THO (Thor Industries) Beneish M-Score: -2.53 (As of Jun. 25, 2026)

What is Thor Industries Beneish M-Score?

Thor Industries THO +2.87% 73 Beneish M-Score is -2.53 as of Jun. 25, 2026. GuruFocus rates THO with a GF Score™ of 73/100 and a GF Value™ of $96.22 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,273 Vehicles & Parts companies, Thor Industries ranks worse than 51.61% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Thor Industries's Beneish M-Score or its related term are showing as below:

THO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22 Med: -2.49 Max: -1.76
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Thor Industries was -1.76. The lowest was -3.22. And the median was -2.49.

Thor Industries Beneish M-Score Related Terms

Thor Industries Beneish M-Score Historical Data

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The historical data trend for Thor Industries's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Thor Industries Beneish M-Score Chart

Thor Industries Annual Data

Trend

Jul16

Jul17

Jul18

Jul19

Jul20

Jul21

Jul22

Jul23

Jul24

Jul25

Beneish M-Score

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-2.23

-2.36

-3.02

-2.57

-2.69

Thor Industries Quarterly Data
	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24	Jan25	Apr25	Jul25	Oct25	Jan26	Apr26
Beneish M-Score	Get a 7-Day Free Trial															-2.73	-2.69	-2.62	-2.38	-2.53

THO vs PII, PATK, BC: Beneish M-Score Comparison

For the Recreational Vehicles subindustry, Thor Industries's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Thor Industries Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Thor Industries's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Thor Industries's Beneish M-Score falls into.

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73GF Score

Thor Industries Inc THO

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Thor Industries Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Thor Industries for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0032

0.528 * 1.0818

0.404 * 0.9993

0.892 * 1.024

0.115 * 0.9805

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.997

4.679 * -0.026918

0.327 * 0.9633

-2.53

This Year (Apr26) TTM:

Last Year (Apr25) TTM:

Total Receivables was $879 Mil.
Revenue was 2781.538 + 2125.856 + 2389.123 + 2523.783 = $9,820 Mil.
Gross Profit was 354.77 + 251.254 + 320.974 + 370.883 = $1,298 Mil.
Total Current Assets was $2,887 Mil.
Total Assets was $7,155 Mil.
Property, Plant and Equipment(Net PPE) was $1,322 Mil.
Depreciation, Depletion and Amortization(DDA) was $268 Mil.
Selling, General, & Admin. Expense(SGA) was $935 Mil.
Total Current Liabilities was $1,691 Mil.
Long-Term Debt & Capital Lease Obligation was $871 Mil.
Net Income was 97.229 + 17.803 + 21.669 + 125.757 = $262 Mil.
Non Operating Income was 47.105 + 18.976 + 2.489 + 50.761 = $119 Mil.
Cash Flow from Operations was 234.154 + -112.241 + -44.867 + 258.674 = $336 Mil.

Total Receivables was $856 Mil.
Revenue was 2894.816 + 2018.107 + 2142.784 + 2534.167 = $9,590 Mil.
Gross Profit was 443.119 + 245.197 + 281.442 + 401.331 = $1,371 Mil.
Total Current Assets was $2,836 Mil.
Total Assets was $7,170 Mil.
Property, Plant and Equipment(Net PPE) was $1,380 Mil.
Depreciation, Depletion and Amortization(DDA) was $273 Mil.
Selling, General, & Admin. Expense(SGA) was $916 Mil.
Total Current Liabilities was $1,655 Mil.
Long-Term Debt & Capital Lease Obligation was $1,011 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(879.281 / 9820.3)	/	(855.925 / 9589.874)
	=	0.089537	/	0.089253
	=	1.0032

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(1371.089 / 9589.874)	/	(1297.881 / 9820.3)
	=	0.142973	/	0.132163
	=	1.0818

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (2886.562 + 1322.27) / 7154.775)	/	(1 - (2835.807 + 1380.042) / 7170.29)
	=	0.411745	/	0.412039
	=	0.9993

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	9820.3	/	9589.874
	=	1.024

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(273.425 / (273.425 + 1380.042))	/	(268.242 / (268.242 + 1322.27))
	=	0.165365	/	0.168651
	=	0.9805

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(934.842 / 9820.3)	/	(915.687 / 9589.874)
	=	0.095195	/	0.095485
	=	0.997

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((871.444 + 1691.047) / 7154.775)	/	((1010.653 + 1655.11) / 7170.29)
	=	0.358151	/	0.371779
	=	0.9633

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(262.458 - 119.331	-	335.72)	/	7154.775
	=	-0.026918

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Thor Industries has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.53 mean?

Thor Industries (THO) has a Beneish M-Score of -2.53 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thor Industries and its competitors. According to the industry distribution chart, Thor Industries ranks #657 out of 1273 companies in the Vehicles & Parts industry, placing it in the top 51.6%.

Is Thor Industries' Beneish M-Score too high?

Thor Industries' current Beneish M-Score is -2.53. Based on the distribution chart, Thor Industries ranks #657 out of 1273 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, Thor Industries has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Thor Industries' Beneish M-Score compare to PII and PATK?

According to the Vehicles & Parts industry distribution chart, Thor Industries ranks #657 out of 1273 companies for Beneish M-Score. This places Thor Industries in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Vehicles & Parts company?

A good Beneish M-Score depends on the Vehicles & Parts industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thor Industries and its competitors. Thor Industries's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Thor Industries stock overvalued right now?

Based on GuruFocus' analysis, Thor Industries (THO) is currently considered Modestly Undervalued. The stock's GF Value™ is $96.22, compared to a current price of $77.66 — trading 19.3% below its estimated fair value. The current Beneish M-Score is -2.53. Thor Industries' overall GF Score™ is 73/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Thor Industries (THO), the current Beneish M-Score is -2.53 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Thor Industries (THO) Overvalued in 2026?

Based on GuruFocus' analysis, Thor Industries stock appears to be undervalued. The current stock price of $77.66 is trading 19.3% below its estimated GF Value™ of $96.22. GuruFocus considers Thor Industries to be Modestly Undervalued.

Key valuation signals for THO:

Beneish M-Score: -2.53
GF Value™: $96.22 vs. price of $77.66 (19.3% below fair value)
GF Score™: 73/100 with 3 warning signs

No single metric tells the full story. See the THO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Thor Industries Business Description

Industry Consumer Cyclical Vehicles & Parts

Comparable Companies PII PATK BC LCII HOG WGO MCFT MBUU KNDI MAMO SHSE:603129 TSX:DOO XPAR:TRI ISX:VKTR MIL:SL MIL:YACHT NZSE:THL XPAR:BEN TPE:8478 HKSE:00805

Other Exchanges 0LF8:UK TIV:Germany

Address 52700 Independence Court, Elkhart, IN, USA, 46514-8155

Website https://www.thorindustries.com

Based in Elkhart, Indiana, Thor Industries manufactures Class A, Class B, and Class C motor homes along with travel trailers and fifth-wheel towables across about 35 brands. Through the acquisition of Erwin Hymer in 2019, the company expanded its geographic footprint and now produces various motorized and towable recreational vehicles for Europe, including motor caravans, camper vans, urban vehicles, caravans, and other RV-related products and services. The company has also begun generating revenue through aftermarket component parts via the acquisition of Airxcel in 2021; however, this is still a nascent part of the business, as it accounted for less than 10% of fiscal 2025 total sales. In fiscal 2025, the company wholesaled 181,388 units and generated $9.6 billion in revenue.

73GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$77.66

Price

$96.22

GF Value

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