Amer Sports, Inc. (AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-88.6%

$3.53

vs $31.01 price

Levered DCF

$4.30

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.26

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	48.51×	186.4×	-31.16×	-25.77×	-51.54×	-27.92×
P/B	3.58×	2.79×	-40.94×	-88.76×	172.61×	-42.9×
P/S	3.16×	2.69×	1.49×	1.84×	2.14×	2.68×
EV / EBITDA	19.75×	23.04×	24.59×	47.98×	33.1×	44.98×
Gross margin	57.6%	55.4%	52.5%	50.0%	49.1%	47.0%
Operating margin	10.4%	9.1%	6.9%	1.4%	6.1%	5.1%
Net margin	6.5%	1.4%	-4.7%	-7.1%	-4.1%	-9.7%
Current ratio	1.5×	1.54×	1.49×	1.7×	2×	1.86×
Debt / equity	0.3×	0.3×	-41.58×	-84.38×	165.67×	-45.69×
Interest coverage	6.96×	2.04×	0.75×	0.2×	0.67×	0.46×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	7.4%	1.5%	130.2%	341.9%	-332.4%	155.1%
Return on invested capital	5.9%	3.3%	4.2%	0.7%	2.6%	1.6%
Return on assets	4.2%	0.9%	-2.5%	-3.2%	-1.6%	-2.8%
Free cash flow yield	2.4%	1.3%	0.9%	-2.7%	3.1%	3.1%
Earnings yield	2.1%	0.5%	-3.2%	-3.9%	-1.9%	-3.6%
Enterprise value	$21.9B	$15.1B	$12.7B	$12.4B	$12.3B	$13.2B
Net debt / EBITDA	0.99×	1.74×	11.93×	22.59×	15.43×	22.55×
Cash conversion cycle (days)	165	159	177	175	136	168