Thule Group AB (THULE) AI Stock Analysis

• Market Cap: kr29.31B
• Dividend Yield: 3.27%
• Average Volume (3M): 200.04K
• Price to Earnings (P/E): 28.0
• Beta (1Y): 1.27
• Revenue Growth: 7.35%
• EPS Growth: -10.34%
• Country: SE
• Employees: 2,800
• Sector: Consumer Goods
• Sector Strength: N/A
• Industry: Leisure
• EPS (TTM): 4.97
• Shares Outstanding: 107,838,165
• 10 Day Avg. Volume: 122,568
• 30 Day Avg. Volume: 200,036
• 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: kr316.00
• Price Target Upside: 16.26% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 63 Neutral
• Price Target: kr289.00 ▲(6.33% Upside)

Thule Group AB's overall stock score is driven primarily by its solid financial performance, which is the strongest aspect of the company. However, technical analysis indicates mixed signals, with some bearish momentum and potential oversold conditions. The valuation suggests the stock is relatively expensive, but the dividend yield offers some compensation. The absence of earnings call insights and corporate events means these factors did not influence the score.

Positive Factors

Gross Margin

Gross margin improved, helped by product mix and Quad Lock.

Net Sales

Thule's net sales beat consensus driven by new product launches and Quad Lock.

Negative Factors

North America Performance

There was a negative organic decline of 13% in North America.

Profitability

An elevated cost base due to the high level of products being launched drove the profitability miss.

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 solid profitability with strong net and gross profit margins, though revenue growth has slowed. The balance sheet is stable with moderate leverage, but cash flow generation faces challenges with a significant decline in free cash flow.

Income Statement

The company demonstrates solid profitability with a stable gross profit margin and a strong net profit margin of 11.11% TTM. However, there is a noticeable decline in total revenue growth, with a decrease of 3.41% annually from 2024 to 2025. The EBIT and EBITDA margins are healthy at 15.46% and 17.83% TTM respectively, though slightly lower than previous years, indicating a potential challenge in maintaining operational efficiency.

Balance Sheet

The balance sheet shows a reasonable debt-to-equity ratio of 0.60 TTM, suggesting moderate leverage. The equity ratio remains strong at 51.47% TTM, indicating a stable financial foundation. However, return on equity has decreased to 14.23% TTM, reflecting reduced profitability on shareholders' equity. This might suggest a need for improved capital allocation.

Cash Flow

While the operating cash flow is robust, the free cash flow has declined significantly, with a growth rate of -21.02% from 2024 to 2025. The operating cash flow to net income ratio is strong at 1.73 TTM, indicating efficient conversion of net income into cash. However, the free cash flow to net income ratio has decreased to 1.49 TTM, reflecting challenges in maintaining cash generation relative to earnings.

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: 271.80
• 50DMA: Negative
• 100DMA: Positive
• 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 271.8 is below the 20-day moving average (MA) of 279.56, below the 50-day MA of 272.72, and below the 200-day MA of 305.96, indicating a bearish trend. The MACD of -0.99 indicates Positive momentum. The RSI at 45.84 is Neutral, neither overbought nor oversold. The STOCH value of 15.03 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	78 Outperform	kr22.00B	24.96	41.51%	1.22%	13.63%	73.22%
HUSQ.B	66 Neutral	kr31.64B	24.74	5.10%	35.32%	-2.20%	-25.14%
MIPS	65 Neutral	$10.79B	77.09	25.72%	1.60%	34.64%	70.47%
Sector *	64 Neutral	kr26.50B	18.97	19.85%	5.70%	3.63%	34.55%
THULE	63 Neutral	kr29.31B	27.99	14.77%	3.27%	7.35%	-10.34%
USWE	58 Neutral	kr131.31M	―	-17.09%	―	22.81%	36.26%
DOM	56 Neutral	kr16.76B	―		2.52%	-14.48%	-311.20%

Thule Group AB Corporate Events

Thule Group to Release Q2 2025 Financial Report with Web Presentation

Thule Group announced it will release its second-quarter 2025 financial report on July 15, followed by a conference call and web presentation led by CEO Mattias Ankarberg and CFO Toby Lawton. This event will provide insights into the company’s performance and strategies, potentially impacting stakeholders and market perceptions.

The most recent analyst rating on (SE:THULE) stock is a Buy with a SEK275.00 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 June 16, 2025, where CEO Mattias Ankarberg and CFO Toby Lawton will provide a brief update and conduct a Q&A session before the company enters its silent period. This meeting, held in English, will offer investors insights into the company’s operations and future outlook, with the Q2 financial results to be released on July 15.

The most recent analyst rating on (SE:THULE) stock is a Buy with a SEK275.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.

Thule Elm RWF Wins ADAC Child Car Seat Test

Thule Group’s Thule Elm RWF car seat has been named the test winner in the prestigious ADAC child car seat test, marking a successful entry into the car seat market. The modular car seat system, designed for children aged 6 months to 4 years, earned top rankings for safety and ease of use, reinforcing Thule’s commitment to child safety and comfort. This recognition positions Thule as a strong player in the child car seat industry, potentially enhancing its market reputation and stakeholder confidence.

The most recent analyst rating on (SE:THULE) stock is a Buy with a SEK275.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.