PUMA Se

PUM.SW

Apparel - Footwear & Accessories · Consumer Cyclical

Price

CHF 23.61

-1.90 (-7.45%)

Market Cap

CHF 3.48B

Exchange

SIX Swiss Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Weak

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Share count falling — buybacks

−1.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 149.6M (2021) → 147.4M (2025)

Winston Score History

The full picture

Puma SE is a German sportswear company that designs and sells athletic shoes, clothing, and accessories. Its products are aimed at people who play sports or want casual, sport-inspired fashion. Puma competes in the same market as Nike and Adidas, making it one of the three largest global sports brands, though it is significantly smaller than both rivals.

Puma makes money by selling its products through retail stores, its own website, and wholesale partnerships with department stores and sports retailers. The company operates worldwide, with strong sales in Europe, the Americas, and Asia, and generates roughly €8–9 billion in annual revenue. Puma's brand recognition and long-running sponsorships with athletes and sports teams give it some competitive staying power, but its current negative operating and return margins signal that costs are outpacing revenue growth. The key risk is whether Puma can close the gap with larger rivals who have bigger marketing budgets and stronger pricing power.

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

-12.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+69.9% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€84M/ year

↓ Declining (-9% vs prior year)

1.1% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

33.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€374M cash & investments

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

Revenue declining

PUMA Se's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

48.0%

Healthy — 48.0% gross margin

Profit after running costs

Operating Margin

-3.6%

Losing money on operations — -3.6%

Return on the money invested

ROCE

-9.4%

Weak — -9.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-20.6%

Shrinking sales (-20.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

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

0.93

Moderate — manageable debt (0.93)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.78%

Small dividend — 1.78% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-98.6%

Dividend cut (-98.6% YoY) — warning sign

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