Amer Sports (AS)
Market Price (3/14/2026): $32.335 | Market Cap: $18.0 BilSector: Consumer Discretionary | Industry: Leisure Facilities
Amer Sports (AS)
Market Price (3/14/2026): $32.335Market Cap: $18.0 BilSector: Consumer DiscretionaryIndustry: Leisure Facilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% | Key risksAS key risks include [1] its heavy revenue concentration in the Greater China market, Show more. |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Luxury Consumer Goods, Experiential Retail, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Luxury Consumer Goods, Experiential Retail, Show more. |
| Key risksAS key risks include [1] its heavy revenue concentration in the Greater China market, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Amer Sports (AS) stock has lost about 15% since 11/30/2025 because of the following key factors:
1. Accelerated SG&A Investments Led to Operating Margin Contraction: Despite strong Q4 2025 revenue growth of 28% to $2.1 billion, Amer Sports' adjusted operating margin for the quarter decreased by 110 basis points to 12.5% due to accelerated Selling, General & Administrative (SG&A) investments. This strategic reinvestment, particularly for Salomon Softgoods, is anticipated to continue weighing on near-term profitability.
2. FY2026 Earnings Guidance Missed Analyst Expectations: Amer Sports provided full-year 2026 adjusted EPS guidance in the range of $1.10-$1.15, which fell below some analyst consensus estimates of $1.17. This outlook, announced on February 24, 2026, raised investor concerns about the sustainability of the company's growth momentum and future profitability, leading to an 8% after-hours stock drop following the earnings report.
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1. Accelerated SG&A Investments Led to Operating Margin Contraction: Despite strong Q4 2025 revenue growth of 28% to $2.1 billion, Amer Sports' adjusted operating margin for the quarter decreased by 110 basis points to 12.5% due to accelerated Selling, General & Administrative (SG&A) investments. This strategic reinvestment, particularly for Salomon Softgoods, is anticipated to continue weighing on near-term profitability.
2. FY2026 Earnings Guidance Missed Analyst Expectations: Amer Sports provided full-year 2026 adjusted EPS guidance in the range of $1.10-$1.15, which fell below some analyst consensus estimates of $1.17. This outlook, announced on February 24, 2026, raised investor concerns about the sustainability of the company's growth momentum and future profitability, leading to an 8% after-hours stock drop following the earnings report.
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Stock Movement Drivers
Fundamental Drivers
The -12.9% change in AS stock from 11/30/2025 to 3/13/2026 was primarily driven by a -36.5% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.13 | 32.34 | -12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,101 | 6,566 | 7.6% |
| Net Income Margin (%) | 5.1% | 6.5% | 27.6% |
| P/E Multiple | 66.3 | 42.1 | -36.5% |
| Shares Outstanding (Mil) | 556 | 557 | -0.1% |
| Cumulative Contribution | -12.9% |
Market Drivers
11/30/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| AS | -12.9% | |
| Market (SPY) | -3.1% | 46.1% |
| Sector (XLY) | -6.2% | 31.3% |
Fundamental Drivers
The -17.8% change in AS stock from 8/31/2025 to 3/13/2026 was primarily driven by a -56.8% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.32 | 32.34 | -17.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,698 | 6,566 | 15.2% |
| Net Income Margin (%) | 3.9% | 6.5% | 65.6% |
| P/E Multiple | 97.5 | 42.1 | -56.8% |
| Shares Outstanding (Mil) | 555 | 557 | -0.3% |
| Cumulative Contribution | -17.8% |
Market Drivers
8/31/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| AS | -17.8% | |
| Market (SPY) | 3.0% | 42.6% |
| Sector (XLY) | -4.2% | 27.3% |
Fundamental Drivers
The 8.2% change in AS stock from 2/28/2025 to 3/13/2026 was primarily driven by a 34.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282025 | 3132026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.89 | 32.34 | 8.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,875 | 6,566 | 34.7% |
| P/S Multiple | 3.1 | 2.7 | -11.5% |
| Shares Outstanding (Mil) | 505 | 557 | -9.2% |
| Cumulative Contribution | 8.2% |
Market Drivers
2/28/2025 to 3/13/2026| Return | Correlation | |
|---|---|---|
| AS | 8.2% | |
| Market (SPY) | 12.4% | 60.5% |
| Sector (XLY) | 3.4% | 57.2% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/13/2026| Return | Correlation | |
|---|---|---|
| AS | ||
| Market (SPY) | 73.4% | 49.1% |
| Sector (XLY) | 56.0% | 45.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AS Return | - | - | - | 75% | 34% | -11% | 109% |
| Peers Return | 12% | -21% | 17% | 10% | -31% | -8% | -28% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 80% |
Monthly Win Rates [3] | |||||||
| AS Win Rate | - | - | - | 70% | 50% | 33% | |
| Peers Win Rate | 55% | 32% | 63% | 52% | 42% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| AS Max Drawdown | - | - | - | -34% | -25% | -11% | |
| Peers Max Drawdown | -11% | -43% | -21% | -27% | -49% | -11% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NKE, DECK, VFC, LULU, COLM.
[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] 2026 data is for the year up to 3/13/2026 (YTD)
How Low Can It Go
AS has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.
| Event | XLY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.3% | -25.4% |
| % Gain to Breakeven | 67.4% | 34.1% |
| Time to Breakeven | 680 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -33.9% | -33.9% |
| % Gain to Breakeven | 51.3% | 51.3% |
| Time to Breakeven | 82 days | 148 days |
| 2018 Correction | ||
| % Loss | -21.9% | -19.8% |
| % Gain to Breakeven | 28.1% | 24.7% |
| Time to Breakeven | 105 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -60.1% | -56.8% |
| % Gain to Breakeven | 150.8% | 131.3% |
| Time to Breakeven | 779 days | 1,480 days |
Compare to NKE, DECK, VFC, LULU, COLM
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.
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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. Amer Sports is like an **LVMH, but for premium sports and outdoor brands** such as Arc'teryx, Salomon, and Wilson.
2. Think of Amer Sports as a **VF Corporation specializing in high-performance sports equipment and outdoor apparel and footwear.**
AI Analysis | Feedback
- Technical Apparel: High-performance clothing designed for outdoor activities and sports, including jackets, pants, and other specialized garments.
- Performance Footwear: Specialized shoes for trail running, hiking, and various athletic pursuits.
- Winter Sports Equipment: Gear for skiing, snowboarding, and other snow sports, such as skis, snowboards, boots, and bindings.
- Ball & Racquet Sports Equipment: Sporting goods for mainstream sports like tennis, baseball, and basketball, including rackets, bats, balls, and protective gear.
- Sports & Outdoor Accessories: A range of complementary items for sports and outdoor use, such as backpacks, goggles, helmets, and other small gear.
- Gear Repair & Circularity Services: Programs providing repair, care information, and opportunities for upcycling and resale of pre-owned sports and outdoor equipment.
AI Analysis | Feedback
Amer Sports (symbol: AS) primarily sells to individuals. Based on the provided description, the company serves the following categories of customers:- Outdoor Performance Enthusiasts: This category includes individuals who participate in a wide range of outdoor and mountain sports such as hiking, climbing, trail running, skiing, and snowboarding. These customers seek high-performance, durable, and innovative apparel, footwear, and equipment for their adventurous pursuits, as exemplified by brands like Arc'teryx, Salomon, Atomic, and Peak Performance.
- Athletes and Sports Participants: This category encompasses individuals engaged in various mainstream sports, particularly ball and racquet sports like tennis, baseball, basketball, and football. These customers, ranging from amateur players to elite athletes, look for high-performance sports equipment, apparel, and footwear to excel in their chosen activities, primarily served by brands under the Wilson Sporting Goods portfolio (including Wilson, Louisville Slugger, DeMarini, EvoShield, and ATEC).
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James Zheng, Chief Executive Officer
James Zheng joined Amer Sports in 2020 as Chief Executive Officer. He has over two decades of experience in the sporting goods industry. Prior to his role at Amer Sports, Zheng served as Group President of ANTA Sports Products Ltd., a position he held since 2008. He also gained extensive experience through various senior executive and sales roles in large publicly listed companies such as Adidas, Reebok, and P&G. Zheng is also the Co-Chairman of the World Federation of the Sporting Goods Industry (WFSGI). He holds a B. Sc. in Management Science from Shanghai Fudan University, China. Amer Sports was acquired by an investor consortium that includes ANTA Sports, FountainVest Partners, Anamered Investments, and Tencent, demonstrating Zheng's leadership within a company backed by private equity firms through this acquisition.
Andrew Page, Chief Financial Officer
Andrew Page was appointed Group Chief Financial Officer of Amer Sports in April 2023. He brings three decades of finance and accounting leadership experience to the role. Before joining Amer Sports, Page served as CFO for Foot Locker, where he played a key role in redefining the enterprise strategy and enhancing business resilience. His previous experience also includes serving as Chief Accounting Officer at Advance Auto Parts and Senior Vice President and Chief Accounting Officer at Under Armour, Inc. Page began his career in the Audit group at PwC and later worked in Financial Controlling at GE. He earned his MBA from Georgetown University and a BBA in Accounting from Eastern Kentucky University.
Stuart Haselden, CEO Arc'teryx
Stuart Haselden became the CEO of Arc'teryx in February 2021. He possesses over 20 years of global experience in retail and premium brands across North America, Europe, Asia, and Australia. His prior senior leadership positions include CEO of Away Travel, Chief Operating Officer and Executive Vice President, Head of International, and Chief Financial Officer at Lululemon Athletica, Inc., where he was instrumental in restoring the brand's profitability and leading its international expansion. Haselden also held roles as Chief Financial Officer, Treasurer, and Senior Vice President of Finance for J. Crew Group, Inc., and spent six years at Saks Fifth Avenue, including as Vice President of Strategic Planning. He is a former U.S. Army cavalry officer.
Guillaume Meyzenq, President and CEO Salomon
Guillaume Meyzenq is appointed President and CEO for Salomon, effective January 1, 2025. He previously served as Chief Product Officer for Salomon. Meyzenq is recognized as a proven global executive within Salomon and Amer Sports, having led global product categories and regional commercial roles for the past decade. He successfully spearheaded the transformation and acceleration of Salomon Footwear. His extensive experience within Salomon includes roles such as Chief Product Officer Softgoods, Global Senior Vice President Footwear & Bags, Global Vice President Footwear, Global Vice President Commercial Footwear, Business Unit Director, Salomon Nordic Equipment, and EMEA Export Managing Director.
Joe Dudy, President and CEO Wilson
Joe Dudy serves as the President and CEO of Wilson Sporting Goods. He was appointed president of Wilson in July 2020, following an interim period as acting president since October 2019. Dudy's career with Wilson began in 1995, and he has worked his way up from an entry-level accounting role, accumulating over 25 years of experience with the company. His previous positions include Vice President of Finance for Wilson Sporting Goods, Finance Director for Wilson Team Sports, and Finance Manager for International Markets at Wilson. He holds a B.Sc. in Accounting and Finance from Purdue University, and an MBA and M.Sc. in Business Administration from Indiana University. Dudy is also a member of the Board of Directors for YMCA-USA.
AI Analysis | Feedback
Key Business Risks for Amer Sports (AS)
- Complexity and Challenges in Global Supply Chains: Amer Sports' operations are inherently subject to "complex and challenging supply chains" within its industry. This necessitates careful management to ensure efficient operations, mitigate disruptions, and uphold human rights across its global supply chain.
- Failure to Meet Sustainability Commitments and Address Environmental Impact: The company acknowledges that the sports and outdoor industry "can consume our planet's precious resources." Amer Sports has committed to significant sustainability initiatives, including participation in the UN Global Compact, aiming to incorporate its Ten Principles, and setting science-based emission reduction targets. A failure to meet these commitments or adequately manage its environmental footprint could pose reputational, regulatory, and financial risks.
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Amer Sports (AS) operates in several global addressable markets for its main products and services. Here are the estimated market sizes for their key categories: * **Technical Apparel:** * The global premium outdoor apparel market was estimated at USD 8.4 billion in 2024 and is expected to grow to USD 15.2 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 6.2%. North America held approximately 41% of the global premium outdoor apparel market share in 2024, generating around USD 3.44 billion in revenue. The broader global outdoor apparel market was valued at USD 18.66 billion in 2025 and is projected to reach USD 30.46 billion by 2034, with a CAGR of 5.6%. * **Outdoor Performance:** * **Trail Running Footwear:** The global trail running shoes market size was valued at USD 8.44 billion in 2024 and is expected to increase to USD 14.57 billion by 2033, growing at a CAGR of 7.0%. * **Hiking Footwear:** The global hiking footwear market size was valued at USD 20.36 billion in 2024 and is poised to grow to USD 29.99 billion by 2033, at a CAGR of 4.4%. * **Winter Sports Equipment:** The global winter sports equipment market size was valued at USD 19.53 billion in 2025 and is projected to grow to USD 30.25 billion by 2034, with a CAGR of 4.52%. * **Ball & Racquet Sports:** * **Sports Equipment:** The global sports equipment market size was valued at USD 448.18 billion in 2025. It is projected to grow to USD 978.24 billion by 2034, exhibiting a CAGR of 9.06%. * **Sports Apparel:** The global sports apparel market size was valued at USD 220.35 billion in 2025 and is projected to grow to USD 325.21 billion by 2034, at a CAGR of 4.45%.AI Analysis | Feedback
Amer Sports (AS) is expected to drive future revenue growth over the next 2-3 years through several key strategies:Expected Drivers of Future Revenue Growth
- Direct-to-Consumer (DTC) Channel Expansion: Amer Sports is actively shifting its business model to prioritize direct-to-consumer channels, including owned retail stores and direct digital sales, to enhance profitability and customer engagement. The company plans to continue increasing its net store count, with specific brands like Arc'teryx expanding its retail footprint in key global cities and Salomon opening brand stores in metro markets. This strategic focus is evident in DTC's growing contribution to total revenue, reaching 44% in 2024, up from 36% in 2023.
- Accelerated Growth of Flagship Brands, particularly Arc'teryx and Salomon Footwear/Softgoods: Arc'teryx is identified as a breakout brand with leading growth and profitability, showing significant potential for expansion across major global markets, especially in footwear and women's categories. Salomon is highlighted as a "rising star" and "global growth engine," with Amer Sports accelerating investments into the "large Salomon sneaker opportunity" and its softgoods segment. Salomon surpassed $2 billion in sales in 2025 and is focused on connecting with younger consumers and women. Wilson Softgoods also demonstrated strong growth in 2025 and holds significant growth potential.
- Strategic Geographic Expansion, especially in Greater China and other key metro markets: Amer Sports is prioritizing significant expansion in Greater China, a region demonstrating substantial growth momentum. All four geographic regions—Asia Pacific, Greater China, EMEA, and the Americas—achieved solid double-digit revenue growth in Q4 2025, with Asia Pacific and Greater China showing particularly strong increases. The company plans further retail expansion for its brands in these high-growth areas, including new Arc'teryx stores in Asia Pacific and Europe, and Salomon shops in Greater China.
- Product Innovation and Expansion into Lifestyle Categories: Amer Sports consistently emphasizes market-leading product innovation as a core strategy. This includes successful product launches like the Norvan LD 4 running shoe and the Airless Gen1 basketball. The company is strategically expanding its brand portfolio into lifestyle categories, particularly with Salomon targeting the global sneaker market and Wilson developing its "Tennis 360" concept, which integrates both on-court and off-court elements.
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Share Repurchases
- Amer Sports did not make any significant share repurchases over the last 3-5 years.
- The company's 3-Year Share Buyback Ratio was -4.20% as of September 2025, indicating net share issuance rather than repurchases.
Share Issuance
- Amer Sports completed its initial public offering (IPO) on January 31, 2024, by pricing 105,000,000 ordinary shares at $13.00 per share, raising approximately $1.37 billion.
- In March 2026, the company launched a public offering of 20,604,396 ordinary shares at $36.40 each, aiming to raise $750 million.
- The proceeds from the March 2026 offering were intended to redeem $720 million of senior secured notes due 2031.
Inbound Investments
- The company raised approximately $1.37 billion through its initial public offering (IPO) in January 2024, representing an investment by public shareholders.
Outbound Investments
- Amer Sports divested Precor in 2021, Suunto in 2022, and ENVE Composites in 2024.
- Since its acquisition by an investor consortium in 2019, the company has shifted away from acquisition-led growth.
Capital Expenditures
- Amer Sports' capital expenditures were $91.3 million in 2021, $77.7 million in 2022, $123.6 million in 2023, and $229.1 million in 2024.
- The company reported a last 12-month capital expenditure of ($219.5 million) as of December 30, 2025.
- Future capital expenditures are anticipated to support the ongoing global owned retail store rollout to enhance its direct-to-consumer (DTC) strategy.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Is Amer Sports Stock Built to Withstand a Pullback? | 10/17/2025 | |
| Amer Sports (AS) Valuation Ratios Comparison | 05/15/2025 | |
| Amer Sports (AS) Operating Cash Flow Comparison | 02/17/2025 | |
| Amer Sports (AS) Net Income Comparison | 02/15/2025 | |
| Amer Sports (AS) Operating Income Comparison | 02/14/2025 | |
| Amer Sports (AS) Revenue Comparison | 02/13/2025 | |
| ARTICLES | ||
| Mid Cap Stocks Trading At 52-Week High | 02/19/2026 |
Trade Ideas
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| 02062026 | DECK | Deckers Outdoor | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.6% | 1.6% | -0.8% |
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| Median | |
|---|---|
| Name | |
| Mkt Price | 54.61 |
| Mkt Cap | 16.3 |
| Rev LTM | 8,075 |
| Op Inc LTM | 997 |
| FCF LTM | 929 |
| FCF 3Y Avg | 985 |
| CFO LTM | 1,013 |
| CFO 3Y Avg | 1,074 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.8% |
| Rev Chg 3Y Avg | -0.6% |
| Rev Chg Q | 4.3% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Mgn LTM | 8.9% |
| Op Mgn 3Y Avg | 9.4% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 8.3% |
| CFO/Rev 3Y Avg | 13.7% |
| FCF/Rev LTM | 6.4% |
| FCF/Rev 3Y Avg | 12.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.3 |
| P/S | 1.7 |
| P/EBIT | 11.8 |
| P/E | 22.3 |
| P/CFO | 13.4 |
| Total Yield | 6.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.1% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -12.7% |
| 3M Rtn | -17.0% |
| 6M Rtn | -6.2% |
| 12M Rtn | -18.9% |
| 3Y Rtn | -24.4% |
| 1M Excs Rtn | -10.4% |
| 3M Excs Rtn | -14.5% |
| 6M Excs Rtn | -11.5% |
| 12M Excs Rtn | -42.0% |
| 3Y Excs Rtn | -100.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Outdoor Performance | 1,674 | 1,422 | 1,236 | 1,092 |
| Technical Apparel | 1,614 | 1,108 | 951 | 685 |
| Ball & Racquet Sports | 1,112 | 1,041 | 880 | 669 |
| Corporate | 0 | 0 | ||
| Reconciliation | 0 | 0 | ||
| Total | 4,400 | 3,571 | 3,066 | 2,446 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Technical Apparel | 314 | 171 | 164 | 117 |
| Outdoor Performance | 151 | 118 | 92 | 82 |
| Ball & Racquet Sports | 31 | 61 | 57 | 32 |
| Impairment losses on goodwill and intangible assets | 0 | -198 | 0 | 0 |
| Restructuring expenses | -2 | -6 | -34 | -11 |
| Expenses related to certain legal proceedings | -3 | -4 | 0 | 0 |
| Expenses related to transaction activities | -34 | -0 | ||
| Purchase Price Adjustments (PPA) | -43 | -42 | -50 | -48 |
| Share-based payment expenses | -48 | 0 | ||
| Corporate expenses | -64 | -49 | ||
| Expenses related to M&A activities | -1 | 5 | ||
| Reconciliation | -43 | -51 | ||
| Total | 303 | 51 | 187 | 125 |
Price Behavior
Price Behavior
| Market Price | $32.34 | |
| Market Cap ($ Bil) | 18.0 | |
| First Trading Date | 03/12/2024 | |
| Distance from 52W High | -22.9% | |
| 50 Days | 200 Days | |
| DMA Price | $37.50 | $36.52 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -13.8% | -11.5% |
| 3M | 1YR | |
| Volatility | 37.9% | 50.6% |
| Downside Capture | 208.78 | 170.62 |
| Upside Capture | 138.36 | 157.63 |
| Correlation (SPY) | 50.1% | 61.0% |
AS Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.02 | 1.52 | 1.42 | 1.34 | 1.59 | 0.02 |
| Up Beta | 0.56 | -0.02 | 0.73 | 1.02 | 1.71 | 0.08 |
| Down Beta | 2.78 | 1.60 | 2.29 | 1.50 | 1.54 | -0.66 |
| Up Capture | 267% | 204% | 129% | 121% | 215% | 87% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 12 | 21 | 28 | 62 | 126 | 256 |
| Down Capture | 174% | 177% | 113% | 142% | 127% | 93% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 9 | 20 | 33 | 60 | 120 | 226 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AS | |
|---|---|---|---|---|
| AS | 19.6% | 50.6% | 0.52 | - |
| Sector ETF (XLY) | 13.0% | 23.7% | 0.46 | 57.1% |
| Equity (SPY) | 19.6% | 18.9% | 0.81 | 61.1% |
| Gold (GLD) | 71.9% | 26.3% | 2.05 | 2.2% |
| Commodities (DBC) | 19.3% | 17.3% | 0.89 | 23.9% |
| Real Estate (VNQ) | 6.2% | 16.3% | 0.19 | 41.8% |
| Bitcoin (BTCUSD) | -15.0% | 44.2% | -0.24 | 33.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AS | |
|---|---|---|---|---|
| AS | 15.1% | 49.3% | 0.88 | - |
| Sector ETF (XLY) | 8.0% | 23.7% | 0.30 | 45.2% |
| Equity (SPY) | 13.1% | 17.0% | 0.61 | 49.1% |
| Gold (GLD) | 24.1% | 17.3% | 1.14 | 7.4% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 19.4% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 30.7% |
| Bitcoin (BTCUSD) | 6.4% | 56.7% | 0.33 | 25.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AS | |
|---|---|---|---|---|
| AS | 7.3% | 49.3% | 0.88 | - |
| Sector ETF (XLY) | 12.4% | 21.9% | 0.52 | 45.2% |
| Equity (SPY) | 14.5% | 17.9% | 0.70 | 49.1% |
| Gold (GLD) | 14.4% | 15.6% | 0.77 | 7.4% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 19.4% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 30.7% |
| Bitcoin (BTCUSD) | 67.5% | 66.8% | 1.07 | 25.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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