Fenix Outdoor International AG (FOI.B) AI Stock Analysis

• Market Cap: kr6.12B
• Dividend Yield: 6.24%
• Average Volume (3M): 1.90K
• Price to Earnings (P/E): 123.3
• Beta (1Y): 0.28
• Revenue Growth: -2.98%
• EPS Growth: -30.48%
• Country: SE
• Employees: 2,008
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): -4.97
• Shares Outstanding: 11,060,000
• 10 Day Avg. Volume: 1,917
• 30 Day Avg. Volume: 1,897
• PEG Ratio: -1.83
• Price to Book (P/B): 1.54
• Price to Sales (P/S): 0.85
• P/FCF Ratio: 12.28
• 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): 4.65
• Revenue Forecast (FY): kr834.50M

• Rating: 54 Neutral
• Price Target: kr490.00 ▲(4.26% Upside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is held back primarily by weakened profitability (sharp margin and ROE deterioration) and a technically weak setup with the stock trading below key moving averages. Valuation is also a headwind due to the very high P/E, though the high dividend yield and moderate leverage provide partial support.

Positive Factors

Brand portfolio & sustainability

Fenix's stable portfolio of reputable outdoor brands plus an explicit sustainability focus provide durable competitive advantages: brand loyalty, premium pricing and repeat purchases. This supports resilience in demand, helps preserve gross margins and strengthens long-term customer retention.

Multi-channel distribution

A diversified sales mix (DTC stores, e-commerce and wholesale) reduces single-channel exposure and supports margin mix optimisation over time. Direct channels enhance customer data and lifetime value while wholesale broadens reach, creating structural revenue stability across regions and cycles.

High gross margins

Sustained high gross margins indicate strong product pricing power and favorable cost structure for core goods. This structural gross profitability provides a cushion against rising operating costs and supports cash generation capacity and reinvestment even if operating margins fluctuate.

Negative Factors

Operating margin compression

Significant erosion in operating and net margins materially weakens the firm's ability to convert sales into sustainable profits. Lower operating profitability reduces retained earnings available for growth, dividends or deleveraging and raises vulnerability to cost inflation or weaker sales periods over the medium term.

ROE deterioration

A collapse in ROE signals the company is generating very low returns on invested capital versus prior years. Sustained weak capital efficiency can constrain shareholder returns, limit reinvestment capacity and indicate deeper structural issues in profit conversion or asset utilization that impair long-term value creation.

Uneven cash generation

Volatile and recently weakened operating cash flow reduces financial flexibility to fund capex, pay dividends or reduce debt. Inconsistent cash conversion increases refinancing and liquidity risk and makes planning for multi-year investments or margin recovery more challenging, affecting durable financial strength.

Fenix Outdoor International AG Business Overview & Revenue Model

Company Description

Fenix Outdoor International AG, together with its subsidiaries, develops, manufactures, and sells outdoor products primarily in Switzerland, Sweden, other Nordic countries, Germany, Benelux, other European countries, the Americas, and internationally. The company operates through three segments: Brands, Global Sales, and Frilufts. It offers apparel, daypacks, backpacks, sleeping bags, tents, stoves, bags, outdoor shoes and boots, lanterns, fuel, and accessories. The company sells its products under the Fjällräven, Tierra, Primus, Hanwag, and Royal Robbins brand names through 95 stores in Sweden, Norway, Germany, Finland, Denmark, and the United Kingdom, as well as through Brandretail, the e-com and brand retail shops. Fenix Outdoor International AG was founded in 1960 and is based in Zug, Switzerland.

How the Company Makes Money

Fenix Outdoor International AG generates revenue primarily through the sale of outdoor clothing, footwear, and gear under its various brands. The company operates a multi-channel distribution model, including direct-to-consumer sales through branded retail stores and e-commerce platforms, as well as wholesale partnerships with third-party retailers. Key revenue streams include sales from flagship stores, online sales, and wholesale accounts. Significant partnerships with retailers and distributors in various regions contribute to its market reach and sales volume. Additionally, the company's focus on sustainable and high-quality products helps to attract a loyal customer base, further enhancing its earnings potential.

Fenix Outdoor International AG Financial Statement Overview

Summary

Stable but choppy revenue with a recent rebound, offset by material margin compression (EBIT margin down to ~5.1% and net margin ~0.7% in 2025). Balance sheet leverage is moderate, but ROE has fallen sharply (~1.3% in 2025). Cash flow remains positive but has been volatile and operating cash flow softened versus 2024.

Income Statement

Revenue has been relatively stable but choppy: strong growth in 2021–2022, followed by declines in 2023–2024 and a modest rebound in 2025. Profitability has weakened materially over the period—gross margin remains solid (~57–58%), but operating profitability has compressed (EBIT margin down from ~13.1% in 2021 to ~5.1% in 2025) and net margin fell sharply (from ~8.6% in 2021 to ~0.7% in 2025). The business still shows decent gross economics, but the recent step-down in earnings quality and margin pressure is a clear negative.

Balance Sheet

Leverage looks moderate overall, with debt-to-equity generally in the ~0.37–0.57 range, though debt increased in 2025 versus 2024. Equity remains sizable relative to the asset base, which supports balance-sheet resilience. However, returns have deteriorated meaningfully—return on equity declined from ~14–15% (2021–2022) to ~1.3% in 2025—suggesting the company is currently generating weak profitability on its capital despite a still-reasonable leverage profile.

Cash Flow

Cash generation is uneven. Operating and free cash flow were strong in 2020–2021, turned negative in 2022, recovered in 2023–2024, and softened again in 2025 (operating cash flow down to ~61m from ~97m in 2024). Free cash flow remains positive in 2025 (~48m) and grew versus 2024, but cash conversion relative to earnings is not consistently strong, and the 2022 cash flow drawdown highlights volatility that investors should monitor.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	694.70M	685.60M	739.64M	759.24M	649.95M
Gross Profit	404.80M	390.30M	421.05M	436.68M	378.93M
EBITDA	94.10M	99.70M	111.12M	140.88M	136.49M
Net Income	4.80M	14.60M	31.57M	60.59M	56.21M
Balance Sheet
Total Assets	728.00M	686.85M	743.20M	674.59M	668.92M
Cash, Cash Equivalents and Short-Term Investments	70.60M	111.75M	119.10M	81.01M	181.90M
Total Debt	217.00M	166.90M	205.50M	149.70M	163.96M
Total Liabilities	344.80M	273.50M	325.99M	269.60M	287.47M
Stockholders Equity	383.20M	413.19M	417.22M	404.99M	381.45M
Cash Flow
Free Cash Flow	48.19M	73.50M	48.90M	-33.97M	94.24M
Operating Cash Flow	61.12M	97.10M	75.87M	-6.92M	118.67M
Investing Cash Flow	-47.30M	-17.10M	-24.79M	-27.03M	-34.44M
Financing Cash Flow	-47.50M	-88.40M	-10.36M	-69.20M	-94.58M

Fenix Outdoor International AG Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 470.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:FOI.B, the sentiment is Negative. The current price of 470 is below the 20-day moving average (MA) of 483.03, below the 50-day MA of 489.39, and below the 200-day MA of 498.78, indicating a bearish trend. The MACD of -9.66 indicates Positive momentum. The RSI at 32.01 is Neutral, neither overbought nor oversold. The STOCH value of 4.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:FOI.B.

Fenix Outdoor International AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLAS.B	73 Outperform	kr21.88B	17.87	46.00%	1.88%	9.30%	38.37%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
FOI.B	54 Neutral	kr6.12B	123.28	2.04%	6.24%	-2.98%	-30.48%
NEWA.B	52 Neutral	kr13.05B	19.42	12.33%	3.12%	2.80%	-8.84%

Fenix Outdoor International AG Corporate Events

Fenix Outdoor Posts Weaker 2025 Profits Despite Revenue Growth and Devold Boost

Fenix Outdoor International AG reported modest full-year 2025 revenue growth of 1.3% to EUR 707.7 million, but profitability weakened, with operating profit falling to EUR 33.1 million and profit after tax dropping to EUR 5.3 million, reflecting softer demand and weather-driven challenges, especially during the key winter and Christmas season. Fourth-quarter sales rose 6.2% year-on-year to EUR 188.8 million, driven primarily by the acquisition of Devold, while EBITDA improved and efficiency gains were noted; however, one-off costs totaling EUR 4 million for warehouse relocation, a new ERP system and Devold integration weighed on earnings, contributing to a quarterly net loss and a sharp cut in the proposed dividend per share, signaling a more cautious capital return stance despite growth pockets in markets such as Canada and improving performance in North America.

The most recent analyst rating on ($SE:FOI.B) stock is a Hold with a SEK554.00 price target. To see the full list of analyst forecasts on Fenix Outdoor International AG stock, see the SE:FOI.B Stock Forecast page.