adidas AG

Adidas has navigated a boom, a deep crisis, and a rebuilding phase over the past five years, arriving at 158.2 as of March 2, 2026.

2019–early 2020: Late-cycle winner

In 2019 the share gained about 59%, making Adidas one of the stronger DAX names as investors priced in high margins, strong lifestyle demand (Ultraboost, Originals) and solid China growth. The stock traded as a quality growth consumer brand with a premium valuation, supported by consistent double-digit earnings growth and high returns on capital.

2020: Covid shock and recovery

Early 2020 brought a sharp pandemic sell-off as stores closed globally and major sporting events were postponed, hitting sales and profit. Later that year, stimulus and rapid e-commerce growth helped the share finish 2020 slightly positive at 2.8%. The narrative shifted briefly from secular winner to Covid victim, then toward resilient global brand as digital and China performance offset weakness in brick-and-mortar Europe and North America. Technically, the chart showed a violent V-shaped move: a crash in Q1 2020 followed by a strong recovery into late 2020, reclaiming prior highs and setting up a distribution top into 2021.

2021–2022: Yeezy, China, and deep derating

In 2021 the share fell about 15% as supply-chain disruptions, rising input costs and intensifying competition—notably in North America and running—pressured margins, breaking the prior "high-quality compounder" narrative. 2022 was a capitulation year with the stock down roughly 50%, driven by the termination of the Yeezy partnership, a severe profitability hit, inventory issues, and ongoing weakness in Greater China amid Covid restrictions and geopolitical tensions. Investor perception shifted toward a turnaround or "problem child" story, raising questions on brand heat, over-reliance on Yeezy, and whether Adidas could fix product and regional execution under new leadership.

The price rolled over from post-Covid highs and entered a persistent downtrend with lower highs and lower lows, breaking key support levels. Volatility spiked around profit warnings and the Yeezy exit, with unusually large drawdowns and heavy volume confirming long-only capitulation and rising short interest.

2023: Bottoming and CEO Bjørn Gulden's reset

With Bjørn Gulden taking over as CEO and addressing inventory, Yeezy disposal, and product focus, 2023 turned into a strong year with the share up 44.5% despite depressed reported earnings. The market began to treat Adidas as a turnaround with optionality: clearing excess stock, stabilizing China, and rebuilding franchise heat in Originals, football, and performance footwear. Technically the stock carved out a multi-month base after the 2022 lows, then broke out into a sustained uptrend as sentiment improved and short covering amplified gains.

2024–early 2026: Turnaround to growth, then pullback

In 2024 currency-neutral revenues grew 12% and operating profit jumped to €1.337bn from €268m in 2023, with footwear-led growth, double-digit expansion in Europe and Greater China, and successful sell-through of remaining Yeezy inventory. The share price rose about 28.6% in 2024 as investors re-rated Adidas toward a renewed growth and margin-recovery story, supported by guidance for continued high-single-digit sales growth and operating profit of €1.7–1.8bn in 2025.

Brand-health indicators and management commentary highlighted strengthening demand across Lifestyle and Performance, reinforcing a narrative of regained brand heat and sustainable earnings recovery rather than a short-lived bounce. From late 2024 into early 2026, the stock pulled back sharply from a one-year high near 260 to the latest 158.2, leaving it roughly 34% below its one-year peak and about 46% below its five-year high around 336. The chart over this period shows a strong 2023–mid-2024 uptrend, then a pronounced correction and renewed volatility as expectations reset. Longer-term performance over five years remains negative at around negative 45.5%, underlining that the turnaround is ongoing rather than fully priced.