olivLaw · European equity research
Thule Group AB THULE.ST
Sweden · Nasdaq Stockholm · ISIN SE0006422390 · Vertical: Listed companies from Sweden
Thule Group AB designs and sells premium products for an active outdoor lifestyle, from roof racks to child and dog transport solutions. Its exposure to North American demand and tariff pressures makes its regional mix relevant for investors reading the 2025 annual report.
At the close of 05 Nov 2026, Thule Group AB (THULE.ST) stock was 219.80 SEK (+4.57% on the day), with market capitalisation 23.7 bn SEK, P/E 21.3 on diluted EPS of 10.33 SEK over the last 12 months, beta 1.01, 52-week range 186.00–254.20 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 75.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 181.84 – 212.34
- above the upper band · %B 1.24 · band width 15.5%
- SMA 50 / 200
- 198.33 / 213.13
- mixed trend
- MACD (12, 26, 9)
- 3.11 / 0.30
- 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 | +13.6% | −0.6% | +14.2 pp | — |
| 3 months | +0.8% | −4.2% | +5.0 pp | — |
| 6 months | −8.6% | +4.3% | −13.0 pp | — |
| Year to date | −8.3% | +7.5% | −15.9 pp | — |
| 1 year | −9.7% | +9.9% | −19.6 pp | −8.3% |
| 3 years | −14.8% | +49.8% | −64.7 pp | +12.0% |
| 5 years | −58.0% | +42.8% | −100.8 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 3-quarter history (min 23.2, median 26.3, max 32.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 1.1 bn | 1.1 bn | 1.1 bn |
| Net income YoY | unavailable | +2.1% | −0.7% |
| Diluted EPS | 10.44 | 10.59 | 10.33 |
| Diluted EPS YoY | unavailable | +1.4% | −2.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 1.6 bn | 2.0 bn | 784.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 218.0 m SEK
- Financial debt
- 4.2 bn SEK
- Net debt
- 4.0 bn SEK
- Equity
- 7.2 bn SEK
- Total assets
- 13.7 bn SEK
- Debt / equity
- 0.58x
- Current ratio
- 2.13x
- ROE
- 14.5%
- ROA
- 7.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 5.4 bn | 5.5 bn | 5.6 bn | esef· 26 Oct 2026verified |
| Gross profit | 3.7 bn | 4.1 bn | 4.8 bn | esef· 26 Oct 2026verified |
| Operating income | 1.5 bn | 1.5 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Interest expense | 163.0 m | 172.0 m | 240.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 1.4 bn | 1.4 bn | 1.5 bn | esef· 26 Oct 2026verified |
| Income tax | 321.0 m | 325.0 m | 360.0 m | esef· 26 Oct 2026verified |
| Net income | 1.1 bn | 1.1 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Diluted EPS | 10.44 | 10.59 | 10.33 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 94.0 m | 405.0 m | 218.0 m | esef· 26 Oct 2026verified |
| Inventories | 2.3 bn | 2.2 bn | 1.9 bn | esef· 26 Oct 2026verified |
| Current assets | 3.7 bn | 3.6 bn | 3.2 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 2.1 bn | 2.3 bn | 2.4 bn | esef· 26 Oct 2026verified |
| Total assets | 11.0 bn | 15.0 bn | 13.7 bn | esef· 26 Oct 2026verified |
| Long-term debt | — | 4.3 bn | 4.2 bn | esef· 26 Oct 2026verified |
| Current liabilities | 1.5 bn | 1.7 bn | 1.5 bn | esef· 26 Oct 2026verified |
| Total liabilities | 4.1 bn | 6.9 bn | 6.5 bn | esef· 26 Oct 2026verified |
| Equity | 6.8 bn | 8.1 bn | 7.2 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 105.2 m | 105.9 m | 107.8 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.9 bn | 2.3 bn | 1.1 bn | esef· 26 Oct 2026verified |
| Capex | 251.0 m | 264.0 m | 348.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 1.6 bn ≈ | 2.0 bn ≈ | 784.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -251.0 m | -3.1 bn | -335.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -1.7 bn | 1.1 bn | -965.0 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
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 23.7 bn SEK
Key indicators
Coverage and freshness
Score by group
46% · 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: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.7% | 46 (vs peers) | 23% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 70.4% | 58 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.8x | 82 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 21.3x | 50 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.3% | 41 (on a fixed band) | 18% |
| 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 sheet89/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation46/100 · 2/3 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
Thule Group AB (THULE.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 14.5%.
The estimated value range is 160.31–349.02 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 219.76 SEK, the price of 219.80 SEK leaves a potential of -0.0% (value / price − 1) and a margin of safety of -0.0% (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 (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 6.8x
- Current ratio: 2.1x
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
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 THULE.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
Thule Group AB designs and sells premium products for an active outdoor lifestyle, from roof racks to child and dog transport solutions. Its exposure to North American demand and tariff pressures makes its regional mix relevant for investors reading the 2025 annual report.
SWOT
Strengths
Weaknesses
- Organic growth was negative in the main regions, which shows reliance on acquisitions for progress 1.
- The large share of the Sport & Cargo Carriers category makes the company vulnerable to a single product segment 1.
- The North American market was weaker than Europe, and the company acknowledged this gap 1.
Opportunities
Risks
- Tariffs and trade policyhigh
Tariff changes could raise import costs and affect margins, especially in the US market 1.
- Weak North American demandmedium
Organic sales fell in the region, and recovery depends on the US market developing 1.
- Reliance on acquisitionsmedium
Total growth partly depends on acquisitions, and integrating them can be difficult 1.
- Concentration in one segmentmedium
The Sport & Cargo Carriers category makes up most sales, so a decline there has a major effect 1.
- Development and investment costslow
Large investments in products and logistics could affect cash flow if revenues do not grow 1.
Investment thesis
What would need to be true (bull case)
- If the North American market recovers and logistics automation delivers its effects, the company could improve margins and organic growth 1.
- Strong positions in niche categories and a high-income customer base could support premium pricing 1.
- Geographic expansion and acquisitions could add growth if integration succeeds 1.
What would break the thesis
What to watch
- Organic sales trend in North America2026
- Effect of the Quad Lock acquisition on regional salesnext 10-K
- Impact of tariffs on marginsQ1 2027
- Launch in Australia and results of the own sales team2026
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
Thule Group AB is a Swedish company that designs and sells equipment for outdoor activities, grouped into Sport & Cargo Carriers, RV Products, Active with Kids & Dogs and Bags & Mounts 1. Products are sold through resellers, stores and online, and the company runs its own manufacturing sites in Europe and North America 1. In 2025 it invested 756 Mkr in product development, equal to 7,3 percent of group sales 1.
The company emphasises innovation, rigorous testing and durability, with an in-house test programme and life-cycle analysis applied to new products 1. It is also working to streamline logistics, including an automated warehouse investment in Poland 1.
Thule describes its consumer as active, with a family, children and dogs, and with income above the national median in its home markets 1.
Segments
North America region
The North America region reached 2475 Mkr in 2025 and accounts for 24 percent of total sales 1. Organic sales declined, although the trend improved during the year, and Active with Kids & Dogs grew 1.
Rest of world region
The Rest of world region reached 910 Mkr in 2025 and represents 9 percent of total sales, with growth largely driven by the Quad Lock acquisition 1.
Market context
The North American market was weaker than Europe in 2025, and the company notes regional particularities in demand for bicycle transport and pickup trucks 1. Asia-Pacific and South America showed different dynamics, and towing load rules vary between countries 1.
Tariffs are an element of uncertainty, and the company says its manufacturing sites located in or near major markets help it manage this pressure 1.
Trends
- Acquisition-led growthmixed
Growth in the Rest of world region was supported by the Quad Lock acquisition, while organic growth remained negative 1. If integration of acquisitions succeeds, it could support sales over the medium term 1.
- Active consumer trendtailwind
Families with children, dog owners and people who cycle or camp form a core demand base that the company studies systematically 1.
- Tariff pressure and costsheadwind
Tariffs and trade uncertainty could weigh on margins and US demand, although local production offers some protection 1.
- Electrification of mobilitymixed
The spread of electric bicycles may change the type of transport customers want, which could generate new product needs 1.
Competitive position
The company operates in an outdoor equipment market with many competitors, and its strong positions in roof racks and bicycle carriers are a competitive advantage 1. The source does not explicitly name competitors.
- Automotive transport accessory makers
Competitors in the Sport & Cargo Carriers category, implicitly referenced through presence in roof rack markets 1.
- Bicycle equipment makers
Competitors in the Active with Kids & Dogs category and in bicycle accessories 1.
- RV accessory makers
Competitors in the RV Products category, where the company holds a leading position 1.
- Bag and mount makers
Competitors in the Bags & Mounts category, where products are largely purchased finished 1.
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 / Thule Group AB · 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.