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LCII: Dominating the Lifestyle Vehicle Supply Chain
Blank Capital Research Team
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Executive Summary
LCI Industries (LCII), through its wholly-owned subsidiary Lippert, is a leading supplier of highly engineered components for the RV, marine, and automotive industries.
Investment Thesis
Lippert is the 'operating system' of the RV and leisure boat industries. They produce everything from chassis and axles to slide-out mechanisms and electronic leveling systems. Their dominance is so complete that it is virtually impossible to build an RV in North America without Lippert components. While the RV industry is cyclical, Lippert has successfully diversified into the 'Marine' and 'Aftermarket' sectors, significantly smoothing out its earnings profile. As the 'outdoor lifestyle' trend remains a structural post-pandemic reality, Lippert is positioned to harvest massive cash flows from both new builds and the aging installed base of RVs.
Key Growth Drivers
Unmatched RV Market Share
LCII's dominant position in the RV supply chain gives it immense pricing power and economies of scale that competitors cannot match.
Aftermarket Expansion
A growing focus on the high-margin aftermarket segment—selling replacement parts directly to RV owners—provides a defensive buffer against cyclical swings in new RV sales.
Strategic Marine Growth
The acquisition of premium marine component brands has created a new, high-margin growth engine that leverages their existing manufacturing and distribution expertise.
Valuation & Financial Modeling
LCII trades at an attractive valuation relative to its mid-cycle earnings potential. We believe the market is over-weighting the near-term cyclicality of RV sales and under-valuing the long-term compounding power of their diversified lifestyle platforms.
Risk Factors & Bear Case
A sustained period of high interest rates and low consumer confidence would defer purchases of large discretionary items like RVs and boats. Additionally, rising raw material costs (aluminum, steel) can temporarily squeeze margins.
Conclusion
LCI Industries is a best-in-class lifestyle industrial. It offers a dominant competitive position and a clear path to record profitability as the RV cycle bottoms. Rated 'Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative to Consumer Discretionary Sector Median (N=442)
Metric
LCII
Benchmark
P/E Ratio
14.4x
-41%
EV/EBITDA
13.0x
+166%
Price / Book
2.2x
Implied Value Audit
OVERVALUED
Implied Fair Value (vs Sector)
-43.6%
$71.27Spot: $126.28
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Consumer Discretionary sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
15.1%
Sector: 6.2%
Dividend Analysis audit
INCOME
4.94%
Trailing Yield
$4.94
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
71%MID
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, LCI INDUSTRIES (LCII) receives a "Hold" rating with a composite score of 51.0/100, ranked #1038 out of 4446 stocks. Key factor scores: Quality 50/100, Value 66/100, Momentum 61/100. This is quantitative analysis only — not investment advice.
LCI INDUSTRIES (LCII) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does LCI INDUSTRIES Do?
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; towing products; truck accessories; electronic components; appliances; air conditioners; televisions and sound systems; 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. LCI INDUSTRIES (LCII) is classified as a mid-cap stock in the Consumer Discretionary sector, specifically within the Automobiles And Trucks industry. The company is led by CEO Jason D. Lippert and employs approximately 12,900 people, headquartered in ELKHART, Indiana. With a market capitalization of $3.0B, LCII is one of the notable companies in the Consumer Discretionary sector.
LCI INDUSTRIES (LCII) Stock Rating — Hold (April 2026)
As of April 2026, LCI INDUSTRIES receives a Hold rating with a composite score of 51.0/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.LCII ranks #1,038 out of 4,446 stocks in our coverage universe. Within the Consumer Discretionary sector, LCI INDUSTRIES ranks #74 of 442 stocks, placing it in the top quartile of its Consumer Discretionary peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
LCII Stock Price and 52-Week Range
LCI INDUSTRIES (LCII) currently trades at $126.28. The stock lost $0.49 (0.4%) in the most recent trading session. The 52-week high for LCII is $159.66, which means the stock is currently trading -20.9% from its annual peak. The 52-week low is $72.31, putting the stock 74.6% above its annual trough. Recent trading volume was 183K shares, suggesting relatively thin trading activity.
Is LCII Overvalued or Undervalued? — Valuation Analysis
LCI INDUSTRIES (LCII) carries a value factor score of 66/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 14.37x, compared to the Consumer Discretionary sector average of 24.47x — a discount of 41%. The price-to-book ratio stands at 2.17x, versus the sector average of 1.99x. The price-to-sales ratio is 0.72x, compared to 0.27x for the average Consumer Discretionary stock. On an enterprise value basis, LCII trades at 13.04x EV/EBITDA, versus 4.91x for the sector.
Overall, LCII's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
LCI INDUSTRIES Profitability — ROE, Margins, and Quality Score
LCI INDUSTRIES (LCII) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 15.1%, compared to the Consumer Discretionary sector average of 6.2%, which is within a healthy range. Return on assets (ROA) comes in at 6.5% versus the sector average of 2.5%.
On a margin basis, LCI INDUSTRIES reports gross margins of 24.2%, compared to 36.9% for the sector. The operating margin is 7.2% (sector: 3.8%). Net profit margin stands at 5.0%, versus 2.1% for the average Consumer Discretionary stock. Revenue growth is running at -1.7% on a trailing basis, compared to 3.3% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
LCII Debt, Balance Sheet, and Financial Health
LCI INDUSTRIES has a debt-to-equity ratio of 69.0%, compared to the Consumer Discretionary sector average of 89.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 2.85x, indicating strong short-term liquidity. Total debt on the balance sheet is $945M. Cash and equivalents stand at $200M.
LCII has a beta of 0.89, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for LCI INDUSTRIES is 70/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
LCI INDUSTRIES Revenue and Earnings History — Quarterly Trend
In TTM 2026, LCI INDUSTRIES reported revenue of $4.10B and earnings per share (EPS) of $7.59. Net income for the quarter was $205M. Gross margin was 24.2%. Operating income came in at $298M.
In FY 2025, LCI INDUSTRIES reported revenue of $4.12B and earnings per share (EPS) of $7.59. Net income for the quarter was $188M. Gross margin was 23.8%. Revenue grew 10.2% year-over-year compared to FY 2024. Operating income came in at $280M.
In Q3 2025, LCI INDUSTRIES reported revenue of $1.04B and earnings per share (EPS) of $2.56. Net income for the quarter was $62M. Gross margin was 24.4%. Revenue grew 13.2% year-over-year compared to Q3 2024. Operating income came in at $75M.
In Q2 2025, LCI INDUSTRIES reported revenue of $1.11B and earnings per share (EPS) of $2.29. Net income for the quarter was $58M. Gross margin was 24.4%. Revenue grew 5.0% year-over-year compared to Q2 2024. Operating income came in at $88M.
Over the past 8 quarters, LCI INDUSTRIES has demonstrated a growth trajectory, with revenue expanding from $1.05B to $4.10B. Investors analyzing LCII stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
LCII Dividend Yield and Income Analysis
LCI INDUSTRIES (LCII) currently pays a dividend yield of 4.9%. At this yield, a $10,000 investment in LCII stock would generate approximately $$494.00 in annual dividend income.
LCII Momentum and Technical Analysis Profile
LCI INDUSTRIES (LCII) has a momentum factor score of 61/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 34/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 4/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
LCII vs Competitors — Consumer Discretionary Sector Ranking and Peer Comparison
Comparing LCII against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full LCII vs S&P 500 (SPY) comparison to assess how LCI INDUSTRIES stacks up against the broader market across all factor dimensions.
LCII Next Earnings Date
No upcoming earnings date has been announced for LCI INDUSTRIES (LCII) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy LCII? — Investment Thesis Summary
LCI INDUSTRIES presents a balanced picture with arguments on both sides. The value score of 66/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 61/100, suggesting the trend favors buyers. Low volatility (stability score 70/100) reduces downside risk.
In summary, LCI INDUSTRIES (LCII) earns a Hold rating with a composite score of 51.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on LCII stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-1.7%
Sector: 3.3%
-152% VS SCTR
Gross Margin
Core pricing power
24.2%
Sector: 36.9%
-34% VS SCTR
Operating Margin
Operating efficiency
7.2%
Sector: 3.8%
+92% VS SCTR
Net Margin
Bottom-line conversion
5.0%
Sector: 2.1%
+134% VS SCTR
Return on Equity
Equity capital efficiency
15.1%
Sector: 6.2%
+143% VS SCTR
Return on Assets
Asset base utilization
6.5%
Sector: 2.5%
+160% VS SCTR
Debt/Equity
Financial leverage load
69.0%
Sector: 89.0%
+22% VS SCTR
Dividend Yield
Direct cash return
4.9%
Sector: 0.0%
+Infinity% VS SCTR
+9%
Price / Sales
0.7x
+167%
LCI INDUSTRIES exhibits a 75% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
6.5%
Sector: 2.5%
Gross Margin
Pricing power and cost efficiency
24.2%
Sector: 36.9%
Operating Margin
Core business profitability
7.2%
Sector: 3.8%
Net Margin
Bottom-line profitability
5.0%
Sector: 2.1%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $494 annually in dividends at the current trailing rate.