adidas AG
5-year stock timeline
As of 2026-05-20, adidas (ADS.XETRA) trades at €146.75.
Major events (2020–2026)
The company rode pandemic-era tailwinds through 2021, reaching an all-time recent peak around €384 in early August. The Yeezy partnership dissolution in 2022 created a genuine shock—revenue, inventory, and annual returns all took substantial hits. Bjørn Gulden arrived as CEO on 1 January 2023 and methodically worked through the aftermath: no large write-offs, phased Yeezy liquidation, and a material operating profit recovery by 2024. The 2025 outlook proved more cautious, which weighed on momentum.
How the narrative shifted
Between 2020 and 2021, the story was straightforward growth—market-share gains, strong product, tailwinds. The Yeezy rupture flipped that entirely. 2022 brought crisis language; some investors called it a value trap, others saw a restructuring opportunity worth the risk. By 2023, as Gulden rebuilt retailer relationships and monetized remaining inventory, the turnaround became credible. Stronger 2024 results reinforced it, though 2025 guidance tempered expectations for what came next.
Technical arc (2020–2026)
A multi-year uptrend peaked near €384 in August 2021. The 2022 drawdown was severe—roughly −50% for the year—and created a long consolidation as the market processed what had happened. From 2023 through 2024, the stock rebounded sharply, testing and briefly reclaiming pre-crisis levels before a 2025 pullback. At €146.75 today, the stock sits below the 2021 peak and in what looks like a post-recovery correction phase, where investors are weighing durable margin improvement against growth headwinds.
Key risks and downside factors
Adidas competes in a global athletic apparel and footwear market where Nike, Puma, and Lululemon set the pace. The business faces familiar pressures: brand competition that never sleeps, supply chains that can fracture unexpectedly, currency swings that hit margins, and consumer preferences that shift faster than inventory turns. These aren't exotic risks—they're structural to the category—but they matter enough to move the needle on both sales and profitability.
- Global brands are intensifying competitive pressure, squeezing both pricing power and marketing spend efficiency.
- Supply-chain disruptions or rising input costs that squeeze margins by pushing product costs higher.
- Currency swings and economic contractions that weaken consumer spending in core markets.
- Brand and reputation risks stemming from product quality issues, endorsement controversies, or ESG shortcomings.
Competitive landscape
Adidas competes in a crowded global market where Nike, Puma, and Under Armour press hard on pricing, distribution, and marketing. Meanwhile, premium players like Lululemon and On/Hoka are quietly taking share, and regional Chinese brands keep gaining ground [1][2]. The real pressures are margin erosion from competition, heavy reliance on Asian manufacturing and supply chains, exposure to currency swings and regional demand shifts (Greater China especially), and the ever-present risk that a brand misstep or sponsorship problem can ripple through both sales and costs [6][12].
Private competitors
- New Balance [web:1]
- SHEIN [web:2]
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Start Free TrialPerformance Figures of adidas AG
Relative Performance vs Benchmarks
| Period | adidas AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +3.21% | +2.97% | -0.32% |
| 3M | -3.70% | -1.43% | -11.19% |
| 6M | -1.38% | -7.37% | -13.35% |
| 1Y | -32.26% | -34.09% | -57.44% |
| 3Y | -4.83% | -55.21% | -86.97% |
| 5Y | -48.73% | -107.28% | -138.06% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 18.8 | 1.0 | 4.4 | 19.6 |
| 1Y ago | 38.1 | 1.6 | 6.8 | 18.6 |
| 3Y ago | -181.9 | 1.3 | 5.8 | -43.0 |
| 5Y ago | 59.9 | 2.8 | 7.9 | 22.9 |
Frequently Asked Questions
Where is the adidas AG stock traded?
What does adidas AG do?
What are the key metrics for ADS.XETRA?
How has adidas AG's stock price performed?
How is ADS.XETRA valued?
Does ADS.XETRA pay dividends?
What are the key risks when investing in ADS.XETRA?
- Global brands are intensifying competitive pressure, squeezing both pricing power and marketing spend efficiency.
- Supply-chain disruptions or rising input costs that squeeze margins by pushing product costs higher.
- Currency swings and economic contractions that weaken consumer spending in core markets.
- Brand and reputation risks stemming from product quality issues, endorsement controversies, or ESG shortcomings.
Who are the main competitors of adidas AG?
When does adidas AG report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 2.80 EUR | 1.84% | 1.35% |
| 2025 | 2.00 EUR | 0.91% | |
| 2024 | 0.70 EUR | 0.30% | |
| 2023 | 0.70 EUR | 0.42% | |
| 2022 | 3.30 EUR | 1.83% | |
| 2021 | 3.00 EUR | 1.05% | |
| 2019 | 3.35 EUR | 1.34% | |
| 2018 | 2.60 EUR | 1.37% | |
| 2017 | 2.00 EUR | 1.12% | |
| 2016 | 1.60 EUR | 1.41% | |
| 2015 | 1.50 EUR | 2.05% | |
| 2014 | 1.50 EUR | 1.92% | |
| 2013 | 1.35 EUR | 1.59% | |
| 2012 | 1.00 EUR | 1.62% | |
| 2011 | 0.80 EUR | 1.51% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 24.81B | 23.68B | 21.43B | 22.51B | 21.23B |
| Operating income (EBIT) | 1.97B | 1.34B | 280.00M | 669.00M | 1.99B |
| Net income | 1.34B | 764.00M | -75.00M | 638.00M | 2.16B |
| Free cash flow | 274.00M | 2.37B | 2.05B | -1.24B | 2.52B |
| Total assets | 20.26B | 20.66B | 18.02B | 20.30B | 22.14B |
| Equity | 5.78B | 5.48B | 4.58B | 4.99B | 7.52B |
| Net debt | 3.94B | 3.46B | 4.13B | 5.66B | 1.50B |
PWP Leeway UG (haftungsbeschränkt)
