Upside case
Bull case
—
The bull case requires both strong earnings delivery and the market pricing AS more generously than it does today.
Analysis OverviewBuyUpdated May 1, 2026
Amer Sports, Inc. (AS) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
13
analysts
11 bullish · 0 bearish · 13 covering AS
Strong Buy
0
Buy
11
Hold
2
Sell
0
Strong Sell
0
Consensus Target
$49
+31.3% vs today
Scenario Range
— – —
Model bear to bull value window
Coverage
13
Published analyst ratings
Valuation Context
31.1x
Forward P/E · Market cap $20.6B
AS price targets
Three scenarios for where AS stock could go
Current
~$37
Confidence
76 / 100
Updated
May 1, 2026
Market caseClosest to today
Base case
$37+0.0%
This is close to how the market is already pricing AS — at roughly 31x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Amer Sports, Inc.
AS · NYSEConsumer CyclicalLeisureDecember year-end
Amer Sports is a global sports equipment and apparel company that designs and sells performance gear across outdoor, technical apparel, and ball sports categories. It generates revenue through three main segments: Technical Apparel (Arc'teryx, Peak Performance), Outdoor Performance (Salomon, Atomic), and Ball & Racquet Sports (Wilson, Louisville Slugger) — each contributing roughly one-third of sales. The company's competitive advantage lies in its portfolio of strong, heritage brands with deep technical expertise and loyal customer followings in their respective sports niches.
Market Cap
$20.6B
Revenue TTM
$6.1B
Net Income TTM
$311M
Net Margin
5.1%
AS Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
89%Exceptional
12 quarters tracked
Revenue Beat Rate
75%Exceptional
vs consensus estimates
Avg EPS Surprise
+77.3%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 4 of 4Q2 2025
EPS
$0.27/$0.15
Revenue
$1.5B/$1.4B
Q3 2025
EPS
$0.06/$0.02
Revenue
$1.2B/$1.2B
Q4 2025
EPS
$0.33/$0.25
Revenue
$1.8B/$1.7B
Q1 2026
EPS
$0.31/$0.28
Revenue
$2.1B/$2.0B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $0.27/$0.15 | +75.0% | $1.5B/$1.4B | +6.1% |
| Q3 2025 | $0.06/$0.02 | +143.2% | $1.2B/$1.2B | +5.0% |
| Q4 2025 | $0.33/$0.25 | +31.0% | $1.8B/$1.7B | +2.1% |
| Q1 2026 | $0.31/$0.28 | +11.0% | $2.1B/$2.0B | +5.3% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$7.4B
+21.9% YoY
FY2
$8.6B
+16.3% YoY
EPS Outlook
FY1
$0.89
+61.6% YoY
FY2
$1.00
+11.8% YoY
Trailing FCF (TTM)$270M
FCF Margin: 4.4%
Next Earnings
May 19, 2026
Expected EPS
$0.30
Expected Revenue
$1.8B
AS beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
AS Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2024
Total disclosed revenue $3.7B
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
Americas
50.7%
+7.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Americas is the largest reported region at 50.7%, up 7.7% YoY.
AS Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Overvalued
Fair value est. $11 — implies -68.8% from today's price.
Premium to Fair Value
68.8%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
AS
265.6x
vs
S&P 500
25.2x
+953% premium
vs Consumer Cyclical Trailing P/E
AS
265.6x
vs
Consumer Cyclical
19.6x
+1256% premium
vs AS 5Y Avg P/E
Today
265.6x
vs
5Y Average
199.7x
+33% premium
Forward PE
31.1x
S&P 500
19.1x
+63%
Consumer Cyclical
15.2x
+104%
5Y Avg
—
—
Trailing PE
265.6x
S&P 500
25.2x
+953%
Consumer Cyclical
19.6x
+1256%
5Y Avg
199.7x
+33%
PEG Ratio
—
S&P 500
1.75x
—
Consumer Cyclical
0.95x
—
5Y Avg
—
—
EV/EBITDA
29.2x
S&P 500
15.3x
+92%
Consumer Cyclical
11.4x
+157%
5Y Avg
20.4x
+43%
Price/FCF
112.7x
S&P 500
21.3x
+428%
Consumer Cyclical
15.0x
+652%
5Y Avg
76.7x
+47%
Price/Sales
4.0x
S&P 500
3.1x
+27%
Consumer Cyclical
0.7x
+459%
5Y Avg
2.7x
+47%
Dividend Yield
—
S&P 500
1.88%
—
Consumer Cyclical
2.15%
—
5Y Avg
—
—
| Metric | AS | S&P 500 | Consumer Cyclical | 5Y Avg AS |
|---|---|---|---|---|
| Forward PE | 31.1x | 19.1x+63% | 15.2x+104% | — |
| Trailing PE | 265.6x | 25.2x+953% | 19.6x+1256% | 199.7x+33% |
| PEG Ratio | — | 1.75x | 0.95x | — |
| EV/EBITDA | 29.2x | 15.3x+92% | 11.4x+157% | 20.4x+43% |
| Price/FCF | 112.7x | 21.3x+428% | 15.0x+652% | 76.7x+47% |
| Price/Sales | 4.0x | 3.1x+27% | 0.7x+459% | 2.7x+47% |
| Dividend Yield | — | 1.88% | 2.15% | — |
AS trades above S&P 500 benchmarks on 5 of 5 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolAS Financial Health
Verdict
Adequate
Key financial metrics for AS are shown below.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$6.1B
Revenue Growth
TTM vs prior year
+25.5%
Gross Margin
Gross profit as a share of revenue
57.2%
Operating Margin
Operating income divided by revenue
10.9%
Net Margin
Net income divided by revenue
5.1%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$0.55
Free Cash Flow (TTM)
Cash generation after capex
$270M
FCF Margin
FCF as share of revenue — the primary cash quality signal
4.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.8%
ROA
Return on assets, trailing twelve months
3.2%
Cash & Equivalents
Liquid assets on the balance sheet
$345M
Net Debt
Total debt minus cash
$1.1B
Debt Serviceability
Net debt as a multiple of annual free cash flow
4.2× FCF
~4.2 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
5.5%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.0%
Dividend
—
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
502M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageAS Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Economic Conditions
A cooling labor market, mixed corporate earnings, and mounting price pressures pose significant risks to U.S. stocks. Rising inflation and interest rate uncertainty can increase business operating costs, potentially leading to lower stock prices.
High Risk
Global Instability
Political and economic uncertainties in foreign countries, along with currency fluctuations, can heighten investment risk, particularly in emerging and frontier markets. Such instability can lead to significant volatility in stock prices.
High Risk
High Valuations
When stock prices and valuations rise too quickly, the risk of market corrections increases if earnings do not keep pace. This scenario can lead to substantial losses for investors if a correction occurs.
Medium
Broad Market Movements
The risk that a stock's price will be influenced by overall market movements, known as systematic risk, is significant. Factors such as interest rates and commodity prices can lead to broad declines in stock prices.
Medium
Concentration Risk
The concentration of market gains in a few large companies can increase risk. A downturn in these companies could disproportionately affect the broader market, leading to wider financial repercussions.
Lower
Company-Specific Events
Risks tied to events specific to a company or its industry, such as leadership turnover or major lawsuits, can adversely affect stock prices. These events can lead to volatility but typically have a more contained impact.
Lower
Industry-Specific Factors
Changes within an industry, such as rising oil prices, can impact the stock prices of companies operating in that sector. While these factors can influence performance, their effects are often limited to specific industries.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why AS Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Robust China Growth
Amer Sports has experienced significant growth in its China business, with rates between 43-57% over the past six quarters. The company's strong brand portfolio, with Arc'teryx making up a substantial portion of sales in the region, positions it well for continued revenue expansion in China and the broader Asia-Pacific market.
Diverse Brand Portfolio
Amer Sports manages a portfolio of 10 outdoor and action sports brands, including well-known names like Arc'teryx, Salomon, and Wilson. The strength of brands like Arc'teryx, which has shown strong store productivity and consumer demand, is a significant asset.
Positive Analyst Sentiment
A majority of analysts covering AS stock have a 'Buy' or 'Strong Buy' rating. The average 12-month price target from analysts suggests a significant upside potential from the current stock price, with one forecast indicating a 39.52% increase from a recent closing price.
Strong Financial Performance
The company reported revenues of $5.2 billion in 2024, driven by strong performance across its segments. Amer Sports has also focused on debt reduction, using IPO proceeds to significantly lower its debt levels.
Favorable Market Trends
Amer Sports operates in the Consumer Cyclical sector and the Leisure industry, which can benefit from increased consumer spending on outdoor and sports activities. This trend supports the company's growth potential in a recovering economy.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
AS Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$37.19
52W Range Position
69%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$25.33
+46.8% from the low
52-Week High
$42.64
-12.8% from the high
1 Month
+9.71%
3 Month
-0.85%
YTD
-0.8%
1 Year
+45.4%
3Y CAGR
+40.5%
5Y CAGR
+22.6%
10Y CAGR
+10.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
AS vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
31.1x
vs 23.5x median
+32% above peer median
Revenue Growth
+21.9%
vs -1.8% median
+1328% above peer median
Net Margin
5.1%
vs 5.0% median
+2% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
AS AS Amer Sports, Inc. | $20.6B | 31.1x | +21.9% | 5.1% | Buy | +31.3% |
NKE NKE NIKE, Inc. | $52.3B | 29.5x | -1.8% | 5.4% | Buy | +59.3% |
UAA UAA Under Armour, Inc. | $1.3B | 55.7x | -3.4% | -10.4% | Hold | +14.9% |
COL COLM Columbia Sportswear Company | $3.3B | 18.4x | +1.6% | 5.0% | Hold | -0.2% |
VFC VFC V.F. Corporation | $7.6B | 23.5x | -5.6% | 2.3% | Hold | +4.4% |
RL RL Ralph Lauren Corporation | $50.4B | 22.9x | +4.1% | 11.7% | Buy | +15.2% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FAQ
7 questionsAS Investor Questions
Common questions answered from live analyst data and company financials.
01Is Amer Sports, Inc. (AS) stock a buy or sell in 2026?
Amer Sports, Inc. (AS) is rated Buy by Wall Street analysts as of 2026. Of 13 analysts covering the stock, 11 rate it Buy or Strong Buy, 2 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $49, implying +31.3% from the current price of $37.
02What is the AS stock price target for 2026?
The Wall Street consensus price target for AS is $49 based on 13 analyst estimates. The high-end target is $60 (+61.3% from today), and the low-end target is $40 (+7.0%). The base case model target is $37.
03Is Amer Sports, Inc. (AS) stock overvalued in 2026?
AS trades at 31.1x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals significantly overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Amer Sports, Inc. (AS) stock in 2026?
The primary risks for AS in 2026 are: (1) Economic Conditions — A cooling labor market, mixed corporate earnings, and mounting price pressures pose significant risks to U. (2) Global Instability — Political and economic uncertainties in foreign countries, along with currency fluctuations, can heighten investment risk, particularly in emerging and frontier markets. (3) High Valuations — When stock prices and valuations rise too quickly, the risk of market corrections increases if earnings do not keep pace. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Amer Sports, Inc.'s revenue and earnings forecast?
Analyst consensus estimates AS will report consensus revenue of $7.4B (+21.9% year-over-year) and EPS of $0.89 (+61.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $8.6B in revenue.
06When does Amer Sports, Inc. (AS) report its next earnings?
Amer Sports, Inc. is expected to report its next earnings on approximately 2026-05-19. Consensus expects EPS of $0.30 and revenue of $1.8B. Over recent quarters, AS has beaten EPS estimates 89% of the time.
07How much free cash flow does Amer Sports, Inc. generate?
Amer Sports, Inc. (AS) generated $270M in free cash flow over the trailing twelve months — a free cash flow margin of 4.4%. AS returns capital to shareholders through and share repurchases ($0 TTM).