Thor Industries, Inc. THO

Competitive advantage analysis · consumer-cyclical

Corporate Default
Overall moat score
66/100
Moderate

Ranked against 15 peers in Recreational Vehicles

About Thor Industries, Inc.

THOR Industries, Inc. designs, manufactures, and sells recreational vehicles (RVs), and related parts and accessories in the United States, Germany, rest of Europe, Canada, and internationally. The company offers travel trailers; gasoline and diesel Class A, Class B, and Class C motorhomes; conventional travel trailers and fifth wheels; conventional motorhomes; luxury fifth wheels; and motorcaravans, campervans, urban vehicles, and caravans, … Full THO analysis →

Key strengths

  • Margins Stable Across Cycles Operating margin volatility is low (stability score 1.00), demonstrating pricing resilience across cycles.
  • Operating Leverage in Effect Operating leverage is evident (score 0.77), with margins expanding over time.

Key risks

  • Revenue Volatility Signals Weak Stickiness Revenue volatility is high (stability score 0.38), suggesting weak customer stickiness.
  • Inconsistent Cash Generation Cash generation is inconsistent (score 0.46), indicating operational challenges.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Strong
76
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where THO ranks in Recreational Vehicles

Thor Industries, Inc. ranks #5 of 16 scored companies in Recreational Vehicles by moat score — the top 31%. The widest moat in the group is LCI Industries (LCII) at 80/100.

# Company Moat score Rating
1 LCI Industries LCII 80/100 Strong
2 Harley-Davidson, Inc. HOG 80/100 Strong
3 Marine Products Corporation MPX 78/100 Strong
4 Massimo Group MAMO 73/100 Moderate
5 Thor Industries, Inc. THO 66/100 Moderate
6 Winnebago Industries, Inc. WGO 53/100 Moderate
7 Brunswick Corporation BC 48/100 Developing
8 Polaris Inc. PII 44/100 Developing
9 Malibu Boats, Inc. MBUU 40/100 Developing

See every General Corporate company ranked by moat score →

How THO scores on the Corporate Default defenses

Pricing Power

Score 76 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 85 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 42 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 69 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 60 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 66 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding THO's moat

What is Thor Industries, Inc.'s moat score?

Thor Industries, Inc. (THO) scores 66 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #5 of 16 scored companies in Recreational Vehicles, the top 31%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 15 companies in Recreational Vehicles. Its strongest defense is Cost Advantage (85/100) and its weakest is Customer Stickiness (42/100).

How does Thor Industries, Inc. compare with other Recreational Vehicles companies?

Thor Industries, Inc. ranks #5 of 16 scored companies in Recreational Vehicles by moat score. The widest moat in Recreational Vehicles is LCI Industries (LCII) at 80/100. The companies ranked closest are Massimo Group (MAMO) at 73 just above it and Winnebago Industries, Inc. (WGO) at 53 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 15 companies in Recreational Vehicles. The defenses are then weighted to produce the overall score out of 100.

Why is Thor Industries, Inc. scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for Thor Industries, Inc.?

The Corporate Default template measures 6 defenses, and THO scores: Pricing Power (76), Cost Advantage (85), Customer Stickiness (42), Capital Efficiency (69), Resilience (60), Scale & Market Position (66). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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