AS

MKT CAP:$21B

Amer Sports, Inc.

Market Cap

$21B

Consumer Cyclical·Leisure·🇫🇮 Finland·NYSE

Consumer Cyc.·Leisure·🇫🇮·NYSE

Stock Price

$36.71-$0.79 (-2.11%)

Apr 20, 2026

Company Details

Amer Sports, Inc. designs, manufactures, markets, distributes, and sells sports equipment, apparel, footwear, and accessories in Europe, the Middle East, Africa, the Americas, China, and the Asia Pacific. The company operates through three ...

CEO

Jie Zheng

IPO Date

Feb 1, 2024

Website

www.amersports.com

Key Metrics TTM

Revenue

$6.6B

+40.8% YoY

Net Income

$427M

EPS (Diluted)

$0.75

Free Cash Flow

$504M

Revenue / Share

$11.65

Gross Margin

57.6%

Operating Margin

10.6%

Net Margin

6.5%

FCF Margin

7.7%

P/S

3.2x

P/E

48.5x

Earnings Reports

FY 2025

Feb 25, 2026

$6.6B+26.7%EPS $0.76

Q4 2025

Feb 23, 2026

$2.1BEPS $0.23

Q3 2025

Nov 18, 2025

$1.8BEPS $0.25

Q2 2025

Aug 18, 2025

$1.2B+23.5%EPS $0.03

Q1 2025

May 20, 2025

$1.5B+23.5%EPS $0.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$1.2B	$602M	-$58M
Q1 23	$1.1B	$555M	$130M
Q2 23	$857M	$457M	$8M
Q3 23	$1.2B	$588M	$105M
Q4 23	$1.3B	$683M	$60M
Q1 24	$1.2B	$648M	$109M
Q2 24	$1.0B	$559M	-$9M
Q1 25	$1.5B	$851M	$214M
Q2 25	$1.2B	$723M	$44M
Q3 25	$1.8B	$998M	$216M
Q4 25	$2.1B	$1.2B	$224M

Valuation

Quarter	P/S	P/E
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	1.7x	—
Q4 23	1.6x	—
Q1 24	1.7x	—
Q2 24	1.3x	—
Q1 25	2.8x	322.7x
Q2 25	4.4x	141.0x
Q3 25	3.5x	65.8x
Q4 25	3.2x	49.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$88M	$52M
Q1 23	$57M	$33M
Q2 23	-$124M	-$154M
Q3 23	-$39M	-$74M
Q4 23	$305M	$255M
Q1 24	$117M	$54M
Q2 24	-$50M	-$96M
Q1 25	$164M	$121M
Q2 25	-$57M	-$106M
Q3 25	-$3M	-$60M
Q4 25	$625M	$548M

Capital Expenditures

Quarter	CapEx
Q4 22	$36M
Q1 23	$24M
Q2 23	$30M
Q3 23	$35M
Q4 23	$50M
Q1 24	$63M
Q2 24	$46M
Q1 25	$43M
Q2 25	$49M
Q3 25	$57M
Q4 25	$77M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 23	+9.7%	-0.1%
Q1 24	+13.5%	+17.8%
Q2 24	+16.9%	+18.9%
Q1 25	+27.7%	+20.0%
Q2 25	-6.0%	-5.0%
Q3 25	+47.3%	+42.2%
Q4 25	+109.8%	+85.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 22	$469M
Q1 23	$422M
Q2 23	$445M
Q3 23	$488M
Q4 23	$634M
Q1 24	$544M
Q2 24	$568M
Q1 25	$642M
Q2 25	$698M
Q3 25	$777M
Q4 25	$988M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$377M	$0	$377M
Q1 23	$0	$804M	$804M
Q2 23	$279M	$0	$279M
Q3 23	$268M	$0	$268M
Q4 23	$483M	$0	$483M
Q1 24	$337M	$0	$337M
Q2 24	$256M	$0	$256M
Q3 24	$312M	$0	$312M
Q4 24	$345M	$0	$345M
Q1 25	$422M	$0	$422M
Q2 25	$303M	$0	$303M
Q3 25	$353M	$0	$353M
Q4 25	$652M	$0	$652M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	489M	—	—
Q1 23	489M	0.0%	—
Q2 23	489M	0.0%	—
Q3 23	489M	0.0%	—
Q4 23	489M	0.0%	0.0%
Q1 24	466M	-4.7%	-4.7%
Q2 24	505M	+8.3%	+3.2%
Q1 25	558M	+10.4%	+13.9%
Q2 25	561M	+0.6%	+14.6%
Q3 25	564M	+0.5%	+20.8%
Q4 25	564M	+0.0%	+11.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$298.9K	4K
Q1 24	$271.0K	4K
Q2 24	$227.6K	4K
Q1 25	$14.7K	100K
Q2 25	$12.4K	100K
Q3 25	$17.6K	100K
Q4 25	$21.0K	100K

Revenue / Employee