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Amer Sports

AS on NYSE. Apparel & other finishd prods of fabrics & similar matl. Market value $15.2bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Retail & consumer stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$27.76 a share, 6% above its 1-year low

Over the past year the price has ranged from $26.10 to $42.76.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
202320242025
Revenue
n/an/an/a
Operating margin
n/an/an/a
Debt to equity
n/an/an/a
Shares outstanding
0.51bn0.55bn0.56bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 10% more shares since 2023

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 350 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • HSBC Holdings plc
    Passive investor
    42.0%−1.0 pts
    Since 31 March 2025
  • Dennis J. Wilson
    Passive investor
    at least 18.0%
    (filed with 4 related holders)
    Since 25 August 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented by the following: On August 25, 2025, Anamered Investments Inc. ("Anamered") sold an aggregate of 4,054,054 Ordinary Shares pursuant to an unregistered block sale transaction with an unaffiliated broker dealer…

    Read the filing
  • at least 6.1%−6.5 pts
    (filed with 2 related holders)
    Since 30 May 2025
    What they said

    Item 4(a) of the Schedule 13D is hereby amended and supplemented by adding the following: On May 28, 2025, Baseball I entered into an underwriting agreement (the "Underwriting Agreement") with Goldman Sachs & Co. LLC and BofA Securities, Inc. (collectively, the "Underwriters")…

    Read the filing
  • Tencent Holdings Limited
    Passive investor
    Sold down below 5%
    Since 20 August 2026
    What they said

    Item 4 of the Statement is hereby amended and supplemented by adding the following: Disposal of Ordinary Shares In August 2026, Mount Jiuhua Investment Limited, a wholly-owned subsidiary of Tencent, transferred all the Ordinary Shares of the Issuer held by it to Huang River…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $33m.

  • Chen Wen-Chang (Victor)
    Chief Strategy Officer
    Sold
    Date
    15 September 2026
    Shares
    117,461
    Price
    $26.60
    Value
    $3m
  • Page Andrew E
    Chief Financial Officer
    Sold
    Date
    2 September 2026
    Shares
    2,022
    Price
    $28.63
    Value
    $57,890
  • Zheng Jie (James)
    Chief Executive Officer, Director
    Sold
    Date
    3 June 2026
    Shares
    500,000
    Price
    $34.42
    Value
    $17m
  • Chen Wen-Chang (Victor)
    Chief Strategy Officer
    Sold
    Date
    1 June 2026
    Shares
    13,075
    Price
    $35.62
    Value
    $465,732
  • Haselden Stuart
    CEO of Arc'teryx Equipment
    Sold
    Date
    1 June 2026
    Shares
    215,275
    Price
    $35.57
    Value
    $8m
  • Page Andrew E
    Chief Financial Officer
    Sold
    Date
    26 May 2026
    Shares
    105,230
    Price
    $36.75
    Value
    $4m
  • Karlsson Jutta C
    General Counsel
    Sold
    Date
    16 April 2026
    Shares
    662
    Price
    $36.26
    Value
    $24,004
  • Haselden Stuart
    CEO of Arc'teryx Equipment
    Sold
    Date
    16 April 2026
    Shares
    11,438
    Price
    $36.26
    Value
    $414,742
  • Page Andrew E
    Chief Financial Officer
    Sold
    Date
    16 April 2026
    Shares
    6,005
    Price
    $36.26
    Value
    $217,741
  • Karlsson Jutta C
    General Counsel
    Sold
    Date
    2 April 2026
    Shares
    457
    Price
    $33.28
    Value
    $15,209

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Amer Sports doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.