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 25,723 - -
Change - -49.23% 33.52% 28.58% -28.61% -14.78% - -
Enterprise Value (EV) 1 47,179 27,302 34,430 45,412 34,121 29,648 29,474 29,242
Change - -42.13% 26.11% 31.9% -24.86% -13.11% -0.59% -0.79%
P/E 23.2x 38.2x -438x 55.3x 22.5x 15.4x 12.6x 10.7x
PBR 6.54x 4.56x 7.18x 7.72x 5.23x 4.16x 3.57x 3.26x
PEG - -0.6x 4x -0x 0.3x 0.6x 0.6x 0.6x
Capitalization / Revenue 2.28x 1.09x 1.53x 1.79x 1.22x 0.95x 0.89x 0.83x
EV / Revenue 2.22x 1.21x 1.61x 1.92x 1.38x 1.1x 1.02x 0.94x
EV / EBITDA 15x 13.4x 23.3x 17.8x 10.6x 8.2x 7.18x 6.51x
EV / EBIT 23.8x 40.8x 128x 34x 16.6x 11.8x 10.1x 8.95x
EV / FCF 18.7x -22.1x 16.2x 19.2x 87.9x 13.6x 12.1x 10.7x
FCF Yield 5.35% -4.53% 6.17% 5.22% 1.14% 7.36% 8.26% 9.38%
Dividend per Share 2 3.3 0.7 0.7 2 2.8 3.626 4.396 5.061
Rate of return 1.3% 0.55% 0.38% 0.84% 1.66% 2.45% 2.97% 3.42%
EPS 2 10.9 3.34 -0.42 4.28 7.51 9.6 11.69 13.8
Distribution rate 30.3% 21% -167% 46.7% 37.3% 37.8% 37.6% 36.7%
Net sales 1 21,234 22,511 21,427 23,683 24,811 26,935 28,930 31,116
EBITDA 1 3,135 2,044 1,480 2,545 3,210 3,617 4,108 4,493
EBIT 1 1,986 669 268 1,337 2,056 2,506 2,912 3,268
Net income 1 2,116 612 -75 764 1,340 1,625 1,981 2,273
Net Debt 1 -1,333 2,675 1,548 3,132 3,937 3,925 3,751 3,519
Reference price 2 253.20 127.46 184.16 236.80 169.05 147.85 147.85 147.85
Nbr of stocks (in thousands) 191,595 193,215 178,549 178,549 178,549 173,979 - -
Announcement Date 9/3/22 8/3/23 31/1/24 4/3/25 3/3/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.29x1.28x15.07x4.25% 56.52B
15.4x1.09x8.2x2.45% 29.92B
22.41x2.71x12.46x1.09% 18.61B
18.24x1.75x8.74x-.--% 9.11B
16.42x0.87x8.13x5.04% 2.25B
5.72x0.35x2.05x7.65% 1.26B
7.27x0.36x2.35x7.35% 1.23B
6.62x1.18x5.45x11.78% 808M
Average 14.30x 1.20x 7.81x 4.95% 14.96B
Weighted average by Cap. 19.73x 1.46x 12.00x 3.12%

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

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