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Swedish maker of outdoor and sports transport products, including roof boxes, bike racks and luggage, sold under the Thule brand.
Swedish maker of outdoor and sports transport products, including roof boxes, bike racks and luggage, sold under the Thule brand.
Sells through sports and outdoor retailers, bike shops and car dealers, with fit-to-vehicle racks and boxes bought as add-ons to cars people already own, so car ownership as much as outdoor trends fuels demand.
In one line: A premium outdoor-gear brand like a smaller Yeti Holdings.
Moat: narrow (brand, distribution, installed base). Premium brand loyalty and dealer/OEM (car roof-rail) relationships support pricing power in a discretionary category.
Headquarters: Malmo, Sweden · Founded: 1942 · Employees: 2,880
Size Thule (THULE.ST) is a Sweden Consumer Discretionary company (Motor Vehicles) with a market value of $2.39B, the 70th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 216.80 on 6 Nov 2026.
Performance Over six months the shares fell 5.7%, against -14.8% for the median peer and +8.2% for the Sweden market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 1.6% over the last twelve months (peer median +10.2%); the operating margin is 17.1% (peer median 3.5%).
Valuation It trades at 18.3× forward earnings against a peer median of 11.9× (4th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.4 points above its cost of capital (9.6% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 10.4B | SEK 10.4B | SEK 9.54B | SEK 9.13B | SEK 10.1B |
| Revenue growth | — | +9% | +4% | -10% | — |
| Gross profit | SEK 4.88B | SEK 4.76B | SEK 4.07B | SEK 3.73B | SEK 3.85B |
| EBITDA | SEK 2.15B | SEK 2.04B | SEK 1.80B | SEK 1.76B | SEK 1.91B |
| Net income | SEK 1.24B | SEK 1.11B | SEK 1.12B | SEK 1.10B | SEK 1.27B |
| Free cash flow | SEK 1.30B | SEK 784M | SEK 2.05B | SEK 1.60B | SEK 173M |
| Capital expenditure | SEK 400M | SEK 348M | SEK 264M | SEK 251M | SEK 444M |
| Total debt | SEK 4.44B | SEK 4.27B | SEK 4.38B | SEK 2.17B | SEK 3.09B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Thule THULE.ST | $2.39B | -6% | +2% | 17% | 18.3× | 9.3% |
| YETI YETI | $3.28B | +8% | +6% | 12% | 14.2× | 11.5% |
| Samsonite 1910.HK | $2.52B | -6% | +1% | 15% | 10.3× | -12.2% |
| V.F VFC | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | THULE.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.6% | -2.3% | 2nd highest of 21 |
| 6-month return | -5.7% | -14.8% | 5th highest of 21 |
| Distance from 52-week high | -15.3% | -32.2% | 3rd highest of 21 |
| Revenue growth (TTM) | +1.6% | +10.2% | 8th lowest of 21 |
| Operating margin | 17.1% | 3.5% | 3rd highest of 21 |
| Forward P/E | 18.3× | 11.9× | 4th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 9.3% | 1.7% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +5.9% | +9.9% | 6th lowest of 13 |
| Hurdle (Req g minus delivered) | +3.3 pp | -7.5 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | +2.4 pp | +0.2 pp | 8th highest of 20 |
| EV / EBITDA | 12.5× | 6.1× | 3rd most expensive of 8 |
| Net debt / EBITDA | 1.6× | 0.2× | 2nd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Thule THULE.ST | Sweden | $2.39B | -6% | +2% | 17% | 18.3× | 9.3% | +5.9% |
| China Railway Materials 000927.SZ | China | $2.20B | -14% | +1% | 2% | n/a | 6.3% | -5.0% |
| Force Motors FORCEMOT.NS | India | $2.64B | -8% | +16% | 12% | n/a | 25.2% | +35.4% |
| Aima Technology 603529.SS | China | $2.67B | -11% | -11% | 5% | 12.7× | n/a | n/a |
| Beiqi Foton Motor 600166.SS | China | $2.88B | -31% | +13% | 1% | 10.1× | -1.2% | +1.3% |
| Trigano TRI.PA | France | $2.93B | -16% | +2% | 9% | 9.4× | -6.0% | +10.9% |
| Zhejiang Taotao Vehicles 301345.SZ | China | $1.91B | -54% | +53% | 25% | 11.9× | 2.2% | +23.3% |
| Blue Bird BLBD | United States | $1.82B | -18% | +13% | 12% | 12.8× | 3.7% | +11.0% |
| Ola Electric Mobility OLAELEC.NS | India | $1.81B | -3% | -49% | -83% | n/a | n/a | n/a |
| Mitsubishi Motor 7211.T | Japan | $3.21B | +13% | +5% | 3% | 17.9× | n/a | n/a |
| Jiangling Motors 000550.SZ | China | $1.70B | -12% | +7% | 1% | 11.9× | n/a | n/a |
| Yadea 1585.HK | Hong Kong | $3.36B | -28% | +13% | 7% | 8.9× | -11.2% | +13.0% |
| Harley-Davidson HOG | United States | $3.40B | +28% | -15% | -4% | 18.6× | 0.4% | +2.0% |
| Minth 0425.HK | Hong Kong | $3.45B | -37% | +14% | 11% | 7.5× | 2.7% | +14.8% |
| Sinotruk Jinan Truck 000951.SZ | China | $3.46B | -10% | +36% | 4% | 11.2× | -5.8% | -0.8% |
| Xuzhou Handler Special Vehicle 300201.SZ | China | $1.64B | -9% | +18% | 22% | 22.5× | 22.0% | -3.3% |
| Volvo Car VOLCAR-B.ST | Sweden | $3.63B | -45% | -17% | 0% | n/a | n/a | n/a |
| Dongfeng Automobile 600006.SS | China | $1.53B | -24% | -5% | -13% | n/a | n/a | n/a |
| Sanyang Motor 2206.TW | Taiwan | $1.43B | +8% | -3% | 8% | n/a | 1.2% | +9.0% |
| BAIC BluePark New Energy Technology 600733.SS | China | $4.02B | -41% | +54% | -19% | n/a | n/a | n/a |
| FAW Jiefang 000800.SZ | China | $4.11B | -17% | +22% | -1% | 29.5× | n/a | n/a |