Thor Industries - Public Comps and Valuation Multiples

Thor Industries Overview

About Thor Industries

Based in Elkhart, Indiana, Thor Industries manufactures Class A, Class B, and Class C motor homes along with travel trailers and fifth-wheel towables across about 35 brands. Through the acquisition of Erwin Hymer in 2019, the company expanded its geographic footprint and now produces various motorized and towable recreational vehicles for Europe, including motor caravans, camper vans, urban vehicles, caravans, and other RV-related products and services. The company has also begun generating revenue through aftermarket component parts via the acquisition of Airxcel in 2021; however, this is still a nascent part of the business as it accounts for less than 10% of fiscal 2025 total sales. In fiscal 2025, the company wholesaled 181,388 units and generated $9.6 billion in revenue.

Founded

1980

HQ

Employees

20.9K+

Website

thorindustries.com

Sectors

Automakers
AutomotiveTech

Financials

LTM Revenue $9.6B

LTM EBITDA $624M

EV

$5.8B

Valuation Multiples

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Thor Industries Financials

As of September 2025, Thor Industries reported last 12-month revenue of $9.6B and EBITDA of $624M.

In the same period, Thor Industries generated $1.3B in LTM gross profit and $250M in net income.

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Thor Industries P&L

In the most recent fiscal year, Thor Industries reported revenue of $9.6B and EBITDA of $616M.

Thor Industries expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$9.6B	XXX	$9.6B	XXX	XXX	XXX
Gross Profit	$1.3B	XXX	$1.3B	XXX	XXX	XXX
Gross Margin	14%	XXX	14%	XXX	XXX	XXX
EBITDA	$624M	XXX	$616M	XXX	XXX	XXX
EBITDA Margin	7%	XXX	6%	XXX	XXX	XXX
EBIT	$303M	XXX	$299M	XXX	XXX	XXX
EBIT Margin	3%	XXX	3%	XXX	XXX	XXX
Net Profit	$250M	XXX	$259M	XXX	XXX	XXX
Net Margin	3%	XXX	3%	XXX	XXX	XXX
Net Debt	XXX	XXX	$336M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Thor Industries including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $9.6B. EBITDA for the last twelve months was $624M. In the most recent fiscal year, Thor Industries achieved $9.6B in revenue and $616M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$9.6B	Analyst estimates available to subscribers	$9.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.3B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	14.0% gross margin	Analyst estimates available to subscribers	14.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$624M	Analyst estimates available to subscribers	$616M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	6.5% EBITDA margin	Analyst estimates available to subscribers	6.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$303M	Analyst estimates available to subscribers	$299M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	3.2% EBIT margin	Analyst estimates available to subscribers	3.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$250M	Analyst estimates available to subscribers	$259M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	2.6% net profit margin	Analyst estimates available to subscribers	2.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$336M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Thor Industries

This financial data table provides comprehensive performance metrics for Thor Industries, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Thor Industries generated $9.6B in revenue over the last twelve months.
The company achieved $624M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.3B.
Net income over the last twelve months reached $250M.

Fiscal Year Performance

In the most recent fiscal year, Thor Industries reported $9.6B in total revenue.
Fiscal year EBITDA was $616M.
The company maintained a gross profit margin of 14.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 6.4%.
Net profit margin reached 2.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Thor Industries. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Thor Industries Stock Performance

Thor Industries has current market cap of $5.5B, and EV of $5.8B.

Market Cap Evolution

Thor Industries Stock Data

As of October 17, 2025, Thor Industries's stock price is $105.

See Thor Industries trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$5.8B	$5.5B	XXX	XXX	XXX	XXX	$4.69

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Thor Industries Valuation Multiples

Thor Industries's trades at 0.6x EV/Revenue multiple, and 8.7x EV/EBITDA.

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Thor Industries Financial Valuation Multiples

As of October 17, 2025, Thor Industries has market cap of $5.5B and EV of $5.8B.

Equity research analysts estimate Thor Industries's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Thor Industries has a P/E ratio of 22.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$5.5B	XXX	$5.5B	XXX	XXX	XXX
EV (current)	$5.8B	XXX	$5.8B	XXX	XXX	XXX
EV/Revenue	0.6x	XXX	0.6x	XXX	XXX	XXX
EV/EBITDA	9.4x	XXX	8.7x	XXX	XXX	XXX
EV/EBIT	19.3x	XXX	15.7x	XXX	XXX	XXX
EV/Gross Profit	4.4x	XXX	n/a	XXX	XXX	XXX
P/E	22.0x	XXX	21.0x	XXX	XXX	XXX
EV/FCF	13.5x	XXX	13.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Thor Industries Margins & Growth Rates

Thor Industries's last 12 month revenue growth is 0%

Thor Industries's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $50K for the same period.

Thor Industries's rule of 40 is 7% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Thor Industries's rule of X is 7% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Thor Industries Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	0%	XXX	-1%	XXX	XXX	XXX
EBITDA Margin	7%	XXX	7%	XXX	XXX	XXX
EBITDA Growth	-1%	XXX	-3%	XXX	XXX	XXX
Rule of 40	7%	XXX	7%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	7%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$50K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	11%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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