Thule Group AB (THULE) - Net Assets
Based on the latest financial reports, Thule Group AB (THULE) has net assets worth Skr7.23 Billion SEK (≈ $777.85 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Skr13.74 Billion ≈ $1.48 Billion USD) and total liabilities (Skr6.51 Billion ≈ $701.01 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check how tangible is Thule Group AB's equity to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Skr7.23 Billion |
| % of Total Assets | 52.6% |
| Annual Growth Rate | 10.44% |
| 5-Year Change | 24.28% |
| 10-Year Change | 88.92% |
| Growth Volatility | 15.53 |
Thule Group AB - Net Assets Trend (2000–2025)
This chart illustrates how Thule Group AB's net assets have evolved over time, based on quarterly financial data. See Thule Group AB defensive liquidity buffer to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Thule Group AB (2000–2025)
The table below shows the annual net assets of Thule Group AB from 2000 to 2025. For live valuation and market cap data, see THULE market cap overview.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | Skr7.23 Billion ≈ $777.85 Million |
-10.71% |
| 2024-12-31 | Skr8.10 Billion ≈ $871.15 Million |
+18.19% |
| 2023-12-31 | Skr6.85 Billion ≈ $737.06 Million |
+4.52% |
| 2022-12-31 | Skr6.55 Billion ≈ $705.21 Million |
+12.67% |
| 2021-12-31 | Skr5.82 Billion ≈ $625.89 Million |
+10.72% |
| 2020-12-31 | Skr5.25 Billion ≈ $565.31 Million |
+21.32% |
| 2019-12-31 | Skr4.33 Billion ≈ $465.98 Million |
+7.93% |
| 2018-12-31 | Skr4.01 Billion ≈ $431.76 Million |
+15.72% |
| 2017-12-31 | Skr3.47 Billion ≈ $373.10 Million |
-9.38% |
| 2016-12-31 | Skr3.83 Billion ≈ $411.74 Million |
+18.53% |
| 2015-12-31 | Skr3.23 Billion ≈ $347.38 Million |
+8.83% |
| 2014-12-31 | Skr2.97 Billion ≈ $319.19 Million |
+64.59% |
| 2013-12-31 | Skr1.80 Billion ≈ $193.92 Million |
+7.39% |
| 2012-12-31 | Skr1.68 Billion ≈ $180.58 Million |
+8.96% |
| 2011-12-31 | Skr1.54 Billion ≈ $165.73 Million |
+14.84% |
| 2010-12-31 | Skr1.34 Billion ≈ $144.31 Million |
+15.01% |
| 2009-12-31 | Skr1.17 Billion ≈ $125.48 Million |
-3.16% |
| 2006-12-31 | Skr1.20 Billion ≈ $129.57 Million |
+21.86% |
| 2005-12-31 | Skr988.00 Million ≈ $106.32 Million |
-7.23% |
| 2004-12-31 | Skr1.06 Billion ≈ $114.61 Million |
+39.03% |
| 2003-12-31 | Skr766.00 Million ≈ $82.43 Million |
+5.95% |
| 2002-12-31 | Skr723.00 Million ≈ $77.81 Million |
+6.32% |
| 2001-12-31 | Skr680.00 Million ≈ $73.18 Million |
+12.58% |
| 2000-12-31 | Skr604.00 Million ≈ $65.00 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Thule Group AB's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 0.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | Skr7.23 Billion | 100.00% |
| Total Equity | Skr7.23 Billion | 100.00% |
Thule Group AB Competitors by Market Cap
The table below lists competitors of Thule Group AB ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
China Science Publishing & Media Ltd
SHG:601858
|
$2.45 Billion |
|
Grindwell Norton Limited
NSE:GRINDWELL
|
$2.45 Billion |
|
Regional S.A.B. de C.V
MX:RA
|
$2.45 Billion |
|
DBG Technology Co Ltd Class A
SHE:300735
|
$2.45 Billion |
|
Hubei Wanrun New Energy Technology Co. Ltd. A
SHG:688275
|
$2.45 Billion |
|
Hugo Boss AG
F:BOSA
|
$2.45 Billion |
|
LG Household & Healthcare
KO:051900
|
$2.45 Billion |
|
Guangshen Railway Co Ltd
SHG:601333
|
$2.45 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Thule Group AB's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 8,095,000,000 to 7,228,000,000, a change of -867,000,000 (-10.7%).
- Net income of 1,114,000,000 contributed positively to equity growth.
- Dividend payments of 895,000,000 reduced retained earnings.
- Share repurchases of 9,000,000 reduced equity.
- New share issuances of 9,000,000 increased equity.
- Other comprehensive income decreased equity by 1,078,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Skr1.11 Billion | +15.41% |
| Dividends Paid | Skr895.00 Million | -12.38% |
| Share Repurchases | Skr9.00 Million | -0.12% |
| Share Issuances | Skr9.00 Million | +0.12% |
| Other Comprehensive Income | Skr-1.08 Billion | -14.91% |
| Other Changes | Skr-8.00 Million | -0.11% |
| Total Change | Skr- | -10.71% |
Book Value vs Market Value Analysis
This analysis compares Thule Group AB's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 3.15x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 11.60x to 3.15x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2011-12-31 | Skr18.20 | Skr211.20 | x |
| 2012-12-31 | Skr19.80 | Skr211.20 | x |
| 2013-12-31 | Skr21.27 | Skr211.20 | x |
| 2014-12-31 | Skr29.47 | Skr211.20 | x |
| 2015-12-31 | Skr32.08 | Skr211.20 | x |
| 2016-12-31 | Skr37.58 | Skr211.20 | x |
| 2017-12-31 | Skr33.80 | Skr211.20 | x |
| 2018-12-31 | Skr38.91 | Skr211.20 | x |
| 2019-12-31 | Skr41.90 | Skr211.20 | x |
| 2020-12-31 | Skr50.52 | Skr211.20 | x |
| 2021-12-31 | Skr55.09 | Skr211.20 | x |
| 2022-12-31 | Skr62.30 | Skr211.20 | x |
| 2023-12-31 | Skr65.06 | Skr211.20 | x |
| 2024-12-31 | Skr76.43 | Skr211.20 | x |
| 2025-12-31 | Skr67.05 | Skr211.20 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Thule Group AB utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 15.41%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 10.68%
- • Asset Turnover: 0.76x
- • Equity Multiplier: 1.90x
- Recent ROE (15.41%) is below the historical average (15.99%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2011 | 14.30% | 5.34% | 0.49x | 5.51x | Skr66.20 Million |
| 2012 | 16.02% | 6.14% | 0.52x | 4.98x | Skr100.70 Million |
| 2013 | 3.45% | 1.43% | 0.54x | 4.47x | Skr-117.70 Million |
| 2014 | -4.72% | -2.98% | 0.68x | 2.34x | Skr-436.60 Million |
| 2015 | 13.75% | 8.35% | 0.77x | 2.14x | Skr121.20 Million |
| 2016 | 17.67% | 12.05% | 0.71x | 2.06x | Skr293.40 Million |
| 2017 | 20.39% | 12.04% | 0.81x | 2.10x | Skr360.30 Million |
| 2018 | 20.86% | 12.91% | 0.84x | 1.92x | Skr435.80 Million |
| 2019 | 20.39% | 12.55% | 0.85x | 1.91x | Skr450.00 Million |
| 2020 | 22.20% | 14.90% | 0.93x | 1.61x | Skr640.70 Million |
| 2021 | 30.78% | 17.23% | 1.02x | 1.75x | Skr1.21 Billion |
| 2022 | 19.46% | 12.58% | 0.87x | 1.78x | Skr619.70 Million |
| 2023 | 16.05% | 12.03% | 0.83x | 1.60x | Skr414.10 Million |
| 2024 | 13.86% | 11.76% | 0.64x | 1.85x | Skr312.50 Million |
| 2025 | 15.41% | 10.68% | 0.76x | 1.90x | Skr391.20 Million |
Industry Comparison
This section compares Thule Group AB's net assets metrics with peer companies in the Leisure industry.
Industry Context
- Industry: Leisure
- Average net assets among peers: $2,590,158,167
- Average return on equity (ROE) among peers: -32.05%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Thule Group AB (THULE) | Skr7.23 Billion | 14.30% | 0.90x | $2.45 Billion |
| Financière Amuse TopCo SAS (ASMDEE-B) | $2.29 Billion | -23.58% | 0.30x | $3.24 Billion |
| Actic Group AB (ATIC) | $364.51 Million | -1.09% | 2.51x | $74.94 Million |
| Dometic Group AB (publ) (DOM) | $17.36 Billion | 7.63% | 1.11x | $1.00 Billion |
| MIPS AB (MIPS) | $220.57 Million | 7.17% | 0.10x | $666.53 Million |
| Profoto Holding AB (PRFO) | $334.00 Million | -5.39% | 1.01x | $35.56 Million |
| Soder Sportfiske AB (SODER) | $92.60 Million | 9.72% | 0.46x | $13.88 Million |
| USWE Sports AB (USWE) | $1.99 Million | -297.21% | 6.50x | $8.37 Million |
| Unlimited Travel Group UTG AB (publ) (UTG) | $49.62 Million | 46.35% | 4.80x | $29.22 Million |
About Thule Group AB
Thule Group AB (publ) operates as a sports and outdoor company. The company offers roof racks and boxes, as well as carriers for transporting cycling, and water and winter sports equipment; rooftop tents mounted on a car; awnings, bike carriers, and tents for recreational vehicles and caravans; and bike trailers, child bike seats, strollers, car seats, and dog transportation crates. It also provi… Read more