Is the business good?
How good a business is AS?
Amer Sports, Inc. earns 8.9% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
8.9%
Return on invested capital · cost of capital 9.0% · 0.10 points below what the capital costs: growth destroys value
- Operating margin
- 11%
Operating margin · Leisure median 11% · 12 months to Q4 2025
- Cash conversion
- 1.20×
Cash conversion · 2.69× a year ago · every dollar of reported profit arrived as cash, and more
- Gross margin
- 58%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | 6.1% |
| FY2022 | 1.4% |
| FY2023 | 6.9% |
| FY2024 | 9.1% |
| FY2025 | 11% |
Details›
- Gross margin12 months to Q4 2025
- 58%
- Operating margin12 months to Q4 2025
- 11%
- Net margin12 months to Q4 2025
- 6.5%
- Free cash flow margin
- 7.8%
- Revenue, trailing twelve months
- $6.57B
- Free cash flow, trailing twelve months
- $513M
- Net income, trailing twelve months
- $427M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.9%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.