LCI Industries

What LCI Industries does

LCI Industries (NYSE: LCII) is a public supplier of engineered components, primarily to North American recreational vehicle (RV) OEMs and the RV aftermarket, with diversified exposure to manufactured housing, transportation (bus and specialty vehicles via Trans Air and Freedman Seating), marine, and powersports markets. The company operates predominantly through its Lippert subsidiary, supplying chassis, slide-out mechanisms, awnings, leveling systems, seating, hydraulic landing gear, and other engineered components that integrate into OEM vehicle platforms. Reported FY2025 net sales of $4.1 billion were 10% above the prior year, and management's 2026 guidance targets $4.2–$4.3 billion at 7.5%–8% operating margins.

The business model is B2B hardware sales: direct enterprise sales to a concentrated set of North American RV OEMs under multi-year contracts, supplemented by an aftermarket distribution channel for replacement parts and accessories into the existing installed fleet. Content-per-vehicle expansion is the principal commercial lever, with the metric rising from $5,164 to $5,826 through new product introductions, cross-selling, and tuck-in acquisitions such as Girard Systems (2022), Bigfoot Hydraulic Systems (October 2025), and the earlier Trans Air, Freedman Seating, and Ranch Hand transactions. Margin expansion is targeted via an 8–10 facility consolidation program expected to deliver 70–120 basis points of operating margin improvement in 2026.

The company is in a transitional leadership moment: founder-CEO Jason Lippert retired in June 2026 after 32 years that saw revenue scale from $125 million to over $4 billion. Independent director Johnny Sirpilla is serving as interim CEO while the board conducts a permanent-successor search, and Virginia Henkels succeeded Tracy Graham as Chair of the Board. A $400 million 3.00% convertible senior note offering (March 2025) was used to repurchase existing convertibles and for general corporate purposes. A proposed merger of equals with peer Patrick Industries was publicly disclosed in April 2026 and terminated on May 4, 2026 after the parties could not agree on key terms.

Name

LCI Industries

Legal name

LCI Industries

Website

https://lcindustries.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

LCI Industries (NYSE: LCII) supplies engineered components—chassis, slide-outs, awnings, leveling systems, seating, and hydraulics—primarily to North American RV OEMs and the aftermarket through its Lippert subsidiary, with diversified exposure to transportation, marine, and powersports markets. FY2025 revenue was $4.1 billion with 2026 guidance of $4.2–$4.3 billion.

Ownership category

akta.pro rank

Product category

Recreational Vehicle Components

NAICS

Motor Vehicle Body and Trailer Manufacturing (33621), Motor Vehicle Parts Manufacturing (3363)

SIC

Truck & Bus Bodies (3713), Miscellaneous Transportation Equipment (3790)

akta.pro primary industry

Recreational Vehicle (RV) Bodies & Towables Manufacturing (IMACAGAJ)

akta.pro secondary industries

Truck Body & Upfitting Manufacturing (Box Bodies/Service Bodies/Cranes/Liftgates) (IMACABAI), Specialty Truck Manufacturing (Fire/Rescue/Military-Commercial/Expedition) (IMACABAG)

Keywords

• RV OEM components
• Recreational vehicle parts
• Engineered RV components
• Transportation OEM supplies
• Aftermarket RV parts

Headquarters

HQ city

White Plains

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. RV OEM Components: Engineered components supplied to recreational vehicle OEMs, representing the primary revenue stream with organic growth and market share gains
2. Aftermarket Components: Replacement parts and accessories for existing RV fleet and transportation equipment
3. Transportation OEM: Revenue from acquisitions including Trans Air and Freedman Seating expanding transportation market presence
4. Dividend Payments: Company has raised dividend for nine consecutive years, currently paying $1.15 quarterly per share

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

LCI Industries, through its Lippert subsidiary, designs, engineers, manufactures, and supplies a broad portfolio of components to original equipment manufacturers (OEMs) in the recreational vehicle industry, as well as to transportation OEMs (buses, trucks, specialty vehicles) and the RV aftermarket. Its product range spans awnings, tankless water heaters, chassis, hydraulic leveling systems, seating, and other engineered subsystems that the company integrates into customer vehicles.

Product overview

LCI is a diversified manufacturing, distribution, retail and technology services company operating under the AbilityOne program as one of the largest employers of Americans who are blind or visually impaired. The company operates through seven manufacturing divisions (Mattress Assembly, Assembly & Packaging, Medical Kitting, Paper Conversion, Plastics, Sewing, Custom Stamps, and Housewares), three service divisions (Distribution, Retail/Base Supply Centers, and E-Commerce), and a Tech Services division (Ablr) focused on digital accessibility. LCI manufactures over 2,000 unique products, distributes over 4,800 AbilityOne products, and operates retail stores on over 150 military bases. The company serves federal government customers through the AbilityOne program and commercial customers through manufacturing partnerships and e-commerce platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• RV OEM Engineered Components
• RV Aftermarket Components
• Awnings (Girard Systems / Girard Products)
• Tankless Water Heaters (Girard Products)
• Hydraulic Leveling and Landing Gear Systems (Bigfoot)
• Transportation OEM Seating and HVAC (Trans Air / Freedman Seating)
• Vehicle Accessories and Truck Caps (Ranch Hand)

Quantifiable outcome

• Revenue growth of 16% year-over-year in Q4 2025 to $933 million
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered major and core.

• Patrick IndustriesmajorStrategic or Co-development Partner · 17 April 2026LCI Industries and Patrick Industries engaged in merger of equals discussions from April 17, 2026. Both are major RV component suppliers. Discussions terminated on May 4, 2026 after unable to reach mutually agreeable terms on key terms despite having consensus on leadership aspects.
• Girard Systems and Girard Products LLCcoreStrategic or Co-development Partner · 28 March 2022Lippert Components Manufacturing acquired Girard Systems and Girard Products LLC - companies that manufacture and distribute awnings and tankless water heaters for OEMs and aftermarket customers in the RV industry. Deal aimed to expand product portfolio and strengthen position in high-end motorized RV segment.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Emerging players

• Fox Factory: Vehicle component manufacturer focused on suspension and ride dynamics, serving powersports and automotive OEMs. Comparable in supplying engineered performance components to recreation OEMs.

Direct peers

• Wabash National: Trailer and truck body manufacturer whose component and trailer production parallels LCI's Lippert operations. Both serve freight, logistics, and transportation OEM customers with engineered products.
• Patrick Industries: Closest direct peer — major supplier of RV, marine, and housing components with overlapping product categories in cabinetry, components, and aluminum. Patrick was in merger-of-equals talks with LCI in 2026, underscoring the high degree of overlap.
• REV Group: Specialty vehicle manufacturer (fire/ambulance, RVs, buses) that overlaps with LCI's transportation OEM business (Trans Air, Freedman Seating). Comparable in serving commercial and specialty transportation end markets.
• Trimas Corporation: Diversified industrial manufacturer with aerospace, packaging, and specialty products segments; comparable in serving transportation and industrial OEM customers with engineered components.

Broad incumbents

• Thor Industries: Largest RV OEM in North America and a key LCI customer. While upstream in the value chain (OEM vs. supplier), Thor's fortunes are tightly coupled with LCI's revenue trajectory.
• Winnebago Industries: Major RV OEM and LCI customer. Comparable in exposure to North American RV demand cycles and outdoor recreation end markets.
• Skyline Champion: Manufactured housing and modular home producer that overlaps with LCI's manufactured homes component supply. Both benefit from affordable housing tailwinds.
• Polaris: Powersports vehicle OEM (Indian Motorcycle, RZR, Ranger) with potential supply relationships with LCI's adjacent marine and powersports segments. Comparable end-market exposure to outdoor recreation.
• Brunswick Corporation: Marine and recreational products manufacturer overlapping with LCI's adjacent marine and powersports segment initiatives. Comparable in diversifying exposure across outdoor recreation.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/LCI_Inclusion

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LCI Industries