adidas AG
5-year stock timeline
Adidas (ADS.XETRA) has moved from a COVID-era collapse and recovery into a sharp 2022 profit shock after the Yeezy split, then a management change to Bjørn Gulden and a multi-year operational turnaround that cleared remaining inventory and restored profitability. The share price stands at 165.65 as of 2026-05-27.
Major company and stock events
The March 2020 COVID shock produced a deep near-term drop in adidas's share price as global retail and supply chains froze, followed by a recovery through 2020–2021 as demand rebounded and e-commerce strengthened.
In late 2022 adidas severed the Yeezy partnership, which forced a material earnings revision and left a notable inventory overhang that depressed near-term profits and sentiment.
Bjørn Gulden was appointed CEO effective 1 January 2023 and immediately outlined a strategy refocusing on wholesale, classic silhouettes and clearer commercial discipline to restore growth and margin, which investors treated as a credible operational reset.
Investor perception and narrative
Through 2020–21 the market narrative shifted from crisis recovery to growth as lifestyle and running categories recovered and direct-to-consumer investments paid off.
The 2022 Yeezy fallout recast adidas as a turnaround story because of the earnings hit and unsold stock, prompting debates over whether it was a value trap or rebounding franchise.
From 2023 into 2025 the narrative progressively became one of credible operational recovery as management execution, inventory clean-up and renewed wholesale deals reduced tail risks and lifted investor confidence.
Key technical chart phases (2020–2026)
Crash and rebound in Q1–Q4 2020: an acute down-leg in March 2020 followed by a multi-month recovery and higher highs into 2021 as markets priced reopening and stronger sales.
Volatility and drawdown in 2022: a pronounced decline tied to the Yeezy-related guidance cuts and weakness in Greater China, creating an extended corrective phase and range-bound trading into early 2023.
Breakout to trend shift from 2023–2025: after Gulden's appointment the stock staged a gradual breakout from the 2022 range as improved results and inventory progress validated the turnaround thesis.
Consolidation and renewed upside from late 2024 to 2026: clearance of remaining Yeezy stock by end-2024 and subsequent partnership wins and margin recovery supported renewed upward pressure and re-rating into 2025–2026.
Key risks and downside factors
Adidas operates in a global athletic footwear and apparel market where much larger competitors—Nike foremost among them—maintain relentless pressure on pricing, marketing spend, and innovation cycles. Regional players like Anta and Li-Ning have carved out meaningful positions in Asia, while performance-focused and niche brands continue to fragment what was once a more consolidated landscape. The company faces material earnings volatility from supply-chain disruptions, currency swings, and the perpetual risk of brand trends shifting faster than inventory can adjust.
- Nike and other established global competitors are putting real pressure on pricing, market share, and margins.
- Regional competitors in Asia—Anta and Li-Ning among them—are gaining ground quickly, and local brands are positioning themselves to capture share in key markets.
- Supply-chain disruptions, rising input costs, and currency volatility can materially compress gross margins and cash flow.
- Consumer trend dependence, a narrow hit rate on products, and reputational friction from partnerships have historically triggered demand swings and inventory charges.
Competitive landscape
Adidas operates in a crowded market where Nike and Puma set the pace globally, while newer entrants like Lululemon, On, and Hoka have carved out meaningful share in running and lifestyle categories. In Greater China and similar markets, regional players such as Anta and Li-Ning are pushing harder on both price and distribution, creating real competitive friction. The company's margins remain sensitive to promotional intensity, supply-chain disruptions can swing input costs meaningfully, and its reputation carries exposure to labor and sustainability scrutiny—each a material pressure point worth monitoring.
| Company | Ticker |
|---|---|
| Nike, Inc. | NKE.NYSE |
| PUMA SE | PUM.XETRA |
| Under Armour, Inc. | UAA.NYSE |
| lululemon athletica inc. | LULU.NASDAQ |
| ANTA Sports Products Ltd. | 2020.HK |
Private competitors
- New Balance
- Brooks Sports
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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 | +22.47% | +18.21% | +17.02% |
| 3M | +6.67% | +7.63% | -3.03% |
| 6M | +5.21% | +0.15% | -5.23% |
| 1Y | -22.76% | -26.94% | -51.91% |
| 3Y | +10.70% | -46.28% | -74.97% |
| 5Y | -41.62% | -102.98% | -132.92% |
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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 | 21.2 | 1.2 | 4.9 | 22.2 |
| 1Y ago | 38.5 | 1.6 | 6.9 | 18.8 |
| 3Y ago | -177.8 | 1.2 | 5.7 | -42.0 |
| 5Y ago | 60.5 | 2.8 | 8.0 | 23.1 |
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?
- Nike and other established global competitors are putting real pressure on pricing, market share, and margins.
- Regional competitors in Asia—Anta and Li-Ning among them—are gaining ground quickly, and local brands are positioning themselves to capture share in key markets.
- Supply-chain disruptions, rising input costs, and currency volatility can materially compress gross margins and cash flow.
- Consumer trend dependence, a narrow hit rate on products, and reputational friction from partnerships have historically triggered demand swings and inventory charges.
Who are the main competitors of adidas AG?
- Nike, Inc. (NKE.NYSE)
- PUMA SE (PUM.XETRA)
- Under Armour, Inc. (UAA.NYSE)
- lululemon athletica inc. (LULU.NASDAQ)
- ANTA Sports Products Ltd. (2020.HK)
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)
