Amer Sports vs Ralph Lauren

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KIRA’s take AI analyst

I put Amer Sports and Ralph Lauren side by side, using each one’s latest annual report. Here is what stands out:

Ralph Lauren is the larger business, with $8.1B of revenue in fiscal 2026 against $6.6B for Amer Sports.
Amer Sports grew revenue faster (26.7%, against 14.6%).
Ralph Lauren kept more of each dollar of sales as operating profit (14.5% operating margin, against 10.7%).
Ralph Lauren turned more of its sales into free cash flow (9.2% FCF margin, against 7.8%).
Ralph Lauren earned a higher return on the capital invested in it (45.4%, against 8.5%).

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

Amer Sports

1/10

Revenue growth

Ralph Lauren

9/10

Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change

Side by side

Best in the row

Latest fiscal year	AS FY25	RL FY26
Size
Market cap	$15.9B	$24.0B
Revenue	$6.6B	$8.1B
Free cash flow	$513M	$746M
Net income	$427M	$941M
Growth
Revenue growth	26.7%	14.6%
5-year growth	—	13.0%
Share count change	12.2%	−2.7%
Profitability
Gross margin	57.6%	69.9%
Operating margin	10.7%	14.5%
Net margin	6.5%	11.6%
FCF margin	7.8%	9.2%
Return on capital	8.5%	45.4%
Return on equity	7.9%	34.7%
Balance sheet
Net debt	$283M	−$593M
Net debt / EBITDA	0.3x	−0.4x
Dividends and buybacks	$0.0M	$840M
Valuation & quality
P/E	—	24.7x
Piotroski F-score	7	8

Ten years

Revenue

FY17

AS —

RL $6.7B

FY18

AS —

RL $6.2B

FY19

AS —

RL $6.3B

FY20

AS —

RL $6.2B

FY21

AS $3.1B

RL $4.4B

FY22

AS $3.6B

RL $6.2B

FY23

AS $4.4B

RL $6.4B

FY24

AS $5.2B

RL $6.6B

FY25

AS $6.6B

RL $7.1B

FY26

AS —

RL $8.1B

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

AS RL

Operating margin

FY17

AS —

RL −1.4%

FY18

AS —

RL 8.1%

FY19

AS —

RL 8.9%

FY20

AS —

RL 5.2%

FY21

AS 6.1%

RL −1.0%

FY22

AS 1.4%

RL 12.8%

FY23

AS 6.9%

RL 10.9%

FY24

AS 9.1%

RL 11.4%

FY25

AS 10.7%

RL 13.2%

FY26

AS —

RL 14.5%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

AS RL

Free cash flow

FY17

AS —

RL $669M

FY18

AS —

RL $814M

FY19

AS —

RL $586M

FY20

AS —

RL $484M

FY21

AS $207M

RL $273M

FY22

AS −$169M

RL $549M

FY23

AS $75.4M

RL $194M

FY24

AS $196M

RL $905M

FY25

AS $513M

RL $1.0B

FY26

AS —

RL $746M

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

AS RL

Return on capital

FY17

AS —

RL −2.5%

FY18

AS —

RL 10.9%

FY19

AS —

RL 19.5%

FY20

AS —

RL 15.2%

FY21

AS —

RL −1.8%

FY22

AS —

RL 33.5%

FY23

AS —

RL 24.9%

FY24

AS 4.1%

RL 28.4%

FY25

AS 8.5%

RL 36.5%

FY26

AS —

RL 45.4%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

AS RL

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.