LCI Industries (LCII) AI Stock Analysis

• Market Cap: $2.93B
• Dividend Yield: 3.72%
• Average Volume (3M): 305.62K
• Price to Earnings (P/E): 16.0
• Beta (1Y): 0.92
• Revenue Growth: 5.74%
• EPS Growth: 39.40%
• Country: US
• Employees: 11,500
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Recreational Vehicles
• EPS (TTM): 0.89
• Shares Outstanding: 24,201,069
• 10 Day Avg. Volume: 268,149
• 30 Day Avg. Volume: 305,623
• PEG Ratio: 0.45
• Price to Book (P/B): 2.21
• Price to Sales (P/S): 0.73
• P/FCF Ratio: 10.81
• Enterprise Value/Market Cap: 1.35
• Enterprise Value/Revenue: 0.96
• Enterprise Value/Gross Profit: 4.02
• Enterprise Value/Ebitda: 9.57
• 1Y Price Target: $158.60
• Price Target Upside: 30.72% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): 8.78
• Revenue Forecast (FY): $4.28B

• Rating: 69 Neutral
• Price Target: $148.00 ▲(21.98% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is driven by improving fundamentals and a materially strengthened balance sheet, reinforced by upbeat 2026 guidance and continued capital returns. Near-term technical weakness and oversold signals temper the outlook, while valuation appears reasonable with a solid dividend yield.

Positive Factors

Balance-sheet deleveraging

A sharp reduction in debt materially lowers financial risk and increases strategic flexibility. With much lower leverage and improved ROE, LCII can fund capex, M&A, and buybacks from internal resources, better withstand cyclical weak periods, and pursue margin expansion without balance-sheet strain.

Product & content innovation

Sustained product innovation that raises content per unit creates durable top-line lift and recurring aftermarket opportunity. Higher per-unit content strengthens OEM stickiness, enables pricing power, and builds a larger installed base that supports steady replacement revenues over multiple cycles.

Diversified OEM/aftermarket growth and cash returns

Balanced growth across OEM and aftermarket, driven by a sizeable installed base, reduces reliance on single-cycle OEM production. Combined with positive operating cash flow and an active buyback/dividend program, this indicates durable cash-generation capacity and disciplined capital allocation.

Negative Factors

Aftermarket margin compression

A sustained decline in aftermarket margins driven by mix shifts, investments and input costs can erode one of LCII’s most stable earnings streams. If lower-margin product mix and investment-driven price/volume choices persist, long-term profitability and cash conversion from the installed base may be constrained.

Material cost and tariff pressure

Persistent input-cost inflation and tariff risk are structural headwinds for an engineered-components supplier. Unless the company secures lasting sourcing, design or pricing offsets, elevated material/freight costs will shrink gross margins and force ongoing margin remediation actions that take time to realize.

Cyclicality and dealer caution

LCII’s heavy exposure to RV OEM cycles and dealer inventory dynamics creates recurring demand volatility. Slower retail sell-through and cautious dealers can depress OEM orders and working-capital turns, making revenue and cash flow sensitive to macro/weather cycles despite aftermarket insulation.

LCI Industries Business Overview & Revenue Model

Company Description

LCI Industries, together with its subsidiaries, manufactures and supplies components for the manufacturers of recreational vehicles (RVs) and adjacent industries in the United States and internationally. It operates in two segments, Original Equipment Manufacturers (OEM) and Aftermarket. The OEM segment manufactures and distributes a range of engineered components, such as steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; appliances; air conditioners; televisions and sound systems; and other accessories. This segment serves OEMs of RVs and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing, as well as travel trailers, fifth-wheel travel trailers, folding camping trailers, and truck campers. The Aftermarket segment supplies various components of RV and adjacent industries to retail dealers, wholesale distributors, and service centers. This segment also sells replacement glass and awnings to fulfill insurance claims; and biminis, covers, buoys, and fenders to the marine industry. The company was formerly known as Drew Industries Incorporated and changed its name to LCI Industries in December 2016. LCI Industries was incorporated in 1984 and is based in Elkhart, Indiana.

How the Company Makes Money

LCI Industries generates revenue primarily through the sale of its extensive range of components to manufacturers in the RV, marine, and trailer markets. The company benefits from a diversified revenue model that includes direct sales to OEMs (original equipment manufacturers) and aftermarket sales to distributors and retailers. Key revenue streams include the sale of axles, chassis, slide-out mechanisms, and other essential components. Additionally, LCI has established significant partnerships with major RV manufacturers, which provide a steady stream of orders and contribute to its earnings stability. The company's focus on innovation and product expansion, along with the growing popularity of outdoor recreational activities, further bolster its revenue potential.

LCI Industries Financial Statement Overview

Summary

Post-downturn recovery is evident with higher 2025 net income and steadier gross margin, while the balance sheet is meaningfully de-risked by a sharp debt reduction and improved ROE. Offsetting this, net margins remain below prior peak-cycle levels and 2025 free cash flow softened with some working-capital/timing drag, consistent with cyclicality.

Income Statement

Revenue rebounded in 2025 (+3.2% vs. 2024) after the 2023–2024 softness, and profitability improved meaningfully with net income rising to $188M (from $143M in 2024 and $64M in 2023). Gross margin has remained fairly steady around ~23–25% in the last two years, but net margin is still relatively modest at ~4.6% in 2025 versus stronger 2021–2022 levels (~6–7.6%), highlighting a business that has recovered but not fully returned to peak-cycle profitability.

Balance Sheet

Leverage has improved sharply: total debt fell to ~$294M in 2025 from ~$996M in 2024 and ~$1.38B in 2022, driving debt-to-equity down to ~0.22 (from ~0.72 in 2024 and ~1.00 in 2022). Equity remains solid at ~$1.36B on ~$3.18B of assets, and return on equity improved to ~13.8% in 2025 (up from ~10.3% in 2024), though still below the very strong 2021–2022 returns, suggesting a healthier balance sheet with profitability still normalizing.

Cash Flow

Cash generation is positive and supportive: 2025 operating cash flow was ~$331M and free cash flow ~$278M, with free cash flow running at ~84% of net income, indicating reasonable earnings quality. However, free cash flow declined ~10.1% in 2025 and operating cash flow covered less than net income (coverage ~0.70), showing some working-capital or timing drag; the history also includes a notable 2021 cash flow dip (negative operating and free cash flow), which adds a cyclical/volatility consideration.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.12B	3.74B	3.78B	5.21B	4.47B
Gross Profit	980.29M	879.72M	776.19M	1.27B	1.04B
EBITDA	412.01M	343.93M	255.20M	682.24M	513.03M
Net Income	188.25M	142.87M	64.19M	394.97M	287.74M
Balance Sheet
Total Assets	3.18B	2.89B	2.96B	3.25B	3.29B
Cash, Cash Equivalents and Short-Term Investments	222.62M	165.76M	66.16M	47.50M	62.90M
Total Debt	1.24B	995.85M	1.11B	1.38B	1.48B
Total Liabilities	1.82B	1.51B	1.60B	1.87B	2.20B
Stockholders Equity	1.36B	1.39B	1.36B	1.38B	1.09B
Cash Flow
Free Cash Flow	278.33M	327.95M	465.02M	471.87M	-210.11M
Operating Cash Flow	330.98M	370.28M	527.23M	602.51M	-111.57M
Investing Cash Flow	-147.07M	-61.10M	-83.75M	-241.79M	-281.22M
Financing Cash Flow	-125.49M	-208.22M	-426.18M	-374.87M	404.56M

LCI Industries Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 121.33
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Positive
• STOCH: 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 121.33 is below the 20-day moving average (MA) of 131.23, below the 50-day MA of 138.79, and above the 200-day MA of 109.26, indicating a neutral trend. The MACD of -5.24 indicates Positive momentum. The RSI at 28.84 is Positive, neither overbought nor oversold. The STOCH value of 13.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LCII.

LCI Industries Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LCII	69 Neutral	$2.93B	15.99	13.76%	3.72%	5.74%	39.40%
WGO	63 Neutral	$933.82M	46.39	2.98%	3.42%	1.38%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
BC	58 Neutral	$4.62B	-35.47	-7.80%	2.27%	-4.78%	-189.89%
THO	55 Neutral	$4.02B	82.80	7.01%	1.94%	1.43%	34.76%
HOG	52 Neutral	$1.97B	7.26	10.26%	3.47%	-15.99%	-6.76%
PII	51 Neutral	$2.97B	-2.96	-42.42%	3.99%	-9.39%	-173.86%

LCI Industries Corporate Events

LCI Industries Declares Regular Quarterly Cash Dividend

LCI Industries, through its Lippert subsidiary, is a global supplier of engineered components to the outdoor recreation and transportation markets, serving both OEM and aftermarket customers with an emphasis on innovation and advanced manufacturing. The company positions itself as a reliable partner across these sectors, aiming to enhance the customer experience and support a broad base of recreation and transportation clients.

On February 27, 2026, LCI Industries announced that its board had declared a regular quarterly cash dividend of $1.15 per share of common stock. The dividend, payable on March 27, 2026, to shareholders of record as of March 13, 2026, underscores the company’s ongoing capital return strategy and may be seen by investors as a sign of confidence in its financial position and cash generation capacity.

The most recent analyst rating on (LCII) stock is a Hold with a $161.00 price target. To see the full list of analyst forecasts on LCI Industries stock, see the LCII Stock Forecast page.

LCI Industries Reports Strong Q4 Growth and Margins

On its 18 February 2026 call discussing fourth-quarter 2025 results, LCI Industries reported 15% year-over-year revenue growth and more than doubled operating margins, underpinned by strong OEM and aftermarket performance. Management highlighted 18% OEM sales growth to $737 million, including 17% RV OEM revenue growth and 21% growth in other OEM markets, boosted by acquisitions in bus seating and climate systems, while aftermarket sales rose 8% to $196 million as the company capitalized on its extensive installed base and innovation-led content gains across RV and marine platforms.

LCI’s growth was driven by market share gains, rising content per RV and successful integration of bus-related acquisitions Freedman Seating and Trans Air, which together contributed $31 million of incremental quarterly sales. Executives emphasized that new products such as chill cube air conditioners, advanced suspensions and Sundeck patio systems have sharply increased towable content per unit and created high-margin, recurring aftermarket revenues as roughly 1.5 million RVs move into the repair and replacement cycle over the next one to three years.

The most recent analyst rating on (LCII) stock is a Hold with a $160.00 price target. To see the full list of analyst forecasts on LCI Industries stock, see the LCII Stock Forecast page.

LCI Industries Announces Retirement of Longtime Board Director

LCI Industries, a major supplier of engineered components to the outdoor recreation and transportation sectors, operates globally through its Lippert subsidiary and targets both OEM and aftermarket customers. The company emphasizes innovation and manufacturing strength to position itself as a reliable partner across its markets.

On February 13, 2026, LCI Industries announced that longtime director and former chairman James F. Gero will retire from its board at the 2026 Annual Meeting of Stockholders, following 33 years of service. His departure, which is not due to any disagreement with the company, closes a tenure marked by guiding LCI through key milestones, and the board will continue reviewing its size and composition as part of ongoing succession and refreshment efforts.

The most recent analyst rating on (LCII) stock is a Buy with a $170.00 price target. To see the full list of analyst forecasts on LCI Industries stock, see the LCII Stock Forecast page.

LCI Industries Schedules Q4 and Full-Year 2025 Results

On February 4, 2026, LCI Industries announced it will release its fourth quarter and full-year 2025 financial results before U.S. markets open on Wednesday, February 18, 2026, and will discuss the numbers on a conference call and webcast at 8:30 a.m. ET the same day. The planned earnings release and accompanying investor presentation underscore the company’s effort to maintain transparency with shareholders and analysts at a time when many peers are also reporting, with replays of both the call and webcast to be made available for those unable to participate live.

The most recent analyst rating on (LCII) stock is a Buy with a $170.00 price target. To see the full list of analyst forecasts on LCI Industries stock, see the LCII Stock Forecast page.