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Side-by-side financial comparison of Packaging Corporation of America (PKG) and THOR INDUSTRIES INC (THO). Click either name above to swap in a different company.
THOR INDUSTRIES INC is the larger business by last-quarter revenue ($2.4B vs $2.4B, roughly 1.0× Packaging Corporation of America). Packaging Corporation of America runs the higher net margin — 7.2% vs 0.9%, a 6.3% gap on every dollar of revenue. On growth, THOR INDUSTRIES INC posted the faster year-over-year revenue change (11.5% vs 10.6%). Over the past eight quarters, Packaging Corporation of America's revenue compounded faster (6.8% CAGR vs 4.0%).
Packaging Corporation of America is an American manufacturing company based in Lake Forest, Illinois. The company has about 15,500 employees, with operations primarily in the United States. The CEO is Mark W. Kowlzan.
Thor Industries, Inc. is an American manufacturer of recreational vehicles (RVs). The company sells towable and motorized RVs through its subsidiaries brands including Airstream, Heartland RV, Jayco, and others. The company's headquarters is in Elkhart, Indiana. It has manufacturing facilities in Michigan, Ohio, Indiana, Idaho and Oregon.
PKG vs THO — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.4B | $2.4B |
| Net Profit | $170.9M | $21.7M |
| Gross Margin | 19.1% | 13.4% |
| Operating Margin | 10.6% | 1.4% |
| Net Margin | 7.2% | 0.9% |
| Revenue YoY | 10.6% | 11.5% |
| Net Profit YoY | -16.1% | 1282.8% |
| EPS (diluted) | $1.91 | $0.41 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.4B | $2.4B | ||
| Q3 25 | $2.3B | $2.5B | ||
| Q2 25 | $2.2B | $2.9B | ||
| Q1 25 | $2.1B | $2.0B | ||
| Q4 24 | $2.1B | $2.1B | ||
| Q3 24 | $2.2B | $2.5B | ||
| Q2 24 | $2.1B | $2.8B |
| Q1 26 | $170.9M | — | ||
| Q4 25 | $101.9M | $21.7M | ||
| Q3 25 | $226.9M | $125.8M | ||
| Q2 25 | $241.5M | $135.2M | ||
| Q1 25 | $203.8M | $-551.0K | ||
| Q4 24 | $221.2M | $-1.8M | ||
| Q3 24 | $238.1M | $90.0M | ||
| Q2 24 | $198.9M | $114.5M |
| Q1 26 | 19.1% | — | ||
| Q4 25 | 18.9% | 13.4% | ||
| Q3 25 | 21.8% | 14.7% | ||
| Q2 25 | 22.2% | 15.3% | ||
| Q1 25 | 21.2% | 12.1% | ||
| Q4 24 | 21.9% | 13.1% | ||
| Q3 24 | 23.1% | 15.8% | ||
| Q2 24 | 21.1% | 15.1% |
| Q1 26 | 10.6% | — | ||
| Q4 25 | 7.1% | 1.4% | ||
| Q3 25 | 14.0% | 5.7% | ||
| Q2 25 | 15.4% | 5.4% | ||
| Q1 25 | 13.1% | -0.1% | ||
| Q4 24 | 14.1% | -0.1% | ||
| Q3 24 | 15.0% | 5.0% | ||
| Q2 24 | 13.3% | 5.1% |
| Q1 26 | 7.2% | — | ||
| Q4 25 | 4.3% | 0.9% | ||
| Q3 25 | 9.8% | 5.0% | ||
| Q2 25 | 11.1% | 4.7% | ||
| Q1 25 | 9.5% | -0.0% | ||
| Q4 24 | 10.3% | -0.1% | ||
| Q3 24 | 10.9% | 3.6% | ||
| Q2 24 | 9.6% | 4.1% |
| Q1 26 | $1.91 | — | ||
| Q4 25 | $1.14 | $0.41 | ||
| Q3 25 | $2.51 | $2.35 | ||
| Q2 25 | $2.67 | $2.53 | ||
| Q1 25 | $2.26 | $-0.01 | ||
| Q4 24 | $2.45 | $-0.03 | ||
| Q3 24 | $2.64 | $1.69 | ||
| Q2 24 | $2.21 | $2.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $509.9M |
| Total DebtLower is stronger | — | $916.0M |
| Stockholders' EquityBook value | — | $4.3B |
| Total Assets | — | $7.0B |
| Debt / EquityLower = less leverage | — | 0.21× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $529.0M | $509.9M | ||
| Q3 25 | $634.0M | $586.6M | ||
| Q2 25 | $787.9M | $508.3M | ||
| Q1 25 | $751.7M | $373.8M | ||
| Q4 24 | $685.0M | $445.2M | ||
| Q3 24 | $676.6M | $501.3M | ||
| Q2 24 | $613.6M | $371.8M |
| Q1 26 | — | — | ||
| Q4 25 | $4.0B | $916.0M | ||
| Q3 25 | $4.0B | $923.0M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | $2.5B | $1.1B | ||
| Q3 24 | $2.5B | $1.1B | ||
| Q2 24 | — | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | $4.6B | $4.3B | ||
| Q3 25 | $4.8B | $4.3B | ||
| Q2 25 | $4.6B | $4.2B | ||
| Q1 25 | $4.5B | $4.0B | ||
| Q4 24 | $4.4B | $4.1B | ||
| Q3 24 | $4.3B | $4.1B | ||
| Q2 24 | $4.1B | $4.0B |
| Q1 26 | — | — | ||
| Q4 25 | $10.7B | $7.0B | ||
| Q3 25 | $11.0B | $7.1B | ||
| Q2 25 | $9.0B | $7.2B | ||
| Q1 25 | $9.0B | $6.7B | ||
| Q4 24 | $8.8B | $6.9B | ||
| Q3 24 | $8.8B | $7.0B | ||
| Q2 24 | $9.0B | $7.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | 0.21× | ||
| Q3 25 | 0.84× | 0.22× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | 0.57× | 0.27× | ||
| Q3 24 | 0.58× | 0.28× | ||
| Q2 24 | — | 0.31× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-44.9M |
| Free Cash FlowOCF − Capex | — | $-74.8M |
| FCF MarginFCF / Revenue | — | -3.1% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | — | -2.07× |
| TTM Free Cash FlowTrailing 4 quarters | — | $375.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $446.6M | $-44.9M | ||
| Q3 25 | $472.2M | $258.7M | ||
| Q2 25 | $299.6M | $257.7M | ||
| Q1 25 | $339.1M | $30.8M | ||
| Q4 24 | $325.4M | $30.7M | ||
| Q3 24 | $327.1M | $338.0M | ||
| Q2 24 | $278.3M | $251.7M |
| Q1 26 | — | — | ||
| Q4 25 | $127.6M | $-74.8M | ||
| Q3 25 | $280.1M | $221.6M | ||
| Q2 25 | $129.9M | $222.5M | ||
| Q1 25 | $191.0M | $5.8M | ||
| Q4 24 | $124.1M | $6.4M | ||
| Q3 24 | $180.4M | $301.3M | ||
| Q2 24 | $33.3M | $225.4M |
| Q1 26 | — | — | ||
| Q4 25 | 5.4% | -3.1% | ||
| Q3 25 | 12.1% | 8.8% | ||
| Q2 25 | 6.0% | 7.7% | ||
| Q1 25 | 8.9% | 0.3% | ||
| Q4 24 | 5.8% | 0.3% | ||
| Q3 24 | 8.3% | 11.9% | ||
| Q2 24 | 1.6% | 8.0% |
| Q1 26 | — | — | ||
| Q4 25 | 13.5% | 1.3% | ||
| Q3 25 | 8.3% | 1.5% | ||
| Q2 25 | 7.8% | 1.2% | ||
| Q1 25 | 6.9% | 1.2% | ||
| Q4 24 | 9.4% | 1.1% | ||
| Q3 24 | 6.7% | 1.4% | ||
| Q2 24 | 11.8% | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 4.38× | -2.07× | ||
| Q3 25 | 2.08× | 2.06× | ||
| Q2 25 | 1.24× | 1.91× | ||
| Q1 25 | 1.66× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.37× | 3.76× | ||
| Q2 24 | 1.40× | 2.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PKG
Segment breakdown not available.
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
