Amer Sports Financials

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Amer Sports (AS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AS FY2025 2026-04-22

Amer Sports’ recent earnings surge looks most meaningful because cash generation and balance-sheet capacity improved at the same time.

From FY2023 to FY2025, net income moved from -$208.8M to $440.4M, flipping the business from reported losses to reported profit. Over the same stretch, operating cash flow rose from $199.0M to $729.8M, which matters because the improvement is showing up in cash rather than staying trapped in accruals.

The bigger structural change is the equity reset: shareholder equity went from -$156.8M in FY2023 to $5.8B in FY2025, turning a deficit balance sheet into one that can support growth without leaning heavily on leverage. That is why debt-to-equity now sits near 0.1x instead of a distorted negative reading, and why liabilities no longer dominate the capital structure.

This is still not an asset-light expansion story: inventory climbed from $1.2B to $1.6B between FY2024 and FY2025, showing that more sales require more product sitting on the balance sheet first. Even so, free cash flow reached $513.3M on capex of $216.5M, indicating reinvestment is meaningful but not consuming the operating engine.

Financial Health Signals

Financial Health Score 42/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Amer Sports's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Amer Sports's revenue surged 26.7% year-over-year to $6.6B, reflecting rapid business expansion. This strong growth earns a score of 84/100.

Leverage

Amer Sports carries a low D/E ratio of 0.11, meaning only $0.11 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Amer Sports's current ratio of 1.50 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Amer Sports has a free cash flow margin of 7.8%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.

Piotroski F-Score Partial

5/8

Amer Sports passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.66x

For every $1 of reported earnings, Amer Sports generates $1.66 in operating cash flow ($729.8M OCF vs $440.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$6.6B

YoY+26.7%

Amer Sports generated $6.6B in revenue in fiscal year 2025. This represents an increase of 26.7% from the prior year.

EBITDA

N/A

Net Income

$440.4M

YoY+461.7%

Amer Sports reported $440.4M in net income in fiscal year 2025. This represents an increase of 461.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$513.3M

YoY+162.4%

Amer Sports generated $513.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 162.4% from the prior year.

Cash & Debt

$652.3M

YoY+88.9%

Amer Sports held $652.3M in cash against $660.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

558M

YoY+0.7%

Amer Sports had 558M shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

6.7%

YoY+5.2pp

Amer Sports's net profit margin was 6.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.2 percentage points from the prior year.

Return on Equity

7.6%

YoY+6.0pp

Amer Sports's ROE was 7.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$216.5M

YoY-5.5%

Amer Sports invested $216.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 5.5% from the prior year.

AS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$6.6B+26.7%	$5.2B+17.8%	$4.4B+23.2%	$3.6B+16.5%	$3.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	$33.1M+47.8%	$22.4M+83.6%	$12.2M+43.5%	$8.5M-6.6%	$9.1M
Income Tax	$184.1M+122.3%	$82.8M-20.5%	$104.2M+115.7%	$48.3M+39.2%	$34.7M
Net Income	$440.4M+461.7%	$78.4M+137.5%	-$208.8M+17.4%	-$252.7M-100.1%	-$126.3M
EPS (Diluted)	N/A	$0.14+125.9%	$-0.54+10.0%	$-0.60-87.5%	$-0.32

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$2.1B+19.6%	$1.8B+42.1%	$1.2B-16.0%	$1.5B-10.0%	$1.6B+20.8%	$1.4B+35.2%	$1.0B-16.0%	$1.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$9.2M+4.5%	$8.8M+11.4%	$7.9M+9.7%	$7.2M+5.9%	$6.8M+6.3%	$6.4M+30.6%	$4.9M+14.0%	$4.3M
Income Tax	$73.9M+44.1%	$51.3M+8650.0%	-$600K-101.0%	$59.5M+10.6%	$53.8M-26.0%	$72.7M+240.1%	-$51.9M-732.9%	$8.2M
Net Income	$133.5M-8.8%	$146.4M+553.6%	$22.4M-83.8%	$138.1M+707.6%	$17.1M-69.6%	$56.2M+3222.2%	-$1.8M-126.1%	$6.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	$0.11+1200.0%	$-0.01	N/A

AS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$10.1B+19.9%	$8.4B+0.3%	$8.4B+6.1%	$7.9B	N/A
Current Assets	$3.3B+34.4%	$2.5B+4.6%	$2.4B+8.2%	$2.2B	N/A
Cash & Equivalents	$652.3M+88.9%	$345.4M-28.5%	$483.4M+20.2%	$402.0M-29.2%	$567.6M
Inventory	$1.6B+32.6%	$1.2B+11.2%	$1.1B+20.5%	$912.5M	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.3B+9.9%	$2.1B-6.3%	$2.3B+1.2%	$2.2B	N/A
Total Liabilities	$4.2B+25.3%	$3.4B-60.3%	$8.5B+7.0%	$8.0B	N/A
Current Liabilities	$2.2B+36.9%	$1.6B+2.6%	$1.6B+23.0%	$1.3B	N/A
Long-Term Debt	$660.9M+50.5%	$439.0M+75.3%	$250.4M+88.3%	$133.0M	N/A
Total Equity	$5.8B+16.2%	$5.0B+3294.1%	-$156.8M-112.2%	-$73.9M-294.5%	$38.0M
Retained Earnings	N/A	N/A	-$1.1B-24.6%	-$848.9M	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$10.1B+3.6%	$9.7B+7.7%	$9.0B+5.8%	$8.5B+1.6%	$8.4B-4.9%	$8.8B+7.1%	$8.2B	N/A
Current Assets	$3.3B+4.2%	$3.2B+23.1%	$2.6B+5.4%	$2.4B-0.6%	$2.5B-3.5%	$2.5B+16.2%	$2.2B	N/A
Cash & Equivalents	$652.3M+84.6%	$353.3M+16.4%	$303.4M-28.1%	$422.1M+22.2%	$345.4M+10.7%	$312.0M+21.9%	$255.9M-24.1%	$337.3M
Inventory	$1.6B-5.2%	$1.7B+7.1%	$1.6B+26.0%	$1.3B+3.6%	$1.2B-8.6%	$1.3B+7.9%	$1.2B	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$2.3B+1.0%	$2.3B+1.3%	$2.3B+5.7%	$2.2B+1.6%	$2.1B-6.7%	$2.3B+1.5%	$2.2B	N/A
Total Liabilities	$4.2B+4.9%	$4.0B+15.7%	$3.5B+6.0%	$3.3B-2.7%	$3.4B-28.2%	$4.7B+11.5%	$4.2B	N/A
Current Liabilities	$2.2B+5.3%	$2.1B+30.2%	$1.6B+9.8%	$1.5B-9.0%	$1.6B+2.7%	$1.6B+34.2%	$1.2B	N/A
Long-Term Debt	$660.9M+15.0%	$574.9M+11.3%	$516.4M+6.7%	$484.1M+10.3%	$439.0M+7.7%	$407.8M+23.7%	$329.8M	N/A
Total Equity	$5.8B+2.7%	$5.7B+2.6%	$5.5B+5.6%	$5.2B+4.4%	$5.0B+21.8%	$4.1B+2.5%	$4.0B-0.3%	$4.0B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$729.8M+71.8%	$424.7M+113.4%	$199.0M+317.0%	-$91.7M-134.2%	$268.0M
Capital Expenditures	$216.5M-5.5%	$229.1M+85.4%	$123.6M+59.1%	$77.7M+28.0%	$60.7M
Free Cash Flow	$513.3M+162.4%	$195.6M+159.4%	$75.4M+144.5%	-$169.4M-181.7%	$207.3M
Investing Cash Flow	-$338.1M-26.0%	-$268.3M-73.3%	-$154.8M-30.5%	-$118.6M-140.1%	$295.4M
Financing Cash Flow	-$124.0M+53.4%	-$266.0M-860.0%	$35.0M-56.8%	$81.1M+121.9%	-$369.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$625.4M+20274.2%	-$3.1M+94.5%	-$56.2M-134.3%	$163.7M-59.8%	$406.8M+931.9%	-$48.9M+1.6%	-$49.7M-142.7%	$116.5M
Capital Expenditures	$74.7M+33.2%	$56.1M+25.8%	$44.6M+8.5%	$41.1M-43.0%	$72.1M+41.7%	$50.9M+7.4%	$47.4M-19.3%	$58.7M
Free Cash Flow	$550.7M+1030.2%	-$59.2M+41.3%	-$100.8M-182.2%	$122.6M-63.4%	$334.7M+435.4%	-$99.8M-2.8%	-$97.1M-268.0%	$57.8M
Investing Cash Flow	-$94.8M+12.3%	-$108.1M-63.8%	-$66.0M+4.6%	-$69.2M+22.6%	-$89.4M-38.6%	-$64.5M-36.9%	-$47.1M+30.0%	-$67.3M
Financing Cash Flow	-$238.3M-256.2%	$152.6M+1500.0%	-$10.9M+60.2%	-$27.4M+89.1%	-$251.7M-266.1%	$151.5M+693.2%	$19.1M+110.3%	-$184.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	6.7%+5.2pp	1.5%+6.3pp	-4.8%+2.3pp	-7.1%-3.0pp	-4.1%
Return on Equity	7.6%+6.0pp	1.6%	N/A	N/A	-332.4%
Return on Assets	4.4%+3.5pp	0.9%+3.4pp	-2.5%+0.7pp	-3.2%	N/A
Current Ratio	1.50-0.0	1.52+0.0	1.49-0.2	1.70	N/A
Debt-to-Equity	0.11+0.0	0.09+1.7	-1.60+0.2	-1.80	N/A
FCF Margin	7.8%+4.1pp	3.8%+2.1pp	1.7%+6.5pp	-4.7%-11.5pp	6.8%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	6.3%-2.0pp	8.3%+6.5pp	1.8%-7.6pp	9.4%+8.3pp	1.1%-3.1pp	4.2%+4.3pp	-0.2%-0.8pp	0.6%
Return on Equity	2.3%-0.3pp	2.6%+2.2pp	0.4%-2.2pp	2.6%+2.3pp	0.3%-1.0pp	1.4%+1.4pp	-0.0%-0.2pp	0.2%
Return on Assets	1.3%-0.2pp	1.5%+1.3pp	0.3%-1.4pp	1.6%+1.4pp	0.2%-0.4pp	0.6%+0.7pp	-0.0%	N/A
Current Ratio	1.50-0.0	1.51-0.1	1.60-0.1	1.66+0.1	1.52-0.1	1.62-0.3	1.87	N/A
Debt-to-Equity	0.11+0.0	0.100.0	0.090.0	0.090.0	0.09-0.0	0.10+0.0	0.08	N/A
FCF Margin	26.2%+29.6pp	-3.4%+4.8pp	-8.2%-16.5pp	8.3%-12.1pp	20.5%+27.8pp	-7.4%+2.3pp	-9.7%-14.6pp	4.9%

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Frequently Asked Questions

What is Amer Sports's annual revenue?

Amer Sports (AS) reported $6.6B in total revenue for fiscal year 2025. This represents a 26.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Amer Sports's revenue growing?

Amer Sports (AS) revenue grew by 26.7% year-over-year, from $5.2B to $6.6B in fiscal year 2025.

Is Amer Sports profitable?

Yes, Amer Sports (AS) reported a net income of $440.4M in fiscal year 2025, with a net profit margin of 6.7%.

How much debt does Amer Sports have?

As of fiscal year 2025, Amer Sports (AS) had $652.3M in cash and equivalents against $660.9M in long-term debt.

What is Amer Sports's net profit margin?

Amer Sports (AS) had a net profit margin of 6.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Amer Sports's return on equity (ROE)?

Amer Sports (AS) has a return on equity of 7.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Amer Sports's free cash flow?

Amer Sports (AS) generated $513.3M in free cash flow during fiscal year 2025. This represents a 162.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Amer Sports's operating cash flow?

Amer Sports (AS) generated $729.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Amer Sports's total assets?

Amer Sports (AS) had $10.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Amer Sports's capital expenditures?

Amer Sports (AS) invested $216.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Amer Sports have outstanding?

Amer Sports (AS) had 558M shares outstanding as of fiscal year 2025.

What is Amer Sports's current ratio?

Amer Sports (AS) had a current ratio of 1.50 as of fiscal year 2025, which is considered adequate.

What is Amer Sports's debt-to-equity ratio?

Amer Sports (AS) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Amer Sports's return on assets (ROA)?

Amer Sports (AS) had a return on assets of 4.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Amer Sports's Piotroski F-Score?

Amer Sports (AS) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Amer Sports's earnings high quality?

Amer Sports (AS) has an earnings quality ratio of 1.66x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Amer Sports?

Amer Sports (AS) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.