Thule Group AB (THULE) AI Stock Analysis

• Market Cap: kr24.41B
• Dividend Yield: 3.54%
• Average Volume (3M): 254.51K
• Price to Earnings (P/E): 21.9
• Beta (1Y): 1.25
• Revenue Growth: 8.93%
• EPS Growth: -12.56%
• Country: SE
• Employees: 2,800
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 0.20
• Shares Outstanding: 107,838,165
• 10 Day Avg. Volume: 225,584
• 30 Day Avg. Volume: 254,511
• PEG Ratio: -9.45
• Price to Book (P/B): 3.58
• Price to Sales (P/S): 2.48
• P/FCF Ratio: 32.97
• 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: kr280.00
• Price Target Upside: 23.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 11.97
• Revenue Forecast (FY): kr10.58B

• Rating: 60 Neutral
• Price Target: kr243.00 ▲(7.33% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 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 recovery

A sustained gross-margin uplift to ~46% reflects stronger product mix and pricing power in Thule's premium outdoor and transport categories. Higher gross margin provides structural cushion for operating profit, enabling reinvestment or margin support through cost cycles over the medium term.

Revenue rebound and diversified product base

A ~9% revenue rebound, combined with a broad portfolio (roof racks, bike carriers, outdoor gear) and multiple channels (DTC, retail partners), indicates resilient demand and revenue diversification. This reduces dependency on any single segment or channel and supports steadier medium-term growth.

Brand strength and distribution network

Thule's strong brand reputation and wide retailer/distributor relationships create a durable competitive advantage, enabling shelf placement, premium pricing and repeat purchases. Such an entrenched distribution system supports market share retention and long-term sales stability.

Negative Factors

Rising leverage

Marked increase in leverage over recent years reduces financial flexibility and raises interest-cost sensitivity. With higher leverage, Thule has less headroom for acquisitions or downturns, making the firm more exposed if cash generation weakens or if macro rates rise further.

Material cash-flow deterioration in 2025

A sharp step-down in operating and free cash flow materially reduces capacity to fund dividends, capex and debt reduction. If the decline reflects working-capital swings or higher investments, recovery may lag; persistent lower cash conversion would constrain strategic options medium-term.

Earnings power below prior-cycle peaks

A notable decline in net margin from prior-cycle highs signals structural mix or cost pressures limiting earnings power. Lower margins reduce retained earnings for growth and make the business more vulnerable to cost inflation or competitive pricing, weighing on long-term profitability.

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 trailers, child bike seats, and strollers; luggage, backpacks, and laptop and sport bags; and hiking backpacks, camera bags, and cases for consumer electronics. The company offers its products primarily under the Thule and Case Logic brands. It operates in Sweden, other Nordic countries, Germany, rest of Europe, the United States, other North America, Central/South America, the Asia/Pacific Rim, and internationally. Thule Group AB (publ) was founded in 1942 and is headquartered in Malmö, Sweden.

How the Company Makes Money

Thule generates revenue primarily through the sale of its diverse range of outdoor and transportation products. The company markets its products through a combination of direct-to-consumer sales, retail partnerships, and online channels. Key revenue streams include sales from automotive accessories like roof racks and bike carriers, outdoor gear such as backpacks and tents, and sports equipment. Thule has established significant partnerships with retailers and distributors worldwide, which helps expand its market reach. Seasonal demand, particularly during peak outdoor activity periods, also plays a crucial role in driving sales. Additionally, Thule benefits from brand loyalty and a strong reputation for quality, which contributes to repeat purchases and customer retention.

Thule Group AB Financial Statement Overview

Summary

Income statement is solid (revenue rebound and improving gross margin), but profitability remains below prior-cycle peaks. Balance sheet is manageable yet less conservative as leverage has risen. The main drag is 2025 cash-flow deterioration versus 2024, with weaker cash conversion and materially lower free cash flow.

Income Statement

Revenue rebounded in 2025 (+~9% vs. 2024) after a softer 2023, but the longer-term growth pattern is uneven. Profitability remains solid with gross margin improving to ~46% in 2025 (from ~43% in 2024 and ~41% in 2023), supporting healthy operating profit levels. The main weakness is earnings power trending below earlier peaks: net margin is down to ~10.7% in 2025 versus ~17.2% in 2021, signaling some mix/expense pressure despite the gross-margin recovery.

Balance Sheet

Leverage has moved higher over time, with debt-to-equity rising to ~0.59 in 2025 from ~0.32 in 2023 and ~0.21 in 2020, reducing balance-sheet flexibility. Equity remains sizable (7.2B in 2025), but it declined from 2024 (8.1B), and total assets also stepped down in 2025 vs. 2024. Overall, the balance sheet looks manageable but is less conservative than it was a few years ago.

Cash Flow

Cash generation weakened meaningfully in 2025: operating cash flow fell to 1.13B from 2.31B in 2024, and free cash flow dropped to 0.78B from 2.05B (down ~32% per the provided growth figure). Cash conversion also deteriorated, with operating cash flow covering only ~0.75x of net income in 2025 (vs. ~1.37x in 2024) and free cash flow at ~0.69x of net income. Positively, 2023–2024 showed strong cash flow performance, but the 2025 step-down raises questions on working-capital/investment swings and sustainability.

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

• Technical Analysis Sentiment: Negative
• Last Price: 226.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:THULE, the sentiment is Negative. The current price of 226.4 is above the 20-day moving average (MA) of 224.07, below the 50-day MA of 229.47, and below the 200-day MA of 247.96, indicating a neutral trend. The MACD of -0.33 indicates Negative momentum. The RSI at 48.26 is Neutral, neither overbought nor oversold. The STOCH value of 12.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:THULE.

Thule Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLAS.B	73 Outperform	kr24.01B	23.53	46.00%	1.88%	9.30%	38.37%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MIPS	61 Neutral	kr6.56B	54.70	23.68%	1.85%	23.02%	32.69%
THULE	60 Neutral	kr24.41B	21.91	14.62%	3.54%	8.93%	-12.56%
DOM	55 Neutral	kr12.70B	29.68	―	2.85%	-13.49%	60.49%
HUSQ.B	54 Neutral	kr24.67B	14.10	5.76%	2.20%	-1.74%	-0.59%
USWE	48 Neutral	kr74.93M	-6.34	-16.28%	―	24.34%	39.30%

Thule Group AB Corporate Events

Thule Group Nomination Committee Proposes Refreshed Board and Auditor Line-Up

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 committee recommends reappointing chair Hans Eckerström and four other incumbents, while adding seasoned executives Per-Arne Blomquist as vice chair and former Peak Performance CEO Sara Molnar to bolster financial, telecoms and consumer-brand expertise.

In line with the audit committee’s advice, the committee also proposes re-electing PricewaterhouseCoopers AB as the company’s auditor through 2027, with authorized public accountant Erik Bergh set to take over as auditor in charge. The moves signal Thule’s intent to strengthen governance and strategic capabilities as it pursues growth across its global markets and navigates evolving demands in the sports and outdoor equipment sector.

The most recent analyst rating on (SE:THULE) stock is a Hold with a SEK270.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.

Thule Group Lifts Sales and Margins on Acquisitions but Sees Cash Flow Decline in 2025

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, net income turned positive, and the board proposed maintaining the dividend at SEK 8.30 per share, signaling confidence despite weaker operating cash flow.

For the full year 2025, net sales grew 9.3% to SEK 10,429m, largely supported by acquisitions, as organic sales slipped 1.3% and currency headwinds weighed on results. Profitability stayed solid with a 16.0% adjusted operating margin and only a slight dip in earnings per share, though cash flow from operations halved, highlighting the financial impact of expansion and restructuring in North America.

The most recent analyst rating on (SE:THULE) stock is a Hold with a SEK232.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.

Thule Group Sets February Date for Year-End 2025 Results and Investor Call

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 present and comment on the figures in English, followed by a Q&A for participants on the call. The results presentation, along with a live webcast, subsequent recording and transcript, will be made available on the company’s website, underscoring Thule’s efforts to maintain transparency and active dialogue with investors and other stakeholders around its financial performance and strategic development in the global sports and outdoor market.

The most recent analyst rating on (SE:THULE) stock is a Hold with a SEK239.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.

Thule Group Schedules Pre–Q4 Investor Update Ahead of February Results

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 2024. The company has invited investors to a pre–Q4 update conference call and web presentation on January 9, 2026, where CEO Mattias Ankarberg and CFO Toby Lawton will provide a brief business update and take questions ahead of the firm’s closed period, with materials and a recording to be made available on Thule’s website the same day, setting expectations in the run-up to the publication of its fourth-quarter and full-year results on February 10.

The most recent analyst rating on (SE:THULE) stock is a Hold with a SEK260.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.

Thule Group Targets Growth and Efficiency at Capital Markets Day

Thule Group hosted a Capital Markets Day to outline its strategy for long-term value creation through organic growth and efficiency improvements. The company aims to increase its annual organic sales growth to at least 7%, achieve an EBIT margin of 20%, and maintain a dividend payout ratio of 75% or more. Thule plans to expand its ‘Champion’ product categories, which have historically driven 90% of its value creation, from six to ten by 2035. The focus on efficiency gains and scale effects is expected to enhance profitability, with cost actions already initiated to improve structural costs and supply chain efficiency.

The most recent analyst rating on (SE:THULE) stock is a Buy with a SEK290.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.

Thule Group Updates Long-Term Financial Targets for Enhanced Growth

Thule Group has updated its long-term financial targets, aiming for an annual organic growth rate of 7 percent, surpassing its previous goal of SEK 20 billion in revenue by 2030. The company maintains its targets for an EBIT margin of 20 percent and a dividend payout ratio of at least 75 percent of net profit. This strategic shift reflects Thule’s focus on organic growth and its commitment to shareholder value, despite challenging market conditions, supported by new product categories and efficiency initiatives.

The most recent analyst rating on (SE:THULE) stock is a Buy with a SEK290.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.