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LCII Logo

Lci Industries

LCII

Motor Vehicle Parts & Accessories

Mkt Cap

$2.753B

PE

42.88

Debt

$848M

Cash

$66.16M

EV

$3.534B

FCF

$465M

Market Cap

$2.753B

P/E Ratio

42.88

Debt

$848M

Cash

$66.16M

EV

$3.534B

FCF

$465M
Charts data: {"Earnings":[{"time":"2014-12-30","value":62266000},{"time":"2015-12-30","value":74345000},{"time":"2016-12-30","value":129671000},{"time":"2017-12-30","value":132884000},{"time":"2018-12-30","value":148551000},{"time":"2019-12-30","value":146509000},{"time":"2020-12-30","value":158440000},{"time":"2021-12-30","value":287739000},{"time":"2022-12-30","value":394974000},{"time":"2023-12-30","value":64195000}],"Sales":[{"time":"2014-12-30","value":1190782000},{"time":"2015-12-30","value":1403066000},{"time":"2016-12-30","value":1678898000},{"time":"2017-12-30","value":2147770000},{"time":"2018-12-30","value":2475807000},{"time":"2019-12-30","value":2371482000},{"time":"2020-12-30","value":2796166000},{"time":"2021-12-30","value":4472697000},{"time":"2022-12-30","value":5207143000},{"time":"2023-12-30","value":3784808000}],"Net Margins":[{"time":"2014-12-30","value":0.05229000774281103},{"time":"2015-12-30","value":0.05298752874062945},{"time":"2016-12-30","value":0.0772357820427447},{"time":"2017-12-30","value":0.06187068447738817},{"time":"2018-12-30","value":0.060001042084459735},{"time":"2019-12-30","value":0.061779511714615584},{"time":"2020-12-30","value":0.05666330253640163},{"time":"2021-12-30","value":0.0643323256639115},{"time":"2022-12-30","value":0.07585234359801526},{"time":"2023-12-30","value":0.016961230265841756}],"Assets":[{"time":"2014-12-30","value":543841000},{"time":"2015-12-30","value":622946000},{"time":"2016-12-30","value":786904000},{"time":"2017-12-30","value":945858000},{"time":"2018-12-30","value":1243893000},{"time":"2019-12-30","value":1862595000},{"time":"2020-12-30","value":2298031000},{"time":"2021-12-30","value":3288094000},{"time":"2022-12-30","value":3246912000},{"time":"2023-12-30","value":2959319000}],"Stockholders Equity":[{"time":"2014-12-30","value":394898000},{"time":"2015-12-30","value":438575000},{"time":"2016-12-30","value":550269000},{"time":"2017-12-30","value":652745000},{"time":"2018-12-30","value":706255000},{"time":"2019-12-30","value":800672000},{"time":"2020-12-30","value":908326000},{"time":"2021-12-30","value":1092875000},{"time":"2022-12-30","value":1381008000},{"time":"2023-12-30","value":1355036000}],"ROE":[{"time":"2014-12-30","value":0.15767615941331686},{"time":"2015-12-30","value":0.1695149062304053},{"time":"2016-12-30","value":0.23565020017482358},{"time":"2017-12-30","value":0.2035772008977472},{"time":"2018-12-30","value":0.2103362100091327},{"time":"2019-12-30","value":0.1829825446624835},{"time":"2020-12-30","value":0.17443076604655156},{"time":"2021-12-30","value":0.26328628617179456},{"time":"2022-12-30","value":0.2860041361092767},{"time":"2023-12-30","value":0.04737512508892753}],"ROA":[{"time":"2014-12-30","value":0.1755788916245741},{"time":"2015-12-30","value":0.18661970700510155},{"time":"2016-12-30","value":0.2552407917611297},{"time":"2017-12-30","value":0.22654669094092347},{"time":"2018-12-30","value":0.15981117346910065},{"time":"2019-12-30","value":0.10748981931122976},{"time":"2020-12-30","value":0.09701087583239738},{"time":"2021-12-30","value":0.12116746054096994},{"time":"2022-12-30","value":0.17032429582323141},{"time":"2023-12-30","value":0.04170824436297675}]}

LCI Industries, together with its subsidiaries, manufactures and supplies components for the manufacturers of recreational vehicles (RVs) and adjacent industries in the United States and internationally. It operates in two segments, Original Equipment Manufacturers (OEM) and Aftermarket. The OEM segment manufactures and distributes a range of engineered components, such as steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; electronic components; appliances; air conditioners; televisions and sound systems; tankless water heaters; towing products; truck accessories; and other accessories. This segment serves OEMs of RVs and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing, as well as travel trailers, fifth-wheel travel trailers, folding camping trailers, and truck campers. The Aftermarket segment supplies various components of RV and adjacent industries to retail dealers, wholesale distributors, and service centers. This segment also sells replacement glass and awnings to fulfill insurance claims; and biminis, covers, buoys, and fenders to the marine industry. The company was formerly known as Drew Industries Incorporated and changed its name to LCI Industries in December 2016. LCI Industries was incorporated in 1984 and is based in Elkhart, Indiana.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$465M$570.5M$688.6M$817.7M$955M$1.097B$1.237B$1.372B$1.495B$1.599B$1.679B$16.79B
DCF$496.1M$520.7M$537.7M$546M$545.2M$535M$515.9M$488.7M$454.5M$415M$4.15B
Value$9.205B

In the chart Earnings are multiplied by this value.

Earnings Growth 9.9%
Earnings Stability 19%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Net Margin5.3%7.7%6.2%6%6.2%5.7%6.4%7.6%1.7%1.7%
ROA19%26%23%16%11%9.7%12%17%4.2%4.2%
ROE17%24%20%21%18%17%26%29%4.7%4.7%

What is the average Net Margin?

The average Net Margin over the past 5 years is +5.59%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -0.47%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +11.63%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -1.08%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +19.41%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -1.19%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Debt FCF0.760.310.748.013.074.34-6.542.421.821.82
Debt Equity0.110.090.080.420.810.831.260.830.630.63
MIN
Graham Stability--100%100%100%100%100%100%23%23%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 1.82.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -1.25.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.23.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201612-201812-202012-2022Trend
Revenue12%8.9%11%-27%-2.1%
Net Income-9.6%-15%-26%-84%-6.2%
Stockholders Equity14%14%14%-1.9%-0.67%
FCF17%66%39%-1.5%1.4%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +8.86%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -2.06%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -15.45%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -6.16%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +13.92%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -0.67%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +66.1%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +1.39%.