Morningstar

adidas AG ADS

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Stock XETR Rating as of
€141.50 −1.15 (0.81%)
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As of Delayed Price Open

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Adidas’ Brand Is a Competitive Advantage in the Global Sports Apparel and Footwear Space

David Swartz

We think Adidas is a leader in sports 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, 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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Price vs Fair Value

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ADS is trading within a range we consider fairly valued.
Price
€142.65
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Adidas’ e-commerce gives the company greater control over its brand and pricing. The firm has increased its digital capabilities and cut wholesale accounts. Its e-commerce sales exceeded EUR 4 billion in 2025 and accounted for 17% of total sales.

Bears

As a global business with more than 90% Asia-based production, Adidas faces additional expenses from higher US tariffs. Moreover, a trade war and higher prices could depress consumer demand.

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Trading Information

Previous Close Price
€142.65
Day Range
€138.35–141.90
52-Week Range
€129.95–196.40
Bid/Ask
€141.40 / €141.50
Shares Outstanding
175.06M
Market Cap
€24.72B
Volume/Avg
164,874 / 683,042

Key Statistics

Price/Earnings (Normalized)
16.84
Price/Sales
0.97
Dividend Yield (Trailing)
1.96%
Dividend Yield (Forward)
1.96%
Dividend Payment Schedule
May
Total Yield
4.08%

Company Profile

Adidas designs, develops, produces, and markets athletic and leisure apparel, footwear, accessories, and sports equipment. Under its eponymous brand, it produces apparel for competitive athletics, casual activewear, and everyday fashion. Adidas sells its products in more than 160 countries through about 2,000 owned retail stores, 15,000 Adidas-branded franchise stores (including about 8,000 in China), 150,000 wholesale doors, and an owned e-commerce site that is available in 67 countries. The company was founded in 1949 in Germany.
Sector
Consumer Cyclical
Industry
Footwear & Accessories
Stock Style Box
Large Core
Total Number of Employees
64,394
Website
https://www.adidas-group.com

Competitors

Valuation

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Metric
ADS
LULU
UAA
Price/Earnings (Normalized)
 16.847.8530.27
Price/Book Value
 4.192.271.40
Price/Sales
 0.971.000.40
Price/Cash Flow
 8.975.7778.33
Price/Earnings
ADS
LULU
UAA

Financial Strength

Metric
ADS
LULU
UAA
Quick Ratio
 0.601.130.80
Current Ratio
 1.392.191.81
Interest Coverage
 6.96—−3.51
Quick Ratio
ADS
LULU
UAA

Profitability

Metric
ADS
LULU
UAA
Return on Assets (Normalized)
 7.62%17.83%1.35%
Return on Equity (Normalized)
 27.00%31.12%3.87%
Return on Invested Capital (Normalized)
 14.77%22.08%2.75%
Return on Assets
ADS
LULU
UAA

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