Thor Industries (THO) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Jun 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the THO SEC filings page.
Thor Industries (THO) reported $9.6B in revenue for fiscal year 2025, down 4.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Cash-generative deleveraging is THOR’s dominant mechanic: earnings stay thin while restrained investment supports internally funded operations.
In FY2025, operating cash flow of$578M was more than twice net income of$259M , showing that reported profit understated the cash produced by operations. Free cash flow still reached$456M after capital spending of$122M , so weak margins did not translate into cash strain: reinvestment remained modest relative to internally generated funds.
The business has not regained FY2022 scale: revenue fell from
Debt-to-equity fell from 0.5x in FY2022 to 0.2x in FY2025, making the capital structure progressively less dependent on borrowing. Short-term coverage improved while inventory was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Thor Industries's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Thor Industries, and counted as zero in the overall score.
Thor Industries's revenue declined 4.6% year-over-year, from $10.0B to $9.6B. This contraction results in a growth score of 12/100.
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 74/100, indicating a strong balance sheet with room for future borrowing.
Thor Industries's current ratio of 1.75 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.
Thor Industries has a free cash flow margin of 4.8%, earning a moderate score of 45/100. The company generates positive cash flow after capital investments, but with room for improvement.
Not available for Thor Industries, and counted as zero in the overall score.
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.
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
Earnings & Revenue
Thor Industries generated $2.8B in revenue in Q3 2026. This represents a decrease of 3.9% from the same quarter a year earlier. Against the prior quarter it is up 30.8%.
Thor Industries reported $97.2M in net income in Q3 2026. This represents a decrease of 28.1% from the same quarter a year earlier. Against the prior quarter it is up 446.1%.
Thor Industries earned $1.86 per diluted share (EPS) in Q3 2026. This represents a decrease of 26.5% from the same quarter a year earlier. Against the prior quarter it is up 447.1%.
Not reported for Q3 2026.
Cash & Balance Sheet
Thor Industries held $371.9M in cash against $871.4M in long-term debt as of Q3 2026.
Thor Industries paid $0.52 per share in dividends in Q3 2026. This represents an increase of 4.0% from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q3 2026.
Margins & Returns
Thor Industries's gross margin was 12.8% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is down 2.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.
Thor Industries's net profit margin was 3.5% in Q3 2026, showing the share of revenue converted to profit. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.7 percentage points.
Thor Industries's ROE was 2.3% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.8 percentage points.
Not reported for Q3 2026.
Capital Allocation
Thor Industries spent $50.5M on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 100.1%.
Not reported for Q3 2026.
Not reported for Q3 2026.
THO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8B-3.9% | $2.1B+5.3% | $2.4B+11.5% | $2.5B-0.4% | $2.9B+3.3% | $2.0B-8.6% | $2.1B-14.3% | $2.5B-7.4% |
| Cost of Revenue | $2.4B-1.0% | $1.9B+5.7% | $2.1B+11.1% | $2.2B+0.9% | $2.5B+3.0% | $1.8B-8.4% | $1.9B-13.1% | $2.1B-9.0% |
| Gross Profit | $354.8M-19.9% | $251.3M+2.5% | $321.0M+14.0% | $370.9M-7.6% | $443.1M+5.0% | $245.2M-9.5% | $281.4M-21.4% | $401.3M+1.8% |
| SG&A Expenses | $230.9M-3.1% | $212.0M+2.8% | $254.0M+5.8% | $237.9M+3.0% | $238.3M+5.2% | $206.2M-6.3% | $240.2M+10.2% | $231.0M+10.2% |
| Interest Expense | $10.8M-23.0% | $11.7M-24.1% | $11.9M-32.3% | $14.2M-68.4% | $14.0M-42.5% | $15.5M+104.2% | $17.6M-24.2% | $44.8M+76.9% |
| Income Tax | $37.9M+75.2% | $6.4M+326.5% | $9.3M+3392.9% | $16.7M-52.9% | $21.7M-24.7% | $1.5M-5.0% | -$283K-101.6% | $35.6M-12.5% |
| Net Income | $97.2M-28.1% | $17.8M+3331.0% | $21.7M+1282.8% | $125.8M+39.7% | $135.2M+18.1% | -$551K-107.6% | -$1.8M-103.4% | $90.0M-0.3% |
| EPS (Basic) | $1.86-26.8% | $0.34+3500.0% | $0.41+1466.7% | $2.37+40.2% | $2.54+18.1% | -$0.01-107.1% | -$0.03-103.0% | $1.69-0.6% |
| EPS (Diluted) | $1.86-26.5% | $0.34+3500.0% | $0.41+1466.7% | $2.35+39.9% | $2.53+18.8% | -$0.01-107.7% | -$0.03-103.0% | $1.680.0% |
| Diluted Shares (Avg) | 52M-1.9% | 53M-0.7% | 53M0.0% | N/A | 53M-0.5% | 53M-0.8% | 53M-1.6% | N/A |
Not reported in any period shown, so not listed: R&D Expenses, Operating Income, EBITDA.
THO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.2B-0.2% | $7.0B+4.5% | $7.0B+1.7% | $7.1B+0.6% | $7.2B-0.7% | $6.7B-7.1% | $6.9B-4.2% | $7.0B-3.3% |
| Current Assets | $2.9B+1.8% | $2.7B+7.6% | $2.7B+7.4% | $2.8B+4.8% | $2.8B-1.2% | $2.5B-11.1% | $2.5B-9.7% | $2.7B-5.1% |
| Cash & Equivalents | $371.9M-26.8% | $242.2M-35.2% | $509.9M+14.5% | $586.6M+17.0% | $508.3M+36.7% | $373.8M+9.9% | $445.2M+4.6% | $501.3M+13.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $1.5B+13.1% | $1.6B+15.1% | $1.5B+6.7% | $1.4B-1.1% | $1.4B-14.2% | $1.4B-22.3% | $1.4B-20.0% | $1.4B-17.3% |
| Accounts Receivable | $707.0M-1.5% | $632.4M+18.2% | $556.6M+7.8% | $541.7M+7.8% | $717.8M+11.7% | $535.1M+0.1% | $516.4M-5.9% | $502.3M-7.6% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $1.9B+2.1% | $1.9B+7.6% | $1.9B+3.3% | $1.8B+3.0% | $1.8B+3.2% | $1.7B-2.2% | $1.8B+1.3% | $1.8B-0.7% |
| Total Liabilities | $2.8B-3.6% | $2.7B-2.5% | $2.7B-4.4% | $2.8B-6.0% | $2.9B-8.3% | $2.8B-16.0% | $2.8B-13.5% | $3.0B-10.1% |
| Current Liabilities | $1.7B+2.2% | $1.5B+4.5% | $1.5B+1.6% | $1.6B+1.1% | $1.7B-4.8% | $1.5B-9.3% | $1.5B-13.7% | $1.6B-8.7% |
| Non-Current Liabilities | $1.2B-10.8% | $1.2B-10.3% | $1.2B-10.7% | $1.2B-13.7% | $1.3B-12.2% | $1.3B-22.4% | $1.3B-13.2% | $1.4B-11.6% |
| Long-Term Debt | $871.4M-13.8% | $877.8M-12.5% | $913.1M-12.5% | $919.6M-16.5% | $1.0B-16.4% | $1.0B-27.8% | $1.0B-17.9% | $1.1B-14.7% |
| Total Equity | $4.3B+2.1% | $4.3B+9.4% | $4.3B+6.0% | $4.3B+5.4% | $4.2B+5.5% | $4.0B+0.4% | $4.1B+3.5% | $4.1B+2.3% |
| Retained Earnings | $4.5B+3.6% | $4.4B+4.6% | $4.4B+4.1% | $4.4B+3.6% | $4.3B+2.8% | $4.2B+2.4% | $4.2B+2.6% | $4.3B+4.0% |
THO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $234.2M-9.1% | -$112.2M-463.9% | -$44.9M-246.0% | $258.7M-23.5% | $257.7M+2.4% | $30.8M+129.7% | $30.7M-48.5% | $338.0M-33.4% |
| Depreciation & Amortization | $66.0M-0.3% | $64.9M-1.7% | $66.0M-2.4% | $71.4M-3.0% | $66.2M-2.9% | $66.0M-3.1% | $67.7M+0.6% | $73.6M-0.7% |
| Stock-Based Compensation | $6.7M-18.1% | $7.9M-1.6% | $10.9M+3.9% | N/A | $8.2M-12.4% | $8.1M-12.7% | $10.5M+0.8% | N/A |
| Capital Expenditures | N/A | $33.0M+31.8% | $29.9M+22.9% | $37.1M+1.0% | $35.2M+33.5% | $25.0M-31.2% | $24.3M-39.4% | $36.7M-37.0% |
| Free Cash Flow | N/A | -$145.2M-2588.1% | -$74.8M-1270.1% | $221.6M-26.5% | $222.5M-1.3% | $5.8M+104.2% | $6.4M-67.2% | $301.3M-32.9% |
| Investing Cash Flow | -$30.0M+8.7% | -$10.4M-14.5% | -$20.8M+18.1% | $2.9M+106.6% | -$32.9M-49.8% | -$9.1M+69.5% | -$25.3M+50.4% | -$43.9M+13.7% |
| Financing Cash Flow | -$79.6M-3.3% | -$136.0M-32.8% | -$13.5M+79.1% | -$182.2M-10.9% | -$77.1M+61.5% | -$102.4M-323.0% | -$64.6M-237.4% | -$164.3M+55.5% |
| Share Buybacks | $50.5M | $25.2M+1362.8% | $5.0M | $50.9M+100.9% | $0-100.0% | $1.7M | $0-100.0% | $25.4M |
Not reported in any period shown, so not listed: Dividends Paid.
THO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.8%-2.6pp | 11.8%-0.3pp | 13.4%+0.3pp | 14.7%-1.1pp | 15.3%+0.3pp | 12.2%-0.1pp | 13.1%-1.2pp | 15.8%+1.4pp |
| Net Margin | 3.5%-1.2pp | 0.8%+0.9pp | 0.9%+1.0pp | 5.0%+1.4pp | 4.7%+0.6pp | 0.0%-0.4pp | -0.1%-2.2pp | 3.5%+0.2pp |
| Return on Equity | 2.3%-1.0pp | 0.4%+0.4pp | 0.5%+0.5pp | 2.9%+0.7pp | 3.2%+0.3pp | 0.0%-0.2pp | -0.1%-1.4pp | 2.2%-0.1pp |
| Return on Assets | 1.4%-0.5pp | 0.3%+0.3pp | 0.3%+0.3pp | 1.8%+0.5pp | 1.9%+0.3pp | 0.0%-0.1pp | 0.0%-0.8pp | 1.3%0.0pp |
| Current Ratio | 1.710.0x | 1.76+0.1x | 1.81+0.1x | 1.75+0.1x | 1.71+0.1x | 1.710.0x | 1.71+0.1x | 1.69+0.1x |
| Debt-to-Equity | 0.200.0x | 0.20-0.1x | 0.210.0x | 0.21-0.1x | 0.24-0.1x | 0.25-0.1x | 0.26-0.1x | 0.27-0.1x |
| Asset Turnover | 0.390.0x | 0.300.0x | 0.340.0x | 0.360.0x | 0.400.0x | 0.300.0x | 0.310.0x | 0.360.0x |
| FCF Margin | N/A | -6.8%-7.1pp | -3.1%-3.4pp | 8.8%-3.1pp | 7.7%-0.4pp | 0.3%+6.6pp | 0.3%-0.5pp | 11.9%-4.5pp |
Not reported in any period shown, so not listed: Operating Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Thor Industries THO | FY2025 | $9.6B | $258.6M | 2.7% | $3.9B | 30/100 |
| Brunswick Corp BC | FY2025 | $5.4B | -$137.3M | -2.6% | $4.8B | 34/100 |
| Polaris Inds PII | FY2025 | $7.2B | -$465.5M | -6.5% | $3.6B | 29/100 |
| Harley Davidson HOG | FY2025 | $4.5B | $338.7M | 7.6% | $2.9B | 61/100 |
| Lci Inds LCII | FY2025 | $4.1B | $188.3M | 4.6% | $2.5B | 56/100 |
Where Thor Industries Ranks
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%.
How much debt does Thor Industries have?
As of fiscal year 2025, Thor Industries (THO) had $586.6M in cash and equivalents against $919.6M 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 $7.1B 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.
What is Thor Industries's current ratio?
Thor Industries (THO) had a current ratio of 1.75 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 P/E ratio?
Thor Industries (THO) trades at 14.7x earnings, its market capitalization divided by net income of $262.5M net income, trailing 12 months to April 30, 2026. The market capitalization is $3.9B as of Sep 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Thor Industries's price-to-sales ratio?
Thor Industries (THO) trades at 0.4x sales, its market capitalization divided by revenue of $9.8B revenue, trailing 12 months to April 30, 2026. The market capitalization is $3.9B as of Sep 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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 to 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 30 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.