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German sportswear company making athletic footwear, apparel and accessories sold globally.
German sportswear company making athletic footwear, apparel and accessories sold globally.
Designs shoes and clothing and has them made by contract factories, mostly in Asia, selling through retailers, its own stores and websites. It ended its Yeezy partnership in 2022, a lasting reset that led to a new chief executive, Bjorn Gulden, in 2023 and a push to rebuild relationships with wholesale retailers.
Moat: narrow (brand, IP / patents, distribution). Globally recognized sports brand with athlete/team endorsements and innovation in cushioning tech.
Headquarters: Herzogenaurach, Germany · Founded: 1949 · Employees: 64,938
Size adidas (ADS.DE) is a Germany Consumer Discretionary company (Apparel/Footwear) with a market value of $33.2B, the 28th largest of 205 Germany companies the cockpit tracks. Shares closed at €174.55 on 6 Nov 2026.
Performance Over six months the shares gained 18.9%, against +2.3% for the median peer and +2.6% for the Germany market (cap-weighted) — 3rd highest of 12 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +12.5%); the operating margin is 8.9% (peer median 18.0%).
Valuation It trades at 18.3× forward earnings against a peer median of 18.8× (5th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.9 points above its cost of capital (8.2% WACC).
Credit adidas has 5 bonds outstanding ($2.78B), rated A by the agencies and trading like AA+ at a weighted spread of 62 bp.
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €26.7B | €24.8B | €23.7B | €21.4B | €22.5B |
| Revenue growth | — | +5% | +11% | -5% | — |
| Gross profit | €14.8B | €11.7B | €10.9B | €9.10B | €9.47B |
| EBITDA | n/a | €3.09B | €2.42B | €1.35B | €1.79B |
| Net income | €1.62B | €1.34B | €764M | -€75.0M | €612M |
| Free cash flow | n/a | €226M | €2.33B | €2.14B | -€1.16B |
| Capital expenditure | n/a | €477M | €540M | €504M | €695M |
| Total debt | €5.98B | €5.55B | €5.59B | €5.56B | €6.46B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| adidas ADS.DE | $33.2B | +19% | +8% | 9% | 18.3× | 3.5% |
| Nike NKE | $57.3B | -13% | -1% | 9% | 30.4× | 7.0% |
| Puma PUM.DE | $4.42B | +4% | -19% | -6% | n/a | n/a |
| Under Armour UA | $2.23B | -19% | -3% | 1% | 83.9× | n/a |
| Lululemon Athletica LULU | $12.8B | -16% | +2% | 18% | 13.4× | -8.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ADS.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.1% | +9.4% | 3rd highest of 12 |
| 6-month return | +18.9% | +2.3% | 3rd highest of 12 |
| Distance from 52-week high | -7.5% | -11.0% | 2nd highest of 12 |
| Revenue growth (TTM) | +8.0% | +12.5% | 6th lowest of 12 |
| Operating margin | 8.9% | 18.0% | 2nd lowest of 12 |
| Forward P/E | 18.3× | 18.8× | 5th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 3.5% | 9.5% | 4th least demanding of 12 |
| Growth delivered (Del g) | +6.1% | +16.5% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | -2.6 pp | -5.8 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | +11.9 pp | +14.0 pp | 5th lowest of 12 |
| Bond spread | 62 bp | 84 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| adidas ADS.DE | Germany | $33.2B | +19% | +8% | 9% | 18.3× | 3.5% | +6.1% |
| Anta Sports 2020.HK | Hong Kong | $28.2B | +2% | +17% | 21% | 12.5× | -0.7% | +16.9% |
| Next NXT.L | United Kingdom | $23.8B | +24% | +13% | 19% | 18.8× | 12.5% | +14.3% |
| Ralph Lauren RL | United States | $22.4B | +5% | +15% | 17% | 18.6× | 11.0% | +13.0% |
| Asics 7936.T | Japan | $20.7B | +10% | +28% | 19% | 27.1× | 14.1% | +19.8% |
| Nike NKE | United States | $57.3B | -13% | -1% | 9% | 30.4× | 7.0% | +0.8% |
| Ryohin Keikaku 7453.T | Japan | $16.4B | +31% | +18% | 11% | 32.4× | 9.5% | +15.3% |
| Moncler MONC.MI | Italy | $13.8B | -11% | +3% | 29% | 19.5× | 10.8% | +16.8% |
| Lululemon Athletica LULU | United States | $12.8B | -16% | +2% | 18% | 13.4× | -8.9% | +20.3% |
| On Holding AG Class A ONON | United States | $12.3B | +6% | +29% | 14% | 20.0× | 22.0% | +51.6% |
| Deckers Brands DECK | United States | $11.6B | -14% | +6% | 23% | 11.0× | -3.3% | +16.5% |
| Levi Strauss & LEVI | United States | $8.77B | +1% | +5% | 13% | 14.6× | 5.2% | +7.1% |
adidas has 5 bonds outstanding with $2.78B face value. The agencies rate it A; its bonds trade like AA+. Weighted yield 3.63%, a spread of 62 bp over government bonds.