# Thule Group AB (THULE.ST)

Canonical: https://gigainvestors.com/s/THULE.ST

Analysis as of: 2026-10-16T07:40:41.856Z. Financial observations: FY2009–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 195.30 per share; close as of 2026-10-15.

Estimated value: low SEK 133.76 per share, central SEK 164.41 per share, high SEK 191.41 per share. Buy at or below the central value SEK 164.41 per share. Valuation as of 2026-10-16T07:40:41.856Z; scenarios are not confidence intervals.

Expected annual return: 8.9% at the stated quote. About 8.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SE 10-year bond 3.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.18×

- FY2018: 0.18×

- FY2019: 0.17×

- FY2020: 0.20×

- FY2021: 0.23×

- FY2022: 0.17×

- FY2023: 0.16×

- FY2024: 0.16×

- FY2025: 0.16×

### moat: pass

- ROIC, median of available years: 52.1%

- ROIC, second-lowest year: 27.2%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 40.7%

- Recent gross margin (lower of latest and 3-year median): 42.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 12.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 53.8%

- FY2017: 71.3%

- FY2018: 57.1%

- FY2019: 50.4%

- FY2020: 87.5%

- FY2021: 65.7%

- FY2022: 29.5%

- FY2023: 28.6%

- FY2024: 25.4%

- FY2025: 27.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 6.0B

- Net income, five-year total: SEK 6.4B

- Return on incremental invested capital: 29.6%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 4.8 pp

- Working capital / revenue, final three-year average: 24.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 0.77×

- FY2023: 0.97×

- FY2024: 0.99×

- FY2025: 0.96×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 57.1% vs 27.2%

- Per-share earnings: 6.69 to 10.40 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: SEK 11B

- Cumulative retained earnings: SEK 1.7B

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.7%

- Per-share value change: SEK 3.70

- Per-share value, starting three-year median: SEK 6.69

- Per-share value, ending three-year median: SEK 10.40

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: SEK 5.1B

- Cumulative net income, 10 years: SEK 11B

- ROIC, first three-year median: 57.1%

- ROIC, last three-year median: 27.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 6.69

- FY2017: SEK 6.92

- FY2018: SEK 8.11

- FY2019: SEK 8.56

- FY2020: SEK 11.20

- FY2021: SEK 17.11

- FY2022: SEK 12.12

- FY2023: SEK 10.40

- FY2024: SEK 10.55

- FY2025: SEK 10.33

### accounting: pass

- Sloan accruals: -0.1%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.02×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -3.6%

- FY2018: 3.0%

- FY2019: -1.8%

- FY2020: -5.3%

- FY2021: 6.5%

- FY2022: 5.6%

- FY2023: -6.8%

- FY2024: -7.9%

- FY2025: -0.1%

## Holders

## Price story

Down 64% since Dec 2021 · "Cash Flow from Operations: Negative SEK334 million, influenced by seasonal working capital increase." (finance.yahoo.com, Apr 2025) · sales +9.3%

Story as of 2026-10-16T10:00:11.609Z; price observation 2026-10-15.

Price needs cash profits to grow 5% a year for ten years

### Sales · FY2024–2025

sales +9.3%; source https://filings.xbrl.org/549300XHHOGBOERKU333/2024-12-31/ESEF/SE/0/thule-2024-12-31-0-sv/reports/thule-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 5.6B 

- FY2017: SEK 5.9B 

- FY2018: SEK 6.5B 

- FY2019: SEK 7.0B 

- FY2020: SEK 7.8B 

- FY2021: SEK 10B 

- FY2022: SEK 10B 

- FY2023: SEK 9.1B 

- FY2024: SEK 9.5B 

- FY2025: SEK 10B 

### Gross margin · FY2025

gross margin 46%; source https://filings.xbrl.org/549300XHHOGBOERKU333/2024-12-31/ESEF/SE/0/thule-2024-12-31-0-sv/reports/thule-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 40.2% 

- FY2017: 41.2% 

- FY2018: 40.5% 

- FY2019: 40.2% 

- FY2020: 41.2% 

- FY2021: 40.1% 

- FY2022: 38.1% 

- FY2023: 40.9% 

- FY2024: 42.7% 

- FY2025: 46.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in leisure; annual sales are SEK 10.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 10429000000; grossProfit 4794000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); THULE.ST: Thule Group AB (publ) operates as a sports and outdoor company in Europe, North America, and internationally. It offers roof boxes, roof racks, bike carriers, rooftop tents, and windbreakers, as well as solutions for water and winter sports. The company also provides bike trailers, jogging and all-terrain strollers, child bikes, car seats, and carriers and harnesses for dog transportation; and duffel bags, backpacks, luggage, laptop bags, hiking backpacks, camera bags, and cases for consumer electronics. It sells its products under the Case Logic, Thule, and Quad Lock brands. The company was founded in 1942 and is headquartered in Malmö, Sweden.

### Why customers stay

Margins ranged from 40.9% to 46% during 2023–25; it earns 52.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 40.9%.

- Source: https://filings.xbrl.org/549300XHHOGBOERKU333/2024-12-31/ESEF/SE/0/thule-2024-12-31-0-sv/reports/thule-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 42.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 46%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.5378433788428252],[2017,0.712524316006465],[2018,0.5714950807429787],[2019,0.5036951856137416],[2020,0.8752663394159689],[2021,0.6573032676380536],[2022,0.29489120221971216],[2023,0.28604744873958876],[2024,0.25428890390880715],[2025,0.2715725808849149]]; median 0.5207692822282834. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.7% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 41998597.54135421; upkeep 88001402.45864579; owner earnings 664998597.5413542. Growth capex / owner earnings = 0.06315591896980272.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 32835816.674613044; upkeep 111164183.32538696; owner earnings 664835816.674613. Growth capex / owner earnings = 0.04938936178085559.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 66499936.56197134; upkeep 112500063.43802866; owner earnings 800499936.5619713. Growth capex / owner earnings = 0.0830730066607859.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 26000000; upkeep 135000000; owner earnings 839600000. Growth capex / owner earnings = 0.030967127203430204.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 28000000; upkeep 145000000; owner earnings 1125600000. Growth capex / owner earnings = 0.024875621890547265.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 332320450.78505665; upkeep 174679549.21494335; owner earnings 1728320450.7850566. Growth capex / owner earnings = 0.19227941822600458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 444000000; owner earnings 981200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 251000000; owner earnings 1061600000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300XHHOGBOERKU333/2024-12-31/ESEF/SE/0/thule-2024-12-31-0-sv/reports/thule-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 264000000; owner earnings 1110000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 7000000; upkeep 341000000; owner earnings 1074800000. Growth capex / owner earnings = 0.006512839598064756.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,253000000],[2017,1113000000],[2018,619000000],[2019,722000000],[2020,1621000000],[2021,1621000000],[2022,1359000000],[2023,967000000],[2024,1004000000],[2025,895000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); THULE.ST SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5% yearly over ten years; actual growth was 8.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.059149602754583586. Price 195.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.44 → FY2025 9.970315398886827. Closing-price date 2026-10-15.

## Monthly share-price history (SEK per share)

- 2016-10: SEK 139.50 per share

- 2016-11: SEK 128.75 per share

- 2016-12: SEK 142.50 per share

- 2017-01: SEK 141.90 per share

- 2017-02: SEK 144.30 per share

- 2017-03: SEK 150.30 per share

- 2017-04: SEK 153.70 per share

- 2017-05: SEK 163.20 per share

- 2017-06: SEK 158.10 per share

- 2017-07: SEK 157.20 per share

- 2017-08: SEK 152.20 per share

- 2017-09: SEK 175.00 per share

- 2017-10: SEK 187.30 per share

- 2017-11: SEK 184.20 per share

- 2017-12: SEK 184.90 per share

- 2018-01: SEK 179.50 per share

- 2018-02: SEK 180.20 per share

- 2018-03: SEK 180.60 per share

- 2018-04: SEK 203.20 per share

- 2018-05: SEK 219.00 per share

- 2018-06: SEK 222.80 per share

- 2018-07: SEK 205.60 per share

- 2018-08: SEK 216.60 per share

- 2018-09: SEK 215.00 per share

- 2018-10: SEK 181.30 per share

- 2018-11: SEK 170.20 per share

- 2018-12: SEK 162.10 per share

- 2019-01: SEK 184.20 per share

- 2019-02: SEK 205.40 per share

- 2019-03: SEK 210.00 per share

- 2019-04: SEK 220.80 per share

- 2019-05: SEK 216.40 per share

- 2019-06: SEK 229.40 per share

- 2019-07: SEK 211.80 per share

- 2019-08: SEK 194.70 per share

- 2019-09: SEK 186.40 per share

- 2019-10: SEK 196.30 per share

- 2019-11: SEK 208.60 per share

- 2019-12: SEK 216.00 per share

- 2020-01: SEK 227.80 per share

- 2020-02: SEK 208.40 per share

- 2020-03: SEK 172.80 per share

- 2020-04: SEK 183.50 per share

- 2020-05: SEK 215.80 per share

- 2020-06: SEK 235.20 per share

- 2020-07: SEK 259.80 per share

- 2020-08: SEK 273.20 per share

- 2020-09: SEK 296.80 per share

- 2020-10: SEK 290.40 per share

- 2020-11: SEK 288.80 per share

- 2020-12: SEK 307.60 per share

- 2021-01: SEK 310.60 per share

- 2021-02: SEK 353.00 per share

- 2021-03: SEK 379.20 per share

- 2021-04: SEK 384.40 per share

- 2021-05: SEK 390.00 per share

- 2021-06: SEK 379.40 per share

- 2021-07: SEK 434.40 per share

- 2021-08: SEK 471.00 per share

- 2021-09: SEK 441.60 per share

- 2021-10: SEK 494.80 per share

- 2021-11: SEK 513.00 per share

- 2021-12: SEK 548.00 per share

- 2022-01: SEK 445.60 per share

- 2022-02: SEK 375.40 per share

- 2022-03: SEK 375.00 per share

- 2022-04: SEK 346.90 per share

- 2022-05: SEK 326.80 per share

- 2022-06: SEK 251.30 per share

- 2022-07: SEK 293.20 per share

- 2022-08: SEK 261.30 per share

- 2022-09: SEK 223.50 per share

- 2022-10: SEK 217.60 per share

- 2022-11: SEK 244.70 per share

- 2022-12: SEK 217.70 per share

- 2023-01: SEK 249.10 per share

- 2023-02: SEK 233.20 per share

- 2023-03: SEK 254.70 per share

- 2023-04: SEK 295.70 per share

- 2023-05: SEK 275.10 per share

- 2023-06: SEK 317.10 per share

- 2023-07: SEK 328.40 per share

- 2023-08: SEK 317.30 per share

- 2023-09: SEK 286.90 per share

- 2023-10: SEK 253.30 per share

- 2023-11: SEK 256.80 per share

- 2023-12: SEK 274.50 per share

- 2024-01: SEK 266.10 per share

- 2024-02: SEK 281.50 per share

- 2024-03: SEK 322.70 per share

- 2024-04: SEK 314.00 per share

- 2024-05: SEK 316.00 per share

- 2024-06: SEK 278.00 per share

- 2024-07: SEK 296.20 per share

- 2024-08: SEK 309.20 per share

- 2024-09: SEK 309.60 per share

- 2024-10: SEK 356.20 per share

- 2024-11: SEK 343.40 per share

- 2024-12: SEK 341.60 per share

- 2025-01: SEK 352.00 per share

- 2025-02: SEK 346.40 per share

- 2025-03: SEK 288.00 per share

- 2025-04: SEK 220.00 per share

- 2025-05: SEK 252.80 per share

- 2025-06: SEK 272.00 per share

- 2025-07: SEK 277.80 per share

- 2025-08: SEK 264.80 per share

- 2025-09: SEK 230.60 per share

- 2025-10: SEK 244.40 per share

- 2025-11: SEK 251.20 per share

- 2025-12: SEK 239.80 per share

- 2026-01: SEK 212.80 per share

- 2026-02: SEK 234.40 per share

- 2026-03: SEK 203.20 per share

- 2026-04: SEK 228.80 per share

- 2026-05: SEK 218.20 per share

- 2026-06: SEK 206.00 per share

- 2026-07: SEK 218.80 per share

- 2026-08: SEK 205.00 per share

- 2026-09: SEK 198.80 per share

- 2026-10: SEK 191.10 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 57.12 per share, central SEK 64.11 per share, high SEK 73.41 per share

- FY2017: low SEK 65.65 per share, central SEK 74.07 per share, high SEK 85.29 per share

- FY2018: low SEK 78.30 per share, central SEK 89.02 per share, high SEK 103.29 per share

- FY2019: low SEK 89.57 per share, central SEK 101.74 per share, high SEK 117.96 per share

- FY2020: low SEK 103.34 per share, central SEK 116.86 per share, high SEK 134.86 per share

- FY2021: low SEK 156.17 per share, central SEK 208.62 per share, high SEK 244.30 per share

- FY2022: low SEK 148.30 per share, central SEK 193.61 per share, high SEK 226.47 per share

- FY2023: low SEK 125.66 per share, central SEK 160.34 per share, high SEK 187.33 per share

- FY2024: low SEK 116.04 per share, central SEK 131.76 per share, high SEK 152.69 per share

- FY2025: low SEK 132.74 per share, central SEK 163.61 per share, high SEK 190.80 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300XHHOGBOERKU333/2024-12-31/ESEF/SE/0/thule-2024-12-31-0-sv/reports/thule-2024-12-31-0-sv.xhtml); period 2024-12-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations