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Thule Group AB
(THULE)
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Rating:67Neutral
Price Target:
kr232.00
▼(-6.45% Downside)
Action:Downgraded
Date:07/21/26
The score is driven primarily by solid financial performance (strong TTM growth and healthy margins), offset by weaker cash-flow conversion/volatility and some leverage-data uncertainty. Technicals add only modest support due to overbought signals and the price still sitting below key longer-term moving averages, while valuation is balanced with a mid-range P/E and a supportive ~3.9% dividend yield.
Positive Factors
Strong recent revenue rebound
A ~17% TTM revenue increase signals a durable recovery in end-market demand and improved distribution effectiveness. Sustained top-line growth supports scale benefits, funds R&D and product refreshes, and underpins longer-term earnings resilience across seasons and geographies.
Negative Factors
Rising leverage and unclear debt picture
Leverage has trended higher versus prior years and a conflicting TTM debt datapoint reduces transparency. Higher indebtedness can limit strategic flexibility, raise interest exposure and constrain the ability to fund growth or weather downturns if not clearly and conservatively managed.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong recent revenue rebound
A ~17% TTM revenue increase signals a durable recovery in end-market demand and improved distribution effectiveness. Sustained top-line growth supports scale benefits, funds R&D and product refreshes, and underpins longer-term earnings resilience across seasons and geographies.
Read all positive factors
Thule Group AB (THULE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr23.59B
Dividend Yield3.79%
Average Volume (3M)254.51K
Price to Earnings (P/E)20.3
Beta (1Y)1.18
Revenue Growth2.68%
EPS Growth11.27%
CountrySE
Employees3,000
SectorGeneral
Sector StrengthN/A
IndustryLeisure
Share Statistics
EPS (TTM)10.79
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
kr260.00Price Target Upside4.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)11.61
Revenue Forecast (FY)kr10.55B
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
78
Positive
Balance Sheet
70
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.36B | 10.43B | 9.54B | 9.13B | 10.14B | 10.39B |
| Gross Profit | 4.80B | 4.79B | 4.07B | 3.74B | 3.86B | 4.16B |
| EBITDA | 2.08B | 2.04B | 1.89B | 1.84B | 1.93B | 2.50B |
| Net Income | 1.17B | 1.11B | 1.12B | 1.10B | 1.27B | 1.79B |
Balance Sheet | ||||||
| Total Assets | 15.61B | 13.74B | 14.96B | 10.97B | 11.68B | 10.19B |
| Cash, Cash Equivalents and Short-Term Investments | 431.00M | 218.00M | 405.00M | 94.00M | 176.00M | 149.00M |
| Total Debt | 4.51B | 4.27B | 4.37B | 2.17B | 3.06B | 1.62B |
| Total Liabilities | 7.96B | 6.51B | 6.86B | 4.12B | 5.13B | 4.38B |
| Stockholders Equity | 7.64B | 7.23B | 8.10B | 6.85B | 6.55B | 5.82B |
Cash Flow | ||||||
| Free Cash Flow | 1.15B | 784.00M | 2.05B | 1.60B | 172.00M | 621.00M |
| Operating Cash Flow | 1.57B | 1.13B | 2.31B | 1.85B | 616.00M | 1.13B |
| Investing Cash Flow | -520.00M | -335.00M | -3.10B | -251.00M | -464.00M | -503.00M |
| Financing Cash Flow | -993.00M | -965.00M | 1.10B | -1.68B | -136.00M | -1.19B |
Thule Group AB Technical Analysis
Positive
248.00
Price Trends
212.33
Positive
215.66
Positive
223.41
Negative
Market Momentum
1.16
Negative
55.33
Neutral
57.08
Neutral
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 213.50, above the 50-day MA of 212.33, and above the 200-day MA of 223.41, indicating a neutral trend. The MACD of 1.16 indicates Negative momentum. The RSI at 55.33 is Neutral, neither overbought nor oversold. The STOCH value of 57.08 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | kr11.11B | 67.10 | 28.57% | 0.62% | 28.63% | 18.57% | |
67 Neutral | kr23.59B | 20.28 | 15.52% | 3.54% | 2.68% | 11.27% | |
67 Neutral | kr26.62B | 22.77 | 41.51% | 1.88% | 7.63% | 32.28% | |
62 Neutral | kr22.16B | 15.57 | 5.74% | 2.20% | -6.65% | 11.25% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | kr7.60B | 24.77 | ― | 2.25% | -10.56% | ― | |
52 Neutral | kr54.59M | -16.67 | -3.66% | ― | -11.44% | 73.71% |
* General Sector Average
SE:THULE
Thule Group AB
218.80
-41.56
-15.96%
SE:CLAS.B
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SE:HUSQ.B
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38.81
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SE:DOM
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23.78
-25.30
-51.55%
SE:MIPS
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11.14
2.73%
SE:USWE
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7.65
-8.25
-51.89%
Thule Group AB Corporate Events
Thule lifts margins and cash flow on solid Q2 organic growth
Jul 20, 2026
Thule Group AB reported modest top-line growth in the second quarter of 2026, with net sales rising 0.5 percent to SEK 3,421 million but organic sales up a more robust 2.5 percent despite currency headwinds. Europe led performance with 4.3 percent...
Thule Group schedules Q2 2026 results presentation and webcast
Jul 9, 2026
Thule Group, a Malmö-based sports and outdoor equipment maker with nine production facilities and 35 sales offices worldwide, generated SEK 10.4 billion in sales in 2025 from products ranging from roof racks and rooftop tents to strollers, RV...
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...
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.