Amer Sports (AS) Stock Could Be 26% Undervalued After Its Q1 2026 Earnings Beat

Amer Sports (AS) is back in focus after reporting first quarter 2026 results that exceeded expectations on revenue, adjusted margins, and earnings per share, highlighting the performance of Salomon apparel and Arc’teryx’s omnichannel operations.

See our latest analysis for Amer Sports.

The stronger first quarter has been followed by a clear pickup in momentum for Amer Sports, with a 1-day share price return of 4.93%, 30-day share price return of 8.87%, and 90-day share price return of 19.81%. However, the year-to-date share price return is down 1.79% and the 1-year total shareholder return is 1.77%.

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With Amer Sports trading at $36.83 and sitting at an estimated 20% discount to one intrinsic value estimate and about 35% below the average analyst price target, is there still a buying opportunity here, or is the market already pricing in future growth?

Most Popular Narrative: 25.9% Undervalued

On the most followed narrative, Amer Sports is priced at $36.83 against an implied fair value of $49.72, putting the spotlight firmly on the company’s long term earnings plan and regional mix.

Ongoing investment in direct-to-consumer channels (both physical stores and e-commerce) is fueling higher full-price sales, reduced markdowns, and enhanced customer engagement, supporting scalable top-line growth and driving adjusted operating margin expansion.

Read the complete narrative.

Want to see what sits behind that margin story? The narrative focuses on rising earnings power, a richer product mix, and a future valuation multiple that assumes those targets hold.

Analysts building this fair value are tying Amer Sports to a path of faster earnings growth than revenue, improving profitability, and a P/E level that stays above the broader luxury peer group. The key moving parts are revenue expansion, margin uplift, and the rate used to discount those future cash flows, and small shifts in any of these inputs can change the implied upside.

Result: Fair Value of $49.72 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, this Amer Sports narrative could be tested if growth in Asia Pacific slows or if aggressive direct to consumer expansion weighs on margins and cash flow.

Find out about the key risks to this Amer Sports narrative.

Another View: What Amer Sports’ P/E Ratio Is Telling You

The fair value narrative puts Amer Sports at about 20% below one intrinsic value estimate, but the P/E ratio paints a tougher picture. At 46.8x earnings, the stock trades at roughly double the US Luxury industry average of 22.3x and well above peers at 23.9x.

It also sits far above the estimated fair ratio of 29.4x. This is the level the market could move toward if expectations cool. That gap points to valuation risk, so the question is whether you think Amer Sports can grow into this higher multiple or if you would rather wait for the market to reset.

See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

Seeing both upside potential and clear valuation questions around Amer Sports, it makes sense to look at the full picture of risks and rewards yourself and weigh how that fits your own approach, starting with 4 key rewards and 1 important warning sign.

Looking for more investment ideas beyond Amer Sports?

If the Amer Sports story has sharpened your thinking, do not stop there. Use the screener to spot other opportunities before they slip past your watchlist.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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