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Winnebago Industries

WGO on NYSE. Winnebago builds recreational vehicles, boats, and batteries and sells them to dealers. Market value $707m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to May 2026. Quality checks use five annual reports, the latest for the year to August 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to May 2026
25.6%very high

For every $100 of what the whole company costs, it produced $25.55 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to May 2026
15.9×full

You pay 15.9 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to August 2025
14.3%five-year median

Each dollar kept in the business earns 14 cents a year. Above 10 is good.

Quality score: 84 of 100. Price score: 89 of 100. Our list needs 70 on quality and 60 on price.

$25.00 a share, at its 1-year low

Over the past year the price has ranged from $24.60 to $50.16.

Dividend: 5.5% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.2
0.3
0.2
0.1
0.1
0.2
2021202220232024202512 monthsto May '26

Spare cash swings from quarter to quarter here: $181 million in the past 12 months, $90 million in the year to August 2025.

Revenue
$3.6bn$5.0bn$3.5bn$3.0bn$2.8bn
Operating margin
11.2%11.8%8.6%3.4%2.0%
Debt to equity
0.510.440.440.550.45
Shares outstanding
0.03bn0.03bn0.03bn0.03bn0.03bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.45× equity
  • Revenue growth, five yearsSlow, 3.5% a year
  • Buying back its own sharesYes, 11% fewer since 2021

The quarter to May 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $699 million last quarter, down 10% on a year ago.
  • Profit: $15 million, down 18% on a year ago.
  • It keeps 2 cents of each $1 of sales as operating profit, up from 1 cents a year earlier.
  • Spare cash over the past 12 months: $181 million. A year earlier it spent $52 million more than it brought in.
  • About the same number of shares as a year ago.
  • Debt is $386 million more than cash, down from $529 million a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
August 2024$721m
November 2024$626m
February 2025$620m
May 2025$775m
August 2025$777m
November 2025$703m
February 2026$657m
May 2026$699m
Profit by quarter
Profit by quarter
Quarter toAmount
August 2024-$29m
November 2024-$5m
February 2025-$400,000
May 2025$18m
August 2025$14m
November 2025$6m
February 2026$5m
May 2026$15m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
22 October 2025
Next quarterly (estimated, 10-Q)
24 September 2026

Who owns it

8 long-term investors we follow own it, down from 9 last quarter. 243 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $108,729 of shares on the open market. 2 sold $805,663, $511,658 of it under preset trading plans.

  • Woodson Bret A
    SVP-CHRO
    Sold
    under a preset trading plan
    Date
    19 August 2026
    Shares
    1,235
    Price
    $31.73
    Value
    $39,187
  • Woodson Bret A
    SVP-CHRO
    Sold
    under a preset trading plan
    Date
    13 August 2026
    Shares
    2,414
    Price
    $32.66
    Value
    $78,841
  • Happe Michael J
    PRESIDENT & CEO, Director
    Sold
    under a preset trading plan
    Date
    13 August 2026
    Shares
    12,045
    Price
    $32.68
    Value
    $393,631
  • Happe Michael J
    PRESIDENT & CEO, Director
    Sold
    Date
    27 October 2025
    Shares
    7,105
    Price
    $41.38
    Value
    $294,005
  • Armbruster Sara E
    Director
    Bought
    Date
    24 October 2025
    Shares
    2,700
    Price
    $40.27
    Value
    $108,729

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 22 Oct 2025, plus the 10-Q filed 25 Jun 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.