Latest Ratios: P/E Ratio 14.0x · EV/EBITDA 8.9x · ROE 13.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $3.0B | $2.6B | $3.2B | $2.4B | $4.0B | $3.3B | $2.7B | $1.7B | $3.3B | $2.7B |
| Enterprise Value | $3.6B | $4.0B | $3.5B | $4.2B | $3.7B | $5.4B | $4.1B | $3.4B | $2.0B | $3.3B | $2.7B |
| P/E Ratio → | 13.98 | 16.03 | 18.46 | 49.88 | 5.97 | 13.77 | 20.68 | 18.34 | 11.46 | 24.81 | 20.72 |
| P/S Ratio | 0.62 | 0.73 | 0.70 | 0.84 | 0.45 | 0.89 | 1.17 | 1.13 | 0.69 | 1.54 | 1.60 |
| P/B Ratio | 1.93 | 2.22 | 1.90 | 2.36 | 1.71 | 3.63 | 3.61 | 3.36 | 2.41 | 5.05 | 4.88 |
| P/FCF | 9.23 | 10.84 | 8.04 | 6.88 | 5.00 | — | 18.82 | 12.72 | 46.24 | 48.83 | 16.92 |
| P/OCF | 7.76 | 9.11 | 7.12 | 6.06 | 3.91 | — | 14.15 | 9.97 | 10.86 | 21.31 | 13.21 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.98 | 0.93 | 1.12 | 0.71 | 1.20 | 1.46 | 1.43 | 0.80 | 1.55 | 1.58 |
| EV / EBITDA | 8.93 | 10.04 | 10.08 | 16.61 | 5.41 | 10.53 | 12.68 | 12.28 | 7.43 | 12.37 | 10.74 |
| EV / EBIT | 12.80 | 13.85 | 15.89 | 34.33 | 6.67 | 13.42 | 18.25 | 17.07 | 9.96 | 15.51 | 13.20 |
| EV / FCF | — | 14.47 | 10.57 | 9.11 | 7.82 | — | 23.38 | 16.02 | 53.82 | 49.19 | 16.70 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.8% | 23.8% | 23.5% | 20.5% | 24.5% | 23.3% | 25.3% | 22.7% | 21.0% | 23.0% | 25.5% |
| Operating Margin | 6.8% | 6.8% | 5.8% | 3.3% | 10.6% | 8.9% | 8.0% | 8.4% | 8.0% | 10.0% | 12.0% |
| Net Profit Margin | 4.6% | 4.6% | 3.8% | 1.7% | 7.6% | 6.4% | 5.7% | 6.2% | 6.0% | 6.2% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.7% | 13.7% | 10.4% | 4.7% | 31.9% | 28.8% | 18.5% | 19.4% | 21.9% | 22.1% | 26.2% |
| ROA | 6.2% | 6.2% | 4.9% | 2.1% | 12.1% | 10.3% | 7.6% | 9.4% | 13.6% | 15.3% | 18.4% |
| ROIC | 9.1% | 9.1% | 7.1% | 3.6% | 15.9% | 14.2% | 10.4% | 12.1% | 17.9% | 27.0% | 30.4% |
| ROCE | 10.8% | 10.8% | 8.6% | 4.6% | 20.2% | 17.5% | 12.8% | 15.1% | 21.7% | 30.6% | 34.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.91 | 0.91 | 0.72 | 0.82 | 1.00 | 1.35 | 0.93 | 0.91 | 0.42 | 0.08 | 0.09 |
| Debt / EBITDA | 3.08 | 3.08 | 2.90 | 4.34 | 2.02 | 2.89 | 2.64 | 2.66 | 1.10 | 0.19 | 0.20 |
| Net Debt / Equity | — | 0.74 | 0.60 | 0.77 | 0.96 | 1.29 | 0.87 | 0.87 | 0.39 | 0.04 | -0.07 |
| Net Debt / EBITDA | 2.52 | 2.52 | 2.41 | 4.08 | 1.95 | 2.77 | 2.48 | 2.53 | 1.05 | 0.09 | -0.15 |
| Debt / FCF | — | 3.64 | 2.53 | 2.24 | 2.82 | — | 4.57 | 3.30 | 7.57 | 0.35 | -0.23 |
| Interest Coverage | 8.14 | 8.14 | 7.55 | 3.05 | 20.06 | 24.48 | 16.57 | 22.55 | 30.89 | 149.12 | 119.70 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.85 | 2.85 | 2.82 | 2.83 | 3.30 | 2.50 | 2.09 | 2.47 | 2.97 | 2.29 | 2.46 |
| Quick Ratio | 1.14 | 1.14 | 1.03 | 0.88 | 0.86 | 0.75 | 0.90 | 1.02 | 1.05 | 0.78 | 1.20 |
| Cash Ratio | 0.47 | 0.47 | 0.40 | 0.17 | 0.11 | 0.10 | 0.12 | 0.13 | 0.08 | 0.14 | 0.58 |
| Asset Turnover | — | 1.30 | 1.29 | 1.28 | 1.60 | 1.36 | 1.22 | 1.27 | 1.99 | 2.27 | 2.14 |
| Inventory Turnover | 3.88 | 3.88 | 3.88 | 3.92 | 3.82 | 3.13 | 4.23 | 4.66 | 5.74 | 6.02 | 6.62 |
| Days Sales Outstanding | — | 21.55 | 19.47 | 20.71 | 15.02 | 26.10 | 35.07 | 30.78 | 17.96 | 13.96 | 12.47 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.3% | 3.8% | 4.2% | 3.3% | 4.4% | 2.2% | 2.1% | 2.4% | 3.5% | 1.5% | 1.3% |
| Payout Ratio | 60.6% | 60.6% | 76.6% | 165.6% | 26.0% | 30.3% | 44.4% | 43.6% | 39.9% | 38.4% | 26.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 6.2% | 5.4% | 2.0% | 16.7% | 7.3% | 4.8% | 5.5% | 8.7% | 4.0% | 4.8% |
| FCF Yield | 10.8% | 9.2% | 12.4% | 14.5% | 20.0% | — | 5.3% | 7.9% | 2.2% | 2.0% | 5.9% |
| Buyback Yield | 5.0% | 4.3% | 0.3% | 0.0% | 1.0% | 0.2% | 0.0% | 0.3% | 1.7% | 0.3% | 0.0% |
| Total Shareholder Yield | 9.3% | 8.0% | 4.5% | 3.3% | 5.4% | 2.4% | 2.1% | 2.7% | 5.2% | 1.9% | 1.3% |
| Shares Outstanding | — | $25M | $26M | $25M | $26M | $25M | $25M | $25M | $25M | $25M | $25M |
Cyclical OEM demand volatility
Based on current market data, LCII trades at a forward P/E of 10.76, which suggests that investors are pricing in a moderate recovery from recent industry-wide destocking, though the PEG ratio of 3.30 indicates that current valuation may be stretched relative to near-term earnings growth expectations.
The current P/E multiple of 12.66 sits at the lower end of the industrial component supplier range, reflecting the market's skepticism regarding the sustainability of OEM shipment volumes. Investors should monitor whether the forward multiple compresses further as the company realizes the benefits of its content-per-unit strategy in non-RV segments.
As reported in financial statements, the company's ROIC has fluctuated between 0.1% and 3.6% over the last ten quarters, indicating that LCI Industries is currently struggling to generate returns that consistently exceed the typical cost of capital for industrial manufacturers in the recreational vehicle space.
The volatility in ROIC is primarily driven by the cyclical nature of OEM demand, which forces the company to carry significant asset bases that underperform during downturns. This trend warrants further investigation into whether management's acquisition-heavy strategy is effectively compounding value or merely masking the underlying decay in core operational returns.
According to recent quarterly data, the cash conversion cycle has remained elevated, peaking at 110 days in 2023Q4, which highlights the company's structural reliance on inventory management to navigate the volatile demand patterns inherent in the North American recreational vehicle manufacturing supply chain ecosystem.
The persistent DIO levels suggest that LCI Industries maintains significant inventory buffers to ensure supply continuity for its OEM partners, which ties up substantial capital. Investors should monitor the DSO trends, as any lengthening in collection periods could signal deteriorating leverage with major OEM customers during periods of industry-wide financial stress.
Based on reported figures, the interest coverage ratio has swung from a low of 0.28 in 2023Q4 to 9.60 in 2026Q1, suggesting that the company's ability to service debt is highly sensitive to the operating margin expansion that accompanies cyclical upturns in wholesale shipment volumes.
While the current ratio remains robust, the significant variance in debt-to-EBITDA ratios indicates that the balance sheet is not immune to the volatility of the RV cycle. The reliance on revolving credit facilities to manage working capital swings suggests that interest expense will remain a meaningful drag on net margins during periods of lower production.
The most commonly misapplied metric for LCI Industries is the simple P/E ratio, which obscures the company's true earning power by failing to account for the significant non-cash amortization expenses associated with its aggressive acquisition strategy and the inherent cyclicality of its OEM-driven revenue model.
Analysts should instead prioritize EV/EBITDA or P/FCF to better capture the cash-generating potential of the Aftermarket segment, which is less capital-intensive than the OEM business. Relying on P/E often leads to an overestimation of value during cyclical troughs when earnings are artificially depressed by fixed-cost under-absorption.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LCII stock.
LCI Industries's current P/E ratio is 14.0x. The historical average is 18.2x. This places it at the 29th percentile of its historical range.
LCI Industries's current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
LCI Industries's return on equity (ROE) is 13.7%. The historical average is 16.9%.
Based on historical data, LCI Industries is trading at a P/E of 14.0x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
LCI Industries's current dividend yield is 4.34% with a payout ratio of 60.6%.
LCI Industries has 23.8% gross margin and 6.8% operating margin.
LCI Industries's Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.