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Thule Group AB Unsponsored ADR
(OTC:THUPY)
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Rating:67Neutral
Price Target:
$12.00
▲(7.91% Upside)
Action:Reiterated
Date:07/23/26
The score is primarily supported by solid financial profitability and improving demand momentum, reinforced by a constructive earnings-call outlook featuring margin strength, strong cash flow, and deleveraging. Offsetting factors are weaker technical trend signals (price below key moving averages) and some financial quality risks (margin compression versus 2021 and uneven cash conversion). Valuation is moderate with a supportive dividend yield.
Positive Factors
High profitability and margins
Sustainably high gross and adjusted EBIT margins indicate durable pricing power and a premium brand position. These margins provide structural ability to absorb cost shocks, fund R&D/innovation, and support long-term margin expansion efforts toward management's targets.
Negative Factors
Net margin compression versus peak
A multi-year step-down in net margin signals structural cost or mix pressures that have not yet been fully offset. Persistent margin compression reduces earnings durability, making achievement of historical profitability levels dependent on sustained price, efficiency and mix improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
Sustainably high gross and adjusted EBIT margins indicate durable pricing power and a premium brand position. These margins provide structural ability to absorb cost shocks, fund R&D/innovation, and support long-term margin expansion efforts toward management's targets.
Read all positive factors
Thule Group AB Unsponsored ADR (THUPY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.48B
Dividend Yield3.91%
Average Volume (3M)628.00
Price to Earnings (P/E)20.3
Beta (1Y)1.02
Revenue Growth12.78%
EPS Growth20.04%
CountryUS
Employees2,880
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)5.36
Shares Outstanding215,676,330
10 Day Avg. Volume60
30 Day Avg. Volume628
Financial Highlights & Ratios
PEG Ratio-9.67
Price to Book (P/B)3.52
Price to Sales (P/S)2.44
P/FCF Ratio32.45
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Thule Group AB Unsponsored ADR Business Overview & Revenue Model
Company Description
Thule Group AB (publ) is a prominent company specializing in sports and outdoor equipment. Their extensive product portfolio includes vehicle-mounted solutions such as roof racks, cargo boxes, and specialized carriers for bicycles, water sports ge...
How the Company Makes Money
Thule Group makes money primarily by selling branded physical products to retailers, distributors, and direct-to-consumer customers in the outdoor/recreation and travel-related categories. Its core revenue stream is the sale of transport solutions...
Thule Group AB Unsponsored ADR Earnings Call Summary
Earnings Call Date:Jul 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operating and financial picture: revenue growth (2.5% Q2, ~3.1% H1), record-high gross margin (47.3%), stronger adjusted EBIT margin (22.8%) and robust operating cash flow (SEK 824m) with deleveraging to 1.9x. Growth is driven by champion categories (notably Active with Kids & Dogs) and successful new product launches and acquisitions (curli), while efficiency programs and technology platforms are contributing to margin improvement. Key challenges include a soft North American market (-2% in Q2), raw material inflation pressures (aluminium) that will impact Q3 COGS, currency headwinds (~2 p.p. sales impact) and some short-term assortment/dealer destocking dynamics and one-off closure costs (SEK 23m). Management expects price increases (avg ~2.5% in August) and tariff refunds (~SEK 50m in Q3) to mitigate near-term headwinds and is pursuing long-term margin initiatives (DC automation with SEK 100m annual savings). Overall, positives around margin expansion, cash generation, product momentum and strategic actions outweigh the regional and cost pressures, but near-term execution around pricing, raw materials and North America will be important.Positive Updates
Quarterly Sales and Organic Growth
Q2 sales of SEK 3.4 billion with 2.5% organic growth in the quarter and ~3.1% organic growth for the first half of 2026 (company described as "just above 3%" for H1).
Negative Updates
North America Weakness
North America was the weakest region: sales down 2% in Q2 and down ~1% year-to-date. Company cited retailer destocking (reduced orders despite improved sell-through) and view North America as the toughest market.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Sales and Organic Growth
Q2 sales of SEK 3.4 billion with 2.5% organic growth in the quarter and ~3.1% organic growth for the first half of 2026 (company described as "just above 3%" for H1).
Read all positive updates
Company Guidance
Management guided that they will implement average price increases of about 2.5% (centered around August 1) to largely offset rising raw‑material costs (aluminum) that will hit COGS in Q3, and they expect a tariff refund of ~USD 5m (~SEK 50m) in Q3 — together these items should leave Q3 net impact positive (price increases fully in effect in Q4 if raw‑material levels hold). Longer‑term levers to drive margin expansion toward the 20% EBIT target include focused R&D (at least 4% of sales on Champion categories), continued supply‑chain efficiency and automation of the Poland DC (go‑live early 2027, ~SEK 100m annual cash savings when fully operational). Key metrics cited on the call: Q2 sales ~SEK 3.4bn, Q2 organic growth +2.5% (H1 +3.1%), Q2 gross margin 47.3% (+1.0pp y/y), Q2 adjusted EBIT margin 22.8% (+1.2pp y/y; H1 adj. EBIT margin +1.4pp), Q2 cash flow from operations SEK 824m, Q2 CapEx SEK 70m, curli acquisition cash outflow SEK 114m, dividend paid SEK 448m, net debt reduced by SEK 100m to leverage 1.9x (net debt/EBITDA), and LTM net sales SEK 10.4bn with LTM adjusted EBIT margin 16.8%.Thule Group AB Unsponsored ADR Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
65
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 | 2.09B | 1.92B | 1.89B | 1.88B | 1.94B | 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 | 4.50B | 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 | 1.13B | 784.00M | 2.05B | 1.60B | 172.00M | 621.00M |
| Operating Cash Flow | 1.55B | 1.13B | 2.31B | 1.85B | 616.00M | 1.13B |
| Investing Cash Flow | -516.00M | -335.00M | -3.10B | -251.00M | -464.00M | -503.00M |
| Financing Cash Flow | -996.00M | -965.00M | 1.10B | -1.68B | -136.00M | -1.19B |
Thule Group AB Unsponsored ADR Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $2.61B | 32.20 | 14.46% | 0.72% | 9.82% | 15.96% | |
71 Outperform | $3.71B | 24.47 | 22.54% | ― | 3.16% | -4.60% | |
67 Neutral | $2.48B | 20.28 | 15.52% | 4.03% | 12.78% | 20.04% | |
64 Neutral | $5.93B | 35.53 | 0.09% | 0.94% | 6.34% | -21.30% | |
62 Neutral | $486.22M | -31.70 | -3.57% | 2.87% | 17.59% | 68.88% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
THUPY
Thule Group AB Unsponsored ADR
11.44
-2.02
-14.99%
GOLF
Acushnet Holdings
93.29
19.26
26.01%
JOUT
Johnson Outdoors
48.22
11.88
32.67%
YETI
Yeti Holdings
52.20
20.34
63.84%
OSW
OneSpaWorld Holdings
26.21
5.29
25.27%
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.