THOR INDUSTRIES INC
$77.04
−0.25 (−0.32%) · delayed · Nov 13, 2026
Five-year price
52w $62.83 to $122.83
- Market cap
- $4.0B
- Enterprise value
- $4.4B
- P/E
- 22.8×
- 17.6× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 8.1%
- ROIC
- —
- Debt / equity
- 0.20
- Piotroski F
- 7/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
50
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ○ROE > 15% (5y avg)5y avg ROE 11.6%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 157% (5y avg)
- ○Growing revenueRevenue CAGR 5y -4.8%
- ●Shrinking share countDiluted shares -5.6% over 5y
Value
75
- ○P/E below 15P/E 22.8
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 8.1%
- ●Price below Graham NumberGraham Number $79.24
- ●P/B below 3P/B 0.9
Safety
100
- ●Debt / equity below 0.5D/E 0.20
- ●Debt payable in < 4 yrs of earningsNet debt $0.4B
- –Interest coverage > 8xCoverage n/ax
- ●Current ratio > 1.5Current ratio 1.77
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $9.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.77
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -26%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 17.6
- ●P/E × P/B ≤ 22.5Product 16.4
Valuation lab
What do you have to believe?
At $77.04, the market is pricing in about 0.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $386M · 52M shares · 5y revenue CAGR −4.8%
Intrinsic value
$48.89
Price
$77.04
Premium paid
58%
What the price implies
The market is paying for 0.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
44% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,247 | 8,329 | 7,865 | 8,168 | 12,317 | 16,313 | 11,122 | 10,043 | 9,579 | 9,608 |
| Gross profit | 1,044 | 1,165 | 973 | 1,118 | 1,895 | 2,806 | 1,596 | 1,452 | 1,341 | 1,213 |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 556 | 633 | 185 | 273 | 845 | 1,460 | 499 | 349 | 296 | 239 |
| Income tax | 182 | 203 | 52 | 52 | 184 | 322 | 125 | 83 | 40 | 64 |
| Net income | 374 | 430 | 133 | 223 | 660 | 1,138 | 374 | 265 | 259 | 178 |
| EPS (diluted) | 7.09 | 8.14 | 2.47 | 4.02 | 11.85 | 20.59 | 6.95 | 4.94 | 4.84 | 3.38 |
| Diluted shares | 53 | 53 | 54 | 55 | 56 | 55 | 54 | 54 | 53 | 53 |
Who owns it