olivLaw · European equity research
Dometic Group AB (publ) DOM.ST
Sweden · Nasdaq Stockholm · ISIN SE0007691613 · Vertical: Listed companies from Sweden
Dometic Group makes cooling, heating, power and accessory products for mobile living, with sales concentrated in recreational vehicles and boats. In 2025 consumer demand weakened across several segments, and the company is focusing on cost reduction and service sales amid economic and trade uncertainty.
At the close of 05 Nov 2026, Dometic Group AB (publ) (DOM.ST) stock was 24.68 SEK (+3.52% on the day), with market capitalisation 7.9 bn SEK, P/E 18.4 on diluted EPS of 1.34 SEK over the last 12 months, beta 1.32, 52-week range 18.98–50.10 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.6
- strong (55–70)
- Bollinger (20, 2)
- 18.42 – 24.29
- above the upper band · %B 1.07 · band width 27.5%
- SMA 50 / 200
- 21.51 / 27.89
- mixed trend
- MACD (12, 26, 9)
- 0.60 / 0.16
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +24.0% | −0.6% | +24.7 pp | — |
| 3 months | +0.5% | −4.2% | +4.7 pp | — |
| 6 months | −25.3% | +4.3% | −29.6 pp | — |
| Year to date | −47.3% | +7.5% | −54.8 pp | — |
| 1 year | −44.3% | +9.9% | −54.3 pp | −8.5% |
| 3 years | −65.9% | +49.8% | −115.7 pp | +12.3% |
| 5 years | −82.1% | +42.8% | −125.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 21.6, median 28.3, max 35.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 27.8 bn | 24.6 bn | 21.0 bn |
| Revenue YoY | unavailable | −11.4% | −14.5% |
| Net income | 1.3 bn | -2.3 bn | 428.0 m |
| Net income YoY | unavailable | −272.9% | unavailable |
| Diluted EPS | 4.17 | -7.21 | 1.34 |
| Diluted EPS YoY | unavailable | −272.9% | unavailable |
| net % | 4.8% | -9.4% | 2.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.9 bn SEK
- Financial debt
- 14.7 bn SEK
- Net debt
- 9.8 bn SEK
- Equity
- 20.9 bn SEK
- Total assets
- 45.8 bn SEK
- Debt / equity
- 0.70x
- Current ratio
- 1.40x
- ROE
- 1.8%
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 27.8 bn | 24.6 bn | 21.0 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 20.0 bn | 17.8 bn | 14.9 bn | esef· 26 Oct 2026verified |
| Gross profit | 7.8 bn | 6.8 bn | 6.1 bn | esef· 26 Oct 2026verified |
| Research & development | 591.0 m | 587.0 m | 558.0 m | esef· 26 Oct 2026verified |
| Operating income | 2.7 bn | -1.1 bn | 1.7 bn | esef· 26 Oct 2026verified |
| Interest expense | 968.0 m | 998.0 m | 1.1 bn | esef· 26 Oct 2026verified |
| Pre-tax income | 1.9 bn | -2.0 bn | 850.0 m | esef· 26 Oct 2026verified |
| Income tax | 551.0 m | 332.0 m | 422.0 m | esef· 26 Oct 2026verified |
| Net income | 1.3 bn | -2.3 bn | 428.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 4.17 | -7.21 | 1.34 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 319.5 m | 319.5 m | 319.5 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.3 bn | 4.2 bn | 4.9 bn | esef· 26 Oct 2026verified |
| Inventories | 7.3 bn | 6.5 bn | 4.8 bn | esef· 26 Oct 2026verified |
| Current assets | 14.9 bn | 13.6 bn | 12.5 bn | esef· 26 Oct 2026verified |
| Goodwill | 21.3 bn | 20.7 bn | 18.0 bn | esef· 26 Oct 2026verified |
| Total assets | 54.1 bn | 52.8 bn | 45.8 bn | esef· 26 Oct 2026verified |
| Short-term debt | 0 | 2.4 bn | 3.6 bn | esef· 26 Oct 2026verified |
| Long-term debt | 16.3 bn | 13.1 bn | 11.1 bn | esef· 26 Oct 2026verified |
| Current liabilities | 6.4 bn | 8.5 bn | 8.9 bn | esef· 26 Oct 2026verified |
| Total liabilities | 28.1 bn | 27.4 bn | 24.9 bn | esef· 26 Oct 2026verified |
| Equity | 26.0 bn | 25.5 bn | 20.9 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 319.4 m | 319.4 m | 319.4 m | esef· 26 Oct 2026derived |
Cash flow · SEK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.9 bn SEK
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.5% | 22 (vs peers) | 28% |
| Net margin · Quality | 2.0% | 28 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.6x | 2 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.4x | 50 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 18.4x | 65 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet21/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality24/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial65/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Dometic Group AB (publ) (DOM.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 21.0 bn SEK in 2025; YoY growth -14.5%; net margin 2.0%; ROE 1.8%.
The estimated value range is 20.80–45.27 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 28.51 SEK, the price of 24.68 SEK leaves a potential of 15.5% (value / price − 1) and a margin of safety of 13.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 2.5%
- Net margin: 2.0%
- Interest coverage: 1.6x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| DOM.STDometic Group AB (publ) | 7.9 bn | 18.4 | 1.8% | 2.0% | −14.5% | −44% / −69% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for DOM.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 13.20 Total return -47% · Per year -47% | 23.45 Total return -5% · Per year -5% | 35.48 Total return 44% · Per year 44% |
| 3 years | 10.48 Total return -58% · Per year -25% | 21.16 Total return -14% · Per year -5% | 35.48 Total return 44% · Per year 13% |
| 5 years | 8.32 Total return -66% · Per year -20% | 19.10 Total return -23% · Per year -5% | 35.48 Total return 44% · Per year 8% |
- Exit P/E± 5.29
- Net margin± 3.70
- Annual revenue growth± 3.34
- Annual dilution± 0.31
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Dometic Group makes cooling, heating, power and accessory products for mobile living, with sales concentrated in recreational vehicles and boats. In 2025 consumer demand weakened across several segments, and the company is focusing on cost reduction and service sales amid economic and trade uncertainty.1
SWOT
Strengths
- Leading positions in some categories, such as Igloo hard coolers in the US, and a broad range of products for mobile living.
- A solid Service & Aftermarket channel that supports margins and reduces reliance on OEM sales.
- A clearly defined dividend policy under which the company aims to distribute at least 40 percent of net profit over a business cycle.
Weaknesses
- Sales fell in all three regions in 2025, and the Land Vehicles segment is sensitive to production cycles.
- EMEA margins remained negative, pointing to structural difficulties in some geographic areas.
- Dependence on the North American market makes the company vulnerable to demand shifts in that region.
Opportunities
- New product launches, such as the FreshJet air conditioning units and the boat stabiliser, could open new revenue streams.
- Expansion into new segments such as healthcare and residential could diversify the Global Ventures business.
- A recovery in boat or RV production could lift the company's OEM sales.
Threats
- Economic uncertainty and geopolitical tensions could reduce consumer confidence and demand for leisure products.
- Trade and tariff policies could raise procurement costs and affect the supply chain.
- High dealer inventory levels could lead to order cuts during periods of weak demand.
Risks
- Weak consumer demandhigh
Consumers cut spending on leisure products, which hit sales in all regions. If this trend continues, financial results could be affected.1
- Trade and tariff riskshigh
Uncertainty over trade policy can raise costs and delay purchasing decisions. The company names this explicitly as an external factor.1
- Geopolitical risksmedium
Geopolitical tensions can influence inflation, interest rates and access to materials. The company has ceased business in Russia and is monitoring developments in Ukraine.1
- Environmental regulatory compliancemedium
Operations are subject to strict environmental laws, and new rules could raise costs or limit the sale of certain products.1
- Restructuring executionlow
The global restructuring programme must be implemented effectively to deliver the expected savings. Delays or unforeseen costs could reduce the benefits.1
Investment thesis
What would need to be true (bull case)
- The company holds leading positions in some product categories and a service channel that supports margins even when demand is weak.
- The restructuring programme and new product launches could improve profitability if demand recovers.
- Diversification into Global Ventures and Mobile Cooling Solutions could reduce dependence on a single market cycle.
What would break the thesis
- Sales fell in all regions in 2025, and end-customer demand remains exposed to economic and trade uncertainty.
- Dependence on RV and boat production in the US and Europe exposes the company to cycles that are hard to forecast.
- The company withdrew its proposed 2025 dividend, signalling greater caution in the face of geopolitical uncertainty.
What to watch
- Organic sales trend in the Land Vehicles and Marine segmentsQ1 2027
- Effect of the global restructuring programme on EBITA margins2027
- Dealer inventory levels in EMEA and the AmericasQ1 2027
- Commissioning of the Texas solar project2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Dometic defines its mission as making mobile living easy, combining expertise in cooling, heating, energy, electronics and space optimisation. Products are designed both for installation in land vehicles and boats and for independent use by outdoor enthusiasts.1
Reporting is organised into the Land Vehicles, Marine, Mobile Cooling Solutions and Global Ventures segments, each with its own sales channels, mainly OEM and Service & Aftermarket.1
Segments
Land Vehicles
Land Vehicles, which supplies manufacturers of RVs and CPV vehicles, accounted for about 44 percent of group net sales. Sales fell organically by 9 percent, yet the EBITA margin rose because of structural cost reductions.1
Mobile Cooling Solutions
This segment covers the Igloo and Dometic brands for coolers and drinkware, with a market share of over 50 percent in the US hard cooler market. The Texas plant makes most Igloo products, and North America is about 80 percent of segment sales.1
Market context
Demand for recreational vehicles, boats and camping products depends on consumer confidence and dealer inventory levels. In 2025 high dealer stocks in EMEA normalised during the year, while uncertainty over trade policy weighed on demand.1
Key markets are the US and Canada in the Americas, Germany and the UK in EMEA, and Australia and New Zealand in APAC. The Americas and EMEA dominate Land Vehicles sales.1
Trends
- Economic and trade uncertaintyheadwind
Consumer sentiment was hit by economic concerns and uncertainty over trade policy, reducing end-customer demand. If these conditions persist, demand could remain under pressure.1
- US boat productionmixed
US recreational boat production fell again in 2025 after an already weak 2024, weighing on OEM sales. A recovery in production could support the Marine segment.1
- Focus on service salestailwind
The Service & Aftermarket channel made up 49 percent of Land Vehicles sales and supported margins. A higher share of this channel is seen as positive for margins.1
- Global restructuring programmetailwind
The restructuring programme launched at the end of 2024 has produced structural cost savings and is expected to improve financial results. Its effect depends on how well it translates into margins.1
Competitive position
Dometic competes in cooling, refrigeration and vehicle power markets against specialist suppliers in the RV and marine segments. In hard coolers, Igloo holds a leading position in the US market.1
The analysed sources do not name direct competitors, so the competitor entries below are limited to what the annual report states explicitly.1
- Outdoor hard cooler suppliers
Competition in hard coolers is intense, and Igloo keeps its leading position in the US; the source does not name other competitors.
- RV air conditioning manufacturers
Dometic supplies RV air conditioning products, and these lines are contested in its main markets.
- Marine equipment suppliers
In the Marine segment, competition covers control, cooling and fuel systems, with demand influenced by boat production.
- Mobile power solution providers
Global Ventures competes in solar panels, generators and lithium batteries, but the source does not identify the rival firms.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Dometic Group AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.