Winnebago, which reinvented itself under CEO Mike Happe with the 2016 acquisition of high-end towable maker Grand Design, sees itself as a leading outdoor lifestyle firm. It now has a marine segment with Chris-Craft and Barletta. Towables is an area the company had long wanted to grow in but had remained very small since the SunnyBrook acquisition in 2010. Winnebago’s North American towables share is approximately 10%, up from under 2% before Grand Design, so we see a long growth runway if it can continue to chip at Thor's and Forest River's roughly 80% combined share. In fiscal 2026, towables were about 39% of total revenue compared with just 9% in fiscal 2016. Marine was 13% of fiscal 2026 sales, and Barletta is the number-three brand in aluminum pontoons with nearly 10% share. Management wants non-RV revenue to be 15%-20% of total sales.