LCI Industries achieved higher profits despite declining sales through cost controls and operational efficiencies. Profit growth amid falling sales indicates cost discipline that can lift near-term margins and sentiment for LCII.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | 3 | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 4.65 |
—
—
—
|
| 2025 | 4.60 |
—
—
—
—
|
| 2024 | 4.30 |
—
—
—
—
|
| 2023 | 4.20 |
—
—
—
—
|
| 2022 | 4.05 |
—
—
—
—
|
| 2021 | 3.45 |
—
—
—
—
|
| 2020 | 2.80 |
—
—
—
—
|
| 2019 | 2.55 |
—
—
—
—
|
| 2018 | 2.35 |
—
—
—
—
|
| 2017 | 2.05 |
—
—
—
—
|
| 2016 | 1.40 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 66.16 | 165.76 | 222.62 | 216.51 |
| Receivables | 214.71 | 199.56 | 243.43 | 383.00 |
| Inventory | 768.41 | 736.60 | 809.09 | 768.98 |
| Other | — | — | — | — |
| 1,116.87 | 1,160.24 | 1,349.69 | 1,484.72 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 183.70 | 187.68 | 202.26 | 208.86 |
| ST’ Debt | 0.59 | 0.42 | 3.68 | 3.66 |
| Other | — | — | — | — |
| 394.99 | 412.05 | 473.37 | 597.25 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1,090.52 | 968.68 | — | — |
—
|
| ’25 | 1,045.59 | 1,107.25 | 1,036.48 | 932.70 |
4,122.02
|
| ’24 | 968.03 | 1,054.54 | 915.50 | 803.14 |
3,741.21
|
| ’23 | 973.31 | 1,014.64 | 959.32 | 837.54 |
3,784.81
|
| ’22 | 1,644.57 | 1,536.15 | 1,132.08 | 894.35 |
5,207.14
|
| ’21 | 1,000.26 | 1,093.72 | 1,165.31 | 1,213.41 |
4,472.70
|
| ’20 | 659.67 | 525.77 | 827.73 | 783.00 |
2,796.17
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (33.46) | 203.68 | — | — |
—
|
| ’25 | 42.72 | 112.22 | 97.17 | 78.87 |
330.98
|
| ’24 | (7.65) | 192.94 | 78.41 | 106.60 |
370.28
|
| ’23 | 74.68 | 198.89 | 115.70 | 137.97 |
527.23
|
| ’22 | 134.93 | 213.05 | 137.54 | 117.01 |
602.51
|
| ’21 | 4.85 | 19.01 | (11.57) | (123.87) |
(111.57)
|
| ’20 | 44.76 | 57.34 | 110.39 | 18.91 |
231.40
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (43.13) | 187.07 | — | — |
—
|
| ’25 | 33.68 | 99.48 | 103.54 | 64.30 |
301.01
|
| ’24 | (16.26) | 180.22 | 68.34 | 95.65 |
327.95
|
| ’23 | 57.52 | 181.97 | 99.72 | 125.82 |
465.02
|
| ’22 | 92.89 | 184.25 | 104.63 | 90.11 |
471.87
|
| ’21 | (16.11) | (2.04) | (43.43) | (148.53) |
(210.11)
|
| ’20 | 36.80 | 50.75 | 96.27 | (9.77) |
174.05
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 2.53 | 2.75 | — | — |
—
|
| ’25 | 1.94 | 2.29 | 2.55 | 0.77 |
7.57
|
| ’24 | 1.44 | 2.40 | 1.39 | 0.37 |
5.60
|
| ’23 | 0.29 | 1.31 | 1.02 | (0.09) |
2.52
|
| ’22 | 7.71 | 6.06 | 2.40 | (0.68) |
15.48
|
| ’21 | 2.93 | 2.67 | 2.49 | 3.22 |
11.32
|
| ’20 | 1.12 | 0.52 | 2.70 | 1.92 |
6.27
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 89.28 | 92.22 | 96.19 | 72.31 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 161.11 | 137.07 | 129.38 | 125.00 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12,900 | 11,700 | 11,500 | 12,300 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.40 | 0.32 | 0.33 | 0.34 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,207.14 | 3,784.81 | 3,741.21 | 4,122.02 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 24.45% | 20.51% | 23.51% | 23.78% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 525.46 | 83.00 | 189.34 | 255.07 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.09% | 2.19% | 5.06% | 6.19% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 394.97 | 64.20 | 142.87 | 188.25 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 129.21 | 131.77 | 125.69 | 121.23 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 205.23 | 149.57 | 147.02 | 166.19 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 15.57 | 2.54 | 5.61 | 7.59 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.75 | 20.84 | 14.55 | 13.34 | ‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.15) | (2.46) | (1.66) | (1.21) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.60 | 18.38 | 12.89 | 12.14 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 54.43 | 53.55 | 54.50 | 54.87 | ‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.37 | 25.31 | 25.45 | 24.80 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.08 | 49.52 | 18.43 | 16.05 | ‡‡‡‡ | ‡‡‡‡ | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.46 | 0.84 | 0.70 | 0.73 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.74 | 2.35 | 1.90 | 2.21 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.67 | 1.05 | 0.86 | 0.91 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.35 | 8.52 | 9.83 | 12.40 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 602.51 | 527.23 | 370.28 | 330.98 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (130.64) | (62.21) | (42.33) | (29.97) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 471.87 | 465.02 | 327.95 | 301.01 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 969.48 | 721.88 | 748.19 | 876.32 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,118.97 | 847.42 | 757.25 | 945.19 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,071.48 | 781.27 | 591.50 | 722.57 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,381.01 | 1,355.04 | 1,386.89 | 1,360.83 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.09% | 2.07% | 4.88% | 6.20% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14.09% | 3.61% | 6.89% | 8.40% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 31.93% | 4.69% | 10.42% | 13.70% | — | — | — |
ROE
|
LCI Industries (LCII), a major supplier of RV and marine components, perfectly captures the ups and downs of the leisure manufacturing cycle. Revenue skyrocketed 210% from $1.68 billion in 2016 to a peak of $5.21 billion in 2022, riding pandemic-fueled RV demand and record shipments over 600,000 units annually. But 2023 brought a harsh reality check—sales plunged 27% to $3.78 billion amid high interest rates, dealer destocking, and inventory writedowns—stabilizing at $3.74 billion in 2024. Profitability swung wildly too: EPS crashed from $15.57 in 2022 to $2.54 in 2023 before rebounding to $5.61 last year, with efficiency metrics like revenue per employee highlighting operational leverage.
Despite the turbulence, LCII’s fundamentals show resilience. Free cash flow stayed robust at $18+ per share in 2022-2023, funding a 42% debt cut to $757 million and supporting dividends/buybacks. ROE hit elite 32% at the peak but is climbing back from lows, with gross margins recovering to 23.5%. Analysts forecast a turnaround: revenue growing 10% to $4.10 billion in 2025 and EPS surging to $10.47 by 2027, tied to stabilizing RV shipments and strong marine aftermarket.
The stock mirrors these swings—peaking near $163 in 2022, dipping to $92 in 2023, and now rallying 20% above average analyst targets at attractive valuations (forward PE 15-21x, EV/Sales 0.86x). With manageable debt, FCF fortress, and potential Fed rate cuts ahead, LCII looks primed for re-rating if RV demand rebounds—but watch shipment risks. Dive into the full analysis for charts, projections, and the asymmetric upside for patient investors.
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