AS Stock Forecast & Price Target

Amer Sports is attractive because its portfolio of 10 brands is still in relatively early growth stages, yet it already generated $6.6 billion of revenue in 2025 and is on a path that could support $14 billion+ in sales and a 16% EBIT margin. The bullish case is anchored by Salomon’s visible runway, with management targeting sustained mid-teens growth and 20-60 bps of annual operating margin expansion over the next 5 years, while Arc’teryx and Wilson also benefit from expanding DTC, premium wholesale, and geographic whitespace. Its decentralized model, higher-income customer base, and broad regional mix — 32% Americas, 28% EMEA, 28% China, and 12% APAC excluding China — support durable growth and operating leverage.

Amer Sports is exposed to a pressured demand backdrop, with weakening discretionary spending, tariff costs, and FX headwinds threatening sales and earnings momentum across a business that generated $6.6 billion of revenue in 2025. Its 32% Americas, 28% EMEA, 28% China, and 12% Asia-Pacific mix underscores heavy international exposure, while concentrated ownership by Anta Sports, which owns over 40% and nominates 5 board directors, raises governance concerns. In Ball & Racquet, growth may improve, but the expected 20-60+ bps annual margin expansion is subdued because of ongoing investment in Wilson 360, China DTC, and wholesale expansion, limiting near-term profitability leverage.