Thor Industries, Inc. (THO) Balance Sheet
THO balance sheet, FY2026
July 31, 2026 · U.S. dollars$6.96B assets = $2.70B liabilities + $4.26B equity
Both columns are drawn to the same scale: what THO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
THO financial health
Current ratio1.77
Comfortable · current assets cover current liabilities 1.77×
Debt / equity0.20
Low leverage · $0.20 of debt for each $1 of equity
Equity / assets61.3%
Equity-funded · of assets funded by shareholders
Cash / debt55.5%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles37.4%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
THO balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.56BFY2017 | $6.96BFY2026 | +11.8%/yr | |
| Total liabilities | $981.4MFY2017 | $2.70BFY2026 | +11.9%/yr | |
| Shareholders’ equity | $1.58BFY2017 | $4.26BFY2026 | +11.7%/yr | |
| Cash & short-term investments | $223.3MFY2017 | $482.0MFY2026 | +8.9%/yr | |
| Total debt | $145.4MFY2017 | $868.0MFY2026 | +22.0%/yr | |
| Net cash (debt) | $77.9MFY2017 | −$386.0MFY2026 | −$463.9M | |
| Working capital | $399.1MFY2017 | $1.19BFY2026 | +$790.7M | |
| Book value per share | $29.88FY2017 | $81.07FY2026 | +11.7%/yr | |
| Current ratio | 1.51FY2017 | 1.77FY2026 | +0.26 | |
| Debt / equity | 0.09FY2017 | 0.20FY2026 | +0.11 | |
| Shares outstanding | 52.8MFY2017 | 52.6MFY2026 | −0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
THO assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
THO liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
THO debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
THO balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $482.0M | $586.6M | $501.3M | $441.2M | $311.7M | $445.9M | $541.4M | $451.3M | $275.2M | $223.3M |
| Cash & equivalents | $482.0M | $586.6M | $501.3M | $441.2M | $311.7M | $445.9M | $541.4M | $451.3M | $275.2M | $223.3M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $486.8M | $707.4M | $700.9M | $643.2M | $944.2M | $949.9M | $814.2M | $716.2M | $487.2M | $484.8M |
| Inventory | $1.42B | $1.35B | $1.37B | $1.65B | $1.75B | $1.37B | $716.3M | $828.0M | $537.9M | $460.5M |
| Other current assets | $348.1M | $132.2M | $81.2M | $56.1M | $51.8M | $38.4M | $30.4M | $41.9M | $11.3M | $11.6M |
| Total current assets | $2.74B | $2.78B | $2.65B | $2.79B | $3.06B | $2.80B | $2.10B | $2.04B | $1.31B | $1.18B |
| Property, plant & equipment (net) | $1.31B | $1.32B | $1.39B | $1.39B | $1.26B | $1.19B | $1.11B | $1.09B | $522.1M | $425.2M |
| Goodwill & intangible assets | $2.60B | $2.60B | $2.65B | $2.80B | $2.92B | $2.50B | $2.39B | $2.33B | $766.0M | $821.2M |
| Long-term investments | $0 | $136.8M | $137.3M | $126.9M | $10.8M | $0 | $0 | $46.2M | $48.5M | $0 |
| Other non-current assets | $305.9M | $234.9M | $194.7M | $155.1M | $155.0M | $165.0M | $170.3M | $155.6M | $130.4M | $131.4M |
| Total assets | $6.96B | $7.07B | $7.02B | $7.26B | $7.41B | $6.65B | $5.77B | $5.66B | $2.78B | $2.56B |
| Liabilities | ||||||||||
| Accounts payable | $740.5M | $738.1M | $628.1M | $736.3M | $822.4M | $915.0M | $636.5M | $551.8M | $287.0M | $328.6M |
| Short-term debt | $75.1M | $3.4M | $32.6M | $11.4M | $13.2M | $12.4M | $13.8M | $17.4M | $410,000 | $378,000 |
| Deferred revenue | — | — | $81.2M | $56.1M | — | $841.6M | $829.0M | $835.0M | −$410,000 | −$378,000 |
| Total current liabilities | $1.55B | $1.58B | $1.57B | $1.72B | $1.76B | $1.79B | $1.52B | $1.45B | $769.3M | $781.0M |
| Long-term debt | $0 | $920.5M | $1.10B | $1.29B | $1.76B | $1.60B | $1.66B | $1.89B | $0 | $145.0M |
| Other long-term liabilities | $1.15B | $270.5M | $276.6M | $266.9M | $293.8M | $311.7M | $253.0M | $231.6M | $71.6M | $55.3M |
| Total liabilities | $2.70B | $2.78B | $2.95B | $3.28B | $3.81B | $3.71B | $3.43B | $3.57B | $840.9M | $981.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $6.8M | $6.7M | $6.7M | $6.6M | $6.6M | $6.6M | $6.5M | $6.5M | $6.3M | $6.3M |
| Retained earnings (deficit) | $4.48B | $4.41B | $4.25B | $4.09B | $3.81B | $2.77B | $2.20B | $2.07B | $2.02B | $1.67B |
| Treasury stock | — | — | — | — | −$543.3M | −$360.2M | −$351.9M | −$348.1M | −$343.7M | −$336.1M |
| Accumulated other comprehensive income | $15.2M | $10.4M | −$93.7M | −$68.5M | −$181.6M | $44.6M | $27.0M | −$57.0M | $0 | $0 |
| Minority interest | — | $1.1M | $6.6M | $7.4M | $7.8M | — | $25.8M | $10.8M | $0 | $0 |
| Total shareholders' equity | $4.26B | $4.29B | $4.07B | $3.98B | $3.60B | $2.95B | $2.35B | $2.10B | $1.94B | $1.58B |
| Key figures | ||||||||||
| Total debt | $868.0M | $923.0M | $1.13B | $1.31B | $1.77B | $1.61B | $1.67B | $1.90B | $6.1M | $145.4M |
| Net cash (debt) | −$386.0M | −$336.4M | −$632.6M | −$864.2M | −$1.46B | −$1.17B | −$1.13B | −$1.45B | $269.2M | $77.9M |
| Working capital | $1.19B | $1.19B | $1.08B | $1.08B | $1.31B | $1.01B | $587.0M | $589.0M | $542.3M | $399.1M |
| Tangible book value | $1.66B | $1.69B | $1.42B | $1.19B | $679.0M | $447.7M | −$45.7M | −$233.6M | $1.17B | $755.4M |
| Book value per share | $81.07 | $80.31 | $75.76 | $73.96 | $65.15 | $52.94 | $42.34 | $38.78 | $36.66 | $29.88 |
| Shares outstanding | 52.6M | 53.4M | 53.7M | 53.9M | 55.3M | 55.7M | 55.4M | 54.0M | 52.9M | 52.8M |
| Current ratio | 1.77 | 1.75 | 1.69 | 1.63 | 1.74 | 1.56 | 1.39 | 1.41 | 1.70 | 1.51 |
| Quick ratio | 0.62 | 0.82 | 0.77 | 0.63 | 0.72 | 0.78 | 0.89 | 0.81 | 0.99 | 0.91 |
| Debt / equity | 0.20 | 0.22 | 0.28 | 0.33 | 0.49 | 0.55 | 0.71 | 0.91 | 0.00 | 0.09 |
| Equity / assets | 61.3% | 60.7% | 57.9% | 54.9% | 48.6% | 44.3% | 40.6% | 37.0% | 69.7% | 61.6% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $482.0M | $371.9M | $242.2M | $509.9M | $586.6M | $508.3M | $373.8M | $445.2M | $501.3M | $371.8M | $340.2M | $425.8M |
| Cash & equivalents | $482.0M | $371.9M | $242.2M | $509.9M | $586.6M | $508.3M | $373.8M | $445.2M | $501.3M | $371.8M | $340.2M | $425.8M |
| Receivables | $486.8M | $879.3M | $767.4M | $655.6M | $707.4M | $855.9M | $653.3M | $638.4M | $700.9M | $830.0M | $625.6M | $616.6M |
| Inventory | $1.42B | $1.53B | $1.59B | $1.46B | $1.35B | $1.35B | $1.38B | $1.37B | $1.37B | $1.58B | $1.78B | $1.71B |
| Other current assets | $348.1M | $104.6M | $118.7M | $90.3M | $132.2M | $118.0M | $117.9M | $77.5M | $81.2M | $90.3M | $97.2M | $48.9M |
| Total current assets | $2.74B | $2.89B | $2.72B | $2.72B | $2.78B | $2.84B | $2.52B | $2.53B | $2.65B | $2.87B | $2.84B | $2.81B |
| Property, plant & equipment (net) | $1.31B | $1.32B | $1.33B | $1.31B | $1.32B | $1.38B | $1.32B | $1.38B | $1.39B | $1.38B | $1.38B | $1.38B |
| Goodwill & intangible assets | $2.60B | $2.56B | $2.60B | $2.58B | $2.60B | $2.62B | $2.54B | $2.62B | $2.65B | $2.67B | $2.71B | $2.72B |
| Long-term investments | $0 | $143.4M | $135.7M | $136.4M | $136.8M | $136.2M | $136.2M | $137.8M | $137.3M | $132.3M | $128.6M | $130.1M |
| Other non-current assets | $305.9M | $246.4M | $233.9M | $237.1M | $234.9M | $196.4M | $195.2M | $197.3M | $194.7M | $169.4M | $162.5M | $139.9M |
| Total assets | $6.96B | $7.15B | $7.02B | $6.99B | $7.07B | $7.17B | $6.71B | $6.87B | $7.02B | $7.22B | $7.23B | $7.17B |
| Liabilities | ||||||||||||
| Accounts payable | $740.5M | $863.8M | $764.0M | $660.8M | $738.1M | $795.0M | $698.7M | $571.6M | $628.1M | $802.0M | $762.1M | $748.9M |
| Short-term debt | $75.1M | $83.0M | $2.9M | $2.8M | $3.4M | $5.4M | $27.7M | $32.2M | $32.6M | $127.5M | $28.8M | $22.7M |
| Deferred revenue | — | — | — | — | — | — | — | — | $834.2M | $90.3M | $97.2M | $48.9M |
| Total current liabilities | $1.55B | $1.69B | $1.54B | $1.51B | $1.58B | $1.66B | $1.47B | $1.48B | $1.57B | $1.74B | $1.63B | $1.72B |
| Long-term debt | $0 | $871.4M | $878.1M | $913.8M | $920.5M | $1.01B | $1.00B | $1.05B | $1.10B | $1.21B | $1.39B | $1.27B |
| Other long-term liabilities | $1.15B | $279.8M | $275.9M | $273.1M | $270.5M | $279.2M | $281.5M | $284.3M | $278.5M | $261.7M | $266.3M | $260.2M |
| Total liabilities | $2.70B | $2.84B | $2.69B | $2.69B | $2.78B | $2.95B | $2.76B | $2.81B | $2.95B | $3.21B | $3.28B | $3.25B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $6.8M | $6.8M | $6.8M | $6.8M | $6.7M | $6.7M | $6.7M | $6.7M | $6.7M | $6.7M | $6.7M | $6.7M |
| Retained earnings (deficit) | $4.48B | $4.46B | $4.39B | $4.40B | $4.41B | $4.31B | $4.20B | $4.23B | $4.25B | $4.19B | $4.10B | $4.12B |
| Accumulated other comprehensive income | $15.2M | $49.7M | $84.4M | $30.2M | $10.4M | −$2.4M | −$157.9M | −$81.8M | −$93.7M | −$110.5M | −$92.9M | −$128.5M |
| Minority interest | — | −$1.9M | −$562,000 | $2.6M | $1.1M | $404,000 | — | — | — | — | — | — |
| Total shareholders' equity | $4.26B | $4.31B | $4.32B | $4.30B | $4.29B | $4.22B | $3.95B | $4.05B | $4.07B | $4.00B | $3.94B | $3.92B |
| Key figures | ||||||||||||
| Total debt | $868.0M | $986.6M | $880.7M | $916.0M | $923.0M | $1.02B | $1.03B | $1.08B | $1.13B | $1.36B | $1.52B | $1.28B |
| Net cash (debt) | −$386.0M | −$614.7M | −$638.5M | −$406.1M | −$336.4M | −$507.8M | −$657.3M | −$630.8M | −$632.6M | −$987.6M | −$1.18B | −$857.0M |
| Working capital | $1.19B | $1.20B | $1.18B | $1.21B | $1.19B | $1.18B | $1.05B | $1.05B | $1.08B | $1.13B | $1.21B | $1.09B |
| Tangible book value | $1.66B | $1.76B | $1.73B | $1.71B | $1.69B | $1.60B | $1.41B | $1.43B | $1.42B | $1.34B | $1.22B | $1.20B |
| Book value per share | $81.07 | $82.34 | $81.81 | $81.11 | $80.48 | $79.05 | $74.27 | $76.53 | $75.71 | $74.52 | $73.37 | $72.71 |
| Shares outstanding | 52.6M | 52.4M | 52.8M | 53.0M | 53.3M | 53.4M | 53.2M | 53.0M | 53.7M | 53.7M | 53.7M | 53.9M |
| Current ratio | 1.77 | 1.71 | 1.76 | 1.81 | 1.75 | 1.71 | 1.71 | 1.71 | 1.69 | 1.65 | 1.75 | 1.63 |
| Quick ratio | 0.62 | 0.74 | 0.66 | 0.77 | 0.82 | 0.82 | 0.70 | 0.73 | 0.77 | 0.69 | 0.59 | 0.61 |
| Debt / equity | 0.20 | 0.23 | 0.20 | 0.21 | 0.22 | 0.24 | 0.26 | 0.27 | 0.28 | 0.34 | 0.39 | 0.33 |
| Equity / assets | 61.3% | 60.3% | 61.6% | 61.5% | 60.7% | 58.9% | 58.9% | 59.0% | 57.9% | 55.5% | 54.5% | 54.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed September 22, 2026); data from EODHD.
THO financial position
At the end of fiscal 2026 (July 31, 2026), Thor Industries had total assets of $7.0 billion (down 1.5% from a year earlier), total liabilities of $2.7 billion and shareholders' equity of $4.3 billion. It held $482.0 million in cash and short-term investments against $868.0 million of debt, net debt of $386.0 million. Its current ratio was 1.77.
Related: THO income statement, THO cash flow statement, THO key metrics. See the THO stock overview for the latest quote and news.
THO balance sheet FAQ
What are Thor Industries's total assets?
Thor Industries reported total assets of $7.0 billion at the end of fiscal 2026 (July 31, 2026), compared with $7.1 billion a year earlier.
How much debt does Thor Industries have?
Thor Industries had $868.0 million of total debt at the end of fiscal 2026, including short-term borrowings. Its debt-to-equity ratio was 0.20.
How much cash does Thor Industries have?
Thor Industries held $482.0 million in cash and short-term investments at the end of fiscal 2026; with $868.0 million of debt that is net debt of $386.0 million.
What is Thor Industries's book value?
Thor Industries's shareholders' equity (book value) was $4.3 billion at the end of fiscal 2026, or $81.07 per share.
What is Thor Industries's current ratio?
Thor Industries had current assets of $2.7 billion and current liabilities of $1.6 billion, a current ratio of 1.77 (it can cover its short-term obligations).
How much goodwill does Thor Industries have?
Thor Industries carried $2.6 billion of goodwill and intangible assets, 37.4% of total assets, at the end of fiscal 2026.