Winnebago Industries, Inc. WGO

Consumer DiscretionaryLeisure ProductsUnited States of America

Last close 31.56 USD on Nov 3, 2026, −18.6% year to date

Quant rating

Quant rating C Rank 235 of 344 in Consumer Discretionary

Growth D 248 of 344
Valuation B 91 of 344
Quality C 178 of 344
Revisions D 307 of 344
Momentum C 176 of 344

Wall Street consensus Hold (2.57)Average target 32.50 USD +3.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 898M
Enterprise value: 1.2B
52-week range: 22.00 – 50.03
3-year range: 22.00 – 75.14
Dividend yield: 4.44%
Beta (5 years): 1.22
Shares outstanding: 28.4M
Next earnings: Dec 14, 2026

About the company

Winnebago Industries, Inc. is a manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. It also designs and manufactures advanced battery solutions that deliver house power, supporting internal electrical features and appliances for a variety of outdoor products including RVs, boats, specialty and other low-speed vehicles, as well as other industrial applications. It distributes its RV and marine products primarily through independent dealers. Its segments include Grand Design towables, Winnebago towables, Winnebago motorhomes, Newmar motorhomes, Grand Design motorhomes, Chris-Craft marine, Barletta marine, Winnebago specialty vehicles, and Lithionics. It produces its motorhome RV units in Iowa and Indiana; its towable RV units in Indiana; its marine units in Indiana and Florida, and its battery solutions in Florida.

Growth and profitability fiscal year ends August 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,798	2,974	3,491	4,958	3,630	–
Revenue growth	−5.9%	−14.8%	−29.6%	36.6%	54.1%	3.5%
EPS (basic, normalized)	1.67	3.40	7.67	13.81	8.55	–
EPS growth	−50.9%	−55.7%	−44.5%	61.5%	–	–
Gross margin	13.0%	14.6%	16.8%	18.7%	17.9%	16.2%
Net margin	0.9%	0.4%	6.2%	7.9%	7.8%	4.6%
ROE	2.1%	1.0%	16.4%	33.7%	29.9%	16.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	181
Current ratio	2.17x
Long-term debt (mil)	443
Net debt (mil)	262
Total equity (mil)	1,237
Net debt / equity	0.21x
Net debt / EBITDA	2.10x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	2,798	−5.9%	0.4x	125	+2.5%	9.3x	1.79	+7.2%	17.6x
2027	2,697	−3.6%	0.4x	131	+5.0%	8.9x	1.95	+8.9%	16.2x
2028	2,844	+5.5%	0.4x	154	+17.2%	7.6x	2.49	+28.0%	12.7x
2029	2,860	+0.6%	0.4x	285	+85.2%	4.1x	7.17	+187.5%	4.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,697	−4.8%	−5.1%	−11.5%	1.95	−17.6%	−18.5%	−34.9%
2028	2,844	−5.6%	−4.8%	−12.7%	2.49	−30.9%	−37.3%	−49.2%
2029	2,860	−10.9%	−10.9%	−17.0%	7.17	−34.6%	−34.6%	−40.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Feb 2024	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026
Sales reported (mil)	704	786	721	626	620	775	777	703	657	699
Sales mean (mil)	706	800	719	672	617	775	728	630	627	756
Surprise	−0.4%	−1.7%	+0.2%	−6.9%	+0.6%	0.0%	+6.8%	+11.6%	+4.8%	−7.5%
EPS reported	0.93	1.13	0.28	−0.03	0.19	0.81	0.71	0.38	0.27	0.66
EPS mean	0.85	1.32	0.89	0.20	0.13	0.79	0.53	0.13	0.24	0.76
Surprise	+10.0%	−14.5%	−68.5%	−115.0%	+45.7%	+2.2%	+33.5%	+186.9%	+13.1%	−13.0%

Peer comparison Leisure Products

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
WGO Winnebago Industries, Inc.	898M	2.10x	0.9%	0.72x	16.2x	12.7x	8.9x	7.6x
HAS Hasbro, Inc.	16.5B	1.55x	−6.9%	18.12x	16.6x	16.7x	11.5x	11.3x
MAT Mattel Inc	4.4B	1.95x	7.4%	2.19x	11.8x	9.7x	7.3x	6.7x
GOLF Acushnet Holdings Corp	5.1B	2.18x	7.4%	5.52x	21.5x	21.2x	13.0x	13.2x
BC Brunswick Corp	5.1B	2.73x	−2.5%	3.02x	17.0x	14.6x	9.5x	8.6x
THO THOR Industries, Inc.	4.0B	0.82x	1.8%	0.94x	21.7x	16.0x	8.2x	7.2x
Mean		1.89x	1.4%	5.08x	17.5x	15.2x	9.8x	9.1x
Median		2.02x	1.4%	2.60x	16.8x	15.3x	9.2x	8.1x

Technical analysis

1M+20.0%
3M+2.1%
1Y−10.8%
3Y−45.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Winnebago Industries, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,798	2,974	3,491	4,958	3,630	2,356
Cost of revenue	2,433	2,540	2,905	4,028	2,979	2,041
Gross profit	365	434	586	929	650	315
Selling, general & administrative expenses	286	280	268	316	233	167
Research & development	–	–	–	–	–	–
Depreciation/amortization	22.1	23.0	17.7	29.4	14.4	22.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.0	63.0	–	–	−4.8	11.5
Other operating expenses	0	0	0	0	0	0
Operating income	55.2	67.5	301	583	407	114
Net interest income (expense)	−25.9	−21.1	−20.5	−41.3	−40.4	−37.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.8	−8.0	−1.0	−27.5	0.4	1.0
Net income before taxes	30.1	38.4	279	515	367	77.3
Provision for taxes	4.4	25.4	63.3	124	85.6	15.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	25.7	13.0	216	391	282	61.4
Extraordinary items	–	–	–	–	–	–
Net income	25.7	13.0	216	391	282	61.4
EBIT, normalized	58.4	132	308	595	404	125
EBITDA, normalized	120	192	356	650	437	163
Basic EPS, normalized	1.67	3.40	7.67	13.81	8.55	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Winnebago Industries, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	174	331	310	282	435	293
Receivables	199	190	178	254	254	221
Total inventory	396	439	471	526	341	183
Prepaid expenses	22.5	28.8	37.7	31.8	29.1	17.3
Other current assets	0	0	0	0	0	0
Total current assets	792	989	997	1,094	1,059	714
Property, plant & equipment	375	394	378	324	225	209
Goodwill	484	484	514	484	348	348
Intangibles	457	479	502	472	390	405
Long-term investments	27.1	29.6	29.3	28.6	28.8	27.8
Note receivable	–	–	–	–	–	–
Other long-term assets	19.4	8.3	11.9	13.6	11.6	10.6
Total assets	2,154	2,384	2,432	2,417	2,063	1,714
Liabilities
Accounts payable	129	145	147	217	180	132
Payable/accrued	–	–	–	–	–	–
Accrued expenses	182	186	206	260	201	138
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1.8	60.7	1.3	1.0	0.7	0.5
Other current liabilities	13.9	12.9	41.3	43.4	25.1	29.5
Total current liabilities	327	405	396	522	407	300
Long-term debt	547	645	600	553	534	513
Minority interest	–	–	–	–	–	–
Other liabilities	55.8	61.3	68.2	79.0	64.5	73.2
Total liabilities	930	1,111	1,064	1,154	1,006	886
Shareholders' equity
Preferred stock	0	0	0	0	–	0
Common stock	25.9	25.9	25.9	25.9	25.9	25.9
Additional paid-in capital	203	194	198	256	218	204
Retained earnings (accumulated deficit)	1,710	1,723	1,748	1,538	1,173	914
Treasury stock	−714	−670	−603	−556	−360	−315
Other equity	−0.4	−0.4	−0.4	−0.5	−0.5	−0.5
Total equity	1,225	1,273	1,368	1,263	1,057	827
Total liabilities & shareholders' equity	2,154	2,384	2,432	2,417	2,063	1,714

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Winnebago Industries, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	25.7	13.0	216	391	282	61.4
Depreciation, depletion & amortization	60.6	58.6	46.9	53.7	32.6	38.1
Deferred taxes	2.9	8.1	16.3	−6.7	−2.2	−0.9
Non-cash items	26.4	77.7	3.3	74.8	31.3	21.8
Changes in working capital	13.3	−13.5	12.1	−112	−106	150
Cash from operations	129	144	294	401	237	270
Investing activities
Capital expenditures	−39.4	−45.0	−83.2	−88.0	−44.9	−32.4
Other investing cash flows	4.6	−0.9	−86.8	−228	11.9	−261
Cash from investing	−34.8	−45.9	−170	−316	−33.0	−293
Financing activities
Financing cash flow items	1.5	−109	−8.5	0.7	1.5	−88.0
Cash dividends paid	−38.9	−36.8	−33.2	−23.8	−16.2	−14.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−214	68.8	−55.1	−214	−47.6	380
Cash from financing	−251	−77.0	−96.8	−237	−62.3	278
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−157	21.0	27.7	−152	142	255
Free cash flow	89.5	98.9	211	313	192	238

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.