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adidas Valuation Multiples

Discover revenue and EBITDA valuation multiples for adidas and similar public comparables like Merino, Step One Clothing, and Cettire.

adidas Overview

About adidas

Adidas designs, develops, produces, and markets athletic and leisure apparel, footwear, accessories, and sports equipment. Under its eponymous brand, it produces apparel for competitive athletics, casual activewear, and casual fashion. Adidas sells its products in more than 160 countries through about 1,900 owned retail stores, 15,000 mono-branded franchise stores, 150,000 wholesale doors, and owned e-commerce that is available in 67 countries. The company was founded in 1949 in Germany.


Founded

1924

HQ

Germany
Employees

62.0K+

Financials

LTM Revenue $27.6B

LTM EBITDA $3.2B

EV

$48.0B

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adidas Financials

adidas has a last 12-month revenue (LTM) of $27.6B and a last 12-month EBITDA of $3.2B.

In the most recent fiscal year, adidas achieved revenue of $26.6B and an EBITDA of $2.8B.

adidas expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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adidas P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $27.6B XXX $26.6B XXX XXX XXX
Gross Profit $14.0B XXX $13.5B XXX XXX XXX
Gross Margin 51% XXX 51% XXX XXX XXX
EBITDA $3.2B XXX $2.8B XXX XXX XXX
EBITDA Margin 12% XXX 11% XXX XXX XXX
EBIT $1.8B XXX $1.5B XXX XXX XXX
EBIT Margin 7% XXX 5% XXX XXX XXX
Net Profit $1.2B XXX $858M XXX XXX XXX
Net Margin 4% XXX 3% XXX XXX XXX
Net Debt XXX XXX $399M XXX XXX XXX

Financial data powered by Morningstar, Inc.

adidas Stock Performance

As of May 30, 2025, adidas's stock price is EUR 220 (or $247).

adidas has current market cap of EUR 39.3B (or $44.1B), and EV of EUR 42.8B (or $48.0B).

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adidas Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$48.0B $44.1B XXX XXX XXX XXX $6.35

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adidas Valuation Multiples

As of May 30, 2025, adidas has market cap of $44.1B and EV of $48.0B.

adidas's trades at 1.8x EV/Revenue multiple, and 17.0x EV/EBITDA.

Equity research analysts estimate adidas's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

adidas has a P/E ratio of 37.2x.

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adidas Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $44.1B XXX $44.1B XXX XXX XXX
EV (current) $48.0B XXX $48.0B XXX XXX XXX
EV/Revenue 1.7x XXX 1.8x XXX XXX XXX
EV/EBITDA 15.0x XXX 17.0x XXX XXX XXX
EV/EBIT 26.2x XXX 33.1x XXX XXX XXX
EV/Gross Profit 3.4x XXX n/a XXX XXX XXX
P/E 37.2x XXX 51.4x XXX XXX XXX
EV/FCF 25.8x XXX 18.0x XXX XXX XXX

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adidas Margins & Growth Rates

adidas's last 12 month revenue growth is 9%

adidas's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.2M for the same period.

adidas's rule of 40 is 16% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

adidas's rule of X is 35% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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adidas Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 9% XXX 9% XXX XXX XXX
EBITDA Margin 12% XXX 11% XXX XXX XXX
EBITDA Growth 30% XXX 53% XXX XXX XXX
Rule of 40 16% XXX 20% XXX XXX XXX
Bessemer Rule of X XXX XXX 35% XXX XXX XXX
Revenue per Employee XXX XXX $0.4M XXX XXX XXX
Opex per Employee XXX XXX $0.2M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 37% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 45% XXX XXX XXX

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adidas Public Comps

See public comps and valuation multiples for Clothing & Accessories comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Brillia Inc XXX XXX XXX XXX XXX XXX
Cettire XXX XXX XXX XXX XXX XXX
Merino XXX XXX XXX XXX XXX XXX
Premier Investments XXX XXX XXX XXX XXX XXX
Step One Clothing XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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adidas M&A and Investment Activity

adidas acquired  XXX companies to date.

Last acquisition by adidas was  XXXXXXXX, XXXXX XXXXX XXXXXX . adidas acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by adidas

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About adidas

When was adidas founded? adidas was founded in 1924.
Where is adidas headquartered? adidas is headquartered in Germany.
How many employees does adidas have? As of today, adidas has 62.0K+ employees.
Is adidas publicy listed? Yes, adidas is a public company listed on ETR.
What is the stock symbol of adidas? adidas trades under ADS ticker.
When did adidas go public? adidas went public in 1955.
Who are competitors of adidas? Similar companies to adidas include e.g. Brillia Inc, Cettire, Merino, Premier Investments.
What is the current market cap of adidas? adidas's current market cap is $44.1B
What is the current revenue of adidas? adidas's last 12 months revenue is $27.6B.
What is the current revenue growth of adidas? adidas revenue growth (NTM/LTM) is 9%.
What is the current EV/Revenue multiple of adidas? Current revenue multiple of adidas is 1.7x.
Is adidas profitable? Yes, adidas is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of adidas? adidas's last 12 months EBITDA is $3.2B.
What is adidas's EBITDA margin? adidas's last 12 months EBITDA margin is 12%.
What is the current EV/EBITDA multiple of adidas? Current EBITDA multiple of adidas is 15.0x.
What is the current FCF of adidas? adidas's last 12 months FCF is $1.9B.
What is adidas's FCF margin? adidas's last 12 months FCF margin is 7%.
What is the current EV/FCF multiple of adidas? Current FCF multiple of adidas is 25.8x.

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