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Thule Group AB
(THULE)
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Rating:70Outperform
Price Target:
kr218.00
▼(-12.10% Downside)
Action:Upgraded
Date:05/01/26
The score is driven primarily by solid financial quality (healthy profitability, mid-teens ROE, and consistent free cash flow), offset by volatility in revenue (including a sharp TTM contraction) and somewhat uneven cash conversion. Technicals and valuation are both neutral-to-mildly supportive, with no earnings call or corporate event inputs available.
Positive Factors
Strong brand and diversified product portfolio
Thule's recognized consumer brand plus a broad product set across vehicle-mounted carriers, travel luggage and juvenile products creates durable demand diversification. Multiple categories and global wholesale + DTC channels reduce single-market reliance and support steady revenue over months.
Negative Factors
Revenue volatility and recent TTM contraction
A sharp trailing‑12‑month revenue contraction reduces visibility into near‑term demand and weakens the base for margin recovery. Persistent top‑line volatility can force price/mix adjustments and constrain strategic investments across product lines over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong brand and diversified product portfolio
Thule's recognized consumer brand plus a broad product set across vehicle-mounted carriers, travel luggage and juvenile products creates durable demand diversification. Multiple categories and global wholesale + DTC channels reduce single-market reliance and support steady revenue over months.
Read all positive factors
Thule Group AB (THULE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr22.32B
Dividend Yield3.54%
Average Volume (3M)254.51K
Price to Earnings (P/E)19.6
Beta (1Y)1.26
Revenue Growth5.68%
EPS Growth3.16%
CountrySE
Employees2,800
SectorGeneral
Sector StrengthN/A
IndustryLeisure
Share Statistics
EPS (TTM)10.56
Shares Outstanding107,838,165
10 Day Avg. Volume225,584
30 Day Avg. Volume254,511
Financial Highlights & Ratios
PEG Ratio-9.46
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
kr270.00Price Target Upside8.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)11.57
Revenue Forecast (FY)kr10.54B
Thule Group AB Business Overview & Revenue Model
Company Description
Thule Group AB (publ) is a prominent company specializing in sports and outdoor equipment. Its comprehensive product range includes vehicle-mounted solutions such as roof racks, storage boxes, and specialized carriers for bicycles, water sports ge...
How the Company Makes Money
Thule Group makes money primarily by selling Thule-branded consumer products at a margin over manufacturing and logistics costs. Its revenue model is based on (1) wholesale sales to retailers and distributors (including specialty outdoor, sports, ...
Thule Group AB Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.34B | 10.43B | 9.54B | 9.13B | 10.14B | 10.39B |
| Gross Profit | 4.76B | 4.79B | 4.07B | 3.74B | 3.86B | 4.16B |
| EBITDA | 1.93B | 2.04B | 1.89B | 1.84B | 1.93B | 2.50B |
| Net Income | 1.14B | 1.11B | 1.12B | 1.10B | 1.27B | 1.79B |
Balance Sheet | ||||||
| Total Assets | 14.98B | 13.74B | 14.96B | 10.97B | 11.68B | 10.19B |
| Cash, Cash Equivalents and Short-Term Investments | 329.00M | 218.00M | 405.00M | 94.00M | 176.00M | 149.00M |
| Total Debt | 4.53B | 4.27B | 4.37B | 2.17B | 3.06B | 1.62B |
| Total Liabilities | 7.15B | 6.51B | 6.86B | 4.12B | 5.13B | 4.38B |
| Stockholders Equity | 7.84B | 7.23B | 8.10B | 6.85B | 6.55B | 5.82B |
Cash Flow | ||||||
| Free Cash Flow | 1.08B | 784.00M | 2.05B | 1.60B | 172.00M | 621.00M |
| Operating Cash Flow | 1.49B | 1.13B | 2.31B | 1.85B | 616.00M | 1.13B |
| Investing Cash Flow | -393.00M | -335.00M | -3.10B | -251.00M | -464.00M | -503.00M |
| Financing Cash Flow | -1.17B | -965.00M | 1.10B | -1.68B | -136.00M | -1.19B |
Thule Group AB Technical Analysis
Negative
248.00
Price Trends
218.79
Negative
217.45
Negative
224.95
Negative
Market Momentum
-3.10
Negative
46.01
Neutral
75.33
Neutral
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 248 is above the 20-day moving average (MA) of 207.67, above the 50-day MA of 218.79, and above the 200-day MA of 224.95, indicating a bearish trend. The MACD of -3.10 indicates Negative momentum. The RSI at 46.01 is Neutral, neither overbought nor oversold. The STOCH value of 75.33 is Neutral, 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | kr22.32B | 19.64 | 14.62% | 3.54% | 5.68% | 3.16% | |
67 Neutral | kr849.60M | 23.10 | 42.23% | 1.88% | 7.63% | 32.28% | |
67 Neutral | kr7.14B | 53.24 | 23.68% | 1.85% | 10.29% | -12.16% | |
62 Neutral | kr21.17B | 10.64 | 5.76% | 2.20% | -5.10% | 102.50% | |
62 Neutral | kr7.85B | 18.49 | ― | 2.85% | -14.52% | ― | |
58 Neutral | kr77.79M | -32.17 | -17.87% | ― | 8.85% | 84.31% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:THULE
Thule Group AB
207.40
-58.56
-22.02%
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Thule Group AB Corporate Events
Thule Group Schedules Pre‑Q2 Investor Update Ahead of Closed Period
Jun 2, 2026
Thule Group, a global sports and outdoor equipment maker known for sport and cargo carriers, child and pet transport gear, RV products, and travel bags, operates nine production facilities and 35 sales offices worldwide, serving 138 markets with a...
Thule Group AGM Approves Dividend, New Incentive Plan and Capital Flexibility Mandates
May 11, 2026
Thule Group AB’s 2026 Annual General Meeting approved the 2025 financial statements, discharged the board and CEO from liability, and set a dividend of SEK 8.30 per share to be paid in two installments to better align with the group’s ...
Thule Group Raises SEK 1 Billion in Oversubscribed Debut Bond
May 6, 2026
Thule Group has debuted in the bond market with a SEK 1,000 million senior unsecured bond under its MTN program, marking a significant step in diversifying its funding base. The three-year floating-rate bond was heavily oversubscribed, signaling s...
Thule Group Buys Swiss Dog Harness Maker Curli to Bolster Growing Pet Transport Business
May 6, 2026
Thule Group is strengthening its position in the fast-growing dog transportation segment by acquiring Swiss-based curli AG, a premium dog harness specialist with 2025 revenue of CHF 6.4 million and an EBIT margin of 20 percent. Curli’s produ...
Thule Posts Strong Q1 Organic Growth and Higher Profitability Despite Currency Headwinds
Apr 29, 2026
Thule Group AB, a Swedish maker of outdoor transport and active lifestyle products, serves customers mainly in Europe and North America with roof racks, cargo carriers, and family-oriented mobility gear. The company has been expanding its range fo...
Thule Group sets April 29 date for Q1 2026 earnings report and investor call
Apr 16, 2026
Thule Group will release its report for the first quarter of 2026 on April 29 at 07:45 a.m. CEST and follow up with an English-language conference call and web presentation later that morning. The company’s CEO and president, Mattias Ankarbe...
Thule Group Calls 2026 AGM in Malmö With Flexible Voting Options
Apr 8, 2026
Thule Group AB has called its shareholders to an Annual General Meeting scheduled for 11 May 2026 in Malmö, where investors may participate either in person or by advance postal voting in line with the company’s articles of association....
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.