-42	-133	-161	0.11	-64	-33	-50	-105	-31	-43	-1.81
Repurchase of Common Equity	-30	-	-13	-25	0.00	-1.73	-	-51	-5.05	-25	-51
Payment of Dividends	-	-	-26	-25	-	-	-27	-26	-	-	-27
Other Financing Activities, net	-0.18	-16	-0.19	-0.20	-0.20	-15	-0.22	-0.24	-0.23	-13	-0.24
Cash Interest Paid	26	15	29	16	22	9.82	19	7.95	17	5.61	16
Cash Income Taxes Paid	7.15	83	21	36	9.23	45	31	24	8.18	38	16

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2015	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
Total Assets	1,503	2,325	2,558	2,779	5,660	5,771	6,654	7,408	7,261	7,021	7,065
Total Current Assets	776	1,017	1,180	1,312	2,037	2,102	2,804	3,062	2,794	2,650	2,778
Cash & Equivalents	183	210	223	275	426	539	446	312	441	501	587
Accounts Receivable	270	393	485	487	716	814	950	944	643	701	707
Inventories, net	246	404	460	538	828	716	1,369	1,755	1,653	1,367	1,352
Prepaid Expenses	8.32	11	12	11	42	30	36	52	56	81	132
Plant, Property, & Equipment, net	234	344	425	522	1,092	1,108	0.00	0.00	0.00	0.00	1,316
Total Noncurrent Assets	493	964	953	945	2,531	2,562	3,851	4,346	4,467	4,371	2,972
Long-Term Investments	-	-	-	48	46	-	-	11	127	137	137
Goodwill	313	378	378	378	1,358	1,477	1,563	1,804	1,800	1,787	1,841
Intangible Assets	169	507	443	388	971	915	937	1,117	997	861	759
Noncurrent Deferred & Refundable Income Taxes	-	53	93	78	73	79	41	7.95	5.77	28	36
Other Noncurrent Operating Assets	12	26	38	52	82	92	1,309	1,405	1,537	1,557	199
Total Liabilities & Shareholders' Equity	1,503	2,325	2,558	2,779	5,660	5,771	6,654	7,408	7,261	7,021	7,065
Total Liabilities	438	1,060	981	841	3,565	3,426	3,706	3,807	3,277	2,947	2,776
Total Current Liabilities	378	652	781	769	1,448	1,515	1,795	1,756	1,716	1,567	1,585
Short-Term Debt	-	-	-	0.00	61	50	38	35	61	105	63
Accounts Payable	163	264	329	287	552	637	915	822	736	628	738
Accrued Expenses	128	242	263	324	385	350	396	452	509	482	454
Current Deferred & Payable Income Tax Liabilities	11	26	51	19	61	84	86	57	101	75	59
Current Employee Benefit Liabilities	52	81	100	97	136	160	250	255	189	185	178
Other Current Liabilities	25	39	38	42	253	235	110	135	121	92	92
Total Noncurrent Liabilities	60	409	200	72	2,117	1,911	1,911	2,052	1,561	1,380	1,191
Long-Term Debt	-	360	145	0.00	1,885	1,653	1,595	1,754	1,291	1,101	920
Noncurrent Deferred & Payable Income Tax Liabilities	33	9.98	10	12	147	137	129	133	91	87	67
Other Noncurrent Operating Liabilities	27	39	45	59	85	121	187	164	179	192	205
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	1,065	1,265	1,577	1,938	2,095	2,346	2,948	3,601	3,983	4,074	4,290
Total Preferred & Common Equity	1,065	1,265	1,577	1,938	2,084	2,320	2,922	3,593	3,976	4,067	4,288
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	1,065	1,265	1,577	1,938	2,084	2,320	2,922	3,593	3,976	4,067	4,288
Common Stock	222	231	242	258	423	443	467	505	546	584	615
Retained Earnings	1,172	1,366	1,671	2,023	2,067	2,201	2,770	3,813	4,092	4,255	4,407
Treasury Stock	-329	-331	-336	-344	-348	-352	-360	-543	-593	-677	-744
Accumulated Other Comprehensive Income / (Loss)	-	-	-	0.00	-57	27	45	-182	-69	-94	10
Noncontrolling Interest	-	-	-	0.00	11	26	26	7.79	7.38	6.62	1.05

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

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2015	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.65%	14.36%	58.16%	14.93%	-5.57%	3.85%	50.80%	32.44%	-31.82%	-9.69%	-4.62%
EBITDA Growth	16.63%	35.18%	52.22%	9.90%	-29.60%	13.50%	102.76%	55.87%	-52.04%	-17.20%	-14.97%
EBIT Growth	16.13%	31.66%	47.12%	12.54%	-43.47%	4.88%	148.77%	65.22%	-61.50%	-26.69%	-21.23%
NOPAT Growth	16.40%	28.61%	46.07%	14.07%	-30.52%	2.43%	132.40%	68.21%	-63.28%	-26.51%	-19.66%
Net Income Growth	11.39%	28.66%	45.90%	14.94%	-42.50%	-10.49%	198.52%	72.23%	-67.12%	-29.08%	-3.32%
EPS Growth	11.64%	30.48%	45.29%	14.81%	-69.66%	62.75%	194.78%	73.76%	-66.25%	-28.92%	-2.02%
Operating Cash Flow Growth	66.06%	37.66%	22.90%	11.25%	8.90%	6.48%	-2.67%	88.06%	-0.86%	-44.42%	5.93%
Free Cash Flow Firm Growth	-81.53%	-3,981.93%	206.45%	6.87%	-620.13%	121.04%	-75.29%	206.71%	183.84%	-39.28%	-21.67%
Invested Capital Growth	28.09%	60.52%	5.86%	7.73%	119.61%	-1.06%	17.84%	22.62%	-5.92%	-2.64%	-1.99%
Revenue Q/Q Growth	0.37%	5.39%	9.72%	-0.72%	5.89%	0.16%	11.48%	1.42%	-8.88%	-1.99%	-0.11%
EBITDA Q/Q Growth	2.60%	8.75%	9.96%	-6.82%	44.43%	-11.99%	15.26%	2.88%	-18.75%	-1.23%	0.79%
EBIT Q/Q Growth	2.10%	7.53%	10.45%	-7.73%	55.53%	-17.47%	18.66%	2.67%	-25.70%	-2.04%	2.38%
NOPAT Q/Q Growth	1.85%	5.76%	10.92%	-6.94%	95.31%	-24.37%	17.65%	4.81%	-30.84%	-1.88%	-1.17%
Net Income Q/Q Growth	1.21%	5.69%	10.87%	-6.77%	92.96%	-28.36%	20.32%	4.64%	-33.73%	0.07%	15.88%
EPS Q/Q Growth	1.36%	6.09%	10.61%	-6.76%	2.07%	11.98%	20.06%	5.16%	-33.24%	0.20%	15.79%
Operating Cash Flow Q/Q Growth	-9.61%	13.22%	10.60%	7.57%	14.13%	-5.01%	9.97%	0.12%	18.74%	-23.70%	-12.07%
Free Cash Flow Firm Q/Q Growth	-94.49%	-364.62%	201.53%	9.34%	11.49%	-48.75%	161.03%	6.67%	14.10%	-27.79%	-15.67%
Invested Capital Q/Q Growth	8.94%	49.15%	-5.02%	-7.88%	-5.45%	0.68%	-2.21%	-1.07%	-6.69%	-3.64%	-2.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	13.91%	15.85%	14.40%	13.98%	12.37%	13.69%	15.38%	17.20%	14.35%	14.46%	13.99%
EBITDA Margin	8.07%	9.53%	9.18%	8.78%	6.54%	7.15%	9.61%	11.31%	7.96%	7.30%	6.51%
Operating Margin	7.25%	8.36%	7.72%	7.59%	4.60%	4.61%	7.37%	9.40%	5.26%	4.22%	3.12%
EBIT Margin	7.28%	8.38%	7.80%	7.64%	4.57%	4.62%	7.62%	9.50%	5.37%	4.36%	3.60%
Profit (Net Income) Margin	4.98%	5.60%	5.16%	5.16%	3.14%	2.71%	5.37%	6.98%	3.37%	2.64%	2.68%
Tax Burden Percent	68.07%	66.92%	67.27%	67.95%	82.57%	81.12%	78.25%	77.97%	74.95%	76.08%	86.63%
Interest Burden Percent	100.38%	99.78%	98.44%	99.52%	83.30%	72.37%	90.03%	94.19%	83.67%	79.73%	85.94%
Effective Tax Rate	31.03%	32.69%	32.73%	32.05%	17.43%	18.88%	21.75%	22.03%	25.06%	23.92%	13.37%
Return on Invested Capital (ROIC)	25.53%	22.45%	25.85%	27.60%	11.57%	8.67%	18.60%	25.98%	8.92%	6.86%	5.64%
ROIC Less NNEP Spread (ROIC-NNEP)	25.99%	30.11%	19.43%	27.29%	2.49%	2.21%	14.38%	21.70%	3.19%	-1.59%	5.04%
Return on Net Nonoperating Assets (RNNOA)	-6.01%	-0.43%	0.49%	-3.12%	0.70%	1.30%	6.37%	8.78%	0.95%	-0.27%	0.50%
Return on Equity (ROE)	19.52%	22.01%	26.34%	24.48%	12.27%	9.97%	24.97%	34.76%	9.87%	6.59%	6.14%
Cash Return on Invested Capital (CROIC)	0.91%	-24.01%	20.15%	20.16%	-63.28%	9.74%	2.22%	5.66%	15.02%	9.53%	7.64%
Operating Return on Assets (OROA)	20.04%	20.07%	23.15%	23.84%	8.52%	6.60%	15.10%	22.04%	8.14%	6.13%	4.89%
Return on Assets (ROA)	13.69%	13.40%	15.33%	16.12%	5.86%	3.87%	10.64%	16.19%	5.10%	3.72%	3.64%
Return on Common Equity (ROCE)	19.52%	22.01%	26.34%	24.48%	12.23%	9.89%	24.72%	34.58%	9.85%	6.58%	6.13%
Return on Equity Simple (ROE_SIMPLE)	18.72%	20.27%	23.74%	22.20%	11.87%	9.54%	22.62%	31.68%	9.41%	6.53%	0.00%
Net Operating Profit after Tax (NOPAT)	200	258	377	430	298	306	710	1,195	439	322	259
NOPAT Margin	5.00%	5.63%	5.20%	5.16%	3.79%	3.74%	5.77%	7.33%	3.95%	3.21%	2.70%
Net Nonoperating Expense Percent (NNEP)	-0.45%	-7.67%	6.41%	0.31%	9.08%	6.46%	4.22%	4.28%	5.74%	8.45%	0.60%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	4.91%
Cost of Revenue to Revenue	86.09%	84.15%	85.60%	86.02%	87.63%	86.31%	84.62%	82.80%	85.65%	85.54%	86.01%
SG&A Expenses to Revenue	6.26%	6.68%	5.79%	5.73%	6.82%	7.76%	7.06%	6.84%	7.82%	8.92%	9.63%
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	6.66%	7.49%	6.68%	6.39%	7.78%	9.08%	8.01%	7.81%	9.09%	10.24%	10.87%
Earnings before Interest and Taxes (EBIT)	292	384	565	636	360	377	938	1,550	597	438	345
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	323	437	665	731	515	584	1,184	1,846	885	733	623
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.31	2.72	3.06	2.27	1.42	2.51	2.11	1.23	1.52	1.39	1.13
Price to Tangible Book Value (P/TBV)	4.22	9.07	6.38	3.76	0.00	0.00	14.64	6.58	5.13	3.98	2.87
Price to Revenue (P/Rev)	0.61	0.75	0.66	0.53	0.38	0.71	0.50	0.27	0.54	0.56	0.51
Price to Earnings (P/E)	12.35	13.44	12.87	10.23	11.96	26.16	9.35	3.88	16.14	21.28	18.72
Dividend Yield	2.30%	1.83%	1.44%	1.77%	2.90%	1.51%	1.47%	2.12%	1.59%	1.81%	2.20%
Earnings Yield	8.10%	7.44%	7.77%	9.77%	8.36%	3.82%	10.69%	25.78%	6.20%	4.70%	5.34%
Enterprise Value to Invested Capital (EV/IC)	2.58	2.54	3.16	2.53	1.25	2.00	1.79	1.16	1.43	1.34	1.12
Enterprise Value to Revenue (EV/Rev)	0.57	0.78	0.65	0.49	0.56	0.86	0.60	0.36	0.61	0.62	0.53
Enterprise Value to EBITDA (EV/EBITDA)	7.05	8.23	7.13	5.58	8.60	12.02	6.23	3.19	7.72	8.49	8.19
Enterprise Value to EBIT (EV/EBIT)	7.81	9.36	8.39	6.41	12.31	18.62	7.87	3.80	11.45	14.22	14.80
Enterprise Value to NOPAT (EV/NOPAT)	11.36	13.95	12.59	9.49	14.84	22.97	10.39	4.93	15.57	19.29	19.69
Enterprise Value to Operating Cash Flow (EV/OCF)	9.19	10.54	11.30	8.74	8.71	12.98	14.02	5.95	6.96	11.40	8.83
Enterprise Value to Free Cash Flow (EV/FCFF)	320.63	0.00	16.15	13.00	0.00	20.45	87.00	22.63	9.25	13.87	14.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.28	0.09	0.00	0.93	0.73	0.55	0.50	0.34	0.30	0.23
Long-Term Debt to Equity	0.00	0.28	0.09	0.00	0.90	0.70	0.54	0.49	0.32	0.27	0.21
Financial Leverage	-0.23	-0.01	0.03	-0.11	0.28	0.59	0.44	0.40	0.30	0.17	0.10
Leverage Ratio	1.43	1.64	1.72	1.52	2.09	2.57	2.35	2.15	1.93	1.77	1.68
Compound Leverage Factor	1.43	1.64	1.69	1.51	1.74	1.86	2.11	2.02	1.62	1.41	1.45
Debt to Total Capital	0.00%	22.15%	8.42%	0.00%	48.16%	42.06%	35.65%	33.19%	25.34%	22.84%	18.65%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	1.52%	1.23%	0.83%	0.64%	1.14%	1.98%	1.20%
Long-Term Debt to Total Capital	0.00%	22.15%	8.42%	0.00%	46.64%	40.83%	34.81%	32.55%	24.20%	20.86%	17.44%
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%	0.00%	0.27%	0.64%	0.57%	0.14%	0.14%	0.13%	0.02%
Common Equity to Total Capital	100.00%	77.85%	91.58%	100.00%	51.57%	57.30%	63.78%	66.66%	74.52%	77.03%	81.33%
Debt to EBITDA	0.00	0.82	0.22	0.00	3.78	2.92	1.38	0.97	1.53	1.65	1.58
Net Debt to EBITDA	0.00	0.34	-0.12	0.00	2.82	1.99	1.00	0.79	0.89	0.77	0.42
Long-Term Debt to EBITDA	0.00	0.82	0.22	0.00	3.66	2.83	1.35	0.95	1.46	1.50	1.48
Debt to NOPAT	0.00	1.40	0.39	0.00	6.52	5.57	2.30	1.50	3.08	3.74	3.79
Net Debt to NOPAT	0.00	0.58	-0.21	0.00	4.86	3.80	1.67	1.23	1.79	1.76	1.00
Long-Term Debt to NOPAT	0.00	1.40	0.39	0.00	6.32	5.41	2.25	1.47	2.94	3.41	3.55
Altman Z-Score	8.09	5.48	7.61	8.15	2.73	3.31	4.08	4.52	3.88	3.82	3.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.27%	0.82%	0.98%	0.52%	0.20%	0.17%	0.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.05	1.56	1.51	1.71	1.41	1.39	1.56	1.74	1.63	1.69	1.75
Quick Ratio	1.22	0.92	0.91	0.99	0.79	0.89	0.78	0.72	0.63	0.77	0.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	7.11	-276	294	314	-1,632	343	85	260	739	448	351
Operating Cash Flow to CapEx	611.97%	788.70%	380.02%	347.20%	398.47%	684.56%	414.93%	437.54%	504.59%	475.60%	968.34%
Free Cash Flow to Firm to Interest Expense	39.47	-173.25	30.17	60.49	-23.96	3.20	0.91	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	1,377.00	214.33	43.10	89.94	7.46	5.04	5.63	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1,151.99	187.15	31.76	64.03	5.59	4.30	4.27	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.75	2.39	2.97	3.12	1.86	1.43	1.98	2.32	1.52	1.41	1.36
Accounts Receivable Turnover	14.58	13.84	16.52	17.14	13.07	10.67	13.96	17.22	14.01	14.94	13.60
Inventory Turnover	14.92	11.86	14.35	14.35	10.09	9.13	9.99	8.65	5.59	5.69	6.06
Fixed Asset Turnover	19.84	15.85	18.84	17.58	9.74	7.43	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	21.08	18.09	20.94	23.28	16.43	11.86	13.43	15.55	12.22	12.59	12.06
Days Sales Outstanding (DSO)	25.03	26.38	22.10	21.30	27.93	34.20	26.14	21.19	26.05	24.42	26.83
Days Inventory Outstanding (DIO)	24.47	30.76	25.43	25.43	36.17	39.98	36.52	42.21	65.29	64.14	60.22
Days Payable Outstanding (DPO)	17.31	20.18	17.43	15.68	22.21	30.76	27.17	23.48	29.86	28.98	30.26
Cash Conversion Cycle (CCC)	32.18	36.96	30.10	31.05	41.88	43.41	35.49	39.93	61.48	59.59	56.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	882	1,415	1,498	1,614	3,545	3,507	4,132	5,067	4,767	4,641	4,549
Invested Capital Turnover	5.10	3.99	4.97	5.35	3.05	2.32	3.22	3.55	2.26	2.13	2.08
Increase / (Decrease) in Invested Capital	193	534	83	116	1,930	-38	626	935	-300	-126	-92
Enterprise Value (EV)	2,278	3,597	4,740	4,078	4,427	7,021	7,381	5,888	6,832	6,220	5,102
Market Capitalization	2,462	3,446	4,818	4,401	2,967	5,834	6,170	4,414	6,041	5,646	4,841
Book Value per Share	$20.33	$24.11	$29.98	$36.77	$37.85	$42.03	$52.77	$65.89	$74.59	$76.46	$80.61
Tangible Book Value per Share	$11.14	$7.24	$14.36	$22.24	($4.44)	($1.30)	$7.61	$12.31	$22.11	$26.68	$31.74
Total Capital	1,065	1,625	1,722	1,938	4,042	4,048	4,581	5,389	5,336	5,280	5,273
Total Debt	0.00	360	145	0.00	1,947	1,703	1,633	1,789	1,352	1,206	983
Total Long-Term Debt	0.00	360	145	0.00	1,885	1,653	1,595	1,754	1,291	1,101	920
Net Debt	-183	150	-78	-324	1,449	1,161	1,184	1,466	784	567	260
Capital Expenditures (CapEx)	41	43	110	134	127	79	127	226	195	115	60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	214	155	176	267	199	95	598	1,030	697	686	670
Debt-free Net Working Capital (DFNWC)	398	365	399	542	650	637	1,047	1,341	1,138	1,188	1,257
Net Working Capital (NWC)	398	365	399	542	589	587	1,009	1,307	1,077	1,083	1,193
Net Nonoperating Expense (NNE)	1.07	1.28	2.30	-0.63	51	84	50	57	65	57	2.49
Net Nonoperating Obligations (NNO)	-183	150	-78	-324	1,449	1,161	1,184	1,466	784	567	260
Total Depreciation and Amortization (D&A)	31	53	100	95	155	207	246	296	288	295	279
Debt-free, Cash-free Net Working Capital to Revenue	5.34%	3.39%	2.43%	3.21%	2.53%	1.17%	4.86%	6.31%	6.26%	6.83%	7.00%
Debt-free Net Working Capital to Revenue	9.92%	7.97%	5.51%	6.51%	8.27%	7.80%	8.50%	8.22%	10.23%	11.83%	13.12%
Net Working Capital to Revenue	9.92%	7.97%	5.51%	6.51%	7.49%	7.19%	8.19%	8.01%	9.68%	10.78%	12.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.75	$4.89	$7.12	$8.17	$2.47	$4.04	$11.93	$20.67	$7.00	$4.98	$4.87
Adjusted Weighted Average Basic Shares Outstanding	52.39M	52.48M	52.59M	52.70M	53.91M	55.17M	55.33M	55.03M	53.48M	53.25M	53.09M
Adjusted Diluted Earnings per Share	$3.74	$4.88	$7.09	$8.14	$2.47	$4.02	$11.85	$20.59	$6.95	$4.94	$4.84
Adjusted Weighted Average Diluted Shares Outstanding	52.39M	52.48M	52.59M	52.70M	54.03M	55.40M	55.69M	55.26M	53.86M	53.69M	53.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$8.17	$2.47	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	52.39M	52.48M	52.59M	52.70M	55.06M	55.20M	55.37M	53.68M	53.31M	52.93M	52.63M
Normalized Net Operating Profit after Tax (NOPAT)	200	264	377	430	298	314	710	1,195	439	322	259
Normalized NOPAT Margin	5.00%	5.76%	5.20%	5.16%	3.79%	3.84%	5.77%	7.33%	3.95%	3.21%	2.70%
Pre Tax Income Margin	7.31%	8.37%	7.68%	7.60%	3.81%	3.34%	6.86%	8.95%	4.49%	3.47%	3.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1,621.02	241.31	58.09	122.63	5.28	3.51	10.03	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	1,113.63	161.93	38.70	82.81	4.38	2.85	7.59	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	1,396.01	214.13	46.75	96.72	3.41	2.78	8.67	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	888.62	134.76	27.36	56.90	2.51	2.11	6.24	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	28.78%	24.55%	18.55%	18.13%	34.02%	39.89%	13.74%	8.34%	25.64%	38.48%	41.36%
Augmented Payout Ratio	58.87%	24.55%	18.55%	18.13%	34.02%	39.89%	13.74%	22.85%	36.87%	64.25%	61.88%

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	10/31/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	52,838,664.00	52,595,933.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	52,838,664.00	52,595,933.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.34	1.85
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-19.54%	-5.93%	-4.36%	-7.45%	-14.31%	-8.57%	3.35%	-0.41%	11.50%	-	-3.91%
EBITDA Growth	-40.08%	-12.93%	-6.91%	-3.95%	-48.51%	-30.77%	-0.46%	2.20%	29.29%	-	-10.45%
EBIT Growth	-54.09%	-39.81%	-9.70%	-5.91%	-84.83%	-70.53%	1.59%	5.50%	194.95%	-	-14.18%
NOPAT Growth	-49.19%	-54.14%	-9.92%	-6.02%	-90.21%	-51.71%	15.98%	-6.67%	247.98%	-	-54.44%
Net Income Growth	-59.95%	-79.36%	-5.14%	0.20%	-101.59%	-158.00%	17.92%	38.44%	2,753.95%	-	-28.66%
EPS Growth	-60.87%	-74.00%	-4.91%	0.60%	-103.03%	-107.69%	18.78%	39.05%	1,466.67%	-	-26.48%
Operating Cash Flow Growth	-36.53%	-213.76%	-12.83%	-33.40%	-48.48%	129.69%	2.36%	-23.47%	-245.96%	-	-9.13%
Free Cash Flow Firm Growth	456.22%	1,030.78%	168.56%	-44.66%	-80.87%	66.41%	-27.74%	-18.04%	-79.13%	-	-102.54%
Invested Capital Growth	-7.73%	-4.59%	-5.72%	-2.64%	-1.76%	-8.34%	-3.21%	-1.99%	0.19%	-	1.64%
Revenue Q/Q Growth	-8.67%	-11.73%	26.90%	-9.53%	-15.44%	-5.82%	43.44%	-12.82%	-5.34%	-	30.84%
EBITDA Q/Q Growth	-29.63%	-31.11%	109.71%	-5.51%	-62.28%	-7.38%	201.50%	-2.98%	-52.28%	-	116.85%
EBIT Q/Q Growth	-39.97%	-62.14%	367.44%	-11.42%	-90.32%	-26.45%	1,511.45%	-8.01%	-72.95%	-	370.63%
NOPAT Q/Q Growth	-21.01%	-82.73%	822.13%	-25.31%	-91.77%	-14.81%	2,114.63%	-39.89%	-69.31%	-	761.72%
Net Income Q/Q Growth	-39.71%	-90.32%	2,032.50%	-19.47%	-100.95%	-253.84%	4,435.64%	-5.45%	-81.70%	-	552.54%
EPS Q/Q Growth	-41.07%	-86.87%	1,538.46%	-20.66%	-101.78%	66.67%	25,400.00%	-7.11%	-82.55%	-	447.06%
Operating Cash Flow Q/Q Growth	-88.24%	-274.08%	342.36%	34.28%	-90.91%	0.33%	735.44%	0.39%	-117.35%	-	308.62%
Free Cash Flow Firm Q/Q Growth	18.64%	-47.25%	67.41%	-47.19%	-58.99%	358.94%	-27.30%	-40.10%	-89.56%	-	97.79%
Invested Capital Q/Q Growth	-0.68%	4.55%	-2.69%	-3.64%	0.21%	-2.46%	2.76%	-2.43%	2.44%	-	-3.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.31%	12.27%	15.06%	15.84%	13.13%	12.15%	15.31%	14.70%	13.43%	-	12.75%
EBITDA Margin	6.52%	5.08%	8.40%	8.78%	3.92%	3.85%	8.09%	9.01%	4.54%	-	7.54%
Operating Margin	4.31%	0.83%	5.82%	5.32%	0.53%	0.48%	6.05%	4.07%	1.63%	-	3.45%
EBIT Margin	3.71%	1.59%	5.86%	5.74%	0.66%	0.51%	5.76%	6.08%	1.74%	-	5.15%
Profit (Net Income) Margin	2.20%	0.24%	4.05%	3.61%	-0.04%	-0.15%	4.63%	5.02%	0.97%	-	3.43%
Tax Burden Percent	75.82%	77.26%	79.79%	72.01%	75.52%	193.06%	86.08%	88.32%	71.32%	-	71.58%
Interest Burden Percent	78.23%	19.63%	86.70%	87.34%	-8.21%	-15.46%	93.28%	93.44%	78.27%	-	93.25%
Effective Tax Rate	24.18%	22.74%	20.21%	27.99%	0.00%	0.00%	13.92%	11.68%	28.68%	-	28.42%
Return on Invested Capital (ROIC)	6.96%	1.31%	9.59%	8.18%	0.77%	0.68%	10.54%	7.49%	2.46%	-	5.16%
ROIC Less NNEP Spread (ROIC-NNEP)	4.64%	0.58%	7.95%	7.34%	-0.50%	-0.57%	7.83%	16.18%	1.48%	-	11.36%
Return on Net Nonoperating Assets (RNNOA)	1.40%	0.18%	2.03%	1.23%	-0.09%	-0.11%	1.19%	1.60%	0.17%	-	1.15%
Return on Equity (ROE)	8.36%	1.49%	11.62%	9.42%	0.68%	0.56%	11.73%	9.09%	2.63%	-	6.31%
Cash Return on Invested Capital (CROIC)	15.33%	11.45%	12.51%	9.53%	7.09%	13.78%	8.79%	7.64%	5.78%	-	2.54%
Operating Return on Assets (OROA)	5.40%	2.27%	8.13%	8.07%	0.91%	0.70%	7.68%	8.27%	2.46%	-	7.06%
Return on Assets (ROA)	3.20%	0.34%	5.63%	5.08%	-0.06%	-0.21%	6.17%	6.82%	1.37%	-	4.71%
Return on Common Equity (ROCE)	8.34%	1.49%	11.60%	9.40%	0.68%	0.56%	11.72%	9.08%	2.62%	-	6.31%
Return on Equity Simple (ROE_SIMPLE)	7.45%	6.89%	6.63%	0.00%	5.17%	5.09%	5.24%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	82	14	130	97	8.00	6.81	151	91	28	7.98	69
NOPAT Margin	3.27%	0.64%	4.64%	3.83%	0.37%	0.34%	5.21%	3.59%	1.16%	-	2.47%
Net Nonoperating Expense Percent (NNEP)	2.32%	0.73%	1.63%	0.84%	1.27%	1.24%	2.72%	-8.69%	0.98%	-	-6.20%
Return On Investment Capital (ROIC_SIMPLE)	-	0.26%	-	-	-	0.14%	2.84%	1.72%	0.53%	0.15%	1.31%
Cost of Revenue to Revenue	85.69%	87.73%	84.94%	84.16%	86.87%	87.85%	84.69%	85.30%	86.57%	-	87.25%
SG&A Expenses to Revenue	8.71%	9.97%	8.09%	9.12%	11.21%	10.22%	8.23%	9.42%	10.63%	-	8.30%
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	10.01%	11.44%	9.24%	10.51%	12.60%	11.67%	9.25%	10.63%	11.80%	-	9.30%
Earnings before Interest and Taxes (EBIT)	93	35	164	145	14	10	167	153	42	30	143
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	163	112	235	222	84	78	234	227	108	97	210
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.18	1.50	1.32	1.39	1.35	1.39	0.91	1.13	1.28	-	0.96
Price to Tangible Book Value (P/TBV)	3.85	4.83	3.95	3.98	3.84	3.87	2.41	2.87	3.21	-	2.36
Price to Revenue (P/Rev)	0.44	0.57	0.51	0.56	0.57	0.58	0.40	0.51	0.56	-	0.42
Price to Earnings (P/E)	15.78	21.75	19.86	21.28	26.12	27.08	17.29	18.72	19.47	-	15.84
Dividend Yield	2.12%	1.68%	1.91%	1.81%	1.85%	1.91%	2.73%	2.20%	2.41%	-	2.61%
Earnings Yield	6.34%	4.60%	5.04%	4.70%	3.83%	3.69%	5.78%	5.34%	5.14%	-	6.31%
Enterprise Value to Invested Capital (EV/IC)	1.14	1.40	1.26	1.34	1.30	1.34	0.92	1.12	1.25	-	0.97
Enterprise Value to Revenue (EV/Rev)	0.51	0.67	0.59	0.62	0.63	0.64	0.45	0.53	0.59	-	0.47
Enterprise Value to EBITDA (EV/EBITDA)	6.95	9.12	8.20	8.49	9.26	9.78	6.94	8.19	9.00	-	7.13
Enterprise Value to EBIT (EV/EBIT)	11.07	14.91	13.63	14.22	16.87	18.14	12.75	14.80	15.66	-	12.43
Enterprise Value to NOPAT (EV/NOPAT)	15.02	20.22	18.52	19.29	24.26	25.17	16.37	19.69	20.97	-	23.37
Enterprise Value to Operating Cash Flow (EV/OCF)	5.70	9.21	8.51	11.40	11.72	9.30	6.53	8.83	11.60	-	13.65
Enterprise Value to Free Cash Flow (EV/FCFF)	7.14	11.93	9.80	13.87	18.18	9.27	10.30	14.52	21.65	-	38.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.34	0.37	0.33	0.30	0.28	0.28	0.26	0.23	0.23	-	0.22
Long-Term Debt to Equity	0.32	0.35	0.30	0.27	0.26	0.25	0.24	0.21	0.21	-	0.20
Financial Leverage	0.30	0.31	0.26	0.17	0.18	0.20	0.15	0.10	0.11	-	0.10
Leverage Ratio	1.91	1.88	1.87	1.77	1.76	1.77	1.75	1.68	1.66	-	1.68
Compound Leverage Factor	1.49	0.37	1.62	1.55	-0.14	-0.27	1.63	1.57	1.30	-	1.56
Debt to Total Capital	25.48%	27.24%	24.67%	22.84%	22.00%	21.67%	20.40%	18.65%	18.56%	-	17.92%
Short-Term Debt to Total Capital	1.33%	1.58%	1.94%	1.98%	1.96%	1.79%	1.36%	1.20%	1.26%	-	1.34%
Long-Term Debt to Total Capital	24.16%	25.66%	22.72%	20.86%	20.04%	19.88%	19.04%	17.44%	17.30%	-	16.59%
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	0.15%	0.11%	0.10%	0.13%	0.15%	0.03%	0.01%	0.02%	0.05%	-	-0.04%
Common Equity to Total Capital	74.36%	72.64%	75.24%	77.03%	77.85%	78.30%	79.59%	81.33%	81.39%	-	82.11%
Debt to EBITDA	1.73	1.94	1.77	1.65	1.75	1.77	1.75	1.58	1.51	-	1.47
Net Debt to EBITDA	1.01	1.33	1.09	0.77	0.86	0.94	0.71	0.42	0.51	-	0.66
Long-Term Debt to EBITDA	1.64	1.83	1.63	1.50	1.60	1.62	1.63	1.48	1.41	-	1.36
Debt to NOPAT	3.73	4.31	3.99	3.74	4.59	4.54	4.13	3.79	3.52	-	4.80
Net Debt to NOPAT	2.19	2.94	2.46	1.76	2.26	2.42	1.67	1.00	1.20	-	2.17
Long-Term Debt to NOPAT	3.54	4.06	3.68	3.41	4.18	4.17	3.86	3.55	3.29	-	4.44
Altman Z-Score	3.35	3.53	3.48	3.68	3.63	3.67	3.24	3.55	3.74	-	3.39
Noncontrolling Interest Sharing Ratio	0.22%	0.17%	0.15%	0.17%	0.20%	0.10%	0.07%	0.09%	0.12%	-	-0.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.63	1.75	1.65	1.69	1.71	1.71	1.71	1.75	1.81	-	1.71
Quick Ratio	0.61	0.59	0.69	0.77	0.73	0.70	0.82	0.82	0.77	-	0.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	478	252	422	223	91	420	305	183	19	-350	-7.74
Operating Cash Flow to CapEx	157.29%	-369.73%	1,639.09%	1,014.42%	140.30%	366.34%	789.71%	0.00%	-217.00%	-	20,594.02%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	19.35	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	11.53	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	10.83	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.45	1.43	1.39	1.41	1.38	1.36	1.33	1.36	1.42	-	1.37
Accounts Receivable Turnover	14.75	16.25	12.48	14.94	15.43	14.85	11.38	13.60	15.19	-	11.32
Inventory Turnover	5.07	4.90	5.11	5.69	5.39	5.16	5.61	6.06	5.96	-	5.91
Fixed Asset Turnover	7.95	7.66	7.48	0.00	7.02	7.03	6.95	0.00	7.30	-	7.27
Accounts Payable Turnover	12.70	12.73	11.03	12.59	12.59	11.15	10.29	12.06	13.71	-	10.28
Days Sales Outstanding (DSO)	24.75	22.46	29.24	24.42	23.65	24.58	32.08	26.83	24.04	-	32.25
Days Inventory Outstanding (DIO)	71.96	74.50	71.38	64.14	67.77	70.70	65.10	60.22	61.28	-	61.76
Days Payable Outstanding (DPO)	28.74	28.68	33.09	28.98	29.00	32.73	35.46	30.26	26.63	-	35.52
Cash Conversion Cycle (CCC)	67.97	68.28	67.53	59.59	62.42	62.55	61.72	56.78	58.68	-	58.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,735	4,950	4,817	4,641	4,651	4,537	4,662	4,549	4,660	4,895	4,739
Invested Capital Turnover	2.13	2.05	2.06	2.13	2.06	2.00	2.02	2.08	2.11	-	2.09
Increase / (Decrease) in Invested Capital	-397	-238	-292	-126	-83	-413	-154	-92	8.73	358	76
Enterprise Value (EV)	5,397	6,924	6,088	6,220	6,053	6,058	4,292	5,102	5,828	-	4,582
Market Capitalization	4,603	5,911	5,274	5,646	5,483	5,473	3,853	4,841	5,492	-	4,157
Book Value per Share	$73.44	$73.82	$75.07	$76.46	$76.60	$74.25	$79.39	$80.61	$81.63	$81.82	$82.03
Tangible Book Value per Share	$22.44	$22.94	$25.06	$26.68	$27.01	$26.56	$30.11	$31.74	$32.53	$32.66	$33.43
Total Capital	5,265	5,419	5,321	5,280	5,208	5,047	5,307	5,273	5,279	5,273	5,254
Total Debt	1,342	1,476	1,313	1,206	1,146	1,094	1,083	983	980	950	942
Total Long-Term Debt	1,272	1,390	1,209	1,101	1,044	1,003	1,011	920	913	878	871
Net Debt	786	1,008	808	567	563	584	438	260	333	573	426
Capital Expenditures (CapEx)	38	28	15	33	22	8.42	33	-3.28	21	10	1.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	733	958	863	686	708	766	745	670	771	1,007	894
Debt-free Net Working Capital (DFNWC)	1,159	1,299	1,235	1,188	1,154	1,140	1,253	1,257	1,281	1,249	1,266
Net Working Capital (NWC)	1,089	1,213	1,131	1,083	1,051	1,050	1,181	1,193	1,215	1,176	1,196
Net Nonoperating Expense (NNE)	27	8.78	16	5.69	8.87	9.90	17	-36	4.66	-6.66	-27
Net Nonoperating Obligations (NNO)	811	1,008	808	567	589	584	438	260	361	573	426
Total Depreciation and Amortization (D&A)	70	77	71	77	70	67	67	74	67	66	67
Debt-free, Cash-free Net Working Capital to Revenue	6.97%	9.24%	8.42%	6.83%	7.31%	8.07%	7.76%	7.00%	7.85%	-	9.10%
Debt-free Net Working Capital to Revenue	11.02%	12.52%	12.05%	11.83%	11.91%	12.01%	13.06%	13.12%	13.04%	-	12.89%
Net Working Capital to Revenue	10.35%	11.69%	11.04%	10.78%	10.86%	11.06%	12.31%	12.46%	12.36%	-	12.17%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.01	$0.14	$2.15	$1.68	($0.03)	($0.01)	$2.54	$2.37	$0.41	$0.34	$1.86
Adjusted Weighted Average Basic Shares Outstanding	53.30M	53.32M	53.31M	53.25M	52.97M	53.21M	53.20M	53.09M	52.69M	52.70M	52.24M
Adjusted Diluted Earnings per Share	$0.99	$0.13	$2.13	$1.69	($0.03)	($0.01)	$2.53	$2.35	$0.41	$0.34	$1.86
Adjusted Weighted Average Diluted Shares Outstanding	53.85M	53.65M	53.72M	53.69M	52.97M	53.21M	53.43M	53.40M	52.98M	52.84M	52.40M
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	53.32M	53.20M	52.93M	53.22M	53.20M	53.20M	52.63M	52.84M	52.60M	52.06M
Normalized Net Operating Profit after Tax (NOPAT)	82	14	130	97	8.00	6.81	151	91	28	7.98	69
Normalized NOPAT Margin	3.27%	0.64%	4.64%	3.83%	0.37%	0.34%	5.21%	3.59%	1.16%	-	2.47%
Pre Tax Income Margin	2.90%	0.31%	5.08%	5.01%	-0.05%	-0.08%	5.37%	5.68%	1.36%	-	4.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	7.52	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
NOPAT to Interest Expense	0.00	0.00	5.96	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	6.82	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	5.25	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	36.46%	37.98%	38.48%	0.00%	51.80%	47.49%	41.36%	0.00%	-	41.65%
Augmented Payout Ratio	15.98%	53.64%	54.20%	64.25%	18.31%	71.73%	59.72%	61.88%	20.56%	-	92.31%

Financials Breakdown Chart

Key Financial Trends

Thor Industries (NYSE: THO) has shown a clear turnaround in its recent quarterly results compared with the weaker periods a year ago, but the latest quarter also highlights some emerging cash flow pressure and a still-leveraged balance sheet.

Revenue and profitability improved sharply year over year in Q2 2026. Revenue rose to $2.13 billion from $2.02 billion in Q2 2025, while net income attributable to common shareholders improved to $17.8 million from a loss of $0.6 million.
Operating margins recovered versus the weak Q2 2025 period. Operating income increased to $11.4 million from $9.7 million a year earlier, and pretax income rose to $21.0 million from a loss of $1.6 million.
THO continues to generate positive earnings in the stronger quarters. Q1 2026 earnings per share were $0.41, and Q2 2026 EPS was $0.34, showing the business remains profitable despite cyclical swings.
Free cash generation was very strong in fiscal 2025’s back half. In Q4 2025, operating cash flow was $258.7 million, helped by solid net income and favorable working capital.
Liquidity remains adequate. Cash and equivalents were $242.2 million at Q2 2026, which provides some cushion even after recent cash outflows.
Gross margin is still modest and uneven. Q2 2026 gross profit was $251.3 million on $2.13 billion of revenue, implying continued pressure from cost of goods sold and a still-cyclical demand environment.
Balance sheet equity remains substantial. Total common equity was $4.32 billion at Q2 2026, reflecting a large retained earnings base, though this is partly offset by significant goodwill and intangibles.
Debt has come down from prior peaks, but leverage is still meaningful. Total debt was about $950.4 million in Q2 2026, down from over $1.0 billion in Q3 2025 and well below the levels seen in 2022-2023.
Operating cash flow turned negative in Q2 2026. Net cash from operating activities was -$112.2 million, driven by a large working-capital outflow of $191.8 million.
Cash declined sharply quarter over quarter. Cash and equivalents fell from $509.9 million in Q1 2026 to $242.2 million in Q2 2026, reflecting weak cash conversion in the quarter.
Inventory remains high. Inventories were $1.59 billion at Q2 2026, which can tie up cash and may signal slower demand or cautious stocking levels.
Goodwill and intangibles are a large part of assets. Combined goodwill and intangible assets totaled roughly $2.60 billion at Q2 2026, increasing the risk of future impairment charges if the cycle weakens.
Quarterly results remain volatile. Over the last several quarters, Thor has swung from strong profits and cash generation to losses and negative operating cash flow, underscoring its sensitivity to RV demand and dealer inventory trends.

Bottom line: Thor Industries appears to be recovering operationally after a difficult stretch, but investors should watch for whether the recent earnings improvement can translate into consistent cash flow. The company’s balance sheet is manageable, yet the combination of high inventory, heavy working-capital swings, and cyclical demand keeps the investment case mixed.

06/23/26 04:02 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' financial year ends in July. Their financial year 2025 ended on July 31, 2025.

Thor Industries' net income appears to be on an upward trend, with a most recent value of $256.59 million in 2025, rising from $199.39 million in 2015. The previous period was $265.40 million in 2024. See Thor Industries' forecast for analyst expectations on what's next for the company.

Thor Industries' total operating income in 2025 was $299.06 million, based on the following breakdown:

Total Gross Profit: $1.34 billion
Total Operating Expenses: $1.04 billion

Over the last 10 years, Thor Industries' total revenue changed from $4.01 billion in 2015 to $9.58 billion in 2025, a change of 139.1%.

Thor Industries' total liabilities were at $2.78 billion at the end of 2025, a 5.8% decrease from 2024, and a 533.6% increase since 2015.

In the past 10 years, Thor Industries' cash and equivalents has ranged from $183.48 million in 2015 to $586.60 million in 2025, and is currently $586.60 million as of their latest financial filing in 2025.

Over the last 10 years, Thor Industries' book value per share changed from 20.33 in 2015 to 80.61 in 2025, a change of 296.5%.

Related Companies

Financial statements for NYSE:THO last updated on 6/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thor Industries (THO) Financials

Financials Breakdown Chart

Key Financial Trends

Thor Industries Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Thor Industries (THO) Financials

Annual Income Statements for Thor Industries

Quarterly Income Statements for Thor Industries

Annual Cash Flow Statements for Thor Industries

Quarterly Cash Flow Statements for Thor Industries

Annual Balance Sheets for Thor Industries

Quarterly Balance Sheets for Thor Industries

Annual Metrics And Ratios for Thor Industries

Quarterly Metrics And Ratios for Thor Industries

Financials Breakdown Chart

Key Financial Trends

Thor Industries Financials - Frequently Asked Questions

When does Thor Industries' fiscal year end?

How has Thor Industries' net income changed over the last 10 years?

What is Thor Industries' operating income?

How has Thor Industries' revenue changed over the last 10 years?

How much debt does Thor Industries have?

How much cash does Thor Industries have?

How has Thor Industries' book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools