Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Winnebago Industries's Sloan Ratio for the quarter that ended in Feb. 2024 was -0.76%.
As of Feb. 2024, Winnebago Industries has a Sloan Ratio of -0.76%, indicating the company is in the safe zone and there is no funny business with accruals.
Winnebago Industries Sloan Ratio % Historical Data
The historical data trend for Winnebago Industries's Sloan Ratio % 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.
Competitive Comparison of Winnebago Industries's Sloan Ratio %
For the Recreational Vehicles subindustry, Winnebago Industries's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Winnebago Industries's Sloan Ratio % Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Winnebago Industries's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Winnebago Industries's Sloan Ratio % falls into.
Winnebago Industries Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Winnebago Industries's Sloan Ratio for the fiscal year that ended in Aug. 2023 is calculated as
Winnebago Industries's Net Income for the trailing twelve months (TTM) ended in Feb. 2024 was 59.1 (May. 2023 ) + 43.8 (Aug. 2023 ) + 25.8 (Nov. 2023 ) + -12.7 (Feb. 2024 ) = $116 Mil.
Winnebago Industries's Cash Flow from Operations for the trailing twelve months (TTM) ended in Feb. 2024 was 139.6 (May. 2023 ) + 138.1 (Aug. 2023 ) + -21.4 (Nov. 2023 ) + 25.2 (Feb. 2024 ) = $282 Mil.
Winnebago Industries's Cash Flow from Investing for the trailing twelve months (TTM) ended in Feb. 2024 was -105.8 (May. 2023 ) + -15.6 (Aug. 2023 ) + -14.7 (Nov. 2023 ) + -10.8 (Feb. 2024 ) = $-147 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.
Winnebago Industries (NYSE:WGO) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Feb. 2024, Winnebago Industries has a Sloan Ratio of -0.76%, indicating the company is in the safe zone and there is no funny business with accruals.
Winnebago Industries Sloan Ratio % Related Terms
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Winnebago Industries (Winnebago Industries) Business Description
Winnebago Industries manufactures Class A, B, and C motor homes along with towables, customized specialty vehicles, boats, and parts. Headquartered in Eden Prairie, Minnesota, Winnebago has been producing recreational vehicles since 1958. Revenue was about $3.5 billion in fiscal 2023. Winnebago expanded into towables in 2011 with the acquisition of SunnyBrook and acquired Grand Design in November 2016. Towables made up 79% of the firm's RV unit volume, up from 31% in fiscal 2016. The company's total RV unit volume was 39,447 in fiscal 2023. Winnebago expanded into boating in 2018 with the purchase of Chris-Craft, bought premium motor home maker Newmar in November 2019, and bought Barletta pontoon boats in August 2021. It also is developing electric and autonomous technology.
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