WINNEBAGO INDUSTRIES INC
WGO · Motor Homes · 28.3M shares · +3%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $44M (gross $55M, SBC $11M)
Reference price $41.38 · est. market cap ~$1.2B — last insider sale, 2025-10-27 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C62Cyclical RV/marine maker in a demand trough with thin trough-cycle margins.
Strengths
- Net income nearly doubled and FCF solid ($89.5M, 65th pct); manageable leverage (D/E 0.44)
- Strong brand portfolio (Grand Design, Newmar, Barletta) and reasonable liquidity (current 2.4)
Risks
- ROE just 2.1% (45th pct), net margin 0.9% and gross margin 11.5th pct — weak absolute profitability
- Revenue down 5.9% amid soft discretionary demand and dealer destocking
- Cyclical/seasonal end markets and dependence on dealer floorplan financing
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~25% of revenue from one customer/distributor — 22 Table of Contents Results of Operations - Fiscal 2025 Compared to Fiscal 2024 Consolidated Performance Summary The following is an analysis of changes in key items included in the statem
- Strong balance sheetStrong balance sheet — $174M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
13.0%
Operating margin
2.0%
Net margin
0.9%
Return on equity
2.1%
Return on assets
1.2%
ROIC
2.6%
Revenue growth (QoQ)
6.3%
Net-income growth
97.7%
Debt / equity
0.4×
Net debt / EBITDA
3.1×
Current ratio
2.4×
Free cash flow
$90M
EBITDA
$118M
Tangible book value
$284M
Cash & investments
$174M
Stock comp / revenue
0.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-01 | Silver Emily Rosalie | Grant | 1.6K | — |
| 2025-11-13 | Fisher William C. | Gift | 1.0K | — |
| 2025-10-27 | Happe Michael J | Sell | 7.1K | $41.38 |
| 2025-10-27 | Happe Michael J | Option exercise | 10K | $16.67 |
| 2025-10-24 | Armbruster Sara E | Buy | 2.7K | $40.27 |
| 2025-10-15 | Hughes Bryan L | Tax withheld | 793 | $30.12 |
| 2025-10-15 | BOGART STACY L | Tax withheld | 546 | $30.12 |
| 2025-10-15 | Happe Michael J | Tax withheld | 4.0K | $30.12 |
| 2025-10-15 | Woodson Bret A | Tax withheld | 400 | $30.12 |
| 2025-10-15 | West Christopher David | Tax withheld | 500 | $30.12 |
| 2025-10-15 | Tubman Casey J | Tax withheld | 426 | $30.12 |
| 2025-10-14 | Braun Christopher J | Grant | 4.9K | — |
| 2025-10-14 | MILES DAVID W | Grant | 4.9K | — |
| 2025-10-14 | MURABITO JOHN M | Grant | 4.9K | — |
| 2025-10-14 | Bryant Kevin E. | Grant | 4.9K | — |
| 2025-10-14 | Kroon Staci L | Grant | 4.9K | — |
| 2025-10-14 | Tubman Casey J | Grant | 11K | — |
| 2025-10-14 | Pack Michael E | Grant | 4.9K | — |
| 2025-10-14 | West Christopher David | Grant | 9.2K | — |
| 2025-10-14 | Woodson Bret A | Grant | 7.4K | — |
| 2025-10-14 | Hughes Bryan L | Grant | 15K | — |
| 2025-10-14 | BOGART STACY L | Grant | 10K | — |
| 2025-10-14 | Fisher William C. | Grant | 4.9K | — |
| 2025-10-14 | Happe Michael J | Grant | 69K | — |
| 2025-10-14 | Armbruster Sara E | Grant | 4.9K | — |
| 2025-10-11 | Woodson Bret A | Tax withheld | 388 | $29.66 |
| 2025-10-11 | Tubman Casey J | Tax withheld | 359 | $29.66 |
| 2025-10-11 | Hughes Bryan L | Tax withheld | 722 | $29.66 |
| 2025-10-11 | West Christopher David | Tax withheld | 425 | $29.66 |
| 2025-10-11 | BOGART STACY L | Tax withheld | 551 | $29.66 |
| 2025-10-11 | Clark Donald Jeff | Tax withheld | 6.0K | $29.66 |
| 2025-10-11 | Happe Michael J | Tax withheld | 3.6K | $29.66 |
| 2025-10-10 | Tubman Casey J | Tax withheld | 390 | $29.66 |
| 2025-10-10 | Clark Donald Jeff | Tax withheld | 2.6K | $29.66 |
| 2025-10-10 | West Christopher David | Tax withheld | 441 | $29.66 |
| 2025-10-10 | Woodson Bret A | Tax withheld | 387 | $29.66 |
| 2025-10-10 | Hughes Bryan L | Tax withheld | 716 | $29.66 |
| 2025-10-10 | BOGART STACY L | Tax withheld | 530 | $29.66 |
| 2025-10-10 | Happe Michael J | Tax withheld | 3.7K | $29.66 |
| 2025-04-01 | MILES DAVID W | Buy | 4.3K | $34.68 |
| 2025-03-31 | Bryant Kevin E. | Buy | 4.2K | $34.12 |
| 2025-02-13 | Woods Jacqueline D. | Sell | 1.5K | $44.32 |
| 2025-01-08 | Pack Michael E | Grant | 2.0K | — |
| 2025-01-01 | Woods Jacqueline D. | Option exercise | 1.4K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (2)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | ResultsExhibits | filing ↗ |
| 2026-05-01 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-25 | ResultsExhibits | filing ↗ |
| 2026-02-05 | OtherExhibits | filing ↗ |
| 2025-12-19 | ResultsExhibits | filing ↗ |
| 2025-12-17 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2025-10-22 | ResultsExhibits | filing ↗ |
| 2025-08-08 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-25 | 0001628280-26-045356 ↗ |
| 10-Q | 2026-06-25 | 2026-05-30 | 0001628280-26-045496 ↗ |
| 8-K | 2026-05-01 | 2026-05-01 | 0001628280-26-029117 ↗ |
| 10-Q | 2026-03-25 | 2026-02-28 | 0001628280-26-021020 ↗ |
| 8-K | 2026-03-25 | 2026-03-25 | 0001628280-26-020907 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0000107687-26-000006 ↗ |
| 10-Q | 2025-12-19 | 2025-11-29 | 0000107687-25-000047 ↗ |
| 8-K | 2025-12-19 | 2025-12-19 | 0000107687-25-000042 ↗ |
| 8-K | 2025-12-17 | 2025-12-16 | 0000107687-25-000037 ↗ |
| 10-K | 2025-10-22 | 2025-08-30 | 0000107687-25-000034 ↗ |
| 8-K | 2025-10-22 | 2025-10-22 | 0000107687-25-000032 ↗ |
| 8-K | 2025-08-08 | 2025-08-04 | 0000107687-25-000027 ↗ |