Amer Sports Inc AS

Consumer DiscretionarySpecialty RetailersFinland

Last close 29.43 USD on Nov 1, 2026, −21.2% year to date

Quant rating

Quant rating B Rank 66 of 297 in Consumer Discretionary

Growth C 180 of 297
Valuation C 191 of 297
Quality B 66 of 297
Revisions B 52 of 297
Momentum C 123 of 297

Wall Street consensus Buy (1.76)Average target 46.72 USD +58.7%

Historical valuation

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

Key data

Market cap: 16.4B
Enterprise value: 16.8B
52-week range: 26.11 – 42.72
3-year range: 10.47 – 42.72
Dividend yield: –
Beta (5 years): –
Shares outstanding: 558M
Next earnings: Nov 17, 2026

About the company

Amer Sports Inc is a Finland-based global group of sports and outdoor brands such as Arcteryx, Salomon, Wilson, Peak Performance, Atomic, Armada, ATEC, DeMarini, EvoShield and ENVE. The Company develops, manufactures, and markets sports and fitness equipment. Its products include sports equipment for tennis, badminton, soccer, baseball, basketball, golf, American football, alpine skiing, fitness training, cycling, running, hiking, snowboarding, cross-country skiing and diving. It also offers fitness equipment through factory outlets, and e-commerce companies through trade customers in sporting goods chains, mass merchants, specialty retailers, fitness clubs, and distributors. The Company operates worldwide.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	6,566	5,183	4,400	3,571	3,066	–
Revenue growth	26.7%	17.8%	23.2%	16.5%	25.4%	21.8%
EPS (basic, normalized)	0.97	0.47	−0.24	–	–	–
EPS growth	106.4%	–	–	–	–	–
Gross margin	57.6%	55.4%	52.5%	50.0%	49.1%	52.9%
Net margin	6.5%	1.4%	−4.7%	−6.5%	−4.1%	−1.5%
ROE	7.9%	3.0%	–	–	–	5.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	720
Current ratio	1.76x
Long-term debt (mil)	775
Net debt (mil)	403
Total equity (mil)	6,866
Net debt / equity	0.06x
Net debt / EBITDA	0.35x

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	6,566	+26.7%	2.6x	1,151	+47.4%	14.6x	0.97	+106.4%	30.3x
2026	8,209	+25.0%	2.0x	1,572	+36.6%	10.7x	1.33	+37.0%	22.2x
2027	9,503	+15.8%	1.8x	1,861	+18.4%	9.0x	1.64	+23.2%	18.0x
2028	10,795	+13.6%	1.6x	2,178	+17.1%	7.7x	1.97	+20.3%	15.0x

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	8,209	0.0%	+2.4%	+5.9%	1.33	+0.2%	+6.2%	+11.7%
2027	9,503	0.0%	+3.2%	+7.1%	1.64	+0.1%	+5.4%	+9.9%
2028	10,795	0.0%	+3.6%	+7.4%	1.97	0.0%	+4.6%	+7.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

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)	1,183	994	1,354	1,636	1,472	1,236	1,756	2,101	1,946	1,633
Sales mean (mil)	1,131	948	1,299	1,600	1,385	1,181	1,710	1,997	1,835	1,543
Surprise	+4.6%	+4.8%	+4.2%	+2.2%	+6.3%	+4.7%	+2.7%	+5.2%	+6.0%	+5.8%
EPS reported	0.08	0.05	0.14	0.17	0.27	0.06	0.33	0.31	0.38	0.22
EPS mean	0.02	−0.06	0.10	0.17	0.15	0.03	0.25	0.28	0.30	0.11
Surprise	+263.6%	−188.9%	+36.8%	+0.3%	+75.9%	+126.4%	+32.2%	+10.9%	+24.7%	+104.8%

Peer comparison Specialty Retailers

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
AS Amer Sports Inc	16.4B	0.35x	6.5%	2.39x	22.2x	18.0x	10.7x	9.0x
9992 Pop Mart International Group Limited	22.9B	–	34.4%	6.61x	15.8x	13.6x	10.7x	9.3x
ROST Ross Stores Inc	72.9B	−1.02x	9.4%	10.82x	27.4x	25.4x	17.4x	16.5x
ULTA Ulta Beauty Inc	27.4B	0.07x	9.3%	10.37x	22.1x	19.9x	13.8x	13.0x
TPR Tapestry, Inc.	23.1B	0.56x	19.1%	33.67x	14.6x	13.1x	10.9x	10.2x
BURL Burlington Stores, Inc.	14.9B	0.94x	5.3%	7.44x	20.1x	17.4x	10.7x	9.5x
Mean		0.18x	14.0%	11.88x	20.4x	17.9x	12.4x	11.2x
Median		0.35x	9.4%	8.90x	21.1x	17.7x	10.8x	9.8x

Technical analysis

1M+6.6%
3M−18.2%
1Y−10.3%
3Y+119.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Amer Sports Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	6,566	5,183	4,400	3,571	3,066	2,446
Cost of revenue	2,782	2,312	2,092	1,785	1,561	1,297
Gross profit	3,784	2,872	2,308	1,786	1,506	1,149
Selling, general & administrative expenses	3,105	2,310	1,929	1,474	1,256	943
Research & development	–	–	–	–	–	–
Depreciation/amortization	–	121	85.3	71.5	71.4	67.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	14.5	33.0	1.9	201	0.7	20.4
Other operating expenses	−34.6	−30.6	−10.8	−11.0	−9.0	−7.1
Operating income	700	439	302	50.6	187	125
Net interest income (expense)	−69.5	−265	−400	−221	−248	−243
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−5.8	−13.1	−7.2	−12.0	−28.9	−29.5
Net income before taxes	624	161	−105	−183	−89.8	−147
Provision for taxes	184	82.8	104	48.3	34.7	26.2
Minority interest	−13.0	−5.8	0.2	0	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	427	72.6	−209	−231	−124	−174
Extraordinary items	–	–	–	−21.8	−1.8	−63.6
Net income	427	72.6	−209	−253	−126	−237
EBIT, normalized	757	520	344	252	223	164
EBITDA, normalized	1,142	794	565	449	429	394
Basic EPS, normalized	0.97	0.47	−0.24	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Amer Sports Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	652	345	483	402	567	–
Receivables	946	658	710	769	630	–
Total inventory	1,622	1,223	1,100	912	583	–
Prepaid expenses	61.6	129	45.9	65.7	38.6	–
Other current assets	22.3	44.5	12.5	23.5	74.5	–
Total current assets	3,304	2,399	2,352	2,173	1,892	–
Property, plant & equipment	1,461	1,074	759	546	580	–
Goodwill	2,338	2,128	2,270	2,242	2,480	–
Intangibles	2,782	2,590	2,749	2,756	2,870	–
Long-term investments	70.7	16.8	9.2	8.9	0.3	–
Note receivable	–	–	–	–	–	–
Other long-term assets	108	129	235	170	126	–
Total assets	10,064	8,336	8,374	7,895	7,950	–
Liabilities
Accounts payable	770	549	426	436	320	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	638	496	432	389	324	–
Short-term debt	0	0	0	0	0	–
Current portion of long-term debt	300	253	470	272	101	–
Other current liabilities	501	256	245	183	202	–
Total current liabilities	2,209	1,554	1,574	1,279	947	–
Long-term debt	1,453	1,230	6,191	5,964	6,194	–
Minority interest	18.9	9.1	3.4	–	–	–
Other liabilities	581	544	766	725	771	–
Total liabilities	4,262	3,337	8,534	7,969	7,912	–
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	18.6	18.4	642	642	640	–
Additional paid-in capital	3,251	3,189	–	–	–	–
Retained earnings (accumulated deficit)	2,306	1,867	−833	−860	−596	–
Treasury stock	–	–	–	–	–	–
Other equity	226	−75.5	30.6	144	−6.2	–
Total equity	5,802	4,999	−160	−73.9	38.0	–
Total liabilities & shareholders' equity	10,064	8,336	8,374	7,895	7,950	–

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Amer Sports Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	440	78.4	−209	−253	−126	−237
Depreciation, depletion & amortization	384	274	221	197	206	230
Deferred taxes	–	–	–	–	–	–
Non-cash items	314	418	539	495	265	337
Changes in working capital	−409	−345	−352	−531	−76.8	−31.6
Cash from operations	730	425	199	−91.7	268	298
Investing activities
Capital expenditures	−293	−288	−152	−120	−98.9	−107
Other investing cash flows	−45.4	19.7	−3.0	1.1	394	0.1
Cash from investing	−338	−268	−155	−119	295	−107
Financing activities
Financing cash flow items	−18.7	−18.8	6.3	−29.4	−1.9	−9.9
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−105	−247	28.7	110	−368	−155
Cash from financing	−124	−266	35.0	81.1	−370	−165
Foreign exchange effects	39.2	−28.4	2.1	−36.4	−22.4	27.1
Net change in cash	307	−138	81.3	−166	171	53.0
Free cash flow	437	137	47.2	−211	169	191

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 1, 2026 after market close.