Thule Group AB

Thule Group AB maintains a conservative capital structure with a debt-to-equity ratio of 0.3, indicating a relatively low reliance on debt financing. The company's liquidity position is characterized as medium, with a current ratio of 1.89, suggesting it can cover its short-term obligations but with limited excess capacity. However, the company's net cash position is negative after subtracting total debt, which may signal potential liquidity constraints in the short term.

In terms of profitability, Thule Group AB reports a return on equity (ROE) of 7.92% and a return on assets (ROA) of 4.64%. These figures are below the industry median for ROE and ROA in the Auto, Truck & Motorcycle Parts sector, indicating that the company is underperforming its peers in terms of capital efficiency and asset utilization.

The company's revenue is primarily concentrated in the leisure and outdoor vehicle accessories segment, with a strong geographic presence in Europe and North America. While the company has a diversified customer base, its exposure to the European market remains significant, which could pose a risk in the event of regional economic downturns or regulatory changes.

Thule Group AB has demonstrated a stable growth trajectory, with a consistent revenue base and positive operating cash flow of 969 million SEK. However, the company's free cash flow is relatively low at 9 million SEK, which may limit its ability to reinvest in growth opportunities or return capital to shareholders. The company's capital expenditures have been negative in recent periods, suggesting a reduction in investment in new projects or facilities.

The company's risk profile is characterized by a low dilution potential and a medium liquidity risk. The risk assessment highlights the negative net cash position as a key flag, which could impact the company's ability to meet short-term obligations without external financing. No significant dilution events have been identified in the recent financial filings, and the company's shares outstanding have remained stable.

Recent events, including analyst estimates and price targets, indicate a generally positive outlook for Thule Group AB. The mean price target of 276.00 SEK and the median price target of 287.50 SEK suggest that analysts expect the stock to appreciate in the near term. The mean recommendation of 1.89, with 3 strong-buy and 4 buy ratings, further supports this positive sentiment.

Analysts project 27.8% upside to a mean price target of 276 SEK, reflecting strong consensus buy ratings from nine analysts.

Free cash flow surged 75% year-over-year to 238 million SEK in FY2026, indicating robust cash generation capabilities.

The company maintains a conservative debt-to-equity ratio of 0.3, which is lower than the 0.41 industry median.

Revenue growth of 9.3% year-over-year in FY2026 suggests a successful turnaround after previous declines.

Long-term debt increased substantially to 4.37 billion SEK in FY2025, nearly doubling from 2.13 billion SEK in FY2024.

Return on equity of 7.9% remains modest compared to the company's high operating margins, suggesting capital efficiency challenges.

Medium liquidity and credit risk flags indicate potential vulnerabilities in the company's financial stability profile.

Revenue kr 2.57B, −3,3% YoY; Operating income +5,7% YoY.

• ▍Revenue kr 2.57B, −3,3% YoY
• ▍Operating income +5,7% YoY
• ▍Net income +10,2% YoY
• ▍Free cash flow −11,1% YoY
• ▍Net margin 11.4%

Revenue kr 1.83B, +9,4% YoY; Operating income +337,1% YoY.

• ▍Revenue kr 1.83B, +9,4% YoY
• ▍Operating income +337,1% YoY
• ▍Net income +159,5% YoY
• ▍Free cash flow +19,6% YoY
• ▍Net margin 1.2%

Revenue kr 2.53B, +7,8% YoY; Operating income +9,7% YoY.

• ▍Revenue kr 2.53B, +7,8% YoY
• ▍Operating income +9,7% YoY
• ▍Net income +4,3% YoY
• ▍Free cash flow −23,0% YoY
• ▍Net margin 12.4%

Revenue kr 3.40B, +9,8% YoY; Operating income −4,0% YoY.

• ▍Revenue kr 3.40B, +9,8% YoY
• ▍Operating income −4,0% YoY
• ▍Net income −8,2% YoY
• ▍Free cash flow +1 044,4% YoY
• ▍Net margin 15.0%

Revenue kr 2.66B; Operating income kr 401.0M.

• ▍Revenue kr 2.66B
• ▍Operating income kr 401.0M
• ▍Net margin 10.0%

Revenue kr 1.68B; Operating income -kr 35.0M.

• ▍Revenue kr 1.68B
• ▍Operating income -kr 35.0M
• ▍Net margin -2.2%

Revenue kr 2.34B; Operating income kr 413.0M.

• ▍Revenue kr 2.34B
• ▍Operating income kr 413.0M
• ▍Net margin 12.8%

Revenue kr 3.10B; Operating income kr 732.0M.

• ▍Revenue kr 3.10B
• ▍Operating income kr 732.0M
• ▍Net margin 18.0%

Revenue kr 10.43B, +9,3% YoY; Operating income +7,8% YoY.

• ▍Revenue kr 10.43B, +9,3% YoY
• ▍Operating income +7,8% YoY
• ▍Net income −0,7% YoY
• ▍Free cash flow +75,0% YoY
• ▍Net margin 10.7%

Revenue kr 9.54B, +4,5% YoY; Operating income +1,1% YoY.

• ▍Revenue kr 9.54B, +4,5% YoY
• ▍Operating income +1,1% YoY
• ▍Net income +2,1% YoY
• ▍Free cash flow −2,2% YoY
• ▍Net margin 11.8%

Revenue kr 9.13B, −9,9% YoY; Operating income −11,8% YoY.

• ▍Revenue kr 9.13B, −9,9% YoY
• ▍Operating income −11,8% YoY
• ▍Net income −13,7% YoY
• ▍Free cash flow +142,2% YoY
• ▍Net margin 12.0%

Revenue kr 10.14B, −2,4% YoY; Operating income −27,1% YoY.

• ▍Revenue kr 10.14B, −2,4% YoY
• ▍Operating income −27,1% YoY
• ▍Net income −28,8% YoY
• ▍Free cash flow −77,8% YoY
• ▍Net margin 12.6%