Thule Group AB Unsponsored ADR (THUPY)
OTHER OTC:THUPY
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Thule Group AB Unsponsored ADR
(OTC:THUPY)
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Rating:64Neutral
Price Target:
$12.00
▼(-5.36% Downside)
Action:ReiteratedDate:02/18/26
The score is primarily driven by solid but softening fundamentals: healthy profitability and returns are tempered by rising leverage and weaker 2025 cash conversion/free cash flow. Technicals are neutral with limited momentum, while valuation looks somewhat demanding versus recent organic growth. Earnings-call commentary is constructive on strategy and cost actions, but near-term growth and FX/tariff risks remain clear.
Positive Factors
High gross and net margins
Sustained gross margin near 46% and double-digit net margin indicate durable pricing power and product profitability across categories. This margin base supports reinvestment, dividends and strategic M&A, and provides a cushion versus cyclical revenue swings over the next 2–6 months and beyond.
Negative Factors
Rising leverage
Leverage has nearly doubled in two years, reducing balance-sheet flexibility and increasing refinancing and covenant risk if cash flow underperforms. Higher net debt limits ability to fund organic initiatives or absorb shocks, making deleveraging execution critical over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross and net margins
Sustained gross margin near 46% and double-digit net margin indicate durable pricing power and product profitability across categories. This margin base supports reinvestment, dividends and strategic M&A, and provides a cushion versus cyclical revenue swings over the next 2–6 months and beyond.
Read all positive factors
Thule Group AB Unsponsored ADR (THUPY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.44B
Dividend Yield2.57%
Average Volume (3M)628.00
Price to Earnings (P/E)309.0
Beta (1Y)1.00
Revenue Growth14.37%
EPS Growth-6.07%
CountryUS
Employees2,800
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)0.01
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 Cap10.99
Enterprise Value/Revenue2.58
Enterprise Value/Gross Profit5.59
Enterprise Value/Ebitda14.81
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) 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 by selling branded physical products through a mix of retail and distribution channels. Its primary revenue stream is product sales across categories such as (1) vehicle-related carrying solutions (e.g., roof racks, roof bo...
Thule Group AB Unsponsored ADR Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call highlighted strong strategic progress: record reported sales, record gross margin, accretive Quad Lock acquisition, expanding D2C footprint, sustainability gains and clear medium-term targets and cost programs. However, growth quality is mixed — organic sales were negative for the year, North America and legacy Bags & Mounts underperformed, and FX/tariff headwinds and temporary working-capital effects weighed on margins and cash flow. Management presented concrete product, efficiency and portfolio actions to drive future organic growth toward the 7% target and margin improvement toward 20%, supporting an overall constructive outlook despite near-term market caution.Positive Updates
Record Full-Year Sales
Reported full-year sales reached ~SEK 10.4–10.5 billion (all-time high) with reported growth of 9% year-on-year and acquisition impact contributing materially to reported top-line expansion.
Negative Updates
Negative Organic Growth for Full Year
Organic sales declined ~1% (CFO cited -1.3% organic growth for the full year) despite reported growth driven by acquisition and FX; Q4 organic growth was flat (0%).
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Sales
Reported full-year sales reached ~SEK 10.4–10.5 billion (all-time high) with reported growth of 9% year-on-year and acquisition impact contributing materially to reported top-line expansion.
Read all positive updates
Company Guidance
The company reiterated ambitious guidance and concrete financial targets: to deliver 7% annual organic sales growth, reach a 20% EBIT margin and maintain a dividend payout ratio at or above 75% of net income, with a board proposal of SEK 8.3 per share for 2025; to support this it plans cost actions to lift EBIT by 2.5 percentage points by 2028, scale efficiencies (DC automation in Poland with SEK 100m annual savings at full effect 2028), and grow Champions from 6 to 10 by 2035. Key metrics and near-term phasing: FY‑25 sales ~SEK 10.4–10.5bn (reported +9%, organic −1.3%, acquisition +15%, FX −5%), Q4 sales ~SEK 1.8bn (reported +9%, organic 0%, acquisition +20%, FX −10%), gross margin FY 46% (Q4 44.9%), adjusted EBIT FY SEK 1,671m (16.0%) and Q4 SEK 83m (4.5%); cash flow from operations ~SEK 1.1bn; inventories −SEK 157m in 2025 (−SEK 1.6bn over 3 years); CapEx SEK 348m in 2025 with the Poland project (total ~SEK 450m: 33% in 2025, 56% in 2026, remainder 2027); R&D 7.3% of sales in 2025, targeted down to 6% medium term with ≥4% focused on Champions; leverage net debt/EBITDA ~2.0 with deleveraging expected in 2026.Thule Group AB Unsponsored ADR Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
68
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.43B | 9.54B | 9.13B | 10.14B | 10.39B |
| Gross Profit | 4.79B | 4.07B | 3.74B | 3.86B | 4.16B |
| EBITDA | 1.89B | 1.89B | 1.88B | 1.94B | 2.50B |
| Net Income | 1.11B | 1.12B | 1.10B | 1.27B | 1.79B |
Balance Sheet | |||||
| Total Assets | 13.74B | 14.96B | 10.97B | 11.68B | 10.19B |
| Cash, Cash Equivalents and Short-Term Investments | 218.00M | 405.00M | 94.00M | 176.00M | 149.00M |
| Total Debt | 4.27B | 4.37B | 2.17B | 3.06B | 1.62B |
| Total Liabilities | 6.51B | 6.86B | 4.12B | 5.13B | 4.38B |
| Stockholders Equity | 7.23B | 8.10B | 6.85B | 6.55B | 5.82B |
Cash Flow | |||||
| Free Cash Flow | 784.00M | 2.05B | 1.60B | 172.00M | 621.00M |
| Operating Cash Flow | 1.13B | 2.31B | 1.85B | 616.00M | 1.13B |
| Investing Cash Flow | -335.00M | -3.10B | -251.00M | -464.00M | -503.00M |
| Financing Cash Flow | -965.00M | 1.10B | -1.68B | -136.00M | -1.19B |
Thule Group AB Unsponsored ADR Technical Analysis
Negative
12.68
Price Trends
11.82
Negative
12.34
Negative
12.93
Negative
Market Momentum
-0.29
Negative
50.06
Neutral
95.28
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For THUPY, the sentiment is Negative. The current price of 12.68 is above the 20-day moving average (MA) of 10.95, above the 50-day MA of 11.82, and below the 200-day MA of 12.93, indicating a neutral trend. The MACD of -0.29 indicates Negative momentum. The RSI at 50.06 is Neutral, neither overbought nor oversold. The STOCH value of 95.28 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for THUPY.
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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $2.36B | 29.88 | 13.18% | 0.79% | 7.27% | 45.12% | |
69 Neutral | $506.00M | -33.91 | -5.18% | 3.22% | -0.07% | -31.45% | |
67 Neutral | $2.73B | 21.84 | 22.66% | ― | 1.56% | -17.21% | |
64 Neutral | $2.44B | 309.05 | 15.22% | 2.57% | 14.37% | -6.07% | |
63 Neutral | $5.52B | 25.34 | 23.39% | 1.15% | 4.20% | 24.12% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
THUPY
Thule Group AB Unsponsored ADR
11.07
-0.34
-2.97%
GOLF
Acushnet Holdings
94.34
33.07
53.98%
JOUT
Johnson Outdoors
48.92
26.24
115.73%
YETI
Yeti Holdings
36.27
5.37
17.38%
OSW
OneSpaWorld Holdings
23.29
5.81
33.20%
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.