THULE Stock Analysis: Thule | ST
Leisure | ST, Sweden | Market Cap: 20.867m SEK | 12M Return: -11.5% | SE0006422390 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 55.0M
EPS Trend: 10.8%
Qual. Beats: 0
Rev. Trend: 96.6%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Thule Group AB is a Swedish sports and outdoor lifestyle company founded in 1942 and headquartered in Malmö, Sweden. It designs and sells a broad range of products for active and outdoor use, organized around two main categories: transport-related solutions (roof boxes, roof racks, bike carriers, rooftop tents, and windbreakers) and bags and carriers (duffel bags, backpacks, luggage, laptop and camera bags, bike trailers, jogging and all-terrain strollers, child bike seats, car seats, and dog transport carriers). The company also offers solutions for water and winter sports. Products are sold globally in Europe, North America, and other international markets under three brands: Thule, Case Logic, and Quad Lock. The group is classified within the GICS Consumer Discretionary sector, specifically the Leisure Products sub-industry, and is listed on the Stockholm Stock Exchange as a mid-cap stock.
- Quad Lock acquisition expands smartphone mount category revenue
- European consumer discretionary weakness pressures premium product margins
- Roof rack and bike carrier demand tied to auto and RV cyclical trends
| Net Income: 1.17b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA -3.07 > 1.0 |
| NWC/Revenue: 15.30% < 20% (prev 16.90%; Δ -1.60% < -1%) |
| CFO/TA 0.10 > 3% & CFO 1.57b > Net Income 1.17b |
| Net Debt (4.28b) to EBITDA (2.08b): 2.06 < 3 |
| Current Ratio: 1.59 > 1.5 & < 3 |
| Outstanding Shares: last quarter (107.8m) vs 12m ago 0.0% < -2% |
| Gross Margin: 46.32% > 18% (prev 44.30%; Δ 2.01% > 0.5%) |
| Asset Turnover: 68.29% > 50% (prev 68.50%; Δ -0.21% > 0%) |
| Interest Coverage Ratio: 10.66 > 6 (EBIT TTM 1.72b / Interest Expense TTM 161.0m) |
| A: 0.10 (Total Current Assets 4.29b - Total Current Liabilities 2.71b) / Total Assets 15.6b |
| B: 0.23 (Retained Earnings 3.55b / Total Assets 15.6b) |
| C: 0.11 (EBIT TTM 1.72b / Avg Total Assets 15.2b) |
| D: 0.96 (Book Value of Equity 7.64b / Total Liabilities 7.96b) |
| Altman-Z'' = 3.18 = A |
| DSRI: 0.97 (Receivables 1.87b/1.89b, Revenue 10.4b/10.1b) |
| GMI: 0.96 (GM 44.30% / 46.32%) |
| AQI: 1.00 (AQ_t 0.56 / AQ_t-1 0.56) |
| SGI: 1.03 (Revenue 10.4b / 10.1b) |
| TATA: -0.03 (NI 1.17b - CFO 1.57b) / TA 15.6b) |
| Beneish M = -3.08 (Cap -4..+1) = AA |
As of October 17, 2026, the stock is trading at SEK 199.40 with a total of 243,205 shares traded. Over the past week, the price has changed by +5.95%, over one month by +2.52%, over three months by -8.08% and over the past year by -11.47%.
Current recommended Stop Loss: 193.90 (which is 2.8% or 1.3 ATR below the current price).
Thule has no consensus analysts rating.
P/E Trailing = 18.118
P/E Forward = 15.2672
P/S = 2.0137
P/B = 2.7746
Revenue TTM = 10.4b SEK
EBIT TTM = 1.72b SEK
EBITDA TTM = 2.08b SEK
Long Term Debt = 3.97b SEK (from longTermDebt, last fiscal year)
Short Term Debt = 107.0m SEK (from shortTermDebt, last quarter)
Debt = 4.71b SEK (from shortLongTermDebtTotal, last quarter) + Leases 196.0m
Net Debt = 4.28b SEK (calculated: Debt 4.71b - CCE 431.0m)
Enterprise Value = 25.1b SEK (20.9b + Debt 4.71b - CCE 431.0m)
Interest Coverage Ratio = 10.66 (Ebit TTM 1.72b / Interest Expense TTM 161.0m)
EV/FCF = 21.83x (Enterprise Value 25.1b / FCF TTM 1.15b)
FCF Yield = 4.58% (FCF TTM 1.15b / Enterprise Value 25.1b)
FCF Margin = 11.12% (FCF TTM 1.15b / Revenue TTM 10.4b)
Net Margin = 11.25% (Net Income TTM 1.17b / Revenue TTM 10.4b)
Gross Margin = 46.32% ((Revenue TTM 10.4b - Cost of Revenue TTM 5.56b) / Revenue TTM)
Gross Margin QoQ = 47.27% (prev 44.85%)
Tobins Q-Ratio = 1.61 (Enterprise Value 25.1b / Total Assets 15.6b)
Interest Expense / Debt = 3.42% (Interest Expense 161.0m / Debt 4.71b)
Taxrate = 25.53% (399.0m / 1.56b)
NOPAT = 1.28b (EBIT 1.72b * (1 - 25.53%))
Current Ratio = 1.59 (Total Current Assets 4.29b / Total Current Liabilities 2.71b)
Debt / Equity = 0.62 (Debt 4.71b / totalStockholderEquity, last quarter 7.64b)
Debt / EBITDA = 2.06 (Net Debt 4.28b / EBITDA 2.08b)
Debt / FCF = 3.71 (Net Debt 4.28b / FCF TTM 1.15b)
Total Stockholder Equity = 7.51b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.68% (Net Income 1.17b / Total Assets 15.6b)
RoE = 15.52% (Net Income TTM 1.17b / Total Stockholder Equity 7.51b)
RoCE = 14.96% (EBIT 1.72b / Capital Employed (Equity 7.51b + L.T.Debt 3.97b))
RoIC = 10.17% (NOPAT 1.28b / Invested Capital 12.6b)
WACC = 7.07% (E(20.9b)/V(25.6b) * Re(8.09%) + D(4.71b)/V(25.6b) * Rd(3.42%) * (1-Tc(0.26)))
Discount Rate = 8.09% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 87.37 | Cagr: 0.88%
[DCF] Terminal Value 73.10% ; FCFF base≈1.31b ; Y1≈1.15b ; Y5≈925.9m
[DCF] Fair Price = 98.16 (EV 14.9b - Net Debt 4.28b = Equity 10.6b / Shares 107.8m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 10.84 | EPS CAGR: 0.46% | SUE: -0.58 | # QB: 0
Revenue Correlation: 96.59 | Revenue CAGR: 5.54% | SUE: -0.53 | # QB: 0
EPS current Quarter (2026-09-30): EPS=3.31 | Chg30d=-1.04% | Revisions=-17% | Analysts=5
EPS current Year (2026-12-31): EPS=11.49 | Chg30d=-0.42% | Revisions=+0% | GrowthEPS=+8.9% | GrowthRev=+1.1%
EPS next Year (2027-12-31): EPS=13.08 | Chg30d=-1.05% | Revisions=-29% | GrowthEPS=+13.9% | GrowthRev=+6.7%
[Analyst] Revisions Ratio: -21% (up=4, down=7)