Key Stats for Amer Sports Stock
- Current price: $34 (May 19, 2026 close)
- Q1 2026 revenue: $1.95B, up 32% YoY
- Q1 2026 adjusted diluted EPS: $0.38, up 41% YoY
- Full-year 2026 revenue growth guidance: 20% to 22%
- Full-year 2026 adjusted diluted EPS guidance: $1.18 to $1.23
- TIKR model price target: $80
- Implied upside: ~136%
Arc’teryx and Salomon Lead a 32% Revenue Beat
Amer Sports stock (AS) posted Q1 2026 revenue of $1.95B, up 32% year-over-year, well ahead of the street estimate of $1.83B.
Adjusted diluted EPS came in at $0.38, up from $0.27 in Q1 2025, a 41% increase year-over-year.
Technical Apparel revenues grew 33% to $885M, led by Arc’teryx, with D2C expanding 41% and a 19% omni-comp, according to CFO Andrew Page on the Q1 2026 earnings call.
Outdoor Performance revenues grew 42% to $714M, driven by Salomon footwear, apparel, bags, and socks, with D2C up 57% and a 29% omni-comp, according to Andrew Page on the Q1 2026 earnings call.
Ball & Racquet revenues grew 13% to $347M, driven by Softgoods and Racquet Sports.
By region, Asia Pacific grew 53%, Greater China grew 45%, EMEA accelerated to 27%, and the Americas grew 18%, according to Andrew Page on the Q1 2026 earnings call.
D2C represented approximately 50% of group revenue in Q1, growing 45% overall, led by Salomon and Arc’teryx, according to Andrew Page on the Q1 2026 earnings call.
Adjusted gross margin expanded 200 basis points to 60%, with adjusted operating margin expanding 160 basis points from 15.8% to 17.4%, according to Andrew Page on the Q1 2026 earnings call.
Adjusted net income reached $218M compared to $148M in the prior year.
On the back of Q1 momentum, Amer Sports raised full-year 2026 revenue growth guidance to 20% to 22% from the prior 16% to 18%, and lifted adjusted diluted EPS guidance to $1.18 to $1.23 from the prior range of $1.10 to $1.15, according to Andrew Page on the Q1 2026 earnings call.
Full-year adjusted gross margin guidance was raised to 59% to 59.5%, and adjusted operating profit margin guidance was lifted to 13.4% to 13.7% from the prior 13.1% to 13.3%, according to Andrew Page on the Q1 2026 earnings call.
For Q2 2026, management guided reported revenue growth of 22% to 24%, with an adjusted operating profit margin of 6% to 7% and adjusted diluted EPS of $0.08 to $0.10, according to Andrew Page on the Q1 2026 earnings call.
Eight Quarters of Accelerating Margins
The income statement traces a clear operating leverage arc: from a near-breakeven in mid-2024 to a structurally higher-margin business entering 2026.
Revenue grew from $1.00B in Q2 2024 to $1.95B in Q1 2026, with YoY growth rates accelerating from 15% to 32% over that span.
Gross margin climbed from 55.8% in Q2 2024 to 57.8% in Q1 2025 and 59.9% in Q1 2026, with each successive Q1 setting a new high watermark.
Operating income moved from a $10M operating loss in Q2 2024 to $220M in Q1 2025 and $320M in Q1 2026, a 48% year-over-year increase.
Operating margin correspondingly expanded from negative in Q2 2024 to 14.8% in Q1 2025 and 16.5% in Q1 2026.
The 200 basis point gross margin expansion in Q1 was driven by favorable channel, geographic, product, and brand mix, according to Andrew Page on the Q1 2026 earnings call.
Adjusted SG&A as a percentage of revenue came in at 43.2%, 60 basis points higher year-over-year, but better than prior guidance implied as fixed cost leverage offset investment spending, according to Andrew Page on the Q1 2026 earnings call.
TIKR Model Prices AS at $80 Despite Assuming Multiple Compression
The TIKR valuation model prices Amer Sports stock at a mid-case target of $80, representing approximately 136% upside from the current price of $33.83, with the potential total return realized over 4 and a half years at an annualized rate of around 20%.
The mid-case model assumes a revenue CAGR of ~14% from 2025 to 2035, a net income margin of 12%, and EPS growth of near 18% annually, alongside a P/E multiple compression of approximately 4% per year.
The compression assumption embedded in the mid case is the key tension: the model reaches its $80 target despite the P/E contracting at ~4% annually, which means the return is entirely earnings-driven rather than multiple expansion.
With the Q1 beat and full guidance raise now on record, the risk/reward picture for Amer Sports stock has improved materially relative to where it stood entering the print.
The Q1 print confirms that Arc’teryx and Salomon are both firing. What Amer Sports stock now hinges on is whether Salomon can absorb the cost of U.S. wholesale buildout, new-market infrastructure, and brand investment while sustaining the margin expansion the business just demonstrated.
Should You Invest in Amer Sports, Inc.?
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