Is Winnebago Industries, Inc. overvalued or undervalued?

As of 21 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. The P/E ratio stands at 58, significantly higher than peers like Hasbro, Inc. with a P/E of 32.83 and Thor Industries, Inc. at 32.05. Additionally, Winnebago's EV to EBITDA ratio is 32.03, which also exceeds the industry benchmarks.
In comparison to the S&P 500, Winnebago has underperformed significantly over multiple periods, with a year-to-date return of -27.56% versus the S&P 500's 12.26%. This trend continues over one year and three years, where Winnebago's returns are -41.27% and -40.79%, respectively, compared to the S&P 500's positive returns. Overall, these factors suggest that Winnebago Industries, Inc. is currently overvalued relative to its peers and historical performance.