Thule Group AB (SE:THULE)
:THULE
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Thule Group AB
(THULE)
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Rating:60Neutral
Price Target:
kr199.00
▼(-12.10% Downside)
Action:ReiteratedDate:02/18/26
The score is led by solid operating performance (revenue rebound and stronger gross margin) but is held back by a notable 2025 step-down in operating/free cash flow and higher leverage versus prior years. Technical signals are neutral-to-soft, while valuation is supported by a ~3.6% dividend yield despite a mid-range P/E.
Positive Factors
Gross margin improvement
Margin expansion to roughly 46% in 2025 points to durable pricing power and an improved product mix. Sustained higher gross margins support long-term operating profitability, fund investment in product development and marketing, and provide a structural cushion versus cyclical revenue swings.
Negative Factors
Cash generation deterioration
A meaningful step-down in operating cash flow and free cash flow in 2025 reduces internal funding capacity. Persistent weaker cash conversion limits organic investment, increases reliance on external financing for growth or distributions, and raises sensitivity to working-capital swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross margin improvement
Margin expansion to roughly 46% in 2025 points to durable pricing power and an improved product mix. Sustained higher gross margins support long-term operating profitability, fund investment in product development and marketing, and provide a structural cushion versus cyclical revenue swings.
Read all positive factors
Thule Group AB (THULE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr23.98B
Dividend Yield3.54%
Average Volume (3M)254.51K
Price to Earnings (P/E)23.2
Beta (1Y)1.29
Revenue Growth8.93%
EPS Growth-12.56%
CountrySE
Employees2,800
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)0.20
Shares Outstanding107,838,165
10 Day Avg. Volume225,584
30 Day Avg. Volume254,511
Financial Highlights & Ratios
PEG Ratio-9.45
Price to Book (P/B)3.58
Price to Sales (P/S)2.48
P/FCF Ratio32.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr255.00Price Target Upside12.63% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)11.77
Revenue Forecast (FY)kr10.60B
Thule Group AB Business Overview & Revenue Model
Company Description
Thule Group AB (publ) operates as a sports and outdoor company. It offers roof racks; roof boxes; carriers for transporting bikes, water, and winter sports equipment and rooftop tents; awnings, bike carriers, and tents for RVs and caravans; bike t...
How the Company Makes Money
Thule Group makes money primarily by selling branded physical products. Its core revenue stream comes from wholesale sales to retailers, distributors, and other channel partners that then sell Thule products to end consumers; in some markets it al...
Thule Group AB Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.43B | 9.54B | 9.13B | 10.14B | 10.39B |
| Gross Profit | 4.79B | 4.07B | 3.74B | 3.86B | 4.16B |
| EBITDA | 1.64B | 1.89B | 1.84B | 1.93B | 2.50B |
| Net Income | 1.11B | 1.12B | 1.10B | 1.27B | 1.79B |
Balance Sheet | |||||
| Total Assets | 13.74B | 14.96B | 10.97B | 11.68B | 10.19B |
| Cash, Cash Equivalents and Short-Term Investments | 218.00M | 405.00M | 94.00M | 176.00M | 149.00M |
| Total Debt | 4.27B | 4.37B | 2.17B | 3.06B | 1.62B |
| Total Liabilities | 6.51B | 6.86B | 4.12B | 5.13B | 4.38B |
| Stockholders Equity | 7.23B | 8.10B | 6.85B | 6.55B | 5.82B |
Cash Flow | |||||
| Free Cash Flow | 784.00M | 2.05B | 1.60B | 172.00M | 621.00M |
| Operating Cash Flow | 1.13B | 2.31B | 1.85B | 616.00M | 1.13B |
| Investing Cash Flow | -335.00M | -3.10B | -251.00M | -464.00M | -503.00M |
| Financing Cash Flow | -965.00M | 1.10B | -1.68B | -136.00M | -1.19B |
Thule Group AB Technical Analysis
Neutral
226.40
Price Trends
216.02
Positive
227.40
Negative
241.50
Negative
Market Momentum
-0.61
Negative
59.99
Neutral
90.72
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:THULE, the sentiment is Neutral. The current price of 226.4 is above the 20-day moving average (MA) of 205.63, above the 50-day MA of 216.02, and below the 200-day MA of 241.50, indicating a neutral trend. The MACD of -0.61 indicates Negative momentum. The RSI at 59.99 is Neutral, neither overbought nor oversold. The STOCH value of 90.72 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:THULE.
Thule Group AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | kr25.49B | 9.43 | 42.23% | 1.88% | 9.30% | 38.37% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | kr23.98B | 23.21 | 14.62% | 3.54% | 8.93% | -12.56% | |
60 Neutral | kr6.50B | 78.02 | 23.68% | 1.85% | 23.02% | 32.69% | |
56 Neutral | kr8.98B | 34.98 | ― | 2.85% | -13.49% | 60.49% | |
54 Neutral | kr22.31B | 15.04 | 5.76% | 2.20% | -1.74% | -0.59% | |
53 Neutral | kr85.64M | 57.97 | -17.87% | ― | 24.34% | 39.30% |
* Consumer Cyclical Sector Average
SE:THULE
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-3.57%
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Thule Group AB Corporate Events
Thule Group Schedules Pre‑Q1 Investor Update Ahead of April Results
Mar 16, 2026
Thule Group, a global sports and outdoor equipment maker known for products ranging from roof racks and roof boxes to child transport solutions, RV accessories, and luggage, operates nine production facilities and 35 sales offices worldwide. The c...
Thule Group Launches SEK 5 Billion MTN Programme to Diversify Funding
Feb 27, 2026
Thule Group AB has established a SEK 5 billion medium-term note program, allowing the company to issue unsecured bonds with maturities of at least one year and minimum denominations of EUR 100,000 or the equivalent in SEK. The base prospectus for ...
Thule Group Nomination Committee Proposes Refreshed Board and Auditor Line-Up
Feb 18, 2026
Thule Group’s nomination committee has proposed a refreshed seven-member board ahead of the upcoming annual general meeting, responding to the decision by current directors Sarah McPhee and Anders Jensen not to stand for re-election. The com...
Thule Group Lifts Sales and Margins on Acquisitions but Sees Cash Flow Decline in 2025
Feb 10, 2026
Thule Group reported a 9.4% rise in fourth-quarter net sales to SEK 1,835m, driven entirely by acquisitions amid flat organic growth and negative currency effects, while its gross margin strengthened to 44.9%. Operating income swung back to profit...
Thule Group Sets February Date for Year-End 2025 Results and Investor Call
Jan 27, 2026
Thule Group will publish its fourth-quarter and full-year 2025 results on 10 February 2026 at 07:45 CET and will host a conference call and webcast at 10:00 CET the same day, where CEO and President Mattias Ankarberg and CFO Toby Lawton will prese...
Thule Group Schedules Pre–Q4 Investor Update Ahead of February Results
Jan 5, 2026
Thule Group, a global sports and outdoor equipment manufacturer known for its Sport Cargo, Active with Kids Dogs, RV Products and Bags Mounts ranges, operates in 138 markets with around 2,800 employees and generated SEK 9.5 billion in sales in ...
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.