# adidas AG (ADS.XETRA)

Canonical: https://gigainvestors.com/s/ADS.XETRA

Analysis as of: 2026-10-16T07:34:18.435Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 157.65 per share; close as of 2026-10-15.

Estimated value: low EUR 59.13 per share, central EUR 66.46 per share, high EUR 76.22 per share. Buy at or below the central value EUR 66.46 per share. Valuation as of 2026-10-16T07:34:18.435Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.10×

- FY2018: 0.11×

- FY2019: 0.11×

- FY2020: 0.04×

- FY2021: 0.09×

- FY2022: 0.03×

- FY2023: 0.01×

- FY2024: 0.06×

- FY2025: 0.08×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 19.2%

- ROIC, second-lowest year: 4.7%

- Typical minus recent gross margin: 2.9 pp

- Typical gross margin (annual median): 50.1%

- Recent gross margin (lower of latest and 3-year median): 47.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 14.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.4%

- FY2017: 30.7%

- FY2018: 42.6%

- FY2019: 26.1%

- FY2020: 8.1%

- FY2021: 20.8%

- FY2022: 4.7%

- FY2023: 2.3%

- FY2024: 13.4%

- FY2025: 17.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 4.9B

- Net income, five-year total: EUR 4.8B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 2.6 pp

- Working capital / revenue, final three-year average: 21.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.98×

- FY2022: 1.00×

- FY2023: -0.00×

- FY2024: 1.01×

- FY2025: 1.05×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 30.7% vs 13.4%

- Per-share earnings: 5.22 to 4.28 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: EUR 924M

- Cumulative retained earnings: EUR 237M

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.4%

- Per-share value change: EUR -0.94

- Per-share value, starting three-year median: EUR 5.22

- Per-share value, ending three-year median: EUR 4.28

- Buybacks concentrated in cheaper years (correlation): 0.47

- Average buyback yield: 1.9%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 404M

- Cumulative net income, 10 years: EUR 11B

- ROIC, first three-year median: 30.7%

- ROIC, last three-year median: 13.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 5.22

- FY2017: EUR 5.63

- FY2018: EUR 8.73

- FY2019: EUR 10.14

- FY2020: EUR 2.27

- FY2021: EUR 11.10

- FY2022: EUR 3.51

- FY2023: EUR -0.42

- FY2024: EUR 4.28

- FY2025: EUR 7.50

### accounting: pass

- Sloan accruals: 2.9%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.56×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.2%

- FY2017: -3.8%

- FY2018: -6.3%

- FY2019: -4.1%

- FY2020: -5.0%

- FY2021: -4.7%

- FY2022: 5.8%

- FY2023: -14.6%

- FY2024: -10.4%

- FY2025: 2.9%

## Holders

## Price story

Down 44% since Oct 2021 · "Adidas weak profit outlook sinks shares" (finance.yahoo.com, Mar 2026) · sales +4.8%

Story as of 2026-10-16T10:00:00.044Z; price observation 2026-10-15.

Price needs cash profits to grow 12.5% a year for ten years

- 2025-05-22: Adidas, Puma expected to hike sportswear prices following Nike as US tariffs hit ([finance.yahoo.com](https://finance.yahoo.com/news/adidas-puma-expected-hike-sportswear-171343789.html))

- 2025-07-30: Adidas Shares Tumble After Sales Miss, Guidance Confirmation ([finance.yahoo.com](https://finance.yahoo.com/m/7960c06c-5859-38ce-b683-e57e7424aff0/adidas-shares-tumble-after.html))

- 2025-10-29: Adidas shares slump as CEO flags heavy discounting in 'nervous' US market ([finance.yahoo.com](https://finance.yahoo.com/news/adidas-shares-slump-ceo-flags-174803107.html))

- 2026-03-04: Adidas weak profit outlook sinks shares ([finance.yahoo.com](https://finance.yahoo.com/video/adidas-weak-profit-outlook-sinks-115622941.html))

- 2026-04-29: Adidas Q1 2026 earnings beat expectations on strong demand ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/adidas-q1-2026-earnings-beat-112839812.html))

- 2026-07-30: Adidas shares tumble after profits  hit by World Cup marketing spend ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/adidas-shares-tumble-profits-hit-073105300.html))

### Sales · FY2024–2025

sales +4.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 19B 

- FY2017: EUR 21B 

- FY2018: EUR 22B 

- FY2019: EUR 24B 

- FY2020: EUR 20B 

- FY2021: EUR 21B 

- FY2022: EUR 23B 

- FY2023: EUR 21B 

- FY2024: EUR 24B 

- FY2025: EUR 25B 

### Gross margin · FY2025

gross margin 47.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 48.6% 

- FY2017: 50.4% 

- FY2018: 51.9% 

- FY2019: 52.0% 

- FY2020: 49.7% 

- FY2021: 50.7% 

- FY2022: 47.3% 

- FY2023: 47.5% 

- FY2024: 50.8% 

- FY2025: 47.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in footwear & accessories; annual sales are EUR 24.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2025: revenue 24811000000; grossProfit 11690000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADS.XETRA: 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. The company offers footwear and apparel, as well as accessories and gear, including bags, balls, sunglasses, and fitness equipment under the adidas brand; golf footwear and apparel under the adidas Golf brand; and outdoor footwear under the Five Ten brand. It sells its products through its own retail stores, mono-branded franchise stores, shop-in-shops, joint ventures with retail partners, and co-branded stores, as well as through its wholesale and e-commerce platforms. The company was formerly known as adidas-Salomon AG and changed its name to adidas AG in June 2006. adidas AG was founded in 1920 and is headquartered in Herzogenaurach, Germany.

### Why customers stay

Margins ranged from 47.1% to 50.8% during 2023–25; it earns 19.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2023: grossProfit / revenue = 47.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2024: grossProfit / revenue = 50.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2025: grossProfit / revenue = 47.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); 10-year return on capital observations [[2016,0.2142548611965901],[2017,0.30742360854606615],[2018,0.42609246081064406],[2019,0.2608186298612353],[2020,0.0812773006171856],[2021,0.20819160491884134],[2022,0.04747979274148121],[2023,0.023458120118502557],[2024,0.1344789989780608],[2025,0.1757093913509608]]; median 0.19195049813490106. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 43 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2016: growth capex 216286242.61117542; upkeep 434713757.3888246; owner earnings 958286242.6111754. Growth capex / owner earnings = 0.22570108282242507.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2017: growth capex 183386243.08690858; upkeep 568613756.9130914; owner earnings 1012386243.0869086. Growth capex / owner earnings = 0.1811425672159847.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2018: growth capex 68658531.97862458; upkeep 638341468.0213754; owner earnings 1553658531.9786246. Growth capex / owner earnings = 0.04419151992889078.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2019: growth capex 0; upkeep 708000000; owner earnings 1927600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2020: growth capex 0; upkeep 443000000; owner earnings 924600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2021: growth capex 0; upkeep 667000000; owner earnings 2116800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2022: growth capex 0; upkeep 695000000; owner earnings 636800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2023: growth capex 0; upkeep 504000000; owner earnings 200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2024: growth capex 0; upkeep 540000000; owner earnings 774600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2025: growth capex 0; upkeep 477000000; owner earnings 1401400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); Dividend observations: [[2016,320000000],[2017,405000000],[2018,528000000],[2019,664000000],[2020,585000000],[2021,585000000],[2022,610000000],[2023,125000000],[2024,125000000],[2025,357000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); FY2025: cash repurchases 43000000 EUR.

### Are managers owners

Insiders own 7.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADS.XETRA SharesStats.PercentInsiders = 7.099 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.5% yearly over ten years; actual growth was 9.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.435Z); Ten-year compound average after fade. Initial solved rate 0.1671747827116844. Price 157.65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.2512820512820513 → FY2025 7.843729885539977. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 149.40 per share

- 2016-11: EUR 139.00 per share

- 2016-12: EUR 150.15 per share

- 2017-01: EUR 145.65 per share

- 2017-02: EUR 158.40 per share

- 2017-03: EUR 178.30 per share

- 2017-04: EUR 183.90 per share

- 2017-05: EUR 170.25 per share

- 2017-06: EUR 167.75 per share

- 2017-07: EUR 193.00 per share

- 2017-08: EUR 188.55 per share

- 2017-09: EUR 191.40 per share

- 2017-10: EUR 191.05 per share

- 2017-11: EUR 175.20 per share

- 2017-12: EUR 167.15 per share

- 2018-01: EUR 187.30 per share

- 2018-02: EUR 182.60 per share

- 2018-03: EUR 196.65 per share

- 2018-04: EUR 203.90 per share

- 2018-05: EUR 193.60 per share

- 2018-06: EUR 186.95 per share

- 2018-07: EUR 189.15 per share

- 2018-08: EUR 214.90 per share

- 2018-09: EUR 210.90 per share

- 2018-10: EUR 208.00 per share

- 2018-11: EUR 194.80 per share

- 2018-12: EUR 182.40 per share

- 2019-01: EUR 207.70 per share

- 2019-02: EUR 213.60 per share

- 2019-03: EUR 216.60 per share

- 2019-04: EUR 229.10 per share

- 2019-05: EUR 256.20 per share

- 2019-06: EUR 271.50 per share

- 2019-07: EUR 289.55 per share

- 2019-08: EUR 269.70 per share

- 2019-09: EUR 285.65 per share

- 2019-10: EUR 276.85 per share

- 2019-11: EUR 282.75 per share

- 2019-12: EUR 289.80 per share

- 2020-01: EUR 285.80 per share

- 2020-02: EUR 250.55 per share

- 2020-03: EUR 205.90 per share

- 2020-04: EUR 209.20 per share

- 2020-05: EUR 237.20 per share

- 2020-06: EUR 233.60 per share

- 2020-07: EUR 233.90 per share

- 2020-08: EUR 254.60 per share

- 2020-09: EUR 276.10 per share

- 2020-10: EUR 255.00 per share

- 2020-11: EUR 267.30 per share

- 2020-12: EUR 297.90 per share

- 2021-01: EUR 262.00 per share

- 2021-02: EUR 288.90 per share

- 2021-03: EUR 266.20 per share

- 2021-04: EUR 256.85 per share

- 2021-05: EUR 298.35 per share

- 2021-06: EUR 313.90 per share

- 2021-07: EUR 306.10 per share

- 2021-08: EUR 300.45 per share

- 2021-09: EUR 271.80 per share

- 2021-10: EUR 283.30 per share

- 2021-11: EUR 255.55 per share

- 2021-12: EUR 253.20 per share

- 2022-01: EUR 242.25 per share

- 2022-02: EUR 212.05 per share

- 2022-03: EUR 211.90 per share

- 2022-04: EUR 193.72 per share

- 2022-05: EUR 184.46 per share

- 2022-06: EUR 168.76 per share

- 2022-07: EUR 167.80 per share

- 2022-08: EUR 148.28 per share

- 2022-09: EUR 118.88 per share

- 2022-10: EUR 98.98 per share

- 2022-11: EUR 122.26 per share

- 2022-12: EUR 127.46 per share

- 2023-01: EUR 147.38 per share

- 2023-02: EUR 141.66 per share

- 2023-03: EUR 162.78 per share

- 2023-04: EUR 159.44 per share

- 2023-05: EUR 151.50 per share

- 2023-06: EUR 177.78 per share

- 2023-07: EUR 184.00 per share

- 2023-08: EUR 184.42 per share

- 2023-09: EUR 166.62 per share

- 2023-10: EUR 167.20 per share

- 2023-11: EUR 192.14 per share

- 2023-12: EUR 184.16 per share

- 2024-01: EUR 176.12 per share

- 2024-02: EUR 187.12 per share

- 2024-03: EUR 207.00 per share

- 2024-04: EUR 226.40 per share

- 2024-05: EUR 231.50 per share

- 2024-06: EUR 223.00 per share

- 2024-07: EUR 231.30 per share

- 2024-08: EUR 232.00 per share

- 2024-09: EUR 237.90 per share

- 2024-10: EUR 219.40 per share

- 2024-11: EUR 223.10 per share

- 2024-12: EUR 236.80 per share

- 2025-01: EUR 254.90 per share

- 2025-02: EUR 246.20 per share

- 2025-03: EUR 216.70 per share

- 2025-04: EUR 201.70 per share

- 2025-05: EUR 219.50 per share

- 2025-06: EUR 197.95 per share

- 2025-07: EUR 168.05 per share

- 2025-08: EUR 166.35 per share

- 2025-09: EUR 179.40 per share

- 2025-10: EUR 163.80 per share

- 2025-11: EUR 160.40 per share

- 2025-12: EUR 169.05 per share

- 2026-01: EUR 149.15 per share

- 2026-02: EUR 158.20 per share

- 2026-03: EUR 136.65 per share

- 2026-04: EUR 147.40 per share

- 2026-05: EUR 166.60 per share

- 2026-06: EUR 179.40 per share

- 2026-07: EUR 159.40 per share

- 2026-08: EUR 151.40 per share

- 2026-09: EUR 145.30 per share

- 2026-10: EUR 153.25 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 60.51 per share, central EUR 78.68 per share, high EUR 90.92 per share

- FY2017: low EUR 72.86 per share, central EUR 100.15 per share, high EUR 116.33 per share

- FY2018: low EUR 84.46 per share, central EUR 113.67 per share, high EUR 131.24 per share

- FY2019: low EUR 92.85 per share, central EUR 127.46 per share, high EUR 147.74 per share

- FY2020: low EUR 74.96 per share, central EUR 82.58 per share, high EUR 92.72 per share

- FY2021: low EUR 102.74 per share, central EUR 114.42 per share, high EUR 129.96 per share

- FY2022: low EUR 98.85 per share, central EUR 112.09 per share, high EUR 129.72 per share

- FY2023: low EUR 66.99 per share, central EUR 75.42 per share, high EUR 86.64 per share

- FY2024: low EUR 58.65 per share, central EUR 65.19 per share, high EUR 73.89 per share

- FY2025: low EUR 56.05 per share, central EUR 62.89 per share, high EUR 72.00 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:05.684Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.