revenue
1050–1100 $million
FY 2025
official guidance
THOR INDUSTRIES, INC.
Last · —$65.47+0.24 (+0.37%)live · yahoo · 0s ago
Market cap$3.65B—
P/E · TTM20.9fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $9.8B |
|---|---|
| Operating income | $330.3M |
| Net income | $262.5M |
| Operating margin | 3.4% |
| Net margin | 2.7% |
| Return on equity | 6.1% |
| Period | TTM 2026-04-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong operating momentum is offset by acquisition execution and leverage uncertainty.
Hold: Phibro delivered a strong Q1, with sales up 13% to $260.4 million and adjusted EBITDA up 64%, while standalone FY2025 guidance implies 3%-8% revenue growth and 11%-19% EBITDA growth.
However, the Zoetis MFA acquisition is initially expected to contribute only about $200 million of revenue and $0.25 of adjusted EPS over eight months, versus prior expectations of roughly $0.60 EPS over 12 months, leaving integration, destocking and 3.1x net leverage as meaningful risks.
Themes
- Zoetis Mfa Acquisition
- Animal Health
- Mfa Growth
- Vaccines
- Phibro Forward
- Leverage
Near term
Q2 guidance update will establish the first consolidated outlook including the Zoetis MFA portfolio.
Zoetis transition effects—including customer destocking, regulatory blackout periods and transition-service costs—could pressure the next several quarters.
Animal Health momentum remains important: Q1 MFAs and other grew 15% and vaccines grew 22%, but management cited favorable seasonality and timing-related orders in MFA.
Longer term
Management targets more than $0.60 of adjusted EPS in the first full fiscal year after the Zoetis acquisition and below 3x net leverage by fiscal 2027.
Phibro Forward could improve margins through pricing, expanded products, procurement and other savings, but most benefits are expected in future fiscal years.
The Zoetis portfolio could materially increase scale and MFA market position, but the lower near-term revenue and EPS contribution raise questions about the pace of normalization.
Management discontinued its atopic dermatitis project after it failed to meet its target product profile; continued pipeline investment needs to demonstrate better returns.
Red flags
The $200 million eight-month Zoetis revenue estimate is below a simple proportionalization of prior full-year expectations, with management attributing the gap to transition effects rather than reduced demand; investors need evidence of normalization.
The Zoetis estimates remain preliminary and exclude the portfolio from formal FY2025 guidance until Q2, limiting visibility into consolidated earnings and leverage.
Q1 MFA growth benefited from Southern Hemisphere disease pressure and favorable order timing, making the sustainability of the reported 15% growth rate uncertain.
Gross-margin strength benefited from mix, lower input costs and favorable foreign exchange, rather than being clearly structural.
The supplied issuer is listed as TITAN INTERNATIONAL, INC., but the transcript is for Phibro Animal Health Corporation.
Forward outlook
revenue growth
3–8 pct
FY 2025
official guidance
ebitda
124–132 $million
FY 2025
official guidance
revenue
200 $million
FY 2025
management framework
ebitda
20 pct
FY 2025
management framework
adjusted eps
0.25 $per share
FY 2025
management framework
adjusted eps
0.6 $per share
FY 2026
management target
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-09-22
- Rv Demand Cyclicality
- North American Towables
- European Growth
- Dealer Concentration
- Repurchase Obligations
- Supplier Concentration
- Market Share
- Restructuring
Red flags
- FreedomRoads, LLC accounted for approximately 13.0% of consolidated fiscal 2026 net sales; further dealer consolidation could increase customer bargaining power or amplify counterparty risk.
- Dealer inventory repurchase commitments totaled $3.316 billion at July 31, 2026, versus repurchase and guarantee reserves of only $15.9 million. Although historical losses were generally immaterial, a dealer failure cycle could create material cash exposure.
- North American Towable revenue fell $607.979 million, or 16.1%, in fiscal 2026, demonstrating significant sensitivity to RV demand and dealer inventory levels.
- Cash and cash equivalents of approximately $391.8 million were held by only two financial institutions—one U.S. institution and one European institution—creating concentration exposure above insured limits.
Upcoming earnings
1:30 PM UTC+1
Period
Oct 2026
Est. EPS
$0.16
Est. revenue
2.3B
Earnings transcripts
Documents
FormReporting forFiledFlags