Thermador Groupe (THEP) AI Stock Analysis

• Market Cap: €632.81M
• Dividend Yield: 2.72%
• Average Volume (3M): 3.07K
• Price to Earnings (P/E): 16.2
• Beta (1Y): 0.56
• Revenue Growth: -7.15%
• EPS Growth: -14.86%
• Country: FR
• Employees: 761
• Sector: General
• Sector Strength: N/A
• Industry: Industrial - Distribution
• EPS (TTM): 2.38
• Shares Outstanding: 9,200,849
• 10 Day Avg. Volume: 3,412
• 30 Day Avg. Volume: 3,071
• PEG Ratio: -8.78
• Price to Book (P/B): 1.75
• Price to Sales (P/S): 1.42
• P/FCF Ratio: 11.21
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 5.65
• Revenue Forecast (FY): €537.86M

• Rating: 70 Outperform
• Price Target: €83.00 ▲(9.21% Upside)
• Action: Upgraded Date: 03/09/26
• Date: Action: Upgraded 03/09/26

The score is driven primarily by strong financial quality (solid profitability, conservative leverage, and good free-cash-flow generation), supported by a reasonable valuation and dividend yield. These positives are tempered by weak technical momentum and a recent revenue slowdown alongside incomplete 2025 margin/ratio fields that reduce latest-period visibility.

Positive Factors

Free cash flow generation

Consistently positive FCF, with 2024 FCF at ~87% of net income and a 2025 step-up, indicates durable cash generation to fund capex, dividends, and strategic initiatives. Over the next 2–6 months this underpins financial flexibility, lowers refinancing risk and supports reinvestment decisions.

Conservative leverage and strong ROE

Low debt-to-equity and steady equity growth, with ROE in the mid- to high-teens (2020–2024), reflect prudent capital structure and efficient use of capital. This balance-sheet strength provides lasting resilience to shocks and capacity to fund expansion or absorb cyclical dips over the medium term.

Sustainable profitability margins

Operating margins in the low-to-mid teens and net margins near 10% point to durable profitability for a premium appliance distributor. These margins indicate pricing power, effective cost control, and a structural profit base that supports stable earnings and reinvestment across product cycles.

Negative Factors

Revenue slowdown/flatlining

After strong growth through 2023, sales softened in 2024 and stagnated in 2025, signaling weakening demand or market saturation in core premium segments. Over a 2–6 month horizon this can compress operating leverage, limit reinvestment capacity, and make sustaining growth harder without product or channel expansion.

Missing 2025 data reduces visibility

Key 2025 fields (gross margin and various ratios) are missing or zeroed, hindering assessment of current margin structure and leverage. This persistent data gap creates uncertainty about near-term performance trends and weakens the ability to gauge sustainability of recent results for planning and risk management.

Volatile cash conversion history

Although FCF is positive, historical cash conversion volatility (especially 2021–2022) and missing 2025 coverage fields mean sustainability is unclear. Working-capital swings or cyclical demand could reintroduce cash flow variability, limiting predictable free-cash-flow availability for dividends or investments over the medium term.

Thermador Groupe Business Overview & Revenue Model

Company Description

Thermador Groupe SA, together with its subsidiaries, engages in the distribution business in France and internationally. The company offers central heating and domestic hot water accessories, pumps for heating, plumbing equipment, taps, valves for building, ventilation equipment and accessories, industrial valves and fittings, cold water pumps, swimming pool equipment and accessories, air compressors, generators, and welding stations. It also provides pneumatic tools; pumps, household valves, and plumbing for DIY superstores; bathroom and kitchen taps for DIY superstores and retail outlets; sale of parts to boiler manufacturers; domestic pumps and pump accessories; accessories and connectors for central heating and domestic water, and plumbing fitments; pipework for the distribution of building fluids; and valves and connectors for building and industry. In addition, the company offers motorised valves and specialty products for industry and air compressors; technical equipment for pressure, temperature, level, and flow measurement and control; and stainless steel connectors, flanges, valves and accessories. Thermador Groupe SA offers its products to retailers, wholesalers in industrial valves and industrial supplies. The company was founded in 1968 and is headquartered in Saint-Quentin-Fallavier, France.

How the Company Makes Money

Thermador Groupe generates revenue primarily through the sale of its high-end kitchen appliances. The company's revenue model is built on direct sales through its extensive distribution network, which includes both retail partners and e-commerce platforms. Key revenue streams include the sale of ovens, cooktops, refrigerators, and dishwashers, as well as ancillary products and accessories. Significant partnerships with high-end retailers and builders allow Thermador to reach its target market effectively. Additionally, the company benefits from brand loyalty and repeat purchases due to its reputation for quality and innovation. Seasonal promotions and marketing campaigns further enhance sales, contributing to its overall earnings.

Thermador Groupe Financial Statement Overview

Summary

Fundamentals are solid for a distributor: strong historical revenue growth through 2023, healthy operating/net margins, conservative leverage, and consistently positive free cash flow. Offsetting factors are the revenue slowdown/flatlining in 2024–2025 and multiple 2025 fields that appear missing/zeroed (e.g., gross margin and some ratios), which reduces confidence in the latest-period quality metrics.

Income Statement

Revenue expanded strongly from 2020 to 2023, but sales softened in 2024 and were roughly flat again in 2025. Profitability remains solid for a distributor, with net margins generally in the high-single to ~10% range and operating margins holding around the low-to-mid teens across most years. A key watch item is 2025 gross profit data quality (gross margin shown as 0%), which makes the latest margin mix less transparent despite still-healthy operating and net margins.

Balance Sheet

Leverage looks conservative, with debt-to-equity staying low in the years where it’s provided (roughly ~0.09–0.18), and equity growing steadily over time. Returns on equity were strong from 2020–2024 (roughly mid-teens to high-teens), supporting the view that capital is being used effectively. The 2025 leverage and return-on-equity fields appear missing/zeroed, which limits visibility into the most recent balance-sheet efficiency metrics.

Cash Flow

Cash generation is a clear strength: free cash flow is consistently positive and, in 2024, free cash flow was high relative to net income (about 87%), suggesting good earnings quality. 2025 shows a sharp step-up in free cash flow growth, while operating cash flow remains robust. That said, cash conversion has been volatile historically (notably weaker in 2021–2022), and several 2025 coverage/quality fields are missing (set to 0%), reducing confidence in the latest cash-flow ratios.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	501.74M	503.88M	580.95M	553.86M	486.50M
Gross Profit	64.05M	182.49M	206.51M	192.84M	175.26M
EBITDA	71.22M	72.83M	91.95M	86.23M	80.47M
Net Income	44.06M	44.74M	58.30M	58.90M	52.90M
Balance Sheet
Total Assets	568.01M	522.11M	522.01M	507.16M	436.51M
Cash, Cash Equivalents and Short-Term Investments	96.96M	63.26M	35.24M	16.03M	27.38M
Total Debt	51.66M	34.02M	46.85M	53.09M	32.75M
Total Liabilities	161.51M	139.72M	163.24M	188.33M	157.87M
Stockholders Equity	406.50M	382.39M	358.77M	318.83M	278.47M
Cash Flow
Free Cash Flow	63.61M	64.80M	48.86M	14.13M	16.28M
Operating Cash Flow	69.31M	74.27M	56.52M	25.17M	28.50M
Investing Cash Flow	-22.40M	-14.00M	-8.37M	-34.69M	-12.10M
Financing Cash Flow	-10.23M	-31.63M	-29.85M	-2.16M	-31.35M

Thermador Groupe Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 76.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:THEP, the sentiment is Negative. The current price of 76 is above the 20-day moving average (MA) of 74.33, below the 50-day MA of 76.22, and above the 200-day MA of 75.95, indicating a bearish trend. The MACD of -2.03 indicates Positive momentum. The RSI at 17.83 is Positive, neither overbought nor oversold. The STOCH value of 5.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:THEP.

Thermador Groupe Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
THEP	70 Outperform	€632.81M	16.19	11.13%	2.72%	-7.15%	-14.86%
QDT	67 Neutral	€433.45M	6.97	5.80%	4.90%	0.13%	11.29%
ALGIL	65 Neutral	€392.83M	6.01	8.03%	3.76%	1.82%	-28.64%
SAMS	60 Neutral	€413.53M	188.99	―	6.56%	7.61%	-56.24%
ALHRG	58 Neutral	€59.52M	-3.94	―	8.60%	-45.62%	-174.71%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%