Hong Kong · HKEX · 02020
ANTA Sports (02020) stock analysis: valuation and financials
纺织及服饰
HK$72.45 +1.9% Price as of Oct 13, 2026
Narrow-moat, founder-led China sportswear leader: CNY80.2B FY2025 revenue, 62.0% gross margin, CNY20.35B net cash, but EPS -11.3% and ROIC down 15.9pp; at 10.8x P/E the price is undemanding.
- Market cap
- HK$202.6B
- P/E
- 10.8x
- EV/Sales
- 1.8x
- FCF yield
- 11.3%
- Dividend yield
- 3.5%
- 52-week range
- HK$67.55 – HK$88.30
Research as of Oct 14, 2026
Business quality scorecard
- Growth37
- Profitability79
- Cash flow99
- Balance sheet98
- Capital allocation53
- Valuation99
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Consumers and retail partners buy ANTA- and FILA-led branded sports footwear, apparel and accessories; FY2025 revenue was CNY80.2B at 62.0% gross and 23.8% operating margin, but the profit split by brand is not disclosed.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥49.3B | ¥53.7B | ¥62.4B | ¥70.8B | ¥80.2B |
| Revenue growth | +38.9% | +8.8% | +16.2% | +13.6% | +13.3% |
| Gross margin | 61.6% | 60.2% | 62.6% | 62.2% | 62.0% |
| Operating margin | 22.3% | 20.9% | 24.6% | 23.4% | 23.8% |
| Net income | ¥7.7B | ¥7.6B | ¥10.2B | ¥15.6B | ¥13.6B |
| Free cash flow | ¥10.9B | ¥11.1B | ¥18.7B | ¥14.1B | ¥19.6B |
| FCF margin | 22.2% | 20.6% | 29.9% | 19.9% | 24.4% |
Amounts in CNY · What is free cash flow?
Margins Gross margin 62.0% FY2025 vs 62.2% FY2024 (−0.17pp), TTM 62.3%. Operating margin 23.8% vs 23.4% on SG&A leverage; net margin 16.9% vs 22.0% as tax rate rose to 27.0%.
- Cash flow HealthyCash conversion 1.46x: FY2025 operating cash flow CNY21.0B vs net income CNY13.6B; TTM OCF CNY23.2B vs net income CNY16.0B, so OCF exceeds earnings.
- Debt LowNet cash of CNY20.35B (net debt negative); net debt/EBITDA −0.80x. FY2025 total debt CNY23.3B against cash CNY12.2B plus short-term investments CNY26.2B.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥43.8B
- Total debt
- ¥23.5B
- Net cash
- ¥20.3B
- Current ratio
- 1.9x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management AdequateExecution: 5-year revenue CAGR 17.7%, FY2025 revenue CNY 80.2B (+13.3%), FCF CNY 19.6B at a 24.4% margin and net cash of CNY 20.4B.
Valuation range
Implied value per share · Price when researched: HK$72.45
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.