Amer Sports, Inc. (AS)
NYSE:AS
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Amer Sports, Inc.
(NYSE:AS)
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Rating:67Neutral
Price Target:
$38.00
▲(2.40% Upside)
Action:Reiterated
Date:05/23/26
The score is led by improving fundamentals (profitability recovery, stronger balance sheet) and a bullish earnings update with raised full-year guidance. These are tempered by only neutral-to-mixed technicals and a higher P/E with no dividend support.
Positive Factors
Direct-to-Consumer & Brand Momentum
A 50% DTC mix that grew ~45% strengthens gross-margin control and customer data capture, enabling higher lifetime value, pricing power and faster product feedback. This durable shift toward owned channels supports sustainable premium positioning and omni-channel scale over multiple seasons.
Negative Factors
Elevated Inventories
Inventories rising faster than sales ties up working capital and increases markdown and obsolescence risk across seasonal categories. This can pressure cash conversion and FCF conversion for several quarters, especially if demand rebalances or retail buy patterns shift seasonally.
Read all positive and negative factors
Positive Factors
Negative Factors
Direct-to-Consumer & Brand Momentum
A 50% DTC mix that grew ~45% strengthens gross-margin control and customer data capture, enabling higher lifetime value, pricing power and faster product feedback. This durable shift toward owned channels supports sustainable premium positioning and omni-channel scale over multiple seasons.
Read all positive factors
Amer Sports, Inc. (AS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$20.48B
Dividend YieldN/A
Average Volume (3M)4.46M
Price to Earnings (P/E)42.4
Beta (1Y)1.03
Revenue Growth29.03%
EPS Growth118.73%
CountryUS
Employees13,400
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)0.82
Shares Outstanding578,271,800
10 Day Avg. Volume6,454,384
30 Day Avg. Volume4,464,128
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 Cap1.02
Enterprise Value/Revenue2.97
Enterprise Value/Gross Profit5.10
Enterprise Value/Ebitda20.39
Forecast
1Y Price Target
$51.63Price Target Upside39.11% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.26
Revenue Forecast (FY)$7.97B
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 branded sporting goods products—equipment, apparel, footwear, and accessories—through a mix of wholesale and direct-to-consumer (DTC) distribution. (1) Wholesale revenue: The company sells products in b...
Amer Sports, Inc. Earnings Call Summary
Earnings Call Date:May 19, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 25, 2026
Earnings Call Sentiment Positive
The call conveyed strong, broad-based operational momentum: high-teens to low-twenties revenue growth, double-digit segment growth in key brands (Arc'teryx and Salomon), significant margin expansion, raised full-year guidance and strong cash/net cash position. Notable risks include elevated inventory growth, higher corporate costs, sourcing constraints for high-demand Salomon product, Ball & Racquet margin pressure due to investments, and tariff/macro uncertainty. On balance the positives (growth, margin expansion, guidance raise, DTC strength and brand momentum) materially outweigh the challenges.Positive Updates
Strong Group Revenue Growth
Reported sales grew 32% year-over-year in Q1 (26% ex-currency), driven by Outdoor Performance and Technical Apparel.
Negative Updates
Ball & Racquet Margin Pressure
Ball & Racquet revenues rose 13% to $347 million but adjusted operating margin fell 370 basis points to 3.6%, driven by higher SG&A due to investments in Wilson Tennis 360 and other initiatives.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Group Revenue Growth
Reported sales grew 32% year-over-year in Q1 (26% ex-currency), driven by Outdoor Performance and Technical Apparel.
Read all positive updates
Company Guidance
Management raised FY‑2026 targets, now guiding group revenue growth of roughly 18%–22% (with a 200–250 bps FX benefit) and Q2 revenue growth of 22%–24% (same FX tailwind); by segment they see Technical Apparel ~20%–24%, Outdoor Performance ~22%–24% and Ball & Racquet ~10%–12%. Full‑year adjusted gross margin was lifted to ~59.0%–59.5% and adjusted diluted EPS to $1.18–$1.23 (vs prior $1.10–$1.15) on ~586M diluted shares; they assume full‑year D&A ≈$400M (≈$200M ROU), CapEx ≈$400M, net finance cost ≈$70M and an effective tax rate of ~28%, with other operating income ≈$30M for the year (≈$20M in Q2) and net income to noncontrolling interests ≈$20M. Q2 specifics: adj. gross margin ≈59.5%, adj. operating margin 6%–7%, net finance cost ≈$15M and adj. EPS $0.08–$0.10. They also assumed the higher IEEPA tariff rates remain in place for Q2/2026, noted $539M net cash and inventories up 33% y/y.Amer Sports, Inc. Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
70
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.04B | 6.57B | 5.18B | 4.40B | 3.57B | 3.07B |
| Gross Profit | 4.10B | 3.78B | 2.87B | 2.31B | 1.79B | 1.51B |
| EBITDA | 1.02B | 1.11B | 653.80M | 518.00M | 258.30M | 381.60M |
| Net Income | 457.40M | 427.40M | 72.60M | -208.60M | -252.70M | -126.30M |
Balance Sheet | ||||||
| Total Assets | 10.01B | 10.06B | 8.34B | 8.37B | 7.40B | 6.99B |
| Cash, Cash Equivalents and Short-Term Investments | 683.70M | 652.30M | 345.40M | 483.40M | 402.00M | 566.70M |
| Total Debt | 1.00B | 2.41B | 1.48B | 6.66B | 6.24B | 6.30B |
| Total Liabilities | 3.25B | 4.24B | 3.33B | 8.53B | 7.47B | 6.96B |
| Stockholders Equity | 6.74B | 5.80B | 5.00B | -160.20M | -69.24M | 33.42M |
Cash Flow | ||||||
| Free Cash Flow | 476.50M | 503.70M | 183.00M | 59.90M | -179.30M | 202.10M |
| Operating Cash Flow | 737.00M | 729.20M | 424.70M | 199.00M | -91.70M | 268.00M |
| Investing Cash Flow | -358.20M | -338.10M | -268.30M | -154.80M | -118.60M | 295.40M |
| Financing Cash Flow | -143.30M | -123.40M | -266.00M | 35.00M | 81.10M | -369.70M |
Amer Sports, Inc. Technical Analysis
Negative
37.11
Price Trends
34.79
Negative
35.83
Negative
35.62
Negative
Market Momentum
0.14
Negative
45.76
Neutral
44.43
Neutral
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 37.11 is above the 20-day moving average (MA) of 34.99, above the 50-day MA of 34.79, and above the 200-day MA of 35.62, indicating a bearish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 45.76 is Neutral, neither overbought nor oversold. The STOCH value of 44.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $7.16B | 18.28 | 12.64% | ― | 12.73% | 73.50% | |
71 Outperform | $3.50B | 22.28 | 22.54% | ― | 3.16% | -4.60% | |
67 Neutral | $20.48B | 42.45 | 7.72% | ― | 29.03% | 118.73% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $2.75B | 108.89 | -6.18% | ― | -3.26% | ― | |
58 Neutral | $5.18B | 30.79 | 20.87% | 1.15% | 6.34% | -21.30% |
* Consumer Cyclical Sector Average
AS
Amer Sports, Inc.
34.36
-2.87
-7.71%
GOLF
Acushnet Holdings
87.78
17.44
24.79%
YETI
Yeti Holdings
46.92
15.15
47.69%
PTON
Peloton Interactive
6.00
-1.47
-19.68%
LTH
Life Time Group Holdings
31.77
1.90
6.36%
Amer Sports, Inc. Corporate Events
Amer Sports Files Q1 2026 Interim Results and Updates U.S. Registrations
May 19, 2026
On May 19, 2026, Amer Sports, Inc. filed a Form 6-K reporting that it had released unaudited interim consolidated financial statements and management’s discussion and analysis for the quarter ended March 31, 2026. The filing also states that...
Amer Sports Posts Strong Q1 2026 Results and Raises Full-Year Guidance
May 19, 2026
Amer Sports reported strong first-quarter 2026 results on May 19, with revenue up 32% year on year to $1.95 billion, or 26% on a constant-currency basis, and broad-based double-digit growth across all regions and segments. Technical Apparel sales ...
Amer Sports Shareholders Back Board Slate and Ratify KPMG at May 14 AGM
May 14, 2026
On May 14, 2026, Amer Sports, Inc. held its Annual General Meeting of shareholders, where investors voted on board composition and the company’s external auditor. Shareholders approved the re-election of directors Bruno Sälzer, Dennis J...
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...
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.