Winnebago Is Curbing Costs While Waiting for Dealer and Consumer Sentiment to Improve
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 2025, towables were about 44% of total revenue compared with just 9% in fiscal 2016. Marine was 13% of fiscal 2025 sales, and Barletta is now the number-three brand in aluminum pontoons with over 9% share. Management wants non-RV revenue to be 15%-20% of total sales.
United States