Thule Group AB (THULE) AI Stock Analysis

• Market Cap: kr23.47B
• Dividend Yield: 3.54%
• Average Volume (3M): 254.51K
• Price to Earnings (P/E): 21.8
• Beta (1Y): 1.24
• Revenue Growth: 8.93%
• EPS Growth: -12.56%
• Country: SE
• Employees: 2,800
• Sector: Consumer Cyclical
• Sector Strength: 84
• 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: kr276.67
• Price Target Upside: 28.21% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: kr232.00 ▲(7.51% Upside)

Thule Group AB's overall stock score is driven by stable financial performance and a moderate valuation. The technical analysis indicates a neutral market sentiment, with no strong momentum. The lack of earnings call and corporate events data limits further insights.

Positive Factors

High gross profit margin

A 44.3% gross margin reflects durable product-level profitability and pricing power from premium, differentiated products. This margin buffer supports absorption of input cost inflation, funds R&D/marketing, and underpins long-term operating profitability across seasonal cycles.

Stable ROE and healthy equity ratio

A stable 13.9% ROE signals consistent return generation on shareholders' capital and disciplined capital allocation. A healthy equity ratio provides financial stability, enabling sustained investment and cushioning downturns, supporting long-term shareholder value if leverage stays controlled.

Diversified channels and strong brand

Multiple sales channels plus strong brand loyalty reduce customer concentration and channel risk, aid international reach, and improve repeat purchase economics. Durable distribution diversity and brand equity support steady demand and price resilience across market cycles.

Negative Factors

Declining free cash flow

A 25.6% TTM FCF decline weakens funding for capex, product development, and debt servicing. Persistently lower cash conversion limits flexibility for strategic investments, dividends or deleveraging and raises the risk that growth initiatives must be funded by external financing.

Rising leverage

An elevated debt-to-equity of 0.62 increases interest and refinancing risk, especially if cash flows weaken. Higher leverage constrains strategic agility, elevates fixed costs, and can amplify downside in cyclical weakness, making prudent debt management critical for durable stability.

Modest revenue growth and margin pressure

Low organic growth and a falling net margin indicate competitive or mix pressures that reduce operating leverage. Over the medium term, this limits earnings scalability and free cash generation, raising the bar for management to improve product mix or cost efficiency to sustain returns.

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 diverse range of outdoor and transportation products. The company markets its products through a combination of direct-to-consumer sales, retail partnerships, and online channels. Key revenue streams include sales from automotive accessories like roof racks and bike carriers, outdoor gear such as backpacks and tents, and sports equipment. Thule has established significant partnerships with retailers and distributors worldwide, which helps expand its market reach. Seasonal demand, particularly during peak outdoor activity periods, also plays a crucial role in driving sales. Additionally, Thule benefits from brand loyalty and a strong reputation for quality, which contributes to repeat purchases and customer retention.

Thule Group AB Financial Statement Overview

Summary

Thule Group AB demonstrates stable profitability with a strong capital structure. However, it faces challenges with declining free cash flow and increasing leverage. Revenue growth is modest, and maintaining operational efficiency and managing debt levels will be crucial for future financial health.

Income Statement

Thule Group AB shows a stable gross profit margin of 44.3% in TTM, indicating efficient cost management. However, the net profit margin has slightly decreased to 10.3% from 11.8% in the previous year, suggesting some pressure on net earnings. The revenue growth rate is modest at 1.8% TTM, showing slow growth. EBIT and EBITDA margins have slightly decreased, indicating potential challenges in maintaining operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has increased to 0.62 TTM, reflecting higher leverage, which could pose a risk if not managed properly. Return on equity remains stable at 13.9%, showing consistent profitability. The equity ratio is healthy, indicating a strong capital structure, but the increasing debt levels warrant caution.

Cash Flow

Free cash flow has declined by 25.6% TTM, which is concerning for future investments and debt servicing. The operating cash flow to net income ratio is 0.71, indicating a decent conversion of income into cash. However, the decline in free cash flow growth suggests potential liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.27B	9.54B	9.13B	10.14B	10.39B	7.83B
Gross Profit	4.67B	4.07B	3.74B	3.86B	4.16B	3.23B
EBITDA	1.70B	1.89B	1.84B	1.93B	2.50B	1.73B
Net Income	1.05B	1.12B	1.10B	1.27B	1.79B	1.17B
Balance Sheet
Total Assets	14.48B	14.96B	10.97B	11.68B	10.19B	8.45B
Cash, Cash Equivalents and Short-Term Investments	761.00M	405.00M	94.00M	176.00M	149.00M	706.00M
Total Debt	4.34B	4.37B	2.17B	3.06B	1.62B	1.10B
Total Liabilities	7.16B	6.86B	4.12B	5.13B	4.38B	3.19B
Stockholders Equity	7.32B	8.10B	6.85B	6.55B	5.82B	5.25B
Cash Flow
Free Cash Flow	1.15B	2.05B	1.60B	172.00M	621.00M	1.44B
Operating Cash Flow	1.46B	2.31B	1.85B	616.00M	1.13B	1.61B
Investing Cash Flow	-3.15B	-3.10B	-251.00M	-464.00M	-503.00M	-170.00M
Financing Cash Flow	1.60B	1.10B	-1.68B	-136.00M	-1.19B	-1.00B

Thule Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 215.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 215.8 is below the 20-day moving average (MA) of 224.05, below the 50-day MA of 234.54, and below the 200-day MA of 248.57, indicating a bearish trend. The MACD of -5.78 indicates Positive momentum. The RSI at 39.60 is Neutral, neither overbought nor oversold. The STOCH value of 31.04 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MIPS	72 Outperform	kr7.50B	54.52	23.68%	1.85%	23.02%	32.69%
THULE	65 Neutral	kr23.47B	21.85	14.62%	3.54%	8.93%	-12.56%
CLAS.B	63 Neutral	kr20.04B	19.40	46.00%	1.88%	9.30%	38.37%
HUSQ.B	63 Neutral	kr24.50B	15.08	5.76%	2.20%	-1.74%	-0.59%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
DOM	55 Neutral	kr12.16B	27.56	―	2.85%	-13.49%	60.49%
USWE	48 Neutral	kr80.64M	-6.76	-16.28%	―	24.34%	39.30%

Thule Group AB Corporate Events

Thule Group Sets February Date for Year-End 2025 Results and Investor Call

Thule Group will publish its fourth-quarter and full-year 2025 results on 10 February 2026 at 07:45 CET and will host a conference call and webcast at 10:00 CET the same day, where CEO and President Mattias Ankarberg and CFO Toby Lawton will present and comment on the figures in English, followed by a Q&A for participants on the call. The results presentation, along with a live webcast, subsequent recording and transcript, will be made available on the company’s website, underscoring Thule’s efforts to maintain transparency and active dialogue with investors and other stakeholders around its financial performance and strategic development in the global sports and outdoor market.

The most recent analyst rating on (SE:THULE) stock is a Hold with a SEK239.00 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 Pre–Q4 Investor Update Ahead of February Results

Thule Group, a global sports and outdoor equipment manufacturer known for its Sport & Cargo, Active with Kids & Dogs, RV Products and Bags & Mounts ranges, operates in 138 markets with around 2,800 employees and generated SEK 9.5 billion in sales in 2024. The company has invited investors to a pre–Q4 update conference call and web presentation on January 9, 2026, where CEO Mattias Ankarberg and CFO Toby Lawton will provide a brief business update and take questions ahead of the firm’s closed period, with materials and a recording to be made available on Thule’s website the same day, setting expectations in the run-up to the publication of its fourth-quarter and full-year results on February 10.

The most recent analyst rating on (SE:THULE) stock is a Hold with a SEK260.00 price target. To see the full list of analyst forecasts on Thule Group AB stock, see the SE:THULE Stock Forecast page.

Thule Group Targets Growth and Efficiency at Capital Markets Day

Thule Group hosted a Capital Markets Day to outline its strategy for long-term value creation through organic growth and efficiency improvements. The company aims to increase its annual organic sales growth to at least 7%, achieve an EBIT margin of 20%, and maintain a dividend payout ratio of 75% or more. Thule plans to expand its ‘Champion’ product categories, which have historically driven 90% of its value creation, from six to ten by 2035. The focus on efficiency gains and scale effects is expected to enhance profitability, with cost actions already initiated to improve structural costs and supply chain efficiency.

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 Updates Long-Term Financial Targets for Enhanced Growth

Thule Group has updated its long-term financial targets, aiming for an annual organic growth rate of 7 percent, surpassing its previous goal of SEK 20 billion in revenue by 2030. The company maintains its targets for an EBIT margin of 20 percent and a dividend payout ratio of at least 75 percent of net profit. This strategic shift reflects Thule’s focus on organic growth and its commitment to shareholder value, despite challenging market conditions, supported by new product categories and efficiency initiatives.

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.