The company has reduced its share count over this period, returning value to shareholders through buybacks.
Diluted shares outstanding: 194.2M (2021) → 178.6M (2025)
Globally, adidas AG and its subsidiaries are dedicated to the creation, advancement, dissemination, and promotion of athletic and sports lifestyle goods. Under the prominent adidas brand, the company's offerings encompass a wide array of products, including footwear, apparel, and various accessories and equipment such as bags and balls. These items are distributed through a comprehensive network featuring approximately 2,200 company-owned retail locations, specialized franchise outlets, in-store shop-in-shops, wholesale partnerships, and its digital e-commerce platforms. Founded in 1920, the organization, previously named adidas-Salomon AG, officially transitioned to adidas AG in June 2006. Its global operations are directed from its headquarters in Herzogenaurach, Germany.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+13.1% YoY
YoY Growth Rate
Steady revenue growth
-3.9% YoY
YoY Growth Rate
Earnings declining
€154M/ year
0.6% of revenue
Below sector average (4%)
Research and development spending
Cash flow positive
€1.9B cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Company generates more cash than it spends — no dilution risk from fundraising
adidas AG is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.
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Healthy double-digit earnings growth — what compounders look like.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage between 3 and 8. Profits cover interest several times over.
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P/E above the market average. People are paying up for expected growth.
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Modest yield. The bulk of any return needs to come from price appreciation.
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