Thor Industries, Inc.
THO Consumer Cyclical Recreational Vehicles
Thor Industries, Inc.’s revenue for fiscal 2026 (year ended July 2026) was $9.6 billion, roughly unchanged from fiscal 2025. In the quarter to July 2026, revenue fell 8.41%, EPS fell 67.0%, free cash flow fell 26.7% and total debt fell 5.96%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Thor Industries, Inc. (THO) Beneish M-score
Thor Industries, Inc.'s Beneish M-score for fiscal 2026 is −2.52; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.52 | 0.14 |
| FY2025 | −2.66 | (0.09) |
| FY2024 | −2.57 | 0.45 |
| FY2023 | −3.02 | (0.67) |
| FY2022 | −2.35 | (0.14) |
| FY2021 | −2.21 | 0.49 |
| FY2020 | −2.70 | (0.20) |
| FY2019 | −2.50 | (0.06) |
| FY2018 | −2.44 | (0.25) |
| FY2017 | −2.19 | 0.30 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.91 | |
| Gross margin index | 1.11 | — | 0.59 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.00 | — | 0.89 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.02) | — | −0.10 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.52 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PII Polaris Inc. compare | −3.5× |
| DOO BRP Inc. compare | −3.1× |
| BC Brunswick Corporation compare | −2.9× |
| PATK Patrick Industries, Inc. compare | −2.8× |
| LCII LCI Industries compare | −2.5× |
| THO Thor Industries, Inc. | −2.5× |
| WGO Winnebago Industries, Inc. compare | −2.5× |
| HOG Harley-Davidson, Inc. compare | −1.5× |
| MCFT MASTERCRAFT BOAT HOLDINGS, INC. compare | −0.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI