Free cash flow remains highly sensitive to seasonal cycles, evidenced by a peak margin of 26.1% in 2025Q4 contrasting with significant working capital outflows.
Amer Sports, Inc. (AS) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | 960.8M | 729.2M | 424.7M | 199M | -91.7M | 268M | 297.9M |
| Operating CF Margin % | - | 11.11% | 8.19% | 4.52% | -2.57% | 8.74% | 12.18% |
| Operating CF Growth % | 547.26% | 71.7% | 113.42% | 317.01% | -134.22% | -10.04% | - |
| Net Income | 546.4M | 427.4M | 72.6M | -208.6M | -230.9M | -124.5M | -173.6M |
| Depreciation & Amortization | 440.2M | 384.2M | 273.8M | 220.9M | 194.3M | 195.7M | 179.9M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 115.9M | 28.4M | 62.4M | 278.4M | 299.8M | 118.1M | 171.3M |
| Working Capital Changes | -141.7M | -110.8M | 15.9M | -91.7M | -354.9M | 78.7M | 120.3M |
| Change in Receivables | -66.2M | -123.6M | -53.7M | 41.8M | -174M | 18.3M | 141M |
| Change in Inventory | -308.6M | -318.3M | -172.4M | -175.1M | -355.2M | -50.9M | 43.8M |
| Change in Payables | 279M | 190.1M | 123.7M | -38.7M | 115.5M | 43.4M | -31.4M |
| Cash from Investing | -385.6M | -338.1M | -268.3M | -154.8M | -118.6M | 295.4M | -106.7M |
| Capital Expenditures | -334.7M | -292.7M | -288M | -151.8M | -119.7M | -98.9M | -106.8M |
| CapEx % of Revenue | 4.5% | 4.46% | 5.56% | 3.45% | 3.35% | 3.23% | 4.37% |
| Acquisitions | -50.9M | -45.4M | 19.7M | -3M | 20.5M | 394.3M | 100K |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -173.7M | -123.4M | -266M | 35M | 81.1M | -369.7M | -165.3M |
| Debt Issued (Net) | -1.82B | 3.5M | -2.73B | 104.1M | 184M | -295M | -89.8M |
| Equity Issued (Net) | 866.4M | 36.8M | 2.57B | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 775.1M | -163.7M | -110.8M | -69.1M | -102.9M | -74.7M | -75.5M |
| Net Change in Cash | 417M | 306.9M | -138M | 81.4M | -164.7M | 566.7M | 0 |
| Free Cash Flow | 686M | 503.7M | 183M | 59.9M | -179.3M | 202.1M | 205.8M |
| FCF Margin % | 9.23% | 7.67% | 3.53% | 1.36% | -5.02% | 6.59% | 8.41% |
| FCF Growth % | 219.07% | 175.25% | 205.51% | 133.41% | -188.72% | -1.8% | - |
| FCF per Share | 1.16 | 0.89 | 0.36 | 0.12 | -0.37 | 0.41 | 0.42 |
| FCF Conversion (FCF/Net Income) | 1.26x | 1.71x | 5.85x | -0.95x | 0.36x | -2.12x | -1.26x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying AS stock.
Amer Sports, Inc. (AS) generated $729.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amer Sports, Inc. (AS) generated $503.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Amer Sports, Inc. (AS) spent $292.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Seasonal working capital volatility
Earnings Quality and Cash Divergence
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio fluctuating from a low of -3.12 in 2025Q2 to a high of 26.42 in 2024Q4, indicating significant seasonal disconnects in cash realization.
The extreme variance in the OCF/NI ratio suggests that reported net income is a poor proxy for short-term cash generation due to the company's heavy reliance on seasonal inventory cycles. Investors should monitor whether this divergence persists as the company scales its DTC footprint, as persistent gaps may indicate aggressive revenue recognition or inefficient working capital management.
Free Cash Flow Margin Volatility
Based on the provided cash flow data, FCF margins have exhibited extreme swings, ranging from a negative 9.6% in 2024Q2 to a peak of 26.1% in 2025Q4, highlighting the inherent difficulty in maintaining consistent cash flow generation across the company's diverse seasonal product portfolio.
The erratic FCF trajectory underscores the capital-intensive nature of the business, where significant cash outflows during build-up periods are only partially offset by seasonal liquidation. This pattern suggests that the company's cash flow profile is highly sensitive to the timing of wholesale shipments and the success of winter season sell-through.
Capital Intensity and Infrastructure Investment
According to recent SEC filings, Amer Sports maintains a consistent capital expenditure profile, with CapEx/Revenue ratios hovering between 3.8% and 6.3%, reflecting ongoing investments in retail infrastructure and manufacturing capabilities required to support the brand's premiumization strategy across its global direct-to-consumer network.
The steady level of capital expenditure suggests that management is prioritizing long-term infrastructure over immediate cash preservation. While this investment is necessary to support the DTC transition, it places a structural floor on cash outflows that may limit FCF flexibility during periods of softer consumer demand.
Seasonal Working Capital Drag
As evidenced by the quarterly cash flow data, working capital changes are the primary driver of cash flow volatility, with significant outflows such as the $256.8 million drain in 2025Q3, which frequently overwhelm the company's ability to generate positive operating cash flow during off-peak quarters.
The recurring pattern of large working capital outflows suggests that the company is forced to carry substantial inventory levels well in advance of peak selling seasons. This reliance on inventory-heavy operations warrants further investigation into the risk of obsolescence, particularly if seasonal demand in the Outdoor Performance segment fails to materialize as expected.