# Amer Sports (AS.US)

Canonical: https://gigainvestors.com/s/AS

Analysis as of: 2026-10-16T07:26:36.112Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

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

Share price: $29.94 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 24% since Aug 2025 · "Amer Sports shares pinned down as Q1, FY26 profit outlook misses estimates" (seekingalpha.com, Feb 2026)

Story as of 2026-10-16T09:58:19.811Z; price observation 2026-10-15.

- 2025-05-20: Amer Sports Raises 2025 Guidance, Tariffs Not Major Concern ([finance.yahoo.com](https://finance.yahoo.com/news/amer-sports-raises-2025-guidance-125042827.html))

- 2025-08-19: Amer Sports (AS) Reports Strong Revenue Growth and Raises 2025 Earnings Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/amer-sports-reports-strong-revenue-174452008.html))

- 2025-11-19: Amer Sports (NYSE:AS) Valuation in Focus After Q3 Earnings Beat and Upgraded Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/amer-sports-nyse-valuation-focus-121141694.html))

- 2026-02-24: Amer Sports Shares Drop 8.6% After Q1 Outlook Misses Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/amer-sports-shares-drop-8-195534293.html))

- 2026-05-19: Amer Sports Raises Revenue Outlook After 32% Quarterly Sales Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/amer-sports-raises-revenue-outlook-173730200.html))

## Owner memo

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

### How it makes money

Operates in leisure; annual sales are USD 6.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1988894/000198889426000004/as-20251231.htm (filed 2026-02-26); FY2025: revenue 6566200000; grossProfit 3784300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AS.US: Amer Sports, Inc. designs, manufactures, markets, distributes, and sells sports equipment, apparel, footwear, and accessories in Europe, the Middle East, Africa, the Americas, Mainland China, Hong Kong, Macau, Taiwan, and the Asia Pacific. It operates through three segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports. The Technical Apparel segment offers outdoor apparel, footwear, and accessories, which include climbing gear. The Outdoor Performance segment provides hiking and running footwear, functional apparel, skiing and snowboarding gear, and lifestyle footwear products. The Ball & Racquet Sports segment offers sports equipment for tennis, baseball, American football, basketball, golf, and various other professional and recreational sports, as well as functional athletic apparel. This segment provides custom-fitting protective gear and apparel for baseball, softball, football, and lacrosse. The company sells its products under the Arc'teryx, PeakPerformance, Salomon, Atomic, Armada, Wilson, Louisville Slugger, DeMarini, EvoShield, and Atec brands. It distributes its products through retail stores, general sporting goods retailers, specialty stores, independently operated partner stores, and distributors, as well as retailer-owned and third-party e-commerce websites. The company was formerly known as Amer Sports Management Holding (Cayman) Limited and changed its name to Amer Sports, Inc. in August 2023. Amer Sports, Inc. was founded in 1950 and is based in Helsinki, Finland.

### Why customers stay

Margins ranged from 52.5% to 57.6% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 52.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 55.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1988894/000198889426000004/as-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 57.6%.

### Where the cash goes

Paid no dividends in 6 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 65900000; owner earnings 13900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 241700000; owner earnings 104700000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1988894/000198889426000004/as-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 225500000; owner earnings 586100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 66.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AS.US SharesStats.PercentInsiders = 66.22200000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 29.94 USD; reporting-to-trading FX 1; FY2025 annual sales per share 11.66130962786916; price multiple 2.5674646292254275. FY2025 cash earnings/share 1.0408902520322432. Closing-price date 2026-10-15.

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

- 2024-02: $16.32 per share

- 2024-03: $16.30 per share

- 2024-04: $14.28 per share

- 2024-05: $15.37 per share

- 2024-06: $12.57 per share

- 2024-07: $11.61 per share

- 2024-08: $13.65 per share

- 2024-09: $15.95 per share

- 2024-10: $17.85 per share

- 2024-11: $26.33 per share

- 2024-12: $27.96 per share

- 2025-01: $31.97 per share

- 2025-02: $29.89 per share

- 2025-03: $26.73 per share

- 2025-04: $24.25 per share

- 2025-05: $36.38 per share

- 2025-06: $38.76 per share

- 2025-07: $37.54 per share

- 2025-08: $39.32 per share

- 2025-09: $34.75 per share

- 2025-10: $31.23 per share

- 2025-11: $37.13 per share

- 2025-12: $37.35 per share

- 2026-01: $36.63 per share

- 2026-02: $37.98 per share

- 2026-03: $32.92 per share

- 2026-04: $35.07 per share

- 2026-05: $35.58 per share

- 2026-06: $33.84 per share

- 2026-07: $35.51 per share

- 2026-08: $30.55 per share

- 2026-09: $27.29 per share

- 2026-10: $29.94 per share

## Annual estimated value (USD 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

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1988894/000198889426000004/as-20251231.htm); period 2025-12-31, filed 2026-02-26.

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.

## Reported holder observations

- [Andreas Halvorsen](https://gigainvestors.com/vg): 5,954,351 AS shares; USD 201,495,000 reported position value; 0.57% of portfolio; reduce; quarter 2026 Q2.

# AS — Amer Sports Inc

Held by 1 investor · USD 201,495,000 total · 2026 Q2 · reported price USD 33.84 (split-adjusted).
Page: https://gigainvestors.com/s/AS

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Andreas Halvorsen (https://gigainvestors.com/vg) | USD 201,495,000 | 0.6% | reduce -18.1% |

## Total held by quarter

- 2025 Q1: USD 62,931,375 · 1 holder · USD 26.73
- 2025 Q2: USD 150,413,955 · 1 holder · USD 38.76
- 2025 Q3: USD 220,435,965 · 1 holder · USD 34.75
- 2025 Q4: USD 179,813,732 · 1 holder · USD 37.35
- 2026 Q1: USD 239,344,070 · 1 holder · USD 32.92
- 2026 Q2: USD 201,495,000 · 1 holder · USD 33.84