THO
Thor Industries, Inc.
Is THO Halal?
Recreational-vehicle maker — a permissible manufacturing business, with acquisition debt to screen.
What You Should Know
Thor Industries, Inc. manufactures recreational vehicles under brands such as Airstream, Jayco and Keystone. Its April 30, 2026 Form 10-Q reports assets of $7,154.775 million, interest-bearing debt of $941.681 million, cash of $371.946 million and receivables of $879.281 million. Debt/assets is 13.16%, liquidity/assets is 5.20% and receivables-plus-cash/assets is 17.49%; the known asset ratios pass. The filing reports net interest expense but no reproducible gross non-compliant-income numerator, and dealer-floorplan or captive-finance activity remains qualitative.
⚠️ Concerns
- •Known debt/assets is 13.16%, below examined 33% limits
- •Dealer-floorplan and captive-finance arrangements require qualitative review
- •No reproducible gross non-compliant-income numerator is disclosed
- •Highly cyclical with consumer demand and interest rates
- •Re-screen the financial ratios periodically
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-04-30; calculated 2026-07-15.
941.681 / 7,154.775
371.946 / 7,154.775
1,251.227 / 7,154.775
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 13.16%, liquidity/assets is 5.20% and receivables-plus-cash/assets is 17.49%; known asset ratios pass but the income numerator and business disclosure remain incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables-plus-cash/assets are below the examined MSCI limits; business disclosure remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 13.16% and liquidity/assets is 5.20%, below the examined Malaysia limits; this is not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series is not stored; known asset-based ratios pass but business disclosure remains incomplete.
Business-activity disclosure
Thor manufactures recreational vehicles and related products, with dealer and captive-finance arrangements. Vehicle manufacturing is generally permissible, while financing income and downstream customer use require qualitative review.
Limitation: The filing does not provide a universal prohibited-revenue or non-compliant-income numerator for dealer finance, customer use or other income.
Purification
The filing reports net interest expense but no reproducible gross non-compliant-income numerator; no fixed purification percentage is asserted.
Inputs, assumptions and primary sources
- Amounts are converted from USD thousands in Thor's April 30, 2026 Form 10-Q to USD millions.
- Debt combines current long-term debt of $2.867 million, short-term financial obligations of $67.370 million and long-term debt net of $871.444 million.
- Cash is $371.946 million; equity investments of $143.353 million are not treated as interest-bearing securities.
- Receivables combine trade receivables of $707.046 million and other receivables of $172.235 million.
- The filing reports net interest expense but does not provide a reproducible non-compliant-income numerator; RV manufacturing is generally permissible while captive-finance and dealer arrangements remain qualitative.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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