Amer Sports, Inc. (AS)

Price$29.53Cached quoteAs of 2026-09-05 03:34 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth already requires much higher future profits.

Using 2025 diluted earnings of $0.76 per share, the market values Amer Sports at about 42 times last year’s reported profit per share. Management’s latest 2026 adjusted earnings guidance of $1.27–$1.30 lowers that to about 25 times expected earnings, while 2025 free cash flow—cash left after operations and capital spending—was roughly $513 million, only about a 3% yield on the year-end share base. That is not cheap, but 24% guided 2026 revenue growth and rising margins justify a premium. I see little margin of safety either way. investors.amersports.com+1

Big pictureProfits and cash flow are improving quickly, but the business still needs continued growth.

Revenue more than doubled from $3.07 billion in 2021 to $6.57 billion in 2025, while operating margin—the share of sales left after operating costs—rose from 6.1% to 10.7% after dipping to 1.4% in 2022. Operating cash flow improved from negative $92 million in 2022 to $730 million in 2025, leaving about $513 million after capital spending. Durability is not fully proven: Amer Sports says fourth-quarter revenue and profit are seasonally strongest, while inventory builds in the second and third quarters. That makes cash timing sensitive to winter collections, direct retail demand, and inventory discipline. SEC+1

Business strengthThe balance sheet is much safer, though shareholders paid for part of that repair.

Debt fell from about $6.3 billion in 2023 to $935 million at 2025 year-end, and second-quarter 2026 ended with $573 million of net cash, meaning cash exceeded specified borrowings. The improvement partly reflects equity financing: shares outstanding rose from about 384 million in 2023 to 558 million in 2025, and Amer Sports issued another 20.6 million shares in March 2026 to help redeem 6.75% secured notes. Latest guidance assumes about 585 million diluted shares, roughly 5% above 2025 year-end. With no reported buybacks or dividends in the supplied history, capital allocation has favored deleveraging and reinvestment. investors.amersports.com+1

What could change the storyThe bull case needs premium brands to keep growing; ordinary slowdown would hurt the valuation.

The bull case is visible: second-quarter 2026 revenue grew 32%, with Technical Apparel, Outdoor Performance, and Ball & Racquet up 32%, 37%, and 24%, and full-year revenue growth guidance rose to about 24%. The bear case is valuation normalization. At roughly 25 times guided 2026 adjusted earnings, the shares can hold their value if investors keep paying that premium. If the market later values the company at 20 times earnings, 2027 earnings would need to reach roughly $1.58 per share—about 23% above current 2026 guidance—to support today’s price. investors.amersports.com

AI: News

Q2 Guidance RaisedSecond-quarter growth beat expectations and management raised the full-year outlook again, supporting the premium valuation.

On August 18, Amer Sports reported second-quarter revenue of $1.63 billion, up 32%, with adjusted earnings of $0.22 per share. Management lifted 2026 revenue growth guidance to about 24% and adjusted earnings guidance to $1.27–$1.30 per share. The shares finished the session about 3% higher after trading stronger before the open. The reaction is consistent with better growth expectations, although one day’s move cannot prove that earnings were the only cause. investors.amersports.com+2Finance Charts+2

Q1 Outlook UpgradeA strong first quarter broadened the growth story beyond one brand and lifted annual expectations.

On May 19, first-quarter revenue rose 32% to $1.95 billion. Technical Apparel grew 33%, Outdoor Performance 42%, and Ball & Racquet 13%, showing strength beyond Arc’teryx alone. Amer Sports raised full-year revenue growth guidance from 16%–18% to 20%–22% and adjusted earnings guidance from $1.10–$1.15 to $1.18–$1.23 per share. The stock gained roughly 5% that day, a reaction consistent with the earnings beat and higher outlook. SEC+1

Equity Raise for DebtA large share sale reduced expensive debt but diluted owners and briefly pressured the stock.

On March 3, Amer Sports priced 20.6 million new shares, with an option for about 3.1 million more, to help redeem its 6.75% secured notes due 2031. The stock fell roughly 7% during the session. The financing reduced interest and refinancing risk, but it also increased the share count, so future profit is spread across more shares. That tradeoff remains important because the company’s valuation depends on strong per-share earnings growth, not just revenue growth. investors.amersports.com+1

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Revenue

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2023

2024

2025

Net income

2021

2022

2023

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021
Revenue	$6.57B	$5.18B	$4.40B	$3.57B	$3.07B
Gross profit	$3.78B	$2.87B	$2.31B	$1.79B	$1.51B
Gross margin	57.63%	55.40%	52.45%	50.01%	49.10%
Operating expenses	$3.08B	$2.40B	$2.01B	$1.74B	$1.32B
Operating income	$701.8M	$470.8M	$302.5M	$50.6M	$186.9M
Operating margin	10.69%	9.08%	6.87%	1.42%	6.09%
EBITDA	$1.09B	$744.6M	$523.4M	$244.9M	$382.6M
EBITDA margin	16.54%	14.37%	11.89%	6.86%	12.48%
Net income	$440.4M	$78.4M	−$208.8M	−$252.7M	−$126.3M
Net profit margin	6.71%	1.51%	−4.75%	−7.08%	−4.12%
Basic EPSper basic share	$0.77	$0.15	-$0.54	-$0.66	-$0.33
Diluted EPSper diluted share	$0.76	$0.14	-$0.54	-$0.66	-$0.33

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of AS
Holder	Shares held
Wilson Dennis J.	99.96M
FountainVest China Capital Partners GP3 Ltd.	34.1M
FMR LLC	27.5M
Point72 Asset Management, L.P.	9.72M
Aspex Management (HK) Ltd	8.27M
WESTFIELD CAPITAL MANAGEMENT CO LP	6.34M
VIKING GLOBAL INVESTORS LP	5.95M
MARSHALL WACE, LLP	5.76M
BlackRock, Inc.	5.06M
D. E. Shaw & Co., Inc.	4.24M
MORGAN STANLEY	3.93M
Ding Shizhong	3.8M
Avala Global LP	3.42M
BROWN ADVISORY INC	3.4M
Junto Capital Management LP	3.1M
GOLDMAN SACHS GROUP INC	2.68M
NORGES BANK	2.33M
Temasek Holdings (Private) Ltd	2.31M
Man Group plc	2.27M
Anomaly Capital Management, LP	2.04M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)12$30.16M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 3, 2026Form 4	Zheng Jie (James)Chief Executive Officer	SellOrdinary Shares	500.0K	$34.42	$17.21M	1.26M
Jun 1, 2026Form 4	Chen Wen-Chang (Victor)Chief Strategy Officer	SellOrdinary Shares	13.1K	$35.62	$465.7K	149.8K
Jun 1, 2026Form 4	Haselden StuartCEO of Arc'teryx Equipment	SellOrdinary Shares	15.3K	$35.43	$541.2K	0
Jun 1, 2026Form 4	Haselden StuartCEO of Arc'teryx Equipment	SellOrdinary Shares	200.0K	$35.58	$7.12M	15.3K
May 26, 2026Form 4	Page Andrew EChief Financial Officer	SellOrdinary Shares	7.7K	$36.78	$284.9K	4.1K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat21 days ago
Amer Sports raises quarterly sales outlook and sets longer-term growth targets
Amer Sports ($AS) raised its third-quarter revenue-growth forecast to 20–22% from 18–20%. It now expects the adjusted operating margin to be slightly above 14%, the top end of its prior range. The update strengthens the near-term outlook fo ...
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Amer Sports, Inc. (AS)

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Amer Sports raises quarterly sales outlook and sets longer-term growth targets