Thule Group AB (publ)

THULE.ST

Leisure · Consumer Cyclical

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Mixed

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Winston Score History

The full picture

Thule Group is a Swedish company that makes gear for people who want to bring their stuff along on outdoor adventures. Its core products include roof racks, bike carriers, cargo boxes, hiking backpacks, strollers, and bags for cameras and laptops. The company sells to outdoor enthusiasts and active families, and its products are carried by retailers and outdoor specialty stores around the world.

Thule earns money by selling physical products through retail partners and its own online store, with no subscription model. It operates globally, with strong sales in Europe and North America, and generates roughly $1 billion in annual revenue. The brand is well recognized in the outdoor and active lifestyle space, which gives it some pricing power, but it competes against both premium brands and cheaper alternatives. The main risk is that its products are discretionary purchases, meaning consumers tend to cut back on them when household budgets get tight.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+4.8% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 444M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Thule Group AB (publ) is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

47.3%

Healthy — 47.3% gross margin

Profit after running costs

Operating Margin

22.1%

Excellent — 22.1% operating margin

Return on the money invested

ROCE

14.4%

Good — 14.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+2.7%

Nearly flat sales (+2.7% YoY)

Profit growth

EPS YoY

+11.1%

Earnings growing (+11.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

135%

Turns 135% of profit into real cash

Spare cash per sale

FCF Margin

11.1%

Modest free cash flow (11.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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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

10.66x

Comfortably covers interest (10.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.2x

no trend

Fair value — P/E 19.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.2 → 14.8)

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Dividends

Dividend

Dividend Yield

3.80%

no trend

Moderate income — 3.80% yield

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

Dividend record

Dividend Growth

-11.2%

no trend

Dividend cut (-11.2% YoY) — warning sign

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