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Thor Industries Balance Sheet 2025-2008 | THO
Brief overview of Thor Industries's financial position
This overview follows the five latest available annual observations between 2015 and 2019.
Assets rose from $1.5 billion to $5.7 billion, a gain of +276.5%, while CAGR was about 39.3%. The balance sheet expanded rapidly.
Liabilities expanded faster than the asset base, +713.9% versus +276.5%. Debt-service capacity deserves attention.
Equity represents 36.8% of assets versus 70.9% initially. The capital structure appears balanced.
Each unit of equity supports about 0.71x of net debt. The level is not critical, though flexibility is narrower.
The cash reserve occupies 7.5% of the balance sheet, previously 12.2%. It is one marker of short-term resilience.
Retained earnings stand at $2.1 billion; the five-period change was +76.3%. This reflects accumulated business performance.
Balance sheet takeaway
The balance sheet gives no single signal for Thor Industries: some indicators are sound, while leverage or capitalization needs attention.
Annual Balance Sheet Thor Industries
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
345 M | 611 M | 861 M | 1.45 B | 1.16 B | 1.12 B | 1.48 B | -275 M | -78.3 M | 150 M | -183 M | -289 M | -237 M | -219 M | -215 M | - | - | - |
Long Term Debt |
920 M | 1.1 B | 1.29 B | 1.75 B | 1.59 B | 1.65 B | 1.89 B | - | 145 M | 360 M | - | - | - | - | - | - | - | - |
Long Term Debt Current |
12.1 M | 11.4 M | 11.2 M | 9.41 M | 8.94 M | 5.34 M | 17.4 M | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
1.19 B | 1.38 B | 1.56 B | 2.05 B | 1.91 B | 1.91 B | 2.12 B | 71.6 M | 200 M | 409 M | 59.7 M | 60.3 M | 74 M | 81.1 M | 83.2 M | 50 M | - | - |
Total Current Liabilities |
1.58 B | 1.57 B | 1.72 B | 1.76 B | 1.79 B | 1.52 B | 1.45 B | 769 M | 781 M | 652 M | 378 M | 371 M | 362 M | 311 M | 279 M | 257 M | - | - |
Total Liabilities |
- | - | - | - | - | - | 3.57 B | 841 M | 981 M | 1.06 B | 438 M | 431 M | 436 M | 392 M | 362 M | - | - | - |
Retained Earnings |
4.41 B | 4.25 B | 4.09 B | 3.81 B | 2.77 B | 2.2 B | 2.07 B | 2.02 B | 1.67 B | 1.37 B | 1.17 B | 1.03 B | 954 M | 919 M | 829 M | 745 M | - | - |
Total Assets |
7.07 B | 7.02 B | 7.26 B | 7.41 B | 6.65 B | 5.77 B | 5.66 B | 2.78 B | 2.56 B | 2.33 B | 1.5 B | 1.41 B | 1.33 B | 1.24 B | 1.2 B | 964 M | 951 M | - |
Cash and Cash Equivalents |
587 M | 501 M | 441 M | 312 M | 446 M | 539 M | 426 M | 275 M | 223 M | 210 M | 183 M | 289 M | 237 M | 219 M | 215 M | 248 M | 222 M | 190 M |
Book Value |
7.07 B | 7.02 B | 7.26 B | 7.41 B | 6.65 B | 5.77 B | 2.1 B | 1.94 B | 1.58 B | 1.27 B | 1.07 B | 978 M | 893 M | 851 M | 836 M | 964 M | 951 M | - |
Total Shareholders Equity |
4.29 B | 4.07 B | 3.98 B | 3.59 B | 2.95 B | 2.35 B | 2.08 B | 1.94 B | 1.58 B | 1.27 B | 1.07 B | 978 M | 893 M | 851 M | 836 M | 657 M | - | - |
All numbers in USD currency
Quarterly Balance Sheet Thor Industries
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
871 M | 878 M | 913 M | 878 M | 913 M | 1 B | 1.01 B | 1 B | 1.04 B | 1.39 B | 1.21 B | 1.39 B | 1.27 B | 1.76 B | 1.64 B | 2.17 B | 1.71 B | 1.75 B | 1.98 B | 1.82 B | 2.23 B | 1.59 B | 1.59 B | 1.75 B | 1.59 B | 1.65 B | 1.65 B | - | 1.78 B | 1.89 B | 1.89 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
1.15 B | 1.15 B | 1.19 B | 1.15 B | 1.19 B | 1.29 B | 1.29 B | 1.29 B | 1.33 B | 1.66 B | 1.47 B | 1.66 B | 1.53 B | 2.06 B | 1.94 B | 2.51 B | 2.01 B | 2.05 B | 2.32 B | 2.1 B | 2.6 B | 1.91 B | 1.91 B | 2.01 B | 1.84 B | 1.91 B | 1.91 B | 72.6 M | 2.04 B | 2.12 B | 2.12 B | 144 M | 72.3 M | 71.6 M | 71.6 M | 376 M | 148 M | 200 M | 200 M | 57.8 M | 391 M | 409 M | 409 M | 59.2 M | 61.6 M | 59.7 M | 59.7 M | 71.2 M | 58.9 M | 60.3 M | 60.3 M | 80.8 M | 72.3 M | 74 M | 74 M | 83.2 M | 82.1 M | 81.1 M | 81.1 M | 82.4 M | 83.3 M | 83.2 M | 83.2 M |
Retained Earnings |
4.46 B | 4.39 B | 4.4 B | 4.39 B | 4.4 B | 4.2 B | 4.31 B | 4.2 B | 4.23 B | 4.1 B | 4.19 B | 4.1 B | 4.12 B | 3.93 B | 4.03 B | 3.23 B | 3.93 B | 3.81 B | 3.56 B | 2.4 B | 2.99 B | 2.77 B | 2.77 B | 2.1 B | 2.29 B | 2.2 B | 2.2 B | 1.98 B | 2.1 B | 2.07 B | 2.07 B | 1.84 B | 2.01 B | 2.02 B | 2.02 B | 1.47 B | 1.78 B | 1.67 B | 1.67 B | 1.24 B | 1.43 B | 1.37 B | 1.37 B | 1.07 B | 1.21 B | 1.17 B | 1.17 B | 933 M | 1.05 B | 1.03 B | 1.03 B | 871 M | 929 M | 954 M | 954 M | 849 M | 940 M | 919 M | 919 M | 763 M | 843 M | 829 M | 829 M |
Total Assets |
7.15 B | 7.02 B | 6.99 B | 7.02 B | 6.99 B | 6.71 B | 7.17 B | 6.71 B | 6.87 B | 7.23 B | 7.22 B | 7.23 B | 7.17 B | 7.31 B | 7.55 B | 7.67 B | 7.28 B | 7.41 B | 7.74 B | 6.37 B | 7.77 B | 6.65 B | 6.65 B | 5.63 B | 5.86 B | 5.77 B | 5.77 B | 2.73 B | 5.61 B | 5.66 B | 5.66 B | 2.71 B | 2.8 B | 2.78 B | 2.78 B | 2.43 B | 2.71 B | 2.56 B | 2.56 B | 1.59 B | 2.38 B | 2.33 B | 2.33 B | 1.46 B | 1.57 B | 1.5 B | 1.5 B | 1.25 B | 1.41 B | 1.41 B | 1.41 B | 1.21 B | 1.32 B | 1.33 B | 1.33 B | 1.14 B | 1.27 B | 1.24 B | 1.24 B | 1.13 B | 1.18 B | 1.2 B | 1.2 B |
Cash and Cash Equivalents |
372 M | 242 M | 510 M | 242 M | 510 M | 374 M | 508 M | 374 M | 445 M | 340 M | 372 M | 340 M | 426 M | 282 M | 353 M | 282 M | 292 M | 312 M | 329 M | 184 M | 336 M | 446 M | 446 M | 242 M | 337 M | 539 M | 337 M | 306 M | 232 M | 426 M | 232 M | 110 M | 225 M | 275 M | 225 M | 135 M | 151 M | 223 M | 151 M | 185 M | 162 M | 210 M | 162 M | 248 M | 179 M | 183 M | 179 M | 205 M | 314 M | 289 M | 314 M | 108 M | 295 M | 237 M | 295 M | 156 M | 214 M | 219 M | 214 M | 96.6 M | 208 M | 215 M | 208 M |
Book Value |
7.15 B | 7.02 B | 6.99 B | 7.02 B | 6.99 B | 6.71 B | 7.17 B | 6.71 B | 6.87 B | 7.23 B | 7.22 B | 7.23 B | 7.17 B | 7.31 B | 7.55 B | 7.67 B | 7.28 B | 7.41 B | 7.74 B | 6.37 B | 7.77 B | 6.65 B | 6.65 B | 5.63 B | 5.86 B | 5.77 B | 5.77 B | 2.73 B | 5.61 B | 5.66 B | 5.66 B | 2.71 B | 2.8 B | 2.78 B | 2.78 B | 2.43 B | 2.71 B | 2.56 B | 2.56 B | 1.59 B | 2.38 B | 2.33 B | 2.33 B | 1.46 B | 1.57 B | 1.5 B | 1.5 B | 1.25 B | 1.41 B | 1.41 B | 1.41 B | 1.21 B | 1.32 B | 1.33 B | 1.33 B | 1.14 B | 1.27 B | 1.24 B | 1.24 B | 1.13 B | 1.18 B | 1.2 B | 1.2 B |
Total Shareholders Equity |
4.31 B | 4.32 B | 4.3 B | 4.32 B | 4.3 B | 3.95 B | 4.22 B | 3.95 B | 4.06 B | 3.94 B | 4.01 B | 3.94 B | 3.92 B | 3.78 B | 3.9 B | 3.79 B | 3.65 B | 3.59 B | 3.44 B | 2.57 B | 3.13 B | 2.92 B | 2.92 B | 2.11 B | 2.39 B | 2.32 B | 2.32 B | 1.91 B | 2.11 B | 2.08 B | 2.08 B | 1.75 B | 1.93 B | 1.94 B | 1.94 B | 1.38 B | 1.68 B | 1.58 B | 1.58 B | 1.13 B | 1.33 B | 1.27 B | 1.27 B | 1.02 B | 1.1 B | 1.07 B | 1.07 B | 877 M | 1 B | 978 M | 978 M | 804 M | 872 M | 893 M | 893 M | 779 M | 874 M | 851 M | 851 M | 769 M | 831 M | 836 M | 836 M |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Thor Industries, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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