adidas AG (ADDDF)
NEUTRALFundamental
63
Precio
$152.60
Capitalización Bursátil
$27.14B
Parte 1 · Cuánto vale la empresa
Resumen
adidas designs and markets sporting goods — footwear, apparel and accessories — sold under its own brand worldwide. It owns almost no factories: production is outsourced to independent manufacturing partners, mostly in Asia, while adidas keeps design, marketing and distribution in house. Products reach customers through wholesale retail partners and through adidas's own stores and e-commerce sites.
Cómo genera ingresos
Revenue comes from selling physical goods, split between wholesale shipments to retail partners and direct sales through adidas-owned stores and online channels. Margins depend on the mix between the two channels and on how much price premium the brand can hold against rivals, which in turn rests on marketing spend, athlete and team sponsorships, and a steady stream of new product releases.
Ingresos por segmento
The largest category by far, spanning performance sport and lifestyle sneakers.
Sportswear and casual clothing sold under the same brand, the fastest-growing of the three categories in 2025.
Bags, balls and other equipment; the smallest category.
Ventaja competitiva
Marca · EstrechaDecades of sponsorship deals with athletes, clubs and national federations built a globally recognised brand that commands shelf space and a price premium over generic sportswear. The advantage is real but contested day to day: Nike, Puma and newer specialists like On and Hoka compete hard for the same retail space and the same consumer attention.
Qué impulsa la demanda
CíclicoFootwear and apparel are discretionary purchases that households cut back on when budgets tighten, and wholesale partners trim orders further in anticipation of weaker demand. Fashion cycles and how fresh the product range looks against competitors also move demand independently of the broader economy.
Riesgos clave
- Currency exposure — The company sources products in different currencies than it sells them in, so exchange-rate swings can materially affect reported results despite hedging of projected sourcing needs.
- Consumer demand and product misses — Failing to anticipate shifting consumer preferences or to keep the product range innovative risks losing revenue and market share to competitors.
- Competitive and retail pressure — Consolidation among competitors and retailers, plus the growth of private-label sportswear, add pricing pressure and squeeze margins.
- Sourcing and business-partner dependence — Almost all production is outsourced to independent manufacturing partners; dependency on key suppliers, a partner's financial default or misconduct can disrupt sourcing and harm the brand's reputation.
Los argumentos a favor
Buyers argue that record 2025 revenue and management's guidance for continued sales and profit growth show the brand turnaround is working, that apparel's double-digit growth signals the product range is regaining relevance, and that a globally recognised brand still commands pricing power most competitors cannot match.
Los argumentos en contra
Sellers fear that almost all production outsourced in Asia leaves the company exposed to currency swings, tariffs and supplier disruption at once, that intensifying competition from both legacy rivals and newer specialist brands could erode the recent momentum, and that a brand-driven business can lose relevance as quickly as it regains it.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 23 de agosto de 2026 with claude-opus-5 — shared with all users
The world's largest sporting goods company, competing head-to-head with adidas in performance footwear, apparel and athlete and team sponsorships in every market.
The other Herzogenaurach brand, born from the same family, competing directly with adidas in football boots, running and sport-inspired lifestyle sneakers, above all in Europe.
A privately held US brand that has become one of the three biggest sneaker sellers worldwide, taking the same lifestyle and running customers adidas serves with Originals and Adizero.
The leading sportswear group in China by market share, competing with adidas for the Chinese consumer in running, basketball and training gear.
A fast-growing Swiss brand taking share in premium running footwear and, increasingly, in everyday sportswear — the same shelves and the same runners adidas targets.
A Japanese specialist in performance running and court shoes, competing with adidas for serious runners and for retail space in running specialty stores.
Balance y Liquidez
Ingresos
$26.04B
Últimos 12 meses (hasta 30/6/2026)
Beneficio Neto
$1.38B
Últimos 12 meses (hasta 30/6/2026)
Flujo de Caja Libre
$952M
Patrimonio Neto Total
$5.96B
Pasivo Total
$5.98B
Ratio de Liquidez
1.39
Cobertura de Intereses
-
Deuda/EBITDA
2.24
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$199.93
Precio Actual
$152.60
Margen de Seguridad
+23.7%
Rango de Valor Justo
$129.95 - $269.90
Métodos de Estimación
Métricas de Valoración
Ratio P/E
19.88
ROE
24.3%
Ratio P/B
4.56
P/FCF
28.50
Margen Bruto
51.6%
ROIC
14.7%
Radar de Rentabilidad
Value Creation (Economic Moat)
ROIC
14.7%
WACC
8.6%
ROIC − WACC
+6.1 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Criterios de Análisis Fundamental
Superado (13)
- ROIC 14.7%
- Gross Margin 51.6%
- P/FCF 28.50
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 23.6%
- Revenue Growth 5Y 6.1%
- Analyst Consensus 78% Buy
- PEG Ratio 0.74
- Earnings Quality (OCF/NI) 1.72
- Net Margin Trend 5.4% vs 3.2%
Fallido (6)
- Price CAGR 0.59%
- P/B Ratio 4.56
- CapEx intensity
- DCF valuation (Overvalued)
- Earnings Surprise avg -1.0%
- Piotroski F-Score 2/9
No disponible (8)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Share Dilution (missing shares data)
Piotroski F-Score
Preocupaciones financieras graves
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Bjorn Gulden | Chairman of Global Brands, CEO & Chairman of Executive Board | 60 |
| Mr. Harm Ohlmeyer | CFO & Member of Executive Board | 57 |
| Ms. Michelle Robertson | Global Head of HR, People & Culture and Member of Executive Board | 50 |
| Mr. Mathieu Sidokpohou | Member of Executive Board & Chief Commercial Officer | 50 |
| Mr. Gunter Weigl | Senior VP of Brand Partnerships & Employee Representative Member of Supervisory Board | 60 |
| Ms. Linda Evenhuis | Emp Rep Member of Supervisory Board, Sen Lead Prog & Facilitation - EMEA, GCA, APAC of Global HR | 52 |
| Mr. Thomas Sapper | Employee Representative Member of Supervisory Board & Senior Director of Tech Project Management | 59 |
| Mr. Sebastian Steffen | Senior Vice President of Investor Relations & Corporate Communications | - |
| Dr. Jan Heinemann | General Counsel | - |
| Ms. Aimee Arana | Senior VP and GM of Global Product - Training, Running, Core Apparel & Accessories | 48 |
Riesgo de Auditoría
9
Riesgo del Consejo
3
Riesgo de Compensación
4
Riesgo de Derechos del Accionista
1
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for ADDDF, sourced from Markets Gazette.