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AS, Amer Sports Inc.

Textiles & Apparel consumer brand

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Latest annual: FY2025 20-F

AS · Amer Sports Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$6.6B

+26.7% YoY · 21% 4-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $6.6B 5-yr avg $4.6B

Gross margin 58% 5-yr avg 53%

Operating margin 10.7% 5-yr avg 6.8%

ROIC 8% 5-yr avg 8%

Owner-earnings margin 8% 5-yr avg 3%

Free cash flow margin 8% 5-yr avg 3%

The business in brief

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Gross margin has run about 52% and operating margin about 6.9% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from 1.4% to 11% — on a steadier 52% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 25% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 4 regions, the largest Americas at 32%.

Revenue by geography, FY2025

Americas32%$2.1B
Greater China28%$1.9B
EMEA28%$1.8B
Asia Pacific12%$773M

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2021–2025

realized figures from each filing · older years to the left

2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
						Income statement
$3.1B	$3.6B	$4.4B	$5.2B	$6.6B	$6.6B	RevenueRevenue
49%	50%	52%	55%	58%	58%	Gross marginGross mgn
$187M	$51M	$303M	$471M	$702M	$702M	Operating incomeOp. inc.
6.1%	1.4%	6.9%	9.1%	10.7%	10.7%	Operating marginOp. mgn
($126M)	($253M)	($209M)	$73M	$427M	$427M	Net incomeNet inc.
—	—	—	53%	30%	30%	Effective tax rateTax rate
						Cash flow & returns
$268M	($92M)	$199M	$425M	$730M	$730M	Operating cash flowOp. cash
$196M	$194M	$221M	$274M	$384M	$384M	DepreciationDeprec.
$199M	($33M)	$187M	$78M	($82M)	($82M)	Working capital & otherWC & other
$61M	$78M	$124M	$229M	$217M	$217M	CapexCapex
2.0%	2.2%	2.8%	4.4%	3.3%	3.3%	Capex / revenueCapex/rev
$207M	($169M)	$75M	$196M	$513M	$513M	Owner earningsOwner earn.
6.8%	−4.7%	1.7%	3.8%	7.8%	7.8%	Owner earnings marginOE mgn
$207M	($169M)	$75M	$196M	$513M	$513M	Free cash flowFCF
6.8%	−4.7%	1.7%	3.8%	7.8%	7.8%	Free cash flow marginFCF mgn
-332%	—	—	1%	7%	7%	Return on equityROE
−332%	—	—	1%	7%	7%	Retained to equityRetained/eq
						Balance sheet
$568M	$402M	$483M	$345M	$652M	$652M	Cash & investmentsCash+inv
—	$675M	$600M	$667M	$809M	$809M	ReceivablesReceiv.
—	$913M	$1.1B	$1.2B	$1.6B	$1.6B	InventoryInvent.
—	$1.6B	$1.7B	$1.9B	$2.4B	$2.4B	Operating working capitalOper. WC
—	$2.2B	$2.4B	$2.5B	$3.3B	$3.3B	Current assetsCur. assets
—	$1.3B	$1.6B	$1.6B	$2.2B	$2.2B	Current liabilitiesCur. liab.
—	1.7×	1.5×	1.5×	1.5×	1.5×	Current ratioCurr. ratio
—	$2.2B	$2.3B	$2.1B	$2.3B	$2.3B	GoodwillGoodwill
—	$7.9B	$8.4B	$8.4B	$10.1B	$10.1B	Total assetsAssets
—	—	$6.2B	$791M	$792M	$792M	Total debtDebt
—	—	$5.7B	$445M	$140M	$140M	Net debt / (cash)Net debt
0.7×	—	19.1×	7.0×	7.2×	25.9×	Interest coverageInt. cov.
$38M	($74M)	($160M)	$5.0B	$5.8B	$5.8B	Shareholders’ equityEquity
						Per share
383M	384M	384M	498M	556M	558M	Shares out (diluted)Shares
$8.00	$9.29	$11.44	$10.41	$11.82	$11.77	Revenue / shareRev/sh
$-0.33	$-0.66	$-0.54	$0.15	$0.77	$0.77	EPS (diluted)EPS
$0.54	$-0.44	$0.20	$0.39	$0.92	$0.92	Owner earnings / shareOE/sh
$0.54	$-0.44	$0.20	$0.39	$0.92	$0.92	Free cash flow / shareFCF/sh
$0.16	$0.20	$0.32	$0.46	$0.39	$0.39	Cap. spending / shareCapex/sh
$0.10	$-0.19	$-0.42	$10.04	$10.44	$10.40	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	4-yr	5-yr
Revenue / share	+10.2%/yr	+10.2%/yr (4-yr)
Owner earnings / share	+14.3%/yr	+14.3%/yr (4-yr)
Capital spending / share	+25.2%/yr	+25.2%/yr (4-yr)
Book value / share	+220.4%/yr	+220.4%/yr (4-yr)

The record, charted

FY2021–2025

Each measure over its full record; the current point and the worst year marked.

Share count

556Mpeak FY2025

Gross margin

58%low FY2021

Net debt ÷ owner earnings

0.3×peak FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$513Mowner earningsvs.$427Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2021FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $427M of profit into $513M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$427M

Owner earnings$513M · 8% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$427M	$73M	($209M)	($253M)	($126M)
Depreciation & amortizationnon-cash charge added back	+$384M	+$274M	+$221M	+$194M	+$196M
Working capital & othertiming of cash in and out, other non-cash items	−$82M	+$78M	+$187M	−$33M	+$199M
Cash from operations	$730M	$425M	$199M	($92M)	$268M
Capital expenditurecash put back in to keep running and to grow	−$217M	−$229M	−$124M	−$78M	−$61M
Owner earnings	$513M	$196M	$75M	($169M)	$207M
Owner-earnings marginowner earnings ÷ revenue	8%	4%	2%	-5%	7%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 25.9×

Comfortable

Operating income $702M ÷ interest expense $27M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $140M · 0.2× operating profit

Modest net debt

Cash $652M − debt $792M

What this means
Netting $652M of cash and short-term investments against $792M of debt leaves $140M owed, about 0.2× a year's operating profit (1.1× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 8%

Solid

NOPAT $491M ÷ invested capital $5.9B (debt + equity − cash)

Industry peers: median 20%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 8%

Solid, recently turned positive

latest $513M = operating cash $730M − maintenance capex $217M; positive each of the last 3 years, after an earlier loss stretch (5-yr median 4%)

Industry peers: median 9%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 8% of revenue this year, a 4% median across 5 years.
Are earnings backed by cash? 1.71×

Cash-backed

Cash from ops $730M ÷ net income $427M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.56×

Harvesting

Capex $217M ÷ depreciation $384M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $6.6B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.50×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $792M vs $1.1B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (5-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.17/share (latest year $0.77), the averaged base the calculator's gate runs on, and book value is $10.40/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2021–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 2 of 5

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 3 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 4% → 10% (2-yr avg ends)

What this means
Through the cycle the operating margin widened — about 4% early to 10% lately, median 7% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +108%/yr

What this means
Owner earnings grew about 108% a year over the record.
Worst year 2022 · 1.4% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +9.7%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$3.3B

Cash & short-term investments$652M
Receivables$809M
Inventory$1.6B
Other current assets$220M

Current liabilities$2.2B

Other current liabilities$2.2B

Current ratio1.50×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.76×stricter: inventory excluded

Cash ratio0.30×strictest: cash alone against what's due

Working capital$1.1Bthe cushion left after near-term bills

Deeper floors

Tangible book value$682Mequity stripped of goodwill & intangibles

Net current asset value($940M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.6B$818M of it operating leases

Deferred revenue$97Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2021–2025

Over the record, the business generated $1.5B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$708M · 46%
Retained (debt / cash)$822M · 54%

Net change in share count45.5%
The diluted count rose from 383M to 558M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 5-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$5.1B51% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity40%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$0over 5 years buying other businesses, against $708M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 5-year record, from the company's own filings.

Peers, Textiles & Apparel

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
LULUlululemon athletica inc.	$11.1B	56%	20.6%	58%	14%
RLRalph Lauren Corporation	$8.1B	65%	9.9%	20%	10%
ASAmer Sports Inc.	$6.6B	52%	6.9%	8%	4%
LEVILevi Strauss & Co	$6.3B	58%	9.8%	23%	5%
UAUnder Armour Inc.	$5.0B	46%	2.3%	4%	2%
COLMColumbia Sportswear	$3.4B	50%	10.7%	18%	10%
GIIIG-III Apparel	$3.0B	36%	6.3%	9%	4%
CRICarter's	$2.9B	43%	11.0%	24%	9%
Group median	—	51%	9.9%	19%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the home-market price, not the US ADR quote. Amer Sports Inc. reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Amer Sports Inc. has delivered.

Amer Sports Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Amer Sports Inc. earns about $248M on its 3.8% median owner-earnings margin. This year’s 7.8% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($248M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+108%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $513M on 558M shares outstanding, per the 20-F cover, as of 2025-12-31; net debt $140M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh AS against another business →

Cite: Owner Scorecard, "Amer Sports Inc. (AS), the owner's record," https://ownerscorecard.com/c/AS, data as of 2026-07-09.

Manual order: ← ARQQ its page in the Manual ASC →

Industry order: the Textiles & Apparel chapter COLM →