ADSGN—60

Adidas AG

FootwearVerified

Score breakdown

Profitability+35Sentiment+30Risk penalty-3Missing signals-3

Quality breakdown

Key fields100Profile38Conclusion100AI synthesis40Observations23

Adidas AG maintains a debt-to-equity ratio of 0.96, indicating a moderate reliance on debt financing relative to equity [doc:HA-latest]. The company's liquidity position is characterized as medium risk, with free cash flow of 1.664 billion EUR and operating cash flow of 751 million EUR, but net cash is negative after subtracting total debt [doc:HA-latest]. This suggests that while the company generates positive cash flow, it is not sufficient to fully offset its long-term debt obligations. Profitability metrics show a return on equity (ROE) of 23.2% and a return on assets (ROA) of 6.61%, which are strong indicators of efficient use of equity and assets [doc:HA-latest]. These figures suggest that Adidas AG is performing well in terms of generating returns for shareholders and utilizing its asset base effectively. The operating margin, calculated as operating income of 2.056 billion EUR divided by revenue of 24.811 billion EUR, is approximately 8.3%, which is a key performance indicator for the footwear industry [doc:HA-latest]. Geographically, Adidas AG's revenue is distributed across several regions, with a notable presence in Europe, North America, and Asia-Pacific. The company's revenue concentration in these regions may expose it to regional economic fluctuations and regulatory changes [doc:HA-latest]. The company's segmental breakdown includes Emerging Markets, Adidas Golf, Runtastic, and other centrally managed businesses, indicating a diversified approach to market expansion and product offerings [doc:HA-latest]. Looking ahead, Adidas AG is projected to experience a growth trajectory influenced by its current financial performance and strategic initiatives. The company's revenue outlook for the current fiscal year is positive, with analysts providing a mean price target of 203.95 EUR and a median price target of 200.00 EUR [doc:]. The company's capital expenditure of -477 million EUR indicates a reduction in investment in physical assets, which may be a strategic decision to focus on operational efficiency or to preserve cash [doc:HA-latest]. Risk factors for Adidas AG include liquidity concerns due to the negative net cash position after debt, which could limit the company's flexibility in responding to market opportunities or downturns [doc:HA-latest]. The company's dilution risk is assessed as low, with no significant dilution potential identified in the basic shares outstanding [doc:HA-latest]. However, the company's reliance on debt financing and the potential for increased interest rates could impact its financial flexibility and profitability. Recent events, including analyst estimates and price targets, indicate a generally positive outlook for Adidas AG. The mean recommendation of 2.00 suggests a balanced view between buy and hold ratings, with 10 strong-buy, 15 buy, and 6 hold recommendations [doc:]. These analyst sentiments reflect confidence in the company's ability to maintain its market position and deliver value to shareholders [doc:].

Profile

CompanyAdidas AG

TickerADSGN.DE

SectorConsumer Cyclicals

BusinessCyclical Consumer Products

Industry groupCyclical Consumer Products

IndustryFootwear

AI analysis

Business. Adidas AG designs, develops, produces, and markets athletic and sports lifestyle products, including footwear, apparel, and accessories, through wholesale, retail, and e-commerce channels [doc:HA-latest].

Classification. Adidas AG is classified in the Footwear industry under the Consumer Cyclicals economic sector with a confidence level of 0.92 [doc:verified market data].

Key takeaways

Adidas AG generates strong returns on equity (23.2%) and assets (6.61%), indicating efficient capital utilization.
The company's liquidity position is medium risk, with free cash flow of 1.664 billion EUR but negative net cash after debt.
Adidas AG's revenue is geographically diversified, with a focus on Europe, North America, and Asia-Pacific.
Analysts project a positive outlook, with a mean price target of 203.95 EUR and a median of 200.00 EUR.
The company's capital expenditure is negative, suggesting a strategic focus on cost efficiency.
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Financial snapshot

PeriodHA-latest

CurrencyEUR

Revenue$24.81B

Gross profit$12.80B

Operating income$2.06B

Net income$1.34B

R&D—

SG&A—

D&A—

SBC—

Operating cash flow$751.0M

CapEx-$477.0M

Free cash flow$1.66B

Total assets$20.26B

Total liabilities$14.49B

Total equity$5.78B

Cash & equivalents$1.62B

Long-term debt$5.55B

Annual history (last 5)

PeriodRevenueOp IncomeNet IncomeFCF

FY0$24.81B$2.06B$1.34B$1.66B

FY-1$23.68B$1.34B$764.0M$1.33B

FY-2$21.43B$268.0M-$76.0M$408.0M

FY-3$22.51B$669.0M$612.0M$170.0M

FY-4$21.23B$1.99B$2.12B$1.38B

PeriodGross %Op %Net %FCF %

FY0————

FY-1————

FY-2————

FY-3————

FY-4————

PeriodAssetsEquityCashDebt

FY0$20.26B$5.78B$1.62B—

FY-1$20.66B$5.47B$2.46B—

FY-2$18.02B$4.58B$1.43B—

FY-3$20.30B$4.99B$798.0M—

FY-4$22.14B$7.52B$3.83B—

PeriodOCFCapExFCFSBC

FY0$751.0M-$477.0M$1.66B—

FY-1$2.91B-$540.0M$1.33B—

FY-2$2.55B-$504.0M$408.0M—

FY-3-$543.0M-$695.0M$170.0M—

FY-4$3.19B-$667.0M$1.38B—

Quarterly history (last 4)

PeriodRevenueOp IncomeNet IncomeFCF

FQ0$6.59B$705.0M$483.0M—

FQ-1$6.08B$164.0M$81.0M$215.0M

FQ-2$6.63B$736.0M$461.0M$638.0M

FQ-3$5.95B$546.0M$369.0M$546.0M

FQ-4$6.15B$610.0M$428.0M$653.0M

FQ-5$5.96B$57.0M-$40.0M$32.0M

FQ-6$6.44B$598.0M$442.0M$657.0M

FQ-7$5.82B$346.0M$189.0M$390.0M

PeriodGross %Op %Net %FCF %

FQ0————

FQ-1————

FQ-2————

FQ-3————

FQ-4————

FQ-5————

FQ-6————

FQ-7————

PeriodAssetsEquityCashDebt

FQ0$20.45B$5.99B$873.0M—

FQ-1$20.26B$5.78B$1.62B—

FQ-2$20.15B$5.70B$1.03B—

FQ-3$19.50B$5.20B$768.0M—

FQ-4$20.09B$5.71B$1.43B—

FQ-5$20.66B$5.47B$2.46B—

FQ-6$19.61B$5.16B$1.78B—

FQ-7$19.62B$4.99B$1.66B—

PeriodOCFCapExFCFSBC

FQ0————

FQ-1$751.0M-$477.0M$215.0M—

FQ-2-$274.0M-$290.0M$638.0M—

FQ-3-$916.0M-$171.0M$546.0M—

FQ-4-$934.0M-$65.0M$653.0M—

FQ-5$2.91B-$540.0M$32.0M—

FQ-6$1.73B-$298.0M$657.0M—

FQ-7$768.0M-$177.0M$390.0M—

Valuation

Market price—

Market cap—

Enterprise value—

P/E—

Reported non-GAAP P/E—

EV/Revenue—

EV/Op income—

EV/OCF—

P/B—

P/Tangible book—

Tangible book$5.78B

Net cash-$3.94B

Current ratio—

Debt/Equity1.0

ROA6.6%

ROE23.2%

Cash conversion56.0%

CapEx/Revenue-1.9%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Footwear · cohort 30 companies

MetricADSGNActivity

Op margin8.3%7.2% medp25 -9.7% · p75 12.8%above median

Net margin5.4%2.0% medp25 -10.0% · p75 8.4%above median

Gross margin51.6%41.0% medp25 23.5% · p75 48.8%top quartile

CapEx / revenue-1.9%-2.0% medp25 -6.3% · p75 -1.2%above median

Debt / equity96.0%48.1% medp25 10.6% · p75 70.1%top quartile

Observations

IR observations

Mean price target203.95 EUR

Median price target200.00 EUR

High price target268.00 EUR

Low price target145.00 EUR

Mean recommendation2.00 (1=strong buy, 5=strong sell)

Strong-buy count10.00

Buy count15.00

Hold count6.00

Sell count2.00

Strong-sell count0.00

Mean EPS estimate9.52 EUR

Last actual EPS7.46 EUR

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-01 07:31 UTC#47d2568c

Source: analysis-pipeline (hybrid)Generated: 2026-05-01 07:33 UTCJob: 728834af