Winnebago Industries Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business works: Winnebago stays profitable in the downturn, motorhomes have turned positive, the credit facility is undrawn and extended to 2031, and interest is covered about three times. The open operational question is when dealers will order again — until then earnings per share sit below the dividend, dealer inventories are growing, and towables, boats and the Chris-Craft trade name are under pressure. The repurchase commitments are a contingent risk with no repurchases reported so far; the filings show no existential risk. If you are waiting, check on Oct. 21, 2026: full-year earnings and free cash flow against the dividend, the outcome of the Chris-Craft impairment test and fiscal 2027 guidance. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Winnebago stands behind about $1.78 billion of dealer inventory with its dealers' lenders and raised its dividend in August 2026 to $1.44 per share a year — above the top of its reduced earnings guidance. Not investment advice.
Brands & dealer network
Five well-known brands in towables, motorhomes and boats, more than 760 dealer locations and no dealer organization above 10 percent of revenue (fiscal 2025 10-K).
Earnings through the cycle
Net income fell from $390.6 million (fiscal 2022) to $25.7 million (fiscal 2025); fiscal 2026 guidance was cut on June 25, 2026, to $1.05 to $1.40 per share, and towable revenue fell 26.1 percent in the third quarter.
Dividend
Above earnings per share since fiscal 2024 (fiscal 2025: $1.37 against $0.91); raised to $1.44 a year on Aug. 12, 2026. In the first nine months of fiscal 2026, $30.1 million of dividends against $9.4 million of free cash flow.
Balance sheet & financing
$450.0 million of notes, $57.1 million of cash and an undrawn $350 million credit facility running to 2031 (May 30 and Aug. 20, 2026); interest covered about three times over nine months. Three-quarters of equity is goodwill and intangibles.
Contingent liabilities
Repurchase commitments to dealer lenders of about $1,777.7 million (May 30, 2026), 4.1 percent higher than a year earlier, with dealer towable inventory rising 5.5 percent.
Worth Noting
Winnebago made our research list through the Reddit hype scan of Oct. 17, 2026. The latest periodic report is the 10-Q for the quarter ended May 30, 2026 (filed June 25, 2026, together with the 8-K Item 2.02 earnings release the same day); all filings through Oct. 16, 2026, were reviewed (8-K of Aug. 21, 2026, Schedule 13G, Form 144 and Form 4). The fiscal 2026 10-K (year ended Aug. 29, 2026) had not been filed as of Oct. 17, 2026; results are scheduled for Oct. 21, 2026.
Price of $24.66 on Oct. 15, 2026: the price at which shares were withheld for taxes according to the Form 4 filings of Oct. 16, 2026. An official closing price was not available on Oct. 17, 2026. Market value (about $0.70 billion) = 28,268,893 shares (10-Q cover page, June 17, 2026) × $24.66; a cross-check against the fundamental data of July 29, 2026 ($0.87 billion at $30.88) implies the same share count of about 28.3 million.
Dividend of $0.36 per quarter per the press release of Aug. 12, 2026 (payable Sept. 23, 2026); Winnebago does not report dividend declarations on Form 8-K. Free cash flow = operating cash flow minus purchases of property, plant and equipment (our calculation from the cash flow statements).
Implied fourth quarter ($591 million to $691 million of revenue) = revenue guidance of $2.65 billion to $2.75 billion minus nine months ($2,058.8 million); prior-year fourth quarter = $2,798.2 million minus $2,020.9 million = $777.3 million. Our calculation.
Stock Watch
This analysis is as of October 17, 2026. Stock Watch will tell you what's changed at WGO since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 22.70 $ to 49.90 $ · Last price: 30.60 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/30/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Recreational Vehicles
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Winnebago Industries Inc WGO | 0.9 | – | 8.8 | 13.0 | – | -5.9 | -15.3 |
| Brunswick Corporation BC | 4.9 | – | 21.4 | 26.0 | 4.0 | 2.4 | 11.3 |
| Thor Industries Inc THO | 3.9 | 15.4 | 7.4 | 12.6 | 3.5 | -4.6 | -27.1 |
| Polaris Industries Inc PII | 3.4 | – | 29.4 | 22.0 | -0.4 | -0.3 | -7.1 |
| Harley-Davidson Inc HOG | 3.3 | – | 7.0 | 28.0 | 3.1 | -13.8 | 16.3 |
| Patrick Industries Inc PATK | 2.5 | 20.6 | 8.9 | 23.1 | 6.5 | 6.3 | -22.6 |
| LCI Industries LCII | 2.4 | 12.1 | 6.9 | 25.7 | 8.7 | 10.2 | 14.0 |
| MasterCraft Boat Holdings, Inc. MCFT | 0.5 | 31.1 | 13.0 | 22.9 | -1.7 | -22.5 | -0.4 |
| Malibu Boats Inc MBUU | 0.5 | – | 11.1 | 16.4 | – | -2.6 | -27.9 |
| Median of companies shown | 2.5 | 18.0 | 8.9 | 22.9 | 3.5 | -2.6 | -7.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 1,547 | 125 | 71 | 2.32 | 97 | 442 | 903 |
| 2018 | 2,017 | 160 | 102 | 3.22 | 83 | 534 | 1,052 |
| 2019 | 1,986 | 155 | 112 | 3.52 | 134 | 632 | 1,104 |
| 2020 | 2,356 | 114 | 61 | 1.84 | 270 | 827 | 1,754 |
| 2021 | 3,630 | 407 | 282 | 8.28 | 237 | 1,057 | 2,063 |
| 2022 | 4,958 | 584 | 391 | 11.84 | 401 | 1,263 | 2,483 |
| 2023 | 3,491 | 301 | 216 | 6.10 | 295 | 1,368 | 2,512 |
| 2024 | 2,974 | 100 | 13 | 0.44 | 144 | 1,273 | 2,384 |
| 2025 | 2,798 | 57 | 26 | 0.91 | 129 | 1,225 | 2,265 |
| 2026 | 2,704 | 66 | 35 | 1.21 | 169 | 1,237 | 2,102 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.18 | -124.50 | 626 | -18.00 | -0.80 | -17 | -27 |
| 2025: Q1 | -0.01 | – | 620 | -11.90 | -0.10 | -11 | -19 |
| 2025: Q2 | 0.62 | -35.00 | 775 | -1.40 | 2.30 | -25 | -36 |
| 2025: Q3 | 0.49 | – | 777 | 7.80 | 1.80 | 181 | 171 |
| 2025: Q4 | 0.19 | – | 703 | 12.30 | 0.80 | 25 | 20 |
| 2026: Q1 | 0.17 | – | 657 | 6.00 | 0.70 | -25 | -29 |
| 2026: Q2 | 0.51 | -17.70 | 699 | -9.90 | 2.10 | 26 | 19 |
| 2026: Q3 | 0.34 | -30.60 | 645 | -17.00 | 1.50 | 143 | 135 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Aktien.Guide
Breakout & Setup
Dividends
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 08/31/2027 | 1.97 | 1.84 – 2.24 | 2,704 | 10.3% | 14 |
| 08/31/2028 | 2.46 | 2.11 – 2.85 | 2,844 | 24.6% | 12 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -9.3% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $144.6M |
|---|---|
| Market cap | $866.0M |
| Free cash flow in year ten | $54.3M |
| Terminal value as a share of market value | 33.0% |
For comparison: over the past five years free cash flow shrank by 5.6% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 17.10.2026 gegen die Geschäftsberichte (10-K) für die Geschäftsjahre 2025 (eingereicht 22.10.2025) und 2024 (23.10.2024) sowie die Quartalsberichte (10-Q) zum 30.05.2026, 28.02.2026, 29.11.2025 und 31.05.2025: Winnebago Industries baut Wohnwagen, Wohnmobile und Freizeitboote und verkauft sie über unabhängige Händler. In keinem der sechs Berichte kommen „artificial intelligence“, „machine learning“, „AI“, „generative“ oder „automation“ vor; „Technologie“ erscheint nur als Batterietechnik der Tochter Lithionics, als IT- und Cybersicherheitsrisiko und in Funktionsbezeichnungen. Kein KI-Produkt, kein belegter KI-Einsatz, keine konkrete KI-Bedrohung des eigenen Geschäftsmodells — Negativ-Befund dokumentiert, nach dem Kriterienkatalog „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-06-25 · 10-Q 2026-03-25 · 10-Q 2025-12-19 · 10-Q 2025-06-25 · 10-K 2025-10-22 · 10-K 2024-10-23
Rated on October 17, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -8.2%
- More than 10% revenue growth is expected for the coming year 4.9%
- Share count grows by less than 3% a year -7.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 2.0%
- Gross margin at 40% or higher and without meaningful erosion 13.0%
- Goodwill from acquisitions does not grow faster than revenue 23.0%
- Net debt below twice EBITDA 2.5 x EBITDA
- Operating cash flow covers the profits of the last three years 368 m
- Return on capital at 15% or higher, or up versus two years ago 3.8%
- Insiders hold at least 10% or are net buyers 3.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 6.4%
- Exp. sales growth 3Y > 5% 2.6%
- EBIT growth 10Y > 5% -6.8%
- Exp. EBIT growth 3Y > 5% 42.3%
- Net debt < 4x EBIT 4.7x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 90.2%
- Return on equity > 15% 10.9%
- ROCE > 15% 3.8%
- Expected return > 10% 66.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Tubman Casey J | GROUP PRESIDENT | Other | 454 | 24.66 | 11,196 |
| Oct 15, 2026 | West Christopher David | President, Winnebago Motorhome | Other | 532 | 24.66 | 13,119 |
| Oct 15, 2026 | Woodson Bret A | SVP-CHRO | Other | 426 | 24.66 | 10,505 |
| Oct 15, 2026 | Hughes Bryan L | SVP & CHIEF FINANCIAL OFFICER | Other | 844 | 24.66 | 20,813 |
| Oct 15, 2026 | Bogart Stacy L | SVP-Chief Legal Officer | Other | 581 | 24.66 | 14,327 |
| Oct 15, 2026 | Happe Michael J | PRESIDENT & CEO | Other | 5,347 | 24.66 | 131,857 |
| Oct 14, 2026 | Tubman Casey J | GROUP PRESIDENT | Other | 1,163 | 23.09 | 26,854 |
| Oct 14, 2026 | Tubman Casey J | GROUP PRESIDENT | Other | 16,746 | 0.00 | – |
| Oct 14, 2026 | West Christopher David | President, Winnebago Motorhome | Other | 998 | 23.09 | 23,044 |
| Oct 14, 2026 | West Christopher David | President, Winnebago Motorhome | Other | 12,646 | 0.00 | – |
The company
About the Company
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 5,000
- Headquarters
- Eden Prairie, MN
- Address
- 13200 Pioneer Trail, 55347 Eden Prairie, United States
- Phone
- 952 829 8600
- Website
- winnebagoind.com
- IPO Date
- 01/24/1966
- ISIN
- US9746371007
- Stock Split
- 2:1 on 03/08/2004
Management
| Name | Title | Birth Year |
|---|---|---|
| Michael J. Happe | CEO, President & Director | 1971 |
| Bryan L. Hughes | SVP of Investor Relations, Finance, Information Technology and Business Development & CFO | 1969 |
| Stacy L. Bogart | SVP of Corporate Responsibility, Chief Legal Officer, Corporate Secretary & President of WIF | 1964 |
| Donald Jeff Clark | Group President of Towable RV Segment & President of Grand Design RV | 1960 |
| Sridhar Koneru | Senior VP & Chief Information Officer | – |
| Amber Holm | Senior VP & Chief Marketing and Experience Officer | – |
| Bret A. Woodson | SVP, Chief Human Resources Officer and Chief of Staff & Corporate Administration | 1970 |
| Christopher David West | President of Winnebago Motorhomes & Specialty Vehicles | 1972 |
| Stephen F. Heese CPA | President of Chris-Craft & Senior VP of Power Systems | – |
| Jeff Haradine | SVP of Marine & President of Barletta Boats | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/23/2026 WINNEBAGO INDUSTRIES INC (WGO): Entry into a Material Definitive Agreement; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 10/21/2026 WINNEBAGO INDUSTRIES INC (WGO): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/21/2026 WINNEBAGO INDUSTRIES INC (WGO): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.