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:57Neutral
Price Target:
$12.00
▼(-5.36% Downside)
Action:Reiterated
Date:05/30/26
The score is primarily supported by solid underlying profitability, decent ROE, and positive free cash flow, but it is weighed down by sharply negative TTM revenue growth, weaker cash conversion, and a technically weak setup (below key moving averages with negative MACD). Valuation is moderate, with the dividend yield helping offset some of the growth and momentum concerns.
Positive Factors
Strong profitability margins
High trailing margins (gross ~46%, EBIT ~16%, net ~11%) indicate a structurally profitable product mix and pricing power. Such margin levels create durable earnings capacity, fund R&D/marketing, and provide a buffer against cyclical demand swings over the next several quarters.
Negative Factors
Sharply negative TTM revenue growth
A sharply negative trailing revenue trend signals demand normalization or market share pressure. Reduced top-line scale can erode operating leverage, constrain reinvestment, and make margin recovery harder; if persistent, it will materially slow earnings and cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability margins
High trailing margins (gross ~46%, EBIT ~16%, net ~11%) indicate a structurally profitable product mix and pricing power. Such margin levels create durable earnings capacity, fund R&D/marketing, and provide a buffer against cyclical demand swings over the next several quarters.
Read all positive factors
Thule Group AB Unsponsored ADR (THUPY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.51B
Dividend Yield2.57%
Average Volume (3M)628.00
Price to Earnings (P/E)20.0
Beta (1Y)1.08
Revenue Growth18.95%
EPS Growth15.42%
CountryUS
Employees2,800
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)5.25
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 Cap10.75
Enterprise Value/Revenue2.61
Enterprise Value/Gross Profit5.67
Enterprise Value/Ebitda13.92
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:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 20, 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
62
Positive
Balance Sheet
66
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.34B | 10.43B | 9.54B | 9.13B | 10.14B | 10.39B |
| Gross Profit | 4.76B | 4.79B | 4.07B | 3.74B | 3.86B | 4.16B |
| EBITDA | 1.94B | 1.92B | 1.89B | 1.88B | 1.94B | 2.50B |
| Net Income | 1.14B | 1.11B | 1.12B | 1.10B | 1.27B | 1.79B |
Balance Sheet | ||||||
| Total Assets | 14.98B | 13.74B | 14.96B | 10.97B | 11.68B | 10.19B |
| Cash, Cash Equivalents and Short-Term Investments | 327.18M | 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 | 7.15B | 6.51B | 6.86B | 4.12B | 5.13B | 4.38B |
| Stockholders Equity | 7.79B | 7.23B | 8.10B | 6.85B | 6.55B | 5.82B |
Cash Flow | ||||||
| Free Cash Flow | 1.07B | 784.00M | 2.05B | 1.60B | 172.00M | 621.00M |
| Operating Cash Flow | 1.47B | 1.13B | 2.31B | 1.85B | 616.00M | 1.13B |
| Investing Cash Flow | -389.00M | -335.00M | -3.10B | -251.00M | -464.00M | -503.00M |
| Financing Cash Flow | -1.17B | -965.00M | 1.10B | -1.68B | -136.00M | -1.19B |
Thule Group AB Unsponsored ADR Technical Analysis
Negative
12.68
Price Trends
12.15
Negative
11.93
Negative
12.33
Negative
Market Momentum
-0.26
Negative
43.30
Neutral
78.03
Neutral
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 11.58, above the 50-day MA of 12.15, and above the 200-day MA of 12.33, indicating a bearish trend. The MACD of -0.26 indicates Negative momentum. The RSI at 43.30 is Neutral, neither overbought nor oversold. The STOCH value of 78.03 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $2.66B | 34.61 | 14.09% | 0.79% | 9.47% | 18.45% | |
71 Outperform | $3.78B | 23.47 | 22.54% | ― | 3.16% | -4.60% | |
67 Neutral | $481.56M | -31.34 | -3.57% | 3.22% | 17.59% | 68.88% | |
65 Neutral | $5.69B | 34.24 | 20.87% | 1.15% | 6.34% | -21.30% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $2.51B | 19.97 | 15.49% | 2.57% | 18.95% | 15.42% |
* Consumer Cyclical Sector Average
THUPY
Thule Group AB Unsponsored ADR
11.27
-2.47
-17.97%
GOLF
Acushnet Holdings
97.60
27.58
39.39%
JOUT
Johnson Outdoors
45.88
16.02
53.62%
YETI
Yeti Holdings
49.42
19.93
67.58%
OSW
OneSpaWorld Holdings
26.36
7.36
38.73%
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.