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 25,062 - -
Change - -49.23% 33.52% 28.58% -28.61% -16.97% - -
Enterprise Value (EV) 1 47,179 27,302 34,430 45,412 34,121 29,067 28,896 28,669
Change - -42.13% 26.11% 31.9% -24.86% -14.81% -0.59% -0.79%
P/E 23.2x 38.2x -438x 55.3x 22.5x 15.5x 12.4x 10.6x
PBR 6.54x 4.56x 7.18x 7.72x 5.23x 4.13x 3.57x 3.32x
PEG - -0.6x 4x -0x 0.3x 0.7x 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 8.17x 7.1x 6.47x
EV / EBIT 23.8x 40.8x 128x 34x 16.6x 12x 10x 8.86x
EV / FCF 18.7x -22.1x 16.2x 19.2x 87.9x 14.8x 12.4x 11x
FCF Yield 5.35% -4.53% 6.17% 5.22% 1.14% 6.77% 8.05% 9.06%
Dividend per Share 2 3.3 0.7 0.7 2 2.8 3.502 4.316 4.965
Rate of return 1.3% 0.55% 0.38% 0.84% 1.66% 2.43% 3% 3.45%
EPS 2 10.9 3.34 -0.42 4.28 7.51 9.293 11.61 13.64
Distribution rate 30.3% 21% -167% 46.7% 37.3% 37.7% 37.2% 36.4%
Net sales 1 21,234 22,511 21,427 23,683 24,811 26,940 28,896 31,077
EBITDA 1 3,135 2,044 1,480 2,545 3,210 3,556 4,069 4,434
EBIT 1 1,986 669 268 1,337 2,056 2,432 2,881 3,237
Net income 1 2,116 612 -75 764 1,340 1,593 1,964 2,238
Net Debt 1 -1,333 2,675 1,548 3,132 3,937 4,005 3,835 3,607
Reference price 2 253.20 127.46 184.16 236.80 169.05 144.05 144.05 144.05
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.($)
25.95x1.21x16.15x4.84% 50.31B
15.5x1.08x8.17x2.43% 28.21B
22.85x2.67x12.16x1.07% 17.96B
10.53x1.52x6.58x-.--% 10.77B
20.74x2.08x10.34x-.--% 10.31B
16.66x2.62x8.59x-.--% 5.93B
16.77x1.54x8.61x4.86% 5.82B
9.04x1.6x6.57x-.--% 5.66B
17.35x1.19x13.14x1.85% 3.36B
Average 17.27x 1.72x 10.03x 1.67% 15.37B
Weighted average by Cap. 20.14x 1.55x 11.72x 2.64%

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