WINNEBAGO INDUSTRIES INC WGO
The use of the terms "Winnebago Industries," "Winnebago," "we," "our," and "us" in this Annual Report on Form 10-K, unless the context otherwise requires, refer to Winnebago Industries, Inc. and its wholly-owned subsidiaries.
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand
Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. We also design and manufacture 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. Other products manufactured by us consist primarily of original equipment manufacturing parts for other manufacturers and commercial vehicles. We produce our towable RV units in Indiana; our motorhome RV units in Iowa and Indiana; our marine units in Indiana and Florida; and our battery solutions in Florida. We distribute our RV and marine products primarily through independent dealers throughout the U.S. and Canada, who then retail the products to the end consumer. We also distribute our marine products internationally through independent dealers, who then retail the products to the end consumer. Our battery solutions are primarily sold to customers in the U.S.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.80B | $2.97B | $3.49B | $4.96B | $3.63B | $2.36B | $1.99B | $2.02B | $1.55B | $975.2M |
| Cost of revenue | $2.43B | $2.54B | $2.90B | $4.03B | $2.98B | $2.04B | $1.68B | $1.72B | $1.32B | $862.6M |
| Gross profit | $365.1M | $433.5M | $586.1M | $929.3M | $650.4M | $312.9M | $307.2M | $299.8M | $222.6M | $112.6M |
| R&D | — | — | — | — | — | — | — | — | — | $4.0M |
| SG&A | $285.8M | $280.0M | $267.7M | $316.4M | $228.6M | $177.1M | $142.3M | $130.1M | $97.6M | $33.2M |
| Total operating expenses | $307.9M | $333.3M | $285.4M | $345.8M | $243.0M | $199.2M | $151.9M | $139.4M | $97.5M | $46.9M |
| Operating income | $57.2M | $100.2M | $300.7M | $583.5M | $407.4M | $113.8M | $155.3M | $160.4M | $125.1M | $65.7M |
| Interest expense | $25.9M | $21.1M | $20.5M | $41.3M | $40.4M | $37.5M | $17.9M | $18.2M | $16.8M | $0 |
| Pre-tax income | $30.1M | $38.4M | $279.2M | $514.7M | $367.5M | $77.3M | $138.9M | $142.6M | $108.6M | $66.2M |
| Income tax | $4.4M | $25.4M | $63.3M | $124.1M | $85.6M | $15.8M | $27.1M | $40.3M | $37.3M | $20.7M |
| Net income | $25.7M | $13.0M | $215.9M | $390.6M | $281.9M | $61.4M | $111.8M | $102.4M | $71.3M | $45.5M |
| EPS, basic | 0.91 | 0.44 | 7.12 | 12.03 | 8.41 | 1.85 | 3.55 | 3.24 | 2.33 | 1.69 |
| EPS, diluted | 0.91 | 0.44 | 6.23 | 11.84 | 8.28 | 1.84 | 3.52 | 3.22 | 2.32 | 1.68 |
| Shares, diluted (wtd. avg.) | $28.3M | $29.5M | $35.4M | $33.0M | $34.1M | $33.5M | $31.7M | $31.8M | $30.8M | $27.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $174.0M | $330.9M | $309.9M | $282.2M | $434.6M | $292.6M | $37.4M | $2.3M | $35.9M | $85.6M |
| Receivables | $192.0M | $183.5M | $178.5M | $254.1M | $253.8M | $220.8M | $158.0M | $164.6M | $124.5M | $66.2M |
| Inventory | $396.4M | $438.7M | $470.6M | $525.8M | $341.5M | $182.9M | $201.1M | $195.1M | $142.3M | $122.5M |
| Total current assets | $792.2M | $988.7M | $996.7M | $1.09B | $1.06B | $713.6M | $410.7M | $371.9M | $314.1M | $280.6M |
| Property, plant and equipment | $333.0M | $338.9M | $327.3M | $276.2M | $191.4M | $174.9M | $127.6M | $101.2M | $71.6M | $55.9M |
| Goodwill | $484.2M | $484.2M | $514.5M | $484.2M | $348.1M | $348.1M | $274.9M | $274.4M | $242.7M | $1.2M |
| Other intangibles | $456.9M | $479.0M | $502.0M | $472.4M | $390.4M | $404.8M | $256.1M | $265.7M | $228.4M | $0 |
| Total assets | $2.15B | $2.38B | $2.43B | $2.42B | $2.06B | $1.71B | $1.10B | $1.05B | $902.5M | $390.7M |
| Accounts payable | $129.3M | $144.7M | $146.9M | $217.5M | $180.0M | $132.5M | $81.6M | $81.0M | $79.2M | $44.1M |
| Short-term debt | $0 | $59.1M | $0 | — | — | $0 | $8.9M | $0 | $2.9M | $0 |
| Total current liabilities | $327.1M | $404.7M | $396.0M | $522.1M | $407.3M | $300.4M | $197.7M | $204.2M | $167.2M | $92.9M |
| Long-term debt | $540.5M | $637.1M | $592.4M | $545.9M | $528.6M | $512.6M | $245.4M | $291.4M | $271.7M | $0 |
| Total liabilities | $929.7M | $1.11B | $1.06B | $1.15B | $1.01B | $886.2M | — | — | — | — |
| Retained earnings | $1.71B | $1.72B | $1.75B | $1.54B | $1.17B | $913.6M | $866.9M | $768.8M | $679.1M | $620.5M |
| Total equity | $1.22B | $1.27B | $1.37B | $1.26B | $1.06B | $827.5M | $632.2M | $534.4M | $441.7M | $268.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $128.9M | $143.9M | $294.5M | $400.6M | $237.3M | $270.4M | $133.8M | $83.3M | $97.1M | $52.7M |
| Depreciation and amortisation | $60.6M | $58.6M | $46.9M | $24.2M | $18.2M | $16.0M | $13.7M | $9.8M | $7.3M | $5.7M |
| Stock-based compensation | $15.8M | $14.6M | $10.9M | $17.1M | $15.3M | $6.5M | $7.1M | $7.4M | $3.0M | $3.3M |
| Capital expenditure | $39.4M | $45.0M | $83.2M | $88.0M | $44.9M | $32.4M | $40.9M | $28.7M | $14.0M | $24.6M |
| Investing cash flow | -$34.8M | -$45.9M | -$170.0M | -$315.7M | -$33.0M | -$293.1M | -$38.9M | -$111.8M | -$405.4M | -$23.4M |
| Financing cash flow | -$251.0M | -$77.0M | -$96.8M | -$237.3M | -$62.3M | $277.8M | -$59.7M | -$5.2M | $258.6M | -$14.0M |
| Dividends paid | $38.9M | $36.8M | $33.2M | $23.8M | $16.2M | $14.6M | $13.7M | $12.7M | $12.7M | $10.9M |
| Buybacks | $53.7M | $74.5M | $55.1M | $214.3M | $47.6M | $1.8M | $8.2M | $6.5M | $1.5M | $3.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000107687-25-000034.
Others in SIC 3716
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| THO | THOR INDUSTRIES INC | $4.01B | 15.9x | -4.6% |