THOR Industries, Inc. (THO) Stock Analysis
Consumer Cyclical · Recreational Vehicles · NYSE
THOR Industries, Inc. (THO) posted $9.58B in revenue for fiscal 2025 (down 4.6% year over year), at a 2.7% net margin, and has compounded revenue about 3.2%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on THOR Industries, Inc.
THOR Industries, Inc. has grown revenue from $4.58B to $9.58B over the last 10 fiscal years, compounding about 3.2% a year. The most recent year was down 4.6%, so growth has cooled from its longer-run pace.
Net margin sits at 2.7% on a 14% gross margin. It carries about $922.98M of total debt.
At today's valuation the market is pricing in roughly -3.9% annual free-cash-flow growth — versus the 1% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is net margin shrinking.
Synthesised from THOR Industries, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
THOR Industries, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.58B | $7.25B | $8.33B | $7.86B | $8.17B | $12.32B | $16.31B | $11.12B | $10.04B | $9.58B |
| Gross profit | $726.33M | $1.04B | $1.16B | $973.09M | $1.12B | $1.89B | $2.81B | $1.60B | $1.45B | $1.34B |
| Net income | $256.52M | $374.25M | $430.15M | $133.28M | $222.97M | $659.87M | $1.14B | $374.27M | $265.31M | $258.56M |
| Net margin | 5.6% | 5.2% | 5.2% | 1.7% | 2.7% | 5.4% | 7.0% | 3.4% | 2.6% | 2.7% |
Source: THOR Industries, Inc. SEC filings (10-K). 17 years of history available in the interactive view.
THOR Industries, Inc.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Net margin shrinkingNet margin fell from 7.0% to 2.7% over ~3 years — profitability is compressing.
What growth is priced into THO stock?
At today's market cap of $3.94B, THOR Industries, Inc. is priced for free-cash-flow growth of about -3.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $456.31M from the FY ending 2025-07-31). For comparison, free cash flow actually grew 1%/yr over the last five fiscal years and revenue 3.2%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of THOR Industries, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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THOR Industries, Inc. financial history by metric
Compare THOR Industries, Inc. with peers
About THOR Industries, Inc.
THOR Industries, Inc. designs, manufactures, and sells recreational vehicles (RVs), and related parts and accessories in the United States, Germany, rest of Europe, Canada, and internationally. The company offers travel trailers; gasoline and diesel Class A, Class B, and Class C motorhomes; conventional travel trailers and fifth wheels; conventional motorhomes; luxury fifth wheels; and motorcaravans, campervans, urban vehicles, and caravans, as well as other RV-related products and services. It also provides aluminum extrusion and specialized component products to RV and other manufacturers. The company sells its products to independent and non-franchise dealers. THOR Industries, Inc. was founded in 1980 and is based in Elkhart, Indiana.
THOR Industries, Inc. — frequently asked questions
What is THOR Industries, Inc.'s revenue?
THOR Industries, Inc. (THO) reported revenue of $9.58B for fiscal year 2025, down 4.6% from the prior year, according to its SEC filings.
Is THOR Industries, Inc. profitable?
Yes. THO earned net income of $258.56M in fiscal 2025, a net margin of 2.7%.
What is THO's P/E ratio?
THOR Industries, Inc. trades at a price-to-earnings ratio of about 15.3 based on the latest data in our nightly-refreshed cache.
How fast is THOR Industries, Inc. growing?
THO's revenue grew at roughly 3.2% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does THOR Industries, Inc. have?
As of fiscal year 2025, THO carried roughly $922.98M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is THOR Industries, Inc.'s gross margin?
THO's gross margin was 14.0% in fiscal 2025 — gross profit of $1.34B on revenue of $9.58B.
What is THOR Industries, Inc.'s market cap?
THOR Industries, Inc. (THO) has a market capitalization of about $3.94B, based on the latest data in our nightly-refreshed cache.
When does THOR Industries, Inc.'s fiscal year end?
THO's fiscal year ends in July. Its most recent annual filing covers the fiscal year ending 2025-07-31.
What growth is priced into THO stock?
At today's market cap of $3.94B, THOR Industries, Inc. is priced for free-cash-flow growth of about -3.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $456.31M from the FY ending 2025-07-31). For comparison, free cash flow actually grew 1%/yr over the last five fiscal years and revenue 3.2%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from THOR Industries, Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.