Upside case
Bull case
$26-30.4%
The bull case prices AS at 20x on FY1 earnings, assuming continued execution and no meaningful deceleration in the core business.
Analysis OverviewBuyUpdated Jun 18, 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
14
analysts
12 bullish · 0 bearish · 14 covering AS
Strong Buy
0
Buy
12
Hold
2
Sell
0
Strong Sell
0
Consensus Target
$53
+43.9% vs today
Scenario Range
$12 – $26
Model bear to bull value window
Coverage
14
Published analyst ratings
Valuation Context
29.0x
Forward P/E · Market cap $21.3B
AS price targets
Three scenarios for where AS stock could go
Current
~$37
Confidence
63 / 100
Updated
Jun 18, 2026
Where we are now
Current · $37
Bear
$12
Base
$19
Bull
$26
Market caseClosest to today
Base case
$19-47.2%
At 15x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$12-66.7%
If investor confidence fades or macro conditions deteriorate, a 19x multiple contraction could push AS down roughly 67% from where it trades now.
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
$21.3B
Revenue TTM
$7.0B
Net Income TTM
$457M
Net Margin
6.5%
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
90%Exceptional
12 quarters tracked
Revenue Beat Rate
78%Exceptional
vs consensus estimates
Avg EPS Surprise
+72.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 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
Q2 2026
EPS
$0.38/$0.31
Revenue
$1.9B/$1.8B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| 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% |
| Q2 2026 | $0.38/$0.31 | +24.1% | $1.9B/$1.8B | +5.9% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$7.9B
+12.5% YoY
FY2
$8.9B
+12.0% YoY
EPS Outlook
FY1
$0.56
-29.6% YoY
FY2
$0.43
-23.1% YoY
Trailing FCF (TTM)$477M
FCF Margin: 6.8%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
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 2025
Total disclosed revenue $4.8B
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
44.7%
+14.3% YoY
Tap, hover, or focus a slice to inspect segment detail.
Americas is the largest reported region at 44.7%, up 14.3% 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
Expensive versus peers
Fair value est. $25 — implies -33.3% from today's price.
Premium to Fair Value
33.3%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
AS
48.5x
vs
S&P 500
24.4x
+98% premium
vs Consumer Cyclical Trailing P/E
AS
48.5x
vs
Consumer Cyclical
21.2x
+129% premium
vs AS 5Y Avg P/E
Today
48.5x
vs
5Y Average
124.4x
61% discount
Forward PE
29.0x
S&P 500
18.8x
+54%
Consumer Cyclical
16.3x
+78%
5Y Avg
—
—
Trailing PE
48.5x
S&P 500
24.4x
+98%
Consumer Cyclical
21.2x
+129%
5Y Avg
124.4x
-61%
PEG Ratio
—
S&P 500
1.66x
—
Consumer Cyclical
0.92x
—
5Y Avg
—
—
EV/EBITDA
21.7x
S&P 500
15.2x
+43%
Consumer Cyclical
12.2x
+78%
5Y Avg
20.9x
+4%
Price/FCF
42.3x
S&P 500
20.7x
+104%
Consumer Cyclical
15.6x
+172%
5Y Avg
59.2x
-29%
Price/Sales
3.2x
S&P 500
3.1x
+5%
Consumer Cyclical
0.7x
+365%
5Y Avg
3.0x
+10%
Dividend Yield
—
S&P 500
1.91%
—
Consumer Cyclical
2.17%
—
5Y Avg
—
—
| Metric | AS | S&P 500 | Consumer Cyclical | 5Y Avg AS |
|---|---|---|---|---|
| Forward PE | 29.0x | 18.8x+54% | 16.3x+78% | — |
| Trailing PE | 48.5x | 24.4x+98% | 21.2x+129% | 124.4x-61% |
| PEG Ratio | — | 1.66x | 0.92x | — |
| EV/EBITDA | 21.7x | 15.2x+43% | 12.2x+78% | 20.9x |
| Price/FCF | 42.3x | 20.7x+104% | 15.6x+172% | 59.2x-29% |
| Price/Sales | 3.2x | 3.1x | 0.7x+365% | 3.0x |
| Dividend Yield | — | 1.91% | 2.17% | — |
AS trades above S&P 500 benchmarks on 4 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
Strong
Key financial metrics for AS are shown below.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$7.0B
Revenue Growth
TTM vs prior year
+28.8%
Gross Margin
Gross profit as a share of revenue
58.2%
Operating Margin
Operating income divided by revenue
11.3%
Net Margin
Net income divided by revenue
6.5%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$0.80
Free Cash Flow (TTM)
Cash generation after capex
$477M
FCF Margin
FCF as share of revenue — the primary cash quality signal
6.8%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
7.4%
ROA
Return on assets, trailing twelve months
4.7%
Cash & Equivalents
Liquid assets on the balance sheet
$652M
Net Debt
Total debt minus cash
$1.8B
Debt Serviceability
Net debt as a multiple of annual free cash flow
3.7× FCF
~3.7 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
7.7%
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
578M
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 June 18, 2026
High Risk
China market risk
Structural risk from Arc'teryx's Rising Dragon controversy in China could cap growth and hurt investor sentiment.
Medium
Investor sentiment
Amer Sports, Inc. is not among the 30 Most Popular Stocks Among Hedge Funds, indicating weaker institutional interest.
Medium
Operational risks
The company disclosed 70 risk factors in its recent earnings report, highlighting numerous potential challenges.
Lower
Stock volatility
The stock price fluctuated significantly in recent trading, indicating potential volatility risks.
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 June 18, 2026
China-led growth
The bullish thesis highlights Amer Sports' growth driven by the Chinese market, indicating strong potential for revenue expansion.
Strong brand momentum
Amer Sports benefits from robust brand performance, which supports sustained demand and market positioning.
Undervaluation
The stock is perceived as undervalued, presenting an attractive investment opportunity based on current metrics.
Raised financial guidance
Management increased full-year 2026 guidance for revenue growth, operating margin, and EPS, reflecting confidence in the company's trajectory.
Earnings growth
Amer Sports reported higher earnings per share and net income in Q1 2026, demonstrating financial improvement.
Iconic brand portfolio
The company's diverse and well-known brands inspire consumer engagement and loyalty, driving long-term growth.
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
$36.83
52W Range Position
58%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$28.92
+27.4% from the low
52-Week High
$42.64
-13.6% from the high
1 Month
+11.10%
3 Month
+10.40%
YTD
-1.8%
1 Year
+1.8%
3Y CAGR
+40.1%
5Y CAGR
+22.4%
10Y CAGR
+10.6%
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
29.0x
vs 25.3x median
+15% above peer median
Revenue Growth
+12.5%
vs +2.5% median
+405% above peer median
Net Margin
6.5%
vs 5.0% median
+30% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
AS AS Amer Sports, Inc. | $21.3B | 29.0x | +12.5% | 6.5% | Buy | +43.9% |
NKE NKE NIKE, Inc. | $53.8B | 30.3x | +0.1% | 5.4% | Buy | +41.9% |
UAA UAA Under Armour, Inc. | $2.6B | 51.7x | +2.5% | -9.9% | Hold | +7.3% |
COL COLM Columbia Sportswear Company | $3.5B | 17.3x | +3.6% | 5.0% | Hold | -4.7% |
VFC VFC V.F. Corporation | $6.8B | 21.0x | -0.4% | 2.7% | Hold | +18.3% |
RL RL Ralph Lauren Corporation | $25.2B | 25.3x | +6.8% | 11.6% | Buy | +5.9% |
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 14 analysts covering the stock, 12 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 $53, implying +43.9% from the current price of $37. The bear case scenario is $12 and the bull case is $26.
02What is the AS stock price target for 2026?
The Wall Street consensus price target for AS is $53 based on 14 analyst estimates. The high-end target is $62 (+68.3% from today), and the low-end target is $50 (+35.8%). The base case model target is $19.
03Is Amer Sports, Inc. (AS) stock overvalued in 2026?
AS trades at 29.0x 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 expensive versus peers. 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) China market risk — Structural risk from Arc'teryx's Rising Dragon controversy in China could cap growth and hurt investor sentiment. (2) Investor sentiment — Amer Sports, Inc. (3) Operational risks — The company disclosed 70 risk factors in its recent earnings report, highlighting numerous potential challenges. 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 $7.9B (+12.5% year-over-year) and EPS of $0.56 (-29.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $8.9B in revenue.
06When does Amer Sports, Inc. (AS) report its next earnings?
A confirmed upcoming earnings date for AS is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Amer Sports, Inc. generate?
Amer Sports, Inc. (AS) generated $477M in free cash flow over the trailing twelve months — a free cash flow margin of 6.8%. AS returns capital to shareholders through and share repurchases ($0 TTM).