Amer Sports, Inc.

AS
About the company

Amer Sports, Inc. designs, manufactures, markets, distributes, and sells sports equipment, apparel, footwear, and accessories in Europe, the Middle East, Africa, the Americas, Mainland China, Hong Kong, Macau, Taiwan, and the Asia Pacific. It operates through three segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports.

Country: Cayman IslandsPrice: $29.94Market Cap: $17.4B

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

2 / 13

NEUTRAL / FAIL

Median fair value

$12.97

-56.7% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Lynch, Dreman, Asness +1 more object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #854 (Top 27.6%)NEUTRALFAILFAILFAILFAILFAILPASSFAILFAILFAILFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety-124.4%-137.4%N/A-329.6%N/A-1563.3%-36.3%-52.4%-330.8%N/A+9.2%N/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-02-26

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Lynch, Dreman, Asness +1 more object

    LT Debt vs Net Current AssetsLT Debt $792.3M vs NCA $1.1B
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.14, IC: 7.2x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.14
    ✓Lynch< 0.33
    Cash - Long-term Debt$-140.0M
    ✗LynchPositive preferred
    LT Debt / Total Assets Change9.42% -> 7.87%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.50
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.14
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.14
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=7.2x, D/EBITDA=0.7x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.14
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.1366; #1443/4210 (top 34.3%)
    ✗AsnessTop 30% of eligible cross-section
  • Cash Flow60% pass✓ 7✗ 5▾

    6 of 10 pass — Dreman, Pabrai, Ackman +1 more object

    Free Cash Flow Proxy$595.1M
    ✓BuffettPositive and growing
    FCF Positive and Growing$513.3M
    ✓LynchPositive and growing
    Operating Cash Flow$729.8M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=7.25%, ROA=4.25%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)22.9x
    ✗Dreman< 8x
    P/E or FCF YieldP/E=39.4x, FCF Yield=2.9%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive4/5 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap3.1%
    ✗Ackman>= 4%
    Price / FCF per Share32.5x
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency4/5 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$513.3M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+2.95%; #2053/4519 (top 45.4%)
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✓ 1✗ 27▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS249.5x
    ✗Graham<= 15x
    Price-to-Book Ratio2.9x
    ✗Graham<= 1.5x
    P/E x P/B718.00
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)P/E 39.4x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value4.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=4.0%, ROC=61.5%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS39.4x
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)22.9x
    ✗Dreman< 8x
    Price / Book Value per Share2.9x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessP/E=39.4x, OE Yield=3.6%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=39.4x, FCF Yield=2.9%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=39.4x, P/B=2.9x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-1563.3% (IV=$1.80 vs Price=$29.94)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share32.5x
    ✗Ackman<= 25
    Price vs. Trailing Low123% of trailing low ($24.25)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+2.45%; #2564/6340 (top 40.4%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.3331; #3543/6449 (top 54.9%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS39.4x
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share24.49x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+10395.2%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.3769; #2994/5247 (top 57.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+2.95%; #2053/4519 (top 45.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-14.99%; #3714/6202 (top 59.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability6% pass✓ 9✗ 26▾

    15 of 16 flag AS's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)2/6 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)2/6 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-107.8%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)10.7% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$595.1M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)P/E 39.4x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE7.4%
    ✗Lynch> 15%
    EBIT / Enterprise Value4.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=4.0%, ROC=61.5%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets4.25%
    ✓PiotroskiROA > 0
    ROA Change YoY0.86% -> 4.25% (delta: +3.38%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=7.25%, ROA=4.25%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY55.4% -> 57.6%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue9.5%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity7.4%
    ✗Dreman> 12%
    Margin of SafetyP/E=39.4x, P/B=2.9x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-107.8% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value-1563.3% (IV=$1.80 vs Price=$29.94)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency2/5 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue10.7%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity7.4%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend6.9% (2023) -> 10.7% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 52.5% -> 57.6%, operating margin 6.9% -> 10.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+2.45%; #2564/6340 (top 40.4%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+37.60%; #1054/3702 (top 28.5%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity+7.37%; #2184/5226 (top 41.8%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0296; #1894/5884 (top 32.2%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years2/5 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts7% pass✓ 1✗ 14▾

    Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (3/9)✗LynchFAIL (2/7)✗GreenblattRank #854•PiotroskiNEUTRAL (F-Score 7)✗DremanFAIL (4/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1085/2370 (Top 45.8%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Growth13% pass✓ 3✗ 10▾

    7 of 8 flag AS's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)P/E 39.4x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 32.6% vs Rev: 26.7%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction$-0.33 (2021) -> $0.76 (2025)
    ✓DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency2/5 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth23.2%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency3/4 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 52.5% -> 57.6%, operating margin 6.9% -> 10.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency13% pass✓ 2✗ 9▾

    7 of 8 flag AS's efficiency — Graham, Buffett, Piotroski +4 more

    Current Ratio1.50
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)5.3%
    ✗Buffett> 10%
    ROIC - WACC-4.7%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)61.5%
    ✓Greenblatt> 25%
    Current Ratio Change YoY1.52 -> 1.50
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.62x -> 0.65x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities1.50
    ✗Dreman> 1.5
    Return on Invested Capital8.4%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=3.9%; FY2024: ROIC=6.4%; FY2025: ROIC=8.4%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC8.4% (RR=100% x ROIC=8.4%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/4 years above 12% (latest 8.4%)
    ✗SleepROIC > 12% in a majority of years
  • Valuation models13% pass✓ 1✗ 7▾

    Models split on AS at $29.94 — fair values range $1.80–$32.97

    Graham fair value$13.34
    ✗Graham-124.4% margin vs $29.94
    Buffett fair value$12.61
    ✗Buffett-137.4% margin vs $29.94
    Greenblatt fair value$6.97
    ✗Greenblatt-329.6% margin vs $29.94
    Dreman fair value$1.80
    ✗Dreman-1563.3% margin vs $29.94
    Munger fair value$21.96
    ✗Munger-36.3% margin vs $29.94
    Pabrai fair value$19.64
    ✗Pabrai-52.4% margin vs $29.94
    Akre fair value$6.95
    ✗Akre-330.8% margin vs $29.94
    Ackman fair value$32.97
    ✓Ackman+9.2% margin vs $29.94

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Apparel
SIC Sector: Apparel Manufacturing
Size: Large Cap($17.4B)
Revenue: $6.6B+26.7% YoY
Net Income: $427.4M+488.7% YoY

Financial Snapshot

Operating Margin10.7%
Return on Equity7.4%
Debt / Equity0.14
Current Ratio1.50
EPS (Diluted)$0.76+442.9% 1y
Shares Retired−0.7% / −10.4% 2y

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Shareholder Return

Fiscal 2025

Issued 0.7% of shares last year, 10.4% issued over two.

Buybacks
—
Dividends
—

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY25
442.9% = 488.7% + −7.8%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 20-F · 2026-02-26
FY 2024
Sources
  • 20-F · 2025-03-07
FY 2023
Sources
  • 20-F · 2024-03-18
FY 2022
Sources
  • 20-F · 2024-03-18
FY 2021
Sources
  • 20-F · 2024-03-18
Market Cap$17.4Bcurrent$17.7Best.$8.2Best.----
Revenue$6.6B↑27%$5.2B↑18%$4.4B↑23%$3.6B↑16%$3.1B
Operating Income$701.8M↑49%$470.8M↑56%$302.5M↑498%$50.6M↓73%$186.9M
Net Income$427.4M↑489%$72.6M↑135%-$208.6M↑17%-$252.7M↓100%-$126.3M
EPS (Diluted)$0.76↑443%$0.14↑126%$-0.54↑18%$-0.66↓100%$-0.33
Gross Margin57.6%↑4%55.4%↑6%52.5%↑5%50.0%↑2%49.1%
Operating Margin10.7%↑18%9.1%↑32%6.9%↑385%1.4%↓77%6.1%
ROE7.4%↑407%1.5%↓99%130.2%↓62%341.9%↑203%-332.4%
Total Debt$792.3M$790.8M↓87%$6.2B$6.2B--
Shareholders' Equity$5.8B↑16%$5.0B↑3221%-$160.2M↓117%-$73.9M↓294%$38.0M
Current Ratio1.50↓2%1.52↑2%1.49↓12%1.70—
Debt / Equity0.14↓14%0.16↑100%-38.90↑54%-84.38—
Operating Cash Flow$729.8M↑72%$424.7M↑113%$199.0M↑317%-$91.7M↓134%$268.0M
Free Cash Flow$513.3M↑162%$195.6M↑159%$75.4M↑145%-$169.4M↓182%$207.3M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Apparel

AS vs Peers — Financial Grading

Revenue$6.6BMedian
Net Income$427.4MMedian
ROE7.4%Bottom 25%
D/E0.14Top 25%
Op. Margin10.7%Median
Curr. Ratio1.50Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
CINTAS CORPCTAS$89.8B$226.24$10.3B$1.8B38.7%0.5222.8%2.092/96/93/71/3F-Score 74/11
TAPESTRY, INC.TPR$26.0B$132.41$7.0B$183.2M21.4%2.795.9%1.871/93/93/71/3F-Score 53/11
lululemon athletica inc.LULU$12.2B$105.65$11.1B$1.6B31.8%0.0019.9%2.264/96/96/73/3F-Score 67/11
DECKERS OUTDOOR CORPDECK$11.6B$86.82$5.5B$1.0B41.0%—23.1%3.542/95/93/73/3F-Score 74/11
On Holding AGONON$11.3B$33.63$3.8B$257.3M12.5%0.3212.5%2.712/95/92/71/3F-Score 74/11
LEVI STRAUSS & COLEVI$9.3B$24.29$6.3B$578.1M25.4%0.4610.8%1.553/95/94/71/3F-Score 75/11
V F CORPVFC$8.1B$20.68$9.6B$254.9M13.8%1.906.0%1.842/90/91/71/3F-Score 72/11
Crocs, Inc.CROX$7.5B$163.72$4.0B$81.2M-6.3%0.953.7%1.271/94/92/73/3F-Score 53/11