Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
PUMA SE is a German athletic apparel and footwear corporation headquartered in Herzogenaurach, Bavaria. Founded in 1948 by Rudolf Dassler following the split from his brother Adolf's Adidas, it has evolved into the third largest sportswear manufacturer globally, operating in over 120 countries. PUMA SE designs, develops, and markets innovative footwear, apparel, and accessories under its core brand, emphasizing speed and performance for athletes in football, running, training, tennis, golf, and motorsports. Notable innovations include the pioneering screw-in stud football boot in 1952, the revolutionary PUMA KING in 1970, the RS-Computer shoe in 1985, and the laceless DISC System in 1991. Through acquisitions like Cobra Golf in 2010, it expanded into golf equipment, while partnerships with elite teams such as Manchester City FC, Scuderia Ferrari, and Formula 1 underscore its motorsport heritage. With around 18,300 employees, PUMA SE generates sales primarily through wholesale channels across Europe, the Americas, and Asia-Pacific, blending sports functionality with lifestyle appeal to push cultural and athletic boundaries.
The business is unprofitable at the operating level (-4.90% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 13.1% YoY. Margins deteriorated 11.4pp alongside, both lines moving the wrong way.
Free cash flow declined 222% versus the prior year, cash generation momentum has weakened. ROIC dropped from 8.62% to -6.35%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
€7.17B
▼ -13.1% YoY
Net Income (TTM)
-€600M
▼ -279.7% YoY
Op. Margin
-4.87%
▼ -11.4pp YoY
ROIC
-6.35%
▼ -15.0pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-€526M
▼ -221.7% YoY
Op. Cash Flow (FY)
-€399M
▼ -158.1% YoY
Net Debt
€2.26B
Cash & Equiv.
€325M
3Y CAGR: -4.8%
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