Rankings Food, drinks & restaurants adidas
adidas
91
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Margin−5
- Inventory and fashion risk−4
- Capital allocation−3
Strengths
- Broad-based growth and pricing power+3
- Raised guidance+1
How the score is built
From 100 to 91, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 169.50 EUR
- Median analyst target
- 198.00 EUR
- Upside to median
- +16.8%
- Analysts
- 31
- Target range
- 160.00 – 245.00 EUR
- 52-week change
- +3%
- P/E (trailing)
- 18.4
- Forward P/E
- 15.2
- PEG
- 0.73
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−10 of −30
- −5MarginOperating margin 8.3% TTM vs 9.4% in 2021 and 9.0% at Nike; in Q2 the operating margin fell 0.7pp to 8.5% despite 14% growth, and EPS of EUR 2.10 came in below the consensus of 2.38. Sales guidance was raised, but operating profit was held at about EUR 2.3bn – more revenue does not mean more profit.
- −2ROICROIC 14.8% TTM (WACC 9.3%) has fallen from 16.4% in 2025 and is below 18.1% in 2021; satisfactory, but not top among brands (Nike 19.6%).
- −3Capital allocationShareholder distribution of about EUR 1.5bn in 2026 (2 × 500m buybacks + 491m dividend) vs FCF after leases of EUR 1.29bn TTM and −255m in 2025; net debt has risen from EUR 3.1bn to 4.4bn since 2024.
Price
Today's multiples against the company's own history and its peers. · 3 findings−4 of −35
- −1Multiples vs own historyForward P/E 14.1 and EV/EBITDA 9.2 are the lowest in the 2021–2025 period (17.3–67.6 and 13.8–48.5), but the history is inflated by the Yeezy crisis; P/FCF 13.3 vs 15.0–18.0 in normal years is only a moderate discount.
- −1PeersForward P/E 14.1 vs 21.8 for Nike and EV/EBITDA 9.2 vs 11.4; the discount reflects that Nike is in the middle of a recovery, and Puma is loss-making – there is no healthy peer to measure against.
- −2Absolute price levelFCF yield 7.5% before leases, but only about 5.0% after leases (1.29bn of EUR 25.7bn); earnings yield 5.4% and dividend yield 1.9%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35
- −3Tariffs and the USDirect and indirect US tariffs as well as higher freight and procurement costs are headwinds for the rest of 2026; guidance does not include the possible tariff refund of USD 250–300m, which is uncertain.
- −4Inventory and fashion riskInventory rose 13% to EUR 5.97bn and working capital 18% up to VM; demand rests heavily on retro sneakers such as Samba and Gazelle, where a turn in the fashion trend could cause write-downs and discounts.
- −1Management changeNew CFO Birgit Kretschmer (most recently CFO at C&A) took office on 1 September 2026 after Harm Ohlmeyer's ten years as CFO – amid a period of margin pressure.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Broad-based growth and pricing powerRecord revenue of 6.74 bn EUR in Q2 (+14% currency-adjusted) with growth in all regions: North America +17%, China +15%, Latin America +28%, Europe +6%; gross margin rose 0.8 pp to 52.5% on better prices and fewer discounts.
- +1Raised guidanceSales growth for 2026 raised from high single digits to 9–10% currency-adjusted; operating profit, however, is only maintained.
Caveats
What the score does not capture, or where the data is weak.
Sportswear and footwear do not fit the industry list: placed under 'Consumer: food, beverages & restaurants' as the nearest consumer category. Own multiple history is distorted by the Yeezy exit and the loss year 2023, so forward P/E 2022–2024 (35–68) is not a meaningful basis for comparison. Q2 figures include a one-off refund of US tariffs in gross margin. Insider trades, competition from On/Hoka/Nike and China risk have not been investigated (web limit hit). Q3 report 29 Oct 2026.
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