AS
Amer Sports, Inc.
AS has the edge over NKE overall, supported by stronger fundamentals and stronger modeled upside.
NKE
NIKE, Inc.
NKE offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
AS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Healthy | |
| Strong |
AS's revenue, profitability, cash flow and balance sheet are all currently healthy.
NKE Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Strong |
NKE's profitability and balance sheet are currently healthy, and its revenue and cash flow are stable.
AS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $30.19 | — |
| Current | 31x | $30.19 | — |
| Cheap | 41x | $39.35 | +30% |
| Fair | 68x | $65.43 | +117% |
| Expensive | 102x | $98.18 | +225% |
Historical ranges are pointers, not guarantees.
AS has the edge over NKE in the historical PE scenario, which offers more potential upside but is not a forecast.
NKE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $37.76 | — |
| Cheap | 23x | $47.70 | +26% |
| Forward | 30x | $37.76 | — |
| Fair | 33x | $68.16 | +80% |
| Expensive | 47x | $97.86 | +159% |
Historical ranges are pointers, not guarantees.
NKE's PE is in its cheap range at 18x. On analysts' estimates for next year's earnings, today's price would be 30x, in its fair range.
AS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
AS has the edge over NKE on the outlook, with more favorable valuation and earnings expectations.
NKE Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Decline | |
| Improving | |
| Moderate | |
| Low |
Analysts expect NKE's profitability to improve, but its revenue to decline. However, they disagree widely on these estimates.
AS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.54 | +61% |
| Q2 2026 | $0.96 | +134% |
| Q1 2026 | $0.81 | +119% |
| Q4 2025 | $0.76 | +443% |
| Q3 2025 | $0.55 | +$0.62 |
| Q2 2025 | $0.41 | +$0.66 |
| Q1 2025 | $0.37 | +$0.81 |
| Q4 2024 | $0.14 | +$0.55 |
| Q3 2024 | -$0.07 | +$0.46 |
AS has the edge over NKE on earnings, with more consistent year-over-year improvement.
NKE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.27 | -39% |
| Q3 2026 | $2.09 | +7.2% |
| Q2 2026 | $2.10 | -2.8% |
| Q1 2026 | $1.51 | -50% |
| Q4 2025 | $1.70 | -48% |
| Q3 2025 | $1.95 | -44% |
| Q2 2025 | $2.16 | -42% |
| Q1 2025 | $3.01 | -11% |
| Q4 2024 | $3.24 | -5.3% |
NKE's earnings per share have fallen from their peak: $2.09 over the past year, against $3.82 in late 2021.
AS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $1.6B | +32% |
| Q1 2026 | $1.9B | +32% |
| Q4 2025 | $2.1B | +28% |
| Q3 2025 | $1.8B | +30% |
| Q2 2025 | $1.2B | +23% |
| Q1 2025 | $1.5B | +23% |
| Q4 2024 | $1.6B | +24% |
| Q3 2024 | $1.4B | +17% |
AS has the edge over NKE on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 10% | +6.9 points |
| Q1 2026 | 16% | +1.6 points |
| Q4 2025 | 11% | -1 points |
| Q3 2025 | 12% | -0.8 points |
| Q2 2025 | 3.5% | +4.4 points |
| Q1 2025 | 15% | +5.4 points |
| Q4 2024 | 12% | +7.3 points |
| Q3 2024 | 13% | +4 points |
AS has the edge over NKE on profitability, with a higher operating margin.
NKE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11.2B | -4.3% |
| Q2 2026 | $11B | -1.1% |
| Q1 2026 | $11.3B | +0.1% |
| Q4 2025 | $12.4B | +0.6% |
| Q3 2025 | $11.7B | +1.1% |
| Q2 2025 | $11.1B | -12% |
| Q1 2025 | $11.3B | -9.3% |
| Q4 2024 | $12.4B | -7.7% |
NKE's revenue fell from its 2023 peak and has held roughly level since: $11.2B last quarter, down 4.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.2% | +0.3 points |
| Q2 2026 | 12% | +9.2 points |
| Q1 2026 | 5.8% | -1.7 points |
| Q4 2025 | 8% | -3.4 points |
| Q3 2025 | 7.9% | -3.4 points |
| Q2 2025 | 2.9% | -11 points |
| Q1 2025 | 7.5% | -3.8 points |
| Q4 2024 | 11% | -2.9 points |
NKE's operating margin was 8.2% last quarter, about level with the same quarter a year ago.
AS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $103.6M | +$204.4M |
| Q1 2026 | $93.9M | -23% |
| Q4 2025 | $550.7M | +65% |
| Q3 2025 | -$59.2M | +$40.6M |
| Q2 2025 | -$100.8M | -$5.1M |
| Q1 2025 | $122.6M | +128% |
| Q4 2024 | $334.7M | +31% |
| Q3 2024 | -$99.8M | -$26.1M |
AS has the edge over NKE on cash flow, with more consistent year-over-year improvement.
NKE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$64M | -527% |
| Q2 2026 | $1.5B | +313% |
| Q1 2026 | $284M | -83% |
| Q4 2025 | $386M | -58% |
| Q3 2025 | $15M | -95% |
| Q2 2025 | $363M | -85% |
| Q1 2025 | $1.7B | -11% |
| Q4 2024 | $920M | -65% |
NKE usually generates cash, though not every quarter: the latest was −$64M, but it generated $2.1B over the past year.
AS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.9% | +16.8M shares |
| 1 year | +5% | +28.3M shares |
| 3 years | +20% | +99.6M shares |
AS has 589M diluted shares, up 5% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
NKE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +3.2M shares |
| 1 year | +0.4% | +5.2M shares |
| 3 years | -3.8% | -59.1M shares |
| 5 years | -8.4% | -135M shares |
| Available history | -6.9% | -110M shares |
NKE has the edge over AS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $20M |
| Q3 2025 | $126M |
| Q2 2025 | $199M |
| Q1 2025 | $506M |
| Q4 2024 | $1.1B |
NKE has spent almost nothing on buybacks in the past year.
AS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.3x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.3x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.6x | Very low |
| Q4 2024 | 0.8x | Very low |
| Q2 2024 | 4.6x | High |
AS's net debt is less than a year of its operating earnings (EBITDA).
NKE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.2x | Very low |
| Q2 2026 | 0.1x | Very low |
| Q1 2025 | 0.1x | Very low |
| Q4 2024 | 0.2x | Very low |
| Q3 2024 | 0.1x | Very low |
| Q2 2024 | -0.1x | Net Cash |
| Q1 2024 | -0.0x | Very low |
| Q4 2023 | 0.1x | Very low |
NKE has the edge over AS on leverage, with a lower net debt burden relative to earnings.
AS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.6 | Neutral |
| Stochastic | 37.4 | Neutral |
AS's weekly RSI is 47 (neutral) and its Stochastic is 37 (neutral).
NKE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.0 | Neutral |
| Stochastic | 57.5 | Neutral |
NKE's weekly RSI is 40 (neutral) and its Stochastic is 58 (neutral).
AS PE vs Consumer Cyclical Sector
| Metric | AS | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 18x | 75% above |
| PE % | 3 | 25 | 22 pts below |
AS is trading at 31x earnings, a 75% premium to the Consumer Cyclical sector's median of 18x.
NKE PE vs Consumer Cyclical Sector
| Metric | NKE | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 18x | 0.3% above |
| PE % | 2 | 47 | 45 pts below |
NKE has the edge over AS on valuation relative to its sector.
AS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $29.1 | 3.9% above |
| 20 week MA | $31.3 | 3.5% below |
| 50 week MA | $34.1 | 12% below |
| 100 week MA | $33.3 | 9.3% below |
AS has stronger trend alignment. AS is above 1 of 4 weekly averages versus NKE above 1 of 5.
NKE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $36.7 | 2.8% above |
| 20 week MA | $39.2 | 3.6% below |
| 50 week MA | $48.0 | 21% below |
| 100 week MA | $58.4 | 35% below |
| 200 week MA | $79.2 | 52% below |
NKE has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 52% below its 200-week average.
AS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $15.0 | $28.4 | +90% |
| 2025 | $28.4 | $38.4 | +35% |
| 2026 YTD | $38.4 | $30.2 | -21% |
AS has the edge over NKE on returns for 2026, with the stronger performance.
NKE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $101.6 | $141.6 | +39% |
| 2021 | $141.6 | $165.7 | +17% |
| 2022 | $165.7 | $116.3 | -30% |
| 2023 | $116.3 | $108.6 | -6.6% |
| 2024 | $108.6 | $76.4 | -30% |
| 2025 | $76.4 | $60.9 | -20% |
| 2026 YTD | $60.9 | $37.8 | -38% |
NKE has finished four years in a row lower, and it's down 38% so far in 2026.