Amer Sports
ASNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $31.86 Prior regular-session close from the quote source.
- $30.61–$31.62 Regular-session low and high so far today.
- 4.7M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $26.10–$42.76 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own AS if its premium sports and outdoor brands keep converting brand heat into full-price global growth while scale turns that growth into cash, but the stock only works if that durability is not already fully priced.
AS price history
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Investment thesis
What must happen next
Arc’teryx-, Salomon- and Wilson-led brand desirability keeps consumers choosing Amer Sports over larger athletic and outdoor alternatives, so expansion remains demand-pulled rather than dependent on promotions.StrengtheningMateriality: High
IFRS annual revenue increased from $3.571 billion in FY2022 to $4.400 billion in FY2023, $5.183 billion in FY2024 and $6.566 billion in FY2025. If brand pull holds, Amer can keep scaling revenue without sacrificing price; if it fades, the growth algorithm turns into a lower-quality volume push.
Watch: Nike, adidas, Deckers/HOKA, lululemon, Columbia or premium outerwear competitors take visible share in performance footwear, technical apparel or outdoor lifestyle categories.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual revenue increased from $3.571 billion in FY2022 to $4.400 billion in FY2023, $5.183 billion in FY2024 and $6.566.
Open source ↗Brand strength and mix toward premium technical products preserve pricing power, allowing Amer Sports to grow without structurally eroding gross margin.StrengtheningMateriality: High
IFRS annual gross profit rose from $1.786 billion in FY2022 to $3.784 billion in FY2025. Gross-margin resilience determines whether growth is valuable or merely bigger but less profitable sales.
Watch: Wholesale or direct-to-consumer channels require broad markdowns to clear inventory.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual gross profit rose from $1.786 billion in FY2022 to $3.784 billion in FY2025.
Open source ↗Scale in product development, sourcing, logistics and brand infrastructure lets incremental sales carry higher operating profit instead of being consumed by marketing, stores and overhead.StrengtheningMateriality: Medium
IFRS annual operating income rose from $50.6 million in FY2022 to $302.5 million in FY2023, $470.8 million in FY2024 and $701.8 million in FY2025. Operating leverage is what turns a good brand-growth story into material per-share earnings power.
Watch: Customer acquisition costs, athlete sponsorships, retail expansion costs or brand marketing rise faster than sales.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating income rose from $50.6 million in FY2022 to $302.5 million in FY2023, $470.8 million in FY2024 and.
Open source ↗Premium sell-through and working-capital discipline allow Amer Sports to self-fund growth, reducing dependence on external financing.StrengtheningMateriality: Medium
IFRS annual operating cash flow improved from negative $91.7 million in FY2022 to positive $199.0 million in FY2023, $424.7 million in FY2024 and $729.8 million in FY2025. Cash-funded growth protects owners from dilution, leverage stress and forced cuts to brand investment.
Watch: Inventory builds ahead of demand, signaling that reported sales are being pushed into channels rather than sold through to consumers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating cash flow improved from negative $91.7 million in FY2022 to positive $199.0 million in FY2023, $424.7 million.
Open source ↗The recapitalized balance sheet gives Amer Sports room to invest behind its brands through consumer cycles rather than being forced into emergency financing or underinvestment.StrengtheningMateriality: Medium
IFRS equity improved from negative $156.8 million at FY2023 year-end to positive $5.008 billion at FY2024 year-end and $5.821 billion at FY2025 year-end. A healthier balance sheet increases strategic flexibility and reduces the risk that brand momentum is interrupted by financial constraints.
Watch: Debt-funded acquisitions or aggressive expansion materially re-lever the company.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS equity improved from negative $156.8 million at FY2023 year-end to positive $5.008 billion at FY2024 year-end and $5.821 billion.
Open source ↗
Full investment case & evidence
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Original research
Arc’teryx-, Salomon- and Wilson-led brand desirability keeps consumers choosing Amer Sports over larger athletic and outdoor alternatives, so expansion remains demand-pulled rather than dependent on promotions. If brand pull holds, Amer can keep scaling revenue without sacrificing price; if it fades, the growth algorithm turns into a lower-quality volume push.
Brand strength and mix toward premium technical products preserve pricing power, allowing Amer Sports to grow without structurally eroding gross margin. Gross-margin resilience determines whether growth is valuable or merely bigger but less profitable sales.
Scale in product development, sourcing, logistics and brand infrastructure lets incremental sales carry higher operating profit instead of being consumed by marketing, stores and overhead. Operating leverage is what turns a good brand-growth story into material per-share earnings power.
Premium sell-through and working-capital discipline allow Amer Sports to self-fund growth, reducing dependence on external financing. Cash-funded growth protects owners from dilution, leverage stress and forced cuts to brand investment.
The recapitalized balance sheet gives Amer Sports room to invest behind its brands through consumer cycles rather than being forced into emergency financing or underinvestment. A healthier balance sheet increases strategic flexibility and reduces the risk that brand momentum is interrupted by financial constraints.
All standing thesis claims
Original report summary
its premium sports and outdoor brands keep converting brand heat into full-price global growth while scale turns that growth into cash, but the stock only works if that durability is not already fully priced.
Bull case and bear case
Bull case and bear case for Amer Sports
Where the evidence on Amer Sports stands: Strengthening on the latest evidence (Oct 21, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
Arc’teryx-, Salomon- and Wilson-led brand desirability keeps consumers choosing Amer Sports over larger athletic and outdoor alternatives, so expansion remains demand-pulled rather than dependent on promotions.
Brand strength and mix toward premium technical products preserve pricing power, allowing Amer Sports to grow without structurally eroding gross margin.
Scale in product development, sourcing, logistics and brand infrastructure lets incremental sales carry higher operating profit instead of being consumed by marketing, stores and overhead.
Premium sell-through and working-capital discipline allow Amer Sports to self-fund growth, reducing dependence on external financing.
The recapitalized balance sheet gives Amer Sports room to invest behind its brands through consumer cycles rather than being forced into emergency financing or underinvestment.
Bear case: what would count against it
Nike, adidas, Deckers/HOKA, lululemon, Columbia or premium outerwear competitors take visible share in performance footwear, technical apparel or outdoor lifestyle categories.
Wholesale or direct-to-consumer channels require broad markdowns to clear inventory.
Customer acquisition costs, athlete sponsorships, retail expansion costs or brand marketing rise faster than sales.
Thesis-Break Engine
Thesis-break watch · Amer Sports
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
Amer Sports filed an SEC report on 2026-10-16: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Amer Sports filed an SEC report on 2026-09-16: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Amer Sports filed an SEC report on 2026-08-18: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Nike, adidas, Deckers/HOKA, lululemon, Columbia or premium outerwear competitors take visible share in performance footwear, technical apparel or outdoor lifestyle categories.
- Wholesale or direct-to-consumer channels require broad markdowns to clear inventory.
- Customer acquisition costs, athlete sponsorships, retail expansion costs or brand marketing rise faster than sales.
- Inventory builds ahead of demand, signaling that reported sales are being pushed into channels rather than sold through to consumers.
- Debt-funded acquisitions or aggressive expansion materially re-lever the company.
AS news
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Financial statements
AS income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
AS: quick answers
- Which well-known investors own AS?
- 3 of the 37 well-known funds tracked here reported AS shares in their latest 13F filings. By share of the fund's portfolio: Viking Global Investors (Andreas Halvorsen), 0.6%; Bridgewater Associates (Ray Dalio), 0.0%; Soros Fund Management (George Soros), 0.0%. Fund portfolios
AS in well-known investors’ portfolios
3 of 37 funds reported AS shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Andreas HalvorsenViking Global Investors | 0.57% | $201M | −18.1% | Q2 2026 |
| Ray DalioBridgewater Associates | 0.02% | $5.6M | −44.5% | Q2 2026 |
| George SorosSoros Fund Management | 0.01% | $430K | −68.7% | Q2 2026 |