PUMA SE NPV (DE:PUM)
XETRA:PUM
Top Page
PUMA SE NPV
(XETRA:PUM)
Select Model
Select Model
Rating:45Neutral
Price Target:
€21.50
▲(0.14% Upside)
Action:ReiteratedDate:03/26/26
The score is held down primarily by the 2025 financial deterioration (losses, cash burn, and higher leverage). Technical signals are also weak, and valuation is hard to assess with negative earnings. The earnings call offers a recovery pathway (margin improvement, positive free cash flow, inventory cleanup), but guidance still points to a challenging 2026, keeping the overall score in the mid-40s.
Positive Factors
Brand strength & partnerships
Sustained elite-sport partnerships and athlete successes provide durable brand recognition and marketing reach. These relationships support long-term product demand, premium positioning and licensing income, helping stabilize revenues as the company executes its strategic reset.
Negative Factors
2025 financial deterioration
A meaningful swing to operating and net losses in 2025 reduces balance‑sheet resilience and limits reinvestment capacity. Persistent earnings weakness raises execution risk on the turnaround plan and increases sensitivity to market or supply shocks over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Brand strength & partnerships
Sustained elite-sport partnerships and athlete successes provide durable brand recognition and marketing reach. These relationships support long-term product demand, premium positioning and licensing income, helping stabilize revenues as the company executes its strategic reset.
Read all positive factors
PUMA SE NPV (PUM) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€3.15B
Dividend Yield2.83%
Average Volume (3M)1.25M
Price to Earnings (P/E)―
Beta (1Y)1.29
Revenue Growth-2.90%
EPS Growth-211.60%
CountryDE
Employees22,000
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)-2.27
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
€26.18Price Target Upside21.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)-1.79
Revenue Forecast (FY)€6.90B
PUMA SE NPV Business Overview & Revenue Model
Company Description
PUMA SE, together with its subsidiaries, designs, develops, sells, and markets footwear, apparel, and accessories for men, women, and kids in Europe, the Middle East, Africa, the Americas, Greater China, and the Asia Pacific. The company offers pe...
How the Company Makes Money
PUMA primarily makes money by selling branded sportswear and related products across three main product categories: footwear, apparel, and accessories (including items such as bags and equipment). Revenue is generated through two principal channel...
PUMA SE NPV Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Negative
The call presented a mixed picture: strong brand momentum, product successes, organizational restructuring and financing steps that provide a pathway to recovery, but these positives are outweighed by substantial near-term financial deterioration — deep sales declines, negative margins, material one-time charges, cash burn and elevated net debt. Management emphasizes this is a year of transition (2026) with expectations for margin improvement, positive free cash flow and a return to growth/profitability by 2027, but significant execution and near-term risks remain.Positive Updates
Strong Brand Moments and Partnerships
Multiple high-profile sports achievements and partnerships in 2025: Mondo Duplantis (world title and world record), Amanal Petros (marathon silver), 10 teams qualified for the FIFA World Cup, HYROX partnership extended, addition of McLaren for Formula 1, EuroBasket/handball successes and marquee athletes (Dennis Schroder, Tyrese Haliburton).
Negative Updates
Sharp Sales Declines in Q4 and Full Year 2025
Currency-adjusted sales declined nearly 21% in Q4 2025 and approximately 8% for full year 2025, driven largely by reset measures (cancellations of undesirable wholesale, takebacks, and reduced D2C promotions).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Brand Moments and Partnerships
Multiple high-profile sports achievements and partnerships in 2025: Mondo Duplantis (world title and world record), Amanal Petros (marathon silver), 10 teams qualified for the FIFA World Cup, HYROX partnership extended, addition of McLaren for Formula 1, EuroBasket/handball successes and marquee athletes (Dennis Schroder, Tyrese Haliburton).
Read all positive updates
Company Guidance
PUMA guided that FY2026 will be a transition year with constant‑currency sales expected to decline in the low‑ to mid‑single‑digit range (about a 3 percentage‑point FX headwind), driven by lower wholesale while D2C is expected to grow on a currency‑adjusted basis; management expects Q1 to align with the full‑year outlook and the second half of 2026 to be stronger than the first half. Reported EBIT is forecast at negative €50m to negative €150m (including onetime effects, which are expected to be materially lower than the ~€192m of one‑offs in 2025); gross profit margin should improve substantially versus 2025 (2025 gross margin was 45%, down 260 bps y/y), OpEx in absolute terms is not expected to fall materially (OpEx ex‑one‑offs was ~€3.5bn in 2025), and CapEx is guided at ~€200m. Management expects positive free cash flow in 2026, aims to normalize inventories by end‑2026 and to deleverage net debt over the coming years (net debt was just over €1bn at end‑2025 with €290m cash and ~€1.2bn undrawn lines, ~€1.5bn headroom); they also warned ANTA’s 29% stake may negatively affect Greater China sales in 2026.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 | 8.62B | 7.30B | 8.82B | 8.60B | 8.47B | 6.81B |
| Gross Profit | 4.39B | 3.76B | 4.18B | 3.99B | 3.90B | 3.26B |
| EBITDA | 390.60M | -357.20M | 977.60M | 934.00M | 952.30M | 837.00M |
| Net Income | -94.20M | -643.60M | 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
21.47
Price Trends
22.27
Negative
21.11
Positive
20.96
Positive
Market Momentum
-0.38
Positive
48.04
Neutral
62.74
Neutral
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 21.47 is below the 20-day moving average (MA) of 21.73, below the 50-day MA of 22.27, and above the 200-day MA of 20.96, indicating a neutral trend. The MACD of -0.38 indicates Positive momentum. The RSI at 48.04 is Neutral, neither overbought nor oversold. The STOCH value of 62.74 is Neutral, 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 | 10.00 | 17.17% | 3.86% | 0.09% | 4.22% | |
64 Neutral | €5.23B | 30.68 | 7.72% | ― | 12.06% | 18.20% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | €96.87M | -1.02 | -42.24% | ― | -11.28% | 54.27% | |
56 Neutral | €23.58B | 22.53 | 23.93% | 1.22% | 9.64% | 187.42% | |
45 Neutral | €3.15B | -5.10 | -30.05% | 2.83% | -2.90% | -211.60% | |
44 Neutral | €7.48M | 20.76 | -1.57% | ― | -7.67% | -107.69% |
* Consumer Cyclical Sector Average
DE:PUM
PUMA SE NPV
21.47
-0.57
-2.58%
DE:ADS
adidas AG
132.05
-87.82
-39.94%
DE:BOSS
Hugo Boss
36.00
2.07
6.11%
DE:ULC
United Labels
1.08
-0.24
-18.12%
DE:ZAL
Zalando
20.13
-12.11
-37.56%
DE:GFG
Global Fashion Group
0.42
0.12
41.33%
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.