The company has achieved a significant deleveraging milestone, reducing its debt-to-equity ratio from a highly leveraged state in 2023 to a conservative 0.15 as of 2026Q1.
| Total Current Assets | 3.32B | 3.3B | 2.4B | 2.35B | 2.17B | 1.89B | 2.16B |
| Cash & Short-Term Investments | 683.7M | 652.3M | 345.4M | 483.4M | 402M | 566.7M | 389.5M |
| Cash Only | 683.7M | 652.3M | 345.4M | 483.4M | 402M | 566.7M | 389.5M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 723.9M | 829.6M | 746.7M | 717M | 757.9M | 629.7M | 602.9M |
| Days Sales Outstanding | 40.39 | 46.12 | 52.58 | 59.47 | 77.46 | 74.95 | 89.96 |
| Inventory | 1.69B | 1.62B | 1.22B | 1.1B | 855M | 512.49M | 569.5M |
| Days Inventory Outstanding | 205.35 | 212.83 | 193.17 | 191.82 | 174.81 | 119.84 | 160.22 |
| Other Current Assets | 222.8M | 200M | 43.7M | 12.5M | 81M | 144.81M | 558.5M |
| Total Non-Current Assets | 6.69B | 6.76B | 5.94B | 6.02B | 5.36B | 5.33B | 6.47B |
| Property, Plant & Equipment | 1.48B | 1.46B | 1.07B | 719M | 511.13M | 510.46M | 653.6M |
| Fixed Asset Turnover | 5.15x | 4.49x | 4.83x | 6.12x | 6.99x | 6.01x | 3.74x |
| Goodwill | 2.3B | 2.34B | 2.13B | 2.27B | 2.24B | 2.48B | 2.56B |
| Intangible Assets | 2.74B | 2.78B | 2.59B | 2.75B | 2.76B | 2.87B | 3.08B |
| Long-Term Investments | 273.8M | 70.7M | 16.8M | 9.2M | 8.34M | 263.81K | 400K |
| Other Non-Current Assets | 23.6M | 24.1M | 61M | 113.5M | -257.9M | -623.83M | 13.5M |
| Total Assets | 10.01B | 10.06B | 8.34B | 8.37B | 7.4B | 6.99B | 8.62B |
| Asset Turnover | 0.73x | 0.65x | 0.62x | 0.53x | 0.48x | 0.44x | 0.28x |
| Asset Growth % | 57.52% | 20.73% | -0.45% | 13.2% | 5.82% | -18.92% | - |
| Total Current Liabilities | 1.99B | 2.21B | 1.55B | 1.57B | 1.28B | 947.2M | 1.16B |
| Accounts Payable | 672.6M | 769.8M | 549M | 426.5M | 435.6M | 320.2M | 293M |
| Days Payables Outstanding | 78.7 | 101 | 86.69 | 74.4 | 89.06 | 74.88 | 82.43 |
| Short-Term Debt | 309.9M | 299.9M | 136.5M | 381M | 208.3M | 34.8M | 198.2M |
| Deferred Revenue (Current) | 197.2M | 0 | 0 | 50.7M | 45.9M | 53M | 38.2M |
| Other Current Liabilities | 903.8M | 1.04B | 667.3M | 398.7M | 137.1M | 107.6M | 294.7M |
| Current Ratio | 1.66x | 1.50x | 1.54x | 1.49x | 1.70x | 2.00x | 1.86x |
| Quick Ratio | 0.82x | 0.76x | 0.76x | 0.80x | 1.03x | 1.46x | 1.37x |
| Cash Conversion Cycle | 167.04 | 157.94 | 159.06 | 176.89 | 163.21 | 119.92 | 167.74 |
| Total Non-Current Liabilities | 1.26B | 2.03B | 1.77B | 6.96B | 6.69B | 6.96B | 7.62B |
| Long-Term Debt | 0 | 1.45B | 790.8M | 5.94B | 5.83B | 6.04B | 6.53B |
| Capital Lease Obligations | 2.44B | 660.9M | 439M | 250.4M | 133M | 158.2M | 195M |
| Deferred Tax Liabilities | 2.05B | 519.5M | 487.4M | 675M | 655.3M | 678.3M | 0 |
| Other Non-Current Liabilities | 66.2M | -599.3M | 56.3M | 90.9M | 70.1M | 92.4M | 894.2M |
| Total Liabilities | 3.25B | 4.24B | 3.33B | 8.53B | 7.47B | 6.96B | 8.78B |
| Total Debt | 1B | 2.41B | 1.48B | 6.66B | 6.24B | 6.3B | 6.99B |
| Net Debt | 317.3M | 1.76B | 1.14B | 6.18B | 5.83B | 5.73B | 6.6B |
| Debt / Equity | 0.15x | 0.41x | 0.30x | - | - | 188.40x | - |
| Debt / EBITDA | 0.98x | 2.27x | 1.99x | 12.73x | 25.19x | 16.02x | 19.67x |
| Net Debt / EBITDA | 0.31x | 1.66x | 1.53x | 11.80x | 23.56x | 14.58x | 18.57x |
| Interest Coverage | 8.11x | 7.39x | 1.65x | 0.74x | 0.25x | 0.63x | 0.41x |
| Total Equity | 6.76B | 5.82B | 5.01B | -156.8M | -69.24M | 33.42M | -152.9M |
| Equity Growth % | 120.8% | 16.22% | 3294.13% | -126.45% | -307.22% | 121.85% | - |
| Book Value per Share | 11.81 | 10.34 | 9.98 | -0.32 | -0.14 | 0.07 | -0.31 |
| Total Shareholders' Equity | 6.74B | 5.8B | 5B | -160.2M | -69.24M | 33.42M | -152.9M |
| Common Stock | 19.4M | 18.6M | 18.4M | 642.2M | 601.73M | 563.14M | 640.4M |
| Retained Earnings | -135.8M | -213.6M | -984.9M | -1.06B | -805.62M | -524.27M | -469.9M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.77B | 2.79B | 2.78B | 255.1M | 134.65M | -5.45M | -323.4M |
| Minority Interest | 11.4M | 18.9M | 9.1M | 3.4M | 0 | 0 | 0 |
Leverage and seasonal liquidity
As reported in recent financial statements, Amer Sports has significantly improved its financial position, with total debt declining from $6.7 billion in 2023Q4 to $1.0 billion by 2026Q1, signaling a successful transition toward a more sustainable capital structure following its public market entry.
The dramatic reduction in debt levels suggests that management is prioritizing balance sheet health to support long-term operational flexibility. This deleveraging trend appears to be a deliberate effort to lower interest burdens and improve the company's overall risk profile as it scales its premium apparel segment.
Based on the provided quarterly data, the company's debt-to-equity ratio has compressed from a highly leveraged state in late 2023 to a conservative 0.15 as of 2026Q1, indicating a substantial reduction in financial risk and improved capacity for future capital allocation.
The shift from high debt reliance to a lean capital structure suggests that the company is no longer dependent on external financing to fund its core operations. Investors should monitor whether this low leverage is maintained as the company continues its aggressive retail expansion in the Chinese market.
According to recent SEC filings, total assets have grown from $7.6 billion in 2023Q4 to $10.0 billion in 2026Q1, driven by a steady increase in net property, plant, and equipment, which rose from $687.1 million to $1.5 billion over the same period.
The expansion in PPE suggests a significant commitment to building out a global direct-to-consumer retail footprint. This asset-heavy approach may increase operational leverage, making the company more sensitive to store-level productivity and regional economic shifts in its key growth markets.
As evidenced by the company's financial disclosures, equity has rebounded from a negative $145.0 million in 2023Q4 to $6.7 billion in 2026Q1, reflecting a substantial improvement in the company's net asset position and a narrowing of historical retained earnings deficits.
The rapid recovery in equity suggests that the company has successfully navigated its initial public restructuring and is now generating more stable value for shareholders. While retained earnings remain negative, the trajectory indicates that the business is moving toward a more sustainable and profitable long-term foundation.
Based on reported figures, the current ratio has remained relatively stable, fluctuating between 1.49 and 1.96 over the last ten quarters, providing a consistent liquidity buffer to manage the inherent working capital volatility associated with the company's seasonal sports equipment and apparel cycles.
The maintenance of a healthy current ratio suggests that the company is well-positioned to meet its short-term obligations despite the cyclical nature of its revenue. This liquidity profile appears adequate to support ongoing marketing and inventory investments without requiring frequent reliance on short-term credit facilities.
Quick answers to the most common questions about buying AS stock.
As of 2025, Amer Sports, Inc. (AS) had total assets of $10.06B including $3.30B in current assets.
Amer Sports, Inc. (AS) carries total debt of $2.41B, offset by $652.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Amer Sports, Inc. (AS) has total shareholders' equity (book value) of $5.80B ($10.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Amer Sports, Inc. (AS) reported a current ratio of 1.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.