adidas AG (ADS) Fair Value & Analysis

Consumer Cyclical · DE · Market cap €32.4B · ISIN DE000A1EWWW0

What is adidas AG really worth?

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

• The model range is unusually wide (€61.87 to €183.93). The outcome hinges heavily on assumptions, so read the point estimate with caution.
• Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.

How to read this chart

60‑month range €90.72 – €318.75 · fair‑value band €61.87 – €183.93 · the €149.15 price screens above the €115.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 31, 2026.

Full chart & analysis →

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Analysis

adidas AG (ADS) currently trades at €149.15, while our model-based Fair Value estimate is €115.36, implying the stock looks roughly 29.3% overvalued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Multiples group reads highest at a median of €142.34 per share, and 5 of the 26 models we run sit above the €149.15 price. Bear case: the Asset-Based group reads lowest at €21.82, and 21 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, adidas AG generated revenue of €25.3B at a net margin of 5.5%. Revenue grew 7.1% year over year. It earns a return on equity of 22.9%. Net debt stands at €3.9B. Fundamentals as of Aug 31, 2026

Our scenario range runs from €61.87 (bear case) to €183.93 (bull case); at €149.15, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 31% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 32% fair-value upside, at −23%, ADS screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €3.33 per share, which is 2.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Widest divergence: Multiples (€142.34) versus Asset-Based (€21.82). Highest evidence: FCF DCF (79).

Key figures & financial health

Quality Score breakdown

About the company

adidas AG, together with its subsidiaries, designs, develops, produces, and markets a range of athletic and sports lifestyle products in Europe, Greater China, Japan, South Korea, Latin America, North America, and internationally.

Full company description

adidas AG, together with its subsidiaries, designs, develops, produces, and markets a range of athletic and sports lifestyle products in Europe, Greater China, Japan, South Korea, Latin America, North America, and internationally. The company offers footwear and apparel, as well as accessories and gear, including bags, balls, sunglasses, and fitness equipment under the adidas brand; golf footwear and apparel under the adidas Golf brand; and outdoor footwear under the Five Ten brand. It sells its products through its own retail stores, mono-branded franchise stores, shop-in-shops, joint ventures with retail partners, and co-branded stores, as well as through its wholesale and e-commerce platforms. The company was formerly known as adidas-Salomon AG and changed its name to adidas AG in June 2006. adidas AG was founded in 1920 and is headquartered in Herzogenaurach, Germany.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

adidas AG reported revenue of €24.8B in FY2025 versus €21.2B in FY2021, a compound +4.0%/yr. Reported net income was €1.3B in FY2025, compounding −11.2%/yr from FY2021.

ADS screens 29% overvalued. Compare with NIKE, Inc →

Peer Group

Footwear & Accessories · 93 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Footwear & Accessories median · lower = cheaper

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Insider activity: 25/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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