PUMA SE NPV (DE:PUM)
XETRA:PUM
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PUMA SE NPV
(XETRA:PUM)
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Rating:52Neutral
Price Target:
€26.00
▲(0.74% 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
Brand strength & partnerships
Sustained elite-sport partnerships and marquee athlete successes underpin long-term brand prestige and demand. These durable marketing assets support pricing power, product sell-through and global brand recognition, helping PUMA sustain recovery and higher-margin channels over the next several quarters.
Negative Factors
2025 profitability collapse
The swing to operating and net losses and a large revenue decline materially weakens earnings quality and resilience. This deterioration reduces internal funding capacity and raises execution risk for the turnaround, making multi-quarter recovery dependent on consistent margin and sales improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Brand strength & partnerships
Sustained elite-sport partnerships and marquee athlete successes underpin long-term brand prestige and demand. These durable marketing assets support pricing power, product sell-through and global brand recognition, helping PUMA sustain recovery and higher-margin channels over the next several quarters.
Read all positive factors
PUMA SE NPV (PUM) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€3.89B
Dividend Yield2.83%
Average Volume (3M)1.25M
Price to Earnings (P/E)30.2
Beta (1Y)1.25
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
€27.17Price Target Upside5.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-1.6
Revenue Forecast (FY)€6.93B
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: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 | 8.62B | 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
25.81
Price Trends
23.63
Positive
23.09
Positive
21.39
Positive
Market Momentum
0.59
Negative
63.97
Neutral
83.28
Negative
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 above the 20-day moving average (MA) of 25.36, above the 50-day MA of 23.63, and above the 200-day MA of 21.39, indicating a bullish trend. The MACD of 0.59 indicates Negative momentum. The RSI at 63.97 is Neutral, neither overbought nor oversold. The STOCH value of 83.28 is Negative, 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 | €2.49B | 37.48 | 15.61% | 3.86% | -2.71% | 9.98% | |
64 Neutral | €26.01B | 12.66 | 24.59% | 1.22% | 3.58% | 36.23% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | €111.72M | -1.02 | -36.61% | ― | -8.57% | 27.04% | |
57 Neutral | €5.02B | -15.14 | 4.22% | ― | 20.20% | -56.58% | |
52 Neutral | €3.89B | 30.15 | -31.73% | 2.83% | -19.42% | -420.94% | |
44 Neutral | €6.86M | 20.76 | -1.57% | ― | -7.67% | -107.69% |
* Consumer Cyclical Sector Average
DE:PUM
PUMA SE NPV
26.81
4.13
18.20%
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DE:ULC
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0.99
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DE:ZAL
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DE:GFG
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77.78%
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.