adidas AG ADR

ADDYY: OTCM (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Adidas Remains a Leading Global Sportswear Brand as It Goes on Offense After a Challenging Period

David Swartz

Mar 17, 2025

Business Strategy and Outlook

We think Adidas is a leader in athletic and athleisure apparel with a narrow moat based on an intangible brand asset. While it has been beset with problems over the past few years, we think its recovery is occurring faster than expected. For example, the company originally guided to mid-single-digit sales growth and operating profit of EUR 500 million in 2024 but its actual results were 12% currency-neutral sales growth and operating profit of EUR 1.3 billion.

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adidas AG ADR

Adidas Remains a Leading Global Sportswear Brand as It Goes on Offense After a Challenging Period

Business Strategy and Outlook

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