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Dometic Group AB (publ)

DOM.ST
41
Leisure · Consumer Cyclical
Price
kr 23.84
+0.60 (+2.58%)
Market Cap
kr 7.62B
Exchange
Stockholm Stock Exchange
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Strong
Stability
Good
Valuation
Strong
Dividends
Mixed

Share count rising — dilution

+3.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 309.6M (2021) → 319.5M (2025)

Winston Score History

The full picture

Dometic Group is a Swedish company that makes climate control, cooling, and comfort products for people on the move. Its core products include refrigerators, air conditioners, awnings, and toilets built for RVs, boats, trucks, and outdoor adventures. The company sells to both vehicle manufacturers and everyday consumers who want to make their mobile or outdoor life more comfortable.

Dometic earns money by selling hardware products through dealers, retailers, and directly to vehicle makers as original equipment. It operates globally, with strong sales in North America and Europe, and generates roughly $2 billion in annual revenue. The company has built a recognizable brand in a niche market where switching costs and specialized engineering create some competitive protection. However, Dometic is exposed to the recreational vehicle industry, which is cyclical and sensitive to consumer confidence and interest rates — a slowdown in RV demand is one of the main risks the business faces going forward.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
28.0%
Modest — 28.0% gross margin
Profit after running costs
Operating Margin
10.2%
Modest — 10.2% operating margin
Return on the money invested
ROCE
4.3%
Weak — 4.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-10.6%
Shrinking sales (-10.6% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
617%
Turns 617% of profit into real cash
Spare cash per sale
FCF Margin
7.8%
Modest free cash flow (7.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.56
Conservative — low debt load (0.56)
Covers its interest
Interest Cover
1.73x
Dangerous — barely covers interest (1.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
24.8x
Growth-priced — P/E 24.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+15.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (24.8 → 9.0)

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Dividends

Dividend
Dividend Yield
2.10%
Moderate income — 2.10% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-44.1%
Dividend cut (-44.1% YoY) — warning sign

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