PUMA SE NPV (DE:PUM)
XETRA:PUM
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PUMA SE NPV
(XETRA:PUM)
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Rating:52Neutral
Price Target:
€27.00
▲(4.61% Upside)
Action:Reiterated
Date:05/04/26
The score is held down primarily by weak financial performance in 2025 (losses, cash burn, and higher leverage). Technicals are a key positive with the stock trending above major moving averages and supportive momentum. Valuation offers limited support due to a high P/E, and the latest earnings call shows operational progress but still-negative full-year EBIT guidance and a soft sales outlook.
Positive Factors
Direct-to-Consumer (D2C) Momentum
A rising D2C mix boosts structural gross margin and control over pricing, distribution and consumer data. Sustained D2C growth supports higher long-term unit economics, improves visibility on demand and reduces reliance on lower-margin wholesale, aiding margin recovery and cash conversion.
Negative Factors
2025 Financial Deterioration
A sharp year‑over‑year collapse in revenue and negative operating/free cash flow materially weakens earnings quality and the firm's ability to self‑fund. This erosion reduces strategic flexibility, forces tougher capital allocation choices, and raises the bar for operational turnaround over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Direct-to-Consumer (D2C) Momentum
A rising D2C mix boosts structural gross margin and control over pricing, distribution and consumer data. Sustained D2C growth supports higher long-term unit economics, improves visibility on demand and reduces reliance on lower-margin wholesale, aiding margin recovery and cash conversion.
Read all positive factors
PUMA SE NPV (PUM) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€3.95B
Dividend Yield2.83%
Average Volume (3M)1.25M
Price to Earnings (P/E)―
Beta (1Y)1.30
Revenue Growth-19.42%
EPS Growth-420.94%
CountryDE
Employees22,000
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)-0.64
Shares Outstanding148,007,920
10 Day Avg. Volume1,317,237
30 Day Avg. Volume1,245,421
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)1.87
Price to Sales (P/S)0.45
P/FCF Ratio-5.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€28.79Price Target Upside11.55% Upside
Rating ConsensusHold
Number of Analyst Covering12
EPS Forecast (FY)-1.55
Revenue Forecast (FY)€6.95B
PUMA SE NPV Business Overview & Revenue Model
Company Description
PUMA SE, along with its subsidiary entities, specializes in the conception, production, sale, and promotion of footwear, apparel, and accessories. These offerings cater to men, women, and children across a wide global footprint, including Europe, ...
How the Company Makes Money
PUMA primarily makes money by selling PUMA-branded products—footwear, apparel, and accessories—through two main routes: (1) wholesale, where it supplies products to third-party retailers, sporting goods chains, and e-commerce partners; and (2) dir...
PUMA SE NPV Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The call presents meaningful operational progress — margin expansion, adjusted EBIT improvement, inventory and working‑capital cleanup, D2C momentum, product sellouts and range rationalization — demonstrating measurable progress on the transformation agenda. However, top‑line pressure (currency‑adjusted sales declines), regional weakness (notably EMEA and wholesale), FX headwinds, a seasonal negative free cash flow in Q1 and an FY26 EBIT guidance showing an expected operating loss temper near‑term enthusiasm. Overall, positives around structural improvements and margin recovery are balanced by near‑term sales and profitability headwinds and external uncertainties.Positive Updates
Improved Profitability and Margins
Gross profit margin up 60 basis points to 47.7%; adjusted EBIT ~€64m, up ~5% year‑on‑year; reported EBIT ~€52m, up almost 20% YoY; EBIT margin improved to 2.8% from 2.2%.
Negative Updates
Top‑Line Pressure and Outlook
Group sales down 1% currency‑adjusted in Q1; management states underlying sales (adjusted for clearance/reset) declined in the low‑ to mid‑single digits and reiterates full‑year 2026 guidance of a currency‑adjusted sales decline in the low‑ to mid‑single‑digit range; Q2 expected to be clearly below Q1.
Read all updates
Q1-2026 Updates
Positive
Negative
Improved Profitability and Margins
Gross profit margin up 60 basis points to 47.7%; adjusted EBIT ~€64m, up ~5% year‑on‑year; reported EBIT ~€52m, up almost 20% YoY; EBIT margin improved to 2.8% from 2.2%.
Read all positive updates
Company Guidance
PUMA reiterated full‑year 2026 guidance calling for a currency‑adjusted sales decline in the low‑ to mid‑single‑digit range (Q1 was -1% cc), with the second half stronger than the first and Q2 “clearly below” Q1; wholesale is expected to decrease while DTC should continue to grow (D2C share rose to 28.3% from 27.5%). Management expects a substantial improvement in gross profit margin (Q1 margin 47.7%, +60 bps), OpEx not to be materially lower in absolute terms (Q1 OpEx €848m, -5.5% ex‑one‑offs), and full‑year EBIT to be between -€50m and -€150m (one‑offs materially lower than 2025). Capital expenditure is guided at ~€200m (digital/DTC focus), inventories are forecast to normalize to below ~25% of sales by year‑end (Q1 inventories €1.9bn, -9%), free cash flow is expected to be positive for 2026 (Q1 FCF -€201m), and deleveraging is a priority after Q1 net debt of ~€1.3bn (cash €326m, ~€800m undrawn lines; total headroom ~€1.1bn).PUMA SE NPV Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
32
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.53B | 7.30B | 8.82B | 8.60B | 8.47B | 6.81B |
| Gross Profit | 4.35B | 3.28B | 4.18B | 3.99B | 3.90B | 3.26B |
| EBITDA | 376.30M | 65.00M | 977.60M | 934.00M | 952.30M | 837.00M |
| Net Income | -94.20M | -645.50M | 281.60M | 304.90M | 353.50M | 309.60M |
Balance Sheet | ||||||
| Total Assets | 7.06B | 6.45B | 7.14B | 6.64B | 6.77B | 5.73B |
| Cash, Cash Equivalents and Short-Term Investments | 292.60M | 290.00M | 537.00M | 552.90M | 463.10M | 757.50M |
| Total Debt | 2.58B | 2.58B | 1.72B | 1.80B | 1.56B | 1.40B |
| Total Liabilities | 4.96B | 4.69B | 4.31B | 4.06B | 4.23B | 3.45B |
| Stockholders Equity | 2.09B | 1.76B | 2.83B | 2.55B | 2.47B | 2.21B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -632.30M | 431.80M | 353.20M | 154.70M | 257.70M |
| Operating Cash Flow | 0.00 | -426.00M | 694.80M | 653.60M | 418.30M | 460.10M |
| Investing Cash Flow | 0.00 | -224.00M | -230.50M | -284.60M | -240.80M | -183.80M |
| Financing Cash Flow | 0.00 | 516.60M | -697.80M | -277.10M | -476.40M | -164.00M |
PUMA SE NPV Technical Analysis
Positive
25.81
Price Trends
25.50
Positive
23.89
Positive
22.15
Positive
Market Momentum
0.56
Positive
50.48
Neutral
19.40
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:PUM, the sentiment is Positive. The current price of 25.81 is below the 20-day moving average (MA) of 27.31, above the 50-day MA of 25.50, and above the 200-day MA of 22.15, indicating a neutral trend. The MACD of 0.56 indicates Positive momentum. The RSI at 50.48 is Neutral, neither overbought nor oversold. The STOCH value of 19.40 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:PUM.
PUMA SE NPV Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €2.48B | 10.73 | 15.61% | 3.86% | -2.71% | 9.98% | |
64 Neutral | €29.38B | 21.11 | 24.59% | 1.22% | 3.58% | 36.23% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | €6.23B | 52.75 | 4.22% | ― | 20.20% | -56.58% | |
52 Neutral | €3.95B | -6.39 | -31.73% | 2.83% | -19.42% | -420.94% | |
52 Neutral | €109.66M | -1.84 | -36.61% | ― | -8.57% | 27.04% | |
44 Neutral | €7.17M | 17.71 | -1.57% | ― | -7.67% | -107.69% |
* Consumer Cyclical Sector Average
DE:PUM
PUMA SE NPV
26.90
4.27
18.87%
DE:ADS
adidas AG
164.55
-45.02
-21.48%
DE:BOSS
Hugo Boss
35.98
-3.82
-9.59%
DE:ULC
United Labels
1.04
-0.37
-26.07%
DE:ZAL
Zalando
24.01
-6.15
-20.39%
DE:GFG
Global Fashion Group
0.48
0.15
45.45%
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.