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Motor homes company · MN · FY ends Aug · Revenue $2.91B · 2.61% margin
Operating margin is thin at 2.04%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 5.9% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $421M represents 4.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.91B
▼ -5.9% YoY
Net Income (TTM)
$42M
▲ +97.7% YoY
Op. Margin
2.61%
▼ -1.3pp YoY
ROIC
3.72%
▼ -1.0pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$90M
▼ -9.5% YoY
Op. Cash Flow (TTM)
$157M
▼ -10.4% YoY
Net Debt
$431M
Cash & Equiv.
$47M
5Y CAGR: +3.5%
5Y CAGR: -17.8%
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