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PUMA SE (PUM) Fair Value & Analysis

Consumer Cyclical · DE · Market cap €4.2B · ISIN DE0006969603

What is PUMA SE really worth?

PS PUMA SE PUM · XETRA
Price€23.83
Fair Value€10.57
Upside−55.6%
Quality44/100

Below-average quality, and trading another 125% above our fair value of €10.57.

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Risks

!Weak Growth (revenue 5y +6.9 %/yr)
!Loss-making · -8.6% net margin
!Low debt · negative free cash flow
!Trails peers (2/12)
!Narrow moat 16/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range €5.33 – €15.93

Fair value as of: Aug 30, 2026

From 4 valuation models · updated 6 days ago

Share price −11.3% over the past month.

What runs behind every stock

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

What matters now

  • The price sits above even our optimistic bull case (€15.93). The favourable scenario is already priced in.
  • Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (€5.33 to €15.93). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Price vs Fair Value (5 years)

€106.70 €15.46 Fair Value €10.57 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range €15.46 – €106.70 · fair‑value band €5.33 – €15.93 · the €23.83 price screens above the €10.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.

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Analysis

PUMA SE (PUM) currently trades at €23.83, while our model-based Fair Value estimate is €10.57, implying the stock looks roughly 125.4% overvalued today. The Quality Score stands at 44/100 (below-average quality), in the Consumer Cyclical sector. Bull case: the Dividend Discount group reads highest at a median of €9.23 per share, and 0 of the 4 models we run sit above the €23.83 price. Bear case: the Multiples group reads lowest at €1.86, and 4 of the 4 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, PUMA SE generated revenue of €7.2B at a net margin of −8.6%. Revenue declined 6.3% year over year. It earns a return on equity of −27.3%. Net debt stands at €2.3B. Fundamentals as of Aug 30, 2026

Our scenario range runs from €5.33 (bear case) to €15.93 (bull case); at €23.83, the current price sits above 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 21% below its 52-week high and 56% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 43% fair-value upside, at −56%, PUM screens richer than that median.

Fair Value models

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.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
EV/EBITDA €1.17 €1.86 €2.55 66
DDM Multi-Stage €5.36 €9.23 €11.27 65
Gordon GGM €5.36 €10.68 €16.17 64
All 4 models by family
Dividend Discount
Gordon GGM €5.36 €10.68 €16.17 64
DDM Multi-Stage €5.36 €9.23 €11.27 65
Multiples
EV/EBITDA €1.17 €1.86 €2.55 66
Asset-Based
NCAV (Graham) €5.98 €8.01 €11.96 54

Widest divergence: Dividend Discount (€9.23) versus Multiples (€1.86). Highest evidence: EV/EBITDA (66).

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Key figures & financial health

P/S ratio 0.62 TTM
EPS (TTM) €−4.19
Dividend yield 2.0%
Net margin −8.8% FY2025
Return on equity −27.3% TTM
Return on assets (EBIT) 6.3% avg 5y
More key figures
Profitability
Operating margin 3.5% TTM
Growth
Revenue (TTM) €7.2B TTM
Revenue growth (YoY) −6.3% 3y avg −4.8%
EPS growth (YoY) +52.3%
Balance sheet & cash flow
Free cash flow −€632M FY2025
Net debt €2.3B FY2025

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 42 · Market factors (momentum, volatility) 48

Profitability 37
Margins and returns on capital today
Quality Growth 18
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 36
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 57
Distance to the 52-week high (market factor)
Net Issuance 91
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

PUMA SE, together with its subsidiaries, engages in the development and sale of sports and sports lifestyle products in Europe, Middle East, Africa, India, North America, Latin America, Greater China, Rest of Asia-Pacific, and internationally.

Full company description

PUMA SE, together with its subsidiaries, engages in the development and sale of sports and sports lifestyle products in Europe, Middle East, Africa, India, North America, Latin America, Greater China, Rest of Asia-Pacific, and internationally. It offers sports lifestyle products for football, handball, rugby, cricket, volleyball, track and field, motor sports, golf, and basketball. The company also issues licenses to independent partners to design, develop, manufacture, and sell glasses, safety shoes, workwear, and gaming accessories. It sells its products under the PUMA and Cobra Golf brands through retail stores, factory outlets, and online stores, as well as wholesale and retail trade. PUMA SE was founded in 1919 and is headquartered in Herzogenaurach, Germany.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PUMA SE reported revenue of €7.3B in FY2025 versus €6.8B in FY2021, a compound +1.8%/yr. Reported net income was −€644M in FY2025.

Growth Quality 13/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€7.3B
Latest YoY
−17.3%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−4.8%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.9%
Avg. revenue growth/yr (28Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.7%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +1.8%/yr
FY21 €6.8B
FY22 €8.5B
FY23 €8.6B
FY24 €8.8B
FY25 €7.3B
Net income
FY21 €310M
FY22 €354M
FY23 €305M
FY24 €282M
FY25 −€644M
Character of growth · EPS growth decomposed (2014-2025) +21.9 % p.a.
Revenue per share +12.0 %

of which total revenue +12.0 % · buybacks/dilution +0.0 %

EBIT margin +8.7 %
Tax rate +1.2 %
Residual (interest, one-offs) −1.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

PUM screens 125% overvalued. Compare with NIKE, Inc →

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Cite: Fair Value Calculator (2026). "PUMA SE Fair Value". https://www.fairvalue-calculator.com/stock/PUM

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

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.

Quality Score 44 · Bottom 25%
Fair Value upside −56% · Bottom 25%
Return on assets −1% · Bottom 25%
Net margin (TTM) −9% · Bottom 25%
Operating margin (TTM) 3% · Below median
Revenue growth −6% · Below median
Dividend yield (TTM) 2.0% · Below median
Debt / equity 0.24× · Higher than median

Valuation Multiples vs Footwear & Accessories median · lower = cheaper

P/B 2.75× · Pricier than 75% of peers
P/S (TTM) 0.68× · Cheaper than median
PEG 0.99× · Cheaper than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 6
FUTURE0 · sector 0
PAST0 · sector 22
HEALTH88 · sector 97
DIVIDEND41 · sector 49

VALUE 0: the price sits above our fair-value range.

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Footwear & Accessories stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock Price Fair Value vs Fair Value
NIKE, Inc NKE $38.44 $35.63 −7%
Deckers Outdoor Corporation DECK $87.76 $125.16 +43%
On Holding ONON $31.03 $17.79 −43%
Zhejiang China Commodities City Group 600415 ¥12.61 ¥13.03 +3%
Birkenstock Holding BIRK $33.95 $44.93 +32%
Crocs, Inc CROX $122.23 $203.65 +67%
Huali Industrial Group 300979 ¥34.24 ¥51.36 +50%
Steven Madden, Ltd SHOO $47.70 $11.69 −75%
Yue Yuen Industrial (Holdings) Limited 0551 HK$13.65 HK$31.67 +132%
Samsonite Group 1910 HK$13.20 HK$36.62 +177%

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Frequently asked questions

Is PUMA SE (PUM) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of €10.57 versus a price of €23.83, about −56% upside (overvalued).
What is the fair value of PUM?
Our model-based fair value for PUMA SE is €10.57 (as of Aug 30, 2026), built from audited fundamentals. The current price: €23.83.
What is the quality score of PUM?
PUMA SE has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of PUMA SE (PUM)?
PUMA SE reported trailing-twelve-month revenue of about €7.2B (latest available figure, as of Aug 30, 2026).
What is the net profit margin of PUM?
The net profit margin of PUMA SE is about −8.6%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does PUMA SE pay a dividend?
PUMA SE currently shows a dividend yield of about 2.03% relative to its recent price (as of Aug 30, 2026).
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