Episode Details

THOR Industries (THO) Q4 FY2026 — The valuation uses the September 21 pre-print close of $69.94; no post-print reaction is asserted. THOR promises over $100M of annual earnings improvement once its initiatives are fully implemented. Meanwhile, FY2026 free cash flow fell to $168.8M and dividends plus buybacks ran ahead of it. Can the savings become cash without a retail rebound? THE CALL: HOLD (3/5, MODERATE) — base-case value ~$70.00 vs ~$69.94 at the September 21 pre-print close. KEY METRICS: - Q4 revenue $2,311.628M, down 8.4% YoY - Q4 gross margin 12.4%, down 230 bps - Q4 diluted EPS $0.78 vs $2.36 - FY2026 FCF $168.836M = OCF $321.223M less capex $152.387M - July 31 gross debt less cash $393.780M - Ultimate $100M+ annual earnings improvement has unquantified timing What to watch: North American gross margin above 10%, FCF trajectory toward $250M+, and a dated net-savings bridge. Full research packet: https://chargedalpha.com/research/tho-q4-fy2026 Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.