Let’s take a look at the big names in the kiteboarding industry and see which companies are making the strongest moves out on the water:
Duotone is powered by Boards & More GmbH, a kiteboarding heavyweight, leading with innovative gear and designs that set the standard on every beach.
Core is flown by Core Kiteboarding GmbH, a precision-engineered, high-performance brand known for its German craftsmanship and relentless pursuit of kite perfection.
Flysurfer is run by skywalk GmbH & Co. KG, a brand that excels not just in kiteboarding, but in snow-kiting too, proving they can handle any terrain.
F-One is captained by F.ONE SAS, the French innovators who’ve been pushing kiteboarding forward since day one. Sleek, fast, and always stylish, they’ve got their eyes on the prize.
North Kiteboarding? Their direction comes from North Actionsports Group Ltd., a new player with deep roots in the industry, reimagining the brand with progressive ideas.
These brands are the top players out there, each with a different style and strategy that keeps their kiteboards speeding across the water.
Alright, let’s take a look at some actual numbers and see which of our kiteboarding companies are catching serious wind and flying high, and which might be struggling to stay afloat. Ready? Grab your harness, check your lines, and let’s dive in!
Here’s how much wind (revenue) these companies are catching in their sails:
Boards & More (Duotone) is catching the biggest gust with €117.2M—they’re absolutely flying across the water. You can feel the lift just looking at that number.
F-One is close behind, cruising with €29.8M, riding smooth and steady. ***
North Kiteboarding and Core are neck-and-neck with €17.4M and €15.4M respectively. They’re in the game, but riding at a more relaxed pace.
skywalk is bringing up the rear with €14.0M—still cruising, but more of a chill ride than a high-speed session. ***
Revenue is one thing, but earnings show how fast these brands are really riding after covering all their expenses.
Boards & More is still ahead with a solid €6.7M in earnings, keeping them cruising at a fast pace. ****
F-One is riding strong too with €5.0M, showing they’ve got smooth control. ***
North Kiteboarding is moving well with €2.3M. Not the fastest, but they’re gaining speed.
skywalk is steady at €1.2M—not breaking any speed records, but they’re moving forward.
Core is losing speed with €28.7K. They’ve hit a bump, but their explosive release of the XR Pro should help this.
Equity tells us how strong their setup is, after accounting for debts:
Boards & More has a powerful board with €19.6M in equity—rock solid. ****
F-One follows with €10.2M—a solid ride. ***
North Kiteboarding isn’t far behind with €5.7M—not bad for a newer player.
skywalk is cruising with €1.2M.
Core has just €355K, showing they’ve got a more fragile setup.
This measures how much of their ride is solid equity versus risky debt:
F-One leads with a 71.1% equity ratio, making them super stable. ***
Boards & More is at 22.4%, showing they’ve got some stability but also rely on debt. ****
North Kiteboarding and skywalk are close with 18.4% and 16.5% respectively.
Core is at 2.4%—they’re riding with too much debt.
Here’s the total value of all their assets (gear, factories, and everything else):
Boards & More is sitting on a mountain of treasure at 87.4M €—clearly, they’ve pillaged well. ****
North Kiteboarding has a decent chest with 30.2M €, while Core has 14.9M €.
F.ONE has 14.4M €—not bad for a French crew, and skywalk comes in last with 7.2M €, but still a decent value for a smaller brand. ***
Let’s see how much debt these brands are carrying:
Boards & More has a heavy load with €64.0M in liabilities - ouch, that's a lot of drag. It's no surprise they're riding a really big board. ****
North Kiteboarding has €24.4M in debt - manageable but still pretty hefty.
Core is burdened with €14.0M, which is a big and heavy rider for their small kite size
skywalk has €5.8M, while F-One has the least drag with €4.1M - the lightest of the bunch keeping their debt nice and tidy.
Cash is the key to staying in the game, and here’s who has the most:
F.ONE has the healthiest stash of €4.8M in cash. ***
Boards & More follows with €4.1M. This will easily keep them going but isn't massive for their size. ****
skywalk has €448.6K, enough to keep things running smoothly.
North Kiteboarding holds €243.0K - not much room for error!
Core is in a risky position holding €89.7K. They might want to refinance or tighten the budget to keep the lines from snapping during the next storm.