At a glance
Thor Industries Inc is worth $3.67B, about 21 times its fiscal 2026 earnings. Revenue grew 0.3% to $9.61B in fiscal 2026, with 1.8% kept as profit; over 5 years it has grown 4.8% a year. It pays a 2.96% dividend yield, raised every year for at least 9 years, and returned $951.2M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −33.4% over the past year with dividends reinvested and −5.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 60.7% in the 2020 crash (S&P 500: 33.7%) and 34.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 13 months after the lows.
The business in plain English
Thor Industries, based in Elkhart, Indiana, says it is the world's largest maker of recreational vehicles (RVs), the trailers and motorhomes people use for camping and road trips. It builds RVs in the US and Europe and sells them, along with parts and accessories, mainly to independent dealers in the US, Canada and Europe. Those dealers then sell to the public. North American brands include Airstream, Jayco, Keystone, KZ, Thor Motor Coach and Tiffin Motorhomes. In Europe, its Erwin Hymer Group sells brands such as Hymer, Dethleffs and Buerstner.
In the fiscal year ended July 31, 2026, Thor had $9.6 billion in sales. Its European RV segment brought in 34.3%, North American towables 33.1% and North American motorhomes 25.6%. Towables, such as travel trailers and fifth wheels, have no engine and are towed by a car, SUV or pickup. Motorhomes have their own engine: Thor uses a chassis supplied by makers such as Ford, Freightliner and Mercedes-Benz and builds the living space on it.
Its supply businesses, Airxcel and Postle, make RV components and aluminum extrusions for Thor's plants and outside customers. Profit per sale is thin: gross margin, the share of sales left after production costs, was 12.6% in fiscal 2026. By country, the US accounted for 60.6% of sales and Germany 20.9%.
Price history
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THO -33.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| European | $3.30B | 34.3% |
| North American Towable | $3.18B | 33.1% |
| North American Motorized | $2.46B | 25.6% |
By geography
| United States | $5.83B | 60.6% |
| Germany | $2.01B | 20.9% |
| Other Europe | $1.30B | 13.5% |
| Canada | $440.1M | 4.6% |
| Other foreign | $35.0M | 0.4% |
Latest results
- In Q4 FY2026 (ended Jul 31, 2026), revenue was $2.31B, down 8.4% from a year earlier, and net income was $40.8M (-67.5%).
- For fiscal 2026, revenue was $9.61B (+0.3% year over year; -4.8% a year from FY2021 to FY2026) with a 1.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | -4.8% weak |
|---|---|
| Free cash flow margin | 1.8% watch |
| Return on equity (FY2026) | 4.2% weak |
| Return on assets (FY2026) | 2.6% weak |
| Net cash (cash minus debt) | $-446.8M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $12.32B | $659.9M | $394.8M |
| FY2022 | $16.31B | $1.14B | $749.6M |
| FY2023 | $11.12B | $374.3M | $772.7M |
| FY2024 | $10.04B | $265.3M | $405.9M |
| FY2025 | $9.58B | $258.6M | $456.3M |
| FY2026 | $9.61B | $177.5M | $168.8M |
Valuation snapshot
| Market value | $3.67B |
|---|---|
| P/E ratio | 21 |
| Dividend yield | 2.96% |
Rank among 1514 US companies
Market value at each year end
Thor Industries’s market value went from $5.26B at the end of 2016 to $3.67B on Oct 28, 2026, down 30%; since the end of 2025 it is down 32%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.67B | -32.4% |
| 2025 | $5.42B | +6.5% |
| 2024 | $5.09B | -19.2% |
| 2023 | $6.31B | +56.1% |
| 2022 | $4.04B | -30.0% |
| 2021 | $5.77B | +12.1% |
| 2020 | $5.15B | +25.6% |
| 2019 | $4.10B | +49.3% |
| 2018 | $2.75B | -65.4% |
| 2017 | $7.94B | +51.0% |
| 2016 | $5.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| THO price data to Oct 28, 2026 | -29.0% | -33.4% | -3.5% | -5.3% | +0.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -28.9% |
| 2025 | +9.8% |
| 2024 | -17.9% |
| 2023 | +59.7% |
| 2022 | -25.6% |
| 2021 | +13.3% |
| 2020 | +28.1% |
| 2019 | +46.4% |
| 2018 | -64.8% |
| 2017 | +52.4% |
| 2016 | +81.2% |
| 2015 | +2.5% |
| 2014 | +3.0% |
| 2013 | +52.8% |
| 2012 | +44.8% |
| 2011 | -17.6% |
| 2010 | +9.4% |
| 2009 | +145.1% |
| 2008 | -62.2% |
| 2007 | -8.8% |
| 2006 | +13.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 78.5% over that stretch · deepest drop along the way 79.6%, back to its old high 44.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58.9% over that stretch · deepest drop along the way 60.7%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.5% over that stretch · deepest drop along the way 34.8%, back to its old high 13.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($229K) and 2 sales ($703K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jan 15, 2026 | W. Todd Woelfer SVP, CHIEF OPERATING OFFICER | sell | $524K |
| Mar 6, 2026 | Peter Busch Orthwein Director | buy | $229K |
| Dec 12, 2025 | W. Todd Woelfer SVP, CHIEF OPERATING OFFICER | sell | $178K |
Who owns it
Large shareholders (13G filings)
| ACR Alpine Capital Research, LLC | 11.2% | Sep 30, 2026 |
| Life Cycle Investment Partners Ltd | 7.9% | Jun 30, 2026 |
| Kayne Anderson Rudnick Investment Management, LLC | 7% | Jun 30, 2026 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.04% | Mar 31, 2026 |
| TIMUCUAN ASSET MANAGEMENT INC/FL | 5% | Jun 30, 2025 |
ETFs with the most weight in THO
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.6% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.54% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 0.48% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.4% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 0.38% |
| DFSV Dimensional US Small Cap Value ETF | 0.37% |
| IVOV Vanguard S&P Mid-Cap 400 Value ETF | 0.37% |
| MADE iShares U.S. Manufacturing ETF | 0.32% |
What could go wrong
- RV sales swing with the economy. Sales fell from $16.3 billion in fiscal 2022 to $9.6 billion in fiscal 2026. RVs are costly purchases people delay when money is tight, and sales dip each fall and winter.
- Big exposure to Europe and trade policy. The European segment brought in 34.3% of fiscal 2026 sales. Tariffs, trade disputes, sanctions and armed conflicts can hurt demand in Thor's markets and raise costs for parts and materials.
- Depends on independent dealers and credit. Thor sells mainly to independent dealers, not directly to buyers. Losing its largest dealer, more dealer mergers, or tighter credit for dealers and retail buyers could cut orders.
- May have to buy back dealer inventory. Like other RV makers, Thor has agreements with lenders that finance some dealers' purchases of its products. These typically require it to buy back units if a dealer defaults, which could cost money in downturns.
- Few suppliers for chassis and key parts. Motorhomes are built on chassis from a handful of makers such as Ford, Freightliner and Mercedes-Benz. Thor may not find substitutes, so shortages or price increases could stall production or squeeze margins.
- Crowded industry with low barriers to entry. There are about 80 RV makers in the US and Canada and about 30 in Europe. Rivals compete on price and design, which can limit Thor's pricing power and cut into profits.
Recent events
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- Shareholder vote results
- Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Thor has raised its dividend for at least 9 straight fiscal years, and the true streak may be longer. Dividends per share rose from $1.64 in fiscal 2021 to $2.08 in fiscal 2026, about 4.9% a year. The yield was 2.96% as of October 28, 2026. The dividend took 61.3% of fiscal 2026 earnings and 64.4% of free cash flow, the cash left after capital spending. Buybacks totaled $443 million from fiscal 2022 to 2026, and the share count fell 7.2% from late 2021 to September 2026. But in fiscal 2026, dividends plus buybacks cost more than the $168.8 million of free cash flow.
In downturns the stock has fallen hard: 79.6% in the 2008 financial crisis, 60.7% in the 2020 COVID crash and 34.8% in the 2022 bear market. From its lows, recovery took about 44 months, two months and 13 months, respectively. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Thor Industries make money?
Thor makes money by building recreational vehicles and selling them, with parts and accessories, mostly to independent dealers in the US, Canada and Europe. Sales were $9.6 billion in the fiscal year ended July 31, 2026. European RVs brought in 34.3%, North American towable trailers 33.1% and North American motorhomes 25.6%. A supply business that makes RV components and aluminum extrusions makes up most of the remainder. Margins are thin: net income was $177.5 million, or 1.8% of sales.
What RV brands does Thor Industries own?
Thor owns many RV brands. In North America they include Airstream, known for its rounded aluminum trailers, plus Jayco, Keystone, KZ, Thor Motor Coach and Tiffin Motorhomes, along with lines such as Heartland, Dutchmen, CrossRoads and Entegra Coach. In Europe, its Erwin Hymer Group sells Hymer, Dethleffs, Buerstner, Carado, Laika, Sunlight, Eriba and others from eight main production sites. Thor also owns Airxcel, which makes RV components, and Postle, which makes aluminum extrusions.
Does Thor Industries raise its dividend every year?
Yes, it has raised its dividend for at least 9 straight fiscal years, and the true streak may be longer. Dividends per share grew from $1.64 in fiscal 2021 to $2.08 in fiscal 2026, about 4.9% a year. The yield was 2.96% as of October 28, 2026. Over the same span, earnings per share fell from $11.85 to $3.38, so the dividend took 61.3% of fiscal 2026 earnings. Past increases do not guarantee future ones.
Why has Thor Industries stock gone down?
Shrinking profits and weak RV demand have weighed on the shares, which lost 33.4% in the year to October 28, 2026. Net income fell 31.3% to $177.5 million in the fiscal year ended July 31, 2026. Fourth-quarter net income dropped 67.5% from a year earlier as revenue slipped 8.4%. Thor says RV demand has stayed depressed amid inflation, higher interest rates and trade policy uncertainty. Based on price alone, the stock was up 10% over the 10 years to that date.
How much debt does Thor Industries have?
Thor had $928.8 million of debt as of July 31, 2026, against $482.0 million of cash and investments, leaving net debt of about $446.8 million. That compares with shareholders' equity, meaning assets minus liabilities, of $4.26 billion. Thor warns that its debt agreements may make it more sensitive to economic downturns, and that credit ratings and market conditions could raise the cost of future borrowing.