THOTHOR INDUSTRIES INC

Motor Homes

Revenue: $9.6B; 0.3% YoY
Operating margin: —
EBITDA: —
Market cap: $3.8B
Employees: 19,500; $493K revenue each
Net debt / EBITDA: —; $386M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
181% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
62% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
28% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$493K · 67th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$473K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$16.3B	$11.1B	$10.0B	$9.6B	$9.6B	0.3%
Net income	$1.1B	$374M	$265M	$259M	$178M	31%
Operating cash flow	$990M	$982M	$546M	$578M	$321M	44%
Capex	$241M	$209M	$140M	$122M	—
Stock-based comp	$31M	$40M	$38M	$31M	$27M	14%
Buybacks	$165M	$42M	$68M	$53M	$115M	119%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 3, 2023	ROYAL LONDON ASSET MANAGEMENT LTD	SC 13D	5.0%	Passive
Mar 28, 2023	ROYAL LONDON ASSET MANAGEMENT LTD	SC 13D	4.9%	Passive
Mar 27, 2023	ROYAL LONDON ASSET MANAGEMENT LTD	SC 13D	5.0%	Passive
Feb 9, 2023	ROYAL LONDON ASSET MANAGEMENT LTD	SC 13D	5.0%	Passive
Feb 3, 2023	ROYAL LONDON ASSET MANAGEMENT LTD	SC 13D/A	5.0%	Passive

Insider trading

Open-market buys, 12 mo: $229K · 1
Open-market sells, 12 mo: $703K · 2
Net: −$473K

Pay vs performance

No pay-versus-performance disclosure yet.