Thor Industries Financials

THO

Source SEC Filings (10-K/10-Q) Updated Oct 31, 2025 Currency USD FYE July

This page shows Thor Industries (THO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 43/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Thor Industries's revenue declined 4.6% year-over-year, from $10.0B to $9.6B. This contraction results in a growth score of 15/100.

Leverage

100

Thor Industries carries a low D/E ratio of 0.21, meaning only $0.21 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Thor Industries's current ratio of 1.81 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Thor Industries's free cash flow margin of 4.8% results in a low score of 24/100. Capital expenditures of $121.6M absorb a large share of operating cash flow.

Returns

Thor Industries generates a 6.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is down from 6.5% the prior year.

Piotroski F-Score Neutral

6/9

Thor Industries passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.24x

For every $1 of reported earnings, Thor Industries generates $2.24 in operating cash flow ($577.9M OCF vs $258.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$9.6B

YoY-4.6%

5Y CAGR+3.2%

10Y CAGR+9.1%

Thor Industries generated $9.6B in revenue in fiscal year 2025. This represents a decrease of 4.6% from the prior year.

EBITDA

N/A

Free Cash Flow

$456.3M

YoY+12.4%

5Y CAGR+1.0%

10Y CAGR+8.3%

Thor Industries generated $456.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 12.4% from the prior year.

Net Income

$258.6M

YoY-2.5%

5Y CAGR+3.0%

10Y CAGR+2.6%

Thor Industries reported $258.6M in net income in fiscal year 2025. This represents a decrease of 2.5% from the prior year.

EPS (Diluted)

$4.84

YoY-2.0%

5Y CAGR+3.8%

10Y CAGR+2.6%

Thor Industries earned $4.84 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 2.0% from the prior year.

Cash & Debt

$509.9M

YoY+14.5%

5Y CAGR+8.6%

10Y CAGR+11.0%

Thor Industries held $509.9M in cash against $913.1M in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.00

YoY+4.2%

5Y CAGR+4.6%

Thor Industries paid $2.00 per share in dividends in fiscal year 2025. This represents an increase of 4.2% from the prior year.

Shares Outstanding

53M

YoY-0.6%

5Y CAGR-0.9%

10Y CAGR+0.0%

Thor Industries had 53M shares outstanding in fiscal year 2025. This represents a decrease of 0.6% from the prior year.

Gross Margin

14.0%

YoY-0.5pp

5Y CAGR+0.3pp

10Y CAGR+0.1pp

Thor Industries's gross margin was 14.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.

Operating Margin

N/A

Net Margin

2.7%

YoY+0.1pp

5Y CAGR-0.0pp

10Y CAGR-2.3pp

Thor Industries's net profit margin was 2.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.1 percentage points from the prior year.

Return on Equity

6.0%

YoY-0.5pp

5Y CAGR-3.3pp

10Y CAGR-12.1pp

Thor Industries's ROE was 6.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.5 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$52.6M

YoY-23.0%

10Y CAGR-1.3%

Thor Industries spent $52.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 23.0% from the prior year.

Capital Expenditures

$121.6M

YoY-12.9%

5Y CAGR+2.8%

10Y CAGR+11.1%

Thor Industries invested $121.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.9% from the prior year.

THO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$9.6B-4.6%	$10.0B-9.7%	$11.1B-31.8%	$16.3B+32.4%	$12.3B+50.8%	$8.2B
Cost of Revenue	$8.2B-4.1%	$8.6B-9.8%	$9.5B-29.5%	$13.5B+29.6%	$10.4B+47.8%	$7.0B
Gross Profit	$1.3B-7.7%	$1.5B-9.0%	$1.6B-43.1%	$2.8B+48.1%	$1.9B+69.5%	$1.1B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$922.6M+3.0%	$895.5M+2.9%	$870.1M-22.1%	$1.1B+28.3%	$869.9M+37.2%	$634.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$61.2M-38.8%	$100.0M+2.6%	$97.4M+8.2%	$90.1M-3.7%	$93.5M-12.8%	$107.3M
Income Tax	$39.6M-52.5%	$83.4M-33.3%	$125.1M-61.1%	$321.6M+75.1%	$183.7M+256.6%	$51.5M
Net Income	$258.6M-2.5%	$265.3M-29.1%	$374.3M-67.1%	$1.1B+72.4%	$659.9M+195.9%	$223.0M
EPS (Diluted)	$4.84-2.0%	$4.94-28.9%	$6.95-66.2%	$20.59+73.8%	$11.85+194.8%	$4.02

Metric	Q1'26	Q3'25	Q2'25	Q2'24	Q1'25	Q2'23	Q3'24	Q1'24
Revenue	$2.4B-17.5%	$2.9B+43.4%	$2.0B-14.0%	$2.3B-6.2%	$2.5B-35.5%	$3.9B+32.3%	$2.9B-5.8%	$3.1B
Cost of Revenue	$2.1B-15.6%	$2.5B+38.3%	$1.8B-14.1%	$2.1B-3.7%	$2.1B-33.0%	$3.2B+28.2%	$2.5B-4.8%	$2.6B
Gross Profit	$321.0M-27.6%	$443.1M+80.7%	$245.2M-13.3%	$282.9M-21.0%	$357.9M-47.0%	$675.3M+56.1%	$432.6M-11.1%	$486.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$254.0M+6.6%	$238.3M+15.5%	$206.2M-1.2%	$208.7M-4.2%	$217.9M-18.5%	$267.4M+27.3%	$210.0M-13.1%	$241.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$11.9M-15.1%	$14.0M-9.3%	$15.5M-42.6%	$26.9M+16.1%	$23.2M-5.7%	$24.6M-1.6%	$25.0M+23.9%	$20.2M
Income Tax	$9.3M-57.0%	$21.7M+1354.1%	$1.5M-78.5%	$6.9M-60.6%	$17.5M-78.2%	$80.6M+125.7%	$35.7M-14.6%	$41.8M
Net Income	$21.7M-84.0%	$135.2M+24634.5%	-$551K-102.0%	$27.1M-49.4%	$53.6M-79.9%	$266.6M+120.8%	$120.7M-11.4%	$136.2M
EPS (Diluted)	$0.41-83.8%	$2.53+25400.0%	$-0.01-102.0%	$0.50-49.5%	$0.99-79.3%	$4.79+113.8%	$2.24-11.5%	$2.53

THO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$7.0B+1.7%	$6.9B-4.2%	$7.2B-1.5%	$7.3B-6.3%	$7.8B+32.6%	$5.9B
Current Assets	$2.7B+7.4%	$2.5B-9.7%	$2.8B-6.3%	$3.0B-6.8%	$3.2B+43.4%	$2.2B
Cash & Equivalents	$509.9M+14.5%	$445.2M+4.6%	$425.8M+46.0%	$291.7M-13.2%	$336.2M-0.3%	$337.4M
Inventory	$1.5B+6.7%	$1.4B-20.0%	$1.7B-7.5%	$1.9B+10.8%	$1.7B+61.0%	$1.0B
Accounts Receivable	$556.6M+7.8%	$516.4M-5.9%	$548.8M-26.8%	$749.6M-31.6%	$1.1B+67.6%	$653.8M
Goodwill	$1.9B+3.3%	$1.8B+1.3%	$1.8B-0.9%	$1.8B-6.9%	$1.9B+29.3%	$1.5B
Total Liabilities	$2.7B-4.4%	$2.8B-13.5%	$3.3B-10.5%	$3.6B-22.0%	$4.7B+34.5%	$3.5B
Current Liabilities	$1.5B+1.6%	$1.5B-13.7%	$1.7B+5.9%	$1.6B-20.4%	$2.0B+27.6%	$1.6B
Long-Term Debt	$913.1M-12.5%	$1.0B-17.9%	$1.3B-25.8%	$1.7B-23.2%	$2.2B+40.8%	$1.6B
Total Equity	$4.3B+6.0%	$4.1B+3.5%	$3.9B+7.5%	$3.6B+17.4%	$3.1B+29.7%	$2.4B
Retained Earnings	$4.4B+4.1%	$4.2B+2.6%	$4.1B+4.9%	$3.9B+31.3%	$3.0B+30.4%	$2.3B

Metric	Q1'26	Q3'25	Q2'25	Q2'24	Q1'25	Q2'23	Q3'24	Q1'24
Total Assets	$7.0B-2.5%	$7.2B+6.8%	$6.7B-4.4%	$7.0B-2.1%	$7.2B-1.2%	$7.3B-3.9%	$7.6B+3.7%	$7.3B
Current Assets	$2.7B-4.1%	$2.8B+12.3%	$2.5B-4.7%	$2.7B-5.5%	$2.8B+0.4%	$2.8B-9.4%	$3.1B+3.0%	$3.0B
Cash & Equivalents	$509.9M+0.3%	$508.3M+36.0%	$373.8M-25.4%	$501.3M+17.7%	$425.8M-3.5%	$441.2M+24.9%	$353.2M+21.1%	$291.7M
Inventory	$1.5B+8.2%	$1.4B-1.9%	$1.4B+0.9%	$1.4B-20.3%	$1.7B+3.7%	$1.7B-11.4%	$1.9B+0.6%	$1.9B
Accounts Receivable	$556.6M-22.5%	$717.8M+34.1%	$535.1M+6.5%	$502.3M-8.5%	$548.8M+0.9%	$543.9M-25.7%	$731.8M-2.4%	$749.6M
Goodwill	$1.9B+0.9%	$1.8B+4.9%	$1.7B-2.1%	$1.8B+1.0%	$1.8B-1.8%	$1.8B+0.2%	$1.8B+0.7%	$1.8B
Total Liabilities	$2.7B-8.5%	$2.9B+6.7%	$2.8B-6.5%	$3.0B-9.3%	$3.3B-0.8%	$3.3B-10.3%	$3.7B+0.6%	$3.6B
Current Liabilities	$1.5B-9.1%	$1.7B+12.3%	$1.5B-5.9%	$1.6B-8.7%	$1.7B0.0%	$1.7B-0.2%	$1.7B+6.1%	$1.6B
Long-Term Debt	$913.1M-9.6%	$1.0B+0.7%	$1.0B-8.9%	$1.1B-13.4%	$1.3B-1.5%	$1.3B-21.3%	$1.6B-4.3%	$1.7B
Total Equity	$4.3B+1.7%	$4.2B+6.9%	$4.0B-2.8%	$4.1B+3.9%	$3.9B-1.5%	$4.0B+2.2%	$3.9B+6.9%	$3.6B
Retained Earnings	$4.4B+2.2%	$4.3B+2.6%	$4.2B-1.3%	$4.3B+3.3%	$4.1B+0.7%	$4.1B+1.6%	$4.0B+2.5%	$3.9B

THO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$577.9M+5.9%	$545.5M-44.4%	$981.6M-0.9%	$990.1M+88.1%	$526.5M-2.7%	$540.9M
Capital Expenditures	$121.6M-12.9%	$139.6M-33.2%	$208.9M-13.2%	$240.6M+82.7%	$131.7M+24.4%	$105.8M
Free Cash Flow	$456.3M+12.4%	$405.9M-47.5%	$772.7M+3.1%	$749.6M+89.9%	$394.8M-9.3%	$435.1M
Investing Cash Flow	-$64.5M+56.1%	-$146.8M+34.0%	-$222.5M+78.8%	-$1.0B-144.9%	-$428.5M-408.6%	-$84.2M
Financing Cash Flow	-$426.3M-26.2%	-$337.7M+46.9%	-$635.7M-1228.7%	-$47.8M+74.6%	-$188.4M+52.0%	-$392.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$52.6M-23.0%	$68.4M+62.8%	$42.0M-74.6%	$165.1M	$0	$0

Metric	Q1'26	Q3'25	Q2'25	Q2'24	Q1'25	Q2'23	Q3'24	Q1'24
Operating Cash Flow	-$44.9M-117.4%	$257.7M+735.4%	$30.8M-90.9%	$338.0M+466.5%	$59.7M-88.2%	$507.5M+75.7%	$288.8M+207.2%	$94.0M
Capital Expenditures	$29.9M-14.9%	$35.2M+40.6%	$25.0M-31.9%	$36.7M-8.6%	$40.2M-31.1%	$58.3M+18.6%	$49.2M-9.1%	$54.1M
Free Cash Flow	-$74.8M-133.6%	$222.5M+3712.6%	$5.8M-98.1%	$301.3M+1446.9%	$19.5M-95.7%	$449.2M+87.5%	$239.6M+500.2%	$39.9M
Investing Cash Flow	-$20.8M+36.9%	-$32.9M-260.5%	-$9.1M+79.2%	-$43.9M+14.0%	-$51.1M-0.3%	-$50.9M+11.9%	-$57.8M+0.2%	-$57.9M
Financing Cash Flow	-$13.5M+82.5%	-$77.1M+24.7%	-$102.4M+37.7%	-$164.3M-758.1%	-$19.2M+94.8%	-$369.6M-124.9%	-$164.3M-208.6%	-$53.2M
Dividends Paid	N/A	$25.6M	N/A	N/A	N/A	N/A	$23.8M	N/A
Share Buybacks	$5.0M	$0-100.0%	$1.7M-93.2%	$25.4M-15.6%	$30.0M	$0-100.0%	$16.6M-34.7%	$25.4M

THO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	14.0%-0.5pp	14.5%+0.1pp	14.3%-2.8pp	17.2%+1.8pp	15.4%+1.7pp	13.7%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	2.7%+0.1pp	2.6%-0.7pp	3.4%-3.6pp	7.0%+1.6pp	5.4%+2.6pp	2.7%
Return on Equity	6.0%-0.5pp	6.5%-3.0pp	9.6%-21.7pp	31.2%+10.0pp	21.3%+11.9pp	9.3%
Return on Assets	3.7%-0.2pp	3.9%-1.4pp	5.2%-10.4pp	15.6%+7.1pp	8.5%+4.7pp	3.8%
Current Ratio	1.81+0.1	1.71+0.1	1.63-0.2	1.85+0.3	1.58+0.2	1.40
Debt-to-Equity	0.21-0.0	0.26-0.1	0.32-0.1	0.47-0.2	0.72+0.1	0.66
FCF Margin	4.8%+0.7pp	4.0%-2.9pp	7.0%+2.4pp	4.6%+1.4pp	3.2%-2.1pp	5.3%

Metric	Q1'26	Q3'25	Q2'25	Q2'24	Q1'25	Q2'23	Q3'24	Q1'24
Gross Margin	13.4%-1.9pp	15.3%+3.2pp	12.2%+0.1pp	12.1%-2.3pp	14.3%-3.1pp	17.4%+2.7pp	14.8%-0.9pp	15.7%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	0.9%-3.8pp	4.7%+4.7pp	-0.0%-1.2pp	1.1%-1.0pp	2.1%-4.7pp	6.9%+2.8pp	4.1%-0.3pp	4.4%
Return on Equity	0.5%-2.7pp	3.2%+3.0pp	0.2%-0.5pp	0.7%-0.7pp	1.4%-6.9pp	8.3%+5.2pp	3.1%-0.6pp	3.7%
Return on Assets	0.3%-1.6pp	1.9%+1.9pp	-0.0%-0.4pp	0.4%-0.4pp	0.8%-2.7pp	3.5%+1.9pp	1.6%-0.3pp	1.9%
Current Ratio	1.81+0.1	1.710.0	1.71+0.0	1.69+0.1	1.630.0	1.63-0.2	1.79-0.1	1.85
Debt-to-Equity	0.21-0.0	0.24-0.0	0.25-0.0	0.27-0.1	0.320.0	0.32-0.1	0.42-0.0	0.47
FCF Margin	-3.1%-10.8pp	7.7%+7.4pp	0.3%-1.6pp	1.9%+1.1pp	0.8%-3.9pp	4.7%-3.5pp	8.2%+6.9pp	1.3%

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Frequently Asked Questions

What is Thor Industries's annual revenue?

Thor Industries (THO) reported $9.6B in total revenue for fiscal year 2025. This represents a -4.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Thor Industries's revenue growing?

Thor Industries (THO) revenue declined by 4.6% year-over-year, from $10.0B to $9.6B in fiscal year 2025.

Is Thor Industries profitable?

Yes, Thor Industries (THO) reported a net income of $258.6M in fiscal year 2025, with a net profit margin of 2.7%.

What is Thor Industries's earnings per share (EPS)?

Thor Industries (THO) reported diluted earnings per share of $4.84 for fiscal year 2025. This represents a -2.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Thor Industries have?

As of fiscal year 2025, Thor Industries (THO) had $509.9M in cash and equivalents against $913.1M in long-term debt.

What is Thor Industries's gross margin?

Thor Industries (THO) had a gross margin of 14.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Thor Industries's net profit margin?

Thor Industries (THO) had a net profit margin of 2.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Thor Industries pay dividends?

Yes, Thor Industries (THO) paid $2.00 per share in dividends during fiscal year 2025.

What is Thor Industries's return on equity (ROE)?

Thor Industries (THO) has a return on equity of 6.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Thor Industries's free cash flow?

Thor Industries (THO) generated $456.3M in free cash flow during fiscal year 2025. This represents a 12.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Thor Industries's operating cash flow?

Thor Industries (THO) generated $577.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Thor Industries's total assets?

Thor Industries (THO) had $7.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Thor Industries's capital expenditures?

Thor Industries (THO) invested $121.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Thor Industries buy back shares?

Yes, Thor Industries (THO) spent $52.6M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Thor Industries have outstanding?

Thor Industries (THO) had 53M shares outstanding as of fiscal year 2025.

What is Thor Industries's current ratio?

Thor Industries (THO) had a current ratio of 1.81 as of fiscal year 2025, which is generally considered healthy.

What is Thor Industries's debt-to-equity ratio?

Thor Industries (THO) had a debt-to-equity ratio of 0.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Thor Industries's return on assets (ROA)?

Thor Industries (THO) had a return on assets of 3.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Thor Industries's Piotroski F-Score?

Thor Industries (THO) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Thor Industries's earnings high quality?

Thor Industries (THO) has an earnings quality ratio of 2.24x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Thor Industries?

Thor Industries (THO) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.