# Amer Sports, Inc. (AS) — Stock CV

Amer Sports, Inc. is a $16.4B consumer company. Revenue grew 26.7% over the last year, it keeps 7¢ of every dollar of sales as profit, and its net debt equals ~0.5 years of free cash flow. It trades at 30.0× earnings.

> Amer Sports manages a diverse portfolio of 10 outdoor and action sports brands that collectively generated revenue of $6.6 billion in 2025. Although primarily owned by the Chinese conglomerate Anta Sports, Amer operates with a degree of autonomy.

## Identity

- **Ticker**: AS
- **Sector**: Consumer Cyclical
- **Employees**: 15 400
- **Website**: https://www.amersports.com
- **Market cap**: $16.4B
- **Last price**: $28.14
- **Financial profile**: Strong

## Vitals (FY2025)

- **Revenue**: $6.57B
- **Net income**: $427M
- **Free cash flow**: $695M
- **Net debt**: $381M
- **P/E**: 30.0
- **Revenue growth (YoY)**: 26.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 50 |
| Profitability | 42 |
| Health | 81 |
| Quality | 100 |
| Moat | 38 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +26.7% YoY
- [x] Profitable — $427M FY2025
- [x] Profit growing — +488.7% YoY
- [x] Generates cash — $695M FY2025
- [x] Debt under control — ~0.5y of cash flow to repay
- [x] Established company — $16.4B market cap
- [ ] Not printing shares — +51.5% shares over ~5y
- [ ] Proven track record — 2/5 profitable years
- [x] Financially stable — Altman Z 4.0 — safe
- [x] Valuation not extreme — P/E 30.0

## Experience (career milestones)

- **FY2025** — Best year on record: $427M net income
- **FY2024** — Turned profitable: $72.6M net income after a loss year
- **FY2021** — Revenue already above $1B: $3.07B in first reported year
- **2018** — Amer Sports acquired the Swedish sportswear manufacturer Peak Performance from IC Group, a Danish entity
- **2005** — Amer acquired the outdoor sports company Salomon from Adidas for €485 million
- **1989** — Amer acquired the Chicago-based company Wilson Sporting Goods Company
- **1985** — Amer acquired Marimekko
- **1974** — They bought the Finnish ice hockey gear maker Koho-Tuote in 1974, its North East US distributor Koho Sporting Goods…
- **1970** — A publishing and printing division was added in 1970 with the purchase of the Finnish company Weilin+Göös
- **1950** — Established in 1950 as an industrial conglomerate with interests as diverse as tobacco trading, ship owning and…
- **1950** — The company began life as a tobacco manufacturer and distributor, Amer-Tupakka, in 1950 (later to be renamed…

## Strengths

- High gross margin (59.8%)
- Revenue growing 26.7% year over year
- Could repay net debt from ~0.5 years of free cash flow
- Interest covered 10.0× by operating earnings
- Piotroski F-Score 8/9 — fundamentally strong checklist

## Watch-outs

- Loss-making in 3 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.07B | -$126M | -$169M |
| FY2022 | $3.57B | -$253M | $75.4M |
| FY2023 | $4.40B | -$209M | $196M |
| FY2024 | $5.18B | $72.6M | $513M |
| FY2025 | $6.57B | $427M | $695M |

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Source: https://stockcv.com/AS — derived from company filings; may be delayed or incomplete. Information, not investment advice.