Amer Sports, Inc.
Amer Sports, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.6 billion, up 26.7% from fiscal 2024. In the quarter to June 2026, revenue grew 32.1%, EPS grew 500.0%, free cash flow grew 169.1% and total debt fell 36.4%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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Amer Sports, Inc. (AS) Altman Z-score
Amer Sports, Inc.'s Altman Z-score for fiscal 2025 is 3.92, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.92 | 0.70 |
| FY2024 | 3.22 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.11 | — | 0.13 | |
| Retained earnings / total assets | (0.02) | — | −0.03 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 4.89 | — | 2.93 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Safe zone | 3.92 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.55 | ||
Z and Z″ put Amer Sports, Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| OSW OneSpaWorld Holdings Limited compare | 9.2× |
| YETI YETI Holdings, Inc. compare | 6.9× |
| AS Amer Sports, Inc. | 3.9× |
| GOLF Acushnet compare | 3.8× |
| MAT Mattel, Inc. compare | 3.1× |
| HAS Hasbro, Inc. compare | 2.8× |
| PLNT Planet Fitness, Inc. compare | 2.0× |
| LTH Life Time Group Holdings, Inc. compare | 1.2× |
| CALY Callaway Golf Company compare | 0.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets