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Winnebago Industries
(NYSE:WGO)
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Rating:61Neutral
Price Target:
$34.00
▲(10.35% Upside)
Action:Reiterated
Date:08/22/26
WGO scores moderately due to stabilized-but-still-pressured financial performance: declining revenue and compressed margins are partially offset by a much stronger balance sheet and improved free cash flow. The earnings call adds caution because guidance expects continued near-term demand softness (Q4 down double-digits YoY) and profitability pressure, while technicals and valuation are neutral-to-slightly supportive (modest momentum, dividend yield, but elevated P/E for a cyclical profile).
Positive Factors
Deleveraged Balance Sheet
The sharp reduction in debt materially lowers financial risk and interest burden, giving Winnebago greater flexibility to manage the RV cycle, fund operations and pursue product or capacity initiatives despite currently subdued returns.
Negative Factors
Prolonged Revenue Contraction
A multi-year decline from the 2022 revenue peak shows that demand normalization remains unresolved. Continued lower wholesale shipments and dealer caution can limit operating leverage, product investment capacity and sustainable earnings growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraged Balance Sheet
The sharp reduction in debt materially lowers financial risk and interest burden, giving Winnebago greater flexibility to manage the RV cycle, fund operations and pursue product or capacity initiatives despite currently subdued returns.
Read all positive factors
Winnebago Industries (WGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$870.96M
Dividend Yield3.46%
Average Volume (3M)844.45K
Price to Earnings (P/E)22.3
Beta (1Y)1.06
Revenue Growth3.44%
EPS GrowthN/A
CountryUS
Employees5,300
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Recreational Vehicles
Share Statistics
EPS (TTM)1.36
Shares Outstanding28,268,892
10 Day Avg. Volume562,306
30 Day Avg. Volume844,454
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)0.83
Price to Sales (P/S)0.36
P/FCF Ratio11.34
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
$35.00Price Target Upside13.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)1.81
Revenue Forecast (FY)$2.72B
Winnebago Industries Business Overview & Revenue Model
Company Description
Winnebago Industries, Inc. specializes in the production and sale of recreational vehicles (RVs) and marine products, primarily catering to the leisure travel and outdoor recreation markets. The company's operations are divided into six distinct s...
How the Company Makes Money
Winnebago Industries primarily makes money by manufacturing recreational products and selling them through dealer channels. Its core revenue stream is the sale of RVs, which includes both motorized RVs (motorhomes) and towable RVs (travel trailers...
Winnebago Industries Earnings Call Summary
Earnings Call Date:Jun 25, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Neutral
The call painted a mixed picture: tangible progress in motorhome recovery, strong performance at Barletta, active new-product initiatives and disciplined cost/SG&A management are meaningful positives. Offsetting these are sizable top-line and profitability declines at the enterprise level (notably a ~10% consolidated revenue decline and a ~26% drop in towables), continued demand uncertainty with dealer caution, and margin pressure from input costs. Management is pursuing capacity rationalization, material cost savings and product affordability moves to navigate the cycle.Positive Updates
Motorhome Segment Growth and Turnaround
Motorhome net revenues rose to $320.7M from $291.2M (+10.1% YoY). Operating income turned positive at $9.6M vs a loss of $3.2M in the prior year, and operating margin improved to 3.0% from -1.1%, reflecting higher unit volume, selective pricing and product/mix improvements.
Negative Updates
Consolidated Revenue Decline
Consolidated net revenues fell to $698.7M, down 9.9% YoY (from $775.1M), driven by lower unit volume and softer retail demand as the quarter progressed.
Read all updates
Q3-2026 Updates
Positive
Negative
Motorhome Segment Growth and Turnaround
Motorhome net revenues rose to $320.7M from $291.2M (+10.1% YoY). Operating income turned positive at $9.6M vs a loss of $3.2M in the prior year, and operating margin improved to 3.0% from -1.1%, reflecting higher unit volume, selective pricing and product/mix improvements.
Read all positive updates
Company Guidance
Management updated fiscal 2026 guidance to consolidated net revenues of $2.65–$2.75 billion, reported EPS of $1.05–$1.40 and adjusted EPS of $1.65–$2.00, and said Q4 sales are expected to be down sequentially from Q3 and down double‑digits year‑over‑year; gross margins and EBITDA margins are expected to be slightly down sequentially but roughly flat to last year as cost‑savings offset deleverage. At the quarter end they reported cash of $57.1 million, total debt of $450 million ($442.9M net of issuance costs), working capital of $411.6 million, operating cash flow of $25.6 million for the quarter, and net leverage rising modestly from 2.9x to 3.0x; management also reiterated targets to drive motorized and marine dealer turns toward ~2x over the coming quarters (towables to follow as retail stabilizes).Winnebago Industries Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
74
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Aug 2025 | Aug 2024 | Aug 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.84B | 2.80B | 2.97B | 3.49B | 4.96B | 3.63B |
| Gross Profit | 368.70M | 365.10M | 433.50M | 586.10M | 929.34M | 650.36M |
| EBITDA | 128.20M | 94.50M | 118.10M | 351.70M | 609.69M | 440.70M |
| Net Income | 38.50M | 25.70M | 13.00M | 215.90M | 390.60M | 281.90M |
Balance Sheet | ||||||
| Total Assets | 2.04B | 2.26B | 2.38B | 2.51B | 2.48B | 2.11B |
| Cash, Cash Equivalents and Short-Term Investments | 57.10M | 174.00M | 330.90M | 309.90M | 282.17M | 434.56M |
| Total Debt | 477.00M | 595.40M | 741.80M | 649.30M | 598.66M | 563.91M |
| Total Liabilities | 804.10M | 1.04B | 1.11B | 1.14B | 1.22B | 1.06B |
| Stockholders Equity | 1.23B | 1.22B | 1.27B | 1.37B | 1.26B | 1.06B |
Cash Flow | ||||||
| Free Cash Flow | 180.60M | 89.50M | 98.90M | 211.30M | 312.65M | 192.39M |
| Operating Cash Flow | 207.60M | 128.90M | 143.90M | 294.50M | 400.62M | 237.28M |
| Investing Cash Flow | -20.60M | -34.80M | -45.90M | -170.00M | -315.67M | -33.01M |
| Financing Cash Flow | -140.40M | -251.00M | -77.00M | -96.80M | -237.34M | -62.28M |
Winnebago Industries Technical Analysis
Negative
30.81
Price Trends
30.82
Negative
30.55
Negative
34.74
Negative
Market Momentum
0.11
Positive
43.18
Neutral
18.28
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WGO, the sentiment is Negative. The current price of 30.81 is below the 20-day moving average (MA) of 31.75, below the 50-day MA of 30.82, and below the 200-day MA of 34.74, indicating a bearish trend. The MACD of 0.11 indicates Positive momentum. The RSI at 43.18 is Neutral, neither overbought nor oversold. The STOCH value of 18.28 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for WGO.
Winnebago Industries Risk Analysis
Winnebago Industries disclosed 23 risk factors in its most recent earnings report. Winnebago Industries reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Winnebago Industries Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $2.50B | 11.77 | 15.25% | 4.45% | 4.05% | 44.68% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $870.96M | 22.33 | 3.13% | 3.41% | 3.44% | ― | |
61 Neutral | $5.16B | -60.16 | -5.32% | 2.18% | 10.46% | -305.37% | |
60 Neutral | $3.63B | -13.91 | -29.22% | 3.70% | 8.43% | -143.55% | |
56 Neutral | $2.90B | 16.77 | 6.27% | 2.88% | -5.25% | -14.29% | |
54 Neutral | $4.05B | 15.32 | 6.06% | 2.71% | 2.40% | 18.91% |
* Consumer Cyclical Sector Average
WGO
Winnebago Industries
30.37
-4.18
-12.11%
BC
Brunswick
77.60
15.42
24.80%
LCII
LCI Industries
102.30
1.07
1.06%
HOG
Harley-Davidson
27.84
-0.36
-1.28%
PII
Polaris
63.85
9.65
17.81%
THO
Thor Industries
76.31
-30.75
-28.72%
Winnebago Industries Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Winnebago Industries Amends and Extends Credit Facility
Positive
Aug 21, 2026
On August 20, 2026, Winnebago Industries and several RV-focused subsidiaries entered into a Third Amended and Restated Credit Agreement that replaces a prior asset-based lending facility of up to $350 million. The new agreement extends the facilit...
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.