LCI Industries

LCI Industries makes components for recreational vehicles (RVs), boats, buses, trailers and manufactured homes. It operates through its subsidiary Lippert Components. Its products range from steel chassis, axles and suspension systems to windows, doors, awnings, furniture, mattresses, air conditioners and slide-out rooms. At December 31, 2025, it ran more than 100 factories in North America and Europe. Net sales for 2025 were $4.1 billion, up 10% from 2024.

Most revenue comes from selling directly to manufacturers, known as original equipment manufacturers (OEMs). This OEM segment produced 77% of 2025 net sales and 66% of operating profit (profit from operations before interest and taxes). Parts for travel trailers and fifth-wheel trailers made up about 41% of total sales, and motorhomes about 6%. Makers of boats, buses, trailers and manufactured homes, which the company calls adjacent industries, added about 30%. Two customers stand out. Berkshire Hathaway, through Forest River and Clayton Homes, accounted for 18% of 2025 sales, and Thor Industries for 15%.

The Aftermarket segment sells replacement parts, upgrades and accessories through dealers, distributors and service centers, and directly to consumers online. It brought in $932.4 million, or 23% of 2025 sales, but 34% of operating profit, so it earns more per dollar of sales. About half of it comes from CURT, which makes hitches and truck accessories. About 91% of 2025 sales were in the U.S.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $968.7M, down 12.5% from a year earlier, and net income was $67.1M (+16.5%).
• For fiscal 2025, revenue was $4.12B (+10.2% year over year; +8.1% a year from FY2020 to FY2025) with a 4.6% net margin.

• Over FY2021–FY2025: $152.6M in buybacks and $519.7M in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +10.4% a year over 5 years (FY2020–FY2025).
• Dividends took 60.6% of earnings and 41% of free cash flow in the latest fiscal year.
• Shares outstanding changed -3.8% from Oct 29, 2021 to Jul 31, 2026.

Rank among 1514 US companies

Market value at each year end

LCI Industries’s market value went from $2.65B at the end of 2016 to $2.37B on Oct 28, 2026, down 11%; since the end of 2025 it is down 19%.

Form 4 filings from 2025-10-31 to 2026-10-31 (24 read): 0 open-market purchases and 6 sales ($13.1M).

Large shareholders (13G filings)

ETFs with the most weight in LCII

1. Two customers account for a third of sales. Berkshire Hathaway, through Forest River and Clayton Homes, accounted for 18% of 2025 net sales, and Thor Industries for 15%. Losing business from either, or a production cut at either, could hit sales hard.
2. RV and boat sales swing with the economy. People put off buying RVs and boats in hard times. Tight credit, higher interest rates, weak confidence, inflation and fuel prices have cut demand before. The company says pressures like these hurt demand in 2025.
3. Tariffs raise costs and add uncertainty. Tariffs raised material costs in 2025, and price increases could reduce demand. On February 20, 2026, the Supreme Court ruled against some tariffs. A new 150-day worldwide tariff followed, so costs stay hard to predict.
4. Dealers need loans to stock inventory. RV dealers and other retailers usually pay for their inventory with 'floor-plan' loans from lenders. If lenders pull back, dealers stock fewer units, manufacturers build less, and orders for the company's parts fall.
5. Material costs can squeeze thin margins. Key materials include steel, aluminum, glass, wood, fabric and foam. Some customer contracts fix prices for up to 18 months, so higher costs may not pass through quickly. The 2025 operating margin was 6.8%.
6. Low barriers let new rivals compete. The company says barriers to entry are generally low, meaning rivals can set up shop fairly easily. New competitors could put pressure on its prices and market share.

• Oct 30, 2026 Other company announcement
• Oct 22, 2026 Investor presentation or announcement
• Oct 13, 2026 Other company announcement
• Sep 10, 2026 Other company announcement
• Aug 10, 2026 Other company announcement
• Aug 7, 2026 Investor presentation or announcement
• Aug 5, 2026 Quarterly results released
• Jul 22, 2026 Investor presentation or announcement
• Jul 20, 2026 Executive or board change; Investor presentation or announcement
• Jun 30, 2026 Major agreement signed; Investor presentation or announcement

SEC filings show at least 9 straight annual increases in LCI Industries' regular dividend, covering fiscal 2016 through 2025. The streak may be longer. Dividends per share grew from $2.80 in 2020 to $4.60 in 2025, about 10.4% a year. In 2025, dividends took 60.6% of earnings and 41% of free cash flow (cash left after running and investing in the business). In 2023, though, the $4.20 dividend was more than earnings of $2.52 per share. Free cash flow of $465 million covered the gap. The yield was 4.71% as of October 28, 2026. Buybacks totaled $128.6 million in 2025.

The shares have fallen hard in downturns. They dropped 87% in the 2008 financial crisis and needed about 47 months after the low to recover. They lost 49% in the 2020 COVID crash but recovered in about 2.4 months. They fell 39% in 2022 and did not regain that peak until January 2026. Single stocks carry more risk than diversified funds.