PUMA (PUMSY)
OTHER OTC:PUMSY
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PUMA
(OTC:PUMSY)
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Rating:50Neutral
Price Target:
$3.00
▲(66.67% Upside)
Action:DowngradedDate:03/02/26
The score is held back primarily by sharply weaker FY2025 fundamentals (losses, negative cash flow, and higher leverage). Offsetting that, technicals have improved with price above major moving averages and neutral momentum, while the earnings call supports a transition-and-recovery narrative but with still-weak 2026 guidance; valuation support is limited by negative earnings and reduced dividend visibility.
Positive Factors
D2C channel growth
A structurally higher D2C mix boosts gross margin capture and control over pricing, marketing and customer data. Sustained D2C share increases reduce reliance on mass wholesale channels, supporting more predictable margins, higher lifetime value and stronger direct customer relationships over the medium term.
Negative Factors
Sharp top-line deterioration
A steep decline in sales reflects both deliberate wholesale pruning and weaker end-market demand, eroding scale and operational leverage. Sustained lower revenues can prolong margin recovery, impair retail presence and slow payback on brand investments, making the turnaround timeline and targets harder to achieve.
Read all positive and negative factors
Positive Factors
Negative Factors
D2C channel growth
A structurally higher D2C mix boosts gross margin capture and control over pricing, marketing and customer data. Sustained D2C share increases reduce reliance on mass wholesale channels, supporting more predictable margins, higher lifetime value and stronger direct customer relationships over the medium term.
Read all positive factors
PUMA (PUMSY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.27B
Dividend Yield2.78%
Average Volume (3M)9.65K
Price to Earnings (P/E)―
Beta (1Y)1.11
Revenue Growth-1.22%
EPS Growth-217.46%
CountryUS
Employees22,000
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Footwear & Accessories
Share Statistics
EPS (TTM)-0.27
Shares Outstanding1,480,079,200
10 Day Avg. Volume0
30 Day Avg. Volume9,650
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)1.82
Price to Sales (P/S)0.46
P/FCF Ratio-5.27
Enterprise Value/Market Cap1.38
Enterprise Value/Revenue0.68
Enterprise Value/Gross Profit1.45
Enterprise Value/Ebitda9.94
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.19
Revenue Forecast (FY)$8.05B
PUMA Business Overview & Revenue Model
Company Description
PUMA SE is a global athletic and lifestyle brand that designs and manufactures footwear, apparel, and accessories. Founded in 1948 and headquartered in Herzogenaurach, Germany, PUMA operates in the sports and lifestyle sectors, catering to a diver...
How the Company Makes Money
PUMA primarily makes money by selling branded footwear, apparel, and accessories globally through two main routes: (1) wholesale distribution and (2) direct-to-consumer (DTC). In wholesale, PUMA sells products in bulk to third-party retailers (suc...
PUMA 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 outlines decisive corrective actions and several positive product, channel and licensing developments (D2C share gains, inventory cleanup ahead of plan, royalty growth, successful product launches and strengthened partnerships). However, these positives are set against material near-term financial deterioration: steep Q4 and full-year sales declines, significant wholesale pain, large operating losses, negative free cash flow, higher net debt and notable one-time charges. Management expects 2026 to be a transition year with gradual improvement in gross margin and a path back to growth and profitability in 2027, but short-term risks remain substantial.Positive Updates
Clear Strategic Reset and Rightsizing Underway
Management initiated a 3-year transformation (reset) in 2025: cleaning undesirable wholesale, reducing discounts, reducing range complexity (double-digit range cuts), and rightsizing headcount (target ~20% reduction in white-collar roles between 2025–2026; 500 positions cut H1 2025 with further reductions underway).
Negative Updates
Sharp Sales Decline in Q4 and FY 2025
Currency-adjusted sales declined nearly 21% in Q4 2025 and ~8% for full year 2025. Reset measures (cancellations, takebacks, reduced promotions) were cited as main drivers of the top-line decline.
Read all updates
Q4-2025 Updates
Positive
Negative
Clear Strategic Reset and Rightsizing Underway
Management initiated a 3-year transformation (reset) in 2025: cleaning undesirable wholesale, reducing discounts, reducing range complexity (double-digit range cuts), and rightsizing headcount (target ~20% reduction in white-collar roles between 2025–2026; 500 positions cut H1 2025 with further reductions underway).
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 (with ~3 percentage points of FX headwind), driven by further North America distribution cleanup, while D2C is expected to grow and wholesale to decline; management expects H2 to be stronger than H1 and Q1 to align with the full-year outlook. Reported EBIT is forecast at a loss of €50m–€150m (including onetime effects that should be materially below 2025’s ~€192m), with a “substantial” improvement in gross margin versus 2025 (FY2025 gross margin 45%, down 260 bps) and OpEx not materially lower in absolute terms; CapEx is guided to ~€200m. The company expects positive free cash flow in 2026 (vs. 2025 FCF -€530m), is targeting net-debt reduction from end-2025 net debt just over €1bn (cash €290m; financial headroom ~€1.5bn including ~€1.2bn undrawn facilities), and noted a €100m private placement and reduction of the bridge facility to €350m; management also warned of a likely short-term negative impact in Greater China linked to ANTA’s 29% stake.PUMA Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
35
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.62B | 7.01B | 8.82B | 8.60B | 8.47B | 6.81B |
| Gross Profit | 4.06B | 2.77B | 4.18B | 3.99B | 3.90B | 3.26B |
| EBITDA | 592.65M | 9.70M | 977.60M | 936.60M | 1.03B | 855.50M |
| Net Income | -94.20M | -618.49M | 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 | 289.88M | 537.00M | 598.50M | 484.70M | 787.70M |
| Total Debt | 2.58B | 3.59B | 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 | -607.34M | 431.80M | 353.20M | 154.70M | 257.70M |
| Operating Cash Flow | 0.00 | -409.19M | 694.80M | 653.60M | 418.30M | 460.10M |
| Investing Cash Flow | 0.00 | -215.16M | -230.50M | -284.60M | -240.80M | -183.80M |
| Financing Cash Flow | 0.00 | 496.21M | -697.80M | -277.10M | -476.40M | -164.00M |
PUMA Technical Analysis
Positive
1.80
Price Trends
2.63
Positive
2.54
Positive
2.46
Positive
Market Momentum
0.06
Negative
61.09
Neutral
92.70
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PUMSY, the sentiment is Positive. The current price of 1.8 is below the 20-day moving average (MA) of 2.56, below the 50-day MA of 2.63, and below the 200-day MA of 2.46, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 61.09 is Neutral, neither overbought nor oversold. The STOCH value of 92.70 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PUMSY.
PUMA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $5.01B | -57.09 | -5.37% | ― | <0.01% | -77.31% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $1.38B | 11.34 | 26.62% | 2.28% | 3.61% | ― | |
56 Neutral | $2.77B | 66.08 | 5.21% | 1.97% | 6.26% | -66.51% | |
50 Neutral | $4.27B | -5.17 | -30.05% | 2.78% | -1.22% | -217.46% | |
50 Neutral | $63.12B | 44.21 | 16.41% | 2.81% | -5.06% | -47.51% |
* Consumer Cyclical Sector Average
PUMSY
PUMA
2.82
0.61
27.74%
CROX
Crocs
100.22
10.29
11.44%
NKE
Nike
42.91
-10.58
-19.77%
SHOO
Steven Madden
37.62
17.89
90.67%
WWW
Wolverine World Wide
17.01
6.48
61.58%
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.