Birkenstock Holding plc (BIRK)
NYSE:BIRK
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Birkenstock Holding plc
(NYSE:BIRK)
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Rating:72Outperform
Price Target:
$39.00
▼(-1.37% Downside)
Action:ReiteratedDate:02/14/26
The score is driven primarily by strong underlying financial performance (high margins and improved balance-sheet positioning) and a constructive earnings outlook with reaffirmed multi-year targets and a €200m buyback plan. Offsetting factors are mixed recent cash-flow trends and notable near-term FX/tariff pressure, while technicals remain weaker on the intermediate trend and valuation appears only moderate.
Positive Factors
High Profitability and Margins
Sustained high gross (~58%) and net (~18%) margins reflect durable pricing power, strong product differentiation and effective cost control. These margins provide recurring cash generation to fund capacity, retail expansion and buybacks, and act as a structural buffer through 2–6 months of macro volatility.
Negative Factors
FX and Tariff Headwinds
Material currency translation and incremental U.S. tariffs compress reported revenue and gross margins, reducing reported growth and profitability for multiple quarters. Such external, persistent impacts can force pricing, sourcing or promotional responses that erode near‑term reported performance and visibility.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability and Margins
Sustained high gross (~58%) and net (~18%) margins reflect durable pricing power, strong product differentiation and effective cost control. These margins provide recurring cash generation to fund capacity, retail expansion and buybacks, and act as a structural buffer through 2–6 months of macro volatility.
Read all positive factors
Birkenstock Holding plc (BIRK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.28B
Dividend YieldN/A
Average Volume (3M)2.10M
Price to Earnings (P/E)32.2
Beta (1Y)1.11
Revenue Growth19.35%
EPS Growth81.39%
CountryUS
Employees6,200
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)2.03
Shares Outstanding183,906,050
10 Day Avg. Volume2,177,069
30 Day Avg. Volume2,098,946
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)2.64
Price to Sales (P/S)3.43
P/FCF Ratio24.94
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue3.42
Enterprise Value/Gross Profit5.87
Enterprise Value/Ebitda10.80
Forecast
1Y Price Target
$56.23Price Target Upside42.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)2.05
Revenue Forecast (FY)$2.33B
Birkenstock Holding plc Business Overview & Revenue Model
Company Description
Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stor...
How the Company Makes Money
Birkenstock makes money primarily by selling branded footwear and related products through a mix of (1) wholesale and (2) direct-to-consumer (DTC) channels. In wholesale, it sells products in bulk to third-party retailers (e.g., department stores,...
Birkenstock Holding plc Key Performance Indicators (KPIs)
Birkenstock Holding plc Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum — double-digit constant-currency revenue growth, robust regional and channel performance (notably APAC and B2B), improving underlying profitability excluding external factors, retail expansion, and healthy sell-through. However, material external headwinds from currency translation and incremental U.S. tariffs are compressing reported margins and weighing on reported revenue growth, with near-term quarter-to-quarter variability and higher leverage due to seasonality. Management reiterated disciplined allocation, multi-year growth targets, and a €200m share buyback plan, signaling confidence despite the macro/FX/tariff pressures.Positive Updates
Strong Top-Line Growth (Constant Currency)
Revenue of €402 million in Q1, up 18% in constant currency (11% reported) — well above the company's 13%–15% full-year guidance range.
Negative Updates
Significant FX Headwinds
Reported revenue growth was held back by currency translation; Q1 experienced a ~670 bps FX headwind to revenue growth, Q2 expected to face ~700 bps headwind, and full-year FX drag estimated at ~350 bps — margin pressure from FX expected to be ~200–250 bps in Q2 and ~200 bps for the year.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth (Constant Currency)
Revenue of €402 million in Q1, up 18% in constant currency (11% reported) — well above the company's 13%–15% full-year guidance range.
Read all positive updates
Company Guidance
Birkenstock reaffirmed its 13–15% constant‑currency top‑line growth target (also the three‑year “algo”) and 30%+ adjusted EBITDA ambition, but flagged FX and tariff noise that compress reported 2026 growth to about 10–12% (vs. €2.30–2.35bn) after a ~350bps full‑year FX headwind; guidance calls for adjusted gross margin of 57.0–57.5% (inclusive of ~100bps FX and ~100bps tariff pressure), adjusted EBITDA of at least €700m (30.0–30.5% margin; 32.0–32.5% ex‑external impacts), adjusted EPS €1.90–2.05 (including ~€0.20–0.50 FX drag), an effective tax rate of 26–28%, CapEx €110–130m, a planned €200m share repurchase program, and a year‑end net‑leverage target of ~1.3–1.4x (ex repurchases). Management warned Q2 will see the heaviest near‑term FX hit (~700bps to revenue) with ~200–250bps margin impact and ~100–150bps tariff pressure, and pointed to Q1 results of €402m revenue (+11% reported, +18% CC; Q1 FX headwind ~670bps), adjusted EBITDA €106m (26.5% margin; +4% YoY), adjusted net profit €49m, adj. EPS €0.27, €229m cash, inventory/sales 39%, DSO 20, Q1 CapEx ~€38m, and net leverage 1.7x.Birkenstock Holding plc Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Dec 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.14B | 2.10B | 1.80B | 1.49B | 1.24B | 962.13M |
| Gross Profit | 1.25B | 1.24B | 1.06B | 925.79M | 749.80M | 545.65M |
| EBITDA | 677.36M | 659.09M | 503.67M | 360.35M | 414.42M | 230.25M |
| Net Income | 378.76M | 348.33M | 191.60M | 75.02M | 187.11M | 116.44M |
Balance Sheet | ||||||
| Total Assets | 4.95B | 4.94B | 4.88B | 4.83B | 4.79B | 4.27B |
| Cash, Cash Equivalents and Short-Term Investments | 229.23M | 340.82M | 368.36M | 353.40M | 307.08M | 235.34M |
| Total Debt | 1.35B | 1.31B | 1.35B | 1.95B | 2.05B | 1.92B |
| Total Liabilities | 2.18B | 2.22B | 2.26B | 2.43B | 2.43B | 2.20B |
| Stockholders Equity | 2.77B | 2.72B | 2.63B | 2.40B | 2.36B | 2.06B |
Cash Flow | ||||||
| Free Cash Flow | 281.52M | 288.28M | 354.80M | 255.79M | 161.54M | 159.65M |
| Operating Cash Flow | 386.66M | 373.23M | 428.70M | 358.73M | 234.14M | 180.93M |
| Investing Cash Flow | -108.15M | -93.18M | -58.80M | -100.73M | -71.65M | -18.15M |
| Financing Cash Flow | -335.70M | -307.44M | -355.05M | -199.28M | -105.32M | -84.74M |
Birkenstock Holding plc Technical Analysis
Positive
39.54
Price Trends
38.00
Positive
39.91
Negative
43.08
Negative
Market Momentum
0.24
Negative
58.72
Neutral
70.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BIRK, the sentiment is Positive. The current price of 39.54 is above the 20-day moving average (MA) of 36.30, above the 50-day MA of 38.00, and below the 200-day MA of 43.08, indicating a neutral trend. The MACD of 0.24 indicates Negative momentum. The RSI at 58.72 is Neutral, neither overbought nor oversold. The STOCH value of 70.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BIRK.
Birkenstock Holding plc Risk Analysis
Birkenstock Holding plc disclosed 81 risk factors in its most recent earnings report. Birkenstock Holding plc 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
Birkenstock Holding plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $14.75B | 7.91 | 41.36% | ― | 8.99% | 14.67% | |
72 Outperform | $7.28B | 32.23 | 13.87% | ― | 19.35% | 81.39% | |
63 Neutral | $2.92B | 8.40 | 5.21% | 1.97% | 11.17% | -73.47% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $5.25B | 7.59 | -5.37% | ― | -1.85% | -108.05% | |
61 Neutral | $1.41B | 11.34 | 26.62% | 2.28% | 6.80% | 99.47% |
* Consumer Cyclical Sector Average
BIRK
Birkenstock Holding plc
39.60
-12.25
-23.63%
CROX
Crocs
105.75
4.99
4.95%
DECK
Deckers Outdoor
103.92
-16.94
-14.02%
SHOO
Steven Madden
40.02
17.20
75.39%
WWW
Wolverine World Wide
17.25
2.76
19.01%
Birkenstock Holding plc Corporate Events
Birkenstock Reaffirms Strong 2026 Outlook and Expansion Plans
Feb 12, 2026
Birkenstock Holding plc, the parent of Birkenstock Group B.V. Co. KG, operates as a global lifestyle and footwear brand built around its trademark contoured footbed and a heritage of German shoemaking since 1774. Its portfolio extends from sandal...
Birkenstock Beats Growth Targets on Strong Holiday Quarter, Invests in New Production Capacity
Feb 12, 2026
On February 12, 2026, Birkenstock reported fiscal first-quarter 2026 results for the period ended December 31, 2025, with revenue rising 11% to €402 million on a reported basis and 18% in constant currency, outpacing its full-year growth tar...
Birkenstock Posts Stable Balance Sheet and Higher Inventories in Q1 FY2026 Update
Feb 12, 2026
Birkenstock Holding plc reported unaudited interim condensed consolidated financial information as of December 31, 2025, and for the three months ended December 31, 2025 and 2024, revealing total assets of €4.95 billion, broadly stable versu...
Birkenstock Hosts New York Capital Markets Day, Unveils Preliminary Q1 2026 Results
Jan 28, 2026
On January 28, 2026, Birkenstock Holding plc hosted a Capital Markets Day in New York City, where it shared an investor presentation that included preliminary financial results for its fiscal first quarter 2026, ended December 31, 2025, supplement...
Birkenstock Flags 18% Constant-Currency Revenue Growth in Preliminary Q1 Update
Jan 12, 2026
On January 12, 2026, Birkenstock Holding plc announced that it expects to report fiscal first-quarter 2026 revenue of €402 million for the period ended December 31, 2025, representing year-on-year growth of 11.1% on a reported basis and 17.8...
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.