adidas AG (ADS) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of adidas AG stock €126, price €175, that is 27.7% below the price, quality 57 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range €90.72 – €285.24 · fair‑value band €71.90 – €192.95 · the €174.55 price screens above the €126.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
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adidas AG, together with its subsidiaries, designs, develops, produces, and markets a range of athletic and sports lifestyle products in Europe, Greater China, Japan, South Korea, Latin America, North America, and internationally.
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The company offers footwear and apparel, as well as accessories and gear, including bags, balls, sunglasses, and fitness equipment under the adidas brand; golf footwear and apparel under the adidas Golf brand; and outdoor footwear under the Five Ten brand.
It sells its products through its own retail stores, mono-branded franchise stores, shop-in-shops, joint ventures with retail partners, and co-branded stores, as well as through its wholesale and e-commerce platforms.
The company was formerly known as adidas-Salomon AG and changed its name to adidas AG in June 2006. adidas AG was founded in 1920 and is headquartered in Herzogenaurach, Germany.
Stock analysis
adidas AG (ADS) currently trades at €174.55, while our model-based Fair Value estimate is €126.17, 28% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €154.56 per share, and 3 of the 26 models we run sit above the €174.55 price.
Bear case: the Asset-Based group reads lowest at €16.37, and 23 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: €71.90 (bear) to €192.95 (bull), the price of €174.55 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Consumer Cyclical sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
adidas AG reported revenue of €24.8B in FY2025 versus €21.2B in FY2021, a compound +4.0%/yr. Reported net income was €1.3B in FY2025, compounding −11.2%/yr from FY2021.
Key figures
Market cap €33.1B Large · P/E ratio 18.8 · P/S ratio 1.24 · EPS (TTM) €9.27 · Dividend yield 1.6% · Net margin 6.1% · Return on equity 26.3% · Return on assets (EBIT) 6.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).
What moves the price
The share trades about 7% below its 52-week high and 36% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 30% fair-value upside, at −28%, ADS screens richer than that median.
Fair Value models
Bear€71.90Fair Value €126.17Bull€192.95
Price €174.55 · Downside -27.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€5.53 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.53/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
Start year 2020 (pandemic). Over 10 years: +3.9% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+22.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.5%
Dividend (yield on the price)1.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−5.6% vs 9.1%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 8%
2025 sits 93% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+44.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +41.2% a year for the price and +4.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Adidas shows strength in apparel and direct-to-consumer expansion driving record sales, yet its footwear segment lacks differentiation and faces ongoing promotional pressures.
Main risk: Specialized rivals such as On Holding and Hoka could capture more share in performance running and other categories from Adidas through innovative designs and targeted marketing, pressuring volumes and pricing power.
Bull case: Adidas could leverage its direct-to-consumer channel and performance innovations to retain loyal customers and outpace smaller rivals in key sports categories.
Bear case: If agile challengers continue eroding share in running and lifestyle while tariffs persist, Adidas might face sustained volume pressure and thinner margins across its product lines.
Adidas posted record Q3 sales and operating profit, powered by 19 percent apparel growth and 17 percent direct-to-consumer expansion while footwear stayed flat amid heavy market discounting and inventory overhang. The results benefited from a large tariff refund and full-price selling, yet the core shoe business remains exposed to promotional pressures. Will apparel and DTC channels keep driving gains, or will normalizing footwear demand determine whether the current momentum holds?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Footwear & Accessories · 92 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−27.7% · Below median
Profitability
Return on equity (12 months)26.3% · Top 25%
Return on assets6.6% · Above median
Net margin (12 months)6.1% · Above median
Operating margin (12 months)13.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)9.4% · Above median
Dividend yield (12 months)1.6% · Below median
Balance sheet
Debt / equity0.35× · Highest 25%
Valuation Multiplesvs Footwear & Accessories median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "adidas AG Fair Value". https://www.fairvalue-calculator.com/stock/ADS
Frequently asked questions
Is adidas AG (ADS) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €126.17 versus a price of €174.55, about 28% lower (overvalued).
What is the fair value of ADS?
Our model-based fair value for adidas AG is €126.17 (as of Nov 6, 2026), built from audited fundamentals. The current price: €174.55.
What is the quality score of ADS?
adidas AG has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for adidas AG (ADS)?
Our model-based price target is the fair value of €126.17 (as of Nov 6, 2026) from 26 valuation models. Cautious scenario €71.90, optimistic scenario €192.95. It is a calculation from audited fundamentals, not an analyst target.
What is the adidas AG stock forecast for 2026?
Our models put fair value at €126.17, about 28% lower versus a price of €174.55 (overvalued). Cautious scenario €71.90, optimistic scenario €192.95. The calculation is refreshed regularly with new filings.
What is the revenue of adidas AG (ADS)?
adidas AG reported trailing-twelve-month revenue of about €26.7B (latest available figure, as of Nov 6, 2026).
Does adidas AG pay a dividend?
adidas AG currently shows a dividend yield of 1.60% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of adidas AG (ADS) and when is the ex-dividend date?
adidas AG pays a dividend of €2.80 per share a year, a dividend yield of 1.6%. The last ex-dividend date was May 8, 2026. A dividend has been paid every year since 2021. The payout ratio is 30.2% of earnings. Free cash flow covers the dividend 0.58 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into adidas AG (ADS)?
For today's price to be fair in a discounted-cash-flow model, adidas AG would have to grow free cash flow by +44.2 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.6 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of ADS use?
Our models discount adidas AG at 9.3 %: a base by market capitalisation (large), damped by beta 1.14, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For adidas AG that is +44.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has adidas AG (ADS) delivered so far?
Over the past 5 years revenue at adidas AG grew +4.6 % a year. The price currently implies free-cash-flow growth of +44.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of adidas AG (ADS) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into adidas AG (+44.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of adidas AG (ADS)?
The free-cash-flow yield on the price is 0.83 %: that much free cash flow adidas AG produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of adidas AG (ADS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For adidas AG it is €126.17 per share (as of Nov 6, 2026), against a price of €174.55. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is adidas AG stock overvalued or undervalued in 2026?
As of Nov 6, 2026, ADS trades above its calculated fair value: price €174.55, fair value €126.17, a gap of about −28% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ADS?
No. The price is what the market pays today (€174.55); the fair value is what the company's own numbers justify (€126.17). For adidas AG the two are €48.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is adidas AG worth?
The market values adidas AG at about €33.1B (market capitalisation, as of Nov 6, 2026). Per share that is €174.55; our models calculate a fair value of €126.17 per share.
What do the bullish and bearish scenarios say about ADS?
Our models span a range for adidas AG: cautious scenario €71.90, base €126.17, optimistic €192.95 per share (as of Nov 6, 2026, price €174.55). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ADS?
adidas AG trades at a price-to-earnings ratio of 18.8 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €126.17 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 30.4. Other multiples: PEG 0.6, P/B 5.7, P/S 1.2, EV/EBITDA 13.6.
What is the PEG ratio of ADS?
The PEG ratio of adidas AG is 0.65 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of adidas AG (ADS)?
Balance-sheet figures for adidas AG (as of Nov 6, 2026): return on equity 26.3%, debt of 0.35 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is ADS from its 52-week high?
adidas AG trades at €174.55, about 7% below its 52-week high of €187.90 and 36% above the low of €128.44 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €126.17 is for.
Which stocks are comparable to adidas AG?
From the same area (Consumer Cyclical) we also value NIKE, Inc, On Holding, Deckers Outdoor Corporation, Zhejiang China Commodities City Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is adidas AG stock attractive at the current price?
The data as of Nov 6, 2026: price €174.55, calculated fair value €126.17 (−28%), Quality Score 57/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ADS calculated?
We run adidas AG through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €126.17 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. adidas AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of adidas AG (ADS)?
The closing price on Nov 6, 2026 was €174.55. Our model-based fair value is €126.17, about 28% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with adidas AG right now?
The model range is unusually wide (€71.90 to €192.95). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of adidas AG (ADS) come from?
Earnings per share at adidas AG grew +5.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.4 %, EBIT margin +0.1 %, tax rate +1.0 %, residual (interest, one-offs) −0.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of adidas AG
How large is the market capitalisation of adidas AG (ADS)?
The market capitalisation of adidas AG is €33.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of adidas AG (ADS)?
The price-to-sales ratio of adidas AG is 1.24 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of adidas AG (ADS)?
Earnings per share at adidas AG are €9.27 (price ÷ EPS = P/E 18.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of adidas AG (ADS)?
The dividend yield of adidas AG is 1.6% (payout 30.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of adidas AG (ADS)?
The net margin of adidas AG is 6.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of adidas AG (ADS)?
The return on equity (ROE) of adidas AG is 26.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of adidas AG (ADS)?
On an EBIT basis the return on assets of adidas AG is 6.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of adidas AG (ADS)?
The operating margin of adidas AG is 13.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at adidas AG (ADS)?
Revenue at adidas AG is growing +9.4% versus a year earlier (3y avg +3.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at adidas AG (ADS)?
Earnings per share at adidas AG are growing +58.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does adidas AG (ADS) carry?
The net debt of adidas AG is €3.9B (fiscal year 2025, ≈ 14.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026