olivlawolivlaw

olivLaw · US equity research

Amer Sports, Inc. AS

Apparel & Other Finishd Prods of Fabrics & Similar Matl · SIC 2300 · Vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)

32.05USD+5.12% · 1 dayClose 04 Nov 2026

Amer Sports is a global group of sports and outdoor brands, from Arc’teryx and Salomon to Wilson, that is shifting more sales toward direct-to-consumer channels. The DTC channel accounted for 48.9% of revenue in 2025, and expansion of its owned store network could change the group's profitability mix.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Amer Sports, Inc. (AS) stock was 32.05 USD (+5.12% on the day), with market capitalisation 17.9 bn USD, P/E 42.2 on diluted EPS of 0.76 USD over the last 12 months, beta 1.57, 52-week range 26.27–41.96 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
17.9 bn USD
shares as of 31 Dec 2025
P/E (TTM)
42.2
Diluted EPS TTM 0.76 · TTM to 31 Dec 2025
E/P (TTM)
2.37%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.57
Volatility (1y) 40%
52-week range
26.2741.96

Price history

Loading chart…

Technical reading

RSI (14)
68.8
strong (55–70)
Bollinger (20, 2)
27.11 – 31.50
above the upper band · %B 1.13 · band width 15.0%
SMA 50 / 200
28.54 / 33.61
mixed trend
MACD (12, 26, 9)
0.52 / 0.22
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+16.7%−1.1%+17.8 pp—
3 months−12.7%−0.5%−12.3 pp—
6 months−13.8%+4.4%−18.2 pp—
Year to date−14.2%+12.3%−26.5 pp—
1 year+2.1%+13.5%−11.5 pp+10.9%
3 yearsunavailable+76.4%unavailable+15.2%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−37.4%
20 Feb 2026 → 17 Sept 2026
Max drawdown (5y)
−40.7%
01 Mar 2024 → 05 Aug 2024
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 2-quarter history (min 49.1, median 124.4, max 199.7; quarters with earnings only).

Fiscal years

Fiscal year20212022202320242025
Revenue3.1 bn3.6 bn4.4 bn5.2 bn6.6 bn
Revenue YoYunavailable+16.5%+23.2%+17.8%+26.7%
Net income-126.3 m-252.7 m-208.6 m72.6 m427.4 m
Net income YoYunavailableunavailableunavailableunavailable+488.7%
Diluted EPS-0.33-0.66-0.540.140.76
Diluted EPS YoYunavailableunavailableunavailableunavailable+442.9%
net %-4.1%-7.1%-4.7%1.4%6.5%
Free cash flow207.3 m-169.4 m75.4 m195.6 m513.3 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
652.3 m USD
Financial debt
792.3 m USD
Net debt
140.0 m USD
Equity
5.8 bn USD
Total assets
10.1 bn USD
Debt / equity
0.14x
Current ratio
1.50x
ROE
7.9%
ROA
4.6%
FCF margin
7.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
4.4 bn
2024
5.2 bn
2025
6.6 bn

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
2.1 bn
2024
2.3 bn
2025
2.8 bn

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
2.3 bn
2024
2.9 bn
2025
3.8 bn

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
302.5 m
2024
470.8 m
2025
701.8 m

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
220.9 m
2024
273.8 m
2025
384.2 m

SEC (XBRL)· 26 Feb 2026verified

EBITDA
2023
523.4 m ≈
2024
744.6 m ≈
2025
1.1 bn ≈

SEC (XBRL)· 26 Feb 2026derived

Interest expense
2023
15.8 m
2024
67.6 m
2025
—

SEC (XBRL)· 07 Mar 2025verified

Pre-tax income
2023
-104.6 m
2024
161.2 m
2025
624.5 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
104.2 m
2024
82.8 m
2025
184.1 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
-208.6 m
2024
72.6 m
2025
427.4 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
-0.54
2024
0.14
2025
0.76

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
384.5 m
2024
501.7 m
2025
563.1 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
483.4 m
2024
345.4 m
2025
652.3 m

SEC (XBRL)· 26 Feb 2026verified

Inventories
2023
1.1 bn
2024
1.2 bn
2025
1.6 bn

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
2.4 bn
2024
2.5 bn
2025
3.3 bn

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
441.9 m
2024
549.5 m
2025
697.8 m

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
2.3 bn
2024
2.1 bn
2025
2.3 bn

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
2.7 bn
2024
2.6 bn
2025
2.8 bn

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
8.4 bn
2024
8.4 bn
2025
10.1 bn

SEC (XBRL)· 26 Feb 2026verified

Short-term debt
2023
291.0 m
2024
0
2025
0

SEC (XBRL)· 26 Feb 2026verified

Long-term debt
2023
5.9 bn
2024
790.8 m
2025
792.3 m

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
1.6 bn
2024
1.6 bn
2025
2.2 bn

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
8.5 bn
2024
3.4 bn
2025
4.2 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
-156.8 m
2024
5.0 bn
2025
5.8 bn

SEC (XBRL)· 26 Feb 2026verified

Shares outstanding at year end
2023
505.2 m
2024
553.6 m
2025
557.7 m

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
199.0 m
2024
424.7 m
2025
729.8 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
123.6 m
2024
229.1 m
2025
216.5 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
75.4 m ≈
2024
195.6 m ≈
2025
513.3 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-154.8 m
2024
-268.3 m
2025
-338.1 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
35.0 m
2024
-266.0 m
2025
-124.0 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
26.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
22.5%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
49.1%
computed by olivLawFY 2025
Net income growth (YoY)
488.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
442.9%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
162.4%
computed by olivLawFY 2025

Profitability

Gross margin
57.6%
computed by olivLawFY 2025
EBITDA margin
16.5%
computed by olivLawFY 2025
EBIT margin
10.7%
computed by olivLawFY 2025
Net margin
6.5%
computed by olivLawFY 2025
FCF margin
7.8%
computed by olivLawFY 2025

Returns

ROE
7.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
4.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
8.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
8.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
140.0 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
0.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
10.4x
computed by olivLawFY 2025

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
729.8 m USD
computed by olivLawFY 2025
Capital expenditure
216.5 m USD
computed by olivLawFY 2025
Free cash flow
513.3 m USD
computed by olivLawFY 2025
FCF conversion
120.1%
computed by olivLawFY 2025
Cash conversion
67.2%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
187 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
17.9 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
18.0 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
41.8x
computed by olivLawFY 2025
P/E (TTM)
42.2x
computed by olivLawFY 2025
Earnings yield
2.4%
computed by olivLawFY 2025
P/B
3.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
2.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
16.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBIT
25.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
2.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
34.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
2.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 48 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

32.05 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 17.9 bn USD

Key indicators

Market capitalisation
17.9 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
42.2x
computed by olivLawFY 2025
P/B
3.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
16.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROE
7.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
6.5%
computed by olivLawFY 2025
Revenue growth (YoY)
26.7%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 26 Feb 2026
verified 137

Score by group

  • Quality57
  • Growth100
  • Valuation17
  • Balance sheet60

Estimated value range

Low
8.17
USD per share
Mid
11.64
USD per share
High
12.60
USD per share
Price: 32.05 USD
The price is above the range
Potential to the central value: -63.7% (value / price − 1)
Margin of safety: -175.4% (1 − price / value)
Agreement between methods: low · 3 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.07 – 26.09 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)16.77 – 26.09 (Mid 20.37)
    WACC 9.1% · starting FCFF 561.0 m USD · terminal value share of EV 74%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 37.6%
  • Peers: EV/EBITDA7.07 – 8.10 (Mid 7.82)
    5 companies used · median multiple 4.1x · quartiles 3.8x – 4.3x
    CRI, GIII, JRSH, LEVI, LULU
  • Peers: P/E8.17 – 12.60 (Mid 11.64)
    9 companies used · median multiple 15.3x · quartiles 10.8x – 16.6x
    BRIA, COLM, CRI, GIII, GIL, JRSH, LEVI, LULU, SGC
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 48/100

FactorValueScoreWeight used
ROIC · Quality8.7%27 (vs peers)13%
Net margin · Quality6.5%63 (vs peers)8%
FCF conversion · Quality120.1%100 (on a fixed band)8%
Revenue CAGR 3Y · Growth22.5%100 (on a fixed band)10%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet0.1x38 (vs peers)13%
Interest coverage · Balance sheet10.4x100 (on a fixed band)8%
Current ratio · Balance sheet1.5x58 (on a fixed band)5%
P/E (TTM) · Valuation42.2x18 (vs peers)13%
EV/EBITDA · Valuation16.6x0 (vs peers)13%
FCF yield · Valuation2.9%36 (on a fixed band)10%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet60/100 · 3/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality57/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation17/100 · 3/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Amer Sports, Inc. (AS). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 6.6 bn USD in 2025; YoY growth 26.7%; net margin 6.5%; ROE 7.9%; net debt/EBITDA 0.1x.

The estimated value range is 8.17–12.60 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 11.64 USD, the price of 32.05 USD leaves a potential of -63.7% (value / price − 1) and a margin of safety of -175.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 120.1%
  • Revenue CAGR 3Y: 22.5%
  • Interest coverage: 10.4x

What contradicts it

  • ROIC: 8.7%
  • P/E (TTM): 42.2x
  • EV/EBITDA: 16.6x
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300) · same industry (4-digit SIC) · compared with 16 companies

Multiples and returns vs the median

P/E
42.2x
vertical median 15.9x
above median (+165.3%)
EV/EBITDA
16.6x
vertical median 4.2x
above median (+293.3%)
P/S
2.7x
vertical median 0.5x
above median (+426.3%)
P/B
3.1x
vertical median 1.5x
above median (+110.1%)
ROE
7.9%
vertical median 11.4%
below median (−30.5%)
Net margin
6.5%
vertical median 4.9%
above median (+31.6%)
EBIT margin
10.7%
vertical median 7.4%
above median (+44.2%)
Revenue YoY
26.7%
vertical median 1.0%
above median (+2,638.3%)
Net debt/EBITDA
0.1x
vertical median -0.4x
above median
Dividend yield
—
vertical median 2.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ASAmer Sports, Inc.17.9 bn42.27.9%6.5%+26.7%+2% / unavailable
LULUlululemon athletica inc.11.8 bn9.230.9%12.8%+4.9%−39% / −75%
GILGildan Activewear Inc.8.0 bn16.615.9%11.0%+10.7%−22% / +19%
COLMColumbia Sportswear Company3.6 bn18.412.7%6.0%+0.9%+32% / −9%
GIIIG III Apparel Group Ltd1.4 bn10.87.7%4.8%−7.0%+14% / +15%
CRICarter’s, Inc.1.2 bn5.522.9%7.4%unavailable+5% / −51%
LEVILevi Strauss & Co894.9 m15.925.8%8.8%+4.1%+8% / +54%
SGCSuperior Group Of Companies, Inc.224.5 m25.64.3%1.4%+0.1%+45% / +18%
JRSHJerash Holdings (US), Inc.73.8 m15.37.6%2.8%+14.0%+87% / +103%
PASWPing An Biomedical Co., Ltd.60.1 m—-28.4%-37.6%unavailable+541% / unavailable
BRIABrilliA Inc34.5 m11.521.5%4.4%+15.1%−23% / unavailable
NCINeo-Concept International Group Holdings Limited12.8 m63.10.6%0.2%−41.9%−93% / unavailable
LANVLanvin Group Holdings Limited——-200.4%-50.3%−22.9%−60% / −79%
FIGSFIGS, Inc.067.014.8%8.7%+13.6%+124% / +202%
ZGNErmenegildo Zegna N.V.——10.1%5.1%−1.5%+39% / +30%
GOOSCanada Goose Holdings Inc.——19.8%7.0%+1.1%−36% / −20%
UAUnder Armour, Inc.——-29.8%-10.0%−3.8%+26% / −27%

1- and 3-year price returns: for AS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
21.12
Total return -34% · Per year -34%
37.17
Total return 16% · Per year 16%
55.75
Total return 74% · Per year 74%
3 years
25.05
Total return -22% · Per year -8%
49.15
Total return 53% · Per year 15%
80.28
Total return 150% · Per year 36%
5 years
29.72
Total return -7% · Per year -2%
65.01
Total return 103% · Per year 15%
115.61
Total return 261% · Per year 29%
What moves the 3-year price the most
  • Exit P/E± 12.29
  • Net margin± 8.60
  • Annual revenue growth± 6.42
  • Annual dilution± 0.72

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (16 Oct 2026), 6-K (16 Sept 2026), 6-K (18 Aug 2026), 6-K (19 May 2026).

In brief

Amer Sports is a global group of sports and outdoor brands, from Arc’teryx and Salomon to Wilson, that is shifting more sales toward direct-to-consumer channels. The DTC channel accounted for 48.9% of revenue in 2025, and expansion of its owned store network could change the group's profitability mix.

SWOT

Strengths

  • The portfolio of premium brands, several of them market leaders in their categories, gives a solid base for growth 1.
  • Innovation capability, supported by research centers and athlete collaborations, underpins new product development 1.
  • The shared platform provides scale, financial controls and resources shared across the group's brands 1.

Weaknesses

  • Dependence on a few core brands means their reputation strongly influences the results of the whole group 1.
  • Expanding owned stores and e-commerce requires continued investment that may not produce the expected results 1.
  • High seasonality concentrates a significant share of revenue in a single quarter 1.

Opportunities

  • Growth in softgoods and urban apparel categories could open new revenue sources 1.
  • Entry into new geographies and emerging categories such as padel could broaden the customer base 1.
  • The owned store network could improve margins and consumer data if store productivity remains strong 1.

Threats

  • Intense competition in the industry and lower barriers to entry could pressure prices and market share 1.
  • Changes in consumer preferences could make products less attractive within a short period 1.
  • Risks linked to international trade and tariff policies could affect costs and access to markets 1.

Risks

  • Brand reputationhigh

    Negative publicity, product issues or public positions taken by the company could affect the trust of consumers and partners 1.

  • Competition and innovationhigh

    If new products do not succeed or competitors respond faster, demand and margins could decline 1.

  • Trade regulation and tariffsmedium

    Changes in trade policy, tariffs and import and export rules could raise costs and disrupt supply 1.

  • Cybersecuritymedium

    Cyberattacks or leaks of personal data could affect operations and customer trust 1.

  • Currency and taxlow

    Currency fluctuations and tax changes can influence reported results because the business is global 1.

Investment thesis

What would need to be true (bull case)

  • If premium brands keep innovating and gaining share in their categories, growth could be supported by demand for technical products and sport-style lines 1.
  • Extending the direct-to-consumer channel, if store productivity stays strong, could improve the group's margins 1.
  • Diversification across several segments and categories, from outdoor to racquet sports, could reduce dependence on a single type of demand 1.

What would break the thesis

  • If consumer preferences shift quickly or price competition intensifies, demand for premium products could decline 1.
  • Investments in owned stores and e-commerce might not deliver the expected returns, especially if consumer spending slows 1.
  • Dependence on external sourcing and trade conditions could expose the group to unexpected costs if international policies change 1.

What to watch

  • Performance of the Outdoor Performance segment, particularly Salomon2027
  • Pace of owned store openings and their productivity2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (16 Oct 2026), 6-K (16 Sept 2026), 6-K (18 Aug 2026), 6-K (19 May 2026).

The business

Amer Sports is a global group of sports and outdoor brands, including Arc’teryx, Salomon, Wilson, Atomic and Peak Performance 1. The group organizes its activity into three reportable segments: Technical Apparel, Outdoor Performance and Ball & Racquet Sports 1. The brands operate with autonomy, supported by a shared platform for finance, supply chain and centralized services 1.

Sales are seasonal: the company generated 32% of revenue in the fourth quarter of fiscal 2025, when the share of fall and winter collections is higher 1. Ball & Racquet Sports is more consistent from quarter to quarter 1.

Segments

Technical Apparel (Arc’teryx, Peak Performance)

The segment includes technical outdoor apparel focused on climbing, mountaineering, skiing and snowboarding 1. Arc’teryx, with the Alpha SV hardshell jacket, supports premium pricing through materials and design 1. The brand is extending its women’s category and the urban Veilance line 1.

Outdoor Performance (Salomon, Atomic, Armada)

Salomon is a market leader in trail running and premium hiking footwear and has a strong position in winter sports equipment 1. Nearly 70% of Salomon’s 2025 revenue came from footwear, and the Sportstyle line is the fastest growing collection in the brand 1.

Ball & Racquet Sports (Wilson)

Wilson Sporting Goods brings together Wilson, Louisville Slugger, DeMarini, EvoShield and ATEC and covers tennis, baseball, football and basketball 1. Expansion into softgoods, especially apparel, has increased its share of Wilson sales 1.

Market context

The company operates in the sports and outdoor industry, which its filing describes as highly competitive and fragmented both in the United States and globally 1. Demand depends on the popularity of sports and outdoor activities as well as design trends 1.

According to the filing, the brands have particular prominence in Arc’teryx in North America and Greater China, Salomon in Europe and Wilson in North America 1. The company also targets new categories such as padel in Europe and pickleball in the United States 1.

Trends

  • Shift toward direct-to-consumer salesmixed

    Expanding owned stores and e-commerce could improve margins and consumer data, but it requires continued investment in the network 1.

  • Interest in softgoods and sport-style productstailwind

    Sportstyle footwear and urban technical apparel are growing quickly, which could support sales if consumer preferences stay favorable 1.

  • Changing consumer preferencesheadwind

    Preferences for styles and sporting activities change over time, and long product lead times can make rapid adjustment difficult 1.

  • Growth of online sales and retail competitionmixed

    Growth in e-commerce and retail competition could change the balance between channels and the resilience of wholesale partners 1.

Competitive position

The company says it competes with a significant number of athletic and leisure apparel and footwear companies, sports equipment companies and private labels 1. Some competitors have longer operating histories, larger consumer bases or greater financial and research resources 1.

Competition also arises in distribution, where multi-brand retailers and online platforms can offer competing products, and in sourcing, where companies compete for third-party manufacturing capacity and raw materials 1.

  • Sporting goods companies with broad product lines

    The filing refers to competitors with diversified lines of apparel, footwear and equipment, some with more resources than the group 1.

  • Retailers’ private labels

    Competition also comes from the own-brand products of multi-brand retailers that sell through digital platforms and physical stores 1.

  • Specialized racquet and ball sports equipment makers

    Wilson compares its scale with mono-sport manufacturers, which have fewer resources for research and development 1.

  • Winter sports equipment and outdoor footwear makers

    Salomon, Atomic and Armada compete in categories where specialized manufacturers operate, and the filing highlights intense industry pressure 1.

News & filings

In the press

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Amer Sports, Inc. · 26 Feb 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.