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Recreational vehicles · Consumer Cyclical · Fiscal year ends Jul 31
Thor Industries reported revenue of $9.6B in the fiscal year ended Jul 2026, up 0.3% from the year before. Operating income was $284M, an operating margin of 3.0%, and net income was $178M. Net debt was $386M.
Ranks among the 4 recreational vehicles companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue | 16,313 | 11,122 | 10,043 | 9,579 | 9,608 |
| Cost of revenue | 13,506 | 9,525 | 8,591 | 8,239 | 8,396 |
| Gross profit | 2,806 | 1,596 | 1,452 | 1,341 | 1,213 |
| Research & development | – | – | 49.4 | 48.6 | 41.6 |
| Selling, general & admin | 1,116 | 870 | 896 | 923 | 903 |
| Operating incomederived: pre-tax income + interest | 1,550 | 597 | 449 | 357 | 284 |
| Interest expense | 90.1 | 97.4 | 100.0 | 61.2 | 45.3 |
| Pre-tax income | 1,460 | 499 | 349 | 296 | 239 |
| Income tax | 322 | 125 | 83.4 | 39.6 | 64.1 |
| Net income | 1,138 | 374 | 265 | 259 | 178 |
| Diluted EPS | 20.59 | 6.95 | 4.94 | 4.84 | 3.38 |
| Diluted shares | 55.3 | 53.9 | 53.7 | 53.4 | 52.6 |
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 312 | 441 | 501 | 587 | 482 |
| Receivables | 849 | 544 | 502 | 542 | 487 |
| Inventory | 1,755 | 1,653 | 1,367 | 1,352 | 1,423 |
| Current assets | 3,062 | 2,794 | 2,650 | 2,778 | 2,740 |
| Net PP&E | 1,258 | 1,388 | 1,391 | 1,316 | 1,310 |
| Goodwill | 1,804 | 1,800 | 1,787 | 1,841 | 1,916 |
| Total assets | 7,408 | 7,261 | 7,021 | 7,065 | 6,956 |
| Payables | 822 | 736 | 628 | 738 | 741 |
| Current liabilities | 1,756 | 1,716 | 1,567 | 1,585 | 1,550 |
| Short-term debt | 13.2 | 11.4 | 32.7 | 3.4 | 2.8 |
| Long-term debt | 1,754 | 1,291 | 1,101 | 920 | 865 |
| Total liabilities | 3,807 | 3,277 | 2,947 | 2,776 | 2,696 |
| Shareholders' equity | 3,593 | 3,976 | 4,067 | 4,288 | 4,261 |
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 990 | 982 | 546 | 578 | 321 |
| Capital expenditure | 241 | 209 | 140 | 122 | – |
| Free cash flow | 750 | 773 | 406 | 456 | – |
| Depreciation & amortisation | 284 | 277 | 277 | 271 | 266 |
| Stock-based compensation | 31.4 | 39.5 | 37.9 | 30.9 | 26.6 |
| Acquisitions | 782 | 6.2 | 7.3 | 0.0 | 9.6 |
| Share buybacks | 165 | 42.0 | 68.4 | 52.6 | 115 |
| Dividend per share | 1.72 | 1.80 | 1.92 | 2.00 | 2.08 |
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −31.8% | −9.7% | −4.6% | 0.3% |
| Operating income growth (YoY) | – | −61.5% | −24.8% | −20.4% | −20.5% |
| EPS growth (YoY) | – | −66.2% | −28.9% | −2.0% | −30.2% |
| Gross margin | 17.2% | 14.4% | 14.5% | 14.0% | 12.6% |
| Operating margin | 9.5% | 5.4% | 4.5% | 3.7% | 3.0% |
| Net margin | 7.0% | 3.4% | 2.6% | 2.7% | 1.8% |
| Return on equityBlank when equity is negative | 31.7% | 9.4% | 6.5% | 6.0% | 4.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 27.4% | 10.8% | 8.2% | 6.5% | 5.3% |
| Free cash flow margin | 4.6% | 6.9% | 4.0% | 4.8% | – |
| Cash conversion (CFO ÷ net income) | 0.87x | 2.62x | 2.06x | 2.24x | 1.81x |
| Receivable days | 19 | 18 | 18 | 21 | 18 |
| Inventory days | 47 | 63 | 58 | 60 | 62 |
| Payable days | 22 | 28 | 27 | 33 | 32 |
| Interest cover | 17.2x | 6.12x | 4.49x | 5.84x | 6.27x |
| Debt ÷ equity | 0.49x | 0.33x | 0.28x | 0.22x | 0.20x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,456 | 861 | 633 | 336 | 386 |
| Current ratio | 1.74x | 1.63x | 1.69x | 1.75x | 1.77x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.