Thor Industries Inc (NYSE: THO)

THOR Industries, Inc. is a leading manufacturer of recreational vehicles worldwide. The company designs builds and sells a broad range of travel trailers fifth wheels and motorhomes in North America and Europe. It also produces related parts and accessories for the aftermarket. THOR Industries, Inc. operates through a network of independent dealers and serves customers in the United States Canada and Europe.

Revenue is generated primarily from the sale of finished recreational vehicles to independent non franchise dealers. The company also earns income from the sale of RV parts accessories and related components through its Airxcel and Postle subsidiaries. Sales are made under established transfer prices for intercompany transactions and at market prices to third party customers. The company does not typically finance dealer purchases but may enter into repurchase agreements with lending institutions.

The company operates through the following segments:

• North American Towable Recreational Vehicles manufactures and sells conventional travel trailers and fifth wheels. This segment includes the brands Airstream Heartland Jayco Keystone and KZ. Products are sold to dealers throughout the United States Canada and Europe.

• North American Motorized Recreational Vehicles manufactures and sells Class A B and C motorhomes. This segment includes the motorized operations of Airstream Jayco Thor Motor Coach and the Tiffin Group. Vehicles are distributed to independent dealers in North America and select European markets.

• European Recreational Vehicles manufactures motorized and towable recreational vehicles including motorcaravans campervans urban vehicles and caravans. This segment is conducted through the Erwin Hymer Group which operates nine primary production locations across Europe and sells numerous brands such as Buccaneer Dethleffs Hymer and Laika.

THOR Industries, Inc. holds the position of the largest recreational vehicle manufacturer in North America by units sold and revenue. In Europe it is among the largest producers according to industry statistics. Key competitors in North America include Forest River Inc and Winnebago Industries Inc. In Europe the main rivals are Trigano Hobby Fendt Knaus Tabbert and various other vehicle manufacturers. Competitive advantages stem from a diversified brand portfolio extensive dealer network and strong aftermarket parts business.

The company serves independent non franchise dealers located throughout the United States Canada and Europe. As of July 31 2025 approximately 2400 dealership locations carried its products in the United States and Canada and about 1100 locations served the European market. One dealer FreedomRoads LLC accounted for roughly 14 percent of consolidated net sales in fiscal 2025. The customer base consists primarily of wholesale distributors who resell to end consumers seeking recreational vehicles for leisure travel and camping.