Latest Ratios: P/E Ratio 46.1x · EV/EBITDA 20.7x · ROE 7.9%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $20.3B | $21.0B | $14.0B | — | — | — | — |
| Enterprise Value | $22.0B | $22.8B | $15.2B | — | — | — | — |
| P/E Ratio → | 46.12 | 49.14 | 199.71 | — | — | — | — |
| P/S Ratio | 3.09 | 3.20 | 2.71 | — | — | — | — |
| P/B Ratio | 3.39 | 3.61 | 2.80 | — | — | — | — |
| P/FCF | 40.24 | 41.75 | 76.66 | — | — | — | — |
| P/OCF | 27.80 | 28.84 | 33.03 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.47 | 2.93 | — | — | — | — |
| EV / EBITDA | 20.71 | 21.42 | 20.37 | — | — | — | — |
| EV / EBIT | 32.41 | 31.56 | 39.91 | — | — | — | — |
| EV / FCF | — | 45.25 | 82.88 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 57.6% | 57.6% | 55.4% | 52.5% | 50.0% | 49.1% | 47.0% |
| Operating Margin | 10.4% | 10.4% | 9.1% | 6.9% | 1.4% | 6.1% | 5.1% |
| Net Profit Margin | 6.5% | 6.5% | 1.4% | -4.7% | -7.1% | -4.1% | -9.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 7.9% | 7.9% | 3.0% | — | — | -378.0% | — |
| ROA | 4.6% | 4.6% | 0.9% | -2.6% | -3.5% | -1.6% | -2.8% |
| ROIC | 7.4% | 7.4% | 5.8% | 3.9% | 0.7% | 2.3% | 1.5% |
| ROCE | 9.3% | 9.3% | 6.9% | 4.7% | 0.8% | 2.8% | 1.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.41 | 0.41 | 0.30 | — | — | 188.40 | — |
| Debt / EBITDA | 2.27 | 2.27 | 1.99 | 12.73 | 25.19 | 16.02 | 19.67 |
| Net Debt / Equity | — | 0.30 | 0.23 | — | — | 171.44 | — |
| Net Debt / EBITDA | 1.66 | 1.66 | 1.53 | 11.80 | 23.56 | 14.58 | 18.57 |
| Debt / FCF | — | 3.50 | 6.22 | 103.14 | — | 28.35 | 32.05 |
| Interest Coverage | 7.39 | 7.39 | 1.65 | 0.74 | 0.25 | 0.63 | 0.41 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.50 | 1.50 | 1.54 | 1.49 | 1.70 | 2.00 | 1.86 |
| Quick Ratio | 0.76 | 0.76 | 0.76 | 0.80 | 1.03 | 1.46 | 1.37 |
| Cash Ratio | 0.30 | 0.30 | 0.22 | 0.31 | 0.31 | 0.60 | 0.34 |
| Asset Turnover | — | 0.65 | 0.62 | 0.53 | 0.48 | 0.44 | 0.28 |
| Inventory Turnover | 1.71 | 1.71 | 1.89 | 1.90 | 2.09 | 3.05 | 2.28 |
| Days Sales Outstanding | — | 46.12 | 52.58 | 59.47 | 77.46 | 74.95 | 89.96 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.0% | 0.5% | — | — | — | — |
| FCF Yield | 2.5% | 2.4% | 1.3% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $563M | $502M | $489M | $489M | $489M | $489M |
China consumer demand volatility
Based on current market data, Amer Sports trades at a forward P/E of 26.95, which suggests investors are pricing in significant long-term earnings expansion relative to the broader leisure sector and traditional sporting goods peers like Nike or Columbia Sportswear.
The valuation premium appears to be driven by the high-growth trajectory of the Arc'teryx brand, which commands luxury-adjacent multiples. However, investors should monitor whether this valuation is sustainable if the cyclical hardgoods segments fail to achieve similar margin expansion, as the current P/E implies a growth rate that may be sensitive to any cooling in the Chinese luxury market.
As reported in recent financial statements, the company's ROIC has remained in the low single digits, peaking at 3.2% in 2026Q1, which indicates that the firm is still in the early stages of compounding returns on its invested capital base.
The modest ROIC figures suggest that the heavy capital investment required for the global DTC retail rollout is currently suppressing overall capital efficiency. While this is typical for a company in a high-growth phase, the long-term viability of the current strategy depends on these investments eventually driving higher asset turnover and margin expansion.
According to quarterly filings, the cash conversion cycle remains elevated at 144 days as of 2026Q1, largely driven by a high days inventory outstanding metric that reflects the inherent challenges of managing seasonal sports equipment and apparel inventory.
The persistent inventory drag suggests that the company may be carrying significant seasonal stock, which increases the risk of margin-diluting liquidations if demand shifts unexpectedly. Improving the efficiency of this cycle is critical, as the current reliance on high inventory levels ties up significant capital that could otherwise be deployed toward higher-return growth initiatives.
The P/E ratio is frequently misapplied to Amer Sports because it aggregates the high-growth, high-margin apparel business with the mature, capital-intensive hardgoods segment, thereby obscuring the distinct cash flow profiles and competitive moats inherent in each division.
Investors should instead focus on segment-level EBITDA margins and return on invested capital to better understand the underlying earning power of the business. Relying solely on a consolidated P/E ratio may lead to an overestimation of the company's overall quality, as it fails to account for the different cyclical risks and capital requirements of the equipment versus apparel portfolios.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying AS stock.
Amer Sports, Inc.'s current P/E ratio is 46.1x. The historical average is 124.4x.
Amer Sports, Inc.'s current EV/EBITDA is 20.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.9x.
Amer Sports, Inc.'s return on equity (ROE) is 7.9%. The historical average is -122.4%.
Based on historical data, Amer Sports, Inc. is trading at a P/E of 46.1x. Compare with industry peers and growth rates for a complete picture.
Amer Sports, Inc. has 57.6% gross margin and 10.4% operating margin. Operating margin between 10-20% is typical for established companies.
Amer Sports, Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.