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:63Neutral
Price Target:
$13.50
▲(6.47% Upside)
Action:Reiterated
Date:05/03/26
Overall score is driven primarily by solid profitability and positive free cash flow, but tempered by a weak near-term growth trajectory, softer cash conversion, and higher leverage. Technicals are mixed (not in a clear uptrend), valuation is reasonable with dividend support, and earnings-call messaging is constructive but acknowledges ongoing organic growth and macro/FX/tariff challenges.
Positive Factors
Strong profitability and margins
Sustained high gross and operating margins indicate durable pricing power and cost control in Thule's premium transport/travel product categories. Margin levels near 46% gross and ~16% EBIT provide structural earnings resiliency and buffer versus cyclical volume swings, supporting long‑term cash generation and reinvestment capacity.
Negative Factors
Negative organic sales growth
Persistent negative or flat organic growth signals structural demand softness in core categories and a reliance on acquisitions and FX to hit reported growth. If organic momentum does not recover, it will pressure operating leverage, make targets harder to reach, and raise execution risk for the 7% organic growth medium‑term goal.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and margins
Sustained high gross and operating margins indicate durable pricing power and cost control in Thule's premium transport/travel product categories. Margin levels near 46% gross and ~16% EBIT provide structural earnings resiliency and buffer versus cyclical volume swings, supporting long‑term cash generation and reinvestment capacity.
Read all positive factors
Thule Group AB Unsponsored ADR (THUPY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.59B
Dividend Yield2.57%
Average Volume (3M)628.00
Price to Earnings (P/E)18.5
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 Cap11.05
Enterprise Value/Revenue2.77
Enterprise Value/Gross Profit6.02
Enterprise Value/Ebitda15.63
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 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 | 1.83B | 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
11.91
Positive
12.11
Negative
12.54
Negative
Market Momentum
>-0.01
Positive
46.22
Neutral
15.15
Positive
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 12.43, above the 50-day MA of 11.91, and above the 200-day MA of 12.54, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.22 is Neutral, neither overbought nor oversold. The STOCH value of 15.15 is Positive, 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.45B | 27.43 | 14.09% | 0.79% | 9.47% | 18.45% | |
72 Outperform | $444.97M | 12.84 | -3.57% | 3.22% | 17.59% | 68.88% | |
71 Outperform | $3.33B | 69.50 | 22.54% | ― | 3.16% | -4.60% | |
63 Neutral | $2.59B | 18.53 | 15.49% | 2.57% | 18.95% | 15.42% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $5.17B | 17.18 | 20.87% | 1.15% | 6.34% | -21.30% |
* Consumer Cyclical Sector Average
THUPY
Thule Group AB Unsponsored ADR
12.10
-0.74
-5.73%
GOLF
Acushnet Holdings
88.43
20.89
30.92%
JOUT
Johnson Outdoors
43.56
17.95
70.08%
YETI
Yeti Holdings
45.22
15.73
53.34%
OSW
OneSpaWorld Holdings
23.99
5.65
30.84%
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.