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what it is
Amer Sports sells premium outdoor gear, apparel, shoes, and racquet sports equipment through brands like Arc’teryx, Salomon, and Wilson.
how it gets paid
Last year Amer Sports made $6.6B in revenue. Americas was the main engine at $2.38B, or 36% of sales.
why it's growing
Revenue grew 26.7% last year. Gross margin reached 57.6%. Recent results were helped by strong demand in Technical Apparel and Outdoor Performance.
what just happened
Revenue hit $4.5B and EPS landed at $0.53, ahead of the $0.28 estimate.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
46.4x trailing p/e — you're paying up for this one
10.5% return on capital — nothing to write home about
$1.00 fy2026 eps est
$10B fy2028 rev est
xvary composite: 60/100 — average
What they do
Amer Sports sells premium outdoor gear, apparel, shoes, and racquet sports equipment through brands like Arc’teryx, Salomon, and Wilson.
Amer wins because it sells identity with gear attached. You do not buy Arc’teryx just for a jacket when the group runs 500-plus stores and reaches you through multiple premium brands. Technical Apparel is 42% of 2024 revenue, while Outdoor Performance adds 35%, so the company is not leaning on one hot product cycle.
How they make money
$6.6B
annual revenue · their business grew +26.7% last year
Americas
$2.38B
EMEA
$1.91B
Greater China
$1.65B
Asia-Pacific
$0.66B
The products that matter
premium apparel platform
technical apparel
$2.8B · 42% of revenue
it's the biggest disclosed piece of the business at $2.8B, or 42% of sales. if this segment slows, the growth narrative changes fast.
largest segment
core regional demand base
americas
$2.4B · 36% of revenue
the americas contribute $2.4B, or 36% of revenue. that's large enough that any consumer slowdown here would show up quickly in consolidated results.
36% of revenue
flagship premium brand
arc'teryx
part of the 13–31% brand growth set
we do not get a standalone revenue line here, but we do know the core brands grew 13–31% while the whole company reached $6.6B in sales. that's why investors keep focusing on the brand portfolio, not just the parent company name.
brand heat
Key numbers
46.4x
trailing p/e
P/E ratio → how many dollars you pay for $1 of profit → so what: you are paying a premium price before the $10B revenue goal is reached.
$792M
long-term debt
Long-term debt → money owed over years → so what: at just 4% of capital, the balance sheet is not the main problem here.
$10B
2028 revenue goal
Revenue estimate → expected sales → so what: the path from $6.6B today to $10B by fiscal 2028 is the whole reason the stock gets a growth multiple.
10.5%
return on capital
Return on capital → profit earned on the money put into the business → so what: good, but not so high that you should ignore the stock’s rich price.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- long-term debt $792M (4% of capital)
- net profit margin 9.5% — keeps 10 cents of every dollar in revenue
- return on equity 11% — $0.11 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for AS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $4.5B and EPS landed at $0.53, ahead of the $0.28 estimate.
Gross margin reached 57.6%. Recent results were helped by strong demand in Technical Apparel and Outdoor Performance, plus solid Ball & Racquet growth.
$4.5B
revenue
$0.53
eps
57.6%
gross margin
the number that mattered
Gross margin at 57.6% matters most because premium brand stories fall apart fast if pricing power disappears.
-
amer sports is executing well on its growth strategy.the sporting goods and apparel retailer delivered strong vs. prior year improvement in both earnings and revenue over the last three reported quarters. we anticipate this trend likely continued in the december period, although these results are not scheduled to be released until next month.
-
recent performance has been driven by favorable demand trends across amer’s cornerstone outdoor performance and technical apparel business segments, where leadership projects full-year revenues will be up about 28%-29% and 26%-27%, respectively, versus 2024.
-
solid top-line growth in ball & racquet operations (expected at 10%-11%) was also supportive of the retailer’s encouraging 2025 campaign.
-
we believe the company is well positioned to keep the ball rolling in 2026.amer sports is successfully taking share in premium technical sports and outdoor markets, fueled by surging popularity across its top-tier brands. the portfolio is highlighted by its arc’teryx and solomon footwear franchises, where recent marketing efforts and innovation initiatives are clearly resonating with both millennial and generation z consumers. a keen focus on operational efficiency, coupled with further expansion of its direct-to-consumer and e-commerce capabilities, are expected to drive margins higher in 2026 and 2027. also, with the lion’s share of its revenue coming from overseas, the company’s business appears to be somewhat better insulated from adverse tariff-related scenarios. in 2025, roughly a quarter of the retailer’s top line was generated in u.s. markets, driven heavily by the wilson tennis brand.
-
due to its short trading history, the stock remains unranked for timeliness.
source: company earnings report, 2026
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What could go wrong
the biggest risk here is simple: premium-brand growth cooling before the valuation cools first.
med
premium multiple, thin margin for disappointment
46.4x trailing earnings is a generous multiple for any consumer company. if growth drops before profit scale catches up, the stock can re-rate even if the business is still healthy.
46.4x trailing earnings is a generous multiple for any consumer company. if growth drops before profit scale catches up, the stock can re-rate even if the business is still healthy.
med
technical apparel carries the story
technical apparel is 42% of revenue. that's concentration. if the biggest premium category loses momentum, the rest of the portfolio has to work a lot harder to keep the narrative intact.
technical apparel is 42% of revenue. that's concentration. if the biggest premium category loses momentum, the rest of the portfolio has to work a lot harder to keep the narrative intact.
med
consumer demand is still the real boss
the americas are 36% of sales. if spending weakens in that region, it will not stay a regional problem for long. it becomes a company-wide revenue problem.
the americas are 36% of sales. if spending weakens in that region, it will not stay a regional problem for long. it becomes a company-wide revenue problem.
med
recent ipo means less forgiveness
recently public companies often trade on momentum and imagination before they trade on long histories. that can be great on the way up. it can be abrupt when expectations reset.
recently public companies often trade on momentum and imagination before they trade on long histories. that can be great on the way up. it can be abrupt when expectations reset.
If growth holds, the stock can work. If growth slips, 46.4x earnings gives you very little cushion.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin watch
gross margin needs to stay premium
57.6% is the number holding the whole premium-brand argument together. if that slips materially, the valuation math gets less friendly fast.
growth watch
can $6.6B become $10B without the story breaking
the revenue path implied by estimates goes from $6.6B now to $10B in fy2028. that is roughly $3.4B of additional sales the market is already leaning on.
valuation watch
$1.00 eps has to look conservative, not ambitious
when a stock trades at 46.4x earnings, a miss hurts more than usual. the market is acting like $1.00 is a floor. the company has to prove that.
ownership watch
institutional demand has been positive for 3 straight quarters
186 buyers versus 163 sellers is not a stampede, but it is directionally supportive. if that streak flips, sentiment could cool before fundamentals do.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 186 buyers vs. 163 sellers in 3q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$30
$89
$37
current price
$60
target midpoint · +62% from current · 3-5yr high: $60 (+60% · 13% ann'l return)
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