adidas AG

€174.55As of Sun 8 Nov 2026, 12:00 UTC

XETRA:ADSConsumer Disc

Country Germany

PE (Fwd) •••

TSR 10Y CAGR 2.61%

Div yield 1.60%

ROE 26.33%

Footwear & Accessories

Beta (5Y) 1.14

PE TTM 18.91

TSR TTM 8.56%

Mkt cap €30.09B

ROIC 17.00%

SE Grade™

Value

Quality

Moat

Consensus

Reference

€179

2.55%

131.29%

Hold 6|1|10|4|3

TTM

FYE 31 Dec EUR

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

2.628

Revenue€B

4.282

4.360

4.572

4.679

4.981

5.084

5.250

5.478

5.676

5.852

2.823

3.27%

3.50%

22.07

Revenue growth%

21.87

23.40

20.46

18.52

20.56

21.06

22.21

21.43

18.58

20.22

5.82

21.06

20.81

14.64

Gross margin%

22.76

22.97

21.68

20.14

17.25

15.29

14.63

14.50

12.58

11.35

24.33

14.50

16.27

22.72

Operating margin%

6.81

3.96

4.03

2.14

0.40

1.28

3.41

3.68

3.45

2.73

4.58

3.41

3.43

18.79

Net margin%

4.54

2.28

0.40

2.13

3.21

1.24

29.81

1.24

0.82

33.44

P/E ratio (avg)x

20.32

20.33

19.34

21.72

21.94

24.79

28.92

31.72

32.17

38.15

21.15

31.72

23.37

18.29

EV/EBITx

21.53

24.90

27.88

29.89

30.08

35.00

36.08

34.73

39.56

38.28

20.62

36.08

32.40

19.87

FCF yield (avg)%

26.03

24.68

25.49

27.64

28.30

26.00

24.71

26.69

25.07

23.76

15.24

25.07

25.74

17.27

FCF margin%

11.31

11.94

9.27

10.38

10.42

8.72

7.77

6.38

4.53

2.21

22.48

6.38

8.99

1.173

FCF / Net incomex

0.453

0.511

0.537

0.604

0.608

0.710

0.757

0.770

0.867

0.977

0.776

0.770

0.659

13.96

ROIC%

10.57

12.81

12.04

11.87

13.76

15.39

12.93

14.05

11.28

13.68

8.10

13.68

12.87

11.89

Return on equity%

23.02

25.26

25.59

27.49

28.80

31.49

28.72

28.82

29.02

30.00

26.76

29.02

28.76

16.08

Return on assets%

5.01

6.68

7.36

9.84

12.19

9.77

11.47

11.78

11.24

11.09

3.67

11.24

10.47

20.06

EPS€

28.01

28.85

28.40

31.03

34.78

38.47

34.82

39.42

40.31

43.42

22.33

4.54%

5.65%

—

24.90

EPS growth%

32.66

30.65

29.09

28.89

27.40

27.24

28.08

28.18

28.67

30.71

9.33

28.18

28.78

19.42

Bookvalue per sh€

9.02

9.71

10.35

10.34

10.51

10.89

9.76

9.54

8.95

7.89

19.49

(5.59%)

(0.98%)

—

24.17

FCF per share€

7.51

8.59

8.60

8.30

8.80

8.50

8.98

10.44

11.32

10.74

16.68

4.07%

4.08%

—

10.96

Dividend per sh€

16.70

17.23

16.82

17.58

18.01

17.36

17.14

18.69

17.63

20.34

9.55

2.46%

1.93%

—

17.03

Div yield (avg)%

12.83

15.57

15.44

16.46

17.33

15.67

15.14

17.09

14.25

14.30

19.55

15.14

15.51

9.37

Payout ratio%

13.49

15.34

12.41

14.50

13.01

10.64

8.22

10.58

10.78

10.03

11.44

10.58

11.60

168.4

Shares (diluted)M

291.0

350.3

393.9

391.1

462.6

529.1

586.2

707.6

776.5

820.0

167.5

12.13%

12.02%

19.63

Buyback yield%

29.91

30.33

27.81

25.27

23.54

22.63

23.80

26.77

24.35

22.01

10.67

23.80

24.81

0.532

D/E ratiox

1.741

1.960

2.185

2.146

2.115

2.008

2.129

2.073

1.915

1.919

0.205

2.008

2.040

4.024

Enterprise value€B

4.033

4.221

3.840

3.472

3.846

3.717

3.475

3.668

3.283

3.611

3.315

(1.25%)

(2.22%)

2.836

LT debt€B

4.307

4.720

4.692

4.761

5.019

5.039

5.018

5.429

5.175

4.622

3.601

(1.63%)

0.01%

Peers (US$33.79B)

Cap (US$)

Mercedes-Benz Group AG

42.81B

7.292x

Bayerische Motoren…

39.40B

5.762x

Volkswagen AG

39.20B

32.54x

H & M Hennes & Mauritz…

28.85B

21.66x

Capital

TTM

10Y

Leveragex

1.039

3.457

3.236

EBIT/Intx

1.732

1.165

1.099

Own earn%

(28.38)

61.58

40.15

Sh yield%

36.66

38.59

41.30

Owners

Insiders/Inst%

10.73

76.39

Short interest%

2.67

SBC / revenue%

4.11

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

0–7

$1 testx

0.0

Incr. ROIC%

adidas AG, together with its subsidiaries, designs, develops, produces, and markets a range of athletic and sports lifestyle products in Europe, Greater China, Japan, South Korea, Latin America, North America, and internationally.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

€5.852B

3.50%

1.00×

Cost of revenue

€2.689B

3.46%

1.00×

Operating expenses

€1.122B

3.23%

0.97×