adidas AG (ADDYY) Stock Price & How to Invest
Last updated October 2026
Short answer
ADDYY is the US over-the-counter ADR for adidas AG, the German sportswear group that is the world's second-largest athletic brand after Nike. Its turnaround under CEO Bjørn Gulden has produced record sales in 2026, but the shares have lagged because margins are being squeezed by marketing spend, US tariffs and a strong euro.
ADDYY stock price
As of 2026-10-16, adidas AG (ADDYY) last closed at $88.48, down 21.3% over the past year. Over the past 52 weeks it has traded between $75.74 and $113.80.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or adidas AG's investor relations page. Walnut is informational, not investment advice.
What does adidas AG (ADDYY) do?
adidas AG designs and sells athletic footwear, apparel and accessories under the adidas brand, from performance football boots and running shoes to lifestyle franchises such as the Samba, Gazelle and Spezial terrace silhouettes. Headquartered in Herzogenaurach, Germany, it sells through wholesale partners, its own stores and a large e-commerce business across Europe, North America, Greater China, Latin America and Asia-Pacific, and it holds marquee sponsorships including the national football teams of Germany, Argentina and Spain. Footwear is roughly 60% of sales, and nearly all production is outsourced to contract factories in Asia, chiefly Vietnam, Indonesia and China. The group sold its Reebok business in 2022 and now runs essentially a single-brand model, which concentrates both the upside of a hot product cycle and the downside of a cold one. The 2023 end of the Yeezy partnership, which left hundreds of millions of euros of inventory to be sold down over two years, is the event that set the low point from which the current recovery is measured.
The ordinary shares trade in Frankfurt (ADS) as a DAX member, and US investors usually hold them through the sponsored ADDYY ADR on the OTC market, where each ADR represents one half of an ordinary share. The investment picture in October 2026 is a story of strong top line and slower profit leverage: second-quarter 2026 revenue hit a record ~€6.7 billion (up ~14% currency-neutral), management raised full-year growth guidance to 9% to 10%, yet kept the operating profit target at ~€2.3 billion as it spends heavily on marketing around the 2026 FIFA World Cup and absorbs US tariff costs. The stock has fallen roughly 10% or more in 2026, so the debate is whether today's ~17x forward to ~20x trailing earnings multiple prices in a margin recovery or a plateau. Second-half growth is guided to slow to roughly 6%, which makes the third-quarter report around October 29, 2026 an important read on whether momentum is holding once World Cup demand passes.
What's driving adidas AG (ADDYY)?
1. Brand momentum and the turnaround
Since Bjørn Gulden took over as CEO in 2023, adidas has moved from a loss-making year (driven by the end of the Yeezy partnership) to consecutive record sales quarters. Terrace and lifestyle styles such as the Samba and Gazelle reignited demand, and running and basketball are now being pushed to broaden the base. Whether growth stays near double digits as the terrace trend matures is the central question for the next two years. Management has also stressed that the recovery is broad, with Europe, Latin America and emerging markets all growing double digits in recent quarters rather than one region carrying the group.
2. Margin recovery toward a 10% operating margin
adidas generated an operating profit of roughly €2 billion in 2025 and is guiding to about €2.3 billion in 2026, an operating margin still in the high single digits, below the low-teens level the company reached in its best pre-pandemic years. Gross margin gains from fewer markdowns have been partly reinvested in marketing, including over €200 million of extra spend in the second quarter of 2026. Analysts watch whether that marketing investment converts into operating leverage once the World Cup cycle fades. Each percentage point of operating margin on a revenue base near €26 billion is worth roughly €260 million of operating profit, which is why small margin moves drive large changes in earnings estimates.
3. Tariffs, sourcing and refunds
Most adidas product is made in Vietnam, Indonesia and China, so US import tariffs weigh directly on North American profitability. The company recognised a small US tariff refund in the second quarter of 2026 and has said a further $250 million to $300 million could be received in the second half, though this is not included in guidance. How tariff policy evolves, and whether those refunds arrive, is a swing factor for 2026 and 2027 earnings. adidas has said it is shifting some sourcing between countries to reduce exposure, but footwear supply chains take years to move, so the near-term lever is mostly pricing and cost control.
4. Market share against a struggling Nike
Nike's own turnaround has left space in wholesale accounts and in running, and adidas has been growing faster than its largest rival for several quarters. Retail partners such as Foot Locker and JD Sports have given adidas more shelf space as they diversify away from a single dominant brand. Sustaining those share gains while Nike rebuilds is a key test of how durable the adidas recovery is. A faster Nike recovery, with heavier promotions or a stronger product pipeline, would make those gains harder to defend.
What are the risks to adidas AG (ADDYY)?
Sportswear is fashion-sensitive, and the lifestyle franchises that powered the recovery could cool as quickly as they heated up, leaving inventory and markdown pressure behind. US tariffs, a weak consumer in Greater China and Europe, and the cost of global sponsorships can all compress margins that are already thinner than peers'. adidas reports in euros, so the dollar value of ADDYY moves with EUR/USD as well as with the underlying Frankfurt share, and a stronger euro also dilutes reported revenue from the US and emerging markets. As an OTC-traded ADR, ADDYY can have wider bid-ask spreads and thinner volume than the Frankfurt line, carries depositary fees deducted from dividends, and German withholding tax applies to dividends before they reach US holders (partly reclaimable or creditable depending on the investor's situation). A CFO transition at year-end 2026, with Harm Ohlmeyer handing over to Birgit Kretschmer, adds some execution uncertainty around guidance. The single-brand structure also means there is no second label to cushion a downturn in the adidas name itself.
What is the adidas AG (ADDYY) forecast?
5 analysts publish price targets on ADDYY, averaging $114.00 against a $88.48 price as of October 2026, or +28.8%. The published targets run from $91.00 to $146.00, a moderate spread, and the ratings split 3 buy, 2 hold, 0 sell. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full ADDYY forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is ADDYY a buy or a sell?
We give no verdict on adidas AG. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Brand momentum and the turnaround. Since Bjørn Gulden took over as CEO in 2023, adidas has moved from a loss-making year (driven by the end of the Yeezy partnership) to consecutive record sales quarters. The most optimistic published target, $146.00, assumes this works close to its best case.
The case against. Sportswear is fashion-sensitive, and the lifestyle franchises that powered the recovery could cool as quickly as they heated up, leaving inventory and markdown pressure behind. The most pessimistic target, $91.00, is roughly what ADDYY is worth if this bites instead.
Read the full bull and bear case on ADDYY, including what would have to change to break either one. Walnut is not an investment adviser.
How is adidas AG (ADDYY) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see adidas AG's investor relations page or your broker.
- Revenue (TTM): ~€26 billion
- Q2 2026 revenue: ~€6.7 billion (+~14% currency-neutral)
- FY2026 operating profit guidance: ~€2.3 billion
- Market cap: ~€27 billion
- P/E (trailing / 2026 forward): ~20x / ~17x
- ADDYY price (October 15, 2026 close): ~$88.67 (52-week range ~$75.19 to ~$118.00)
adidas trades at a modest discount to its own five-year history and roughly in line with European consumer peers, reflecting margins that remain below the company's past peak despite record sales. The next catalyst is the third-quarter 2026 report, scheduled for around October 29, 2026, where investors will focus on second-half growth (guided to roughly 6%), tariff refunds and early 2027 commentary. Figures are approximate and drawn from public reports and data providers, which differ slightly in timing and currency. Converted to ADR terms at the one-half ratio, the multiples are identical to the Frankfurt line, since both represent the same economic claim on adidas earnings.
Who competes with adidas AG (ADDYY)?
Global athletic giants
Nike (NKE) is the clear market leader and adidas's most direct rival across footwear, apparel, wholesale shelf space and athlete and team sponsorships. Puma, also based in Herzogenaurach, competes in football, running and lifestyle at a smaller scale and has been restructuring after weaker results.
Fast-growing challenger brands
On Holding (ONON), Deckers' HOKA (DECK), New Balance (private) and ASICS have taken share in premium running and lifestyle sneakers, often in the same retail accounts adidas relies on. Their growth is why running is a priority category in the adidas turnaround.
Apparel and regional players
Lululemon (LULU) and Under Armour (UAA) compete in performance and athleisure apparel, while Chinese brands Anta and Li Ning compete hard for share in Greater China, one of adidas's most important growth regions.
What stocks are similar to adidas AG (ADDYY)?
Other names that sit close to ADDYY: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in adidas AG (ADDYY)
There are three common ways to get ADDYY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so ADDYY sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where ADDYY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on adidas AG (ADDYY)
ADDYY offers dollar-denominated exposure to a sportswear brand growing faster than its biggest rival, with the share price shaped as much by margins, tariffs and the euro as by sneaker demand.
More on adidas AG (ADDYY)
Whether ADDYY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ADDYY a buy or a sell?, and where the stock could go from here in the ADDYY stock forecast.
For income investors, whether ADDYY pays a dividend and how the payout looks is covered in does ADDYY pay a dividend? And to weigh ADDYY against a peer, read the full side-by-side comparisons: ADDYY vs NKE and ADDYY vs ONON.
Wondering how ADDYY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in adidas AG with AI
Connect the broker you already use and ask Walnut's AI how ADDYY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is ADDYY?
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ADDYY is the ticker for the sponsored American Depositary Receipt of adidas AG, the German sportswear company. It trades over the counter in the United States in dollars, rather than on the NYSE or Nasdaq, and gives US investors a way to own adidas without opening a German brokerage account. The underlying ordinary shares trade on the Frankfurt Stock Exchange under the symbol ADS and are part of Germany's DAX index. Holding the ADR gives economic exposure to adidas's results, dividends and share price, converted into dollars, while a depositary bank holds the actual German shares on the ADR holders' behalf. ADDYY should not be confused with ADDDF, a less liquid OTC quote for the German ordinary shares themselves rather than the ADR.
What is the ADDYY ADR ratio?
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Each ADDYY ADR represents one half of an adidas ordinary share, so two ADRs equal one Frankfurt share. That is why the ADR price in dollars is roughly half of the Frankfurt price after converting euros to dollars. For example, a Frankfurt price of about €153 at an exchange rate near $1.16 implies an ADR price near $89, which is close to where ADDYY closed on October 15, 2026 (about $88.67). Small gaps between the two can appear because the OTC market trades at different hours and with thinner volume, but arbitrage usually keeps them closely aligned. The ratio matters when comparing per-share figures: earnings per ADR are half of earnings per Frankfurt share, so a data provider showing EPS near €7.75 for the ordinary share implies roughly half that per ADR before currency conversion.
How do US investors buy or hold ADDYY?
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Most major US brokerages that support OTC securities allow ADDYY to be traded like any other ticker, although some apps limit OTC trading or do not offer fractional shares in it. Because it trades OTC, spreads can be wider than for a large Nasdaq stock, and some investors use limit orders for that reason. A depositary fee of a few cents per ADR is typically deducted from dividends, and German withholding tax applies to those dividends. Walnut users who already hold ADDYY can track it alongside the rest of their portfolio, though Walnut is not an investment adviser and does not tell anyone whether to own it. Holders receive annual reports and shareholder meeting materials through the depositary, though voting runs through the depositary bank rather than directly at the German meeting.
How did adidas perform in its latest results?
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adidas reported its second-quarter 2026 results on July 30, 2026, with record quarterly revenue of roughly €6.7 billion, up about 13% in euros and 14% on a currency-neutral basis. First-half revenue reached about €13.3 billion, also a record. Operating profit for the quarter was roughly €570 million, held back by more than €200 million of extra marketing spending linked to the 2026 FIFA World Cup. Management raised its full-year currency-neutral growth outlook to 9% to 10% but kept its operating profit target at about €2.3 billion, which is why the market reaction focused on margins rather than sales. North America remains the softest major region in growth terms, while Europe and emerging markets have been the strongest contributors.
How is ADDYY valued compared with Nike?
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As of October 2026, adidas trades at roughly 20x trailing earnings and about 17x expected 2026 earnings, with a market value near €27 billion. Nike is a far larger company by revenue and market value and has typically commanded a higher multiple, though its earnings have been depressed by its own turnaround, which distorts the comparison. The bull case for adidas rests on it growing faster than Nike while closing the margin gap; the bear case is that adidas's operating margin, still in the high single digits, may stay structurally below its larger rival's. Puma, the other large German sportswear listing, has traded at lower multiples during its own restructuring, which gives a sense of the range investors apply across the sector.
Does ADDYY pay a dividend?
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Yes. adidas pays one annual dividend, usually in May after its shareholder meeting, and ADR holders receive their share converted into dollars, net of depositary fees and German withholding tax. The dividend was cut sharply during the Yeezy-related loss year and has been rebuilt as profits recovered, though the yield remains modest, generally around 1% to 1.5% at recent prices, because adidas reinvests heavily in marketing and growth. Because the payment is set in euros, the dollar amount an ADR holder receives varies with the exchange rate. Investors who want precise figures typically check the company's investor relations site and their broker's tax documents. The company has also used share buybacks in some years, which return capital without the withholding tax that applies to dividends.
What are the main risks for ADDYY holders?
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The key business risks are fashion cycles, since a cooling of the lifestyle franchises behind the recovery could bring back inventory and discounting; US tariffs on products made in Vietnam, Indonesia and China; and soft consumer demand in Europe and Greater China. Competition from Nike, On, HOKA, New Balance and Chinese brands keeps pressure on prices and marketing budgets. ADR-specific risks include currency swings between the euro and dollar, OTC liquidity and spreads, depositary fees and withholding tax on dividends. A CFO change at the end of 2026 adds some uncertainty around guidance and capital allocation. On the upside, tariff refunds not yet booked and any improvement in North American margins are the items analysts most often cite as potential sources of positive surprise.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with adidas AG's investor relations page or your broker before making investment decisions.