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Winnebago Industries

WGOAbove value

Held by 2 superinvestors.

Price$32.14
Holders2
Total value$53.7M

SEC 10-K · fundamentals

Business quality

as of 2025-08-30

Valuation basis: trailing twelve months to 2026-05-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
-5.9%
Net margin
0.9%
ROE
2.1%
FCF margin
3.2%
Revenue $2.36B → $2.80B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$10/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$32
cheaperpricier

Zero-growth floor

$11

Central IV

$10

Optimistic top

$16

Winnebago Industries (WGO): A conservative value band $11–$16 / sh (zero-growth floor to growth-capped optimistic top); central read about $10. Today’s price sits above that band (price $32 as of 2026-08-24).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Recent earnings are below the multi-year average, so the band uses the lower run-rate.

Revenue growth 0% (history declining, capped at zero) · moat 0 yr · discount 13.9% · Zero-growth downside $11

Price as of 2026-08-24 · yahoo · DGS10 4.7% @ 2026-08-21.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $9.27 – $11.31 · Greenwald zero-growth $15.60 · zero-growth base $15.60 · reproduction $10.90

Moat Commodity-like · terminal value 27% of present value · owner-earnings yield 4% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$10.29 – $15.60 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-05-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 71% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$9.91 – $11.53 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 12.3–14.3% band (9–11% base + 3.3pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-05-30, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 71% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 3.3pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 9.6 years of owner earnings, adding 3.3pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $309.50M = $10.90 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-05-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 9.6 years of owner earnings → +3.3pp cost-of-equity premium → effective 12.3%–14.3%.

Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY TTM 2026-05-30, 2024, 2023, 2022, 2021 · Discount band: 12.53%–15.29% (DGS10 +4.5% to a 12% strict end, each +3.29pp for leverage premium, as of 2026-08-21). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-05-30 — latest 10-K plus unaudited 10-Q filings.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

2 holders · $53.7M combined · this quarter +1 opened / -0 exited

This quarter1 opened1 added
Holders 1 → 2 · last 5q

SEC 13F · notes

Written summary

Winnebago Industries (WGO) is held by 2 of the superinvestors tracked on Compounder, with a combined $53.7M in reported 13F value. The largest position belongs to Richard Pzena, where it makes up 0.2% of the portfolio.

Other notable holders by value include Jeremy Grantham (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in WGO, 1 added to existing ones, 0 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-13

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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