Thule Group AB (THULE) AI Stock Analysis

• Market Cap: kr26.16B
• Dividend Yield: 3.44%
• Average Volume (3M): 254.51K
• Price to Earnings (P/E): 24.8
• Beta (1Y): 1.35
• Revenue Growth: 8.93%
• EPS Growth: -12.56%
• Country: SE
• Employees: 2,800
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Leisure
• EPS (TTM): 2.91
• Shares Outstanding: 107,838,165
• 10 Day Avg. Volume: 225,584
• 30 Day Avg. Volume: 254,511
• PEG Ratio: 24.07
• Price to Book (P/B): 4.47
• Price to Sales (P/S): 3.79
• P/FCF Ratio: 17.68
• 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: kr285.00
• Price Target Upside: 17.48% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: kr264.00 ▲(8.82% Upside)

Thule Group AB's overall stock score is driven by its solid financial performance, particularly in revenue growth and profitability. The technical analysis indicates mixed signals with short-term bullish momentum but longer-term bearish trends. Valuation concerns arise from a high P/E ratio, though the dividend yield offers some compensation.

Positive Factors

Revenue Growth

Consistent revenue growth indicates Thule's successful market penetration and product demand, supporting long-term business expansion.

Profitability Margins

Improved profitability margins reflect effective cost control and pricing strategies, enhancing long-term financial health.

Balance Sheet Health

A stable balance sheet with manageable debt levels ensures financial flexibility and resilience against economic fluctuations.

Negative Factors

Free Cash Flow Decline

Declining free cash flow growth may constrain future investment capacity and liquidity, impacting long-term operational flexibility.

Net Profit Margin Pressure

Pressure on net profit margins could signal challenges in maintaining profitability, affecting long-term earnings potential.

Earnings Growth Decline

A decline in earnings growth suggests potential challenges in sustaining profitability, impacting investor confidence and future valuation.

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 outdoor and transportation products. Key revenue streams include the retail of roof racks, bike carriers, and cargo solutions directly to consumers via online platforms and physical retail outlets. Additionally, Thule partners with various automotive manufacturers and outdoor retailers to expand its distribution network, thereby enhancing its market presence. The company also benefits from seasonal demand fluctuations, particularly during summer and winter months when outdoor activities peak. Moreover, Thule's commitment to innovation and product development helps maintain competitive pricing and customer loyalty, further contributing to its earnings.

Thule Group AB Financial Statement Overview

Summary

Thule Group AB exhibits a robust financial performance with strong revenue growth and profitability margins. The balance sheet remains solid with a balanced approach to leverage, although the recent decline in free cash flow growth warrants attention.

Income Statement

Thule Group AB has demonstrated a solid performance in its income statement with a consistent revenue growth rate of 3.11% in the TTM period. The gross profit margin has improved to 44.3%, indicating efficient cost management. However, the net profit margin has slightly decreased to 10.32%, suggesting some pressure on net earnings. The EBIT and EBITDA margins remain healthy at 14.67% and 16.30% respectively, although they have slightly declined compared to previous periods.

Balance Sheet

The balance sheet reflects a stable financial position with a manageable debt-to-equity ratio of 0.62 in the TTM period. The return on equity is strong at 13.92%, showcasing effective utilization of shareholder funds. However, the equity ratio stands at 47.9%, indicating a moderate reliance on debt financing.

Cash Flow

Cash flow analysis reveals a decline in free cash flow growth by 4.77% in the TTM period, which could be a concern for future liquidity. The operating cash flow to net income ratio is at 0.71, indicating a reasonable conversion of net income into cash. The free cash flow to net income ratio is 0.88, reflecting a decent cash generation from operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.09B	9.54B	9.13B	10.14B	10.39B	7.83B
Gross Profit	4.47B	4.07B	3.74B	3.86B	4.16B	3.23B
EBITDA	1.64B	1.89B	1.84B	1.93B	2.50B	1.73B
Net Income	1.04B	1.12B	1.10B	1.27B	1.79B	1.17B
Balance Sheet
Total Assets	14.73B	14.96B	10.97B	11.68B	10.19B	8.45B
Cash, Cash Equivalents and Short-Term Investments	357.00M	405.00M	94.00M	176.00M	149.00M	706.00M
Total Debt	4.36B	4.37B	2.17B	3.06B	1.62B	1.10B
Total Liabilities	7.67B	6.86B	4.12B	5.13B	4.38B	3.19B
Stockholders Equity	7.05B	8.10B	6.85B	6.55B	5.82B	5.25B
Cash Flow
Free Cash Flow	1.54B	2.05B	1.60B	172.00M	621.00M	1.44B
Operating Cash Flow	1.75B	2.31B	1.85B	616.00M	1.13B	1.61B
Investing Cash Flow	-3.05B	-3.10B	-251.00M	-464.00M	-503.00M	-170.00M
Financing Cash Flow	1.30B	1.10B	-1.68B	-136.00M	-1.19B	-1.00B

Thule Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 242.60
• 50DMA: Positive
• 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:THULE, the sentiment is Negative. The current price of 242.6 is below the 20-day moving average (MA) of 242.73, above the 50-day MA of 240.81, and below the 200-day MA of 271.79, indicating a neutral trend. The MACD of 1.18 indicates Positive momentum. The RSI at 49.65 is Neutral, neither overbought nor oversold. The STOCH value of 15.71 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
MIPS	67 Neutral	$8.67B	62.85	23.68%	2.04%	23.02%	32.69%
THULE	66 Neutral	kr26.16B	24.79	14.62%	3.44%	8.93%	-12.56%
CLAS.B	63 Neutral	kr21.22B	22.51	40.95%	1.68%	10.84%	38.46%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
HUSQ.B	61 Neutral	kr25.26B	17.78	5.76%	2.26%	-1.74%	-0.59%
DOM	50 Neutral	kr14.22B	-31.18	―	3.02%	-13.49%	60.49%
USWE	43 Neutral	kr99.91M	―	-16.28%	―	24.34%	39.30%

Thule Group AB Corporate Events

Thule Group AB Reports Strong Q3 Sales Growth Amidst Cash Flow Challenges

Thule Group AB reported a 7.9% increase in net sales for the third quarter of 2025, driven significantly by the acquisition of Quad Lock, despite a 4% organic sales decline. The company’s gross margin improved to 47.5%, and operating income rose to SEK 453 million, reflecting a strong operational performance. However, cash flow from operating activities decreased significantly, highlighting potential liquidity challenges.

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 Schedules Q3 2025 Report Presentation

Thule Group announced a conference call and web presentation for its third-quarter 2025 report, scheduled for October 22, 2025. The event will feature presentations by the CEO and CFO, followed by a Q&A session, providing stakeholders with insights into the company’s performance and strategic direction.

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 Appoints Nomination Committee for 2026 AGM

Thule Group has announced the appointment of its nomination committee ahead of the 2026 Annual General Meeting. The committee includes representatives from the four largest shareholders and the Chairman of the Board, who will oversee the nomination process for the upcoming meeting. This move is part of Thule’s governance practices, ensuring shareholder involvement in decision-making processes, and is expected to impact the company’s strategic direction and stakeholder engagement.

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 Announces Capital Markets Day for November 2025

Thule Group has announced its upcoming Capital Markets Day scheduled for November 20, 2025, at its head office in Malmö, Sweden. This event, aimed at investors, analysts, and media, will feature product demonstrations and presentations, providing insights into Thule’s operations and strategic direction, potentially impacting its market positioning and stakeholder engagement.

The most recent analyst rating on (SE:THULE) stock is a Buy with a SEK335.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.

Thule Group Announces Investor Meeting Ahead of Silent Period

Thule Group has announced an investor meeting scheduled for September 23, 2025, which will include a conference call and web presentation led by CEO Mattias Ankarberg and CFO Toby Lawton. This meeting aims to provide investors with updates and a Q&A session before the company enters its silent period, with Q3 financial results to be published on October 22. The event underscores Thule’s commitment to transparency and engagement with stakeholders, potentially impacting investor relations and market perceptions.

The most recent analyst rating on (SE:THULE) stock is a Buy with a SEK335.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.