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LCI Industries
(NYSE:LCII)
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Rating:67Neutral
Price Target:
$92.00
▼(-12.20% Downside)
Action:Reiterated
Date:08/09/26
LCII scores positively mainly on improving financial quality (profitability recovery, reduced debt, and solid free cash flow) and supportive valuation (moderate P/E plus a ~4.5% dividend yield). The score is held back by cyclical demand weakness and a lowered industry shipment outlook that is pressuring revenue, along with a mixed technical backdrop where the stock remains below its 200-day moving average.
Positive Factors
Margin Expansion and Innovation
Higher content per unit and a sizable innovation pipeline can increase revenue per vehicle and improve earnings quality over multiple quarters. The combination of product-led growth and operational efficiency supports margin resilience even while industry volumes remain under pressure.
Negative Factors
RV Volume and Revenue Pressure
Lower RV production directly pressures LCI’s OEM sales because many products are installed during vehicle manufacturing. The reduced industry outlook and declining volumes can limit fixed-cost absorption, operating leverage, and revenue recovery over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Expansion and Innovation
Higher content per unit and a sizable innovation pipeline can increase revenue per vehicle and improve earnings quality over multiple quarters. The combination of product-led growth and operational efficiency supports margin resilience even while industry volumes remain under pressure.
Read all positive factors
LCI Industries (LCII) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.14B
Dividend Yield5.41%
Average Volume (3M)275.77K
Price to Earnings (P/E)9.8
Beta (1Y)0.87
Revenue Growth4.05%
EPS Growth44.68%
CountryUS
Employees12,300
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Recreational Vehicles
Share Statistics
EPS (TTM)8.69
Shares Outstanding24,311,506
10 Day Avg. Volume354,450
30 Day Avg. Volume275,772
Financial Highlights & Ratios
PEG Ratio0.45
Price to Book (P/B)2.21
Price to Sales (P/S)0.73
P/FCF Ratio10.81
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$125.40Price Target Upside19.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)8.53
Revenue Forecast (FY)$4.01B
LCI Industries Business Overview & Revenue Model
Company Description
LCI Industries, operating globally through its subsidiaries, specializes in producing and delivering a wide array of components for recreational vehicle (RV) manufacturers and various associated industries. The company's operations are divided int...
How the Company Makes Money
LCI Industries makes money primarily by selling manufactured components and systems used in RVs and related products, with revenue generally coming from (1) OEM sales and (2) aftermarket/retail and adjacent-market sales. OEM revenue is generated b...
LCI Industries Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: management highlighted solid execution on self-help initiatives that drove margin expansion, EPS growth, improved liquidity and deleveraging, strong innovation-driven content gains, and durable aftermarket opportunities. Offsetting these positives were meaningful demand softness—particularly a 20% drop in towable RV wholesale units and a lowered industry shipment outlook—along with elevated commodity and tariff-related costs and near-term revenue guidance cuts (~$250M). Given the comparable weight of operational/financial improvements and significant top-line challenges and guidance reductions, the tone is cautiously stable but realistic about headwinds.Positive Updates
Resilient Top-Line Mix and Aftermarket Growth
Adjusted consolidated net sales were $1.1B for Q2, down 4% year-over-year, with OEM net sales down 10% but aftermarket net sales up 11%, demonstrating resilience driven by higher-margin aftermarket demand.
Negative Updates
Retail and Wholesale Demand Softness
Outdoor recreation demand remained soft: towable RV wholesale units were down 20% in the quarter; management lowered industry wholesale shipment guidance to 280,000–300,000 units (from prior guidance of 315,000–330,000 units), reflecting a meaningful pullback in industry volumes.
Read all updates
Q2-2026 Updates
Positive
Negative
Resilient Top-Line Mix and Aftermarket Growth
Adjusted consolidated net sales were $1.1B for Q2, down 4% year-over-year, with OEM net sales down 10% but aftermarket net sales up 11%, demonstrating resilience driven by higher-margin aftermarket demand.
Read all positive updates
Company Guidance
LCI updated guidance for FY2026 included July adjusted net sales of about $315 million, a revised RV wholesale shipment outlook of 280,000–300,000 units (down from 315,000–330,000), full‑year adjusted revenue of $3.9–$4.1 billion, an adjusted operating profit margin target of 7.5%–8.0%, adjusted EPS of $8.25–$8.75, and full‑year CapEx of $55–$65 million. Management said it can maintain the margin range despite a roughly $250 million lower revenue outlook thanks to self‑help actions; in Q2 on an adjusted basis consolidated net sales were $1.1 billion (‑4% YoY), adjusted operating profit was $99 million (9.3% margin, +110 bps YoY), adjusted EBITDA was $129 million (12.2% margin, up from 11%), GAAP net income was $67 million (GAAP EPS $2.75) and adjusted EPS was $2.70 (up from $2.39). Operational progress and innovation drove content gains (towable content per unit $5,831, +11% YoY; motorized content $3,852, +2%), a $270 million annual revenue run‑rate from the top five innovations and ~ $140 million of expected incremental annualized revenue from 2027 product placements, while balance sheet metrics included $217 million cash, $595 million revolver availability (total liquidity $812 million), net debt $636 million and net debt/adjusted EBITDA of 1.5x (improved from 1.8x); Q2 CapEx was $19 million, Q2 dividends were $28 million (payout $1.15/sh, yield 4.3%), and the company expects to pass through nearly $90 million of tariff refunds to customers.LCI Industries Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
68
Positive
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.03B | 4.12B | 3.74B | 3.78B | 5.21B | 4.47B |
| Gross Profit | 1.03B | 980.29M | 879.72M | 776.19M | 1.27B | 1.04B |
| EBITDA | 442.30M | 412.01M | 343.93M | 255.20M | 682.24M | 513.03M |
| Net Income | 211.26M | 188.25M | 142.87M | 64.19M | 394.97M | 287.74M |
Balance Sheet | ||||||
| Total Assets | 3.27B | 3.18B | 2.89B | 2.96B | 3.25B | 3.29B |
| Cash, Cash Equivalents and Short-Term Investments | 216.51M | 222.62M | 165.76M | 66.16M | 47.50M | 62.90M |
| Total Debt | 1.15B | 1.24B | 995.85M | 1.11B | 1.38B | 1.48B |
| Total Liabilities | 1.84B | 1.82B | 1.51B | 1.60B | 1.87B | 2.20B |
| Stockholders Equity | 1.43B | 1.36B | 1.39B | 1.36B | 1.38B | 1.09B |
Cash Flow | ||||||
| Free Cash Flow | 286.95M | 278.33M | 327.95M | 465.02M | 471.87M | -210.11M |
| Operating Cash Flow | 346.26M | 330.98M | 370.28M | 527.23M | 602.51M | -111.57M |
| Investing Cash Flow | -46.83M | -147.07M | -61.10M | -83.75M | -241.79M | -281.22M |
| Financing Cash Flow | -278.19M | -125.49M | -208.22M | -426.18M | -374.87M | 404.56M |
LCI Industries Technical Analysis
Negative
104.78
Price Trends
100.54
Negative
101.32
Negative
114.30
Negative
Market Momentum
-4.57
Positive
28.04
Positive
13.26
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LCII, the sentiment is Negative. The current price of 104.78 is above the 20-day moving average (MA) of 94.62, above the 50-day MA of 100.54, and below the 200-day MA of 114.30, indicating a bearish trend. The MACD of -4.57 indicates Positive momentum. The RSI at 28.04 is Positive, neither overbought nor oversold. The STOCH value of 13.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LCII.
LCI Industries Risk Analysis
LCI Industries disclosed 40 risk factors in its most recent earnings report. LCI Industries reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
LCI Industries Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $2.14B | 9.78 | 15.25% | 5.41% | 4.05% | 44.68% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $798.88M | 20.17 | 3.13% | 5.14% | 3.44% | ― | |
60 Neutral | $3.07B | -11.53 | -29.22% | 5.12% | 8.43% | -143.55% | |
57 Neutral | $472.86M | 314.93 | 0.32% | ― | 13.25% | -90.28% | |
54 Neutral | $4.31B | -51.34 | -5.32% | 2.64% | 10.46% | -305.37% | |
54 Neutral | $3.84B | 21.33 | 4.13% | 2.88% | 0.31% | -30.23% |
* Consumer Cyclical Sector Average
LCII
LCI Industries
85.03
-5.81
-6.39%
BC
Brunswick
66.23
5.87
9.73%
PII
Polaris
52.94
-1.76
-3.22%
THO
Thor Industries
72.31
-31.05
-30.04%
WGO
Winnebago Industries
27.43
-4.70
-14.63%
MBUU
Malibu Boats
23.21
-8.95
-27.83%
LCI Industries Corporate Events
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
LCI Industries Advances Merger With Patrick Amid HSR Review
Neutral
Sep 10, 2026
On June 30, 2026, LCI Industries agreed to merge with Patrick Industries through a two-step transaction that will ultimately make LCI a direct wholly owned subsidiary of Patrick, reflecting a significant consolidation move in their sector. The com...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
LCI Industries advances merger with Patrick amid HSR review
Neutral
Aug 10, 2026
On June 30, 2026, LCI Industries entered into a merger agreement with Patrick Industries that envisages a two-step transaction, first merging an Patrick subsidiary into LCI so it becomes a direct wholly owned subsidiary, then merging LCI into anot...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
LCI Industries Reports Solid Q2 Results, Eyes Merger
Positive
Aug 7, 2026
On August 5, 2026, LCI Industries reported solid second-quarter results, achieving expanded profitability despite continued softness in outdoor recreation and wholesale RV markets. Management said disciplined operational efficiencies, strategic co...
Dividends
LCI Industries Declares Quarterly Cash Dividend to Shareholders
Positive
Aug 7, 2026
LCI Industries, through its Lippert subsidiary, is a global leader in engineered components for the outdoor recreation and transportation markets, supplying both OEM and aftermarket customers with a focus on innovation and manufacturing strength. ...
Financial Disclosures
LCI Industries Schedules Q2 2026 Earnings Release
Neutral
Jul 22, 2026
LCI Industries announced on July 22, 2026, that it will release its second quarter 2026 financial results before the market opens on Wednesday, August 5, 2026. The timing underscores the company’s adherence to standard earnings disclosure pr...
Business Operations and StrategyExecutive/Board Changes
LCI Industries Adds Independent Director to Board
Positive
Jul 20, 2026
On July 18, 2026, LCI Industries’ board expanded from six to seven members and elected Robert P. Hureau as an independent director, with his term running until the 2027 annual meeting. Hureau joined the Audit, Compensation and Human Capital,...
Business Operations and StrategyM&A Transactions
LCI Industries Announces All-Stock Merger with Patrick Industries
Positive
Jun 30, 2026
On June 30, 2026, LCI Industries and Patrick Industries agreed to an all-stock merger that will combine Lippert’s engineered OEM and aftermarket components with Patrick’s design-to-delivery solutions to create a premier platform servin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.