Winnebago Industries

WGO · NYSE · Consumer Discretionary · Financials, fiscal 2017 to 2026

WGO · Last close · October 26, 2026

$28.11

Winnebago Industries' revenue fell 3.4% to $2.7 billion in fiscal 2026. Its operating margin was 2.5%, up from 2.0% a year earlier. Free cash flow was $145 million, up 61.6%. It paid out $42 million in dividends and buybacks, 29% of free cash flow. The diluted share count rose 0.3%.

WINNEBAGO INDUSTRIES, INC. Latest fiscal year ended August 29, 2026 10-K filed October 21, 2026 · 0001628280-26-066701 Updated October 21, 2026

Revenue

$2.7B

3.4%

Operating margin

2.5%

0.4 pts

Net income

$34M

34.2%

Free cash flow

$145M

61.6%

Return on capital

3.3%

0.2 pts

Market cap

$798M

Oct 26 close

P/E

23.2x

On $1.21 EPS, FY26

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Winnebago Industries does

Winnebago Industries makes recreational vehicles, boats and batteries. Its brands include Winnebago and Grand Design for RVs, Newmar for motorhomes, and Chris-Craft and Barletta for boats. It also makes battery systems that supply "house power" for RVs, boats and other low-speed vehicles, and some parts for other manufacturers and commercial vehicles.

It reports three segments: Towable RV, Motorhome RV and Marine. Towable RVs, such as travel trailers and fifth wheels, are pulled by cars, pickups or vans and used as living space on trips. The company builds towables in Indiana, motorhomes in Iowa and Indiana, boats in Indiana and Florida, and batteries in Florida. It sells RVs and boats mostly to independent dealers in the United States and Canada, who then sell to the buyer. It also sells boats internationally through dealers. It earns money from these sales and from parts and service.

At the end of fiscal 2026 on August 29, 2026, it employed about 5,000 people.

Its biggest risks, as it describes them

Weaker consumer spending, since RVs and boats are discretionary purchases.
Tight credit that could stop dealers and shoppers from financing purchases.
Its business depends on independent dealers, and a major dealer could be lost.
It may have to buy back unsold products if a dealer defaults.
Dependence on a small group of suppliers for some parts, and tariffs and higher material costs.

From Winnebago Industries's annual report on Form 10-K, filed October 21, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share fell 7.0% a year and net income 7.7% a year, while buybacks cut the share count by 8%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Winnebago Industries yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Winnebago Industries says to expect

Calendar 2026 and 2027: RV wholesale shipmentsFor calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 275,000 to 295,000 units. For calendar year 2027, Winnebago Industries anticipates total North American RV wholesale shipments in the range of 265,000 to 295,000 units.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 21, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Winnebago Industries' 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Winnebago Industries' fiscal 2026 free cash flow of $145M, net cash of −$268M at August 29, 2026 and 28 million diluted shares, from its filings. The scenarios are fitted to Winnebago Industries: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -8.2% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Automobile Manufacturers), plus 1 point as a smaller company, worth $798M, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at August 29, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Winnebago Industries's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $28.11
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Winnebago Industries' earnings per share of $1.21 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 20.4×, the average of the Consumer Discretionary median and Winnebago Industries' own P/E today for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 14%, 13% and 12%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available.

Earnings growth in the years ahead (% a year) Starts at Winnebago Industries' revenue growth over the last 3 years, -8.2% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $28.11
Value at this multiple, against the last close: —
Winnebago Industries' P/E at the last close: 23.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	282	310	331	174	181
Debt incl. finance leases	554	601	646	549	450
Net debt (negative means net cash)	271	292	316	375	268
Net debt to EBITDA	0.4x	0.8x	2.0x	3.2x	2.1x
Debt to equity	0.4x	0.4x	0.5x	0.5x	0.4x
Interest coverage	14.1x	14.7x	4.8x	2.2x	3.2x
Current ratio	2.1x	2.5x	2.4x	2.4x	2.2x
Quick ratio	1.1x	1.3x	1.4x	1.2x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Winnebago Industries shares on the open market, and 2 insiders sold $805,664, $511,659 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 19, 2026	Bret A WoodsonSvp-chro	Sold plan	1,235	$31.73	$39,187	Form 4
Aug 13, 2026	Michael J HappePresident & CEO, Director	Sold plan	12,045	$32.68	$393,631	Form 4
Aug 13, 2026	Bret A WoodsonSvp-chro	Sold plan	2,414	$32.66	$78,841	Form 4
Oct 27, 2025	Michael J HappePresident & CEO, Director	Sold	7,105	$41.38	$294,005	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	4 of 9	6 of 9	6 of 9
Accruals ratio	−5.4%	−4.5%	−6.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Winnebago Industries side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Winnebago Industries	FY26	−3.4%	2.5%	5.3%	3.3%	2.1x	6
Rivian Automotive	FY25	8.4%	−66.5%	−46.2%	−88.0%	—	4	Compare
Lucid Group	FY25	67.6%	−258.7%	−280.7%	−136.7%	—	3	Compare
XPeng	FY25	87.7%	−3.6%	6.7%	−8.4%	—	6	Compare
NIO	FY25	33.1%	−16.1%	−3.5%	—	—	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	1,547	2,017	1,986	2,356	3,630	4,958	3,491	2,974	2,798	2,704
Revenue growth	58.6%	30.4%	−1.5%	18.6%	54.1%	36.6%	−29.6%	−14.8%	−5.9%	−3.4%
Gross profit	223	300	307	313	650	929	586	434	365	350
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	125	160	155	114	407	584	301	100	57	66
Net income	71	102	112	61	282	391	216	13	26	34
Diluted EPS (US$)	2.32	3.22	3.52	1.84	8.28	11.84	6.23	0.44	0.91	1.21
Diluted shares (millions)	31	32	32	34	34	33	35	30	28	28
Cash flow
Cash from operations	97	83	134	270	237	401	294	144	129	169
Capital expenditure	14	29	41	32	45	88	83	45	39	24
Free cash flow	83	55	93	238	192	313	211	99	90	145
Dividends paid	13	13	14	15	16	24	33	37	39	40
Share buybacks	2	6	8	2	48	214	55	74	54	2
Acquisitions	392	81	1	261	0	228	88	0	0	0
Stock-based compensation	3	7	7	6	15	17	11	15	16	17
Balance sheet at fiscal year end
Cash and short-term investments	36	2	37	293	435	282	310	331	174	181
Debt incl. finance leases	275	291	254	518	535	554	601	646	549	450
Total assets	902	1,052	1,104	1,714	2,063	2,417	2,432	2,384	2,154	2,102
Total liabilities	461	517	472	886	1,006	1,154	1,064	1,111	930	865
Shareholders' equity	442	534	632	828	1,057	1,263	1,368	1,273	1,225	1,237
Margins and ratios
Gross margin	14.4%	14.9%	15.5%	13.3%	17.9%	18.7%	16.8%	14.6%	13.1%	12.9%
Operating margin	8.1%	8.0%	7.8%	4.8%	11.2%	11.8%	8.6%	3.4%	2.0%	2.5%
Net margin	4.6%	5.1%	5.6%	2.6%	7.8%	7.9%	6.2%	0.4%	0.9%	1.3%
Free cash flow margin	5.4%	2.7%	4.7%	10.1%	5.3%	6.3%	6.0%	3.3%	3.2%	5.3%
Return on capital	19.0%	15.3%	14.9%	9.5%	28.3%	32.9%	14.6%	3.1%	3.1%	3.3%
Return on equity	20.1%	21.0%	19.2%	8.4%	29.9%	33.7%	16.4%	1.0%	2.1%	2.8%
Return on assets	11.0%	10.5%	10.4%	4.4%	14.9%	17.4%	8.9%	0.5%	1.1%	1.6%
Net debt to EBITDA	1.5x	1.6x	1.2x	1.5x	0.2x	0.4x	0.8x	2.0x	3.2x	2.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Winnebago Industries' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Winnebago Industries.