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tonies SE Class A (DE:TNIE)
XETRA:TNIE
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tonies SE Class A
(XETRA:TNIE)
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Select Model
Rating:79Outperform
Price Target:
€11.00
▲(12.82% Upside)
Tonies SE Class A receives a strong overall score driven by robust financial performance and positive earnings call sentiment. The company's strong revenue growth and strategic product launches, particularly the Toniebox 2, have been well received, contributing to a positive outlook. However, the high P/E ratio indicates a premium valuation, which may limit upside potential unless earnings growth continues to accelerate. Technical indicators support a bullish trend, though caution is advised as the stock approaches overbought levels.
Positive Factors
Revenue Growth
Strong revenue growth indicates robust demand and successful market penetration, enhancing long-term sustainability and competitive positioning.
Global Expansion
Global expansion increases market reach and brand recognition, providing a diversified revenue base and reducing dependency on any single market.
Strategic Partnerships
Strategic partnerships with major brands enhance product offerings and market appeal, driving future growth and innovation.
Negative Factors
Profitability Challenges
Ongoing profitability challenges could limit reinvestment capabilities and affect long-term financial health if not addressed.
Product Criticism
Product criticisms can impact customer satisfaction and brand reputation, potentially affecting future sales and market position.
Sales Pattern Shifts
Shifts in sales patterns can disrupt revenue consistency and complicate inventory management, impacting operational efficiency.
tonies SE Class A (TNIE) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.37B
Dividend YieldN/A
Average Volume (3M)88.83K
Price to Earnings (P/E)44.5
Beta (1Y)0.39
Revenue Growth29.34%
EPS GrowthN/A
CountryDE
Employees561
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)N/A
Shares Outstanding126,847,590
10 Day Avg. Volume125,739
30 Day Avg. Volume88,828
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)2.49
Price to Sales (P/S)1.79
P/FCF Ratio27.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€11.75Price Target Upside20.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
tonies SE Class A Business Overview & Revenue Model
Company Descriptiontonies SE Class A (TNIE) is a German company specializing in the development and distribution of innovative audio entertainment products for children. The company is best known for its Toniebox, a screen-free audio system that allows children to listen to stories, songs, and educational content using figurative characters called Tonies. Operating in the consumer electronics and children's entertainment sectors, tonies SE focuses on creating engaging and imaginative audio experiences that foster creativity and learning, while also promoting family bonding through shared listening experiences.
How the Company Makes Moneytonies SE generates revenue primarily through the sale of its Toniebox audio systems and the accompanying Tonies figures. The Toniebox is sold through various retail channels, including online platforms and physical stores, while the Tonies figures, which contain audio content, are sold individually or in bundles. The company also earns revenue from licensing agreements for content creation, partnering with well-known children's brands, authors, and content creators to expand its library of audio stories and songs. Additionally, tonies SE may benefit from subscription models or digital downloads in the future, further increasing its potential revenue streams.
tonies SE Class A Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Apr 14, 2026
Earnings Call Sentiment Positive
The earnings call was predominantly positive, highlighting the successful launch and reception of Toniebox 2, significant revenue growth, and strong global expansion. While there were minor criticisms related to product features, these did not significantly detract from the overall positive outlook.Q3-2025 Updates
Positive Updates
Successful Launch of Toniebox 2
The launch of Toniebox 2 marked a significant innovation since 2016, unlocking new growth potential with new audiences and use cases. The product has been well received, with a 4.6 average rating and high recommendation rates.
Record Revenue Growth
Revenues increased by more than 52% in Q3, and year-to-date growth was 33%, reaching EUR 322 million. All markets contributed, with notable growth in North America (36%) and Rest of World (80%).
Global Expansion and Brand Recognition
Tonies expanded its reach to more than 100 countries with significant global media coverage, including over 1 billion impressions from the Toniebox 2 launch. The product also won the CES 2026 Best of Innovation Award.
Strong Strategic Partnerships
Expansion of collaboration with Hasbro to introduce iconic board games in new audio-first Tonieplay formats starting Q2 2026, emphasizing strategic partnership growth.
Growing International Revenue Share
The share of international revenues increased by 6 percentage points year-over-year to 59%, confirming the success of the international expansion strategy.
Negative Updates
Cable Length Criticism
The short cable length of the Toniebox 2 was criticized by customers. This was due to regulatory requirements for 1+ certification, not cost-saving measures.
Temporary Shifts in Sales Patterns
The anticipated launch of Toniebox 2 led to temporary shifts in sales patterns earlier in the year, affecting the share of Tonieboxes sold.
Company Guidance
During the third quarter earnings call for fiscal year 2025, the company reported a revenue increase of over 52%, contributing to a year-to-date growth of 33% or EUR 322 million at the group level. The CEO highlighted the launch of Toniebox 2 as a significant driver of this growth, particularly noting double-digit growth in the DACH market and 36% growth in North America. In the Rest of World segment, revenue surged by 80% compared to the first nine months of 2024. The company confirmed its full-year guidance, projecting over 25% growth in group revenue to exceed EUR 600 million, with a 6.5% to 8.5% adjusted EBITDA margin. The call emphasized the strategic importance of the Toniebox 2 launch, which has already shown a strong consumer response, with around 40% of initial buyers being upgraders from the previous Toniebox model. Additionally, the company noted its resilience in the face of macroeconomic challenges, highlighting sourcing flexibility and a strong pricing strategy as key factors in maintaining profitability.tonies SE Class A Financial Statement Overview
Summary
Tonies SE Class A demonstrates strong revenue growth and improving profitability, supported by healthy cash flows and a stable balance sheet. While the company faces challenges in achieving consistent operational profitability, its low leverage and effective cash management provide a solid foundation for future growth.Income Statement
The company has shown strong revenue growth, with a 33% increase from 2023 to 2024, indicating robust demand within its industry. Gross Profit Margin improved significantly to 50.67%, reflecting efficient cost management. Despite these positives, the company struggles with profitability at the EBIT level, although Net Profit Margin turned positive at 2.72% in 2024. This suggests improving operational performance, though challenges remain in achieving consistent profitability.Balance Sheet
The balance sheet is solid with an improved Debt-to-Equity Ratio of 0.06, indicating low leverage and financial stability. The Equity Ratio stands at 62.03%, showcasing a strong equity base. Return on Equity improved to 3.78% in 2024, moving into positive territory, reflecting better utilization of equity. However, maintaining this trajectory will be crucial to ensure long-term stability.Cash Flow
The company has shown significant improvement in cash flow, with Free Cash Flow turning positive and growing substantially. Operating Cash Flow to Net Income Ratio of 3.60 indicates strong cash generation relative to net income, suggesting healthy cash conversion. This robust cash flow position strengthens the company's ability to invest in growth and manage liabilities.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 510.38M | 480.55M | 360.95M | 258.28M | 187.97M | 134.57M |
| Gross Profit | 269.67M | 243.51M | 119.44M | 32.71M | 51.16M | 40.50M |
| EBITDA | 19.47M | 29.60M | 16.89M | -14.78M | -227.37M | -6.47M |
| Net Income | 27.65M | 13.08M | -11.81M | -31.66M | -240.50M | -16.21M |
Balance Sheet | ||||||
| Total Assets | 507.89M | 558.50M | 492.35M | 481.83M | 438.03M | 350.17M |
| Cash, Cash Equivalents and Short-Term Investments | 39.07M | 86.67M | 59.29M | 54.92M | 75.59M | 9.08M |
| Total Debt | 13.86M | 20.36M | 28.60M | 12.43M | 1.22M | 58.25M |
| Total Liabilities | 169.98M | 212.10M | 167.03M | 147.20M | 156.74M | 151.64M |
| Stockholders Equity | 337.91M | 346.39M | 325.32M | 334.64M | 281.30M | 177.24M |
Cash Flow | ||||||
| Free Cash Flow | 44.97M | 30.99M | -4.85M | -88.63M | -41.82M | -4.11M |
| Operating Cash Flow | 48.98M | 47.16M | 8.14M | -75.08M | -32.88M | 3.56M |
| Investing Cash Flow | -15.80M | -14.11M | -12.91M | -13.55M | -8.94M | -7.67M |
| Financing Cash Flow | -12.29M | -9.11M | 11.59M | 67.93M | 102.52M | 6.28M |
tonies SE Class A Technical Analysis
Positive
9.75
Price Trends
9.35
Positive
8.43
Positive
7.16
Positive
Market Momentum
0.42
Negative
73.10
Negative
89.01
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:TNIE, the sentiment is Positive. The current price of 9.75 is below the 20-day moving average (MA) of 10.03, above the 50-day MA of 9.35, and above the 200-day MA of 7.16, indicating a bullish trend. The MACD of 0.42 indicates Negative momentum. The RSI at 73.10 is Negative, neither overbought nor oversold. The STOCH value of 89.01 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:TNIE.
tonies SE Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | €1.37B | 44.49 | 8.50% | ― | 29.34% | ― | |
72 Outperform | €105.76M | 2.36 | 35.60% | ― | 5.73% | -25.88% | |
62 Neutral | €109.03M | 11.58 | 14.37% | 4.16% | -1.26% | -11.97% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | €234.17M | 94.11 | 3.63% | ― | -0.32% | ― | |
55 Neutral | €9.29M | -206.15 | -1.47% | ― | -7.67% | -107.69% |
* Consumer Cyclical Sector Average
DE:TNIE
tonies SE Class A
10.82
3.90
56.36%
DE:BST
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8.26
-1.05
-11.25%
DE:ULC
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-12.99%
DE:WEW
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11.50
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58.84%
DE:TPG
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.