PUM.DE Stock Today: Record €643.6m Loss, Dividend Scrapped — February 27
Puma stock is in the spotlight after Puma SE (PUM.DE) posted a record €643.6m 2025 net loss and suspended its dividend. Management flagged another loss in 2026, with a recovery push in 2027 built on restructuring and a direct-to-consumer shift. Investors in Germany are weighing the reset against near-term pressure. Today’s read covers the results, guidance, valuation, and what Anta Sports as largest shareholder could mean for China growth and brand positioning.
Results, Guidance, and Dividend Move
Puma reported a €643.6m net loss for 2025, driven by restructuring charges and asset write-downs as it cleans up distribution and resets inventory. Management framed this as a one-time reset to support future margins. German media detailed the historic scale of the hit and the reasons behind it source.
The board scrapped the dividend for 2025, prioritizing cash to fund the turnaround. Puma guided to another net loss in 2026 as restructuring continues, with margin and profit recovery targeted for 2027. That aligns with the late-February earnings release and signals patience is needed from Puma stock holders source.
Share Price, Valuation, and Technicals
Shares recently traded at €24.83, up €2.22 (+9.82%) on the day, between €22.60 and €24.92. Year to date is +11.15%, 1-year is -16.82%, and 3-year is -59.47%. The 50-day average is €22.40. For Puma stock, volatility is high (ATR 1.15) while RSI near 49 suggests neutral momentum.
Market cap stands near €3.65bn on 147.1m shares. EPS is -€1.92 and the PE is negative. Price-to-sales is 0.44 and price-to-book is 1.77, with EV/sales at 0.74. Debt-to-equity is 1.31 and interest cover is 0.59, showing limited buffer. Puma stock screens optically low on sales but carries turnaround risk.
Turnaround Plan: DTC Shift and China
Management is pivoting to direct-to-consumer to lift gross margin and gain better control of pricing and inventory. Inventory days stand high at about 175, so clean-up is a key lever through 2026. Expect focus on own stores and e-commerce, selective wholesale, and tighter SKU counts. Execution here is central to any 2027 profit recovery.
With Anta Sports the largest shareholder, China exposure becomes a bigger swing factor. Potential benefits include better local insights, distribution access, and faster product cycles. Risks include channel conflict and heightened competition in China’s crowded market. For Puma stock, proof will come from sell-through, pricing, and brand heat improving in Greater China.
What to Watch: Catalysts and Risks
Key updates include quarterly margin progress, inventory turnover improving from current levels, and evidence of DTC mix lifting gross margin. Watch guidance revisions, marketing around key sports moments, and early 2027 targets. The earnings release dated 26 February set the baseline; each quarter now needs concrete proof points to re-rate Puma stock.
Execution is the top risk. Restructuring charges could linger longer than planned, while weak demand or discounting can delay margin repair. Balance sheet flexibility is limited given 1.31x debt-to-equity and 0.59x interest cover. China remains a wild card. Dividend suspended status reduces income appeal, so total return depends on a clear operating rebound.
Final Thoughts
Puma delivered a hard reset: a €643.6m 2025 net loss, dividend suspended, and another loss expected in 2026. The case for Puma stock now rests on visible gains in margins, cleaner inventories, and traction in DTC through 2026, setting up a 2027 recovery. Valuation on sales looks low, but leverage and weak interest cover limit room for error. Independent views are mixed: a C+ company rating with a Sell tilt contrasts with a broader grade of B and a Hold signal. For German investors, the checklist is simple: track quarterly margin steps, inventory turns, China sell-through, and cash generation. Patience is required, but upside can build if execution lands on time.
FAQs
Is Puma stock a buy after the record loss?
It is a classic turnaround setup. Valuation on sales looks modest, but earnings are negative and leverage is not low. One model shows a B grade and Hold, while another rates the company C+ with Sell. If you invest, scale in, require quarterly proof on margins and inventory, and set stop-loss levels.
Why did Puma suspend its dividend?
Management is conserving cash to fund restructuring and growth in direct-to-consumer. After a €643.6m 2025 net loss tied to write-downs and restructuring, keeping cash in the business supports inventory clean-up, store and digital upgrades, and marketing. The board plans to revisit payouts once profitability and free cash flow improve.
What is Puma’s outlook for 2026 and 2027?
The company guided to another loss in 2026 as the reset continues, targeting a recovery in 2027. Success depends on lifting gross margin, reducing inventory days, and improving sell-through, especially in China. Investors should watch quarterly updates for concrete milestones on margin expansion and operating cash flow.
How does Anta Sports’ stake affect Puma?
Anta Sports as the largest shareholder could bring stronger China insights, better local partnerships, and faster product feedback loops. The flip side is potential channel overlap and tougher competition in a key market. For Puma stock, the proof will be sustained price integrity, better sell-through, and brand momentum in Greater China.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.