Merger risks
THOR Industries warned in its fiscal 2026 annual report filed with the SEC that the proposed merger of Patrick Industries and LCI Industries could increase component costs and reduce the number of suppliers. The company did not state direct opposition to the deal but included it as a risk.
Financials
THOR's net sales for fiscal 2026 were about $9.61 billion, up 0.3% year over year. Gross profit fell 9.5% from about $1.34 billion to $1.21 billion, and gross margin dropped from 14% to 12.6%. In the fourth quarter, the North American towable RV segment's gross margin declined to 8.3% from 12.5% a year earlier.
Supply data
LCI supplies doors, frames, slide-out mechanisms, axles and furniture. THOR accounted for 15% of LCI's consolidated sales in 2025. THOR and Forest River together represented 28% of Patrick's consolidated sales in 2025.