Tearsheet

Amer Sports (AS)


Market Price (12/29/2025): $38.36 | Market Cap: $21.3 Bil
Sector: Consumer Discretionary | Industry: Leisure Facilities

Amer Sports (AS)


Market Price (12/29/2025): $38.36
Market Cap: $21.3 Bil
Sector: Consumer Discretionary
Industry: Leisure Facilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25%
Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/EPrice/Earnings or Price/(Net Income) is 69x
1 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Luxury Consumer Goods, Experiential Retail, Show more.
Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7%
2  Key risks
AS key risks include [1] its heavy revenue concentration in the Greater China market, Show more.
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25%
1 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Luxury Consumer Goods, Experiential Retail, Show more.
2 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/EPrice/Earnings or Price/(Net Income) is 69x
3 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7%
4 Key risks
AS key risks include [1] its heavy revenue concentration in the Greater China market, Show more.

Valuation, Metrics & Events

AS Stock


Why The Stock Moved


Qualitative Assessment

AI Analysis | Feedback

I am unable to provide specific reasons for a -2.4% stock movement for Amer Sports (AS) for the period between August 31, 2025, and today, as this falls outside my current knowledge cutoff and I cannot access future financial data. However, I can provide general factors that have influenced Amer Sports' stock performance in the past, based on the most recent available information.

1. Initial Public Offering (IPO) Performance and Market Sentiment: Amer Sports launched its IPO in February 2024. The initial market reception and subsequent investor sentiment following its debut, including any fluctuations from the IPO price, have been significant factors in its stock movement.

2. Financial Results and Outlook: Quarterly earnings reports, including revenue, profit margins, and future guidance, heavily influence investor confidence. Any results that fall short of analyst expectations or a cautious outlook could lead to downward pressure on the stock.

Show more

Stock Movement Drivers

Fundamental Drivers

The 11.3% change in AS stock from 9/28/2025 to 12/28/2025 was primarily driven by a 29.8% change in the company's Net Income Margin (%).
928202512282025Change
Stock Price ($)34.4838.3711.28%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)5698.106100.607.06%
Net Income Margin (%)3.93%5.10%29.80%
P/E Multiple85.4968.56-19.81%
Shares Outstanding (Mil)555.40556.20-0.14%
Cumulative Contribution11.28%

LTM = Last Twelve Months as of date shown

Market Drivers

9/28/2025 to 12/28/2025
ReturnCorrelation
AS11.3% 
Market (SPY)4.3%40.4%
Sector (XLY)1.8%22.4%

Fundamental Drivers

The -2.5% change in AS stock from 6/29/2025 to 12/28/2025 was primarily driven by a -36.5% change in the company's P/E Multiple.
629202512282025Change
Stock Price ($)39.3638.37-2.52%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)5463.206100.6011.67%
Net Income Margin (%)3.70%5.10%37.94%
P/E Multiple107.8968.56-36.46%
Shares Outstanding (Mil)553.99556.20-0.40%
Cumulative Contribution-2.52%

LTM = Last Twelve Months as of date shown

Market Drivers

6/29/2025 to 12/28/2025
ReturnCorrelation
AS-2.5% 
Market (SPY)12.6%45.7%
Sector (XLY)11.9%33.2%

Fundamental Drivers

The 35.0% change in AS stock from 12/28/2024 to 12/28/2025 was primarily driven by a 25.1% change in the company's Total Revenues ($ Mil).
1228202412282025Change
Stock Price ($)28.4238.3735.01%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)4875.206100.6025.14%
P/S Multiple2.953.5018.73%
Shares Outstanding (Mil)505.41556.20-10.05%
Cumulative Contribution33.65%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2024 to 12/28/2025
ReturnCorrelation
AS35.0% 
Market (SPY)17.0%60.5%
Sector (XLY)7.0%58.4%

Fundamental Drivers

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Market Drivers

12/29/2023 to 12/28/2025
ReturnCorrelation
AS  
Market (SPY)48.4%49.0%
Sector (XLY)38.6%45.6%

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
AS Return----75%35%137%
Peers Return16%38%-12%21%26%16%150%
S&P 500 Return16%27%-19%24%23%18%114%

Monthly Win Rates [3]
AS Win Rate----70%50% 
Peers Win Rate52%65%42%68%57%52% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
AS Max Drawdown-----34%-25% 
Peers Max Drawdown-34%-5%-26%-7%-9%-23% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

AS has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.

Unique KeyEventXLYS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-40.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven67.4%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven680 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-33.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven51.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven82 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-21.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven28.1%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven105 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-60.1%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven150.8%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven779 days1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

SPDR Select Sector Fund's stock fell -40.3% during the 2022 Inflation Shock from a high on 11/19/2021. A -40.3% loss requires a 67.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

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About Amer Sports (AS)

Elevating the world through sportÑfrom courts to slopes, from cities to mountains, and everywhere in between, we aim to inspire people to explore and experience the joy of sports and outdoor activities, and lead better, healthier lives. Our vision is to be the global leader in premium sports and outdoor brands. Amer Sports is a global group of iconic sports and outdoor brands, including ArcÕteryx, Salomon, Wilson, Atomic and Peak Performance. Our brands are known for their detailed craftsmanship, unwavering authenticity, premium market positioning and compelling market shares in their categories. We pride ourselves on cutting-edge innovation, technical performance and ground-breaking designs that allow athletes and everyday consumers to perform better every day. Through partnerships with industry influencers and elite athletes, and in collaboration with the various communities we serve, we develop next-generation products that define winning moments in sports. Our brands are creators of exceptional apparel, footwear, equipment, protective gear and accessories that we believe give our consumers the confidence and comfort to excel. --- Our brands are our stars, constantly elevating the consumer experience and creating thriving communities. We empower our brands to pursue market-shaping leadership and set the standard for quality, performance and brand experience globally. While our brands have established heritage and market leadership today, significant runway remains ahead. We are excited about our future and the opportunity to drive growth in each of our three reportable segments: Technical Apparel, Outdoor Performance and Ball & Racquet Sports. Our segments comprise our "brand clusters," which reflect both how our consumers engage with our products and how we manage our business. --- Each segment is led by one of our core brands: ArcÕteryx, Salomon and Wilson. ArcÕteryx ArcÕteryx is a technical outdoor apparel brand inspired by the Canadian Coast Mountains and built on the principle of obsessive, precise design and production. ArcÕteryx gear pushes the boundaries of performance and enables adventurers to excel in their outdoor pursuits in the mountains, in the backcountry and on some of the world's most technical climbs. The products are known for their minimalist design and sleek and streamlined aesthetic, along with new, innovative features that continually advance outdoor activities. Product quality, from the materials to the design, allows ArcÕteryx to command premium pricing as evidenced by its best-selling "hardshell" jacket in North America, the Alpha SV. Overall, ArcÕteryx combines beautiful, innovative products and an authentic brand experience that extends beyond apparel, fostering communities and bringing people together across all regions of the world who share a passion for the outdoors. Salomon Born in the French Alps in 1947, Salomon creates premium innovative footwear, apparel, winter sports equipment and accessories. Since its founding, Salomon has been fueled by a culture of design, craftmanship, continuous innovation, and performance inspired by progress, the outdoors and athletes. The brand first produced metal ski edges and expanded into releasable ski bindings before launching industry changing rear-entry ski boots and monocoque skis. The brand's leadership in winter sports helped to propel it into a diverse portfolio of sports and products including footwear and apparel. Today, Salomon is a market leader in global trail running footwear and premium hiking footwear, with products recognized for their performance, style, durability and sustainability. Over 60% of Salomon's revenue for 2022 came from footwear, while also having leading market positions in its legacy winter sports equipment categories (skis, snowboards, boots, bindings, goggles, helmets, etc.), creating a 365-day, year-round brand serving all seasons for mountain sport consumers. Wilson Sporting Goods Founded in 1914 in Chicago, Illinois, Wilson Sporting Goods is a leading manufacturer of high-performance sports equipment, apparel, footwear and accessories. The Wilson Sporting Goods portfolio is made up of the iconic Wilson brand, as well as Louisville Slugger, DeMarini, EvoShield and ATEC. Collectively, these brands bring more than three centuries of innovation, history and heritage to a variety of mainstream sports. As a multi-sports platform, Wilson drives innovation and product excellence by leveraging learnings across the brands' various disciplines, including tennis, baseball and basketball, among other sports. The Wilson brand has a legacy as the top-of-the-line sports equipment and is associated with legendary athletes, including Roger Federer, Russell Wilson and Jamal Murray. In addition, Wilson is the official partner of professional sports leagues, including the NBA, WNBA, NFL, the US Open and Roland Garros Grand Slam Tennis Championships, as well as the NCAA, making Wilson products integral to performance in sport. These athletes and leagues are a testament to the credibility and reputation of Wilson's track record of innovation and superior products. While ArcÕteryx, Salomon and Wilson stand tall and lead our three segments, our other brands appropriately fit our sports-oriented portfolio. Brands such as Atomic and Peak Performance enhance our scale, competitive positioning and diversification across sports categories. Together, our brands enable us to lead and compete in various sports segments and drive the continued success of our portfolio. The Amer Sports Group We excel at identifying, developing and defining brands that meet our corporate vision. We empower these brands to autonomously connect with consumers and develop products to drive growth. Our platform supports the brands via scaled infrastructure and financial controls to accelerate performance. Our operations are subject to complexity and risk consistent with being a large global organization. We believe that the size and diversification of our platform mitigates risks and provides financial flexibility to invest prudently to meet the continuously evolving needs of consumers, to develop competitive advantages and to drive growth across the brands through a relentless focus on innovation. We also believe that our platform enables efficient integration, scaling and optimization of target opportunities that fit within our portfolio, as well as critical insight to inform divestiture decisions. We govern our brands through management across the finance, supply chain, sustainability, communication, legal and compliance functions, among other areas. At the same time, we enable our brands through our group's incubator model that provides shared learnings from data analytics across the platform as well as from the economies of scale and synergies of shared resources, including supplier services, distribution and logistics, human resources and enterprise IT infrastructure. We further serve our brands through access to shared, centralized business services, including customer service and treasury management functions. All together, these resources empower our brand leadership teams to focus on serving consumers through brand, product and go-to-market strategies that drive performance, and our global and scaled operating model enables larger, robust brand organizations to independently flourish. Deeply Committed to Sustainability As a global group of sports and outdoor brands, we believe we can foster more sustainable lifestyles, encourage mindful consumption, and promote well-being. While the sports and outdoor industry connects us with nature, we also understand it can consume our planet's precious resources. Together with our brands, we are focused on managing the complex and challenging supply chains in our industry to build a sustainability culture that positively impacts our environment and the people whose lives we touch. As a participant of the UN Global Compact, Amer Sports Corporation, our wholly-owned subsidiary, aims to incorporate the Ten Principles of the Global Compact and to support applicable UN Sustainable Development Goals. In addition, we have committed to set science-based near-term and net-zero emission reduction targets at the group level, which we intend to submit to be validated by the Science Based Targets initiative (SBTi). At the brand level, we are focused on sustainable business practices. For example, ArcÕteryx opened five new ReBirdª Service Centers in the United States, Canada, Greater China and Japan. ReBirdª Service Centers offer consumers complementary repair services for their ArcÕteryx gear, connecting consumers to the brand's ongoing focus on improving circularity, including upcycling, resale, care and repair. ArcÕteryx's sustainability program, ReCareª, provides consumers with information on home care and field repair for their products, while the ReCutª program diverts rescued textiles that are repurposed into original and coveted pieces and the ReGearª program accepts used gear and refurbishes it for sale on the ReGearª platform. Salomon and Peak Performance have reduced the need for materials and transport by using 3D product samples for sales purposes and are looking to expand the use of 3D in consumer experiences and e-commerce. Further, ArcÕteryx and Salomon have each set brand-level near-term science-based emission reduction targets for 2030 approved by the SBTi. Our management oversees the implementation of our sustainability strategy. Cross-functional operational teams drive our efforts on sustainable business practices, led by the Amer Sports platform with participation across key brands and functions. Working groups plan and execute roadmaps on sustainability initiatives in key areas identified, such as climate change, circular economy, responsible procurement and supply chain, human rights, and diversity, equity, and inclusion. We also take our responsibility for the health and well-being of our own employees as well as the employees of our partners along the value chain seriously. Our membership in the Fair Labor Association highlights our commitment to working to uphold human rights in our global supply chain with initiatives to protect workers' rights globally and drive long-term improvements through training and education, worker engagement, and integration into sourcing practices. We were incorporated as Amer Sports Management Holding (Cayman) Limited in the Cayman Islands as an exempted company with limited liability on January 3, 2020. On August 4, 2023, we changed our name to Amer Sports, Inc. Our registered offices are located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Our telephone number at this address is +1 345 945 3901. Our corporate offices are located at Konepajankuja 6, 00511 Helsinki, Finland.

AI Analysis | Feedback

1. A VF Corporation for specialized sports and outdoor gear.

2. The LVMH of performance outdoor and sports equipment.

AI Analysis | Feedback

  • Winter Sports Equipment: Provides skis, snowboards, boots, bindings, and apparel for alpine, Nordic, and freestyle skiing, as well as snowboarding.
  • Racket Sports Equipment: Offers rackets, balls, strings, and accessories for tennis, badminton, padel, and squash.
  • Team Sports Equipment: Manufactures balls, bats, gloves, and protective gear for baseball, softball, basketball, football, and volleyball.
  • Outdoor Performance Gear: Supplies technical apparel, footwear, and equipment for climbing, hiking, trail running, and general outdoor activities.
  • Cycling Components: Produces high-performance carbon fiber wheels, handlebars, and other bicycle components.

AI Analysis | Feedback

Amer Sports (AS) primarily sells its products to other companies, specifically a wide range of global retailers through its wholesale channel. While Amer Sports does not publicly disclose the names of its individual major wholesale customers due to competitive and confidentiality reasons, its products are widely distributed through major sporting goods retailers, outdoor specialty stores, department stores, and online marketplaces.

Based on their product categories and market presence, the following are examples of public companies that are highly likely to be major customers for Amer Sports' brands (such as Salomon, Arc'teryx, Wilson, Peak Performance, and Atomic):

  • Dick's Sporting Goods (Symbol: DKS) - A leading omni-channel sporting goods retailer in the United States, stocking a wide array of athletic apparel, footwear, and equipment.
  • Amazon.com (Symbol: AMZN) - A global e-commerce giant that serves as a major marketplace for numerous brands, including many in the sporting goods and outdoor categories.
  • JD Sports Fashion Plc (Symbol: JD.L on LSE, or JDSPY as an ADR on OTC) - A leading international retailer of sports fashion and outdoor brands, with a significant presence across Europe, North America, and Asia.

Amer Sports also sells directly to individual consumers through its own brand stores and e-commerce websites, but wholesale to other companies remains a significant distribution channel.

AI Analysis | Feedback

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AI Analysis | Feedback

James Zheng, Chief Executive Officer, Board Executive Director

James Zheng possesses over twenty-five years of experience in the sporting goods industry. He serves as Executive Director and Group President of ANTA Sports Products Limited, Amer Sports' controlling shareholder, a role he has held since joining in 2008. His prior experience includes various senior executive and sales roles at prominent publicly listed companies such as Adidas, Reebok, and P&G. He also holds the position of Co-Chairman of the World Federation of the Sporting Goods Industry (WFSGI).

Andrew Page, Chief Financial Officer, Interim President & CEO of Wilson and the Ball and Racquet Sports segment (effective September 1, 2025)

Andrew Page joined Amer Sports as Chief Financial Officer in April 2023, bringing with him three decades of leadership experience in finance and accounting. Prior to his current role, he was the Executive Vice President and Chief Financial Officer at Foot Locker, Inc., where he was instrumental in redefining enterprise strategy and enhancing business resilience. He also served as Senior Vice President, Controller, and Chief Accounting Officer at Advance Auto Parts, Inc., where he implemented offshore resources and cost-saving strategies. His career history also includes leadership positions at Under Armour, Inc., FTI Consulting, Inc., The AES Corporation, and General Electric Company. He began his career as an Audit Manager at Price Waterhouse Coopers. Effective September 1, 2025, he will also serve as Interim President & CEO of Wilson and the Ball and Racquet Sports segment.

Stuart Haselden, CEO Arc'teryx

Stuart Haselden was appointed CEO of Arc'teryx in February 2021, a newly created role. He brings over two decades of experience in retail and vertical direct-to-consumer businesses, having held positions at notable companies such as Lululemon, J. Crew, and Saks. Most recently, he served as CEO for the global lifestyle brand Away.

Guillaume Meyzenq, President and CEO Salomon (effective January 1, 2025)

Guillaume Meyzenq will assume the role of President and CEO for Salomon effective January 1, 2025, having previously served as Chief Product Officer for Salomon. He is recognized as a global executive within Salomon and Amer Sports, with a decade of experience leading global product categories and regional commercial roles. He is credited with successfully transforming and accelerating Salomon Footwear.

Victor Chen, Chief Strategy Officer

Victor Chen is the Chief Strategy Officer for Amer Sports and is a member of the Executive Committee.

AI Analysis | Feedback

The key risks to Amer Sports' business are primarily driven by its significant exposure to the Chinese market, global macroeconomic conditions affecting discretionary spending, and the constant need to maintain brand reputation amidst intense competition.

Key Risks to Amer Sports (AS)

1. Geopolitical Tensions and China Market Concentration: Amer Sports faces substantial risk due to its significant reliance on the Greater China market, which contributes nearly 30% of its revenue. The company, particularly its Arc'teryx brand, has experienced "significant headwinds" from a Tibet-related backlash in China, which threatens what is arguably Arc'teryx's "most profitable market." Historically, such boycott episodes can result in "very real revenue hits." Furthermore, the company is exposed to changes in trade policies, including tariffs, as approximately 30% of its products are sourced from China, potentially leading to increased costs and impacts on gross margin.

2. Macroeconomic Conditions and Discretionary Spending: The highly discretionary nature of Amer Sports' premium technical apparel, footwear, and sports equipment makes the company vulnerable to global macroeconomic downturns and inflationary pressures. Management has acknowledged that its product portfolio is "inherently susceptible to macro downturns." A weakened consumer demand environment and cautious retailer orders, as seen in the winter sports equipment market in North America and EMEA, can significantly impact sales and the company's ability to meet financial guidance.

3. Brand Reputation and Intense Competition: Amer Sports operates in a highly competitive market for sports and outdoor brands, where maintaining a strong brand reputation and responding to evolving consumer preferences are critical. A recent controversy involving its Arc'teryx brand and a fireworks display in Tibet led to public relations challenges and social media backlash over environmental concerns, prompting an investigation by Chinese authorities. While executives stated it wouldn't impact 2025 results, such incidents highlight the ongoing risk of harm to reputation, which could adversely affect the company's ability to attract and retain consumers and partners.

AI Analysis | Feedback

The clear emerging threat to Amer Sports is the expansion of rental and subscription models for sporting goods and outdoor equipment.

This model, reminiscent of Netflix challenging Blockbuster by offering a subscription service for entertainment access rather than ownership of physical media, could fundamentally alter consumer purchasing habits for durable and high-value items. Instead of purchasing expensive gear like skis, snowboards, high-end hiking equipment, or specialized racquets from brands such as Salomon, Atomic, Arc'teryx, and Wilson, consumers may increasingly opt for flexible rental or subscription services. These services offer access to a variety of equipment without the upfront cost, storage burden, or commitment of ownership, aligning with growing consumer preferences for sustainability, cost-effectiveness, and variety. Should such services gain significant traction and scale, they could cannibalize the sales of new products, directly impacting Amer Sports' core revenue streams derived from equipment and apparel sales.

AI Analysis | Feedback

Amer Sports (NYSE: AS) operates across three main business segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports. The addressable markets for their main products and services are sized globally as follows:

  • Outdoor Apparel: The global outdoor apparel market was valued at USD 157.73 billion in 2024 and is projected to reach USD 227.41 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 3.38% from 2025 to 2035. This market includes products from brands such as Arc'teryx and Peak Performance.
  • Outdoor Footwear: The global outdoor footwear market was valued at USD 42.13 billion in 2023 and is projected to reach USD 79.21 billion by 2031, growing at a CAGR of 7.65% during the forecast period. Another estimate indicates the market will reach USD 51.2 billion in 2025 and USD 101.7 billion by 2035, expanding at a 7.1% CAGR. This category is relevant for brands like Salomon.
  • Winter Sports Equipment: The global winter sports equipment market was valued at USD 17.76 billion in 2024 and is projected to reach USD 30.97 billion by 2032, with a CAGR of 6.81% from 2025–2032. Other estimates suggest a market size of USD 18.97 billion in 2025, reaching USD 29.36 billion by 2032, or USD 15.8 billion in 2024, growing to USD 29.0 billion by 2035. Brands like Atomic, Armada, and Salomon operate in this market.
  • Tennis Equipment: The global tennis equipment market is estimated to be USD 38.45 billion in 2025 and is forecasted to reach USD 49.85 billion by 2030, reflecting a 5.33% CAGR. This market is primarily addressed by Amer Sports' Wilson brand.
  • General Ball Sports Equipment: While specific market sizes for all individual ball sports (baseball, basketball, golf, American football) are not uniformly available, the broader global sports equipment market, which includes ball games equipment, was valued at USD 388.22 billion in 2024 and is projected to reach USD 695.93 billion by 2033, growing with a CAGR of 6.7% during the forecast period (2025–2033). The ball games segment alone constituted the largest revenue share of 34.0% in the sports equipment market in 2021. Brands like Wilson, ATEC, DeMarini, and Louisville Slugger contribute to this market.

AI Analysis | Feedback

Amer Sports (NYSE: AS) is expected to drive future revenue growth over the next two to three years through several key strategies:

  1. Expansion of Direct-to-Consumer (DTC) Channels and Retail Footprint: The company is significantly expanding its DTC business, which has been a strong growth driver, growing 39% in Q1 2025 and 40% in Q2 2025. Amer Sports aims to double its store count and continue strong e-commerce growth, with DTC representing approximately 75% of sales, up from 30% in 2019. This includes plans for Arc'teryx to open around 30 stores in 2024 and potentially reach over 500 stores globally over time.
  2. Accelerated Geographic Expansion, particularly in Greater China and Asia Pacific: Amer Sports has demonstrated significant growth in these regions, with Asia Pacific increasing by 49% and China by 43% in Q1 2025. Greater China grew 54% in Q4 2024 and 42% in Q2 2025, and by the end of 2024, Amer China represented a quarter of the group's sales, up from less than 10% five years prior. The company anticipates China and North America to be of similar size by 2030.
  3. Continued Strong Performance and Innovation within Flagship Brands: Key brands like Arc'teryx and Salomon consistently lead revenue growth, especially in the Technical Apparel and Outdoor Performance segments. Arc'teryx continues to show strong momentum across all regions, channels, and categories, particularly in footwear and women's apparel. Salomon's footwear has also seen accelerated global traction, contributing to significant growth in the Outdoor Performance segment.
  4. Strategic Focus on Premiumization and High-Growth Categories: Amer Sports is committed to becoming a global leader in premium sports and outdoor brands. The company is prioritizing high-growth categories such as women's business, footwear, and the Valence city/lifestyle sub-brand, with dedicated business units and leadership to drive expansion. Footwear, for instance, is projected to increase from 8% to 13% of revenue.

AI Analysis | Feedback

Share Repurchases

  • Amer Sports authorized the repurchase of up to 10,000,000 of its own shares, with repurchases starting in October 2017 and ending by March 2018, when it was listed on the Nasdaq Helsinki stock exchange.
  • There is no information available regarding share repurchases made by Amer Sports within the last 3-5 years since its Initial Public Offering in February 2024.

Share Issuance

  • In February 2024, Amer Sports completed its Initial Public Offering (IPO), issuing 105,000,000 ordinary shares at $13.00 per share, which generated approximately $1.6 billion in gross proceeds. The net proceeds from the IPO were intended for debt repayment.
  • In December 2024, Amer Sports announced an upsized public offering of 40,800,000 ordinary shares priced at $23.00 per share, with the intention to use the net proceeds to repay outstanding term loan facilities.
  • In May 2025, entities affiliated with FountainVest Partners commenced a secondary offering of 35,000,000 ordinary shares; Amer Sports itself is not selling shares in this offering and will not receive any proceeds.

Inbound Investments

  • In April 2019, an investor consortium led by ANTA Sports, including FountainVest Partners, Anamered Investments (owned by Lululemon founder Chip Wilson), and Tencent Holdings Limited, acquired Amer Sports for approximately €5 billion (around $5.2 billion), taking the company private.
  • The Initial Public Offering in February 2024 raised approximately $1.6 billion in gross proceeds for the company. Existing investors, including ANTA Sports, Anamered, FountainVest, and Tencent, also committed to purchasing additional shares in the IPO.

Outbound Investments

  • Amer Sports divested ENVE Composites in 2024.
  • There is no information available on significant outbound investments or acquisitions made by Amer Sports within the last 3-5 years.

Capital Expenditures

  • Amer Sports forecasts capital expenditures (CapEx) of approximately $300 million for the full year 2025.

Trade Ideas

Select ideas related to AS. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE11302025BBWIBath & Body WorksDip BuyDB | Insider Buys | Low D/EDip Buy with Strong Insider Buying
Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
13.7%13.7%0.0%
HRB_11262025_Dip_Buyer_FCFYield11262025HRBH&R BlockDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
6.0%6.0%-0.1%
LRN_11262025_Dip_Buyer_FCFYield11262025LRNStrideDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
3.8%3.8%-4.4%
ABNB_11212025_Dip_Buyer_FCFYield11212025ABNBAirbnbDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
19.7%19.7%0.0%
MTN_11212025_Dip_Buyer_FCFYield11212025MTNVail ResortsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
2.3%2.3%-1.6%

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Peer Comparisons for Amer Sports

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Financials

ASHPQHPEIBMCSCOAAPLMedian
NameAmer Spo.HP Hewlett .Internat.Cisco Sy.Apple  
Mkt Price38.3723.2624.49305.0978.16273.4058.27
Mkt Cap21.321.932.6284.9309.24,074.4158.8
Rev LTM6,10155,29534,29665,40257,696408,62556,496
Op Inc LTM6793,6241,64411,54412,991130,2147,584
FCF LTM-2,80062711,85412,73396,18411,854
FCF 3Y Avg-2,9781,40011,75313,879100,50311,753
CFO LTM-3,6972,91913,48313,744108,56513,483
CFO 3Y Avg-3,6723,89613,49814,736111,55913,498

Growth & Margins

ASHPQHPEIBMCSCOAAPLMedian
NameAmer Spo.HP Hewlett .Internat.Cisco Sy.Apple  
Rev Chg LTM25.1%3.2%13.8%4.5%8.9%6.0%7.4%
Rev Chg 3Y Avg--3.9%6.5%2.6%3.7%1.8%2.6%
Rev Chg Q29.7%4.2%14.4%9.1%7.5%9.6%9.4%
QoQ Delta Rev Chg LTM7.1%1.1%3.7%2.1%1.8%2.1%2.1%
Op Mgn LTM11.1%6.6%4.8%17.7%22.5%31.9%14.4%
Op Mgn 3Y Avg9.0%7.4%7.2%16.4%24.2%30.8%12.7%
QoQ Delta Op Mgn LTM0.1%-0.2%-1.4%0.6%0.4%0.1%0.1%
CFO/Rev LTM-6.7%8.5%20.6%23.8%26.6%20.6%
CFO/Rev 3Y Avg-6.8%12.7%21.4%26.1%28.4%21.4%
FCF/Rev LTM-5.1%1.8%18.1%22.1%23.5%18.1%
FCF/Rev 3Y Avg-5.5%4.6%18.6%24.6%25.6%18.6%

Valuation

ASHPQHPEIBMCSCOAAPLMedian
NameAmer Spo.HP Hewlett .Internat.Cisco Sy.Apple  
Mkt Cap21.321.932.6284.9309.24,074.4158.8
P/S3.50.41.04.45.410.03.9
P/EBIT33.96.819.925.122.531.323.8
P/E68.68.6572.736.029.941.038.5
P/CFO-5.911.221.122.537.521.1
Total Yield1.5%14.1%2.3%5.0%5.4%2.8%3.9%
Dividend Yield0.0%2.5%2.1%2.2%2.1%0.4%2.1%
FCF Yield 3Y Avg-10.6%5.5%6.4%6.0%3.1%6.0%
D/E0.10.50.70.20.10.00.2
Net D/E0.10.30.60.20.00.00.1

Returns

ASHPQHPEIBMCSCOAAPLMedian
NameAmer Spo.HP Hewlett .Internat.Cisco Sy.Apple  
1M Rtn3.3%-3.6%12.7%-1.1%1.6%-2.0%0.2%
3M Rtn11.3%-11.9%2.7%7.9%17.0%7.1%7.5%
6M Rtn-2.5%-4.0%34.5%6.6%15.2%36.3%10.9%
12M Rtn35.0%-27.0%16.2%40.5%34.5%7.5%25.3%
3Y Rtn140.4%-3.7%67.3%141.3%79.6%114.1%96.9%
1M Excs Rtn2.4%-5.6%12.9%-2.2%-0.0%-3.7%-1.1%
3M Excs Rtn7.0%-16.2%-1.7%3.6%12.7%2.8%3.2%
6M Excs Rtn-14.8%-16.3%22.3%-5.7%3.0%24.0%-1.3%
12M Excs Rtn18.3%-42.9%-0.7%25.0%19.9%-8.4%8.8%
3Y Excs Rtn59.1%-83.5%-11.2%59.6%-1.2%28.4%13.6%

Financials

Segment Financials

Revenue by Segment
$ Mil2024202320222021
Outdoor Performance1,6741,4221,2361,092
Technical Apparel1,6141,108951685
Ball & Racquet Sports1,1121,041880669
Corporate00  
Reconciliation  00
Total4,4003,5713,0662,446


Operating Income by Segment
$ Mil2024202320222021
Technical Apparel314171164117
Outdoor Performance1511189282
Ball & Racquet Sports31615732
Impairment losses on goodwill and intangible assets0-19800
Restructuring expenses-2-6-34-11
Expenses related to certain legal proceedings-3-400
Expenses related to transaction activities-34-0  
Purchase Price Adjustments (PPA)-43-42-50-48
Share-based payment expenses-480  
Corporate expenses-64-49  
Expenses related to M&A activities  -15
Reconciliation  -43-51
Total30351187125


Price Behavior

Price Behavior
Market Price$38.37 
Market Cap ($ Bil)21.3 
First Trading Date03/12/2024 
Distance from 52W High-7.5% 
   50 Days200 Days
DMA Price$34.37$33.78
DMA Trendupup
Distance from DMA11.7%13.6%
 3M1YR
Volatility38.9%51.9%
Downside Capture80.39144.20
Upside Capture115.50152.00
Correlation (SPY)40.8%60.5%
AS Betas & Captures as of 11/30/2025

 1M2M3M6M1Y3Y
Beta1.081.291.301.811.57-0.01
Up Beta1.541.171.312.831.76-0.32
Down Beta2.520.970.841.101.510.24
Up Capture205%164%110%156%213%63%
Bmk +ve Days12253873141426
Stock +ve Days10243365128227
Down Capture8%137%177%189%120%88%
Bmk -ve Days7162452107323
Stock -ve Days9172756113193

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
null
Based On 5-Year Data
null
Based On 10-Year Data
null

Short Interest

Short Interest: As Of Date12152025
Short Interest: Shares Quantity11,305,724
Short Interest: % Change Since 11302025-8.9%
Average Daily Volume3,990,004
Days-to-Cover Short Interest2.83
Basic Shares Quantity556,199,402
Short % of Basic Shares2.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
9302025111820256-K 9/30/2025
630202582020256-K 6/30/2025
331202552020256-K 3/31/2025
12312024307202520-F 12/31/2024
9302024111920246-K 9/30/2024
630202482020246-K 6/30/2024
331202452120246-K 3/31/2024
12312023318202420-F 12/31/2023
630202310052023DRS/A 6/30/2023
123120222022024424B4 12/31/2022