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Thule Valuation Multiples
Discover revenue and EBITDA valuation multiples for Thule and similar public comparables like Callaway Golf, Asmodée, YETI Holdings, Topgolf and more.
Thule Overview
About Thule
Thule Group AB is a manufacturer of sports and outdoor products. It develops and manufactures premium products that facilitate an active outdoor life. Its product categories; Sport&Cargo Carriers (roof racks, roof boxes, and carriers for transporting cycling, water, and winter sports equipment, and rooftop tents mounted on a car), Juvenile & Pet Products (strollers, bike trailers, and child bike seats), RV Products (awnings, bike carriers and tents for RVs and caravans) and Packs, Bags & Luggage (hiking backpacks, luggage, and camera bags). It has two operating segments: Region Europe and ROW, and Region Americas. Geographic markets: Sweden, Other Nordic countries, Germany, Other Europe, the USA, Other North America, Central/South America, Asia/Pacific Rim, and the Rest of the world.
Founded
1942
HQ
Employees
2.9K
Website
Sectors
Financials (LTM)
EV
$3B
Thule Financials
Thule reported last 12-month revenue of $1B and EBITDA of $229M.
In the same LTM period, Thule generated $488M in gross profit, $229M in EBITDA, and $129M in net income.
Revenue (LTM)
Thule P&L
In the most recent fiscal year, Thule reported revenue of $1B and EBITDA of $225M.
Thule expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $1B | XXX | $1B | XXX | XXX | XXX |
| Gross Profit | $488M | XXX | $523M | XXX | XXX | XXX |
| Gross Margin | 42% | XXX | 45% | XXX | XXX | XXX |
| EBITDA | $229M | XXX | $225M | XXX | XXX | XXX |
| EBITDA Margin | 20% | XXX | 19% | XXX | XXX | XXX |
| EBIT Margin | 16% | XXX | 16% | XXX | XXX | XXX |
| Net Profit | $129M | XXX | $125M | XXX | XXX | XXX |
| Net Margin | 11% | XXX | 11% | XXX | XXX | XXX |
| Net Debt | — | — | $410M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Thule Stock Performance
Thule has current market cap of $3B, and enterprise value of $3B.
Market Cap Evolution
Thule's stock price is $27.07.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $3B | $3B | 0.3% | XXX | XXX | XXX | $1.16 |
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Start Free TrialThule Valuation Multiples
Thule trades at 2.9x EV/Revenue multiple, and 14.7x EV/EBITDA.
EV / Revenue (LTM)
Thule Financial Valuation Multiples
As of April 19, 2026, Thule has market cap of $3B and EV of $3B.
Equity research analysts estimate Thule's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Thule has a P/E ratio of 22.5x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV/Revenue | 2.9x | XXX | 2.9x | XXX | XXX | XXX |
| EV/EBITDA | 14.7x | XXX | 14.9x | XXX | XXX | XXX |
| EV/EBIT | 17.7x | XXX | 18.0x | XXX | XXX | XXX |
| EV/Gross Profit | 6.9x | XXX | 6.4x | XXX | XXX | XXX |
| P/E | 22.5x | XXX | 23.3x | XXX | XXX | XXX |
| EV/FCF | 32.1x | XXX | 36.3x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Thule Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Thule Margins & Growth Rates
Thule's revenue in the last 12 month grew by 1%.
Thule's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.
Thule's rule of 40 is 23% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Thule's rule of X is 26% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Thule Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 1% | XXX | (1%) | XXX | XXX | XXX |
| EBITDA Margin | 20% | XXX | 19% | XXX | XXX | XXX |
| EBITDA Growth | 7% | XXX | 6% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 23% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 26% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 24% | XXX | 25% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 6% | XXX | 6% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 29% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Thule Public Comps
See public comps and valuation multiples for other Sports & Leisure comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Thule | XXX | XXX | XXX | XXX | XXX | XXX |
| Callaway Golf | XXX | XXX | XXX | XXX | XXX | XXX |
| Asmodée | XXX | XXX | XXX | XXX | XXX | XXX |
| YETI Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| Topgolf | XXX | XXX | XXX | XXX | XXX | XXX |
| Husqvarna | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Thule M&A Activity
Thule acquired XXX companies to date.
Last acquisition by Thule was on XXXXXXXX, XXXXX. Thule acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Thule
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
Get Verified M&A Valuation Multiples
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Start Free TrialThule Investment Activity
Thule invested in XXX companies to date.
Thule made its latest investment on XXXXXXXX, XXXXX. Thule invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Thule
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Thule
| When was Thule founded? | Thule was founded in 1942. |
| Where is Thule headquartered? | Thule is headquartered in Sweden. |
| How many employees does Thule have? | As of today, Thule has over 2K employees. |
| Who is the CEO of Thule? | Thule's CEO is Mattias Ankarberg. |
| Is Thule publicly listed? | Yes, Thule is a public company listed on Nasdaq Stockholm. |
| What is the stock symbol of Thule? | Thule trades under THULE ticker. |
| When did Thule go public? | Thule went public in 2014. |
| Who are competitors of Thule? | Thule main competitors are Callaway Golf, Asmodée, YETI Holdings, Topgolf. |
| What is the current market cap of Thule? | Thule's current market cap is $3B. |
| What is the current revenue of Thule? | Thule's last 12 months revenue is $1B. |
| What is the current revenue growth of Thule? | Thule revenue growth (NTM/LTM) is 1%. |
| What is the current EV/Revenue multiple of Thule? | Current revenue multiple of Thule is 2.9x. |
| Is Thule profitable? | Yes, Thule is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Thule? | Thule's last 12 months EBITDA is $229M. |
| What is Thule's EBITDA margin? | Thule's last 12 months EBITDA margin is 20%. |
| What is the current EV/EBITDA multiple of Thule? | Current EBITDA multiple of Thule is 14.7x. |
| What is the current FCF of Thule? | Thule's last 12 months FCF is $105M. |
| What is Thule's FCF margin? | Thule's last 12 months FCF margin is 9%. |
| What is the current EV/FCF multiple of Thule? | Current FCF multiple of Thule is 32.1x. |
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