adidas AG ADR

ADDYY: OTCM (USA)

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Adidas’ Brand Provides a Competitive Advantage in the Crowded Sports Apparel and Footwear Space

David Swartz

Oct 20, 2026

Business Strategy and Outlook

We think Adidas is a leader in sports and athleisure apparel with a narrow moat based on an intangible brand asset. While it was beset with problems a few years ago, its recovery is progressing well. In both 2024 and 2025, Adidas achieved sales and profitability that were well above original expectations. It achieved double-digit currency-neutral sales growth in these years despite inconsistent demand for sportswear.

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adidas AG ADR

Adidas’ Brand Provides a Competitive Advantage in the Crowded Sports Apparel and Footwear Space

Business Strategy and Outlook

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