LCI Industries
Rank #224Capital ReturnLCII · NYSE · Consumer Cyclical
LCI Industries (LCII) — Rank #224 by gross profitability (GP/assets 0.30) · ROE 13.1% · Piotroski F-Score 8 / 9.
As-of 2026-09-15 · CIK 0000763744 · all metrics point-in-time as of the filing date.
About
LCI Industries, together with its subsidiaries, manufactures and supplies engineered components for the manufacturers of recreational vehicles (RVs) and adjacent industries in the United States and internationally.
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It operates through two segments, Original Equipment Manufacturers (OEM) and Aftermarket. The OEM segment manufactures and distributes a range of engineered components, such as steel chassis, axles, anti-lock braking systems, and suspension systems; manual, electric, and hydraulic stabilizer and leveling systems; awnings, slide-out mechanisms, and accessories; vinyl, aluminum, and frameless windows; entry, luggage, patio, and ramp doors; electric and manual entry steps and awnings; thermoformed bath and kitchen products; furniture, mattresses, tankless water heaters, air conditioners, appliances, electronic components, televisions, and sound systems; windshields; and hitches, pin boxes, grill guards, towing electrical, and towing and truck accessories. This segment serves OEMs of RVs and adjacent industries, including boats, buses, cargo and utility trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. The Aftermarket segment supplies engineered components to aftermarket channels of the recreation and transportation markets for retail dealers, wholesale distributors, and service centers, as well as direct-to-consumer sales through online platforms. This segment also sells replacement glass and awnings to fulfill insurance claims; and biminis, covers, buoys, fenders, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, and tankless water heaters. LCI Industries was formerly known as Drew Industries Incorporated and changed its name to LCI Industries in December 2016.
The company was founded in 1956 and is headquartered in Elkhart, Indiana.
- Industry
- Recreational Vehicles
- Sector
- Consumer Cyclical
- State
- DE
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- corporate.lippert.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$2.12B
P/E (annual)
11.5
P/S (annual)
0.5
P/B
1.5
P/OCF (annual)
6.4
Shareholder Yield
7.9%
Employees
12,300
Industry
Recreational Vehicles
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholdsWhat Growth Is Priced In
Implied revenue growth (10Y)
-5.4%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Buyback tailwind: -2.6% — per-share value needs a total required return of -8.0% once share-count change is priced in.
vs. own 6-year median revenue growth: 13.3%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
-8.9%
r = 10% (base)
-5.4%
r = 12%
-2.4%
Net debt / market cap: 29.4%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.30
Primary signal (Novy-Marx).
1st of 12 SIC 3714 peers
Return on equity
13.1%
Gross margin
23.8%
5th of 12 SIC 3714 peers
Revenue growth (YoY)
10.2%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
-7.5%
Revenue CAGR (5Y)
8.1%
Earnings CAGR (3Y)
-21.9%
FCF CAGR (3Y)
-16.1%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.28
6th of 11 SIC 3714 peers (best = lowest)
Current ratio
2.49×
5th of 12 SIC 3714 peers
Quick ratio
1.00×
Net cash
-$636.08M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$278.33M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.48
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.6%
Stock-based comp intensity.
Dividend safety
Composite score
3.2 / 5
Piotroski F-Score
F-Score
8 / 9
Fundamental-strength score (0-9).