THO
Thor Industries, Inc.
THO's fundamentals are mixed, but it looks expensive: trading at 23x earnings, above its usual 19x. Analysts expect strong earnings growth, though they disagree widely on how much.
THO Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| Under pressure | |
| Healthy |
THO's balance sheet is currently healthy, and its profitability is stable, but its revenue and cash flow are under pressure.
THO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.6x | $18.83 | -76% |
| Fair | 19x | $63.46 | -18% |
| Forward | 20x | $77.29 | — |
| Expensive | 23x | $78.24 | +1.2% |
| Current | 23x | $77.29 | — |
Historical ranges are pointers, not guarantees.
THO's PE is in its expensive range at 23x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its fair range.
THO Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for THO, with profitability holding steady. However, they disagree widely on these estimates.
THO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.91 | +16% |
| Q3 2026 | $3.38 | -30% |
| Q2 2026 | $4.96 | +19% |
| Q1 2026 | $5.63 | +49% |
| Q4 2025 | $5.28 | +35% |
| Q3 2025 | $4.84 | -2% |
| Q2 2025 | $4.18 | -15% |
| Q1 2025 | $3.78 | -25% |
| Q4 2024 | $3.92 | -28% |
THO's earnings per share have fallen from their peak: $3.38 over the past year, against $20.59 in mid-2022.
THO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.3B | -8.4% |
| Q2 2026 | $2.8B | -3.9% |
| Q1 2026 | $2.1B | +5.3% |
| Q4 2025 | $2.4B | +11% |
| Q3 2025 | $2.5B | -0.4% |
| Q2 2025 | $2.9B | +3.3% |
| Q1 2025 | $2B | -8.6% |
| Q4 2024 | $2.1B | -14% |
THO's revenue fell from its 2022 peak and has held roughly level since: $2.3B last quarter, down 8.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.2% | -3.4 points |
| Q2 2026 | 4.8% | -0.6 points |
| Q1 2026 | 1% | +1.1 points |
| Q4 2025 | 1.4% | +1.4 points |
| Q3 2025 | 5.7% | +0.7 points |
| Q2 2025 | 5.4% | +0.3 points |
| Q1 2025 | -0.1% | -0.4 points |
| Q4 2024 | -0.1% | -2.9 points |
THO's operating margin was 2.2% last quarter, down 3.4 points from the same quarter a year ago.
THO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $189.9M | -14% |
| Q2 2026 | $196M | -12% |
| Q1 2026 | -$145.2M | -2588% |
| Q4 2025 | -$74.8M | -1270% |
| Q3 2025 | $221.6M | -26% |
| Q2 2025 | $222.5M | -1.3% |
| Q1 2025 | $5.8M | +$146.1M |
| Q4 2024 | $6.4M | -67% |
THO still generates free cash flow, though less than at its 2023 peak: $166M over the past year.
THO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +163K shares |
| 1 year | -1.6% | -838K shares |
| 3 years | -2.4% | -1.3M shares |
| 5 years | -5.6% | -3.1M shares |
| Available history | -4.8% | -2.7M shares |
THO has 53M diluted shares, down 1.6% from a year ago, with $115M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $34.3M |
| Q2 2026 | $50.5M |
| Q1 2026 | $25.2M |
| Q4 2025 | $5M |
| Q3 2025 | $50.9M |
| Q2 2025 | — |
| Q1 2025 | $1.7M |
| Q4 2024 | — |
THO spent $115M buying back its own shares over the past year, up 119% from the year before.
THO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.8x | Very low |
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 0.7x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.1x | Healthy |
THO's net debt is less than a year of its operating earnings (EBITDA).
THO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.9 | Neutral |
| Stochastic | 65.0 | Neutral |
THO's weekly RSI is 51 (neutral) and its Stochastic is 65 (neutral).
THO PE vs Consumer Cyclical Sector
| Metric | THO | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 18x | 27% above |
| PE % | 82 | 47 | 35 pts above |
THO is trading at 23x earnings, a 27% premium to the Consumer Cyclical sector's median of 18x.
THO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $72.0 | 7.3% above |
| 20 week MA | $74.3 | 4% above |
| 50 week MA | $84.6 | 8.7% below |
| 100 week MA | $89.2 | 13% below |
| 200 week MA | $94.8 | 19% below |
THO has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 19% below its 200-week average.
THO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $74.4 | $102.4 | +38% |
| 2021 | $102.4 | $100.9 | -1.5% |
| 2022 | $100.9 | $77.3 | -23% |
| 2023 | $77.3 | $118.3 | +53% |
| 2024 | $118.3 | $95.4 | -19% |
| 2025 | $95.4 | $106.2 | +11% |
| 2026 YTD | $106.2 | $77.3 | -27% |
THO has finished lower in three of the last six years. It's down 27% so far in 2026.