Amer Sports, Inc. (NYSE: AS)

Sector: Consumer Cyclical Industry: Leisure CIK: 0001988894
Market Cap 22.38 Bn
P/B 3.96
P/E 71.89
P/S 3.67
ROIC (Qtr) 6.73
Div Yield % 0.00
Rev 1y % (Qtr) 29.73
Total Debt (Qtr) 1.87 Bn
Debt/Equity (Qtr) 0.33
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About

Amer Sports, Inc., a global company operating in the sports and outdoor industry, was incorporated in 2020 and is listed on the New York Stock Exchange (NYSE) under the ticker symbol AS. The company generates revenue through its three reportable segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports. The Technical Apparel segment is led by Arc'teryx, a premium outdoor brand known for its high-quality, innovative products. The Outdoor Performance segment is led by Salomon, a global leader in winter sports equipment and apparel....

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Investment thesis

Bull case

  • Cash position of 353.30M provides exceptional 27.82x coverage of minority interest expenses 12.70M, indicating strong liquidity.
  • Robust tangible asset base of 4.64B provides 4.33x coverage of working capital 1.07B, indicating strong operational backing.
  • Tangible assets of 4.64B provide robust 4.50x coverage of other current liabilities 1.03B, indicating strong asset backing.
  • Tangible assets of 4.64B provide robust 2.21x coverage of current liabilities 2.10B, showing strong asset backing.
  • Tangible assets of 4.64B provide robust 5.27x coverage of receivables 880.60M, showing strong asset quality.

Bear case

  • With cash reserves of 353.30M against inventory of 1.71B, the 0.21 cash-to-inventory ratio suggests potential liquidity risks if inventory turnover slows, particularly concerning given current supply chain volatilities.
  • Tax assets of 92M provide limited offset against tax liabilities of 537.30M, which is 0.17x, indicating potential future cash flow pressure from tax obligations.
  • Operating cash flow of 0 provides minimal 0x coverage of tax expenses of 164M, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating cash flow of 0 barely covers operating expenses of (26.30M) with a -0 ratio, suggesting thin operational efficiency margins and limited flexibility.
  • R&D investment of 0 represents just 0x of SG&A expenses of 2.85B, indicating potential underinvestment in innovation relative to administrative overhead.

Geographical areas [axis] Breakdown of Revenue (2024)

Sales channels [axis] Breakdown of Revenue (2024)

Peer comparison

Companies in the Leisure
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 AS Amer Sports, Inc. 22.38 Bn 71.89 3.67 1.87 Bn
2 HAS Hasbro, Inc. 13.30 Bn 46.47 3.26 3.32 Bn
3 PLNT Planet Fitness, Inc. 7.78 Bn 37.79 6.04 2.58 Bn
4 GOLF Acushnet Holdings Corp. 7.40 Bn 80.24 4.75 0.90 Bn
5 LTH Life Time Group Holdings, Inc. 6.29 Bn 21.85 2.16 4.13 Bn
6 MAT Mattel Inc /De/ 5.43 Bn 12.57 1.04 2.59 Bn
7 YETI YETI Holdings, Inc. 3.97 Bn 24.75 2.17 0.22 Bn
8 MSGE Madison Square Garden Entertainment Corp. 2.95 Bn 56.80 2.91 1.20 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 2.44 1.19
EV to Cash from Ops. EV/CFO 50.84 -6.09
EV to Debt EV to Debt 12.67 14.49
EV to EBIT EV/EBIT 39.90 -159.90
EV to EBITDA EV/EBITDA 25.29 -4.06
EV to Free Cash Flow [EV/FCF] EV/FCF 96.58 0.74
EV to Market Cap EV to Market Cap 1.06 -0.64
EV to Revenue EV/Rev 3.88 4.65
Price to Book Value [P/B] P/B 3.96 4.75
Price to Earnings [P/E] P/E 71.89 12.00
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -0.51
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 3.11
Dividend per Basic Share Div per Share (Qtr) 0.00 0.22
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 6.13
Interest Coverage Int. cover (Qtr) 5.04 -30.68
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -13.50
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 13.24 1,190.33
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 13.88
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 223.88 -111.75
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 -165.31
EBIT Growth (1y) % EBIT 1y % (Qtr) 105.19 -1,562.20
EBT Growth (1y) % EBT 1y % (Qtr) 1,340.30 -1,555.34
EPS Growth (1y) % EPS 1y % (Qtr) 530.77 -377.44
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 10.93
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 31.69 17.65
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.63 0.73
Cash Payout Ratio Cash Payout Ratio 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 0.17 3.31
Current Ratio Curr Ratio (Qtr) 1.51 4.80
Debt to Equity Ratio Debt/Equity (Qtr) 0.33 2.35
Interest Cover Ratio Int Coverage (Qtr) 5.04 -30.68
Times Interest Earned Times Interest Earned (Qtr) 5.04 -30.68
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -57.55
EBIT Margin % EBIT Margin % (Qtr) 9.72 -65.38
EBT Margin % EBT Margin % (Qtr) 7.79 -69.55
Gross Margin % Gross Margin % (Qtr) 57.20 46.51
Net Profit Margin % Net Margin % (Qtr) 5.10 -74.45