Forensic Analysis · Automotive / Vehicle Manufacturing · as of Aug 11, 2026

Winnebago Industries Inc (WGO)

A forensic read on Winnebago Industries Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

5.2

Distress distance

Clean

Earnings quality

Forensic signals

23.0

P / E (ttm)

2.1%

ROE

$905M

Market cap

4.59%

Dividend yield

-5.9%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Winnebago Industries Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.0%

FY2025

Return on invested capital. Return on invested capital is 3.0% in the latest fiscal year and slipping from 27% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

$30M

FY2024–FY2024

Goodwill impairments. Took $30M of goodwill writedowns across 1 year (FY2024 ($30M)) — about 233% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.

103% of FCF

FY2025

Shareholder returns. Returned $93M to shareholders (buybacks + dividends) in FY2025 — 103% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 76% of free cash flow a few years back — not just sitting there. Counting the $16M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 121%.

Key fundamentals

Latest Revenue$2.80B

Revenue Growth YoY-5.9%

Net Margin0.9%

Free Cash Flow$89.5M

Return on Equity2.1%

Debt / Equity0.44x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.