MEDIUMOutside partyCounterparty
two financial flooring institutions
“10-K Item 1A: 'As of August 30, 2025, two financial flooring institutions held approximately 51% of our total outstanding financed dealer inventory dollars.'”
WGO · Concentration risk · 10-K extracted
Winnebago Industries (WGO) concentration risks
Updated
The most significant concentration Winnebago Industries discloses is two financial flooring institutions, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Winnebago Industries’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH0
MEDIUM3
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partySupplier
Mercury Marine
“10-K Item 1A: 'we purchase a significant portion of our motors from Mercury Marine, which makes us reliant on them for the supply of these engines'”
MEDIUMBuilt-inGeographic
northern Iowa and northern Indiana manufacturing
“10-K Item 1A: 'Our operations are primarily centered in northern Iowa and northern Indiana. Any disruption or delay at our primary manufacturing facilities could adversely affect our business and operating results.'”
LOWOutside partySupplier
single raw-material supplier
“10-K Item 1A: 'In Fiscal 2025, one of our suppliers individually accounted for approximately 14% of our consolidated raw material purchases.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-26Winnebago's concentration exposures cluster around financing, a key engine supplier, and its own manufacturing footprint, with most sitting at a medium share. On the financing side, two financial flooring institutions held approximately 51% of the company's total outstanding financed dealer inventory dollars as of August 30, 2025 — a medium-share, dependency-type exposure tied to just two lenders. On the supply side, Winnebago purchases a significant portion of its motors from Mercury Marine, making it reliant on that single supplier for engines, another medium-share dependency, alongside a smaller single raw-material supplier that accounted for approximately 14% of consolidated raw material purchases in fiscal 2025 — a low-share exposure by comparison. Geographically, operations are centered in northern Iowa and northern Indiana, a medium-share, structural concentration in the sense that a disruption at either primary manufacturing location could affect the business broadly. None of these four exposures alone is large enough to dominate the picture, but because financing, engine supply, and manufacturing all cluster in the medium-share range simultaneously, a shock hitting any one of the concentrated relationships — a lender pulling back, an engine shortage, or a facility disruption — would have a proportionate rather than a marginal effect on operations.
For the engine’s reasoning on WGO’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Recreational Vehicles
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| HOG | Harley-Davidson, Inc. | 3 | 0 | 0 | 3 |
| MCFT | MasterCraft Boat Holdings, Inc. | 2 | 1 | 1 | 4 |
| MBUU | Malibu Boats, Inc. | 1 | 2 | 1 | 4 |
| BC | Brunswick Corporation | 1 | 2 | 0 | 3 |
| LCII | LCI Industries | 1 | 1 | 2 | 4 |
| WGO● | Winnebago Industries, Inc. | 0 | 3 | 1 | 4 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.