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Amer Sports, Inc.
(NYSE:AS)
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Rating:70Outperform
Price Target:
$30.00
▼(-5.03% Downside)
Action:Upgraded
Date:08/19/26
The score is driven primarily by strong financial momentum (improving profitability, robust free cash flow, and a healthier balance sheet) and a positive, guidance-raising earnings call. These are tempered by weak technical trends (below key moving averages with negative MACD) and a relatively expensive valuation (high P/E with no dividend yield provided).
Positive Factors
Broad-based brand growth
Growth is broad rather than dependent on a single category: all three major engines exceeded 20% in Q2. That breadth supports brand relevance, improves investment flexibility across categories, and gives Amer Sports multiple durable avenues for revenue expansion over the next several quarters.
Negative Factors
Uneven profitability history
Although current profitability has improved, the recent history of losses and weak earnings shows that Amer Sports has not yet demonstrated a consistently compounding profit profile. This uneven record makes future margins more sensitive to category cycles, execution demands and changing operating conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad-based brand growth
Growth is broad rather than dependent on a single category: all three major engines exceeded 20% in Q2. That breadth supports brand relevance, improves investment flexibility across categories, and gives Amer Sports multiple durable avenues for revenue expansion over the next several quarters.
Read all positive factors
Amer Sports, Inc. (AS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.85B
Dividend YieldN/A
Average Volume (3M)7.97M
Price to Earnings (P/E)28.1
Beta (1Y)1.15
Revenue Growth30.49%
EPS Growth134.07%
CountryUS
Employees15,400
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)0.97
Shares Outstanding581,822,000
10 Day Avg. Volume7,644,112
30 Day Avg. Volume7,966,507
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)3.58
Price to Sales (P/S)3.16
P/FCF Ratio41.20
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$46.46Price Target Upside47.08% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)1.3
Revenue Forecast (FY)$8.19B
Amer Sports, Inc. Business Overview & Revenue Model
Company Description
Amer Sports, Inc. is a global enterprise dedicated to the creation, production, promotion, and sale of athletic equipment, clothing, footwear, and related accessories. The company's extensive reach covers Europe, the Middle East, Africa, the Ameri...
How the Company Makes Money
Amer Sports primarily makes money by selling sporting goods and related products under its brand portfolio, generating revenue through a combination of (1) wholesale distribution and (2) direct-to-consumer (DTC) sales. Wholesale revenue comes from...
Amer Sports, Inc. Earnings Call Summary
Earnings Call Date:Aug 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 24, 2026
Earnings Call Sentiment Positive
The call conveyed strong, broad-based top-line momentum, exceptional DTC growth, healthy margin expansion and improved EPS, supported by clear brand-level execution (Arc’teryx, Salomon, Wilson). Management raised full-year revenue, margin and EPS guidance while investing behind long-term growth engines and retail expansion. Key risks and caveats include one-time tariff refund benefits inflating near-term margins and EPS, higher corporate and finance costs (hedging/FX), elevated CapEx and the expectation that certain segment outperformance (notably Ball & Racquet) may not be sustained at Q2 levels. On balance, positive operational and financial trends outweigh the manageable caveats.Positive Updates
Strong Revenue Growth
Group reported sales up 32% (30% ex-currency) in Q2; updated full-year 2026 revenue growth guidance raised to approximately 24% (includes ~200-250 bps FX benefit). Q3 revenue growth guided at 18–20%.
Negative Updates
One-Time Tariff Refunds Boosting Results
Q2 benefited from a $64.3M net tariff refund (~390 bps of gross margin benefit). Company notes adjusted gross margin increase of 710 bps includes this one-time benefit; segment margin and EPS comparisons are partly driven by refunds (company cites ~80 bps full-year benefit), reducing underlying comparability.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Group reported sales up 32% (30% ex-currency) in Q2; updated full-year 2026 revenue growth guidance raised to approximately 24% (includes ~200-250 bps FX benefit). Q3 revenue growth guided at 18–20%.
Read all positive updates
Company Guidance
Amer Sports raised its full‑year 2026 outlook, now targeting roughly 24% revenue growth (up from ~20–22%) with a 200–250 bps currency tailwind; segment revenue guides were increased to roughly 24–26% for Technical Apparel, 27–28% for Outdoor Performance, and ~14% for Ball & Racquet. Full‑year adjusted gross margin was nudged up to about 60.5–61% (including an ~80 bps Q2 net tariff‑refund benefit) and adjusted operating margin to ~14.2–14.5%; segment operating margin targets are ~22.5% (Technical Apparel, incl. ~30 bps refund), 15.5–16.5% (Outdoor Performance, incl. ~50 bps) and 6.7–7.2% (Ball & Racquet, incl. ~250 bps). The company now models net finance costs of ~$85M (was $70M), an effective tax rate of 28%, other operating income ~$43M, corporate expense ~$240M (vs $220M), net income to noncontrolling interest ~$30M, depreciation & amortization ~$450M (incl. ~$220M ROU), CapEx ~$400M, and raised adjusted diluted EPS to $1.27–$1.30 (on ~585M shares). Q3 guidance: revenues +18–20% (≈50 bps FX tailwind), adj. gross margin ~59%, adj. operating margin 13.5–14%, net finance costs $15–20M, tax ~28%, and adj. EPS $0.31–$0.33; guidance assumes current Section 301 tariff rates and that most tariff refunds have been received.Amer Sports, Inc. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.44B | 6.57B | 5.18B | 4.40B | 3.57B | 3.07B |
| Gross Profit | 4.45B | 3.78B | 2.87B | 2.31B | 1.79B | 1.51B |
| EBITDA | 1.33B | 1.11B | 653.80M | 518.00M | 258.30M | 381.60M |
| Net Income | 546.40M | 427.40M | 72.60M | -208.60M | -252.70M | -126.30M |
Balance Sheet | ||||||
| Total Assets | 10.23B | 10.06B | 8.34B | 8.37B | 7.90B | 7.95B |
| Cash, Cash Equivalents and Short-Term Investments | 720.40M | 652.30M | 345.40M | 483.40M | 402.00M | 566.70M |
| Total Debt | 1.10B | 1.75B | 1.48B | 6.66B | 6.24B | 6.30B |
| Total Liabilities | 3.34B | 4.24B | 3.33B | 8.53B | 7.97B | 7.91B |
| Stockholders Equity | 6.87B | 5.80B | 5.00B | -160.20M | -73.90M | 38.00M |
Cash Flow | ||||||
| Free Cash Flow | 686.00M | 503.70M | 183.00M | 59.90M | -179.30M | 202.10M |
| Operating Cash Flow | 960.80M | 729.20M | 424.70M | 199.00M | -91.70M | 268.00M |
| Investing Cash Flow | -385.60M | -338.10M | -268.30M | -154.80M | -118.60M | 295.40M |
| Financing Cash Flow | -173.70M | -123.40M | -266.00M | 35.00M | 81.10M | -369.70M |
Amer Sports, Inc. Technical Analysis
Negative
31.59
Price Trends
31.28
Negative
33.05
Negative
34.74
Negative
Market Momentum
-1.10
Negative
40.39
Neutral
58.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AS, the sentiment is Negative. The current price of 31.59 is above the 20-day moving average (MA) of 27.58, above the 50-day MA of 31.28, and below the 200-day MA of 34.74, indicating a bearish trend. The MACD of -1.10 indicates Negative momentum. The RSI at 40.39 is Neutral, neither overbought nor oversold. The STOCH value of 58.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AS.
Amer Sports, Inc. Risk Analysis
Amer Sports, Inc. disclosed 70 risk factors in its most recent earnings report. Amer Sports, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Amer Sports, Inc. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $15.85B | 28.13 | 8.72% | ― | 30.49% | 134.07% | |
64 Neutral | $4.81B | 22.42 | 25.98% | 1.21% | 8.77% | -2.02% | |
64 Neutral | $3.11B | 17.68 | 27.27% | ― | 6.24% | 10.22% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $2.53B | 28.76 | 3.97% | 8.66% | -37.17% | 84.41% | |
56 Neutral | $131.33M | -4.12 | -15.46% | 2.95% | -0.10% | 61.92% | |
55 Neutral | $458.77M | -55.96 | -1.90% | 2.97% | 17.49% | 82.16% |
* Consumer Cyclical Sector Average
AS
Amer Sports, Inc.
27.29
-7.90
-22.45%
CLAR
Clarus
3.39
0.08
2.42%
CALY
Callaway Golf
14.09
4.40
45.41%
GOLF
Acushnet Holdings
82.50
3.03
3.81%
JOUT
Johnson Outdoors
43.65
3.45
8.58%
YETI
Yeti Holdings
41.02
6.00
17.13%
Amer Sports, Inc. Corporate Events
Amer Sports Raises Q3 2026 Guidance and Reaffirms Long-Term Growth Targets
Sep 16, 2026
On September 16, 2026, Amer Sports updated its long-term financial algorithm and raised guidance for the third quarter of 2026, underscoring confidence in its portfolio of premium sports and outdoor brands. Management highlighted three growth engi...
Amer Sports Files Q2 2026 Interim Results and MD&A
Aug 18, 2026
On August 18, 2026, Amer Sports, Inc. filed a Form 6-K announcing the release of its unaudited interim consolidated financial statements for the three and six months ended June 30, 2026, together with management’s discussion and analysis. Th...
Amer Sports Posts Strong Q2 2026 Results and Lifts Full-Year Outlook
Aug 18, 2026
On August 18, 2026, Amer Sports reported second-quarter 2026 results that showed a 32% year-on-year revenue increase to $1.63 billion, with all regions and segments delivering strong double-digit growth and notable margin expansion. The quarter wa...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.