(TNIE) Tonies SE - Overview
Sector: Consumer Cyclical | Industry: Leisure | Exchange: XETRA (Germany) | Market Cap: 1.297m EUR | Total Return: 81.2% in 12m
Avg Turnover: 1.09M
Warnings
Altman Z'' -0.87 < 1.0 - financial distress zone
Tailwinds
Idiosyncratic Leader
Tonies SE operates as a global provider of interactive audio entertainment systems designed for children. The company’s core product ecosystem consists of the Toniebox speaker and collectible Tonies figurines that trigger digital audio content via cloud-based technology. Headquartered in Luxembourg, the firm maintains a multi-channel distribution strategy encompassing direct-to-consumer e-commerce, third-party marketplaces, and traditional retail partnerships.
The business model relies on a razor-and-blade strategy, where the initial sale of the hardware box facilitates high-margin, recurring revenue through the ongoing purchase of content-driven figurines. This approach positions Tonies within the leisure products sector, which is increasingly characterized by the integration of physical toys with digital software platforms to enhance user engagement. Investors seeking a deeper analysis of these recurring revenue streams can find comprehensive performance metrics on ValueRay.
Since its founding in 2013, the company has expanded its portfolio to include headphones, carrying cases, and other accessories to complement its primary hardware. Tonies SE transitioned to a public entity via a SPAC merger and currently serves major international markets including Germany, the United Kingdom, and the United States.
- United States market expansion drives primary top-line revenue growth trajectory
- High-margin figurine sales increase platform profitability through recurring hardware attachment
- Global supply chain costs and inventory management impact operating cash flow
- Strategic licensing partnerships with major entertainment brands fuel international market penetration
- Rising consumer discretionary spending levels influence seasonal holiday sales performance
| Net Income: 41.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA 2.66 > 1.0 |
| NWC/Revenue: 10.58% < 20% (prev 16.53%; Δ -5.95% < -1%) |
| CFO/TA 0.10 > 3% & CFO 65.9m > Net Income 41.3m |
| Net Debt (-45.6m) to EBITDA (65.6m): -0.69 < 3 |
| Current Ratio: 1.46 > 1.5 & < 3 |
| Outstanding Shares: last quarter (129.2m) vs 12m ago -11.94% < -2% |
| Gross Margin: 47.30% > 18% (prev 0.52%; Δ 4.68k% > 0.5%) |
| Asset Turnover: 175.5% > 50% (prev 113.7%; Δ 61.79% > 0%) |
| Interest Coverage Ratio: 7.84 > 6 (EBITDA TTM 65.6m / Interest Expense TTM 4.01m) |
| A: 0.17 (Total Current Assets 355.1m - Total Current Liabilities 243.8m) / Total Assets 641.1m |
| B: -0.44 (Retained Earnings -281.1m / Total Assets 641.1m) |
| C: 0.05 (EBIT TTM 31.4m / Avg Total Assets 599.8m) |
| D: -0.89 (Book Value of Equity -253.5m / Total Liabilities 284.5m) |
| Altman-Z'' = -0.87 = CCC |
| DSRI: 0.84 (Receivables 107.8m/76.9m, Revenue 1.05b/634.9m) |
| GMI: 1.09 (GM 47.30% / 51.58%) |
| AQI: 0.86 (AQ_t 0.43 / AQ_t-1 0.50) |
| SGI: 1.66 (Revenue 1.05b / 634.9m) |
| TATA: -0.04 (NI 41.3m - CFO 65.9m) / TA 641.1m) |
| Beneish M = -2.72 (Cap -4..+1) = A |
As of May 30, 2026, the stock is trading at EUR 10.82 with a total of 86,882 shares traded.
Over the past week, the price has changed by +2.66%,
over one month by +7.13%,
over three months by -6.08% and
over the past year by +81.24%.
Tonies SE has no consensus analysts rating.
P/E Trailing = 46.2609
P/E Forward = 25.7069
P/S = 2.0576
P/B = 3.8023
Revenue TTM = 1.05b EUR
EBIT TTM = 31.4m EUR
EBITDA TTM = 65.6m EUR
Long Term Debt = 8.39m EUR (from longTermDebt, two quarters ago)
Short Term Debt = 23.6m EUR (from shortTermDebt, last quarter)
Debt = 42.3m EUR (from shortLongTermDebtTotal, last quarter) + Leases 5.46m
Net Debt = -45.6m EUR (calculated: Debt 42.3m - CCE 87.8m)
Enterprise Value = 1.25b EUR (1.30b + Debt 42.3m - CCE 87.8m)
Interest Coverage Ratio = 7.84 (Ebit TTM 31.4m / Interest Expense TTM 4.01m)
EV/FCF = 22.05x (Enterprise Value 1.25b / FCF TTM 56.8m)
FCF Yield = 4.54% (FCF TTM 56.8m / Enterprise Value 1.25b)
FCF Margin = 5.39% (FCF TTM 56.8m / Revenue TTM 1.05b)
Net Margin = 3.93% (Net Income TTM 41.3m / Revenue TTM 1.05b)
Gross Margin = 47.30% ((Revenue TTM 1.05b - Cost of Revenue TTM 554.7m) / Revenue TTM)
Gross Margin QoQ = 38.62% (prev 59.85%)
Tobins Q-Ratio = 1.95 (Enterprise Value 1.25b / Total Assets 641.1m)
Interest Expense / Debt = 9.48% (Interest Expense 4.01m / Debt 42.3m)
Taxrate = 9.19% (1.44m / 15.7m)
NOPAT = 28.5m (EBIT 31.4m * (1 - 9.19%))
Current Ratio = 1.46 (Total Current Assets 355.1m / Total Current Liabilities 243.8m)
Debt / Equity = 0.12 (Debt 42.3m / totalStockholderEquity, last quarter 356.5m)
Debt / EBITDA = -0.69 (Net Debt -45.6m / EBITDA 65.6m)
Debt / FCF = -0.80 (Net Debt -45.6m / FCF TTM 56.8m)
Total Stockholder Equity = 344.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 6.89% (Net Income 41.3m / Total Assets 641.1m)
RoE = 6.60% (Net Income TTM 41.3m / Total Stockholder Equity 625.8m)
RoCE = 4.95% (EBIT 31.4m / Capital Employed (Equity 625.8m + L.T.Debt 8.39m))
RoIC = 6.82% (NOPAT 28.5m / Invested Capital 418.0m)
WACC = 6.58% (E(1.30b)/V(1.34b) * Re(6.51%) + D(42.3m)/V(1.34b) * Rd(9.48%) * (1-Tc(0.09)))
Discount Rate = 6.51% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 67.51 | Cagr: 6.52%
[DCF] Terminal Value 77.97% ; FCFF base≈47.9m ; Y1≈54.9m ; Y5≈80.8m
[DCF] Fair Price = 11.03 (EV 1.22b - Net Debt -45.6m = Equity 1.26b / Shares 114.4m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: 98.20 | Revenue CAGR: 40.90% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=0.36 | Chg30d=-4.21% | Revisions=+14% | GrowthEPS=+259.9% | GrowthRev=+23.5%
EPS next Year (2027-12-31): EPS=0.55 | Chg30d=-0.15% | Revisions=+0% | GrowthEPS=+53.0% | GrowthRev=+20.3%
[Analyst] Revisions Ratio: +14%