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. 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.1B | $412M | $188M | $278M | 13.8% | 10.2% | 31.8% |
| 2024 | $3.7B | $344M | $143M | $328M | 10.3% | -1.2% | 122.6% |
| 2023 | $3.8B | $255M | $64M | $465M | 4.7% | -27.3% | -83.7% |
| 2022 | $5.2B | $682M | $395M | $472M | 28.6% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,207.14 | 3,784.81 | 3,741.21 | 4,122.02 |
| Operating Revenue | - | 5,207.14 | 3,784.81 | 3,741.21 | 4,122.02 |
| Cost Of Revenue | - | 3,933.85 | 3,008.62 | 2,861.49 | 3,141.72 |
| Gross Profit | - | 1,273.29 | 776.19 | 879.72 | 980.30 |
| Operating Expense | - | 720.26 | 652.76 | 661.48 | 700.37 |
| Selling General And Administration | - | 720.26 | 453.33 | 465 | 495.31 |
| Total Expenses | - | 4,654.12 | 3,661.38 | 3,522.97 | 3,842.10 |
| Operating Income | - | 553.03 | 123.43 | 218.24 | 279.92 |
| Total Operating Income As Reported | - | 553.03 | 123.43 | 218.24 | 279.92 |
| EBITDA | - | 682.24 | 255.20 | 343.93 | 412.01 |
| Normalized EBITDA | - | 682.24 | 255.20 | 343.93 | 401.15 |
| EBIT | - | 553.03 | 123.43 | 218.24 | 290.78 |
| Interest Expense | - | 27.57 | 40.42 | 28.90 | 35.71 |
| Net Interest Income | - | -27.57 | -40.42 | -28.90 | -35.71 |
| Other Income Expense | - | - | - | - | 10.86 |
| Interest Expense Non Operating | - | 27.57 | 40.42 | 28.90 | 35.71 |
| Net Non Operating Interest Income Expense | - | -27.57 | -40.42 | -28.90 | -35.71 |
| Pretax Income | - | 525.46 | 83 | 189.34 | 255.07 |
| Tax Provision | - | 130.48 | 18.81 | 46.47 | 66.82 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 2.84 |
| Net Income Continuous Operations | - | 394.97 | 64.19 | 142.87 | 188.25 |
| Net Income From Continuing And Discontinued Operation | - | 394.97 | 64.19 | 142.87 | 188.25 |
| Net Income From Continuing Operation Net Minority Interest | - | 394.97 | 64.19 | 142.87 | 188.25 |
| Net Income | - | 394.97 | 64.19 | 142.87 | 188.25 |
| Net Income Common Stockholders | - | 394.97 | 64.19 | 142.87 | 188.25 |
| Net Income Including Noncontrolling Interests | - | 394.97 | 64.19 | 142.87 | 188.25 |
| Normalized Income | - | 394.97 | 64.19 | 142.87 | 180.24 |
| Diluted NI Availto Com Stockholders | - | 394.97 | 64.19 | 142.87 | 188.25 |
| Basic Average Shares | - | 25.37 | 25.30 | 25.45 | 24.80 |
| Diluted Average Shares | - | 25.51 | 25.44 | 25.51 | 24.86 |
| Reconciled Depreciation | - | 129.21 | 131.77 | 125.69 | 121.23 |
| Reconciled Cost Of Revenue | - | 3,933.85 | 3,008.62 | 2,861.49 | 3,141.72 |
| Total Unusual Items | - | - | 0 | 0 | 10.86 |
| Total Unusual Items Excluding Goodwill | - | - | 0 | 0 | 10.86 |
| Special Income Charges | - | - | 0 | 0 | 10.86 |
| Other Special Charges | - | - | - | - | 8.86 |
| Gain On Sale Of Ppe | - | - | 0 | 0 | 19.72 |
| Other Operating Expenses | - | - | 199.43 | 196.48 | 205.06 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| LCI Industriesthis co. | LCII | $2.3B | 12.39β discount | 1.71 | 13.8% | 8.12 |
| CarGurus, Inc. | CARG | $2.5B | 15.83 | 6.60 | 41.7% | 9.03 |
| OneSpaWorld Holdings Limited | OSW | $2.4B | 34.02 | 4.49 | 13.2% | 23.48 |
| Under Armour, Inc. | UAA | $2.4B | -4.80 | 1.68 | -35.0% | 54.01 |
| Mister Car Wash, Inc. | MCW | $2.3B | 22.65 |
| - |
| - |
| - |
| - |
| 2.06 |
| 9.1% |
| 14.16 |
| Under Armour, Inc. | UA | $2.3B | -4.65 | 1.63 | -35.0% | 53.04 |
| Shake Shack Inc. | SHAK | $2.3B | 49.93 | 4.35 | 8.7% | 15.39 |
| The Buckle, Inc. | BKE | $2.2B | 10.70 | 5.28 | 49.4% | 8.21 |
| HNI Corporation | HNI | $2.2B | 39.98 | 1.18 | 3.0% | 15.21 |
| Peer Median | - | 19.24 | 3.20 | 8.9% | 15.30 | |