Amer Sports vs Under Armour
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KIRAβs take AI analyst
I put Amer Sports and Under Armour side by side, using each oneβs latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Amer Sports
AS
8/9
Revenue growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score
Under Armour
UAA
1/9
Share count change
Side by side
Best in the row
| Latest fiscal year | AS FY25 | UAA FY26 |
|---|---|---|
| Size | ||
| Market cap | $16.1B | $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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.