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 26,219 - -
Change - -49.23% 33.52% 28.58% -28.61% -13.14% - -
Enterprise Value (EV) 1 47,179 27,302 34,430 45,412 34,121 30,048 29,891 29,644
Change - -42.13% 26.11% 31.9% -24.86% -11.94% -0.52% -0.83%
P/E 23.2x 38.2x -438x 55.3x 22.5x 16x 12.9x 10.9x
PBR 6.54x 4.56x 7.18x 7.72x 5.23x 4.24x 3.64x 3.33x
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 0.97x 0.91x 0.84x
EV / Revenue 2.22x 1.21x 1.61x 1.92x 1.38x 1.12x 1.03x 0.95x
EV / EBITDA 15x 13.4x 23.3x 17.8x 10.6x 8.32x 7.28x 6.59x
EV / EBIT 23.8x 40.8x 128x 34x 16.6x 12x 10.3x 9.06x
EV / FCF 18.7x -22.1x 16.2x 19.2x 87.9x 13.8x 12.3x 10.8x
FCF Yield 5.35% -4.53% 6.17% 5.22% 1.14% 7.27% 8.14% 9.25%
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% 2.44% 2.95% 3.4%
EPS 2 10.9 3.34 -0.42 4.28 7.51 9.401 11.66 13.81
Distribution rate 30.3% 21% -167% 46.7% 37.3% 39.1% 38.2% 37.1%
Net sales 1 21,234 22,511 21,427 23,683 24,811 26,936 28,913 31,083
EBITDA 1 3,135 2,044 1,480 2,545 3,210 3,614 4,104 4,501
EBIT 1 1,986 669 268 1,337 2,056 2,506 2,912 3,270
Net income 1 2,116 612 -75 764 1,340 1,623 1,979 2,283
Net Debt 1 -1,333 2,675 1,548 3,132 3,937 3,830 3,673 3,426
Reference price 2 253.20 127.46 184.16 236.80 169.05 150.70 150.70 150.70
Nbr of stocks (in thousands) 191,595 193,215 178,549 178,549 178,549 173,979 - -
Announcement Date 09/03/22 08/03/23 31/01/24 04/03/25 03/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.42x1.29x15.14x4.2% 57.25B
16.03x1.12x8.32x2.44% 30.55B
25.24x3.05x14.02x0.97% 20.18B
19.47x1.89x9.45x-.--% 9.77B
13.59x0.82x7.66x5.05% 2.1B
6.04x0.33x1.97x7.33% 1.32B
7.52x0.35x2.3x6.93% 1.31B
6.77x1.21x5.56x11.52% 814M
Average 14.64x 1.26x 8.05x 4.8% 15.41B
Weighted average by Cap. 20.48x 1.55x 12.35x 3.03%

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