Amer Sports vs Under Armour
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The short version
- Amer Sports is the larger business, with $6.6B of revenue in fiscal 2025 against $5.0B for Under Armour.
- Amer Sports grew revenue faster (26.7%, against β3.8%).
- Amer Sports kept more of each dollar of sales as operating profit (10.7% operating margin, against β3.3%).
- Amer Sports turned more of its sales into free cash flow (7.8% FCF margin, against β3.3%).
- Amer Sports earned a higher return on the capital invested in it (8.5%, against β6.0%).
| Latest fiscal year | AS Β· FY25 | UAA Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $15.9B | $2.0B |
| Revenue | $6.6B | $5.0B |
| Free cash flow | $513M | β$162M |
| Net income | $427M | β$496M |
| Growth | ||
| Revenue growth | 26.7% | β3.8% |
| 5-year growth | β | 2.1% |
| Share count change | 12.2% | β1.3% |
| Profitability | ||
| Gross margin | 57.6% | 45.5% |
| Operating margin | 10.7% | β3.3% |
| Net margin | 6.5% | β10.0% |
| FCF margin | 7.8% | β3.3% |
| Return on capital | 8.5% | β6.0% |
| Return on equity | 7.9% | β30.0% |
| Balance sheet | ||
| Net debt | $283M | $881M |
| Net debt / EBITDA | 0.3x | β |
| Dividends and buybacks | $0.0M | $25.0M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 7 | 3 |
Revenue
FY17
AS β
UAA $5.0B
FY18
AS β
UAA $5.2B
FY19
AS β
UAA $5.3B
FY20
AS β
UAA $4.5B
FY21
AS $3.1B
UAA $5.7B
FY22
AS $3.6B
UAA β
FY23
AS $4.4B
UAA $5.9B
FY24
AS $5.2B
UAA $5.7B
FY25
AS $6.6B
UAA $5.2B
FY26
AS β
UAA $5.0B
AS
UAA
Operating margin
FY17
AS β
UAA 0.6%
FY18
AS β
UAA β0.5%
FY19
AS β
UAA 4.5%
FY20
AS β
UAA β13.7%
FY21
AS 6.1%
UAA 8.4%
FY22
AS 1.4%
UAA β
FY23
AS 6.9%
UAA 4.5%
FY24
AS 9.1%
UAA 4.0%
FY25
AS 10.7%
UAA β3.6%
FY26
AS β
UAA β3.3%
AS
UAA
Free cash flow
FY17
AS β
UAA β$43.9M
FY18
AS β
UAA $458M
FY19
AS β
UAA $363M
FY20
AS β
UAA $121M
FY21
AS $207M
UAA $595M
FY22
AS β$169M
UAA β
FY23
AS $75.4M
UAA β$198M
FY24
AS $196M
UAA $204M
FY25
AS $513M
UAA β$228M
FY26
AS β
UAA β$162M
AS
UAA
Return on capital
FY17
AS β
UAA 0.9%
FY18
AS β
UAA β0.8%
FY19
AS β
UAA 7.6%
FY20
AS β
UAA β31.1%
FY21
AS β
UAA 39.4%
FY22
AS β
UAA β
FY23
AS β
UAA β
FY24
AS 4.1%
UAA 10.4%
FY25
AS 8.5%
UAA β7.4%
FY26
AS β
UAA β6.0%
AS
UAA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.