Winnebago Industries, Inc. (WGO)
NYSE:WGO
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Winnebago Industries
(NYSE:WGO)
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Rating:53Neutral
Price Target:
$36.00
▲(9.59% Upside)
Action:ReiteratedDate:03/26/26
The score is held back primarily by thin profitability/returns and a weak technical setup (price below key moving averages with negative momentum). Offsetting these are a reasonably supportive balance sheet with positive free cash flow and a constructive earnings update (maintained guidance, deleveraging), while valuation remains a constraint due to the high P/E despite a solid dividend yield.
Positive Factors
Deleveraging
The $100M partial redemption materially reduces high-coupon secured debt, lowering interest expense and improving leverage metrics. This strengthens financial flexibility for multi-quarter capital allocation, supports refinancing optionality and reduces cyclical interest-cost vulnerability over the next 2–6 months.
Negative Factors
Thin Profitability
Margins and returns remain well below prior-cycle peaks, indicating limited pricing power and constrained cash returns on capital. Persistently thin operating and net margins reduce reinvestment capacity, increase sensitivity to input cost shocks, and limit durable earnings growth despite revenue gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraging
The $100M partial redemption materially reduces high-coupon secured debt, lowering interest expense and improving leverage metrics. This strengthens financial flexibility for multi-quarter capital allocation, supports refinancing optionality and reduces cyclical interest-cost vulnerability over the next 2–6 months.
Read all positive factors
Winnebago Industries (WGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$928.53M
Dividend Yield3.42%
Average Volume (3M)560.23K
Price to Earnings (P/E)58.6
Beta (1Y)1.10
Revenue Growth1.38%
EPS GrowthN/A
CountryUS
Employees5,700
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Recreational Vehicles
Share Statistics
EPS (TTM)0.27
Shares Outstanding28,220,627
10 Day Avg. Volume705,832
30 Day Avg. Volume560,226
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 Cap1.46
Enterprise Value/Revenue0.47
Enterprise Value/Gross Profit3.58
Enterprise Value/Ebitda11.16
Forecast
1Y Price Target
$45.50Price Target Upside38.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.38
Revenue Forecast (FY)$2.92B
Winnebago Industries Business Overview & Revenue Model
Company Description
Winnebago Industries, Inc. manufactures and sells recreation vehicles and marine products primarily for use in leisure travel and outdoor recreation activities. The company operates in six segments: Grand Design Towables, Winnebago Towables, Winne...
How the Company Makes Money
Winnebago Industries primarily makes money by manufacturing and selling outdoor recreation products to dealers, with revenue largely recognized from wholesale shipments of finished units. The company’s key revenue streams are (1) RVs—covering both...
Winnebago Industries Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jun 24, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive, improvement-focused tone: consolidated revenue and profit expanded (revenue +6%, operating income +51%, adjusted EPS +42%), Motorhome RV showed strong growth (Q2 revenue +29% and margin improvement of 270 bps), the company materially reduced debt ($100M note redemption) and maintained full-year guidance. Offsetting challenges include declines in Towable (revenues -9%) and Marine (revenues -3%, margin pressure of 300 bps), inventory turns below target (~1.5x vs 2x goal), competitive share pressure in certain Towable categories, and macro/geopolitical uncertainty. Overall, the positive operational and financial progress, deleveraging and product momentum outweigh the near-term segment headwinds and risks.Positive Updates
Consolidated Revenue and Profit Growth
Consolidated net revenues increased 6% year-over-year in Q2; gross profit grew and operating income improved 51% versus Q2 FY2025, driving adjusted EPS of $0.27, up 42% year-over-year.
Negative Updates
Towable RV Revenue Decline
Towable RV net revenues declined 9% year-over-year in Q2 driven by lower unit volume and a shift toward lower price point models; dealer inventory for Towables increased tied to new product load-ins (Winnebago Thrive/Access and Grand Design Transcend).
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Q2-2026 Updates
Positive
Negative
Consolidated Revenue and Profit Growth
Consolidated net revenues increased 6% year-over-year in Q2; gross profit grew and operating income improved 51% versus Q2 FY2025, driving adjusted EPS of $0.27, up 42% year-over-year.
Read all positive updates
Company Guidance
Management maintained fiscal 2026 guidance of consolidated net revenues of $2.8–$3.0 billion, reported EPS of $1.50–$2.20 (up from $1.40–$2.10) and adjusted EPS of $2.10–$2.80, and cited a wholesale shipment planning range of ~315,000–345,000 units; for Q3 they expect consolidated revenue flat-to-down year‑over‑year with adjusted EBITDA and adjusted EPS roughly in line with the prior year. They reiterated segment views—Towable revenues expected to be softer than FY25, Motorhome revenues and margins expected to improve, and Marine revenues expected below FY25—noted Q2 RV inventory turns of ~1.5x with a goal to approach 2.0x in calendar 2026, and pointed to a February $100 million redemption of 6.25% senior secured notes as evidence of deleveraging and stronger cash flow.Winnebago Industries Financial Statement Overview
Summary
Income Statement
47
Neutral
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Aug 2025 | Aug 2024 | Aug 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.91B | 2.80B | 2.97B | 3.49B | 4.96B | 3.63B |
| Gross Profit | 379.80M | 365.10M | 433.50M | 586.10M | 929.34M | 650.36M |
| EBITDA | 121.70M | 94.50M | 118.10M | 351.70M | 609.69M | 440.70M |
| Net Income | 41.60M | 25.70M | 13.00M | 215.90M | 390.60M | 281.90M |
Balance Sheet | ||||||
| Total Assets | 2.05B | 2.26B | 2.38B | 2.51B | 2.48B | 2.11B |
| Cash, Cash Equivalents and Short-Term Investments | 47.40M | 174.00M | 330.90M | 309.90M | 282.17M | 434.56M |
| Total Debt | 478.20M | 595.40M | 741.80M | 649.30M | 598.66M | 563.91M |
| Total Liabilities | 816.40M | 1.04B | 1.11B | 1.14B | 1.22B | 1.06B |
| Stockholders Equity | 1.24B | 1.22B | 1.27B | 1.37B | 1.26B | 1.06B |
Cash Flow | ||||||
| Free Cash Flow | 125.80M | 89.50M | 98.90M | 211.30M | 312.65M | 192.39M |
| Operating Cash Flow | 156.70M | 128.90M | 143.90M | 294.50M | 400.62M | 237.28M |
| Investing Cash Flow | -25.40M | -34.80M | -45.90M | -170.00M | -315.67M | -33.01M |
| Financing Cash Flow | -199.40M | -251.00M | -77.00M | -96.80M | -237.34M | -62.28M |
Winnebago Industries Technical Analysis
Negative
32.85
Price Trends
42.03
Negative
40.15
Negative
36.33
Negative
Market Momentum
-2.52
Negative
30.22
Neutral
41.81
Neutral
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 32.85 is below the 20-day moving average (MA) of 35.20, below the 50-day MA of 42.03, and below the 200-day MA of 36.33, indicating a bearish trend. The MACD of -2.52 indicates Negative momentum. The RSI at 30.22 is Neutral, neither overbought nor oversold. The STOCH value of 41.81 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $2.99B | 15.99 | 13.76% | 3.72% | 5.74% | 39.40% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $4.74B | -35.47 | -7.80% | 2.27% | -4.78% | -189.89% | |
53 Neutral | $928.53M | 58.59 | 3.39% | 3.42% | 1.38% | ― | |
52 Neutral | $2.18B | 7.26 | 10.26% | 3.47% | -15.99% | -6.76% | |
51 Neutral | $3.22B | -7.73 | -42.42% | 3.99% | -9.39% | -173.86% | |
51 Neutral | $4.28B | 82.80 | 7.01% | 1.94% | 1.43% | 34.76% |
* Consumer Cyclical Sector Average
WGO
Winnebago Industries
32.85
-3.29
-9.11%
BC
Brunswick
73.15
18.61
34.12%
LCII
LCI Industries
123.75
36.26
41.45%
HOG
Harley-Davidson
19.49
-5.64
-22.44%
PII
Polaris
56.83
15.73
38.28%
THO
Thor Industries
81.44
2.41
3.05%
Winnebago Industries Corporate Events
Business Operations and Strategy
Winnebago Announces Partial Redemption of Senior Secured Notes
Positive
Feb 5, 2026
On February 5, 2026, Winnebago Industries announced that it would redeem $100 million of the $200 million outstanding principal of its 6.25% Senior Secured Notes due 2028 on February 20, 2026, at par plus accrued and unpaid interest, with notice o...
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.