Amer Sports, Inc. vs Ermenegildo Zegna N.V., two Apparel stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Ermenegildo Zegna makes Italian luxury clothing and trades at 31.76 times earnings, rich but shy of Amer Sports at 44.36. Both carry no debt and sit at similar book multiples, 2.85 for Zegna and 3.26 for Amer. Their returns are close and modest, 9.96% on equity for Zegna and 7.57% for Amer, with net margins of 5.71% and 6.71%. The cash story favors Zegna, whose 8.14% free cash flow yield triples Amer's 2.7%. Two premium bets on brand cachet at similar size, $3.4B and $19.0B, priced for optimism that the profits have yet to fully justify.
Comparison updated 2026-07-11.
| Metric | AS | ZGN |
|---|---|---|
| Price | $34.84 | $13.44 |
| Market cap | $19.4B | $3.5B |
| Sector | Apparel | Apparel |
| Stage | Growth | Mature |
| P/E | 45.3 | 32.5 |
| P/B | 3.33 | 2.92 |
| P/S | 2.95 | 1.67 |
| EV/EBITDA | 26.7 | 7.8 |
| Revenue growth | +26.3% | +10.9% |
| Gross margin | 57.7% | 67.5% |
| Operating margin | 10.8% | 7.3% |
| Net margin | 6.7% | 5.7% |
| Return on equity | 7.6% | 10.0% |
| Return on assets | 4.4% | 3.9% |
| Return on invested capital | 7.8% | 9.9% |
| FCF yield | 2.6% | 8.0% |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 1.50 | 1.59 |
| Altman Z (solvency) | 3.60 | 7.02 |
| Piotroski F (quality) | 8 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.