LCI Industries

LCII

Auto - Recreational Vehicles · Consumer Cyclical

Price

$108.17

-0.31 (-0.29%)

Market Cap

$2.63B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 25.4M (2021) → 24.9M (2025)

LCI Industries makes the parts that go inside recreational vehicles (RVs) — things like furniture, windows, doors, axles, and hitches. Its main customers are RV manufacturers, and it also sells parts to the marine, manufactured housing, and transportation industries. It is one of the largest suppliers of RV components in North America.

The company earns money by selling these parts directly to manufacturers and through aftermarket channels to repair shops and dealers. LCI operates mostly in the United States, with some international presence, and generates roughly $3–4 billion in annual revenue. Its competitive edge comes from deep relationships with major RV makers and the sheer breadth of parts it supplies, making it hard for customers to switch suppliers easily. The biggest risk is that RV sales are highly sensitive to consumer confidence and interest rates, so a slowdown in discretionary spending can quickly reduce demand for LCI's products.

Winston Score History

Politician Trades

6 trades / 12mo

3 Congressional buys and 3 sells on LCII in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+34.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

4.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~10 months

$142M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

LCI Industries has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

25.1%

Modest — 25.1% gross margin

Operating Margin

8.7%

Modest — 8.7% operating margin

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.1%

Steady sales growth (9.1% YoY)

EPS YoY

+34.5%

Earnings growing fast (34.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

126%

Turns 126% of profit into real cash

FCF Margin

4.8%

Thin free cash flow (4.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.68

Moderate — manageable debt (0.68)

Interest Cover

7.41x

Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

13.2x

Attractive valuation — P/E 13.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+1.3

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

4.34%

Healthy income — 4.34% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+2.2%

Dividend flat

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