# Puma Se (PUM.XETRA)

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

Analysis as of: 2026-10-16T07:38:21.985Z. Financial observations: FY1997–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 24.19 per share; close as of 2026-10-15.

Estimated value: low EUR 10.85 per share, central EUR 12.13 per share, high EUR 13.83 per share. Buy at or below the central value EUR 12.13 per share. Valuation as of 2026-10-16T07:38:21.985Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% 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: 0.70×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.06×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.04×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: -0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 14.0%

- ROIC, second-lowest year: 8.4%

- Typical minus recent gross margin: 2.2 pp

- Typical gross margin (annual median): 47.1%

- Recent gross margin (lower of latest and 3-year median): 44.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.4%

- FY2017: 18.0%

- FY2018: 21.4%

- FY2019: 16.3%

- FY2020: 8.4%

- FY2021: 16.1%

- FY2022: 14.9%

- FY2023: 13.1%

- FY2024: 12.2%

- FY2025: -7.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -65M

- Net income, five-year total: EUR 604M

- Return on incremental invested capital: -43.7%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.1 pp

- Working capital / revenue, final three-year average: 21.0%

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

- FY2021: 0.61×

- FY2022: 0.50×

- FY2023: 0.38×

- FY2024: 0.57×

- FY2025: 1.09×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.0% vs 12.2%

- Per-share earnings: 0.42 to 1.84 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: EUR -444M

- Cumulative retained earnings: EUR 488M

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.4%

- Per-share value change: EUR 1.43

- Per-share value, starting three-year median: EUR 0.42

- Per-share value, ending three-year median: EUR 1.84

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.3%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 204M

- Cumulative net income, 10 years: EUR 1.4B

- ROIC, first three-year median: 18.0%

- ROIC, last three-year median: 12.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.42

- FY2017: EUR 0.91

- FY2018: EUR 1.25

- FY2019: EUR 1.75

- FY2020: EUR 0.82

- FY2021: EUR 2.07

- FY2022: EUR 2.36

- FY2023: EUR 1.84

- FY2024: EUR 1.91

- FY2025: EUR -4.37

### accounting: pass

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.31×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: -3.2%

- FY2018: -2.8%

- FY2019: -6.5%

- FY2020: -6.4%

- FY2021: -2.6%

- FY2022: -1.0%

- FY2023: -5.3%

- FY2024: -5.8%

- FY2025: -3.4%

## Holders

## Price story

Down 77% since Dec 2021 · "Puma expects more loss and cancels dividend in turnaround drive" (finance.yahoo.com, Feb 2026) · sales -17.3%

Story as of 2026-10-16T10:00:09.885Z; price observation 2026-10-15.

Price needs cash profits to grow 10.5% a year for ten years

- 2025-07-25: Puma shares dive after warning of full year loss ([finance.yahoo.com](https://finance.yahoo.com/news/puma-shares-dive-warning-full-061707174.html))

- 2025-10-30: Puma cuts 900 jobs and launches business U-turn after sales slump ([finance.yahoo.com](https://finance.yahoo.com/video/puma-cuts-900-jobs-launches-113416871.html))

- 2025-11-09: PUMA (XTRA:PUM) Is Down 13.8% After Sales Drop and Leadership Shakeup—What's Changed ([finance.yahoo.com](https://finance.yahoo.com/news/puma-xtra-pum-down-13-081822188.html))

- 2026-02-26: Puma expects more loss and cancels dividend in turnaround drive ([finance.yahoo.com](https://finance.yahoo.com/video/puma-expects-more-loss-cancels-104222615.html))

### Sales · FY2024–2025

sales -17.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.6B 

- FY2017: EUR 4.1B 

- FY2018: EUR 4.6B 

- FY2019: EUR 5.5B 

- FY2020: EUR 5.2B 

- FY2021: EUR 6.8B 

- FY2022: EUR 8.5B 

- FY2023: EUR 8.6B 

- FY2024: EUR 8.8B 

- FY2025: EUR 7.3B 

### Gross margin · FY2025

gross margin 44.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 45.7% 

- FY2017: 47.3% 

- FY2018: 48.4% 

- FY2019: 48.8% 

- FY2020: 47.0% 

- FY2021: 47.9% 

- FY2022: 46.1% 

- FY2023: 46.3% 

- FY2024: 47.4% 

- FY2025: 44.9% 

## Owner memo

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

### How it makes money

Operates in footwear & accessories; annual sales are EUR 7.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2025: revenue 7296200000; grossProfit 3279600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PUM.XETRA: PUMA SE, together with its subsidiaries, engages in the development and sale of sports and sports lifestyle products in Europe, Middle East, Africa, India, North America, Latin America, Greater China, Rest of Asia-Pacific, and internationally. It offers sports lifestyle products for football, handball, rugby, cricket, volleyball, track and field, motor sports, golf, and basketball. The company also issues licenses to independent partners to design, develop, manufacture, and sell glasses, safety shoes, workwear, and gaming accessories. It sells its products under the PUMA and Cobra Golf brands through retail stores, factory outlets, and online stores, as well as wholesale and retail trade. PUMA SE was founded in 1919 and is headquartered in Herzogenaurach, Germany.

### Why customers stay

Margins ranged from 44.9% to 47.4% during 2023–25; it earns 14% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2023: grossProfit / revenue = 46.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2024: grossProfit / revenue = 47.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2025: grossProfit / revenue = 44.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); 10-year return on capital observations [[2016,0.08350347036610055],[2017,0.18026306918378568],[2018,0.21391954853549663],[2019,0.16337598492723346],[2020,0.08435082408259112],[2021,0.16059495648889666],[2022,0.14857387834903543],[2023,0.13138528699587737],[2024,0.1220928391194745],[2025,-0.07302246144291481]]; median 0.13997958267245642. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 46% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); Gross margin observations: [[2021,0.478708084756223],[2022,0.4610459415718657],[2023,0.4634665240591976]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 59.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2016: growth capex 16950775.098407477; upkeep 67349224.90159252; owner earnings 54950775.09840748. Growth capex / owner earnings = 0.3084719927617313.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2017: growth capex 35411760.951513276; upkeep 87488239.04848672; owner earnings 118711760.95151328. Growth capex / owner earnings = 0.2983003593551012.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2018: growth capex 34826441.822848886; upkeep 95373558.17715111; owner earnings 173526441.8228489. Growth capex / owner earnings = 0.20069818442080886.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2019: growth capex 0; upkeep 218400000; owner earnings 162440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2020: growth capex 0; upkeep 151000000; owner earnings 79560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2021: growth capex 0; upkeep 202400000; owner earnings 189840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2022: growth capex 0; upkeep 263600000; owner earnings 176600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2023: growth capex 0; upkeep 300400000; owner earnings 115520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2024: growth capex 0; upkeep 263000000; owner earnings 159380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); Dividend observations: [[2016,7500000],[2017,11200000],[2018,186800000],[2019,52300000],[2020,23900000],[2021,23900000],[2022,107700000],[2023,122800000],[2024,122800000],[2025,89800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); FY2025: cash repurchases 59700000 EUR.

### Are managers owners

Insiders own 31% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PUM.XETRA SharesStats.PercentInsiders = 31.046000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:21.985Z); Ten-year compound average after fade. Initial solved rate 0.13812167640984063. Price 24.19; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.24857005219971096 → FY2025 -4.786382701911545. Closing-price date 2026-10-15.

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

- 2016-10: EUR 22.67 per share

- 2016-11: EUR 23.21 per share

- 2016-12: EUR 24.97 per share

- 2017-01: EUR 28.15 per share

- 2017-02: EUR 29.37 per share

- 2017-03: EUR 29.26 per share

- 2017-04: EUR 35.85 per share

- 2017-05: EUR 35.14 per share

- 2017-06: EUR 33.64 per share

- 2017-07: EUR 33.91 per share

- 2017-08: EUR 34.59 per share

- 2017-09: EUR 32.93 per share

- 2017-10: EUR 38.86 per share

- 2017-11: EUR 37.40 per share

- 2017-12: EUR 36.30 per share

- 2018-01: EUR 33.90 per share

- 2018-02: EUR 36.15 per share

- 2018-03: EUR 39.65 per share

- 2018-04: EUR 40.45 per share

- 2018-05: EUR 51.90 per share

- 2018-06: EUR 50.10 per share

- 2018-07: EUR 42.90 per share

- 2018-08: EUR 47.20 per share

- 2018-09: EUR 42.50 per share

- 2018-10: EUR 45.40 per share

- 2018-11: EUR 44.30 per share

- 2018-12: EUR 42.70 per share

- 2019-01: EUR 48.65 per share

- 2019-02: EUR 49.55 per share

- 2019-03: EUR 51.70 per share

- 2019-04: EUR 55.15 per share

- 2019-05: EUR 52.05 per share

- 2019-06: EUR 58.65 per share

- 2019-07: EUR 63.25 per share

- 2019-08: EUR 69.05 per share

- 2019-09: EUR 71.00 per share

- 2019-10: EUR 67.45 per share

- 2019-11: EUR 68.20 per share

- 2019-12: EUR 68.35 per share

- 2020-01: EUR 72.40 per share

- 2020-02: EUR 69.20 per share

- 2020-03: EUR 54.40 per share

- 2020-04: EUR 57.38 per share

- 2020-05: EUR 64.18 per share

- 2020-06: EUR 68.82 per share

- 2020-07: EUR 65.84 per share

- 2020-08: EUR 69.18 per share

- 2020-09: EUR 76.86 per share

- 2020-10: EUR 75.04 per share

- 2020-11: EUR 83.36 per share

- 2020-12: EUR 92.28 per share

- 2021-01: EUR 80.78 per share

- 2021-02: EUR 87.98 per share

- 2021-03: EUR 83.54 per share

- 2021-04: EUR 87.72 per share

- 2021-05: EUR 93.82 per share

- 2021-06: EUR 100.55 per share

- 2021-07: EUR 103.50 per share

- 2021-08: EUR 102.80 per share

- 2021-09: EUR 96.42 per share

- 2021-10: EUR 107.30 per share

- 2021-11: EUR 106.75 per share

- 2021-12: EUR 107.50 per share

- 2022-01: EUR 94.20 per share

- 2022-02: EUR 81.98 per share

- 2022-03: EUR 77.44 per share

- 2022-04: EUR 70.68 per share

- 2022-05: EUR 69.22 per share

- 2022-06: EUR 62.84 per share

- 2022-07: EUR 65.62 per share

- 2022-08: EUR 61.02 per share

- 2022-09: EUR 47.97 per share

- 2022-10: EUR 44.81 per share

- 2022-11: EUR 48.70 per share

- 2022-12: EUR 56.70 per share

- 2023-01: EUR 62.36 per share

- 2023-02: EUR 60.40 per share

- 2023-03: EUR 56.86 per share

- 2023-04: EUR 52.96 per share

- 2023-05: EUR 44.52 per share

- 2023-06: EUR 55.12 per share

- 2023-07: EUR 61.44 per share

- 2023-08: EUR 62.00 per share

- 2023-09: EUR 58.80 per share

- 2023-10: EUR 53.30 per share

- 2023-11: EUR 59.18 per share

- 2023-12: EUR 50.52 per share

- 2024-01: EUR 37.60 per share

- 2024-02: EUR 42.47 per share

- 2024-03: EUR 42.02 per share

- 2024-04: EUR 43.54 per share

- 2024-05: EUR 47.55 per share

- 2024-06: EUR 42.87 per share

- 2024-07: EUR 45.90 per share

- 2024-08: EUR 39.09 per share

- 2024-09: EUR 37.50 per share

- 2024-10: EUR 41.78 per share

- 2024-11: EUR 44.30 per share

- 2024-12: EUR 44.36 per share

- 2025-01: EUR 30.41 per share

- 2025-02: EUR 28.83 per share

- 2025-03: EUR 22.39 per share

- 2025-04: EUR 22.57 per share

- 2025-05: EUR 22.80 per share

- 2025-06: EUR 23.18 per share

- 2025-07: EUR 18.65 per share

- 2025-08: EUR 21.49 per share

- 2025-09: EUR 21.16 per share

- 2025-10: EUR 18.42 per share

- 2025-11: EUR 19.95 per share

- 2025-12: EUR 22.30 per share

- 2026-01: EUR 21.64 per share

- 2026-02: EUR 23.76 per share

- 2026-03: EUR 21.71 per share

- 2026-04: EUR 25.98 per share

- 2026-05: EUR 29.07 per share

- 2026-06: EUR 26.58 per share

- 2026-07: EUR 27.50 per share

- 2026-08: EUR 25.42 per share

- 2026-09: EUR 22.80 per share

- 2026-10: EUR 23.41 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 5.68 per share, central EUR 6.19 per share, high EUR 6.88 per share

- FY2017: low EUR 6.79 per share, central EUR 7.38 per share, high EUR 8.17 per share

- FY2018: low EUR 7.96 per share, central EUR 8.78 per share, high EUR 9.76 per share

- FY2019: low EUR 14.87 per share, central EUR 17.06 per share, high EUR 19.37 per share

- FY2020: low EUR 14.87 per share, central EUR 16.38 per share, high EUR 18.40 per share

- FY2021: low EUR 18.60 per share, central EUR 20.57 per share, high EUR 23.18 per share

- FY2022: low EUR 23.54 per share, central EUR 32.73 per share, high EUR 38.08 per share

- FY2023: low EUR 17.04 per share, central EUR 23.36 per share, high EUR 27.04 per share

- FY2024: low EUR 17.11 per share, central EUR 23.40 per share, high EUR 27.06 per share

- FY2025: low EUR 10.74 per share, central EUR 12.09 per share, high EUR 13.88 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

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