Amer Sports, Inc. (AS)
NYSE:AS
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Amer Sports, Inc.
(NYSE:AS)
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Rating:66Neutral
Price Target:
$36.00
▲(2.65% Upside)
Action:DowngradedDate: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
Breakout revenue growth and 2026 guidance
Amer Sports delivered a durable top-line inflection in 2025 with broad-based, multi-region growth and management guiding mid-teens reported revenue growth for 2026. This scale and guidance reflect sustainable demand across core brands, supporting long-term investment in brand and retail expansion.
Negative Factors
Elevated inventory levels
Inventory growth outpacing sales can erode margins through markdowns, increases working capital needs, and tie up liquidity. Persistently elevated inventory relative to sales raises execution risk for margins and cash conversion, especially amid global supply-chain timing and FX translation volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Breakout revenue growth and 2026 guidance
Amer Sports delivered a durable top-line inflection in 2025 with broad-based, multi-region growth and management guiding mid-teens reported revenue growth for 2026. This scale and guidance reflect sustainable demand across core brands, supporting long-term investment in brand and retail expansion.
Read all positive factors
Amer Sports, Inc. (AS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$20.28B
Dividend YieldN/A
Average Volume (3M)5.45M
Price to Earnings (P/E)48.6
Beta (1Y)1.10
Revenue Growth25.90%
EPS GrowthN/A
CountryUS
Employees13,400
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)0.31
Shares Outstanding578,271,800
10 Day Avg. Volume4,202,140
30 Day Avg. Volume5,448,738
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)3.58
Price to Sales (P/S)3.16
P/FCF Ratio41.20
Enterprise Value/Market Cap1.09
Enterprise Value/Revenue3.36
Enterprise Value/Gross Profit5.82
Enterprise Value/Ebitda26.60
Forecast
1Y Price Target
$50.33Price Target Upside43.51% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)1.18
Revenue Forecast (FY)$7.74B
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 segment...
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 comp...
Amer Sports, Inc. Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 26, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operating performance with robust revenue growth, brand momentum (notably Arc’teryx and Salomon), improved gross margins, strong cash generation, and a clean balance sheet. Management is intentionally accelerating SG&A and retail investments—primarily at Salomon and Wilson softgoods—which caused near-term margin pressure and higher corporate costs in Q4 and will mute some margin expansion in 2026. Given the scale of top-line gains, improved margins for the year, and strategic nature of the reinvestments, the positives materially outweigh the short-term margin and cost headwinds.Positive Updates
Record Revenue and Strong Top-Line Growth
Full-year 2025 revenue of $6.6B, up 27% year-over-year; Q4 sales up 28% (26% in constant currency). Management reports double-digit growth across all segments, regions, and channels.
Negative Updates
Q4 Operating Margin Pressure from Accelerated Investments
Q4 adjusted operating margin declined 110 basis points to 12.5% (from 13.6% prior-year quarter) primarily due to accelerated SG&A investments—notably at Salomon—despite gross margin expansion.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue and Strong Top-Line Growth
Full-year 2025 revenue of $6.6B, up 27% year-over-year; Q4 sales up 28% (26% in constant currency). Management reports double-digit growth across all segments, regions, and channels.
Read all positive updates
Company Guidance
Amer Sports guided full‑year 2026 reported group revenue growth of 16–18% (assumes ~200bp FX benefit at current rates), group adjusted gross margin of ~59%, adjusted operating margin of 13.1–13.3% (toward the low end of its 30–50bp long‑term algorithm), adjusted diluted EPS of $1.10–$1.15 on ~564m fully diluted shares, net finance costs of $105–110m, an effective tax rate of ~28%, depreciation & amortization of ~ $400m (including ~$170m ROU depreciation), and CapEx of ~ $400m; corporate expense is expected to be ~ $225m (including ~$50m reallocated from segments, ~60bp). Segment targets are: technical apparel sales +18–20% with ~22% adjusted operating margin, outdoor performance +18–20% with 14.5–14.8% margin, and ball & racket +7–9% with 4.7–5.0% margin. Q1 2026 guidance calls for reported revenue +22–24% (assumes ~500bp FX benefit), adjusted gross margin ~59%, adjusted operating profit margin 14.0–14.5%, net finance cost ~ $27m, tax rate ~28%, and adjusted diluted EPS of $0.28–$0.30; guidance also assumes current tariff rates remain in place and notes upside if demand outperforms.Amer Sports, Inc. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
74
Positive
| 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
Positive
35.07
Price Trends
35.93
Negative
36.37
Negative
36.17
Negative
Market Momentum
-0.61
Negative
54.14
Neutral
66.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AS, the sentiment is Positive. The current price of 35.07 is above the 20-day moving average (MA) of 32.88, below the 50-day MA of 35.93, and below the 200-day MA of 36.17, indicating a neutral trend. The MACD of -0.61 indicates Negative momentum. The RSI at 54.14 is Neutral, neither overbought nor oversold. The STOCH value of 66.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AS.
Amer Sports, Inc. Risk Analysis
Amer Sports, Inc. disclosed 70 risk factors in its most recent earnings report. Amer Sports, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Amer Sports, Inc. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $2.83B | 21.84 | 22.66% | ― | 1.56% | -17.21% | |
66 Neutral | $20.28B | 48.55 | 7.71% | ― | 25.90% | ― | |
65 Neutral | $6.33B | 15.51 | 12.76% | ― | 15.77% | 86.16% | |
63 Neutral | $5.77B | 25.34 | 23.39% | 1.15% | 4.20% | 24.12% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $1.97B | -16.60 | 12.90% | ― | -8.74% | 74.66% |
* Consumer Cyclical Sector Average
AS
Amer Sports, Inc.
35.07
13.03
59.12%
GOLF
Acushnet Holdings
98.47
38.33
63.73%
YETI
Yeti Holdings
37.61
8.55
29.42%
PTON
Peloton Interactive
4.64
-0.86
-15.64%
LTH
Life Time Group Holdings
28.52
-1.53
-5.09%
Amer Sports, Inc. Corporate Events
Amer Sports Sets May 14, 2026 Virtual AGM to Re-Elect Directors and Ratify Auditor
Apr 1, 2026
Amer Sports, Inc., a Cayman Islands–based foreign private issuer reporting under U.S. securities rules, has scheduled its 2026 annual general meeting as a fully virtual event, reflecting its international shareholder base. The company contin...
Amer Sports Files Form 6-K to Furnish 2025 Annual Report
Mar 25, 2026
Amer Sports, Inc. announced on March 25, 2026, that it had issued its annual report for the fiscal year ended December 31, 2025, delivering the document to U.S. investors via a Form 6-K filing. The company emphasized that the furnished annual repo...
Amer Sports Completes March 2026 Equity Offering to Redeem $720 Million of Senior Secured Notes
Mar 4, 2026
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....
Amer Sports Posts Breakout 2025 Results and Lifts 2026 Growth Outlook
Feb 24, 2026
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 a...
Amer Sports to Redeem $80 Million of 2031 Notes and Sets Date for 2025 Earnings Release
Jan 27, 2026
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 expe...
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.