AS NYSE Russell 1000 Earnings call
Amer Sports, Inc. (AS) · Q2 2026 results and valuation
Share price: $31.08 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 18 Aug 2026 and 19 May 2026
Net income down 34.9% on the previous quarter, guidance raised. Management sounded very upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−34.9%
Net income vs Q1 2026
Guidance raised
Net income 107.2M vs 164.6M
Revenue −16.1%
Against the same quarter last year (Q2 2025) it is +489.0%; the dip on last quarter is small next to the change on last year.
2 · How management spoke
Very upbeat
Among the most upbeat of all company calls
Answers to analysts: very upbeat, but clearly less so than the script.
Similar to last call.
3 · What stood out
Amer Sports raised its 2026 adjusted diluted EPS guidance to $1.27 to $1.30 from the previous range of $1.18 to $1.23.
Valuation
Is Amer Sports, Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (the standard assumption), the model's fair value is $20.44 a share — the stock trades 52% above it. Today's price assumes 15.1% growth a year.
Current price
$31.08
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+15.1% for 10 yrs
Fair value / share
$20.44
Buy below
$15.33
Price vs fair value
Overvalued 52%
Price vs buy-below price
Overvalued 103%
Management expects
Revenue +24% · from the Q2 2026 report: “The company raised 2026 revenue growth guidance from 20% to 22% to approximately 24% because of a 200 to 250 basis point currency benefit at current exchange…”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
The company raised its adjusted diluted EPS guidance to $1.27 to $1.30 from the previous range of $1.18 to $1.23 based on 585 million fully diluted shares.
Source quote
“We now expect adjusted diluted EPS of $1.27 to $1.30 versus our prior guidance of $1.18 to $1.23, which is based on approximately 585 million fully diluted shares.”
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Figure
Ball & Racquet sales grew 24% in Q2 due to continued strength in Tennis 360 softgoods and racquets.
Source quote
“Ball & Racquet sales grew 24% in Q2, driven by continued strength in Tennis 360, both softgoods and racquets as well...”
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Fading
Salomon's unique outdoor sneak offering is inflecting globally, but the brand currently holds a small market share despite leading growth and profitability through its direct-to-consumer model.
Source quote
“Third, demand for Salomon's unique outdoor sneak offering is inflecting globally but the brand still only has a small share... with leading growth and profitability for the industry driven by its disruptive direct-to-consumer model. Fourth, our worsened and the winter sports equipment franchises -- have leading market positions, which we believe will deliver slower long-term growth except for...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 86% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“All segments, geographies and channels achieved strong double-digit growth, led by another exceptional quarter from Salomon Softgoods, a strong Arc'teryx omni-comp and our Wilson Tennis 360 acceleration.”
“We are fortunate to have the revenue and gross margin momentum that allows us to reinvest behind our 3 growth engines to ensure high-quality growth and strong brand equity over...”
“Not only is the brand seeing a nice acceleration in North America and EMEA, the largest outdoor markets in the world, Greater China continued to deliver strong growth and maintain...”
Full figures
USD · ROIC.AI fundamentals (NYSE:AS, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.63B | 1.95B | −16.1% | 1.24B | +32.1% |
| Gross profit | 1.07B | 1.17B | −8.0% | 722.9M | +48.2% |
| Operating income | 194.0M | 321.8M | −39.7% | 46.3M | +319.0% |
| Net income | 107.2M | 164.6M | −34.9% | 18.2M | +489.0% |
| EPS | 0.18 | 0.28 | −35.0% | 0.03 | +461.5% |
| P/E | — | — | — | — | — |
Topics
Most discussed now
- James will cover key operational and brand highlights, then Andrew will provide a financial review at both the group and...
- Led by strong gross margin expansion, Amer Sports generated a 730 basis point increase in its adjusted operating margin...
- Moving to Amer Sports' Outdoor Performance segment, which saw revenues increase 37% to $569 million, driven by continued very strong…
- Philosophically, because of the significant value creation potential for each of its 3 growth engines, Amer Sports is going to invest…
- Making it well worth its investment on its sales and gross margin upside to ensure that Amer Sports capitalizes on these...
Faded since Q1 2026
- Dropped This is what it makes it believe that Amer Sports has today, it will be able to manage its portfolio and...
- Fading All segments, geographies and channels performed extremely well in the quarter, led by exceptional Salomon Softgoods growth, a strong…
- Fading The strong group sales performance was led by outdoor performance and technical apparel.
- Fading Amer Sports is not looking at business opportunity outside of where it can get traction and having consumer agreement.