LCII (LCI Industries) Operating Income: $294 Mil (TTM As of Mar. 2026)


LCII LCI Industries Inc LCII
72 GF Score
Price $100.12
GF Value $122.56
Valuation Modestly Undervalued
! 4 Warning Signs
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What is LCI Industries Operating Income?

LCI Industries LCII +4.43% 72 Operating Income is $294 Mil as of Mar. 2026. GuruFocus rates LCII with a GF Score™ of 72/100 and a GF Value™ of $122.56 (Modestly Undervalued). The stock has 4 warning signs investors should review.

LCI Industries's Operating Income for the three months ended in Mar. 2026 was $95 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $294 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. LCI Industries's Operating Income for the three months ended in Mar. 2026 was $95 Mil. LCI Industries's Revenue for the three months ended in Mar. 2026 was $1,091 Mil. Therefore, LCI Industries's Operating Margin % for the quarter that ended in Mar. 2026 was 8.73%.

Warning Sign:

LCI Industries Inc operating margin has been in a 5-year decline. The average rate of decline per year is -8.9%.

LCI Industries's 5-Year average Growth Rate for Operating Margin % was -8.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. LCI Industries's annualized ROC % for the quarter that ended in Mar. 2026 was 10.27%. LCI Industries's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 25.96%.


LCI Industries  (NYSE:LCII) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

LCI Industries's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=380.636 * ( 1 - 26.16% )/( (2680.463 + 2791.784)/ 2 )
=281.0616224/2736.1235
=10.27 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3175.987 - 272.909 - ( 222.615 - max(0, 473.367 - 1349.686+222.615))
=2680.463

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3216.796 - 282.775 - ( 142.237 - max(0, 487.978 - 1419.891+142.237))
=2791.784

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

LCI Industries's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=380.636/( ( (701.026 + max(701.561, 0)) + (691.785 + max(838.325, 0)) )/ 2 )
=380.636/( ( 1402.587 + 1530.11 )/ 2 )
=380.636/1466.3485
=25.96 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(243.425 + 809.094 + 74.552) - (272.909 + 0 + 152.601)
=701.561

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(376.112 + 834.453 + 67.089) - (282.775 + 0 + 156.554)
=838.325

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

LCI Industries's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=95.159/1090.517
=8.73 %

* 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.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


LCI Industries Operating Income Related Terms


LCI Industries Operating Income Historical Data

* Premium members only.

The historical data trend for LCI Industries's Operating Income 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.

LCI Industries Operating Income Chart

LCI Industries Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 398.41 553.03 123.43 218.24 279.92

LCI Industries Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 81.32 87.80 75.44 35.36 95.16
LCII
72GF Score
LCI Industries Inc LCII
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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LCI Industries Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $294 Mil.

* 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.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $294 Mil mean?
LCI Industries (LCII) has a Operating Income of $294 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on LCI Industries and its competitors.
Is LCI Industries' Operating Income too high?
LCI Industries' current Operating Income is $294 Mil. Overall, LCI Industries has a GF Score™ of 72/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does LCI Industries' Operating Income compare to HOG and PATK?
LCI Industries' Operating Income of $294 Mil can be compared against companies in the Vehicles & Parts industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Vehicles & Parts company?
A good Operating Income depends on the Vehicles & Parts industry context. However, Operating Income 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 Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on LCI Industries and its competitors. LCI Industries's current Operating Income is $294 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is LCI Industries stock overvalued right now?
Based on GuruFocus' analysis, LCI Industries (LCII) is currently considered Modestly Undervalued. The stock's GF Value™ is $122.56, compared to a current price of $100.12 — trading 18.3% below its estimated fair value. The current Operating Income is $294 Mil. LCI Industries' overall GF Score™ is 72/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For LCI Industries (LCII), the current Operating Income is $294 Mil as of Mar. 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 LCI Industries (LCII) Overvalued in 2026?

Based on GuruFocus' analysis, LCI Industries stock appears to be undervalued. The current stock price of $100.12 is trading 18.3% below its estimated GF Value™ of $122.56. GuruFocus considers LCI Industries to be Modestly Undervalued.

Key valuation signals for LCII:

  • Operating Income: $294 Mil
  • GF Value™: $122.56 vs. price of $100.12 (18.3% below fair value)
  • GF Score™: 72/100 with 4 warning signs

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


LCI Industries Business Description

Other Exchanges 0DI:Germany
Address 3501 County Road 6 East, Elkhart, IN, USA, 46514
LCI Industries Inc supplies domestically and internationally components for the original equipment manufacturers of recreational vehicles and adjacent industries, including buses and trailers used to haul boats, livestock, equipment, and other cargo. It has two reportable segments: the original equipment manufacturers segment and the aftermarket segment. The OEM Segment manufactures or distributes components for the OEMs of RVs and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; pontoon boats; trains; manufactured homes; and modular housing. Its products are sold to manufacturers of RVs such as Thor Industries, Forest River, Winnebago, and other RV OEMs, and to manufacturers in adjacent industries.
72GF Score

Get the complete analysis for LCII

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

$100.12
Price
$122.56
GF Value