Adidas AG - ADR - Level I
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+ FollowMarket Cap$32.27B
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Earnings Call Q1 2026
May 2, 2026 - AI Summary
Strong Q1 performance (growth + profitability)
- Net sales: +14% currency-neutral (reported +7% nominal), with management highlighting “quality” of growth (not just FX / pricing).
- Operating profit: EUR 705m (operating margin 10.7%), ~EUR +100m vs. prior year quarter.
- Gross margin: 51.1% (down 100 bps), but underlying gross margin improving—headwinds from FX and tariffs partially offset operational strength.
Margin bridge: what hurt vs. what helped
- Improving underlying business: pricing “slightly up”, discounting under control.
- Costs mostly stable: product cost + freight “pretty much flat/normalized”.
- Main negative drivers: FX/tariffs (net ~EUR 50m each; ~EUR 100m impact total), driving the gross margin decline by ~100 bps.
Balance sheet / working capital: intentional inventory build
- Inventory: +13% (or +17% currency-neutral).
- Management explicitly framed this as a strategic decision to invest cash into working capital primarily inventory to secure availability and early deliveries, supporting Q1 growth and D2C +22%.
- Guidance on stabilization: inventory ratio expected to stabilize in coming quarters and then decline in H2 as World Cup demand works through.
- Working capital investment: “healthy company” intent; ratio expected to return toward ~<23% over time (and around ~21% for next year).
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$41.56
58.1% downside
Current Fair Value
58.1% downsideOvervalued by 58.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $32.27 Billion |
|---|---|
| Enterprise Value | $37.52 Billion |
| Annual dividend | $1.64 |
| Dividend yield | 1.66% |
| Earnings per Share | $3.6 |
| Beta | 1.18 |
| Outstanding Shares | 346,078,000 |
Return
| Return on Equity | 27.39% |
|---|---|
| Return on Assets | 7.74% |
| Return on Invested Capital | 20.62% |
Valuation & Multiples
| P/E Ratio | 18.22 |
|---|---|
| PEG | 34.29 |
| Price to Sales | 1.29 |
| Price to Book Ratio | 5.51 |
| Enterprise Value to Revenue | 1.4 |
| Enterprise Value to EBIT | 15.36 |
| Enterprise Value to Net Income | 22 |
| Total Debt to Enterprise | 0.17 |
| Debt to Equity | 1.08 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$1.96
Consensus analyst estimateRevenue Estimate
$8.11 B
Consensus analyst estimateNext Earnings Call
Expected Date
March 3, 2027
EPS Estimate
$0.53
Consensus analyst estimateRevenue Estimate
$7.45 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.00000% |
|---|---|
| Total Calls | - |
| Total Puts | - |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.00%▼ 0.02% |
|---|---|
| Total Invested | $471,315▼ 94.95% |
| Investors Holding | 2▼ 13.00% |
About Adidas AG
64,938 employees
CEO: Kasper Rorsted
Globally, adidas AG and its subsidiaries are dedicated to the creation, advancement, dissemination, and promotion of athletic and sports lifestyle goods. Under the prominent adidas brand, the company's offerings encompass a wide array of...