Industries
Athletic Footwear & Apparel
Toutes les analyses de Athletic Footwear & Apparel — 8 analyses.
37/100
74Buffett
JD Sports Fashion plc: Cheap Cash Flow, Falling Like-for-Like Sales, and the Cost of Control
JD Sports Fashion is a global multi-brand sports-fashion retailer that resells branded footwear and apparel through 4,811 stores in 36 countries, and FY26 showed how much of its growth now comes from buying rather than selling: reported revenue rose 10.5% to GBP 12.662bn while like-for-like sales fell 2.1% and adjusted pre-tax profit fell 7.7% to GBP 852m. Trading has worsened since, with Q2 FY27 group like-for-like down 3.1% and North America, the largest market, down 6.8%, prompting a cut to FY27 profit guidance even as free-cash-flow guidance held at GBP 460m to 520m. Rating Watch: at GBP 0.8398 the shares trade on about 7.2 times adjusted earnings with an 11.5% free-cash-flow yield, but sit roughly 12% above the GBP 0.75 conservative value, so the margin-of-safety verdict is none until they approach the GBP 0.55 to 0.60 ideal buy range.
44/100
78Buffett
Shenzhou International: 22.6% H1 Gross Margin and 75.9% Customer Concentration Leave No Conservative Margin of Safety at HK$36.58
Shenzhou International is a vertically integrated knitwear manufacturer producing fabric and garments across China, Vietnam and Cambodia, with sportswear at 63.8% of H1 2026 revenue. H1 revenue fell 5.3%, gross margin dropped to 22.6% and attributable profit declined 40.0%, while the top three customers supplied 75.9% of sales and new overseas capacity raised fixed-cost risk. Rating Hold: HK$36.58 sits near the low end of the HK$36–49 acceptable-hold band but above the HK$20–23.5 ideal-buy zone, leaving no conservative margin of safety.
44/100
55Buffett
adidas AG: Record Revenue, Record Doubt, and the Economics of a World Cup
adidas AG is the world's number-two athletic footwear and apparel brand, selling product design and sports marketing through a wholesale-plus-DTC network that produced EUR 24.81bn of 2025 revenue. Second-quarter 2026 delivered record currency-neutral growth of 14% and a 52.5% gross margin, yet operating profit of EUR 574m missed consensus by EUR 49m as marketing and point-of-sale expense rose EUR 212m to EUR 924m, and management raised revenue guidance while leaving full-year EBIT at about EUR 2.3bn. Rating Hold: the demand recovery is proven, but at EUR 164.05 the price sits 13% to 26% above the EUR 130 to EUR 145 conservative value and the ideal buy zone is EUR 105 to EUR 115.
35/100
PUMA SE: A Fixable Brand, but the Price Already Pays for Part of the Fix
PUMA SE is the world's number-three athletic footwear and apparel brand, selling through wholesale and direct-to-consumer channels, with 2025 continuing-operations sales of EUR 7.30bn and a EUR 357.2m reported operating loss. Second-quarter 2026 showed a genuine reset, with inventory down 15.3%, gross margin up 180 basis points to 48.0% and EUR 328.8m of free cash flow, yet currency-adjusted sales still fell 9.4% while adidas grew 14% in the same quarter and the same categories. Rating Hold: the brand is probably fixable, but at EUR 27.11 the price already sits two-thirds of the way from the EUR 18.3 conservative value to the EUR 31.1 base value, and the ideal buy zone is EUR 14.0 to EUR 14.5.
52/100
Amer Sports: The Brand Transformation Is Real, but Has the Price Already Bought All of It?
Amer Sports owns Arc’teryx, Salomon and Wilson, and has converted a leveraged sporting-goods conglomerate into a premium, increasingly direct-to-consumer softgoods group whose economics are set by two of its three segments. First-quarter 2026 revenue grew 32% with a 60.0% adjusted gross margin, but Greater China is now 33.1% of sales and full-year guidance implies second-half growth slowing to roughly 14% to 18%. Rating Hold: the transformation is real, yet at 30.6 times guided 2026 adjusted earnings the price already sits above the report's US$28.7 to US$33.1 conservative value and leaves no margin of safety.
43/100
75Buffett
Li Ning Company: 11 Times Trailing Earnings and Almost RMB20 Billion of Net Cash, Against a Q2 2026 Sell-Through Reversal
Li Ning monetises a single national sportswear brand through franchised distributors, directly operated stores and e-commerce, with FY2025 revenue of RMB29.6 billion. Revenue grew 3.2% but attributable profit fell 2.6%, return on equity has slid from 26.9% in 2021 to 10.9%, and Q2 2026 retail sell-through reversed from first-quarter growth into a low-single-digit decline. Rating Hold: almost RMB20 billion of cash and deposits and about 11 times trailing earnings protect the downside, yet at HK$14.54 the shares sit above the roughly HK$11.8 conservative value with no margin of safety.
55/100
92Buffett
ANTA Sports: Other Brands Grew 59.2% While the Core Brand Managed 3.7%, and at HKD 74.50 the Shares Already Sit Above the HKD 68 Conservative Sum-of-the-Parts
ANTA is two assets on one share certificate: a controlled multi-brand sportswear group that earned RMB 80.22 billion of FY2025 revenue, and a 37.77% equity-accounted stake in New York-listed Amer Sports worth far more in the market than on the balance sheet. The mix has shifted underneath the headline: the ANTA core brand grew 3.7% and FILA 6.9% in FY2025 while the other-brand group grew 59.2% to 21.2% of revenue, and second-quarter 2026 retail sales repeated the pattern with low-single-digit core growth against 25 to 30% elsewhere. Rating Hold: cash conversion of 1.49 times over five years and RMB 31.7 billion of net cash are genuine, but the Puma stake was contracted 62% above the unaffected price and at HKD 74.50 the shares sit above the HKD 68 conservative sum-of-the-parts, leaving no margin of safety.
52/100
48Buffett
On Holding : croissance premium, valorisée pour la perfection
On Holding est une marque suisse de sportswear de performance premium bâtie sur la chaussure de running, qui monétise un système de produits à technologie propriétaire via un canal direct-to-consumer en forte progression, aux côtés d'un wholesale sélectif. Le cœur du débat haussier-baissier est une combinaison rare de croissance d'échelle et d'expansion des marges : un chiffre d'affaires net 2025 de 3.014 milliards CHF, en hausse de 30.0 % en publié et de 35.6 % à devises constantes, avec une marge brute grimpant à 62.8 % et un mix DTC à 41.8 %, face à un titre qui, à environ 3.1x les ventes des douze derniers mois et un PER glissant proche de la fin de la fourchette des 40, intègre déjà une exécution durablement quasi sans faute dans un contexte de risque tarifaire vietnamien et de concentration sur la chaussure. Note Conserver : la croissance premium et l'expansion des marges sont réelles, mais le prix actuel exige déjà une exécution durablement quasi parfaite, ne laissant aucune marge de sécurité pour une entrée prudente.