THO
Thor Industries, Inc.Consumer Cyclical·Auto - Recreational Vehicles
$79.08
$4.2B market cap
Revenue
$7.0B
Free Cash Flow
$3.6M
Rev Growth
+0.0%
FCF Margin
0.1%
P/FCF
1152.2x
EV/FCF
1352.0x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Thor Industries, Inc. designs, manufactures, and sells recreational vehicles (RVs), and related parts and accessories in the United States, Canada, and Europe. The company offers travel trailers; gasoline and diesel Class A, Class B, and Class C motorhomes; conventional travel trailers and fifth wheels; luxury fifth wheels; and motorcaravans, caravans, campervans, and urban vehicles. It also provides aluminum extrusion and specialized component products to RV and other manufacturers; and digital
2-Year Price History
$77.01-18.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q2 | 2,126 | 76.3 | 11.4 | 17.8 | -112.2 | -140.7 | -28.4 | 242.2 | 963.7 | 52.8 | 1.3% | 8.1x | -- |
| Act | 2026-Q1 | 2,389 | 105.1 | 39.1 | 21.7 | -44.9 | -76.5 | -31.6 | 509.9 | 1,051 | 53.0 | 4.9% | 11.7x | -- |
| Act | 2025-Q4 | 2,524 | 174.1 | 102.7 | 125.8 | 258.7 | 220.7 | -37.9 | 586.6 | 954.0 | 53.3 | 14.7% | 17.3x | -- |
Valuation & Metrics
Market Stats
Price$79.08
Market Cap$4.2B
Enterprise Value$4.9B
P/S Ratio0.6x
P/FCF1152.2x
EV/FCF1352.0x
FCF Margin (TTM)0.1%
FCF Yield0.1%
Dividend Yield (TTM)3.2%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$7.0B
Net Income$165.2M
Free Cash Flow$3.6M
Revenue Growth (YoY)+0.0%
EBITDA Margin5.1%
Net Margin2.3%
FCF Margin0.1%
CapEx % of Revenue1.4%
SBC % of Revenue0.3%
ROIC6.9%
WC Change % Rev-3.8%
Interest Coverage12.5x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares3.7M
Days to Cover5.8
Change (vs Prior)-7.9%
Need at least 2 settlement dates for chart
Employees
Headcount22,300
Revenue / Employee$315,647
Gross Profit / Employee$38,439
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
75.0%(+1.2% YoY)
395 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
32.8%(+2.0% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.2% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| ACR Alpine Capital Research, LLC | $392M | $78.94 | +$61.0M | +$113M | +0.8% | $6.70B |
| BlackRock, Inc.Passive | $380M | $104.41 | +$11.5M | +$6.0M | -0.2% | $5.69T |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | $343M | $90.20 | −$32.3M | −$68.4M | -0.8% | $34.05B |
| Life Cycle Investment Partners Ltd | $262M | $96.17 | +$62.4M | +$262M | -3.5% | $15.69B |
| DIMENSIONAL FUND ADVISORS LPPassive | $251M | $80.53 | +$7.6M | +$14.9M | -0.4% | $480.92B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $211M | $79.35 | +$210M | +$211M | — | $1.91T |
| TIMUCUAN ASSET MANAGEMENT INC/FL | $204M | $82.20 | −$3.8M | +$8.2M | -0.1% | $2.72B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $181M | $79.35 | +$180M | +$181M | — | $4.04T |
| STATE STREET CORPPassive | $131M | $88.83 | +$2.1M | −$4.7M | -0.2% | $2.89T |
| Capital Research Global Investors | $124M | $92.42 | −$2.6M | −$52.9M | +0.4% | $644.55B |
| JPMORGAN CHASE & CO | $107M | $93.93 | +$8.7M | −$20.6M | -0.2% | $1.47T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $79.4M | $93.90 | +$2.6M | +$6.6M | +2.3% | $1.61T |
| Madison Asset Management, LLC | $77.1M | $94.08 | −$6.3M | −$8.0M | -0.5% | $8.06B |
| AMERICAN CENTURY COMPANIES INC | $76.9M | $83.96 | −$19.8M | −$2.9M | +0.7% | $193.48B |
| HARRIS ASSOCIATES L P | $76.9M | $87.09 | −$7.8M | −$40.5M | +0.1% | $74.88B |
| ENVESTNET ASSET MANAGEMENT INC | $72.3M | $80.05 | +$23.5M | +$9.4M | -0.2% | $367.84B |
| OPPENHEIMER ASSET MANAGEMENT INC. | $59.2M | $76.43 | +$8.2M | +$15.4M | -0.3% | $8.74B |
| MORGAN STANLEY | $54.4M | $93.85 | −$3.8M | +$29.3M | -0.3% | $1.65T |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $54.2M | $91.39 | +$2.1M | +$5.2M | +0.7% | $645.81B |
| NATIXIS ADVISORS, LLC | $50.9M | $93.99 | −$6.9M | +$18.1M | -0.1% | $70.60B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.48%
avg per quarter
Holders (ex-self)
-0.40%
excl. this stock
Buyers (this Q)
+0.02%
86 buyers · $0.60B in
Sellers (this Q)
-0.24%
150 sellers · $0.76B out
alpha coverage: 90% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-1.0%
how holders react when this stock falls
On quiet Qs
-14.4%
−10% to +10% baseline
On rallies (+10%+)
-24.3%
how they react when this stock rises
Holders' portfolio flow this Q
+3.2%
inflows — adds are organic
Sellers' portfolio flow this Q
+0.7%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.1%
Holder mid (any stock)
+0.8%
Holder rally (any stock)
-1.5%
Biggest decreases this quarter
DRIEHAUS CAPITAL MANAGEMENT LLCexited−$43.9MKAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC−$32.3Mα-0.8AMERICAN CENTURY COMPANIES INC−$19.8Mα+0.7Alyeska Investment Group, L.P.exited−$8.2MHARRIS ASSOCIATES L P−$7.8Mα+0.1NATIXIS ADVISORS, LLC−$6.9Mα-0.1Madison Asset Management, LLC−$6.3Mα-0.5WELLS FARGO & COMPANY/MN−$4.3Mα-0.2MORGAN STANLEY−$3.8Mα-0.3TIMUCUAN ASSET MANAGEMENT INC/FL−$3.8Mα-0.1
New buyers this quarter
Top-5 holders · 37.9%
ACR Alpine Capital Research, LLC--
BlackRock, Inc.--
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC--
Life Cycle Investment Partners Ltd--
DIMENSIONAL FUND ADVISORS LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Capital Research Global Investors1.5MKAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC4.3MACR Alpine Capital Research, LLC4.9MROYAL LONDON ASSET MANAGEMENT LTD239KHARRIS ASSOCIATES L P963KWELLINGTON MANAGEMENT GROUP LLP—TIMUCUAN ASSET MANAGEMENT INC/FL2.6MLife Cycle Investment Partners Ltd3.3MLSV ASSET MANAGEMENT—JPMORGAN CHASE & CO1.4M
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Analyst Coverage
Analyst Coverage
Price Targets
Last Year (10 analysts)$103.203050.0%
Current Price$79.08
Analyst Ratings
13
26
Buy: 13Hold: 26Sell: 2Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$486K
2 txns · 1 insider · 5,600 sh
Sells ($, 12mo)
$703K
2 txns · 1 insider · 6,296 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-06 | BUY | ORTHWEIN PETER BUSCH | director | 2,600 | $88.25 | $229K | $12.27M |
| 2026-01-15 | SELL | WOELFER W. TODD | officer: SVP, CHIEF OPERATING OFFICER | 4,567 | $114.84 | $524K | $11.96M |
| 2025-12-12 | SELL | WOELFER W. TODD | officer: SVP, CHIEF OPERATING OFFICER | 1,729 | $103.15 | $178K | $11.62M |
| 2025-06-20 | BUY | ORTHWEIN PETER BUSCH | director | 3,000 | $85.40 | $256K | $11.65M |
Order Flow (FINRA, ~3w lag)
18.0%retail+2.8pp
26.7%dark-2.2pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
THOR Industries: Inventory Bloat and $3.7B in Off-Balance Sheet Floor Plan Risk
Overall Risk
6/10
Fraud
4/10
Dilution
2/10
Insolvency
5/10
Earnings Overstated
6/10
Hidden Liabilities
8/10
Legal
3/10
Audit Warnings
2/10
Hidden Upside
3/10
Contextually Acceptable
6/10