Dometic Group AB (publ) (DTCGF)
UndervaluedFundamental
69
Price
$20.82
Market Cap
$6.60B
Part 1 · What the company is worth
Overview
Dometic makes the equipment that lets people cook, cool, power and stay comfortable away from a fixed home: refrigerators, air conditioners, awnings and power systems for recreational vehicles, plus similar climate and power equipment for boats under its Marine brands. It sells both to vehicle and boat manufacturers who fit the equipment during production, and through dealers to owners upgrading or replacing gear after purchase.
How it makes money
Revenue comes from selling hardware either to original equipment manufacturers, who install it before a vehicle or boat is sold, or through the aftermarket, where dealers and owners buy replacement or upgrade parts. Demand for both channels tracks how many new RVs, caravans and boats are being built and how much people are spending on outdoor recreation, which makes the business sensitive to consumer discretionary spending and to interest rates that affect big-ticket purchases.
Competitive moat
Brand · NarrowDometic's names are well established with RV and marine manufacturers who specify its equipment as original fittings, which gives it a durable relationship advantage in a niche market. The advantage is narrow because the underlying products — refrigerators, air conditioners, awnings — are not difficult for competitors to replicate, and OEM customers can and do switch suppliers when price or quality shifts.
What drives demand
CyclicalRVs, caravans and boats are large discretionary purchases that buyers postpone when consumer confidence weakens or credit gets more expensive, which flows directly through to Dometic's OEM orders. The company itself described 2025 as a year of tough market conditions and declining demand in the outdoor recreation industry, with only tentative signs of stabilisation by year-end.
The case for
Buyers argue that the 2025 sales decline eased through the year, order intake improved and channel inventories began normalising, suggesting the worst of the outdoor-recreation downturn is behind the company as tariff-related cost headwinds also fade.
The case against
Sellers fear that a business this tied to discretionary RV and marine purchases remains exposed to consumer confidence and to whatever tariff or trade policy comes next, and that a genuine recovery in OEM demand may take longer than early signs of stabilisation suggest.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users
In the outdoor segment Dometic builds around Igloo, and YETI names Igloo among its direct rivals: both fight for the same buyer of portable coolers, ice boxes and drinkware in North American retail.
Thetford sells the same RV and marine categories as Dometic — sanitation systems, absorption refrigerators and cooking appliances — to the same vehicle manufacturers and the same aftermarket dealers in Europe and North America.
Truma, family-owned in Germany, competes head-on with Dometic on climate and comfort for caravans and motorhomes: heaters, roof air conditioners, water heaters and gas systems fitted by European RV manufacturers.
Airxcel is the main alternative to Dometic for North American RV air conditioning, heating and appliances, bidding for the same OEM fitments on towables and motorhomes.
Lippert supplies RV and boat builders with awnings, air conditioners, water heaters and electronics — the same shelf of components Dometic sells to the same customers, plus the same aftermarket channel.
Webasto sells parking heaters and roof air conditioning for camper vans, trucks and specialty vehicles, the same cab- and cabin-climate business Dometic serves outside pure leisure RVs.
Balance Sheet & Liquidity
Revenue
$20.15B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$310M
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$1.66B
Total Equity
$22.96B
Total Liabilities
$14.62B
Current Ratio
1.65
Interest Coverage
-
Debt/EBITDA
5.91
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$31.63
Current Price
$20.82
Margin of Safety
+34.2%
Fair Value Range
$20.56 - $42.70
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
21.46
ROE
1.4%
P/B Ratio
0.29
P/FCF
3.97
Gross Margin
29.5%
ROIC
4.3%
Profitability Radar
Value Creation (Economic Moat)
ROIC
4.3%
WACC
3.8%
ROIC − WACC
+0.5 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (13)
- P/FCF 3.97
- P/B Ratio 0.29
- Debt/Equity ratio
- Operating Margin 7.1%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Undervalued)
- Revenue Growth 5Y 5.4%
- Analyst Consensus 82% Buy
- Earnings Quality (OCF/NI) 5.59
- Net Margin Trend 2.0% vs -9.4%
Failed (7)
- Price CAGR -10.98%
- ROIC 4.3%
- Gross Margin 29.5%
- CapEx intensity
- ROE 1.4%
- Earnings Surprise avg -64.2%
- Piotroski F-Score 2/9
Unavailable (7)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
No institutional filings reported for this company.
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Juan Vargues | President & CEO | 66 |
| Mr. Per Carlsson | Acting Chief Financial Officer | 61 |
| Mr. Anton Lundqvist | Chief Technology Officer | 55 |
| Mr. Tobias Norrby | Head of Investor Relations | - |
| Ms. Anna Smieszek Ph.D. | Executive VP & Group General Counsel | 61 |
| Mr. Peter Jannero | Chief Marketing Officer | 56 |
| Ms. Jenny Evelius | Executive VP & Head of Group HR | 56 |
| Ms. Chialing Hsueh | President of Global Ventures | 62 |
| Mr. Eric B. Fetchko | President of Segment Marine | 63 |
| Mr. Goran Popovski | President of Segment Land Vehicles | 51 |
Audit Risk
8
Board Risk
5
Compensation Risk
9
Shareholder Rights Risk
1
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for DTCGF, sourced from Markets Gazette.