Amer Sports, Inc.AS
NYSE•Consumer Cyclical•Leisure
Amer Sports, Inc. designs, manufactures, markets, distributes, and sells sports equipment, apparel, footwear, and accessories in Europe, the Middle East, Africa, the Americas, Mainland China, Hong Kong, Macau, Taiwan, and the Asia Pacific. It operates through three segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports. The Technical Apparel segment offers outdoor apparel, footwear, and accessories, which include climbing gear. The Outdoor Performance segment provides hiking and running footwear, functional apparel, skiing and snowboarding gear, and lifestyle footwear products. The Ball & Racquet Sports segment offers sports equipment for tennis, baseball, American football, basketball, golf, and various other professional and recreational sports, as well as functional athletic apparel. This segment provides custom-fitting protective gear and apparel for baseball, softball, football, and lacrosse. The company sells its products under the Arc'teryx, PeakPerformance, Salomon, Atomic, Armada, Wilson, Louisville Slugger, DeMarini, EvoShield, and Atec brands. It distributes its products through retail stores, general sporting goods retailers, specialty stores, independently operated partner stores, and distributors, as well as retailer-owned and third-party e-commerce websites. The company was formerly known as Amer Sports Management Holding (Cayman) Limited and changed its name to Amer Sports, Inc. in August 2023. Amer Sports, Inc. was founded in 1950 and is based in Helsinki, Finland.
Amer Sports, Inc. (AS) reported trailing twelve months revenue of $10.76B as of December 2025, a Infinity% increase year-over-year. Quarterly revenue reached $5.09B, reflecting continued top-line momentum.
Amer Sports, Inc. generated $520.60M in TTM net income, with quarterly EBITDA of $878.50M. The operating margin expanded from -0.9% to 9.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (9.6%) and net margin (5.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -0.2% a year ago, signaling stronger bottom-line efficiency.
AS trades at a P/E of 40.2x (a premium multiple) and a P/S of 1.9x. The price-to-book ratio of 3.6x reflects a moderate premium to book value.
The company generated $390.70M in free cash flow over the trailing twelve months, a 1094.1% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $10.06B in total assets with $792.30M in long-term debt against $5.80B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 6 quarters of fundamental data
Operating margins are under pressure, averaging 9.0%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 4 of the last 6 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 6 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF covers net income by 6.0x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 6 quarters — occasional cash consumption.
Shares outstanding increased 43.7% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation