WGOWINNEBAGO INDUSTRIES INC
Motor Homes
- Revenue
- $2.7B
- 3.4% YoY
- Operating margin
- 2.4%
- 20% YoY
- EBITDA
- $126M
- 7.1% YoY
- Market cap
- $1.6B
- Employees
- —
- Net debt / EBITDA
- 2.1×
- $262M net debt
- AI in 10-K
- 6.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo489% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo25% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo23% of assetsOver 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo6.2 per 10K words · 86th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$512K netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5.0B | $3.5B | $3.0B | $2.8B | $2.7B | 3.4% |
| Operating income | $584M | $301M | $100M | $57M | $66M | 16% |
| Net income | $391M | $216M | $13M | $26M | $35M | 34% |
| Operating cash flow | $401M | $295M | $144M | $129M | $169M | 31% |
| Capex | $88M | $83M | $45M | $39M | $24M | 39% |
| Stock-based comp | $17M | $11M | $15M | $16M | $17M | 7.0% |
| Buybacks | $214M | $55M | $75M | $54M | $2M | 97% |
| Dividends | $24M | $33M | $37M | $39M | $40M | 2.6% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Apr 29, 2020 | Punch Card Capital, L.P. | SC 13D/A | 5.0% | Passive |
| Apr 24, 2020 | Punch Card Capital, L.P. | SC 13D/A | 5.5% | Passive |
| Mar 24, 2020 | Punch Card Capital, L.P. | SC 13D | 7.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $512K · 3
- Net
- −$512K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $9M | $6M | 47 | 65 |
| FY2025 | $9M | $1M | 68 | 94 |
| FY2024 | $7M | $4M | 108 | 109 |
| FY2023 | $7M | $4M | 113 | 114 |
| FY2022 | $7M | $6M | 107 | 115 |