adidas AG

SWX:ADS Stock Report

Market Cap: CHF 27.0b

adidas Valuation

Is ADS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of ADS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Fair Value: ADS (CHF153.6) is trading below our estimate of fair value (CHF214.57)

Significantly Below Fair Value: ADS is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ADS?

Key metric: As ADS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ADS. This is calculated by dividing ADS's market cap by their current earnings.
What is ADS's PE Ratio?
PE Ratio23.9x
Earnings€1.21b
Market Cap€28.99b

Price to Earnings Ratio vs Peers

How does ADS's PE Ratio compare to its peers?

The above table shows the PE ratio for ADS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average73.2x
UHR Swatch Group
150.5x32.92%CHF 9.1b
CFR Compagnie Financière Richemont
28.1x9.04%CHF 100.3b
TPR Tapestry
100.3x24.44%US$27.3b
2020 ANTA Sports Products
13.8x7.21%HK$228.6b
ADS adidas
23.9x18.72%CHF 29.0b

Price-To-Earnings vs Peers: ADS is good value based on its Price-To-Earnings Ratio (23.9x) compared to the peer average (73.2x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does ADS's PE Ratio compare vs other companies in the European Luxury Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ADS 23.9xIndustry Avg. 19.1xNo. of Companies8PE01632486480+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ADS is expensive based on its Price-To-Earnings Ratio (23.9x) compared to the European Luxury industry average (19x).

Price to Earnings Ratio vs Fair Ratio

What is ADS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ADS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.9x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ADS's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ADS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 153.60
CHF 210.14
+36.81%
13.62%CHF 259.12CHF 149.13n/a28
Jan ’27CHF 151.20
CHF 208.21
+37.71%
14.82%CHF 258.91CHF 125.73n/a27
Dec ’26n/a
CHF 213.76
0%
13.26%CHF 260.83CHF 162.09n/a28
Nov ’26n/a
CHF 217.09
0%
12.37%CHF 259.71CHF 169.74n/a28
Oct ’26n/a
CHF 220.17
0%
12.10%CHF 261.86CHF 170.21n/a29
Sep ’26n/a
CHF 226.80
0%
11.17%CHF 261.88CHF 170.22n/a30
Aug ’26n/a
CHF 228.45
0%
10.88%CHF 261.03CHF 169.67n/a31
Jul ’26n/a
CHF 236.51
0%
11.69%CHF 280.25CHF 154.14n/a32
Jun ’26n/a
CHF 236.52
0%
11.77%CHF 280.22CHF 154.12n/a32
May ’26n/a
CHF 240.44
0%
10.17%CHF 280.99CHF 169.53n/a32
Apr ’26n/a
CHF 251.71
0%
10.13%CHF 286.08CHF 171.65n/a30
Mar ’26n/a
CHF 245.56
0%
12.36%CHF 280.90CHF 149.81n/a29
Feb ’26n/a
CHF 246.64
0%
12.34%CHF 283.21CHF 151.05n/a29
Jan ’26n/a
CHF 233.96
0%
12.11%CHF 266.77CHF 149.77CHF 151.2028
Dec ’25n/a
CHF 232.55
0%
12.24%CHF 265.39CHF 148.99n/a28
Nov ’25n/a
CHF 234.54
0%
12.24%CHF 267.66CHF 150.27n/a28
Oct ’25n/a
CHF 226.05
0%
14.91%CHF 281.01CHF 149.87n/a29
Sep ’25n/a
CHF 221.41
0%
15.14%CHF 279.36CHF 148.99n/a28
Aug ’25CHF 350.70
CHF 222.15
-36.66%
15.74%CHF 282.82CHF 150.84n/a28
Jul ’25CHF 350.70
CHF 215.63
-38.51%
13.49%CHF 254.05CHF 144.35n/a28
Jun ’25CHF 350.70
CHF 218.38
-37.73%
13.51%CHF 269.50CHF 146.47n/a28
May ’25CHF 350.70
CHF 219.01
-37.55%
13.54%CHF 271.23CHF 147.41n/a28
Apr ’25CHF 350.70
CHF 191.52
-45.39%
15.58%CHF 223.76CHF 92.42n/a28
Mar ’25CHF 350.70
CHF 174.48
-50.25%
16.05%CHF 214.16CHF 89.63n/a29
Feb ’25CHF 350.70
CHF 173.71
-50.47%
16.24%CHF 214.43CHF 88.57n/a29
Jan ’25CHF 350.70
CHF 177.18
-49.48%
16.22%CHF 218.07CHF 94.81n/a30
CHF 213.3
Fair Value
28.0% undervalued intrinsic discount
28
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/01/15 16:09
End of Day Share Price 2026/01/15 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

adidas AG is covered by 68 analysts. 25 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Knut WollerBaader Helvea Equity Research
Volker BosseBaader Helvea Equity Research
Jonathan KompBaird