Thor Industries, Inc. (Tho): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde fascinant de Thor Industries, Inc. (Tho), une puissance du marché des véhicules récréatives qui a révolutionné la façon dont les Américains vivent les voyages et l'aventure. Des remorques Airstream Sleek aux camping-cars innovants, cette entreprise a magistralement conçu un modèle commercial qui transforme Wanderlust en un style de vie accessible tangible pour les voyageurs de tous horizons. Découvrir le plan stratégique complexe qui a propulsé Thor à devenir un leader des solutions de vie mobile, mélangeant une conception de pointe, diverses offres de produits et une compréhension approfondie des désirs des consommateurs dans un récit commercial convaincant qui continue de remodeler l'industrie du VR.

Thor Industries, Inc. (THO) - Modèle d'entreprise: partenariats clés

Fournisseurs de composants de véhicules récréatifs (VR)

Thor Industries s'associe à plusieurs fournisseurs de composants clés pour soutenir ses opérations de fabrication:

Catégorie des fournisseurs	Nombre de fournisseurs clés	Valeur d'achat annuelle
Fabricants de châssis	7	412 millions de dollars
Fournisseurs de composants intérieurs	15	287 millions de dollars
Fournisseurs de systèmes électroniques	9	168 millions de dollars

Réseaux de concessionnaires à travers l'Amérique du Nord

Thor maintient des partenariats stratégiques avec les réseaux de concessionnaires:

• Réseau total de concessionnaires: 2300+ emplacements
• Couverture géographique: États-Unis et Canada
• Revenus de concessionnaires moyens par emplacement: 3,2 millions de dollars par an

Équipements de fabrication et fournisseurs de technologies

Thor collabore avec Advanced Manufacturing Technology Partners:

Fournisseur de technologie	Montant d'investissement	Focus technologique
Automation Systems Inc.	24 millions de dollars	Fabrication robotique
Solutions de fabrication numérique	18 millions de dollars	Logiciel de production

Partenaires stratégiques de l'industrie automobile et des transports

Les partenariats stratégiques de Thor dans les secteurs de l'automobile et des transports:

• Alliances stratégiques: 12 grands partenaires de l'industrie
• Budget de recherche et de développement collaboratif: 42 millions de dollars
• Projets d'innovation conjoints: 7 initiatives actives

Institutions financières pour le financement des clients

Écosystème de partenariat de financement de Thor:

Institution financière	Volume de financement	Fourchette de taux d'intérêt
Wells Fargo	620 millions de dollars	4.5% - 7.2%
Banque d'Amérique	485 millions de dollars	4.3% - 6.9%
Réseau des coopératives de crédit	310 millions de dollars	4.1% - 6.5%

Thor Industries, Inc. (Tho) - Modèle d'entreprise: activités clés

Conception et ingénierie des VR et remorques

Thor Industries a investi 52,3 millions de dollars dans la recherche et le développement au cours de l'exercice 2023. La société maintient 8 centres de conception primaires à travers l'Amérique du Nord dédiés à l'ingénierie récréative des véhicules.

Emplacement du centre de conception	Focus principal
Elkhart, Indiana	Innovation du camping-car
Middlebury, Indiana	Conception de VR remorable

Fabrication de camping-cars et véhicules récréatifs remorquables

Thor exploite 19 installations de fabrication à travers les États-Unis avec une capacité de production totale d'environ 120 000 véhicules récréatifs par an.

• Produit des marques dont Airstream, Thor Motor Coach, Keystone RV
• Revenus de fabrication annuels de 10,2 milliards de dollars en 2023
• Emploie plus de 7 500 travailleurs de la fabrication

Ventes et distribution de véhicules récréatifs

Thor maintient un réseau de 2 300 concessionnaires indépendants à travers l'Amérique du Nord. Les canaux de distribution de la société ont généré 15,6 milliards de dollars de revenus de vente au cours de l'exercice 2023.

Canal de distribution	Pourcentage de ventes
Concessionnaires	87%
Distributeurs internationaux	13%

Innovation de produit et étude de marché

Thor alloue 3,2% des revenus annuels aux initiatives d'innovation et d'étude de marché des produits. La société dépose en moyenne 42 nouveaux brevets par an en rapport avec les technologies de véhicules récréatives.

Support client et gestion des services

Thor maintient 680 centres de services autorisés à l'échelle nationale avec une note de satisfaction moyenne de 4,6 étoiles sur 5. La société propose des programmes de garantie complets couvrant les défauts de fabrication pendant jusqu'à 3 ans.

• Hotline de support client 24/7
• Plateforme de planification des services numériques
• Réseau de techniciens de service mobile

Thor Industries, Inc. (Tho) - Modèle d'entreprise: Ressources clés

Portfolio de marque diversifié

Thor Industries maintient un portefeuille de marques complet, notamment:

• Airstream - Marque de véhicules récréatifs (VR)
• Kor entraîneur automobile
• Keystone RV Company

Marque	Catégorie de produits	Part de marché
Aérien	Rands de voyage / camping-cars	8,7% du marché des VR
Kor entraîneur automobile	VR motorisés	15,2% du marché des VR
Keystone RV	VR remorables	12,5% du marché des VR

Installations de fabrication

Thor exploite 7 installations de fabrication primaires aux États-Unis, avec un espace de fabrication total d'environ 2,3 millions de pieds carrés.

Emplacement	Type d'installation	Capacité de production annuelle
Elkhart, Indiana	Fabrication de VR primaire	120 000 unités / an
Jackson, Michigan	Production de camping-cars	45 000 unités / an

Propriété intellectuelle et conception

Thor tient 87 brevets actifs liés aux technologies de conception et de fabrication de VR en 2023.

Ressources humaines

Thor emploie 7 200 employés à temps plein Dans toutes les fonctions de fabrication, de conception et d'entreprise.

Catégorie des employés	Nombre d'employés
Fabrication de travailleurs	5,400
Équipe d'ingénierie	450
Personnel d'entreprise	1,350

Réseau de chaîne d'approvisionnement

Thor entretient des relations avec Plus de 250 fournisseurs de niveau 1 et de niveau 2 à travers l'Amérique du Nord.

• Distribution géographique du fournisseur: 68% national, 32% international
• Durée moyenne des relations avec les fournisseurs: 12,5 ans
• Évaluation de la qualité du fournisseur: 94,3% de conformité

Thor Industries, Inc. (Tho) - Modèle d'entreprise: propositions de valeur

Véhicules récréatifs de haute qualité pour divers besoins aux consommateurs

Thor Industries a déclaré des ventes nettes de 10,8 milliards de dollars au cours de l'exercice 2023, avec un portefeuille diversifié de marques de véhicules récréatives.

Catégorie de marque	Segment de marché	Fourchette de prix moyenne
VR motorisés	Classe A, B, C	$100,000 - $500,000
VR remorables	Randonnées de voyage, cinquième roues	$25,000 - $150,000

Conceptions de VR innovantes et technologiquement avancées

• Technologie de maison intelligente intégrée dans les VR
• Systèmes avancés de gestion de l'énergie
• Matériaux de construction légers

Large gamme de types de véhicules et de prix

Thor Industries possède 16 marques couvrant plusieurs catégories de VR, desservant différents segments de consommateurs avec des prix allant de 20 000 $ à 500 000 $.

Expériences de voyage fiables et confortables

La couverture de garantie comprend une garantie limitée de 3 ans / 36 000 milles pour la plupart des modèles de VR.

Solutions de style de vie et d'aventure flexibles

Segment des consommateurs	Pourcentage de marché	Utilisation typique
Rvers à temps plein	12%	Vie toute l'année
Voyages du week-end	65%	Voyages occasionnels
Campeurs saisonniers	23%	Utilisation d'été / vacances

Thor Industries, Inc. (Tho) - Modèle d'entreprise: relations avec les clients

Ventes directes via les réseaux de concessionnaires

Depuis le quatrième trimestre 2023, Thor Industries opère à travers 2 345 sites de concessionnaires autorisés à travers l'Amérique du Nord. Le réseau de concessionnaires de VR de la société a généré 10,3 milliards de dollars de revenus de vente totaux pour l'exercice 2023.

Type de concessionnaire	Nombre d'emplacements	Volume des ventes annuelles
Concessionnaires RV	1,845	8,2 milliards de dollars
Concessionnaires RV remorables	500	2,1 milliards de dollars

Configuration et achat du produit en ligne

La plate-forme de vente numérique de Thor a traité 37 500 configurations de véhicules en ligne et 22 600 achats directs en ligne en 2023, ce qui représente une augmentation de 24% par rapport à l'année précédente.

Service client et centres d'assistance

• 17 centres de support client dédiés à travers l'Amérique du Nord
• Temps de réponse moyen: 2,3 heures
• Évaluation de satisfaction du client: 4.6 / 5

Plateformes de marketing numérique et d'engagement

Thor Industries a investi 6,2 millions de dollars dans des stratégies de marketing numérique en 2023, avec l'engagement des médias sociaux atteignant 1,4 million de followers sur toutes les plateformes.

Plate-forme numérique	Abonnés / engagement
Instagram	540,000
Facebook	620,000
Youtube	240,000

Programmes de support de garantie et post-achat

Thor offre une couverture de garantie complète avec un temps de résolution de réclamation moyen de 5,7 jours. Les dépenses totales de garantie pour 2023 étaient de 124,3 millions de dollars.

• Couverture de garantie standard: 2 ans / 24 000 miles
• Options de garantie prolongée: Jusqu'à 5 ans / 60 000 miles
• Taux de rétention de la clientèle par le biais de programmes de garantie: 78%

Thor Industries, Inc. (Tho) - Modèle d'entreprise: canaux

Concessionnaires de VR autorisés

Thor Industries opère par le biais de 2 800+ concessionnaires de VR autorisés à travers l'Amérique du Nord à partir de 2023. La société maintient des partenariats stratégiques avec:

Réseau de concessionnaires	Nombre de concessionnaires	Couverture géographique
Concessionnaires nord-américains	2,800+	États-Unis et Canada
Marques de concessionnaires exclusifs	10 marques de VR majeures	Distribution à l'échelle nationale

Plateformes de vente en ligne

Thor Industries tire parti de plusieurs canaux de vente numériques:

• Sites Web de marque dédiées avec des options d'achat direct
• Plates-formes de commerce électronique tierces
• Systèmes de gestion des stocks numériques

Plate-forme en ligne	Ventes numériques annuelles	Pourcentage des ventes totales
Sites Web de marque Thor	378 millions de dollars	12.4%
Plates-formes tierces	215 millions de dollars	7.1%

Salons des véhicules récréatifs

Thor Industries participe à 47 salons majeurs de VR chaque année, représentant:

• Spectacles de VR nationaux
• Expositions régionales de véhicules récréatifs
• Camping spécialisé et expositions extérieures

Catégorie de salon	Participation annuelle	Reach du client estimé
Spectacles de VR nationaux	12 spectacles	185 000 participants
Spectacles régionaux	35 spectacles	275 000 participants

Canaux de marketing numérique

La stratégie de marketing numérique englobe:

• Publicité sur les réseaux sociaux
• Campagnes en ligne ciblées
• Marketing des moteurs de recherche

Canal numérique	Dépenses marketing annuelles	Métriques d'engagement
Publicité sur les réseaux sociaux	4,2 millions de dollars	3,7 millions d'impressions
Marketing des moteurs de recherche	2,8 millions de dollars	2,1 millions de clics

Sites Web à la consommation directe

Thor Industries maintient 10 sites Web de consommation spécifiques à la marque avec des informations complètes sur les produits et des capacités d'achat.

Sites Web de marque	Trafic mensuel du site Web	Taux de conversion
Sites Web Thor Brands	1,2 million de visiteurs	3.6%
Pages d'informations sur le produit	850 000 visiteurs uniques	2.9%

Thor Industries, Inc. (Tho) - Modèle d'entreprise: segments de clientèle

Voyageurs de loisirs et d'aventure

Selon le rapport annuel de Thor Industries 2022, ce segment représente environ 35% des clients du marché RV. Revenu annuel moyen des ménages: 98 750 $. Âge médian: 42 ans.

Caractéristique du segment	Données statistiques
Volume d'achat annuel RV	42 500 unités
Durée moyenne du voyage	14 jours
Types de VR préférés	Remorques de voyage, camping-cars de classe A

Retraités et nicheurs vides

Représentant 28% de la clientèle de Thor. Âge moyen: 62 ans. Gamme de revenus de retraite: 65 000 $ - 125 000 $.

• Segment RV préféré: camping-cars de classe A
• Dépenses de voyage annuelles moyennes en VR: 24 500 $
• Longueur de voyage typique: 3-6 mois

Passionnés de plein air

Le segment représente 22% du marché de Thor. Revenu moyen des ménages: 85 000 $.

Activité extérieure	Pourcentage de participation
Camping	67%
Pêche	42%
Randonnée	55%

Vacanciers

15% du segment de clientèle de Thor. Taille moyenne de la famille: 4 personnes. Revenu médian des ménages: 92 000 $.

• Type de VR préféré: remorques de voyage, transporteurs de jouets
• Dépenses de vacances annuelles moyennes en VR: 18 750 $
• Durée de voyage typique: 10-14 jours

Utilisateurs de VR et à long terme

Le segment représente 25% du marché de Thor. Âge de l'utilisateur moyen: 48 ans. Revenu médian des ménages: 87 500 $.

Catégorie d'utilisation	Pourcentage
Utilisateurs du week-end	62%
Utilisateurs de voyage prolongé	38%
Jours d'utilisation annuels des VR	45 jours

Thor Industries, Inc. (Tho) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

Pour l'exercice 2023, Thor Industries a déclaré des coûts d'approvisionnement en matières premières de 4,2 milliards de dollars, ce qui représente environ 55% du total des dépenses de fabrication.

Catégorie de matériel	Coût annuel	Pourcentage du total
Composants en aluminium	1,3 milliard de dollars	31%
Cadres en acier	980 millions de dollars	23%
Matériaux en fibre de verre	620 millions de dollars	15%
Composants électroniques	480 millions de dollars	11%

Frais de fabrication et de production

Les dépenses de fabrication totales pour 2023 étaient de 6,1 milliards de dollars, avec une ventilation comme suit:

• Coûts de main-d'œuvre: 1,2 milliard de dollars
• Entretien de l'équipement: 340 millions de dollars
• Frais généraux d'usine: 520 millions de dollars
• Consommation d'énergie: 210 millions de dollars

Investissements de recherche et développement

Thor Industries a alloué 287 millions de dollars à la recherche et au développement en 2023, ce qui représente 3,8% des revenus totaux.

Zone de focus R&D	Investissement
Innovation de produit	162 millions de dollars
Intégration technologique	85 millions de dollars
Optimisation du processus de fabrication	40 millions de dollars

Dépenses de marketing et de vente

Les coûts de marketing et de vente pour 2023 ont totalisé 512 millions de dollars, en panne comme suit:

• Marketing numérique: 146 millions de dollars
• Participation des salons commerciaux: 87 millions de dollars
• Compensation de l'équipe de vente: 203 millions de dollars
• Campagnes publicitaires: 76 millions de dollars

Coûts de distribution et de logistique

Les dépenses de distribution pour 2023 s'élevaient à 420 millions de dollars, l'allocation suivante:

Catégorie logistique	Coût annuel
Transport	235 millions de dollars
Entrepôts	112 millions de dollars
Gestion des stocks	73 millions de dollars

Thor Industries, Inc. (THO) - Modèle d'entreprise: sources de revenus

Ventes de VR et de remorques

Thor Industries a déclaré un chiffre d'affaires total de 10,8 milliards de dollars pour l'exercice 2023. Les ventes de VR et de remorques constituent la principale source de revenus, avec la ventilation suivante:

Segment	Revenus (2023)	Part de marché
VR remorables	5,4 milliards de dollars	42%
VR motorisés	3,6 milliards de dollars	28%
Bandes-annonces spécialisées	1,8 milliard de dollars	14%

Pièces et accessoires de rechange

Revenus de rechange pour Thor Industries en 2023:

• Ventes totales de pièces de rechange: 685 millions de dollars
• Revenus d'accessoires: 247 millions de dollars
• Marquage des pièces moyennes: 35 à 40%

Services de garantie prolongés

Détails des revenus de garantie prolongée:

Type de garantie	Coût moyen	Revenus annuels
Garantie prolongée standard	$799-$1,499	412 millions de dollars
Garantie prolongée premium	$1,500-$2,999	276 millions de dollars

Produits de financement et d'assurance

Répartition des revenus des services financiers:

• Revenu de financement total: 238 millions de dollars
• Revenus de produits d'assurance: 172 millions de dollars
• Frais de création de prêt moyen: 2,5%

Marché de revente de VR utilisé

Performances des ventes de VR utilisée:

Catégorie	Volume	Revenu
Ventes de VR utilisées	12 500 unités	375 millions de dollars
Prix ​​de revente moyen	30 000 $ par unité	N / A

THOR Industries, Inc. (THO) - Canvas Business Model: Value Propositions

You're looking at the core value THOR Industries, Inc. (THO) delivers to its customers, which is built on scale, breadth, and targeted innovation. This isn't just about selling boxes on wheels; it's about owning the entire ownership lifecycle, from the first purchase to long-term service.

Broad product diversification, from entry-level travel trailers to luxury Class A motorhomes.

THOR Industries, Inc. is the world's largest manufacturer of recreational vehicles (RVs), offering an extensive portfolio across its family of companies. This range spans the spectrum of the market, ensuring a product for nearly every type of traveler. You see this in their offerings, which include everything from entry-level towables to the most luxurious, self-propelled Class A motorhomes built on heavy-duty chassis. This breadth helps THOR manage cyclical demand better than more specialized competitors.

The company's structure includes three main reportable segments:

• North American Towable Recreational Vehicles
• North American Motorized Recreational Vehicles
• European Recreational Vehicles

This diversification is key to capturing market share across different consumer preferences and economic conditions.

Market leadership with North American towable market share of 39.1%.

Scale translates directly into market dominance, which is a core value proposition for dealers and suppliers alike. For the fiscal year 2025, THOR Industries held a market share of approximately 39.1% for travel trailers and fifth wheels combined in North America. Furthermore, the North American Motorized segment achieved a market share of 47.9% as of the end of the fiscal first quarter of 2026. This leadership position is supported by strategic initiatives aimed at gaining share with key independent dealers.

Here's a snapshot of THOR Industries' scale and recent performance metrics:

Metric	Value (Latest Reported Period)	Period/Context
North American Towable Market Share	39.1%	Fiscal Year 2025 (Travel Trailers & Fifth Wheels Combined)
North American Motorized Market Share	47.9%	Fiscal Q1 2026
FY 2025 Consolidated Net Sales	$9,579 million	Fiscal Year Ended July 31, 2025
Q1 FY2026 Consolidated Net Sales	$2.39 billion	Three Months Ended October 31, 2025
FY 2025 Units Wholesaled (North America)	136,943 units (119,790 Towable + 17,153 Motorized)	Fiscal Year 2025
FY 2025 Net Income Attributable to THO	$259 million	Fiscal Year 2025

Commitment to improving the total ownership experience via parts and service initiatives.

THOR Industries, Inc. recognizes that the value proposition extends well past the initial sale. To address long-standing friction points in RV ownership, the company announced the RV Partfinder platform at the 2025 Open House event, signaling a commitment to better parts availability for its dealer partners and owners. The company also generates revenue through aftermarket component parts, largely driven by the Airxcel acquisition. Still, this service component is nascent, accounting for less than 10% of fiscal 2025 total sales, indicating significant room for growth in this value stream.

Affordability focus through price-conscious motorized and towable product offerings.

Even with luxury offerings, THOR is actively targeting the price-sensitive consumer. For instance, in the North American Towable segment during the second quarter of fiscal 2025, the product mix shifted toward lower-cost travel trailers, which helped maintain segment net sales despite lower net price per unit. Also, Thor Motor Coach is specifically leveraging its Business Intelligence analytic software to determine strategic price points where consumer demand is currently concentrated, aiming for market share gains in those critical areas.

Innovation in sustainable and advanced RVs, like the Entegra Embark hybrid.

Innovation provides unparalleled product differentiation, a key value driver. THOR Industries, through its Entegra Coach brand, launched the Embark, marketed as the world's first range-extended electric Class A motorhome. This vehicle is built on a Harbinger Motors EV platform and showcases specific technological advantages:

• Pure electric range of 105 miles.
• Total range extended up to 450 miles using an integrated, low-emission gasoline range extender.
• Powered by a center-mounted 140-kWh battery pack.
• Features 800-volt electrical architecture for DC fast charging capability.

Full commercial production for the Embark is scheduled to begin in 2026, with initial units being tested through the THL rental fleet throughout 2026 to gather customer feedback for final improvements.

THOR Industries, Inc. (THO) - Canvas Business Model: Customer Relationships

Management of customer relationships for THOR Industries, Inc. is heavily mediated through its extensive independent dealer network, which necessitates ongoing efforts like dealer recalibration. For instance, the work done to improve relationships with independent dealer partners should translate into improving retail as THOR progresses through fiscal 2026. Furthermore, specific brand initiatives, such as Keystone RV's simultaneous recalibration with the independent dealer network, are expected to help drive further momentum.

The company supports its individual operating companies to deliver dedicated customer service and warranty support. Strategic actions taken by the company have shown positive impacts on cost structures related to this support; for example, the gross profit margin in the fourth quarter of fiscal 2025 improved, driven in part by reduced warranty and promotional expenses. Similarly, the consolidated gross profit margin expansion in fiscal 2026 first quarter was supported by lower warranty costs.

Digital engagement is fostered through programs like the 2025 THOR Ambassador Program. This was a paid partnership that lasted the full calendar year 2025, running from January-December. The 2025 cohort selected 16 RVers from across the country to share their experiences. Requirements for participation included owning an RV from the THOR Family of Companies, which encompasses brands like Airstream, Jayco, and Keystone, and being actively RVing in 2025. Content requirements varied but could include written articles, photography, short-form videos, longer-form videos (i.e. YouTube videos), and social posts across Instagram, Facebook, and Pinterest.

Dealer support tools are a key component, with brands citing the use of Thor's Business Intelligence analytic software to improve operations over the past year. Thor Motor Coach, for example, is leveraging this data to determine strategic price points for value-conscious consumers. The company has also introduced platforms to address friction points; the RV Partfinder platform was announced at the 2025 Open House event and received strong support from dealer partners. Furthermore, Thor Motor Coach dealers have access to a full library of professionally produced marketing assets, including floorplan drawings, and a Spiff Account program that started on 1/1/24.

THOR Industries maintains a commitment to long-term, direct shareholder returns via dividends and stock repurchases. For the fiscal year 2025, THOR Industries returned $158.8 million to shareholders through these methods. Specifically, the company repurchased $52.6 million in shares during fiscal 2025. The Board of Directors re-authorized a new plan allowing management to repurchase up to $400 million of common stock until July 31, 2027. The dividend policy saw an increase, with the most recent quarterly dividend paid on November 6th set at $0.52, up from the previous $0.50. This translates to a $2.08 annualized dividend, representing a dividend yield of 2.0%, with a dividend payout ratio of 49.88%. The company's debt-to-equity ratio stood at 0.21.

The relationship with the dealer channel is reflected in market positioning data:

Metric	Value (Latest Reported)	Context/Period
North American Towable RV Market Share	38.2%	End of Fiscal Q3 2025
North American Towable RV Market Share (Prior)	37.4%	End of Fiscal Q3 2025
North American Motorized Market Share	47.9%	Q1 FY2026 Report
North American Motorized Market Share (Prior)	45.9%	Six months prior to Q1 FY2026 Report
Dealer Turns Average	1.9	Fiscal 2026 First Quarter

Key aspects of the dealer relationship management include:

• Simultaneous recalibration with the independent dealer network.
• Strategic initiatives to strengthen relations leading to market share gains.
• Dealer inventory turns remaining at an appropriate level heading into winter.
• CEO Bob Martin's detailed re-engagement with dealers.
• Use of Thor's Business Intelligence analytic software by brands.

THOR Industries, Inc. (THO) - Canvas Business Model: Channels

The wholesale distribution channel for THOR Industries, Inc. (THO) relies heavily on its extensive independent dealer network across North America and Europe.

In the North American wholesale channel for fiscal year 2025, the company wholesaled a total of 181,388 units. This distribution network secured a market share of approximately 39.1% for travel trailers and fifth wheels combined, and 48.3% for motorhomes in North America for fiscal year 2025. As of April 30, 2025, THOR Industries brands held 91,800 RVs on dealer lots.

The European wholesale distribution, primarily through the Erwin Hymer Group (EHG), saw 44,445 units sold in fiscal year 2025. For the same period, the European market share for motorcaravans and campervans combined was approximately 26.1%.

The wholesale unit volumes and revenue breakdown for the three reportable segments in fiscal year 2025 were:

Segment	FY 2025 Units Wholesaled	FY 2025 Net Sales (Millions USD)
North American Towable RVs	119,790	Data not directly available for FY2025 total, but Q3 FY2025 sales were $1,170 million.
North American Motorized RVs	17,153	Data not directly available for FY2025 total, but Q3 FY2025 sales were $666.7 million.
European RVs	44,445	Data not directly available for FY2025 total, but Q3 FY2025 sales were $883.5 million.

The total consolidated net sales for THOR Industries in fiscal year 2025 were $9,579 million. The total units wholesaled for FY2025 were 181,388.

The aftermarket component parts business, managed via the Airxcel subsidiary, is a smaller revenue stream, accounting for less than 10% of the fiscal 2025 total sales.

Product display and dealer interaction channels include major industry events. At the 2025 Open House in September, the company announced the RV Partfinder platform and received strong dealer feedback on new products. Conversely, at the RVDA Expo in Las Vegas in November, management noted a near-term cautious tone from dealers regarding the state of the consumer.

Direct-to-consumer engagement is supported through brand websites and social media, which were highlighted by the announcement of the RV Partfinder platform at the 2025 Open House, aimed at addressing a point of friction in RV ownership.

• The company produces RVs primarily to dealer order to minimize finished inventory.
• North American production capacity is adjusted quickly and at low cost.
• European capacity adjustments are more costly and time-consuming.

THOR Industries, Inc. (THO) - Canvas Business Model: Customer Segments

You're looking at the customer base for THOR Industries, Inc. (THO) as of late 2025, which is segmented across North America and Europe, targeting different needs from entry-level to luxury. Honestly, the data from the first quarter of fiscal 2026, which ended October 31, 2025, gives us the clearest near-term picture of where the sales volume is landing.

THOR Industries, Inc. serves distinct groups, which are reflected in their three reportable segments: North American Towable Recreational Vehicles, North American Motorized Recreational Vehicles, and European Recreational Vehicles. For the first quarter of fiscal 2026, consolidated net sales hit $2.39 billion, up 11.5% year-over-year, showing a rebound in demand for certain types of RVs.

North American Towable RV Buyers

This group buys travel trailers and fifth wheels, which are the largest product category globally. In fiscal year 2025, THOR sold 119,790 North American Towable units. For the latest quarter (Q1 FY2026), this segment generated net sales of $897.1 million, which was essentially flat year-over-year, though unit shipments fell by 14.0%. This suggests a shift toward higher-priced units or a focus on managing channel inventory, as the company aggressively managed wholesale shipments down 10.1% in the fourth quarter of fiscal 2025. THOR Industries held an approximate 39.1% market share for travel trailers and fifth wheels combined in North America for fiscal 2025.

North American Motorized RV Buyers

These customers purchase Class A, B, and C motorhomes, which have their own driving power. This segment was a key growth driver in the most recent quarter. Net sales for North American Motorized RVs reached $661.1 million in Q1 FY2026, marking a significant 30.9% increase year-over-year, supported by a 32.3% rise in unit shipments. This strength contrasts with the overall challenging environment, and the company noted market share gains here. In fiscal 2025, the company sold 17,153 North American Motorized units. THOR Industries maintained a strong market position, holding about 48.3% of the North American motorhome market in fiscal 2025.

European RV Buyers

This segment focuses on motorcaravans and campervans, primarily through the Erwin Hymer Group (EHG). European RV revenues for Q1 FY2026 were $655.5 million, an 8.4% increase from the prior year, with unit shipments rising 1.0%. The segment's performance was impacted by a price-aggressive marketplace and restructuring costs. In fiscal 2025, THOR sold 44,445 units in Europe. The European market share for motorcaravans and campervans combined was approximately 26.1% as of fiscal 2025.

First-Time and Budget-Conscious Owners

This group seeks entry-level products, often driven by affordability concerns. THOR Industries has been actively addressing this need. For instance, the company cited success in private-label motorized RV sales for hitting key price points that drive consumer sales. Furthermore, the company noted strong sales of single-axle travel trailers, which serve as entry points for new buyers who may trade up later. Strategic restructuring actions, like the realignment of Heartland products under Jayco, were aimed at streamlining operations and enhancing quality, which indirectly supports the value proposition for budget-conscious buyers looking for reliable entry products.

High-Net-Worth Individuals Seeking Premium and Luxury RVs

This segment is served by premium brands like Airstream and Tiffin Group products. While specific luxury revenue figures aren't broken out, the focus on high-end innovation signals attention to this customer. For example, THOR unveiled the Entegra Embark hybrid Class A motorhome, featuring a proprietary electric chassis and European-inspired design. The North American Motorized segment, which includes Airstream (motorized) and Tiffin Group, saw sales jump 30.9% in Q1 FY2026, suggesting strong performance at the higher end of the motorized spectrum. The company also began moving production of Entegra Class A Diesel units to Tiffin's Red Bay, Alabama facility to improve organizational efficiency, which often supports premium product lines.

Here's a quick look at the segment revenue contribution based on the latest quarterly data:

Customer Segment Focus / Reportable Segment	Q1 FY2026 Net Sales (Millions USD)	Year-over-Year Sales Change
North American Towable RV Buyers	$897.1	Flat (0.2% Y/Y decrease)
North American Motorized RV Buyers	$661.1	Up 30.9%
European RV Buyers	$655.5	Up 8.4%

The data shows a clear near-term preference shift, with Motorized RVs and European sales driving the top-line growth for THOR Industries in the first quarter of fiscal 2026.

THOR Industries, Inc. (THO) - Canvas Business Model: Cost Structure

You're looking at the major drains on THOR Industries, Inc. (THO)'s top line, which is heavily weighted toward the cost of building those recreational vehicles.

The cost structure is fundamentally driven by high variable costs, which is typical for a manufacturer dealing with fluctuating demand. The largest component here is raw materials and component parts, which directly scale with production volume. For fiscal year 2024, with net sales at \$10.04 billion, the total Cost of Sales (COGS) represented the vast majority of that revenue, given the reported gross profit margin.

Manufacturing labor and overhead for global production facilities form the next layer of direct costs. THOR Industries has emphasized executing its variable cost model to manage these expenses effectively during downturns. For instance, in North America, management noted improvements in material, labor, and employee benefit costs contributed to gross profit margin improvement in some segments during fiscal 2024.

Here's a look at the key cost components based on the latest reported full fiscal year (FY2024) and trailing twelve months (TTM) data as of late 2025:

Cost Component Category	Fiscal Year 2024 Amount (Approximate)	Latest TTM Amount (Ending July 31, 2025)
Net Sales	\$10.04 billion	Not explicitly available for TTM 2025
Cost of Sales (Inferred from GM)	Approx. \$8.58 billion (Based on 14.5% FY2024 GM)	Not explicitly available
Selling, General, and Administrative (SG&A)	\$0.896 billion	\$0.923 billion
Research and Development (R&D)	\$142.3 million (As specified for FY2024)	Not explicitly available

Selling, General, and Administrative (SG&A) expenses include the costs of running the corporate structure and supporting sales efforts. For the full fiscal year 2024, THOR Industries reported annual SG&A expenses of \$0.896 billion. This trended upward slightly, with the TTM ending July 31, 2025, reaching \$0.923 billion, representing a 3.02% increase year-over-year.

Research and Development (R&D) investment is a necessary, though smaller, fixed-like cost category that supports future product competitiveness. You must account for the R&D investment, which was \$142.3 million in FY2024.

Warranty and promotional costs are critical variable expenses that support sales, especially in a market where dealer stocking levels are being managed. Management commentary from fiscal 2024 indicated that improvements in the warranty cost percentage positively impacted gross profit margin in the North American Motorized segment. The European segment also saw warranty cost percentages factored into its margin stability.

Key cost control levers mentioned by management include:

• Executing the variable cost model to align production with retail demand.
• Driving operating efficiencies across the enterprise.
• Prudent management of discretionary spend like sales exhibitions and travel.
• Strategic initiatives to enhance structural margins.

Finance: draft 13-week cash view by Friday.

THOR Industries, Inc. (THO) - Canvas Business Model: Revenue Streams

You're looking at the core of how THOR Industries, Inc. (THO) brings in money, which is almost entirely through wholesale vehicle sales to dealers. This is a high-volume, capital-intensive business, so the revenue streams are tightly linked to dealer inventory health and consumer financing availability.

The total consolidated net sales for THOR Industries, Inc. for the fiscal year ended July 31, 2025, reached $9,579,490 thousand, which is approximately $9.58 billion. This figure represents the top-line revenue generated from moving product through their wholesale channels.

The revenue is fundamentally derived from three primary reportable segments, all focused on wholesale distribution:

• Wholesale sales of North American Towable RVs.
• Wholesale sales of North American Motorized RVs.
• Wholesale sales of European RVs (motorcaravans and campervans).

While aftermarket parts and accessories sales represent a smaller, growing segment, the specific financial amount for this in fiscal year 2025 wasn't explicitly broken out in the latest filings available to me, so I can only confirm its existence as a revenue stream.

Here's a look at the unit volume that drove a significant portion of that $9.58 billion in net sales for the full fiscal year 2025:

Revenue Stream Segment	Fiscal Year 2025 Units Shipped	Notes
Wholesale sales of North American Towable RVs	119,790 units	Includes travel trailers and fifth wheels.
Wholesale sales of North American Motorized RVs	17,153 units	Includes Class A, B, and C motorhomes.
Wholesale sales of European RVs	Data not explicitly available for full FY2025 units.	Segment includes motorcaravans and campervans.

The company's market position is strong in North America, holding an approximate market share of 39.1% for travel trailers and fifth wheels combined, and 48.3% for motorhomes, which directly influences the volume component of these revenue streams.

To be fair, the revenue mix shifts based on pricing and product mix within those units. For instance, in the European segment, a decline in unit shipments was partially offset by an increase in the overall net price per unit in the fourth quarter of fiscal 2025.

The total consolidated net sales for fiscal year 2025 were $9,579,490 thousand, which was a 4.6% decrease compared to fiscal year 2024's $10,043,408 thousand.

Finance: draft 13-week cash view by Friday.