At a glance
Winnebago Industries Inc is worth $814.4M, about 24 times its fiscal 2026 earnings. Revenue fell 3.4% to $2.70B in fiscal 2026, with 1.3% kept as profit; over 5 years it has grown 5.7% a year. It pays a 4.92% dividend yield, raised every year for at least 8 years, and returned $571.9M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −26.4% over the past year with dividends reinvested and −13.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 67.1% in the 2020 crash (S&P 500: 33.7%) and 42.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 19 months after the lows.
The business in plain English
Winnebago Industries builds recreational vehicles (RVs) and boats used mainly for vacations and outdoor recreation. Its RV brands are Winnebago, Grand Design and Newmar. Its boat brands are Chris-Craft and Barletta. Its smaller lines include Lithionics lithium-ion batteries, which power appliances and electrical systems in RVs, boats and specialty vehicles. It also builds custom commercial vehicles such as mobile medical clinics and law enforcement command centers.
In the fiscal year ended August 29, 2026, revenue was $2.7 billion. Motorhomes are RVs with their own engine, built in Iowa and Indiana. They made up 46.5% of revenue, with suggested retail prices from about $134,000 to $1.9 million. Towable RVs are travel trailers and fifth wheels pulled by a pickup or SUV. They made up 38.9% and list for about $23,000 to $204,000. Boats contributed 13.2%.
Winnebago generally builds units to order for independent dealers, which resell them to consumers. As of August 29, 2026, its network had more than 750 dealer locations in the US and Canada. No single dealer group provided more than 10% of revenue. Most dealers pay for their stock with "floorplan" loans from banks or finance companies, secured by the units on their lots. Winnebago typically agrees to buy back units from the lender if a dealer defaults. Retail sales peak in spring and summer.
Price history
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WGO -26.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Motorhome RV | $1.26B | 46.5% |
| Towable RV | $1.05B | 38.9% |
| Marine | $356.4M | 13.2% |
Latest results
- In Q4 FY2026 (ended Aug 29, 2026), revenue was $645.1M, down 17% from a year earlier, and net income was $9.7M (-29.2%).
- For fiscal 2026, revenue was $2.70B (-3.4% year over year; -5.7% a year from FY2021 to FY2026) with a 1.3% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | -5.7% weak |
|---|---|
| Operating margin | 2.4% weak |
| Free cash flow margin | 5.3% watch |
| Return on equity (FY2026) | 2.8% weak |
| Return on assets (FY2026) | 1.6% weak |
| Net cash (cash minus debt) | $-261.9M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.63B | $281.9M | $192.4M |
| FY2022 | $4.96B | $390.6M | $312.6M |
| FY2023 | $3.49B | $215.9M | $211.3M |
| FY2024 | $2.97B | $13.0M | $98.9M |
| FY2025 | $2.80B | $25.7M | $89.5M |
| FY2026 | $2.70B | $34.5M | $144.6M |
Valuation snapshot
| Market value | $814.4M |
|---|---|
| P/E ratio | 23.7 |
| Dividend yield | 4.92% |
Rank among 1514 US companies
Market value at each year end
Winnebago Industries’s market value went from $999.6M at the end of 2016 to $814.4M on Oct 28, 2026, down 19%; since the end of 2025 it is down 29%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $814.4M | -28.8% |
| 2025 | $1.14B | -15.7% |
| 2024 | $1.36B | -36.3% |
| 2023 | $2.13B | +32.4% |
| 2022 | $1.61B | -35.6% |
| 2021 | $2.50B | +24.2% |
| 2020 | $2.01B | +12.7% |
| 2019 | $1.78B | +130.1% |
| 2018 | $775.3M | -55.9% |
| 2017 | $1.76B | +76.1% |
| 2016 | $999.6M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WGO price data to Oct 28, 2026 | -26.2% | -26.4% | -17.8% | -13.5% | +2.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -26.2% |
| 2025 | -11.8% |
| 2024 | -33.1% |
| 2023 | +40.8% |
| 2022 | -28.7% |
| 2021 | +26.0% |
| 2020 | +14.2% |
| 2019 | +121.8% |
| 2018 | -56.0% |
| 2017 | +77.8% |
| 2016 | +62.0% |
| 2015 | -6.5% |
| 2014 | -20.4% |
| 2013 | +60.3% |
| 2012 | +132.1% |
| 2011 | -51.5% |
| 2010 | +24.6% |
| 2009 | +102.3% |
| 2008 | -70.6% |
| 2007 | -35.0% |
| 2006 | +0.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 88.2% over that stretch · deepest drop along the way 88.7%, back to its old high 55.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 63.8% over that stretch · deepest drop along the way 67.1%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.6% over that stretch · deepest drop along the way 42.5%, back to its old high 18.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Jun 30, 2025 |
| PZENA INVESTMENT MANAGEMENT LLC | 6% | Jun 30, 2026 |
| Maple Rock Capital Partners Inc. | 5.5% | Jun 30, 2026 |
| Cooke & Bieler L.P. | 4.5% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 3.7% | Jun 30, 2026 |
| Fisher Asset Management, LLC | 1.8% | Oct 20, 2023 |
| GOLDMAN SACHS GROUP INC | 1% | Apr 30, 2025 |
| First Trust Portfolios L.P. | 0.11% | Mar 31, 2025 |
ETFs with the most weight in WGO
| DEEP Acquirers Small and Micro Deep Value ETF | 0.97% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.42% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.39% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.32% |
| OASC OneAscent Small Cap Core ETF | 0.32% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.26% |
| SVAL iShares US Small Cap Value Factor ETF | 0.21% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.21% |
What could go wrong
- Dealer defaults can force costly buybacks. Winnebago typically agrees to buy back repossessed units if a dealer defaults on its inventory loan: up to 18 months after an RV is financed, 24 months for a boat. Many defaults would be costly.
- One lender finances a third of dealer stock. Dealers borrow to stock their lots. As of August 29, 2026, one lender held about 33% of all financed Winnebago dealer inventory, by dollars. If it pulled back, or borrowing got pricier, dealers could order less.
- Production clustered in Iowa and Indiana. Production is concentrated in northern Iowa and northern Indiana, and Winnebago plans to consolidate further in fiscal 2027. A disruption or delay at its main plants could hit output across several brands.
- Few suppliers and rising input costs. Motorhome chassis and boat motors come from a small group of suppliers. Losing one could delay production. Tariffs or costlier steel and aluminum could squeeze an operating margin of just 2.4% in fiscal 2026.
- Larger rivals could erode its price premium. Some rivals, especially in towable RVs, are much larger, with more purchasing power and sway with dealers. Winnebago's brands have historically commanded a price premium that rivals' discounts could erode.
- Big-ticket purchases buyers can postpone. RVs and boats list from about $23,000 to nearly $1.9 million, and buyers can easily put them off. Higher interest rates, fuel prices, inflation or unemployment can quickly cut retail demand and dealer orders.
Recent events
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
For income and retirement investors
Winnebago has raised its dividend eight years in a row, from $0.66 a share in fiscal 2021 to $1.41 in fiscal 2026, about 16.4% a year. The yield was 4.92% as of October 28, 2026. Dividends exceeded profits in fiscal 2026, at 115.7% of earnings. They used only 27.6% of free cash flow (cash left after running and investing in the business). From fiscal 2022 to 2026 the company spent $399.3 million on buybacks, and the share count fell 15% over five years. Buybacks shrank to $1.7 million in fiscal 2026.
The stock has fallen hard in downturns. It dropped 88.7% in the 2008 financial crisis and took about 55 months from its low to recover. It fell 67.1% in the 2020 COVID crash but recovered in about 2.6 months. It lost 42.5% in the 2022 bear market and took about 19 months to recover. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Winnebago make money?
Winnebago makes money by building RVs and boats and selling them to independent dealers, who resell them to consumers. In fiscal 2026, which ended August 29, 2026, motorhomes brought in 46.5% of its $2.7 billion in revenue. Towable RVs brought in 38.9% and boats 13.2%. Its brands include Winnebago, Grand Design, Newmar, Chris-Craft and Barletta. It also earns smaller amounts from parts and service, Lithionics batteries and specialty commercial vehicles.
Does Winnebago raise its dividend every year?
It has for eight years running. Winnebago raised its dividend per share from $0.66 in fiscal 2021 to $1.41 in fiscal 2026, growth of about 16.4% a year. The catch is that earnings per share were only $1.21 in fiscal 2026, so dividends equaled 115.7% of earnings. Free cash flow covered the payout more comfortably, with dividends using 27.6% of it. Past increases do not guarantee future ones.
What is Winnebago's dividend yield?
The dividend yield was 4.92% as of October 28, 2026, based on the $1.41 a share paid for fiscal 2026. The yield is high partly because the share price fell. It was down 26.4% over the year to October 28, 2026, and 52% over five years. A high yield after a price slump can mean investors doubt the payout or the business, so the yield alone says little about safety.
Is Winnebago profitable?
Yes, but only thinly. Winnebago earned $34.5 million in fiscal 2026 on $2.7 billion of revenue, a net margin of 1.3%. Profit rose 34.2% from fiscal 2025 but remained far below the $390.6 million earned in fiscal 2022, when revenue was nearly $5 billion. Revenue has fallen every year since then. Over the five years from fiscal 2021 it shrank by about 5.7% a year.
How much debt does Winnebago have?
Winnebago had $443.3 million of debt as of August 29, 2026, against $181.4 million of cash and investments. That left net debt of about $262 million. Shareholders' equity was $1.24 billion. Its annual report warns that the terms of its debt could limit flexibility and pose a risk of default. It reported a new debt or financial obligation on August 21, 2026. Thin profit margins leave less room for debt payments in a downturn.