Tearsheet

Amer Sports (AS)

Market Price (12/4/2025): $37.0 | Market Cap: $20.5 Bil
Sector: Consumer Discretionary | Industry: Leisure Facilities

Amer Sports (AS)

Market Price (12/4/2025): $37.0
Market Cap: $20.5 Bil
Sector: Consumer Discretionary
Industry: Leisure Facilities

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22%	Expensive valuation multiples P/SPrice/Sales ratio is 3.8x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/EPrice/Earnings or Price/(Net Income) is 96x
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 -3.2%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22%
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/SPrice/Sales ratio is 3.8x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/EPrice/Earnings or Price/(Net Income) is 96x
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 -3.2%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$37.00	$27.96
Market Cap CYE ($ Bil)	20.5	14.5	-	-	-
Total Debt ($ Bil)	1.6	1.5	6.7	6.2	6.3
Total Cash ($ Bil)	0.3	0.3	0.5	0.4	0.6
Enterprise Value ($ Bil)	21.8	16.0
Valuation Ratios
P/S TTM	3.8	2.7	0.0	0.0	0.0
P/EBIT TTM	38.5	36.6	0.0	0.0	0.0
P/E TTM	96.2	191.8	0.0	0.0	0.0
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.6	8.0	7.8	6.3	8.3
P/E TTM (Sector)	10.4	11.1	10.7	8.4	10.8

	12/4/25	2024	2023
Share Price CYE	$37.00	$27.96
Market Cap CYE ($ Bil)	20.5	14.5	-
Total Debt ($ Bil)	1.6	1.5	6.7
Total Cash ($ Bil)	0.3	0.3	0.5
Enterprise Value ($ Bil)	21.8	16.0
Valuation Ratios
P/S TTM	3.8	2.7	0.0
P/EBIT TTM	38.5	36.6	0.0
P/E TTM	96.2	191.8	0.0
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.6	8.0	7.8
P/E TTM (Sector)	10.4	11.1	10.7

	AS	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	5.7
Rev Chg Q	23.5%	7.1%
Rev Chg LTM	21.9%	6.1%
Rev Chg 3Y Avg	19.7%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.6
CFO LTM ($ Bil)	�
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	11.1%	18.8%
Net Inc Mgn	3.9%	13.1%
VALUATION	VERY HIGH
P/S	3.8	3.2
P/E	96.2	23.5
STABILITY	GOOD
Debt/Equity	0.07	0.20
Cash/Assets	0.03	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Direct-to-Consumer (DTC) Revenue Percentage	44%	12312024	Link
Omni-Comp Growth (Technical Apparel)	20%	9302024	Link
Arc'teryx Net New Stores Opened	33	12312024	Link
Salomon Footwear Revenue	over $1 billion	12312024	Link
Arc'teryx Revenue	over $2 billion	12312024	Link
Total Owned Retail Stores	over 505	12312024	Link
Number of Employees	over 13,400	12312024	Link

Recent
11/18/2025	Earnings Release	Rev: $1.0 Bil (A) vs. $1.0 Bil (E) EPS: 0.33 (A) vs. $0.25 (E)
Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

AS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are five key points that could explain why Amer Sports (AS) stock moved by approximately -6% during the period from August 31, 2025, to December 4, 2025: 1. Overvaluation and Profit-Taking Following All-Time High. The stock reached an all-time high of $41.48 on August 22, 2025, just prior to the specified period. Such peaks often precede periods of profit-taking by investors, leading to a natural correction in the stock price. Furthermore, Amer Sports has been noted for its high valuation, with its price-to-earnings ratio significantly exceeding industry averages, suggesting the stock was "priced for significant growth" and potentially considered expensive by the market.

2. High Expectations Leading to "Little Margin for Error". The company's elevated valuation indicated high investor expectations for substantial growth. This situation created "little margin for error if expectations are not met," implying that even strong earnings might not be enough to satisfy aggressive growth projections already factored into the stock price. Any perceived slight deviation from these high expectations could have contributed to a downward adjustment.

3. Risks Associated with Reliance on Asia-Pacific Markets. While strong growth in regions such as Greater China and Asia-Pacific has been a significant driver for Amer Sports, its heavy dependence on these markets also introduces risk. Concerns over potential shifts in market access or consumer trends in these key regions, despite current positive performance, could create investor apprehension and exert downward pressure on the stock.

4. Broader Market Sentiment and Macroeconomic Headwinds. Even when a company reports strong individual performance, its stock can be affected by wider market trends or general macroeconomic concerns. A prevailing cautious sentiment in the broader market or concerns about the economic outlook could have contributed to a decline in Amer Sports' stock, irrespective of its operational strength.

5. Absence of New Significant Catalysts to Sustain Previous Highs. Despite positive earnings reports in November 2025, it is possible that the market was looking for new, additional catalysts to justify and sustain the stock's previous all-time high. If no new groundbreaking strategic announcements or developments emerged beyond the strong Q3 2025 results, the stock might have corrected downwards as it sought a new equilibrium.

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Stock Movement Drivers

Fundamental Drivers

The -2.6% change in AS stock from 9/3/2025 to 12/3/2025 was primarily driven by a -2.6% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	37.94	36.96	-2.58%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5698.10	5698.10	0.00%
Net Income Margin (%)	3.93%	3.93%	0.00%
P/E Multiple	94.07	91.64	-2.58%
Shares Outstanding (Mil)	555.40	555.40	0.00%
Cumulative Contribution			-2.58%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
AS	-2.6%
Market (SPY)	6.2%	39.5%
Sector (XLY)	3.5%	24.0%

Fundamental Drivers

The -0.7% change in AS stock from 6/4/2025 to 12/3/2025 was primarily driven by a -10.2% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	37.23	36.96	-0.73%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5463.20	5698.10	4.30%
Net Income Margin (%)	3.70%	3.93%	6.27%
P/E Multiple	102.05	91.64	-10.20%
Shares Outstanding (Mil)	553.99	555.40	-0.26%
Cumulative Contribution			-0.73%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
AS	-0.7%
Market (SPY)	15.1%	49.3%
Sector (XLY)	11.5%	38.9%

Fundamental Drivers

The 43.6% change in AS stock from 12/3/2024 to 12/3/2025 was primarily driven by a 35.1% change in the company's P/S Multiple.

	12032024	12032025	Change
Stock Price ($)	25.73	36.96	43.65%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4875.20	5698.10	16.88%
P/S Multiple	2.67	3.60	35.06%
Shares Outstanding (Mil)	505.41	555.40	-9.89%
Cumulative Contribution			42.24%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
AS	43.6%
Market (SPY)	14.3%	60.1%
Sector (XLY)	7.4%	57.9%

Fundamental Drivers

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Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
AS
Market (SPY)	53.2%	49.3%
Sector (XLY)	42.3%	46.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
AS Return	-	-	-	-	-	32%	32%
Peers Return	1%	3%	-3%	-1%	7%	-5%	1%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
AS Win Rate	-	-	-	-	67%	40%
Peers Win Rate	12%	10%	7%	12%	33%	36%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
AS Max Drawdown	-	-	-	-	-	-25%
Peers Max Drawdown	-13%	-2%	-8%	-9%	-5%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: FUN, NOMA, TRON, AS, PLNT.
[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 12/3/2025 (YTD)

How Low Can It Go

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

Unique Key	Event	XLY	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	67.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	680 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-33.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	51.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	82 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-21.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	28.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	105 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-60.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	150.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	779 days	1480 days

Compare to

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 Generated Analysis | Feedback

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

2. The LVMH of performance outdoor and sports equipment.

AI Generated 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 Generated 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 Generated Analysis | Feedback

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AI Generated 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 Generated 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 Generated 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 Generated Analysis | Feedback

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

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.
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.
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.
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 Generated 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.

Better Bets than Amer Sports (AS)

	AS	Better Performance than AS
Metric	Value	INDUSTRY: Leisure Facilities
Rev Chg LTM	21.9%	NWTG (304.4%), TRUG (84.1%), FUN (31.1%)
Op Mgn LTM	11.1%	PLNT (29.4%), PRKS (23.0%), LTH (15.1%), MSGE (14.4%), LUCK (13.2%)
Total Yield	1.0%	PRKS (6.4%), LTH (4.7%), OSW (4.2%), PLNT (2.4%), MSGE (1.6%)
P/S	3.8	PTON (1.5), PRKS (1.7), LTH (2.1), MSGE (2.2), OSW (2.3)
P/Op Inc	34.2	PRKS (7.4), LTH (13.8), MSGE (15.6), PLNT (22.9), OSW (26.3)

	AS	Better Performance than AS
Metric	Value	SECTOR: Consumer Discretionary
Rev Chg LTM	21.9%	CVNA (45.5%), MELI (36.9%), ONON (35.7%), RIVN (28.2%), DASH (24.5%)
Op Mgn LTM	11.1%	MCD (46.1%), BKNG (34.5%), HD (13.1%), AMZN (11.4%), TJX (11.2%)
Total Yield	1.0%	HD (6.5%), MCD (6.2%), TJX (4.9%), BKNG (3.6%), AMZN (3.0%)
P/S	3.8	LOW (1.5), HD (2.2), TJX (2.4), SBUX (2.8), AMZN (3.5)
P/Op Inc	34.2	HD (16.8), MCD (17.9), BKNG (19.5), TJX (21.3), AMZN (30.7)

	AS	Better Performance than AS
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	21.9%	NVDA (71.6%), PLTR (47.2%), LLY (36.8%), AMD (31.8%), AVGO (28.0%)
Op Mgn LTM	11.1%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
Total Yield	1.0%	GOOGL (4.6%), MSFT (3.4%), AAPL (3.0%), NVDA (2.3%), AVGO (1.5%)
P/S	3.8	WMT (1.1), XOM (1.4), COST (1.5), BRK-B (2.7), BAC (3.6)
P/Op Inc	34.2	META (22.6), GOOGL (23.7), MSFT (28.3), AAPL (29.1), LLY (29.9)

		Best Bets In Consumer Discretionary Sector
	AS
What You Pay
P/E	96.1
P/EBIT	38.4
What You Get
Rev Chg Q	23.5%
Rev Chg LTM	21.9%
Rev Chg 3Y Avg	�
FCF/Rev 3Y Avg	�

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Amer Sports Stock Jump Looks Great, But How Secure Is That Gain?	Return
2	Amer Sports (AS) Valuation Ratios Comparison	Financials
3	Amer Sports (AS) Operating Cash Flow Comparison	Financials
4	Amer Sports (AS) Net Income Comparison	Financials
5	Amer Sports (AS) Operating Income Comparison	Financials
6	Amer Sports (AS) Revenue Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

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

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| 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	6.8%	6.8%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.5%	0.5%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.6%	-2.6%	-2.6%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.7%	3.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.3%	1.3%	-1.6%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| 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	6.8%	6.8%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.5%	0.5%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.6%	-2.6%	-2.6%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.7%	3.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.3%	1.3%	-1.6%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Amer Sports

Peers to compare with:

Financials

	AS	FUN	NOMA	TRON	PLNT	Median
Name	Amer Spo.	Six Flag.	Nomadar	Tron	Planet F.
Mkt Price	36.96	15.39	7.32	2.11	108.43	15.39
Mkt Cap	20.5	1.6	-	-	9.1	9.1
Rev LTM	5,698	3,138	1	4	1,288	1,288
Op Inc LTM	630	248	-2	-3	378	248
FCF LTM	-	-169	-0	-2	203	-1
FCF 3Y Avg	-	22	-	-1	198	22
CFO LTM	-	333	-0	-2	358	166
CFO 3Y Avg	-	353	-	-1	344	344

Growth & Margins

	AS	FUN	NOMA	TRON	PLNT	Median
Name	Amer Spo.	Six Flag.	Nomadar	Tron	Planet F.
Rev Chg LTM	21.9%	31.1%	-	-12.7%	14.4%	18.1%
Rev Chg 3Y Avg	-	21.3%	-	-	15.7%	18.5%
Rev Chg Q	23.5%	-2.3%	-	-10.9%	13.0%	5.4%
QoQ Delta Rev Chg LTM	4.3%	-1.0%	160.4%	-3.8%	3.0%	3.0%
Op Mgn LTM	11.1%	7.9%	-306.9%	-82.4%	29.4%	7.9%
Op Mgn 3Y Avg	8.5%	13.9%	-	-56.8%	27.1%	11.2%
QoQ Delta Op Mgn LTM	0.5%	3.5%	485.7%	-8.0%	1.2%	1.2%
CFO/Rev LTM	-	10.6%	-52.6%	-35.9%	27.8%	-12.6%
CFO/Rev 3Y Avg	-	15.2%	-	-28.3%	29.8%	15.2%
FCF/Rev LTM	-	-5.4%	-52.6%	-41.8%	15.7%	-23.6%
FCF/Rev 3Y Avg	-	2.0%	-	-30.9%	17.1%	2.0%

Valuation

	AS	FUN	NOMA	TRON	PLNT	Median
Name	Amer Spo.	Six Flag.	Nomadar	Tron	Planet F.
Mkt Cap	20.5	1.6	-	-	9.1	9.1
P/S	3.8	0.7	-	-	6.7	3.8
P/EBIT	38.4	-1.7	-	-	21.5	21.5
P/E	96.1	-1.3	-	-	42.1	42.1
P/CFO	-	6.9	-	-	24.2	15.5
Total Yield	1.0%	-75.1%	-	-	2.4%	1.0%
Dividend Yield	0.0%	0.0%	-	-	0.0%	0.0%
FCF Yield 3Y Avg	-	-	-	-	3.3%	3.3%
D/E	0.1	2.3	-	-	0.3	0.3
Net D/E	0.1	2.3	-	-	0.2	0.2

Returns

	AS	FUN	NOMA	TRON	PLNT	Median
Name	Amer Spo.	Six Flag.	Nomadar	Tron	Planet F.
1M Rtn	17.4%	-32.2%	-36.3%	-12.4%	18.0%	-12.4%
3M Rtn	-2.6%	-35.0%	-	-46.0%	6.5%	-18.8%
6M Rtn	-0.7%	-53.7%	-	-	3.0%	-0.7%
12M Rtn	43.6%	-67.4%	-	-	9.1%	9.1%
3Y Rtn	-	-	-	-	37.9%	37.9%
1M Excs Rtn	17.5%	-32.2%	-36.3%	-12.4%	18.0%	-12.4%
3M Excs Rtn	-7.5%	-45.2%	-	-45.1%	-0.0%	-26.3%
6M Excs Rtn	-15.4%	-68.4%	-	-	-11.8%	-15.4%
12M Excs Rtn	26.8%	-80.2%	-	-	-4.6%	-4.6%
3Y Excs Rtn	-	-	-	-	-31.6%	-31.6%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/20/2025	3/7/2025	3/18/2024	2/2/2024	3/18/2024	2/2/2024
Key Financials
Total Revenue	5,698	5,183	4,400	3,571	3,066	2,446
EBITDA	708	654	518	258	382	343
Operating Income	630	472	304	252	187	145
Net Income	224	73	-209	-253	-126	-237
EPS	0.41	0.15	-0.43	-0.52	-0.26	-0.48
Growth Rates
Total Revenue Growth	21.9%	17.8%	23.2%	16.5%	25.4%	-
EBITDA Growth	50.7%	26.2%	100.5%	-32.3%	11.4%	-
Operating Income Growth	140.4%	55.1%	20.8%	34.9%	28.6%	-
Net Income Growth	273.2%	134.8%	17.5%	-100.1%	46.8%	-
Margins
EBITDA Margin	12.4%	12.6%	11.8%	7.2%	12.4%	14.0%
Operating Income Margin	11.1%	9.1%	6.9%	7.1%	6.1%	5.9%
Net Income Margin	3.9%	1.4%	-4.7%	-7.1%	-4.1%	-9.7%
Cash & Debt
Total Cash	303	345	483	402	567	390
Total Debt	1,585	1,483	6,661	6,236	6,296	6,986
Net Debt / (Cash)	1,282	1,138	6,178	5,834	5,729	6,596
Cash Flows
Net Cash from Operations	-	425	199	-92	268	298
Free Cash from Operations	-	137	47	-211	169	191
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/20/2025	5/20/2025	3/7/2025	11/19/2024	8/20/2024	5/21/2024	3/18/2024	2/2/2024	10/5/2023	5/21/2024	2/2/2024	2/2/2024
Key Financials Quarterly
Total Revenue	1,236	1,472	1,636	1,354	1,001	1,192	1,328	1,153	857	1,050	1,221	847
Ebitda	52	220	188	249	52	146	112	160	62	181	-1	118
Operating Income	46	214	192	177	-7	110	57	102	12	133	142	68
Net Income	18	135	15	56	-4	5	-93	-38	-97	19	-148	-2
EPS	0.03	0.24	0.03	0.11	-0.01	0.01	-0.19	-0.08	-0.20	0.04	-0.30	-0.00
Key Financials TTM
Total Revenue TTM	5,698	5,463	5,183	4,875	4,674	4,530	4,388	4,281	3,976	3,812	-	-
Ebitda TTM	708	708	635	559	470	480	516	402	360	287	-	-
Operating Income TTM	630	576	472	337	262	282	304	389	355	333	-	-
Net Income TTM	224	202	73	-36	-129	-222	-209	-264	-228	-205	-	-
Growth Rates Quarterly
Total Revenue Growth	23.5%	23.5%	23.2%	17.4%	16.9%	13.5%	8.7%	36.1%	23.5%	-	-	-
EBITDA Growth	0.2%	50.5%	67.3%	55.4%	-16.2%	-19.5%	10318.2%	35.9%	650.9%	-	-	-
Operating Income Growth	734.2%	94.5%	236.2%	73.6%	-159.8%	-17.2%	-59.8%	50.6%	224.5%	-	-	-
Net Income Growth	591.9%	2539.2%	116.6%	248.0%	96.2%	-73.2%	37.3%	-1539.1%	-32.6%	-	-	-
Margins Quarterly
EBITDA Margin	4.2%	14.9%	11.5%	18.4%	5.2%	12.2%	8.5%	13.9%	7.2%	17.3%	-0.1%	13.9%
Operating Income Margin	3.7%	14.6%	11.8%	13.1%	-0.7%	9.2%	4.3%	8.8%	1.4%	12.7%	11.6%	8.0%
Net Income Margin	1.5%	9.1%	0.9%	4.1%	-0.4%	0.4%	-7.0%	-3.3%	-11.3%	1.8%	-12.1%	-0.3%
Cash & Debt
Total Cash	303	422	345	312	256	337	483	284	278	-	402	-
Total Debt	1,585	1,534	1,483	2,787	2,477	2,401	6,661	6,439	6,427	0	6,236	0
Net Debt / (Cash)	1,282	1,112	1,138	2,475	2,221	2,064	6,178	6,155	6,148	-	5,834	-
Cash Flows Quarterly
FCF from Operations	-	-	407	-49	-50	116	280	-14	-124	57	88	-58
Cash Flows TTM
FCF from Operations TTM	-	-	425	298	333	258	199	7	-37	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	2.6%	8.4%	2.6%	4.2%	-0.0%	2.8%	3.2%	5.8%	0.7%	-	8.6%	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	4.8%	4.9%	3.2%	4.6%	3.7%	3.9%	4.3%	5.6%	5.2%	-	-	-

Price Behavior

Price Behavior

Market Price	$36.96
Market Cap ($ Bil)	20.5
First Trading Date	03/12/2024
Distance from 52W High	-10.9%
	50 Days	200 Days
DMA Price	$32.92	$31.53
DMA Trend	indeterminate	down
Distance from DMA	12.3%	17.2%
	3M	1YR
Volatility	38.7%	51.9%
Downside Capture	172.91	139.61
Upside Capture	112.51	157.50
Correlation (SPY)	39.3%	60.1%

AS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.08	1.29	1.30	1.81	1.57	-0.01
Up Beta	1.54	1.17	1.31	2.83	1.76	-0.32
Down Beta	2.52	0.97	0.84	1.10	1.51	0.24
Up Capture	205%	164%	110%	156%	213%	63%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	24	33	65	128	227
Down Capture	8%	137%	177%	189%	120%	88%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	17	27	56	113	193

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	11,581,122
Short Interest: % Change Since 10312025	-6.2%
Average Daily Volume	4,570,122
Days-to-Cover Short Interest	2.53
Basic Shares Quantity	555,400,923
Short % of Basic Shares	2.1%

Returns Analyses

	Title
0	Amer Sports Stock Jump Looks Great, But How Secure Is That Gain?

SEC Filings

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Report Date	Filing Date	Filing
6302025	8202025	6-K 6/30/2025
3312025	5202025	6-K 3/31/2025
12312024	3072025	20-F 12/31/2024
9302024	11192024	6-K 9/30/2024
6302024	8202024	6-K 6/30/2024
3312024	5212024	6-K 3/31/2024
12312023	3182024	20-F 12/31/2023
6302023	10052023	DRS/A 6/30/2023
12312022	2022024	424B4 12/31/2022

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Amer Sports (AS)

Market Price (12/4/2025): $37.0 | Market Cap: $20.5 BilSector: Consumer Discretionary | Industry: Leisure Facilities

Amer Sports (AS)

Market Price (12/4/2025): $37.0Market Cap: $20.5 BilSector: Consumer DiscretionaryIndustry: Leisure Facilities

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Market Price (12/4/2025): $37.0 | Market Cap: $20.5 Bil
Sector: Consumer Discretionary | Industry: Leisure Facilities

Market Price (12/4/2025): $37.0
Market Cap: $20.5 Bil
Sector: Consumer Discretionary
Industry: Leisure Facilities