Thor Industries, Inc. (THO): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no fascinante mundo da Thor Industries, Inc. (Tho), uma potência no mercado de veículos recreativos que revolucionou como os americanos experimentam viagens e aventuras. De reboques elegantes da Airstream a Motorhomes Inovadores, esta empresa criou magistralmente um modelo de negócios que transforma o Wanderlust em um estilo de vida tangível e acessível para viajantes de todas as origens. Descobrir o intrincado plano estratégico que levou Thor a se tornar líder em soluções de vida móvel, misturando design de ponta, diversas ofertas de produtos e um profundo entendimento dos desejos dos consumidores em uma narrativa comercial atraente que continua a remodelar a indústria de RV.

Thor Industries, Inc. (Tho) - Modelo de Negócios: Principais Parcerias

Fornecedores de componentes de veículo recreativo (RV)

A Thor Industries faz parceria com vários fornecedores de componentes -chave para apoiar suas operações de fabricação:

Categoria de fornecedores	Número de fornecedores -chave	Valor anual de compras
Fabricantes de chassi	7	US $ 412 milhões
Fornecedores de componentes interiores	15	US $ 287 milhões
Provedores de sistemas eletrônicos	9	US $ 168 milhões

Redes de concessionária em toda a América do Norte

Thor mantém parcerias estratégicas com redes de concessionárias:

• Rede total de concessionárias: mais de 2.300 locais
• Cobertura geográfica: Estados Unidos e Canadá
• Receita média de concessionária por local: US $ 3,2 milhões anualmente

Fornecedores de equipamentos de fabricação e tecnologia

Thor colabora com parceiros avançados de tecnologia de fabricação:

Provedor de tecnologia	Valor do investimento	Foco em tecnologia
Automation Systems Inc.	US $ 24 milhões	Fabricação robótica
Soluções de fabricação digital	US $ 18 milhões	Software de produção

Parceiros estratégicos da indústria automotiva e de transporte

As parcerias estratégicas de Thor nos setores automotivo e de transporte:

• Alianças estratégicas: 12 grandes parceiros da indústria
• Orçamento colaborativo de pesquisa e desenvolvimento: US $ 42 milhões
• Projetos de inovação conjunta: 7 iniciativas ativas

Instituições financeiras para financiamento de clientes

O ecossistema de parceria de financiamento de Thor:

Instituição financeira	Volume de financiamento	Intervalo de taxa de juros
Wells Fargo	US $ 620 milhões	4.5% - 7.2%
Bank of America	US $ 485 milhões	4.3% - 6.9%
Rede de cooperativas de crédito	US $ 310 milhões	4.1% - 6.5%

Thor Industries, Inc. (THO) - Modelo de negócios: Atividades -chave

RV e design e engenharia de trailers

A Thor Industries investiu US $ 52,3 milhões em pesquisa e desenvolvimento no ano fiscal de 2023. A empresa mantém 8 centros de design primários na América do Norte, dedicados à engenharia de veículos recreativos.

Localização do centro de design	Foco primário
Elkhart, Indiana	Inovação do motorhome
Middlebury, Indiana	Design de RV reboque

Fabricação de motorhomes e veículos recreativos rebocáveis

A Thor opera 19 instalações de fabricação nos Estados Unidos, com uma capacidade total de produção de aproximadamente 120.000 veículos recreativos anualmente.

• Produz marcas como Airstream, Thor Motor Coach, Keystone RV
• Receita anual de fabricação de US $ 10,2 bilhões em 2023
• Emprega mais de 7.500 trabalhadores de manufatura

Vendas e distribuição de veículos recreativos

Thor mantém uma rede de 2.300 revendedores independentes em toda a América do Norte. Os canais de distribuição da empresa geraram US $ 15,6 bilhões em receita de vendas no ano fiscal de 2023.

Canal de distribuição	Porcentagem de vendas
Revendedores domésticos	87%
Distribuidores internacionais	13%

Inovação de produtos e pesquisa de mercado

Thor aloca 3,2% da receita anual para iniciativas de inovação e pesquisa de mercado de produtos. A empresa arquiva uma média de 42 novas patentes anualmente relacionadas a tecnologias de veículos recreativos.

Suporte ao cliente e gerenciamento de serviços

Thor mantém 680 centros de serviço autorizados em todo o país, com uma classificação média de satisfação do cliente de 4,6 das 5 estrelas. A empresa fornece programas abrangentes de garantia que cobrem defeitos de fabricação por até 3 anos.

• 24/7 de suporte ao cliente
• Plataforma de agendamento de serviços digitais
• Rede técnica de serviço móvel

Thor Industries, Inc. (THO) - Modelo de negócios: Recursos -chave

Portfólio de marcas diversificadas

A Thor Industries mantém um portfólio de marcas abrangentes, incluindo:

• Airstream - marca de veículo recreativo (RV)
• Thor Motor Coach
• Keystone RV Company

Marca	Categoria de produto	Quota de mercado
Airstream	Trailers de viagem/motorhomes	8,7% do mercado de RV
Thor Motor Coach	RVs motorizados	15,2% do mercado de RV
Keystone RV	RVs reboques	12,5% do mercado de RV

Instalações de fabricação

Thor opera 7 instalações de fabricação primárias nos Estados Unidos, com espaço de fabricação total de aproximadamente 2,3 milhões de pés quadrados.

Localização	Tipo de instalação	Capacidade de produção anual
Elkhart, Indiana	Fabricação de RV primário	120.000 unidades/ano
Jackson, Michigan	Produção de motores	45.000 unidades/ano

Propriedade e design intelectual

Thor segura 87 patentes ativas Relacionado às tecnologias de design e fabricação de RV a partir de 2023.

Recursos Humanos

Thor emprega 7.200 funcionários em período integral nas funções de fabricação, design e corporativo.

Categoria de funcionários	Número de funcionários
Trabalhadores manufatureiros	5,400
Equipe de engenharia	450
Equipe corporativa	1,350

Rede da cadeia de suprimentos

Thor mantém relacionamentos com mais de 250 fornecedores de nível 1 e nível 2 em toda a América do Norte.

• Distribuição geográfica do fornecedor: 68% doméstico, 32% internacional
• Duração média do relacionamento do fornecedor: 12,5 anos
• Classificação de qualidade do fornecedor: 94,3% de conformidade

Thor Industries, Inc. (Tho) - Modelo de Negócios: Proposições de Valor

Veículos recreativos de alta qualidade para diversas necessidades de consumidores

A Thor Industries registrou vendas líquidas de US $ 10,8 bilhões no ano fiscal de 2023, com um portfólio diversificado de marcas de veículos recreativos.

Categoria de marca	Segmento de mercado	Faixa de preço médio
RVs motorizados	Classe A, B, C	$100,000 - $500,000
RVs reboques	Trailers de viagem, quinta rodas	$25,000 - $150,000

Designs de trailers inovadores e tecnologicamente avançados

• Tecnologia doméstica inteligente integrada em trailers
• Sistemas avançados de gerenciamento de energia
• Materiais de construção leves

Ampla gama de tipos de veículos e preços

A Thor Industries possui 16 marcas que cobrem várias categorias de RV, atendendo a diferentes segmentos de consumidores com preços que variam de US $ 20.000 a US $ 500.000.

Experiências de viagem confiáveis ​​e confortáveis

A cobertura da garantia inclui garantia limitada de 3 anos/36.000 milhas para a maioria dos modelos de RV.

Estilo de vida flexível e soluções de aventura

Segmento do consumidor	Porcentagem de mercado	Uso típico
Rvers em tempo integral	12%	Vida durante todo o ano
Viajantes de fim de semana	65%	Viagens ocasionais
Campistas sazonais	23%	Uso de verão/férias

Thor Industries, Inc. (Tho) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas através de redes de concessionárias

A partir do quarto trimestre de 2023, a Thor Industries opera em localizações de concessionárias autorizadas em toda a América do Norte. A rede de concessionárias de RV da empresa gerou US $ 10,3 bilhões em receita total de vendas para o ano fiscal de 2023.

Tipo de concessionária	Número de locais	Volume anual de vendas
Concessionárias de trailers	1,845	US $ 8,2 bilhões
Revendedores de trailers reboques	500	US $ 2,1 bilhões

Configuração e compra de produtos on -line

A plataforma de vendas digitais de Thor processou 37.500 configurações de veículos on -line e 22.600 compras on -line diretas em 2023, representando um aumento de 24% em relação ao ano anterior.

Atendimento ao cliente e centros de suporte

• 17 centros dedicados de suporte ao cliente em toda a América do Norte
• Tempo médio de resposta: 2,3 horas
• Classificação de satisfação do cliente: 4.6/5

Plataformas de marketing digital e engajamento

A Thor Industries investiu US $ 6,2 milhões em estratégias de marketing digital em 2023, com o engajamento de mídia social atingindo 1,4 milhão de seguidores entre plataformas.

Plataforma digital	Seguidores/engajamento
Instagram	540,000
Facebook	620,000
YouTube	240,000

Programas de suporte de garantia e pós-compra

Thor oferece cobertura abrangente de garantia com um tempo médio de resolução de reivindicação de 5,7 dias. As despesas totais de garantia para 2023 foram de US $ 124,3 milhões.

• Cobertura de garantia padrão: 2 anos/24.000 milhas
• Opções de garantia estendida: Até 5 anos/60.000 milhas
• Taxa de retenção de clientes por meio de programas de garantia: 78%

Thor Industries, Inc. (Tho) - Modelo de Negócios: Canais

Concessionárias de RV autorizadas

A Thor Industries opera com mais de 2.800 concessionárias autorizadas de RV em toda a América do Norte a partir de 2023. A Companhia mantém parcerias estratégicas com:

Rede de revendedores	Número de concessionárias	Cobertura geográfica
Concessionárias norte -americanas	2,800+	Estados Unidos e Canadá
Marcas exclusivas de revendedores	10 principais marcas de RV	Distribuição nacional

Plataformas de vendas on -line

A Thor Industries aproveita vários canais de vendas digitais:

• Sites de marca dedicados com opções de compra direta
• Plataformas de comércio eletrônico de terceiros
• Sistemas de gerenciamento de inventário digital

Plataforma online	Vendas digitais anuais	Porcentagem de vendas totais
Sites da marca Thor	US $ 378 milhões	12.4%
Plataformas de terceiros	US $ 215 milhões	7.1%

Feiras de veículos recreativos

A Thor Industries participa de 47 principais feiras de RV anualmente, representando:

• Shows nacionais de trailers
• Exposições regionais de veículos recreativos
• Campo especializado e exposições ao ar livre

Categoria de feiras	Participação anual	Alcance estimado do cliente
Shows nacionais de trailers	12 shows	185.000 participantes
Shows regionais	35 shows	275.000 participantes

Canais de marketing digital

A estratégia de marketing digital abrange:

• Publicidade nas mídias sociais
• Campanhas online direcionadas
• Marketing de mecanismo de pesquisa

Canal digital	Gastos anuais de marketing	Métricas de engajamento
Publicidade nas mídias sociais	US $ 4,2 milhões	3,7 milhões de impressões
Marketing de mecanismo de pesquisa	US $ 2,8 milhões	2,1 milhões de cliques

Sites diretos de consumidores

A Thor Industries mantém 10 sites de consumidores específicos da marca, com informações abrangentes sobre produtos e recursos de compra.

Sites de marca	Tráfego mensal do site	Taxa de conversão
Sites da Thor Brands	1,2 milhão de visitantes	3.6%
Páginas de informações do produto	850.000 visitantes únicos	2.9%

Thor Industries, Inc. (THO) - Modelo de negócios: segmentos de clientes

Lazer e viajantes de aventura

De acordo com o relatório anual de 2022 da Thor Industries, este segmento representa aproximadamente 35% dos clientes do mercado de RV. Renda familiar média anual: US $ 98.750. Idade média: 42 anos.

Característica do segmento	Dados estatísticos
Volume anual de compra de RV	42.500 unidades
Duração média da viagem	14 dias
Tipos de RV preferidos	Reboques de viagem, motorhomes de classe A

Aposentados e ninhos vazios

Representando 28% da base de clientes de Thor. Idade média: 62 anos. Faixa de renda da aposentadoria: US $ 65.000 - US $ 125.000.

• Segmento de RV preferido: Motorhomes Classe A
• Gastos médios de viagem anual de RV: US $ 24.500
• Comprimento típico da viagem: 3-6 meses

Entusiastas do ar livre

O segmento compreende 22% do mercado de Thor. Renda familiar média: US $ 85.000.

Atividade ao ar livre	Porcentagem de participação
Camping	67%
Pesca	42%
Caminhada	55%

Turistas de família

15% do segmento de clientes de Thor. Tamanho médio da família: 4 pessoas. Renda familiar média: US $ 92.000.

• Tipo de RV preferido: Trailers de viagem, transportadores de brinquedos
• Gastos médios anuais de férias em RV: US $ 18.750
• Duração típica da viagem: 10-14 dias

Fim de semana e usuários de RV de longo prazo

O segmento representa 25% do mercado de Thor. Idade média do usuário: 48 anos. Renda familiar média: US $ 87.500.

Categoria de uso	Percentagem
Usuários de fim de semana	62%
Usuários de viagem estendida	38%
Dias anuais de uso do trailer	45 dias

Thor Industries, Inc. (THO) - Modelo de negócios: estrutura de custos

Aquisição de matéria -prima

Para o ano fiscal de 2023, a Thor Industries registrou custos de compra de matéria -prima de US $ 4,2 bilhões, representando aproximadamente 55% do total de despesas de fabricação.

Categoria de material	Custo anual	Porcentagem de total
Componentes de alumínio	US $ 1,3 bilhão	31%
Quadros de aço	US $ 980 milhões	23%
Materiais de fibra de vidro	US $ 620 milhões	15%
Componentes eletrônicos	US $ 480 milhões	11%

Despesas de fabricação e produção

As despesas totais de fabricação para 2023 foram de US $ 6,1 bilhões, com um colapso da seguinte maneira:

• Custos de mão -de -obra: US $ 1,2 bilhão
• Manutenção do equipamento: US $ 340 milhões
• Overhead de fábrica: US $ 520 milhões
• Consumo de energia: US $ 210 milhões

Investimentos de pesquisa e desenvolvimento

A Thor Industries alocou US $ 287 milhões à pesquisa e desenvolvimento em 2023, representando 3,8% da receita total.

Área de foco em P&D	Investimento
Inovação de produtos	US $ 162 milhões
Integração de tecnologia	US $ 85 milhões
Otimização do processo de fabricação	US $ 40 milhões

Despesas de marketing e vendas

Os custos de marketing e vendas de 2023 totalizaram US $ 512 milhões, divididos da seguinte forma:

• Marketing Digital: US $ 146 milhões
• Participação na feira: US $ 87 milhões
• Compensação da equipe de vendas: US $ 203 milhões
• Campanhas de publicidade: US $ 76 milhões

Custos de distribuição e logística

As despesas de distribuição de 2023 totalizaram US $ 420 milhões, com a seguinte alocação:

Categoria de logística	Custo anual
Transporte	US $ 235 milhões
Armazenamento	US $ 112 milhões
Gerenciamento de inventário	US $ 73 milhões

Thor Industries, Inc. (THO) - Modelo de negócios: fluxos de receita

Vendas de trailers e trailers

A Thor Industries relatou receita total de US $ 10,8 bilhões para o ano fiscal de 2023. As vendas de trailers e trailers constituem o fluxo de receita primária, com a seguinte quebra:

Segmento	Receita (2023)	Quota de mercado
RVs reboques	US $ 5,4 bilhões	42%
RVs motorizados	US $ 3,6 bilhões	28%
Reboques especiais	US $ 1,8 bilhão	14%

Peças de reposição e acessórios

Receita de pós -venda para a Thor Industries em 2023:

• Vendas totais de peças de reposição: US $ 685 milhões
• Receita de acessórios: US $ 247 milhões
• Marcada média de peças: 35-40%

Serviços de garantia estendida

Detalhes da receita da garantia estendida:

Tipo de garantia	Custo médio	Receita anual
Garantia estendida padrão	$799-$1,499	US $ 412 milhões
Garantia prolongada premium	$1,500-$2,999	US $ 276 milhões

Produtos de financiamento e seguro

Financeiro de Serviços Financeiros Receita de Receita:

• Receita total de financiamento: US $ 238 milhões
• Receita do produto de seguro: US $ 172 milhões
• Taxa média de originação do empréstimo: 2,5%

Mercado de revenda de RV usado

Utilizou o desempenho de vendas de RV:

Categoria	Volume	Receita
Usou vendas de trailers	12.500 unidades	US $ 375 milhões
Preço médio de revenda	US $ 30.000 por unidade	N / D

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.