Company Valuation: adidas AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 48,512 24,627 32,882 42,280 30,184 26,019 - -
Change - -49.23% 33.52% 28.58% -28.61% -13.8% - -
Enterprise Value (EV) 1 47,179 27,302 34,430 45,412 34,121 29,865 29,626 29,337
Change - -42.13% 26.11% 31.9% -24.86% -12.47% -0.8% -0.98%
P/E 23.2x 38.2x -438x 55.3x 22.5x 15.8x 12.1x 10.8x
PBR 6.54x 4.56x 7.18x 7.72x 5.23x 4.2x 3.62x 3.3x
PEG - -0.6x 4x -0x 0.3x 0.6x 0.4x 0.9x
Capitalization / Revenue 2.28x 1.09x 1.53x 1.79x 1.22x 0.97x 0.9x 0.84x
EV / Revenue 2.22x 1.21x 1.61x 1.92x 1.38x 1.11x 1.02x 0.94x
EV / EBITDA 15x 13.4x 23.3x 17.8x 10.6x 8.25x 7.21x 6.52x
EV / EBIT 23.8x 40.8x 128x 34x 16.6x 12.1x 10.2x 8.97x
EV / FCF 18.7x -22.1x 16.2x 19.2x 87.9x 13.7x 12.2x 10.7x
FCF Yield 5.35% -4.53% 6.17% 5.22% 1.14% 7.31% 8.21% 9.35%
Dividend per Share 2 3.3 0.7 0.7 2 2.8 3.671 4.45 5.122
Rate of return 1.3% 0.55% 0.38% 0.84% 1.66% 2.46% 2.98% 3.43%
EPS 2 10.9 3.34 -0.42 4.28 7.51 9.447 12.33 13.88
Distribution rate 30.3% 21% -167% 46.7% 37.3% 38.9% 36.1% 36.9%
Net sales 1 21,234 22,511 21,427 23,683 24,811 26,936 28,925 31,109
EBITDA 1 3,135 2,044 1,480 2,545 3,210 3,622 4,109 4,497
EBIT 1 1,986 669 268 1,337 2,056 2,465 2,897 3,270
Net income 1 2,116 612 -75 764 1,340 1,628 1,983 2,281
Net Debt 1 -1,333 2,675 1,548 3,132 3,937 3,846 3,607 3,318
Reference price 2 253.20 127.46 184.16 236.80 169.05 149.55 149.55 149.55
Nbr of stocks (in thousands) 191,595 193,215 178,549 178,549 178,549 173,979 - -
Announcement Date 3/9/22 3/8/23 1/31/24 3/4/25 3/3/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.22x1.28x15.01x4.24% 56.73B
15.83x1.11x8.25x2.46% 30.16B
23.32x2.82x12.97x0.97% 18.82B
18.68x1.8x9x-.--% 9.29B
13.61x0.82x7.68x5.05% 2.11B
7.52x0.38x2.51x7.07% 1.28B
5.56x0.33x1.93x7.86% 1.22B
6.74x1.2x5.53x11.58% 818M
Average 14.19x 1.22x 7.86x 4.9% 15.05B
Weighted average by Cap. 19.94x 1.49x 12.08x 3.08%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield