Thule Group AB (SE:THULE)
:THULE
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Thule Group AB
(THULE)
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Rating:70Outperform
Price Target:
kr252.00
▲(1.61% Upside)
Action:UpgradedDate: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
Profitability / ROE
Sustained mid-teens ROE and healthy gross and operating margins indicate durable underlying profitability and efficient capital use. This provides structural ability to fund product development, distribution and returns to shareholders even if revenue cycles ebb.
Negative Factors
Revenue volatility
A sharp TTM revenue contraction undermines scale advantages and makes forecasting and channel relationships more difficult. Persisting top-line volatility can erode operating leverage, pressure margins and limit the company's ability to invest predictably.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability / ROE
Sustained mid-teens ROE and healthy gross and operating margins indicate durable underlying profitability and efficient capital use. This provides structural ability to fund product development, distribution and returns to shareholders even if revenue cycles ebb.
Read all positive factors
Thule Group AB (THULE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr24.67B
Dividend Yield3.54%
Average Volume (3M)254.51K
Price to Earnings (P/E)18.7
Beta (1Y)1.34
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-9.45
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
kr257.50Price Target Upside3.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)11.7
Revenue Forecast (FY)kr10.56B
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
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 | 1.64B | 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
Positive
248.00
Price Trends
218.31
Positive
226.65
Positive
240.55
Positive
Market Momentum
6.99
Negative
74.22
Negative
93.13
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:THULE, the sentiment is Positive. The current price of 248 is above the 20-day moving average (MA) of 212.77, above the 50-day MA of 218.31, and above the 200-day MA of 240.55, indicating a bullish trend. The MACD of 6.99 indicates Negative momentum. The RSI at 74.22 is Negative, neither overbought nor oversold. The STOCH value of 93.13 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | kr25.24B | 9.43 | 42.23% | 1.88% | 6.95% | 31.45% | |
70 Outperform | kr24.67B | 18.69 | 14.62% | 3.54% | 5.68% | 3.16% | |
69 Neutral | kr7.21B | 52.48 | 23.68% | 1.85% | 10.29% | -12.16% | |
62 Neutral | kr25.12B | 4.52 | 5.76% | 2.20% | -5.10% | 102.50% | |
61 Neutral | kr9.97B | 12.04 | ― | 2.85% | -14.52% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | kr86.35M | 57.97 | -17.87% | ― | 20.40% | -53.42% |
* General Sector Average
SE:THULE
Thule Group AB
226.80
-1.07
-0.47%
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Thule Group AB Corporate Events
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....
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...
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.