Amer Sports
AS NYSE Apparel, Accessories & Luxury Goods Financials FY2021βFY2025
Amer Sports' revenue rose 26.7% to $6.6 billion in fiscal 2025. Its operating margin was 10.7%, up from 9.1% a year earlier. Free cash flow was $513 million, up 162.4%. The diluted share count rose 12.2%.
Last close Β· Oct 23, 2026
$28.24
οΏ½οΏ½About these figures. Amer Sports is a foreign company: it files an annual report on Form 20-F, prepared under international accounting standards (IFRS), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.
What Amer Sports does
No business description yet.
- Legal name
- Amer Sports, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- β
- Accession Β· CIK
- 0001988894-26-000004
0001988894
Revenue and margins
Amer Sports had $6.6B of revenue in fiscal 2025, up 26.7% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $513M in fiscal 2025, 7.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Amer Sports returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 12.2%.
Balance sheet
Cash, debt and the ratios that show how comfortably Amer Sports can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $568M | $402M | $483M | $345M | $652M |
| Debt incl. finance leases | β | β | $6.6B | $927M | $935M |
| Net debt / EBITDA | β | β | 11.7x | 0.8x | 0.3x |
| Debt / equity | β | β | β | 0.2x | 0.2x |
| Interest coverage | 0.7x | 0.2x | 0.8x | 2.2x | 7.2x |
| Current ratio | β | 1.7x | 1.5x | 1.5x | 1.5x |
| Quick ratio | β | 1.0x | 0.8x | 0.8x | 0.8x |
| Total assets | β | $7.9B | $8.4B | $8.4B | $10.1B |
| Total liabilities | β | $8.0B | $8.5B | $3.4B | $4.2B |
| Shareholders' equity | $38.0M | β$73.9M | β$160M | $5.0B | $5.8B |
| Net debt (β = net cash) | β | β | $6.1B | $582M | $283M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 9 | 8 / 9 | 7 / 9 |
| Accruals ratio | β5.0% | β4.2% | β3.3% |
| Altman Z'' | 0.42 | β | β |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Amer Sports AS | $15.9B | 26.7% | 10.7% | 7.8% | 8.5% | β | 7 | |
| Levi Strauss LEVI | $8.3B | 4.1% | 10.8% | 4.9% | 22.2% | 14.1x | 7 | Compare β |
| Tapestry TPR | $23.2B | 14.2% | 23.9% | 22.6% | 77.9% | 15.2x | 7 | Compare β |
| Ralph Lauren RL | $23.1B | 14.6% | 14.5% | 9.2% | 45.4% | 23.8x | 8 | Compare β |
| Under Armour UA | $2.0B | β3.8% | β3.3% | β3.3% | β6.0% | β | 3 | Compare β |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $3.1B | $3.6B | $4.4B | $5.2B | $6.6B |
| Gross profit | $1.5B | $1.8B | $2.3B | $2.9B | $3.8B |
| Operating income | $187M | $50.6M | $303M | $471M | $702M |
| Interest expense | $279M | $238M | $398M | $219M | $97.7M |
| Pretax income | β$89.8M | β$183M | β$105M | $161M | $625M |
| Income tax | $34.7M | $48.3M | $104M | $82.8M | $184M |
| Net income | β$126M | β$253M | β$209M | $72.6M | $427M |
| Diluted EPS | β$0.33 | β$0.66 | β$0.54 | $0.14 | $0.76 |
| Diluted shares | 0.38B | 0.38B | 0.38B | 0.50B | 0.56B |
| Cash flow | |||||
| Cash from operations | $268M | β$91.7M | $199M | $425M | $730M |
| Capital expenditure | $60.7M | $77.7M | $124M | $229M | $217M |
| Free cash flow | $207M | β$169M | $75.4M | $196M | $513M |
| Depreciation and amortization | $196M | $194M | $221M | $274M | $384M |
| Stock-based compensation | β | $0.0M | $10.7M | $19.5M | $37.2M |
| Acquisitions | $0.0M | $0.0M | $3.5M | $0.0M | $45.4M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | |||||
| Cash and short-term investments | $568M | $402M | $483M | $345M | $652M |
| Total debt | β | β | $6.6B | $927M | $935M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | β | $2.2B | $2.4B | $2.5B | $3.3B |
| Current liabilities | β | $1.3B | $1.6B | $1.6B | $2.2B |
| Inventory | $0.0M | $913M | $1.1B | $1.2B | $1.6B |
| Property and equipment, net | β | $362M | $442M | $550M | $698M |
| Total assets | β | $7.9B | $8.4B | $8.4B | $10.1B |
| Total liabilities | β | $8.0B | $8.5B | $3.4B | $4.2B |
| Shareholders' equity | $38.0M | β$73.9M | β$160M | $5.0B | $5.8B |
| Margins | |||||
| Gross margin | 49.1% | 50.0% | 52.5% | 55.4% | 57.6% |
| Operating margin | 6.1% | 1.4% | 6.9% | 9.1% | 10.7% |
| EBITDA margin | 12.5% | 6.9% | 11.9% | 14.4% | 16.5% |
| Net margin | β4.1% | β7.1% | β4.7% | 1.4% | 6.5% |
| FCF margin | 6.8% | β4.7% | 1.7% | 3.8% | 7.8% |
| Returns | |||||
| Return on capital | β | β | β | 4.1% | 8.5% |
| Return on capital employed | β | β | 4.5% | 6.9% | 9.6% |
| Return on equity | β | β | β | 3.0% | 7.9% |
| Return on assets | β | β | β2.6% | 0.9% | 4.6% |
| Growth | |||||
| Revenue growth | β | 16.5% | 23.2% | 17.8% | 26.7% |
| Net income growth | β | β | β | β | 488.7% |
| EPS growth | β | β | β | β | 442.9% |
| FCF growth | β | β181.7% | β | 159.4% | 162.4% |
| Share count change | β | 0.3% | 0.1% | 30.5% | 12.2% |
| Financial health | |||||
| Net debt / EBITDA | β | β | 11.7x | 0.8x | 0.3x |
| Debt / equity | β | β | β | 0.2x | 0.2x |
| Interest coverage | 0.7x | 0.2x | 0.8x | 2.2x | 7.2x |
| Current ratio | β | 1.7x | 1.5x | 1.5x | 1.5x |
| Quick ratio | β | 1.0x | 0.8x | 0.8x | 0.8x |
| Capital allocation | |||||
| Capex / revenue | 2.0% | 2.2% | 2.8% | 4.4% | 3.3% |
| Stock comp / revenue | β | 0.0% | 0.2% | 0.4% | 0.6% |
| Payouts / FCF | 0.0% | β | 0.0% | 0.0% | 0.0% |
| Quality scores | |||||
| Piotroski F-score | β | β | β | 8.0 | 7.0 |
| Altman Z'' | β | 0.4 | 0.4 | β | β |
| Accruals ratio | β | β | β5.0% | β4.2% | β3.3% |
Source: SEC EDGAR XBRL filings (CIK 0001988894). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.