Adidas AG ADDYY

Consumer DiscretionaryTextiles & ApparelGermany

Last close 96.27 USD on Nov 2, 2026, −0.7% year to date

Quant rating

Quant rating C Rank 181 of 297 in Consumer Discretionary

Growth B 74 of 297
Valuation D 257 of 297
Quality D 235 of 297
Revisions C 188 of 297
Momentum B 59 of 297

Wall Street consensus Buy (2.25)Average target 122.90 USD +27.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 33.6B
Enterprise value: 38.1B
52-week range: 75.19 – 107.57
3-year range: 75.19 – 136.82
Dividend yield: 1.75%
Beta (5 years): 1.21
Shares outstanding: 174M
Next earnings: Mar 2, 2027

About the company

Adidas AG is a Germany-based company that designs, develops, produces, and markets a range of athletic and sports lifestyle products. The Company's segments include Europe, North America, Asia-Pacific, Russia/CIS, Latin America; Emerging Markets, Adidas Golf, Runtastic, and other centrally managed businesses. Its segment includes wholesale, retail, and e-commerce business activities relating to the distribution and sale of products of the Adidas brand to retail customers and end consumers. The Company has over 2,500 own-retail stores, mono-branded franchise stores, shop-in-shops, joint ventures with retail partners and co-branded stores, and an e-commerce channel, which is available to customers in over 50 countries. Adidas branded products include footwear, apparel, and hardware, such as bags and balls.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	29,140	24,519	23,647	24,091	24,139	–
Revenue growth	18.8%	3.7%	−1.8%	−0.2%	7.2%	5.3%
EPS (basic, normalized)	4.34	2.29	−0.37	0.66	4.14	–
EPS growth	89.7%	–	–	−84.1%	–	–
Gross margin	51.6%	50.8%	47.5%	47.3%	50.7%	49.6%
Net margin	5.4%	3.2%	−0.6%	1.0%	6.8%	3.2%
ROE	23.7%	15.0%	−2.5%	3.6%	20.8%	12.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	29,140	+18.8%	1.3x	3,734	+39.7%	10.2x	4.34	+89.7%	22.2x
2026	30,379	+4.2%	1.3x	4,136	+10.8%	9.2x	7.96	+83.4%	12.1x
2027	32,560	+7.2%	1.2x	4,642	+12.2%	8.2x	9.77	+22.7%	9.9x
2028	34,641	+6.4%	1.1x	5,120	+10.3%	7.4x	15.88	+62.6%	6.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	30,379	+1.0%	+0.6%	−2.2%	7.96	−8.0%	−7.1%	−12.5%
2027	32,560	+2.0%	+1.7%	−1.3%	9.77	−3.1%	−4.2%	−16.4%
2028	34,641	+1.5%	+1.4%	+3.2%	15.88	−4.4%	−4.4%	−4.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	5,458	5,822	6,438	5,965	6,153	5,952	6,630	6,076	6,592	6,743
Sales mean (mil)	5,458	5,822	6,438	6,084	6,568	6,779	7,245	6,579	7,329	7,304
Surprise	0.0%	0.0%	0.0%	−2.0%	−6.3%	−12.2%	−8.5%	−7.7%	−10.1%	−7.7%
EPS reported	0.48	0.55	0.61	−0.13	1.22	1.01	1.28	0.21	1.35	1.05
EPS mean	–	1.09	–	−0.25	1.82	1.14	1.60	0.37	2.04	1.36
Surprise	–	−50.0%	–	+48.0%	−33.0%	−11.0%	−19.7%	−43.2%	−33.8%	−22.8%

Peer comparison Textiles & Apparel

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ADDYY Adidas AG	33.6B	–	5.4%	5.32x	12.1x	9.9x	9.2x	8.2x
NKE NIKE, Inc.	58.1B	−0.13x	6.7%	3.81x	30.8x	25.8x	18.3x	16.0x
RL Ralph Lauren Corporation	23.7B	−0.31x	11.6%	8.71x	21.0x	19.0x	13.5x	12.4x
LULU lululemon athletica inc.	11.9B	−0.51x	14.2%	2.63x	11.3x	12.6x	5.1x	5.6x
GIL Gildan Activewear Inc.	7.6B	5.00x	10.9%	2.27x	8.9x	7.8x	7.9x	7.4x
LEVI Levi Strauss & Co	8.8B	0.29x	8.0%	3.66x	14.8x	13.7x	8.8x	8.4x
Mean		0.87x	9.5%	4.40x	16.5x	14.8x	10.5x	9.7x
Median		−0.13x	9.4%	3.73x	13.4x	13.2x	9.0x	8.3x

Technical analysis

1M+18.5%
3M+4.2%
1Y+3.4%
3Y+8.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Adidas AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	29,140	24,519	23,647	24,091	24,139	22,515
Cost of revenue	14,101	12,070	12,409	12,700	11,901	11,252
Gross profit	15,039	12,450	11,238	11,391	12,238	11,263
Selling, general & administrative expenses	12,560	11,110	10,795	10,622	9,874	10,197
Research & development	181	176	167	164	148	140
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−2.3	−31.1	−7.7	−3.2	−5.7	−3.7
Other operating expenses	−114	−189	−12.1	−107	−36.4	18.3
Operating income	2,415	1,384	296	716	2,258	911
Net interest income (expense)	−276	−240	−264	−287	−152	−203
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.2	16.6	39.7	−13.9	0	−2.4
Net income before taxes	2,138	1,161	71.7	415	2,105	706
Provision for taxes	520	307	137	143	409	143
Minority interest	−52.9	−70.4	−67.3	−27.8	−47.7	−13.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,564	783	−132	244	1,648	550
Extraordinary items	9.4	8.3	48.6	411	757	−23.2
Net income	1,574	791	−83.9	655	2,405	526
EBIT, normalized	2,428	1,363	372	873	2,221	1,028
EBITDA, normalized	3,744	2,576	1,581	2,180	3,520	2,548
Basic EPS, normalized	4.34	2.29	−0.37	0.66	4.14	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Adidas AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,156	2,967	1,978	1,391	4,594	5,296
Receivables	4,005	3,266	3,074	3,808	3,394	3,313
Total inventory	6,850	5,165	4,994	6,392	4,557	5,370
Prepaid expenses	415	300	326	268	307	249
Other current assets	641	625	455	697	2,999	616
Total current assets	14,067	12,324	10,825	12,556	15,852	14,844
Property, plant & equipment	5,377	5,085	4,860	5,291	5,485	5,602
Goodwill	1,413	1,320	1,366	1,348	1,396	1,475
Intangibles	520	441	488	459	400	1,224
Long-term investments	665	582	791	679	451	584
Note receivable	361	182	–	–	0	203
Other long-term assets	1,395	1,449	1,556	1,388	1,581	1,781
Total assets	23,798	21,384	19,887	21,721	25,165	25,712
Liabilities
Accounts payable	3,418	3,205	2,512	3,112	2,608	2,919
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,626	3,625	3,089	3,175	3,742	3,290
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,466	1,219	1,207	1,252	684	1,525
Other current liabilities	2,172	1,883	2,068	2,367	3,157	3,046
Total current liabilities	10,681	9,932	8,876	9,907	10,191	10,780
Long-term debt	5,057	4,566	4,932	5,660	5,376	5,668
Minority interest	410	406	381	385	362	289
Other liabilities	866	813	643	427	689	1,092
Total liabilities	17,014	15,716	14,832	16,379	16,618	17,830
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	210	185	198	192	218	238
Additional paid-in capital	1,616	1,415	1,495	1,432	1,017	1,083
Retained earnings (accumulated deficit)	6,561	4,805	4,434	4,527	8,025	7,936
Treasury stock	–	–	–	–	–	–
Other equity	−1,603	−737	−1,073	−809	−713	−1,375
Total equity	6,784	5,668	5,054	5,341	8,548	7,882
Total liabilities & shareholders' equity	23,798	21,384	19,887	21,721	25,165	25,712

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Adidas AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,138	1,161	71.7	415	2,105	–
Depreciation, depletion & amortization	1,355	1,251	1,338	1,472	1,306	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	257	138	262	128	516	–
Changes in working capital	−2,868	464	1,141	−2,596	−298	–
Cash from operations	882	3,013	2,812	−581	3,630	–
Investing activities
Capital expenditures	−560	−559	−556	−744	−758	–
Other investing cash flows	85.7	190	59.6	1,274	276	–
Cash from investing	−474	−369	−497	530	−482	–
Financing activities
Financing cash flow items	−309	−280	−216	−207	−171	–
Cash dividends paid	−419	−129	−138	−653	−665	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−567	−1,205	−1,218	−2,312	−2,565	–
Cash from financing	−1,295	−1,614	−1,573	−3,171	−3,400	–
Foreign exchange effects	−96.3	30.0	−44.1	−20.3	64.8	–
Net change in cash	−984	1,060	699	−3,243	−188	–
Free cash flow	322	2,454	2,256	−1,325	2,872	–

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.