Amer Sports, Inc. (AS) AI Stock Analysis

• Market Cap: $19.40B
• Dividend Yield: N/A
• Average Volume (3M): 5.68M
• Price to Earnings (P/E): 48.6
• Beta (1Y): 1.12
• Revenue Growth: 25.90%
• EPS Growth: N/A
• Country: US
• Employees: 13,400
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 0.31
• Shares Outstanding: 578,271,800
• 10 Day Avg. Volume: 6,887,590
• 30 Day Avg. Volume: 5,675,281
• PEG Ratio: 0.12
• Price to Book (P/B): 3.58
• Price to Sales (P/S): 3.16
• P/FCF Ratio: 41.20
• Enterprise Value/Market Cap: 1.09
• Enterprise Value/Revenue: 3.22
• Enterprise Value/Gross Profit: 5.59
• Enterprise Value/Ebitda: 25.54
• 1Y Price Target: $50.20
• Price Target Upside: 55.23% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): 1.18
• Revenue Forecast (FY): $7.73B

• Rating: 66 Neutral
• Price Target: $35.00 ▲(8.23% Upside)
• Action: Downgraded Date: 03/03/26
• Date: Action: Downgraded 03/03/26

The score is driven primarily by improved financial performance (clear profitability and cash-flow step-up) and constructive, growth-oriented 2026 guidance from the earnings call. These positives are tempered by a high valuation (P/E ~49.8) and mixed near-term technicals with the stock below key short-term moving averages.

Positive Factors

Strong, broad-based revenue growth

Broad-based 27% revenue growth across segments and regions demonstrates scalable demand and reduced concentration risk. That scale supports higher fixed-cost absorption, mix-driven gross margin gains and gives management room to invest in DTC and retail expansion while preserving long-term operating leverage if growth sustains.

Premium brand momentum (Arc’teryx)

Arc’teryx’s rapid sales and retail expansion indicate durable brand strength and pricing power. Continued store openings and robust comp growth signal sustainable DTC economics, stronger gross margins from premium mix, and a platform for cross‑category growth that supports margin durability over the medium term.

Proactive capital‑structure repair

Using equity proceeds to retire $720M of secured notes materially reduces secured leverage and future interest expense. This simplification of the capital structure and lower fixed finance costs improves financial flexibility, lowers refinancing risk, and supports sustainable free cash flow retention for investment or deleveraging.

Negative Factors

Elevated inventory

Inventory rising faster than sales ties up working capital and raises markdown risk if demand softens. Higher goods‑in‑transit and earlier receipts can prolong cash conversion cycles and pressure short-term free cash flow; sustained elevated inventory would weaken liquidity ratios and margin sustainability.

SG&A deleverage and higher corporate costs

Management is accelerating SG&A and retail investments, which raises fixed operating costs and temporarily compresses operating margins. If these investments do not convert to sustained higher returns, the higher SG&A base could cap medium‑term margin expansion and require ongoing efficiency gains to restore leverage.

Higher capex and finance costs

Elevated capex and rising finance costs increase fixed outflows and reduce free cash available to shareholders. Until these investments generate commensurate returns, higher depreciation, ROU charges and interest expense will compress net income and could limit the pace of deleveraging or shareholder returns over the medium term.

Amer Sports, Inc. Business Overview & Revenue Model

Company Description

Amer Sports, Inc. designs, manufactures, markets, distributes, and sells sports equipment, apparel, footwear, and accessories in Europe, the Middle East, Africa, the Americas, China, and the Asia Pacific. The company operates through three segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports. The Technical Apparel segment offers outdoor apparel, footwear, and accessories under the Arc'teryx and Peak Performance brands. The Outdoor Performance segment provides outdoor apparel, footwear, accessories, and winter sports equipment under the Salomon, Atomic, Armada, and ENVE brands. The Ball & Racquet Sports segment offers sports equipment, apparel, and accessories under the Wilson, DeMarini, Louisville Slugger, EvoShield, and ATEC brands. The company also provides climbing gears, hiking and running footwear, skiing and snowboarding gears, functional athletic apparel, and lifestyle footwear, as well as sporting equipment for tennis, baseball, American football, basketball, golf, and various other professional and recreational sports. It sells its products through its retail stores, general sporting goods retailers, specialty stores, independently operated partner stores, and distributors, as well as its e-commerce websites, and retailer-owned and third-party e-commerce websites. The company was formerly known as Amer Sports Management Holding (Cayman) Limited and changed its name to Amer Sports, Inc. in August 2023. Amer Sports, Inc. was founded in 1950 and is based in Helsinki, Finland.

How the Company Makes Money

Amer Sports makes money primarily by selling sporting goods (equipment, apparel, and footwear) under its portfolio of brands. Its core revenue streams generally include: (1) wholesale sales to third-party retailers and distributors, where the company supplies products that are then resold to end consumers; and (2) direct-to-consumer (DTC) sales through its owned brand websites and retail stores, capturing retail margin and enabling higher-priced premium assortments. Revenue is supported by ongoing product refresh cycles (new models/seasonal collections), brand marketing that sustains premium positioning, and a global distribution footprint that broadens addressable demand across regions. If Amer Sports reports additional material revenue streams such as licensing, royalties, or service/aftermarket revenue, this information is null.

Amer Sports, Inc. Financial Statement Overview

Summary

TTM results show a meaningful profitability and margin inflection (revenue +7.6%, net margin 6.5%, stronger gross and EBIT margins) alongside improved operating and free cash flow. Offsetting this, profitability/cash flow have been historically volatile and debt increased to $2.4B TTM (from $1.5B in 2024), adding balance-sheet risk despite normalization from prior negative/near-zero equity periods.

Income Statement

AS shows a clear profitability inflection in TTM (Trailing-Twelve-Months): revenue grew 7.6% and net margin improved to 6.5% versus 1.4% in 2024 and losses in 2021–2023. Gross margin also strengthened (57.6% TTM vs. 55.4% in 2024 and ~50% in 2021–2022), supporting higher operating profit (EBIT margin ~11.0% TTM). The key weakness is consistency—results were loss-making as recently as 2023, so the current profit profile still needs to prove durability through a full cycle.

Balance Sheet

Leverage is moderate in the latest period, with debt-to-equity at ~0.42 in TTM (Trailing-Twelve-Months) and equity of $5.8B, a major improvement versus 2020–2023 when equity was negative/near-zero and leverage metrics were highly distorted. Return on equity improved to ~7.7% TTM from ~1.5% in 2024, but it’s not yet strong for the category. A notable risk is debt rising to $2.4B in TTM from $1.5B in 2024, which increases financial obligations even as the balance sheet has stabilized.

Cash Flow

Cash generation is solid and improving: operating cash flow rose to $729M and free cash flow to $504M in TTM (Trailing-Twelve-Months), with very strong free-cash-flow growth versus 2024. However, cash conversion is mixed—free cash flow is about 53% of net income in TTM, indicating profits are not fully translating into free cash after investment needs. Earlier periods also show higher volatility (negative operating and free cash flow in 2022), which tempers the quality-of-cash-flow assessment.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.57B	5.18B	4.40B	3.57B	3.07B
Gross Profit	3.78B	2.87B	2.31B	1.79B	1.51B
EBITDA	1.11B	653.80M	518.00M	258.30M	381.60M
Net Income	427.40M	72.60M	-208.60M	-252.70M	-126.30M
Balance Sheet
Total Assets	10.06B	8.34B	8.37B	7.40B	6.99B
Cash, Cash Equivalents and Short-Term Investments	652.30M	345.40M	483.40M	402.00M	566.70M
Total Debt	2.41B	1.48B	6.66B	6.24B	6.30B
Total Liabilities	4.24B	3.33B	8.53B	7.47B	6.96B
Stockholders Equity	5.80B	5.00B	-160.20M	-69.24M	33.42M
Cash Flow
Free Cash Flow	503.70M	183.00M	59.90M	-179.30M	202.10M
Operating Cash Flow	729.20M	424.70M	199.00M	-91.70M	268.00M
Investing Cash Flow	-338.10M	-268.30M	-154.80M	-118.60M	295.40M
Financing Cash Flow	-123.40M	-266.00M	35.00M	81.10M	-369.70M

Amer Sports, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 32.34
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AS, the sentiment is Negative. The current price of 32.34 is below the 20-day moving average (MA) of 37.30, below the 50-day MA of 37.50, and below the 200-day MA of 36.52, indicating a bearish trend. The MACD of -1.45 indicates Positive momentum. The RSI at 30.03 is Neutral, neither overbought nor oversold. The STOCH value of 6.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AS.

Amer Sports, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
YETI	67 Neutral	$2.77B	21.84	22.66%	―	1.56%	-17.21%
AS	66 Neutral	$19.40B	48.55	7.71%	―	25.90%	―
LTH	65 Neutral	$5.79B	15.51	12.76%	―	15.77%	86.16%
GOLF	63 Neutral	$5.53B	25.34	23.39%	1.15%	4.20%	24.12%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
PTON	52 Neutral	$1.65B	-16.60	12.90%	―	-8.74%	74.66%

Amer Sports, Inc. Corporate Events

Amer Sports Completes March 2026 Equity Offering to Redeem $720 Million of Senior Secured Notes

On March 4, 2026, Amer Sports, Inc. completed an underwritten public offering of 23,695,055 ordinary shares, including shares sold under the underwriters’ overallotment option, pursuant to an automatic shelf registration filed in March 2025. The transaction was executed under an underwriting agreement dated March 2, 2026 with BofA Securities and J.P. Morgan Securities acting as representatives of the underwriting syndicate.

Amer Sports plans to use the net proceeds to redeem in full the $720 million aggregate principal amount of its 6.750% senior secured notes due February 16, 2031, issued by its wholly owned subsidiary Amer Sports Company. A redemption notice was issued on March 4, 2026 setting March 16, 2026 as the redemption date, a move that is expected to lower interest costs and simplify the group’s capital structure, with implications for creditors as the secured notes are retired early.

The most recent analyst rating on (AS) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on Amer Sports, Inc. stock, see the AS Stock Forecast page.

Amer Sports Posts Breakout 2025 Results and Lifts 2026 Growth Outlook

Amer Sports reported on February 24, 2026 that its fourth quarter and full-year 2025 results marked a breakout year, with revenue up 27% to $6.57 billion and operating margin expanding by more than 150 basis points. Growth was broad-based across all regions and segments, led by a 30% rise in Technical Apparel and 31% in Outdoor Performance, while net income attributable to equity holders jumped 489% to $427 million.

In the fourth quarter alone, revenue climbed 28% to $2.10 billion and margins improved despite a roughly 100-basis-point operating margin decline linked to accelerated SG&A investments, particularly behind Salomon softgoods. Management highlighted strong momentum into the first quarter of 2026, unveiled detailed guidance for 2026 pointing to mid‑teens revenue growth and further margin gains, and announced Carrie Ask as the new Wilson brand president and CEO effective March 1, underscoring continued investment in leadership and brand-building.

The most recent analyst rating on (AS) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on Amer Sports, Inc. stock, see the AS Stock Forecast page.

Amer Sports to Redeem $80 Million of 2031 Notes and Sets Date for 2025 Earnings Release

On January 27, 2026, Amer Sports announced it will redeem $80 million of its 6.750% Senior Secured Notes due 2031 on February 6, 2026, at 103% of principal plus accrued interest, a move that modestly reduces its secured debt load and interest expense while signaling continued balance-sheet management following a period of strong topline growth. The company also set February 24, 2026, as the date to release its fourth-quarter and full-year 2025 results and to host a management webcast, an event that investors will watch closely for insights into performance across its portfolio of premium sports and outdoor brands and for any indication of strategic or financial priorities going forward.

The most recent analyst rating on (AS) stock is a Hold with a $41.00 price target. To see the full list of analyst forecasts on Amer Sports, Inc. stock, see the AS Stock Forecast page.