Amer Sports

Leisure · Consumer Cyclical

Price

$32.63

+0.10 (+0.31%)

Market Cap

$18.87B

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

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Share count rising — dilution

+15.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 489.5M (2021) → 563.1M (2025)

Winston Score History

The full picture

Amer Sports is a sporting goods company that owns several well-known athletic brands. Its biggest name is Arc'teryx, which makes premium outdoor apparel and gear. It also owns Wilson (tennis rackets, balls, and team sports equipment) and Salomon (ski boots, trail running shoes, and outdoor gear). Its customers range from professional athletes to everyday outdoor enthusiasts.

The company makes money by selling products through its own retail stores, its websites, and wholesale partners like sporting goods retailers. Amer Sports operates globally, with strong presence in North America, Europe, and a fast-growing business in China. Arc'teryx commands premium prices and has a loyal customer base, which helps protect margins. However, the company carries significant debt from its 2019 acquisition by a Chinese-led investor group, and its growth depends heavily on continued consumer appetite for expensive outdoor and athletic products — a category that can slow sharply during economic downturns.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+32.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+448.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

71.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$805M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Amer Sports grew revenue 32% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

65.6%

Premium pricing power — 65.6% gross margin

Profit after running costs

Operating Margin

10.4%

Modest — 10.4% operating margin

Return on the money invested

ROCE

12.8%

Good — 12.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+30.5%

Fast-growing sales (+30.5% YoY)

Profit growth

EPS YoY

+135.2%

Earnings growing fast (+135.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

176%

Turns 176% of profit into real cash

Spare cash per sale

FCF Margin

9.2%

Modest free cash flow (9.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

10.19x

Comfortably covers interest (10.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

33.6x

Pricey — P/E 33.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+16.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.6 → 17.3)

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Dividends

Not applicable for this business.

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