Thermador Groupe (THEP) AI Stock Analysis

Thermador Groupe

(Paris:THEP)

Select Model

Rating:76Outperform

Price Target:EUR 68.00▲(11.11% Upside)

Action:reiterated

Date:08/06/26

The score is driven primarily by strong financial quality (conservative leverage, solid profitability, and consistently positive free cash flow) and supportive technical trend/momentum (price above key moving averages with positive MACD). These strengths are partially offset by a premium valuation (P/E ~32) and the recent revenue slowdown plus incomplete 2025 reporting fields that reduce visibility into the latest period.

Positive Factors

Sustained profitabilityThermador has maintained healthy profitability despite operating as a distributor, indicating that its product mix, pricing and commercial support generate meaningful economic value. Sustained operating and net margins provide resources to reinvest, withstand softer demand and support durable earnings generation.

Negative Factors

Revenue slowdownThe shift from several years of strong expansion to weaker sales in 2024 and flat revenue in 2025 reduces near-term operating leverage and limits the pace at which earnings can compound. Prolonged slow growth could also constrain margin improvement and reinvestment opportunities.

Thermador Groupe (THEP) vs. iShares MSCI France ETF (EWQ)

Market Cap: EUR 554.63M
Dividend Yield: 3.48%
Average Volume (3M): 5,377
Price to Earnings (P/E): 9.5
Beta (1Y): 0.57
Revenue Growth: 8.14%
EPS Growth: 15.15%
Country: France
Employees: 910
Sector: General
Sector Strength: 55
Industry: Industrial - Distribution

Thermador Groupe Business Overview & Revenue Model

Company Description

Headquartered in Saint-Quentin-Fallavier, France, Thermador Groupe SA, established in 1968, operates as an international distribution company. The firm supplies a comprehensive array of equipment and accessories across diverse sectors. Its product po...

How the Company Makes Money

Thermador Groupe primarily makes money by distributing third-party branded technical equipment for fluid handling and control. Its core revenue stream is the sale of products (e.g., pumps, valves, fittings, and regulation/control components) to profe...

Thermador Groupe Financial Statement Overview

Summary

Solid fundamentals for a distributor: strong 2020–2023 revenue expansion with profitability holding in the low-to-mid teens operating margin range and high-single to ~10% net margins. Balance sheet leverage is conservative (low debt-to-equity historically) with strong ROE through 2024, and free cash flow is consistently positive with good earnings quality (notably strong FCF vs. net income in 2024). Key risks are the 2024–2025 revenue slowdown/flatlining and reduced transparency from multiple 2025 fields that appear missing/zeroed (e.g., gross margin shown as 0%).

Income Statement

78Positive

Balance Sheet

84Very Positive

Cash Flow

81Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	531.01M	501.74M	503.88M	580.95M	553.86M	486.50M
Gross Profit	69.79M	64.05M	182.49M	206.51M	192.84M	175.26M
EBITDA	91.57M	71.22M	73.20M	91.95M	87.75M	80.47M
Net Income	59.11M	44.06M	44.74M	58.30M	58.90M	52.90M
Balance Sheet
Total Assets	602.73M	568.01M	522.11M	522.01M	507.16M	436.51M
Cash, Cash Equivalents and Short-Term Investments	107.72M	96.96M	63.26M	35.24M	16.03M	27.38M
Total Debt	53.07M	51.66M	34.02M	46.85M	53.09M	32.75M
Total Liabilities	188.39M	161.51M	139.72M	163.24M	188.33M	157.87M
Stockholders Equity	414.33M	406.50M	382.39M	358.77M	318.83M	278.47M
Cash Flow
Free Cash Flow	70.58M	63.61M	64.80M	48.86M	14.13M	16.28M
Operating Cash Flow	79.52M	69.31M	74.27M	56.52M	25.17M	28.50M
Investing Cash Flow	-18.11M	-22.40M	-14.00M	-8.37M	-34.69M	-12.10M
Financing Cash Flow	-19.91M	-10.23M	-31.63M	-29.85M	-2.16M	-31.35M

Thermador Groupe Technical Analysis

Technical Analysis SentimentNegative

Last Price61.20

Price Trends

50DMA68.49Negative

100DMA72.43Negative

200DMA71.95Negative

Market Momentum

MACD-2.46Positive

RSI28.24Positive

STOCH18.45Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:THEP, the sentiment is Negative. The current price of 61.20 is below the 20-day moving average (MA) of 63.33, below the 50-day MA of 68.49, and below the 200-day MA of 71.95, indicating a bearish trend. The MACD of -2.46 indicates Positive momentum. The RSI at 28.24 is Positive, neither overbought nor oversold. The STOCH value of 18.45 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:THEP.

Thermador Groupe Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

FR:THEP against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FR:THEP	76Outperform	EUR 554.63M	9.47	14.40%	3.48%	8.14%	15.15%
FR:SAMS	56Neutral	EUR 370.45M	11.40	―	4.65%	-2.13%	74.76%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
FR:PIG	50Neutral	EUR 63.49M	-2.42	-20.93%	10.23%	-2.39%	-46.00%
FR:ALAIR	43Neutral	EUR 5.97M	-1.04	―	―	-10.48%	-102.68%

* General Sector Average

Performance Comparison

FR:THEP and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
FR:THEP	Thermador Groupe	60.30	-13.05	-17.79%
FR:PIG	Haulotte Group	2.15	0.13	6.44%
FR:ALAIR	Groupe Airwell SAS	0.94	-0.90	-49.02%
FR:MLPLC	Placoplatre SA	640.00	141.19	28.31%
FR:ALPJT	Poujoulat SA	5.46	-1.96	-26.42%
FR:SAMS	SAMSE SA	107.50	-12.48	-10.40%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 06, 2026

Thermador Groupe AI Stock Analysis