Is Winnebago Industries, Inc. overvalued or undervalued?

As of 7 November 2025, Winnebago Industries, Inc. has moved from a very attractive to a fair valuation grade. The company appears to be overvalued based on its current metrics, which include a P/E ratio of 58, an EV to EBITDA of 16.26, and a Price to Book Value of 1.26. In comparison to peers, Winnebago's P/E ratio is significantly higher than Hasbro, Inc. at 32.83 and Thor Industries, Inc. at 32.05, indicating a premium valuation relative to these competitors.
The recent stock performance further underscores this valuation perspective, as Winnebago has underperformed against the S&P 500 with a year-to-date return of -23.38% compared to the S&P 500's 14.40%. Additionally, over the past three years, Winnebago's return of -38.43% starkly contrasts with the S&P 500's impressive 76.76% return, reinforcing the notion that the stock may be overvalued in the current market environment.