adidas AG
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5-year stock timeline
adidas: From Crisis to Revaluation (2021–2026)
2021 (Peak into August)
Strong post-COVID rebound drove currency-neutral revenues up 16% to €21,234m with operating profit of €1,986m. Q4 softened due to Vietnam and Greater China supply disruptions amid lockdowns, though e-commerce remained robust. The stock reached cycle highs around August, seen as a recovery and growth story, with an uptrend marked by increasing volatility as supply-chain friction emerged late in the year [1,2,3,67].
July 26, 2022
adidas cut 2022 guidance materially after slower-than-expected recovery in Greater China, trimming both revenue growth and gross/operating margin expectations. The market repriced from recovery narrative to concern over China exposure and inventory risk, with the first meaningful drawdown testing previous supports [40,66].
October–November 2022
Termination of the adidas × Yeezy partnership on October 25 triggered immediate P&L impact (roughly €250m to 2022 net income) and signaled larger 2023 earnings risk from unsellable Yeezy inventory. Russia exit and other one-offs compounded the damage. Sharp breakdowns followed successive profit warnings, with large single-day drops and elevated volatility as prior supports failed [31,35,30,41,67,76].
Late 2022
Multiple guidance cuts and one-offs disclosed inventory and Russia-exit costs. The stock underperformed materially, declining roughly 50% year-over-year; securities lawsuits followed over Yeezy disclosures. Wide trading ranges and low liquidity marked a capitulation and base-forming phase [41,66,69,72].
November 8, 2022 → January 1, 2023
The board announced Bjørn Gulden (ex-Puma) as incoming CEO, signaling a deliberate operational and brand reset. Relief rallies and volatile retests of broken levels began pricing in leadership change and potential strategic shift [12,68].
February–March 2023
Management warned of material FY2023 downside if Yeezy inventory couldn't be repurposed, with worst-case write-offs discussed. The dividend was reduced to preserve cash. High intra-year volatility persisted, with retests of 2022 lows and failed early breakouts while write-off risk remained priced in [25,76,77,31].
2023 → January 31, 2024
Under Gulden's leadership, the company prioritized inventory cleanup, wholesale relations, and product focus on heritage franchises. Rather than writing off most Yeezy inventory, adidas averted the largest projected hits. Preliminary FY2023 reported sales of €21,427m (down 5% year-over-year) and operating profit of €268m beat worst-case expectations. A multi-month base consolidated through 2023, establishing higher lows that set up a 2024 breakout [29,49,19,17].
2024
Breakout year delivered currency-neutral revenues up 12% to €23,683m with operating profit of €1,337m and gross-margin recovery. The company sold remaining Yeezy inventory (roughly €650m of 2024 sales) and accelerated heritage and lifestyle franchises plus retail partnerships. Market narrative re-rated to "return to sport / product-led turnaround" as management credibility restored and investor confidence rose materially. A sustained uptrend from the 2023 base drove powerful rallies through the year as earnings recovered [50,51,54,20,17].
2025
Momentum extended into record preliminary FY2025 revenues of €24,811m and operating profit of €2.06bn. Dividend increased and the company launched share buybacks; broad double-digit, currency-neutral growth across regions reflected an elevated capital-return profile. The stock consolidated at new multi-year highs with sustained momentum and lower realized volatility as beats became recurring [63,59,58].
March 4, 2026 → July 4, 2026
Management guided roughly €2.0bn operating profit for 2026 but flagged macro, US-tariff, and geopolitical headwinds. CEO Bjørn Gulden's contract was extended to December 31, 2030, endorsing the strategy. The narrative matured to validated execution with investor focus now on margin sustainability and external risks. The stock consolidated around current levels (185.3 as of July 4, 2026) after the multi-year uptrend, with short-term pullbacks on guidance and news [60,11].
Key risks and downside factors
Adidas operates in a global athletic-footwear and apparel market dominated by Nike, with significant competition from Puma, ASICS, Under Armour, VF (Vans/The North Face), and rapidly expanding Chinese brands like Anta, alongside premium athleisure competitors such as Lululemon. The company contends with brand and marketing pressures, aggressive pricing and product competition, supply-chain and sourcing challenges, and exposure to macroeconomic, currency, and trade volatility—all of which can erode margins and strain reputation.
- Intense global competition from Nike, Puma, Anta, ASICS, Lululemon, and niche players creates persistent pressure on adidas's market share and pushes toward higher marketing spend and promotional activity.
- Adidas's heavy reliance on Asian contract manufacturing creates meaningful exposure to supply-chain fragmentation. Factory strikes, logistics disruptions, and input-cost inflation remain persistent risks. The company also faces reputational and regulatory pressure around forced-labor allegations and Xinjiang sourcing practices—issues that have proven difficult to fully insulate from, regardless of compliance frameworks.
- Brand and partnership reputational risk arises when high-profile collaborators or campaigns become controversial, triggering boycotts, lost sponsorships, and sharp sales declines.
- Macroeconomic, currency and trade risk: consumer spending weakness, FX volatility, tariffs and raw-material or energy cost increases can compress margins and force inventory markdowns.
Competitive landscape
Adidas operates in a crowded athletic footwear and apparel market where Nike holds the dominant position. Public competitors include Puma, Lululemon, ASICS, Under Armour, VF Corporation and Skechers, while private operators like New Balance and Decathlon exert meaningful pressure on pricing and distribution channels. The competitive landscape hinges on footwear innovation, athlete and celebrity endorsements, direct-to-consumer and digital capabilities, and demonstrated sustainability commitments. The business faces material headwinds from concentrated supply chains, currency and macroeconomic sensitivity, margin compression driven by inventory management and promotional activity, and potential exposure to ESG-related reputational or regulatory complications.
| Company | Ticker |
|---|---|
| Nike, Inc. | NKE.NYSE |
| PUMA SE | PUM.XETRA |
| lululemon athletica inc. | LULU.NASDAQ |
| Under Armour, Inc. | UA.NYSE |
| VF Corporation | VFC.NYSE |
| Skechers USA, Inc. | SKX.NYSE |
Private competitors
- New Balance
- Decathlon
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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 | +14.19% | +12.48% | +12.78% |
| 3M | +39.73% | +34.56% | +29.47% |
| 6M | +14.87% | +15.75% | +6.57% |
| 1Y | -8.41% | -11.84% | -30.28% |
| 3Y | +16.30% | -44.17% | -60.68% |
| 5Y | -37.76% | -97.36% | -121.45% |
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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 | 24.1 | 1.3 | 5.6 | 25.1 |
| 1Y ago | 31.1 | 1.5 | 7.2 | 30.4 |
| 3Y ago | -81.6 | 1.3 | 6.2 | 78.2 |
| 5Y ago | 37.7 | 2.9 | 8.8 | 17.9 |
Frequently Asked Questions
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What does adidas AG do?
What are the key metrics for ADS.XETRA?
How has adidas AG's stock price performed?
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Does ADS.XETRA pay dividends?
What are the key risks when investing in ADS.XETRA?
- Intense global competition from Nike, Puma, Anta, ASICS, Lululemon, and niche players creates persistent pressure on adidas's market share and pushes toward higher marketing spend and promotional activity.
- Adidas's heavy reliance on Asian contract manufacturing creates meaningful exposure to supply-chain fragmentation. Factory strikes, logistics disruptions, and input-cost inflation remain persistent risks. The company also faces reputational and regulatory pressure around forced-labor allegations and Xinjiang sourcing practices—issues that have proven difficult to fully insulate from, regardless of compliance frameworks.
- Brand and partnership reputational risk arises when high-profile collaborators or campaigns become controversial, triggering boycotts, lost sponsorships, and sharp sales declines.
- Macroeconomic, currency and trade risk: consumer spending weakness, FX volatility, tariffs and raw-material or energy cost increases can compress margins and force inventory markdowns.
Who are the main competitors of adidas AG?
- Nike, Inc. (NKE.NYSE)
- PUMA SE (PUM.XETRA)
- lululemon athletica inc. (LULU.NASDAQ)
- Under Armour, Inc. (UA.NYSE)
- VF Corporation (VFC.NYSE)
- Skechers USA, Inc. (SKX.NYSE)
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 |
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