Amer Sports, Inc. (AS) Stock Price & How to Invest

Amer Sports is a global portfolio of premium sports and outdoor brands run through three reporting segments. Technical Apparel houses Arc'teryx and Peak Performance and is the profit engine, generating $885 million of revenue in the first quarter of 2026 at a roughly 26% adjusted segment operating margin. Outdoor Performance is built around Salomon footwear, apparel and winter sports equipment, contributing about $714 million in the quarter. Ball & Racquet Sports covers Wilson, Atomic and the racquet and golf equipment franchises at about $347 million. The group employs over 15,400 people, operates in 40 countries, sells in more than 100, and was carved out of the old Finnish Amer Sports Oyj by a consortium led by China's ANTA Sports before listing on the NYSE in early 2024.

The investment picture rests on how durable the current growth rate is. Trailing revenue is roughly $7.0 billion after the company grew 27% in 2025 and 32% in the first quarter of 2026, with adjusted operating margin reaching 17.4% in that quarter. Direct-to-consumer sales grew 45% year over year and now slightly exceed wholesale, which is the mechanism behind the margin expansion: owned stores and e-commerce capture the full retail price. Greater China contributed about $645 million of first-quarter revenue and grew 44.5%, making it both the largest region and the fastest one. Management raised full-year 2026 guidance in May to revenue growth of 20% to 22% and adjusted diluted EPS of $1.18 to $1.23. At roughly $37 per share, the stock carries about $21 billion of market value, or roughly 45x trailing earnings and about 30x the midpoint of that 2026 guide.

Valuation is the first constraint: at roughly 45x trailing earnings and about 30x the 2026 adjusted EPS guide, with a beta above 2, the price already embeds several more years of high-twenties growth. Greater China is about a third of revenue and the fastest-growing region, so any consumer pullback or reputational problem there hits the highest-margin part of the business, and an Arc'teryx promotional event in Tibet in September 2025 drew a Chinese regulatory investigation and a share-price drop, with several plaintiffs' firms subsequently soliciting investors (no securities complaint appears to have been filed as of August 2026). Full-year guidance assumes the higher IEEPA tariff rates in place before the February Supreme Court ruling persist through the rest of 2026, so both tariff outcomes and the 200 to 250 basis point currency tailwind baked into the revenue guide can move in either direction. Ball & Racquet is a persistent drag, guided to 4.7% to 5.0% segment operating margin on 10% to 12% growth, and inventories grew 33% year over year, slightly ahead of revenue. ANTA Sports retains board nomination rights scaled to its stake, which concentrates governance and leaves a possible supply overhang if it sells down.

22 analysts publish price targets on AS, averaging $49.90 against a $36.84 price as of August 2026, or +35.5%. The published targets run from $40.50 to $64.00, a moderate spread, and the ratings split 23 buy, 0 hold, 0 sell. Over the last six months there have been 4 raises and 0 cuts among the published actions. 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 AS forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Amer Sports, Inc.. 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. Arc'teryx and the direct-to-consumer mix shift. Technical Apparel grew 33% in the first quarter of 2026 with a 19% omni-comp, meaning stores and e-commerce open at least 13 months are still growing at high-teens rates rather than merely adding doors. The most optimistic published target, $64.00, assumes this works close to its best case.

The case against. Valuation is the first constraint: at roughly 45x trailing earnings and about 30x the 2026 adjusted EPS guide, with a beta above 2, the price already embeds several more years of high-twenties growth. The most pessimistic target, $40.50, is roughly what AS is worth if this bites instead.

Read the full bull and bear case on AS, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Amer Sports, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$7.0 billion, up ~29% year over year
• Q1 2026 revenue: ~$1.95 billion, up 32% (up 26% constant currency)
• Market cap: ~$21 billion at ~$37 per share
• P/E (trailing): ~45x, versus ~30x the midpoint of 2026 adjusted EPS guidance of $1.18 to $1.23
• Adjusted operating margin: 17.4% in Q1 2026; 13.4% to 13.7% guided for full-year 2026
• Dividend: None. Amer has never declared a cash dividend and intends to retain earnings

The first quarter is seasonally the strongest, so the 17.4% adjusted operating margin is not a run rate: management guided the second quarter to 6.0% to 7.0% and adjusted diluted EPS of $0.08 to $0.10. That swing is normal for a business weighted toward cold-weather technical apparel. The multiple looks less extreme against the 2026 guide than against trailing earnings, which reflects how quickly profitability is improving off a low 2024 base.

Other names that sit close to AS: 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.

There are three common ways to get AS 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 AS sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where AS 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.

AS pairs genuinely rare growth for a consumer brand group, roughly 30% revenue gains and expanding margins, with a rich multiple and heavy dependence on China and on Arc'teryx staying hot.

Whether AS 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 AS a buy or a sell?, and where the stock could go from here in the AS stock forecast.

For income investors, whether AS pays a dividend and how the payout looks is covered in does AS pay a dividend? And to weigh AS against a peer, read the full side-by-side comparisons: AS vs VFC and AS vs COLM.