Puma SE

Puma SE maintains a capital structure characterized by significant leverage and negative net cash. The company holds EUR 2.9 billion in long-term debt against EUR 290 million in cash and equivalents, resulting in a debt-to-equity ratio of 1.47. Total liabilities stand at EUR 4.69 billion, while total equity is EUR 1.76 billion. The current ratio is 1.18, indicating adequate short-term liquidity coverage, though the risk assessment flags medium liquidity risk due to the negative net cash position.

Profitability metrics are deeply negative, reflecting a period of operational distress. The company reports an operating income of -EUR 365 million and a net income of -EUR 645.5 million on revenues of EUR 7.3 billion. Return on equity is -35.18%, and return on assets is -9.6%. These figures indicate that the company is currently destroying shareholder value and failing to generate returns on its asset base.

Revenue concentration and segment details are not provided in the available data, preventing a detailed analysis of geographic or product mix exposure. The company’s total revenue of EUR 7.3 billion suggests a large scale of operations, but without segment breakdowns, the specific drivers of this top-line figure remain opaque in this snapshot.

Growth trajectory data is absent from the historical periods section, so year-over-year revenue trends cannot be calculated. The current financial snapshot shows a gross profit of EUR 3.28 billion, implying a gross margin of approximately 45%, but the inability to convert this into operating profit highlights severe expense management or inventory issues.

Key risk factors include medium liquidity risk and low dilution risk. The primary flag is the negative net cash position, which limits financial flexibility. The low dilution risk suggests that the company is not currently issuing significant new equity, likely due to the depressed share price or strategic choice to preserve existing shareholder value despite the losses.

Recent analyst observations indicate a mixed sentiment. The mean price target is EUR 28.06, with a median of EUR 25.75. The mean recommendation is 2.70, leaning towards a hold, with 4 strong buys, 3 buys, and 13 holds. This suggests that while analysts see some upside from current levels, they are cautious about the near-term profitability and debt burden.

Gross profit remained robust at EUR 3.99 billion in FY-1, indicating underlying brand strength despite recent operational headwinds.

Dilution risk is assessed as low, suggesting limited immediate threat to existing shareholder equity value from share issuance.

Credit risk is rated low, implying the company maintains a manageable debt profile despite recent increases in long-term obligations.

The stock trades near the mean analyst price target of EUR 28.06, suggesting limited downside risk from current market levels.

Capex to revenue ratio is above the cohort median, indicating continued investment in long-term growth capabilities and infrastructure.

Long-term debt surged to EUR 2.58 billion in FY0, increasing financial leverage and interest burden amid declining earnings.

Revenue €1.86B, −6,3% YoY; Operating income +19,6% YoY.

• ▍Revenue €1.86B, −6,3% YoY
• ▍Operating income +19,6% YoY
• ▍Net income +6 525,0% YoY
• ▍Net margin 1.4%

Revenue €1.32B, −29,3% YoY; Operating income −1 076,1% YoY.

• ▍Revenue €1.32B, −29,3% YoY
• ▍Operating income −1 076,1% YoY
• ▍Net income −1 473,9% YoY
• ▍Net margin -25.5%

Revenue €1.96B, −15,3% YoY; Operating income −87,6% YoY.

• ▍Revenue €1.96B, −15,3% YoY
• ▍Operating income −87,6% YoY
• ▍Net income −148,8% YoY
• ▍Net margin -3.2%

Revenue €1.94B, −8,3% YoY; Operating income −183,4% YoY.

• ▍Revenue €1.94B, −8,3% YoY
• ▍Operating income −183,4% YoY
• ▍Net income −689,5% YoY
• ▍Net margin -12.7%

Revenue €1.99B; Operating income €43.4M.

• ▍Revenue €1.99B
• ▍Operating income €43.4M
• ▍Net margin 0.0%

Revenue €1.87B; Operating income €35.5M.

• ▍Revenue €1.87B
• ▍Operating income €35.5M
• ▍Net margin 1.3%

Revenue €2.31B; Operating income €237.0M.

• ▍Revenue €2.31B
• ▍Operating income €237.0M
• ▍Net margin 5.5%

Revenue €2.12B; Operating income €117.2M.

• ▍Revenue €2.12B
• ▍Operating income €117.2M
• ▍Net margin 2.0%

Revenue €7.30B, −13,1% YoY; Operating income −168,7% YoY.

• ▍Revenue €7.30B, −13,1% YoY
• ▍Operating income −168,7% YoY
• ▍Net income −329,1% YoY
• ▍Free cash flow −306,9% YoY
• ▍Net margin -8.8%

Revenue €8.40B, −2,4% YoY; Operating income −11,1% YoY.

• ▍Revenue €8.40B, −2,4% YoY
• ▍Operating income −11,1% YoY
• ▍Net income −7,6% YoY
• ▍Free cash flow −4,5% YoY
• ▍Net margin 3.4%

Revenue €8.60B, +1,6% YoY; Operating income −2,4% YoY.

• ▍Revenue €8.60B, +1,6% YoY
• ▍Operating income −2,4% YoY
• ▍Net income −13,8% YoY
• ▍Free cash flow −28,0% YoY
• ▍Net margin 3.5%

Revenue €8.47B, +24,4% YoY; Operating income +10,0% YoY.

• ▍Revenue €8.47B, +24,4% YoY
• ▍Operating income +10,0% YoY
• ▍Net income +14,2% YoY
• ▍Free cash flow −11,9% YoY
• ▍Net margin 4.2%