(AS) Amer Sports - Overview
Stock: Outdoor Apparel, Footwear, Skiing Gear, Tennis Equipment, Baseball Equipment
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 47.7% |
| Relative Tail Risk | -7.86% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.65 |
| Alpha | -1.77 |
| Character TTM | |
|---|---|
| Beta | 1.630 |
| Beta Downside | 1.555 |
| Drawdowns 3y | |
|---|---|
| Max DD | 40.71% |
| CAGR/Max DD | 1.75 |
Description: AS Amer Sports December 19, 2025
Amer Sports, Inc. (NYSE:AS) designs, manufactures, markets and distributes a broad portfolio of sports equipment, apparel, footwear and accessories across Europe, the Middle East, Africa, the Americas, Mainland China, Hong Kong, Macau, Taiwan and the Asia-Pacific region. The company operates through three distinct segments: Technical Apparel (outdoor apparel, climbing gear, footwear), Outdoor Performance (hiking, running, ski and snowboard gear, lifestyle footwear) and Ball & Racquet Sports (tennis, baseball, American football, basketball, golf equipment plus custom-fitted protective gear and pitching machines). Its brand lineup includes Arc’teryx, Salomon, Atomic, Wilson, Louisville Slugger, DeMarini, EvoShield and others.
In FY 2023 Amer reported net sales of roughly €2.2 billion, with the Outdoor Performance segment contributing the largest share (≈55% of revenue) and delivering a 12% operating margin, while Technical Apparel and Ball & Racquet Sports posted margins of 8% and 6% respectively. E-commerce now accounts for about 22% of total sales, a figure that has been rising at a compound annual growth rate of ~15% since 2020, reflecting the broader shift toward digital channels in the sporting-goods sector.
Key economic drivers for Amer include discretionary consumer spending trends in the United States and Europe, weather-related demand cycles for outdoor and winter gear, and the continued expansion of the middle-class consumer base in China and other emerging Asian markets. Currency exposure is material; roughly 40% of revenue is earned in euros, 30% in U.S. dollars and the remainder in other currencies, making the firm sensitive to EUR/USD and CNY fluctuations.
Sector-wide, the sports-apparel market is being reshaped by sustainability pressures (e.g., demand for recycled materials) and the “athleisure” crossover, which has lifted average gross margins across peers by 1-2 percentage points. Amer’s focus on premium-priced technical brands positions it to capture higher margin upside if these trends persist.
For a deeper quantitative breakdown of AS’s valuation metrics, the ValueRay platform offers a concise, data-driven snapshot worth reviewing.
Piotroski VR‑10 (Strict, 0-10) 7.5
| Net Income: 311.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 1.66 > 1.0 |
| NWC/Revenue: 17.59% < 20% (prev 20.09%; Δ -2.50% < -1%) |
| CFO/TA 0.05 > 3% & CFO 511.2m > Net Income 311.3m |
| Net Debt (1.51b) to EBITDA (682.8m): 2.22 < 3 |
| Current Ratio: 1.51 > 1.5 & < 3 |
| Outstanding Shares: last quarter (563.5m) vs 12m ago 10.99% < -2% |
| Gross Margin: 57.20% > 18% (prev 0.54%; Δ 5666 % > 0.5%) |
| Asset Turnover: 65.81% > 50% (prev 55.08%; Δ 10.73% > 0%) |
| Interest Coverage Ratio: 4.27 > 6 (EBITDA TTM 682.8m / Interest Expense TTM 141.7m) |
Altman Z'' 1.68
| A: 0.11 (Total Current Assets 3.17b - Total Current Liabilities 2.10b) / Total Assets 9.71b |
| B: -0.03 (Retained Earnings -339.0m / Total Assets 9.71b) |
| C: 0.07 (EBIT TTM 605.5m / Avg Total Assets 9.27b) |
| D: 0.60 (Book Value of Equity 2.43b / Total Liabilities 4.04b) |
| Altman-Z'' Score: 1.68 = BB |
Beneish M -2.71
| DSRI: 1.31 (Receivables 1.08b/659.5m, Revenue 6.10b/4.86b) |
| GMI: 0.95 (GM 57.20% / 54.24%) |
| AQI: 0.90 (AQ_t 0.54 / AQ_t-1 0.60) |
| SGI: 1.25 (Revenue 6.10b / 4.86b) |
| TATA: -0.02 (NI 311.3m - CFO 511.2m) / TA 9.71b) |
| Beneish M-Score: -2.71 (Cap -4..+1) = A |
What is the price of AS shares?
Over the past week, the price has changed by +4.13%, over one month by +2.62%, over three months by +31.19% and over the past year by +29.17%.
Is AS a buy, sell or hold?
- StrongBuy: 11
- Buy: 4
- Hold: 3
- Sell: 0
- StrongSell: 1
What are the forecasts/targets for the AS price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 47.4 | 20% |
| Analysts Target Price | 47.4 | 20% |
| ValueRay Target Price | 48.6 | 22.9% |
AS Fundamental Data Overview February 09, 2026
P/E Forward = 31.25
P/S = 3.4098
P/B = 3.6839
P/EG = 0.5635
Revenue TTM = 6.10b USD
EBIT TTM = 605.5m USD
EBITDA TTM = 682.8m USD
Long Term Debt = 791.9m USD (from longTermDebt, last quarter)
Short Term Debt = 501.1m USD (from shortTermDebt, last quarter)
Debt = 1.87b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.51b USD (from netDebt column, last quarter)
Enterprise Value = 22.32b USD (20.80b + Debt 1.87b - CCE 353.3m)
Interest Coverage Ratio = 4.27 (Ebit TTM 605.5m / Interest Expense TTM 141.7m)
EV/FCF = 82.75x (Enterprise Value 22.32b / FCF TTM 269.7m)
FCF Yield = 1.21% (FCF TTM 269.7m / Enterprise Value 22.32b)
FCF Margin = 4.42% (FCF TTM 269.7m / Revenue TTM 6.10b)
Net Margin = 5.10% (Net Income TTM 311.3m / Revenue TTM 6.10b)
Gross Margin = 57.20% ((Revenue TTM 6.10b - Cost of Revenue TTM 2.61b) / Revenue TTM)
Gross Margin QoQ = 56.84% (prev 58.47%)
Tobins Q-Ratio = 2.30 (Enterprise Value 22.32b / Total Assets 9.71b)
Interest Expense / Debt = 1.37% (Interest Expense 25.6m / Debt 1.87b)
Taxrate = 25.95% (51.3m / 197.7m)
NOPAT = 448.4m (EBIT 605.5m * (1 - 25.95%))
Current Ratio = 1.51 (Total Current Assets 3.17b / Total Current Liabilities 2.10b)
Debt / Equity = 0.33 (Debt 1.87b / totalStockholderEquity, last quarter 5.65b)
Debt / EBITDA = 2.22 (Net Debt 1.51b / EBITDA 682.8m)
Debt / FCF = 5.62 (Net Debt 1.51b / FCF TTM 269.7m)
Total Stockholder Equity = 5.34b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.36% (Net Income 311.3m / Total Assets 9.71b)
RoE = 5.83% (Net Income TTM 311.3m / Total Stockholder Equity 5.34b)
RoCE = 9.87% (EBIT 605.5m / Capital Employed (Equity 5.34b + L.T.Debt 791.9m))
RoIC = 7.09% (NOPAT 448.4m / Invested Capital 6.33b)
WACC = 11.02% (E(20.80b)/V(22.67b) * Re(11.92%) + D(1.87b)/V(22.67b) * Rd(1.37%) * (1-Tc(0.26)))
Discount Rate = 11.92% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 7.30%
[DCF Debug] Terminal Value 72.09% ; FCFF base≈201.3m ; Y1≈248.3m ; Y5≈422.9m
Fair Price DCF = 5.22 (EV 4.41b - Net Debt 1.51b = Equity 2.89b / Shares 554.6m; r=11.02% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: 69.82 | EPS CAGR: 606.3% | SUE: 0.15 | # QB: 0
Revenue Correlation: 75.62 | Revenue CAGR: 27.50% | SUE: N/A | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.33 | Chg30d=+0.004 | Revisions Net=+1 | Analysts=12
EPS next Year (2026-12-31): EPS=1.17 | Chg30d=+0.016 | Revisions Net=+3 | Growth EPS=+25.7% | Growth Revenue=+16.3%