| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 48 | 29.2x | 17.8x | Around median | |
Growth | 92 | 30.5% | 7.1% | Top tier | |
Quality | 73 | 9.0% | 4.5% | Top tier | |
Safety | 83 | 0.3x | 2.6x | Top tier | |
Capital Return | 85 | — | 2.12% | Top tier | |
Momentum | 26 | 0.8% | 2.9% | Bottom tier | |
Sentiment | 63 | 12 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Amer Sports manages a portfolio of premium sports and outdoor brands, with its key growth drivers centered on Arc’teryx, Salomon Softgoods, and Wilson Tennis 360. The company generates revenue through three segments: Technical Apparel led by Arc’teryx, Outdoor Performance including Salomon and winter sports equipment brands, and Ball & Racquet Sports led by Wilson; it also combines direct-to-consumer sales, owned stores, e-commerce, and selective distribution through wholesale partners.
In Q2 fiscal 2026, Amer Sports sales increased 32% on a reported basis and 30% excluding the impact of currencies. Total reported segment revenue was approximately $1.633 billion, comprising $674 million from Technical Apparel, $569 million from Outdoor Performance, and $390 million from Ball & Racquet Sports, representing an approximate mix of 41%, 35%, and 24%, respectively. Direct-to-consumer sales grew 40% and accounted for approximately 55% of revenue, while the wholesale business grew 24%.
Adjusted gross margin reached 65.8% in Q2 fiscal 2026, an increase of 710 basis points, while adjusted operating margin rose from 5.5% to 12.8%. The results included a non-recurring net benefit from tariff refunds of $64.3 million, equivalent to 390 basis points of gross margin and approximately $0.08 of earnings per share; excluding this benefit, the underlying improvement in gross margin exceeded 300 basis points and the improvement in operating margin reached 340 basis points. Adjusted net income increased to $127 million from $36 million, and adjusted diluted earnings per share rose to $0.22 from $0.06.
The analyst consensus is “Buy,” with an average target of $51.67 and a relatively wide range of $45 to $62. The average target is approximately 20.8% above the 52-week range high of $42.76, while no reported price-to-earnings ratio is available, making the valuation more dependent on achieving the fiscal 2026 outlook of 24% revenue growth and $1.27–$1.30 in adjusted earnings per share. The breadth of the target range reflects a meaningful difference in estimates of growth sustainability after the non-recurring tariff benefits and the expected growth slowdown in Q3 fiscal 2026.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
The main drivers are Arc’teryx, Salomon Softgoods, and Wilson Tennis 360, each of which exceeded 20% growth in Q2 fiscal 2026. Technical Apparel revenue increased 32% to $674 million, Outdoor Performance increased 37% to $569 million, and Ball & Racquet Sports increased 24% to $390 million. These results prompted Amer Sports to raise its fiscal 2026 revenue growth outlook to approximately 24% and its adjusted diluted earnings per share outlook to $1.27–$1.30.
Adjusted gross margin increased 710 basis points to 65.8%, and adjusted operating margin increased 730 basis points to 12.8% in Q2 fiscal 2026. However, a net tariff refund of $64.3 million added 390 basis points to gross margin and approximately $0.08 to earnings per share. Excluding the refund, the underlying improvement remained strong at more than 300 basis points in gross margin and 340 basis points in operating margin, but the fiscal 2026 outlook still includes a non-recurring benefit of 80 basis points.
Arc’teryx led the Technical Apparel segment to revenue of $674 million and growth of 32% in Q2 fiscal 2026, with direct-to-consumer growth of 34% and omnichannel comparable growth of 17%. Product drivers include the Norvan LD 4, Konseal, and Sylan 2 footwear, in addition to the expansion of the women's category, in which new seasonal colors and designs generated more than 60% of sales. The company plans to open 30–35 net Arc’teryx stores during fiscal 2026, with long-term expansion opportunities from 75 to 200 stores in North America and from 19 to more than 75 stores in Europe, the Middle East, and Africa.
Automated analysis for informational purposes only — not investment advice.
Outdoor Performance revenue increased 37% to $569 million in Q2 fiscal 2026, with direct-to-consumer growth of 52% and wholesale growth of 25%. Momentum is based on the XT-6, XT-Whisper, GRVL, Aero Glide 4, and the second generation of Genesis products, as well as a key-city strategy in Paris, London, Shanghai, Beijing, Tokyo, New York, and Los Angeles. Salomon had 315 stores in Greater China at the end of the quarter, and the company aims to add 45 net stores there and 7–10 stores in the Americas during fiscal 2026.
The company expects revenue growth to slow to 18%–20% in Q3 fiscal 2026 after 32% in Q2, and it does not expect the 24% growth in Ball & Racquet Sports to continue at the same rate. Amer Sports raised its fiscal 2026 net finance cost outlook to approximately $85 million and corporate expenses to $240 million, while the full-year margin includes a non-recurring tariff benefit of 80 basis points. The outlook also assumes that Section 301 tariff rates remain in place, and Arc’teryx faces strong competition in the United States, while Salomon executives described the European market as difficult despite opportunities in running and fashionable outdoor footwear.
Amer Sports ended Q2 fiscal 2026 with net cash of $573 million. Operating cash flow reached $339 million in the first half of fiscal 2026, compared with $108 million in the corresponding period. Inventory increased 19% year over year, a slower rate than the quarter's 32% sales growth, while the company maintained its expected fiscal 2026 capital expenditure at approximately $400 million to support stores and information technology.
