ASAmer Sports, Inc.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.5×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 5% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
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.
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 9.2% · 12 months to Q4 2025
- Cash conversion
- 1.48×
Cash conversion · 1.14× a year ago · operating cash flow covers the operating profit after tax
- 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 is operating cash flow over operating profit after tax.