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 25,131 - -
Change - -49.23% 33.52% 28.58% -28.61% -16.74% - -
Enterprise Value (EV) 1 47,179 27,302 34,430 45,412 34,121 29,125 28,958 28,724
Change - -42.13% 26.11% 31.9% -24.86% -14.64% -0.57% -0.81%
P/E 23.2x 38.2x -438x 55.3x 22.5x 15.3x 12.4x 10.5x
PBR 6.54x 4.56x 7.18x 7.72x 5.23x 4.11x 3.57x 3.3x
PEG - -0.6x 4x -0x 0.3x 0.6x 0.5x 0.6x
Capitalization / Revenue 2.28x 1.09x 1.53x 1.79x 1.22x 0.93x 0.87x 0.81x
EV / Revenue 2.22x 1.21x 1.61x 1.92x 1.38x 1.08x 1x 0.92x
EV / EBITDA 15x 13.4x 23.3x 17.8x 10.6x 8.32x 7.14x 6.44x
EV / EBIT 23.8x 40.8x 128x 34x 16.6x 12.1x 9.97x 8.81x
EV / FCF 18.7x -22.1x 16.2x 19.2x 87.9x 13.6x 12.1x 10.5x
FCF Yield 5.35% -4.53% 6.17% 5.22% 1.14% 7.35% 8.3% 9.48%
Dividend per Share 2 3.3 0.7 0.7 2 2.8 3.558 4.336 5.002
Rate of return 1.3% 0.55% 0.38% 0.84% 1.66% 2.46% 3% 3.46%
EPS 2 10.9 3.34 -0.42 4.28 7.51 9.42 11.69 13.78
Distribution rate 30.3% 21% -167% 46.7% 37.3% 37.8% 37.1% 36.3%
Net sales 1 21,234 22,511 21,427 23,683 24,811 26,946 28,920 31,125
EBITDA 1 3,135 2,044 1,480 2,545 3,210 3,500 4,056 4,459
EBIT 1 1,986 669 268 1,337 2,056 2,407 2,905 3,260
Net income 1 2,116 612 -75 764 1,340 1,624 1,981 2,269
Net Debt 1 -1,333 2,675 1,548 3,132 3,937 3,994 3,827 3,592
Reference price 2 253.20 127.46 184.16 236.80 169.05 144.45 144.45 144.45
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.($)
21.41x1.21x14.56x4.61% 53.55B
15.57x1.1x8.44x2.42% 29.24B
22.44x2.71x12.38x1.09% 18.31B
19.81x1.94x9.76x-.--% 9.82B
15.69x0.83x7.81x5.24% 2.14B
5.6x0.33x1.96x7.81% 1.23B
7.24x0.36x2.33x7.38% 1.23B
7.04x1.23x5.77x11.35% 833M
Average 14.35x 1.21x 7.88x 4.99% 14.54B
Weighted average by Cap. 19.45x 1.46x 11.82x 3.24%

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

-40%: Exceptional extension
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