olivLaw · European equity research
Fenix Outdoor International AG FOI-B.ST
Sweden · Nasdaq Stockholm · Vertical: Listed companies from Sweden
Fenix Outdoor International AG develops and sells high-quality, durable outdoor equipment and apparel through brands such as Fjällräven, Hanwag, Royal Robbins and Tierra, and through its own retail network. In fiscal 2025 net sales were 694.7 million EUR and operating profit 33.1 million EUR, in an outdoor market that is no longer growing, which makes margins and cost trends especially relevant for the company.
At the close of 05 Nov 2026, Fenix Outdoor International AG (FOI-B.ST) stock was 328.50 SEK (+1.08% on the day), with beta 0.29, 52-week range 275.50–538.00 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)
- 66.3
- strong (55–70)
- Bollinger (20, 2)
- 276.95 – 332.85
- in the upper half of the band · %B 0.92 · band width 18.3%
- SMA 50 / 200
- 299.71 / 397.91
- mixed trend
- MACD (12, 26, 9)
- 7.52 / 4.18
- 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 | +17.3% | −0.6% | +18.0 pp | — |
| 3 months | −8.2% | −4.2% | −4.1 pp | — |
| 6 months | −24.0% | +4.3% | −28.3 pp | — |
| Year to date | −31.4% | +7.5% | −38.9 pp | — |
| 1 year | −32.3% | +9.9% | −42.3 pp | −8.5% |
| 3 years | −50.0% | +49.8% | −99.8 pp | +12.3% |
| 5 years | −73.3% | +42.8% | −116.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 750.2 m | 698.8 m | 707.7 m |
| Revenue YoY | unavailable | −6.8% | +1.3% |
| Net income | 31.6 m | 14.5 m | 4.8 m |
| Net income YoY | unavailable | −54.2% | −67.0% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 4.2% | 2.1% | 0.7% |
| Free cash flow | 54.4 m | 84.1 m | 45.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 70.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 384.8 m EUR
- Total assets
- 729.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.01x
- ROE
- 1.2%
- ROA
- 0.7%
- FCF margin
- 6.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 750.2 m | 698.8 m | 707.7 m | esef· 26 Oct 2026verified |
| Operating income | 55.0 m | 37.4 m | 33.1 m | esef· 26 Oct 2026verified |
| Interest expense | 8.4 m | 6.5 m | 13.3 m | esef· 26 Oct 2026verified |
| Pre-tax income | 47.6 m | 35.3 m | 21.9 m | esef· 26 Oct 2026verified |
| Income tax | 15.6 m | 20.7 m | 16.7 m | esef· 26 Oct 2026verified |
| Net income | 31.6 m | 14.5 m | 4.8 m | esef· 26 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 119.1 m | 111.8 m | 70.6 m | esef· 26 Oct 2026verified |
| Receivables | 51.6 m | 59.2 m | 69.8 m | esef· 26 Oct 2026verified |
| Inventories | 272.6 m | 227.5 m | 249.2 m | esef· 26 Oct 2026verified |
| Current assets | 452.6 m | 411.1 m | 406.4 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 84.6 m | 76.7 m | 79.7 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 44.6 m | 48.8 m | 89.2 m | esef· 26 Oct 2026verified |
| Total assets | 743.2 m | 686.8 m | 729.5 m | esef· 26 Oct 2026verified |
| Current liabilities | 175.8 m | 134.9 m | 201.8 m | esef· 26 Oct 2026verified |
| Total liabilities | 326.0 m | 273.7 m | 344.7 m | esef· 26 Oct 2026verified |
| Equity | 417.2 m | 413.2 m | 384.8 m | esef· 26 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 75.9 m | 96.5 m | 57.8 m | esef· 26 Oct 2026verified |
| Capex | 21.5 m | 12.4 m | 12.8 m | esef· 26 Oct 2026verified |
| Free cash flow | 54.4 m ≈ | 84.1 m ≈ | 45.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -24.8 m | -16.6 m | -49.6 m | esef· 26 Oct 2026verified |
| Financing cash flow | -10.4 m | -88.4 m | -47.5 m | esef· 26 Oct 2026verified |
| Dividends paid | 17.7 m | 17.1 m | 37.0 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.7% | 22 (vs peers) | 23% |
| FCF conversion · Quality | 943.7% | 100 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.5x | 15 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 82.4% | 54 (on a fixed band) | 15% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet49/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns· partial54/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Fenix Outdoor International AG (FOI-B.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 707.7 m EUR in 2025; YoY growth 1.3%; net margin 0.7%; ROE 1.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 943.7%
- Current ratio: 2.0x
What contradicts it
- Net margin: 0.7%
- Interest coverage: 2.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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% |
| 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% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for FOI-B.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
Scenarios are not available. input data missing
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
Fenix Outdoor International AG develops and sells high-quality, durable outdoor equipment and apparel through brands such as Fjällräven, Hanwag, Royal Robbins and Tierra, and through its own retail network. In fiscal 2025 net sales were 694.7 million EUR 1 and operating profit 33.1 million EUR 1, in an outdoor market that is no longer growing, which makes margins and cost trends especially relevant for the company 1.
SWOT
Strengths
- The group owns brands with long heritage and consumer trust, built on decades of experience in outdoor equipment.
- An own distribution and retail network gives control over the value chain and close contact with end users.
- The brand portfolio covers many outdoor needs, from technical apparel to footwear, which spreads demand across categories.
Weaknesses
- Operating profit fell in 2025 compared with the prior year, showing sensitivity of margins to costs and sales.
- Currency exposure is significant because a large part of purchases is made in USD, and exchange rates can affect results.
- Ownership is concentrated in the founding family, which limits the influence of minority shareholders on decisions.
Opportunities
- Expansion into new markets, such as Benelux for Tierra and Asia for Fjällräven, could open additional growth sources.
- Lightweight trekking products and new lifestyle segments could meet growing demand, in line with the brands' strategies.
- Acquisitions of complementary brands, such as Devold in 2025, could widen the portfolio if integration goes well.
Threats
- The outdoor market is no longer growing, and pricing and demand pressure in Germany and Benelux could affect sales.
- Rising costs and retailer reluctance could squeeze margins for European producers and suppliers.
- A shift of consumers to online commerce could weaken the group's physical retail networks.
Risks
- Currency riskhigh
A major part of brand purchases is made in USD, and exchange rate moves could affect results, even though the group uses forward contracts to hedge.
- Weather and seasonal riskmedium
Sales of some collections depend on weather, and warm or late winters could reduce demand for winter products.
- Trend riskmedium
Although the group does not see itself as a fashion business, it is exposed to trend shifts in warmer-climate markets where the product mix differs.
- Cyclical risklow
Historically, economic cycles have not had a significant impact on sales, but changes in retail could increase exposure.
- Shareholder concentration riskmedium
The founding family controls most of the votes, so governance decisions depend on a small group of shareholders.
Investment thesis
What would need to be true (bull case)
- If premium brands keep their heritage and quality, the group could benefit from demand for sustainable, long-lasting products.
- An own retail and distribution network gives control over the value chain, which could support quick adaptation to changing demand.
- Acquisitions and geographic expansion, including in Benelux and the Americas, could diversify the group's revenue sources.
What would break the thesis
- If the outdoor market stays flat, the annual growth target could be hard to reach without further acquisitions.
- Currency exposure and rising costs could keep pressuring margins, especially if sales decline in Germany.
- A shift toward online commerce could weaken the profitability of physical stores, which are an important part of the model.
What to watch
- Development of operating margin and purchasing costsnext 10-K
- Impact of the USD/EUR rate on results, given forward hedging2026
- Fjällräven results under the 2030 strategy and expansion in Times Square and China2026
- Integration of Devold and Tierra's expansion into Benelux physical retail2026
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
The group develops and sells high-quality, durable outdoor equipment and apparel through a selected retail network and a business model aimed at end consumers with high expectations 1. Its goal is to be a global leader in equipment and clothing for an active outdoor life, with a financial target of annual growth of at least 10 percent and long-term profit before tax of at least 10 percent 1. The parent is based in Zug, Switzerland, and the shares are listed on Nasdaq Stockholm, Large Cap 1.
Segments
Frilus
Frilus Retail Europe AB runs its business through six subsidiaries and brands, including Naturkompaniet, Partioaitta, Globetrotter, Friluftsland and Trekitt, with a total of 107 stores in addition to e-commerce operations 1. It is the group's retail segment, complementing its own brands 1.
Global Sales
The Global Sales segment consists of multibrand distribution companies in Europe and Asia that mainly buy products from the Brands segment and carry the portfolio into local markets 1. External sales of the segment were 115.6 million EUR in 2025, compared with 164.6 million EUR in 2024 1.
Market context
The outdoor market is no longer growing, and shoe and leather producers face rising costs, declining consumption and a shift of sales to the internet, according to the annual report 1. Germany and Benelux are important markets for the company, and Hanwag reported that these difficulties had a major effect on its results there 1. Sales in the Americas rose markedly in 2025, indicating geographic expansion of the group 1.
Trends
- Growing outdoor lifestyle trendtailwind
The move toward outdoor life is a long-term demand driver for the group's brands, although the company notes that this trend can affect markets with warmer climates differently 1.
- Demand for sustainable productstailwind
Consumers increasingly look for sustainable, long-lasting products, and the group emphasises durability and lower-impact materials, which could support its premium brands 1.
- Shift toward online commerceheadwind
Sales are moving more to the internet, which changes the group's traditional retail model and could pressure its physical store networks 1.
- Warm winters and seasonalitymixed
Part of the winter collection is hurt by warm and late winters, and demand in colder markets depends on weather, which adds seasonal volatility 1.
Competitive position
The provided sources do not explicitly name the group's competitors. The company operates in the premium outdoor equipment and apparel market, where brands compete on heritage, quality and durability, as described in the report 1. The absence of a named competitor list in the source limits direct comparisons.
- Other premium outdoor equipment makers
The source does not name specific competitors, so no verified list can be given.
- Multibrand outdoor retailers
Competition also comes from retail chains selling several brands, with which the group both collaborates and competes indirectly.
- E-commerce platforms
Consumers moving purchases online could reduce the share of the group's physical retail.
- Outdoor footwear brands
Hanwag operates in a market where costs and consumption are under pressure, reflecting intense competition in the segment.
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 / Fenix Outdoor International AG · 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.