adidas AG (DE:ADS)
XETRA:ADS
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adidas AG
(XETRA:ADS)
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Rating:64Neutral
Price Target:
€158.00
▲(7.92% Upside)
Action:ReiteratedDate:05/02/26
The score is driven primarily by improving financial performance (clear earnings recovery and stabilized revenue) tempered by uneven cash-flow consistency and only moderate balance-sheet flexibility. Technicals are mixed, with short-term strength but a weaker long-term trend. Valuation is supportive, with a reasonable P/E and a modest dividend yield.
Positive Factors
Improving margins
Adidas’s margins have meaningfully recovered from a loss-making 2023 to healthy TTM levels, reflecting better pricing, cost control and product mix. Sustained mid-single-digit EBIT and >50% gross margin support durable earnings power and reinvestment capacity over months.
Negative Factors
Elevated leverage
Net leverage near parity with equity reduces balance-sheet flexibility versus pre-pandemic levels. Higher indebtedness limits capacity for opportunistic M&A, increases sensitivity to interest costs, and constrains capital allocation if consumer demand softens over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving margins
Adidas’s margins have meaningfully recovered from a loss-making 2023 to healthy TTM levels, reflecting better pricing, cost control and product mix. Sustained mid-single-digit EBIT and >50% gross margin support durable earnings power and reinvestment capacity over months.
Read all positive factors
adidas AG (ADS) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€26.32B
Dividend Yield1.22%
Average Volume (3M)481.99K
Price to Earnings (P/E)12.7
Beta (1Y)1.19
Revenue Growth3.58%
EPS Growth36.23%
CountryDE
Employees46,045
SectorGeneral
Sector StrengthN/A
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)7.80
Shares Outstanding180,000,000
10 Day Avg. Volume411,656
30 Day Avg. Volume481,994
Financial Highlights & Ratios
PEG Ratio0.30
Price to Book (P/B)5.23
Price to Sales (P/S)1.22
P/FCF Ratio110.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€207.47Price Target Upside41.71% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)9.48
Revenue Forecast (FY)€26.45B
adidas AG Business Overview & Revenue Model
Company Description
adidas AG, together with its subsidiaries, designs, develops, distributes, and markets athletic and sports lifestyle products worldwide. It offers footwear; apparel; and accessories and gear, such as bags and balls under the adidas brand. It sells...
How the Company Makes Money
adidas makes money by selling footwear, apparel, and accessories through two primary go-to-market channels: (1) Wholesale, where adidas supplies products to third-party retailers (e.g., sporting goods chains, department stores, specialty retailers...
adidas AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.25B | 24.81B | 23.68B | 21.43B | 22.51B | 21.23B |
| Gross Profit | 12.97B | 11.69B | 12.03B | 10.18B | 10.64B | 10.77B |
| EBITDA | 3.01B | 3.09B | 2.51B | 785.00M | 1.75B | 3.11B |
| Net Income | 1.39B | 1.34B | 764.00M | -75.00M | 254.00M | 1.49B |
Balance Sheet | ||||||
| Total Assets | 20.45B | 20.26B | 20.66B | 18.02B | 20.30B | 22.14B |
| Cash, Cash Equivalents and Short-Term Investments | 873.00M | 1.64B | 2.48B | 1.48B | 966.00M | 3.94B |
| Total Debt | 5.95B | 5.55B | 5.59B | 5.56B | 6.46B | 5.33B |
| Total Liabilities | 14.11B | 14.14B | 14.79B | 13.10B | 14.95B | 14.30B |
| Stockholders Equity | 5.99B | 5.78B | 5.48B | 4.58B | 4.99B | 7.52B |
Cash Flow | ||||||
| Free Cash Flow | 851.00M | 274.00M | 2.37B | 2.05B | -1.17B | 2.52B |
| Operating Cash Flow | 1.33B | 751.00M | 2.91B | 2.55B | -479.00M | 3.19B |
| Investing Cash Flow | -487.00M | -404.00M | -356.00M | -451.00M | 495.00M | -424.00M |
| Financing Cash Flow | -1.35B | -1.10B | -1.56B | -1.43B | -2.96B | -2.99B |
adidas AG Technical Analysis
Neutral
146.40
Price Trends
144.48
Positive
152.04
Negative
165.58
Negative
Market Momentum
-0.40
Negative
61.63
Neutral
89.92
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:ADS, the sentiment is Neutral. The current price of 146.4 is above the 20-day moving average (MA) of 135.92, above the 50-day MA of 144.48, and below the 200-day MA of 165.58, indicating a neutral trend. The MACD of -0.40 indicates Negative momentum. The RSI at 61.63 is Neutral, neither overbought nor oversold. The STOCH value of 89.92 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:ADS.
adidas AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | €15.43B | 21.99 | 7.77% | 1.08% | 0.02% | 4.88% | |
65 Neutral | €352.66M | -21.28 | 5.17% | 1.84% | 6.20% | ― | |
64 Neutral | €26.32B | 12.66 | 23.93% | 1.22% | 3.58% | 36.23% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | €46.23B | 7.84 | 7.79% | 4.72% | -6.27% | 3.34% | |
52 Neutral | €3.81B | 30.15 | -30.05% | 2.83% | -19.42% | -420.94% |
* General Sector Average
DE:ADS
adidas AG
147.40
-58.10
-28.27%
DE:PUM
PUMA SE NPV
25.98
2.79
12.05%
DE:BEI
Beiersdorf
70.58
-54.56
-43.60%
DE:BIJ
Bijou Brigitte Modische Accessoires
49.60
9.91
24.97%
DE:BMW3
Bayerische Motoren Werke
77.65
9.89
14.59%
DE:BVB
Borussia Dortmund GmbH & Co. KGaA
3.20
-0.06
-1.84%
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.