Our Share

Global stock markets were very volatile throughout the year and ended 2020 with mixed results. While the DAX 30 was up 4%, the EURO STOXX 50 decreased by 5%. The MSCI World Textiles, Apparel & Luxury Goods Index was up 21%. The adidas AG share performed in line with the DAX 30 and ended 2020 with an increase of 3% compared to the prior year.

adidas share in line with DAX 30

In 2020, global stock markets ended a very volatile year with mixed results. Fears around the impact of the coronavirus pandemic, especially during the first half of the year, were addressed by governments through various monetary measures. As a result, the DAX 30 was up 4%, while the EURO STOXX 50 decreased by 5%. The MSCI World Textiles, Apparel & Luxury Goods Index closed the year with a 21% increase. The adidas AG share closed the year at € 297.90 and thus 3% above the prior year-end level.

Level 1 ADR outperforms common stock

Our Level 1 ADR closed 2020 at US $ 182.99, representing an increase of 12% versus the prior year level (2019: US $ 162.80). The more pronounced increase of the Level 1 ADR price compared to the ordinary share price was due to the depreciation of the US dollar versus the euro in 2020. The number of Level 1 ADRs outstanding decreased to 8.9 million at year-end 2020 compared to 10.4 million at the end of 2019. The average daily trading volume increased to around 55,500 ADRs in 2020 (2019: around 43,000). Further information on our ADR program can be found on our website. adidas-group.com/adr

adidas AG share included in STOXX Europe 50 Index

The adidas AG share is part of a variety of high-quality indices around the world. In addition to being part of the DAX 30, the EURO STOXX 50 Index as well as the MSCI World Textiles, Apparel & Luxury Goods Index, since September 2020, the adidas AG share is part of the STOXX Europe 50 Index, one of Europe’s leading blue chip indices. At December 31, 2020, our weighting in the DAX 30, which is calculated on the basis of free float market capitalization and twelve-month share turnover, increased slightly to 5.04% (2019: 4.99%). Our higher weighting compared to the prior year was due to the increase in market capitalization of adidas AG. Within the DAX 30, we ranked 6 on market capitalization (2019: 7) and 9 on turnover (2019: 9) at year-end 2020.

Performance of the adidas AG share and important indices at year-end 2020 in %



1 year


3 years


5 years


10 years

adidas AG









DAX 30


















MSCI World Textiles, Apparel & Luxury Goods Index









Source: Bloomberg.

Five-year share price development1

Five-year share price development (Linechart)

1 Index: December 31, 2015 = 100. Source: Bloomberg.

The adidas AG share









Important indices

Number of shares outstanding at year-end1








  • DAX-30
  • STOXX Europe 50
  • MSCI World Textiles, Apparel & Luxury Goods
  • MSCI World ESG Leaders Index
  • Deutsche Börse Prime Consumer
  • FTSE4Good Index Series

Basic earnings per share2







Diluted earnings per share2







Year-end price







Year high







Year low







Market capitalization3


€ in millions






Dividend per share






Dividend payout


€ in millions





Shareholders’ equity per share3







Price-earnings ratio at year-end6








Average trading volume per trading day7









All shares carry full dividend rights, excluding treasury shares.


Based on net income from continuing operations.


Based on number of shares outstanding at year-end, excluding treasury shares.


Subject to Annual General Meeting approval.


Based on the number of shares outstanding at the date of preparation of the Consolidated Financial Statements.


Based on basic EPS from continuing operations.


Based on number of shares traded on all German stock exchanges.

adidas intends to resume dividend payments

At the beginning of 2020, the adidas AG Executive and Supervisory Boards intended to recommend paying a dividend of € 3.85 per dividend-entitled share to shareholders at the 2020 Annual General Meeting, as a result of the strong operational and financial performance in 2019, the company’s robust financial position, and Management’s confidence in our long-term growth aspirations. In April 2020, adidas then took decisive steps to safeguard the company’s financial flexibility to bridge the unprecedented situation caused by the global coronavirus pandemic. The decision to take on a syndicated revolving loan facility under the participation of KfW, Germany’s state-owned development bank, resulted in a de facto suspension of dividend payments for the duration of the facility. The syndicated loan was fully replaced in November 2020.

The adidas AG Executive Board decided in February 2021 to resume the company’s dividend payments. Subject to the approval by the Supervisory Board, the company will propose paying a dividend of € 3.00 per dividend-entitled share for the financial year 2020 to adidas shareholders at the Annual General Meeting on May 12, 2021. The dividend proposal, which reflects the company’s strengthened financial profile as well as Management’s positive outlook for the current year, would result in a total dividend payout of € 585 million.

The decision follows a series of financing measures, including obtaining strong investment-grade ratings, issuing bonds worth € 1.5 billion and securing a new syndicated loan of € 1.5 billion with partner banks, that adidas had successfully completed throughout the past year.

adidas stops share buyback program in March 2020

As a result of the high level of economic uncertainty caused by the dynamic developments related to the coronavirus outbreak especially during the first half of the year, the adidas Executive Board decided to proactively adopt a conservative approach to liquidity management. In order to preserve the company’s financial flexibility in this environment, the company halted the share buyback program. After already temporarily suspending the 2020 tranche of its current multi-year share buyback program on March 17, 2020, immediately after retail closures across Europe and North America started to come into effect, the Executive Board decided on March 31, 2020, to formally stop the repurchasing of adidas shares for the remainder of the year. Consequently, the company did not deploy the amount of up to € 1.0 billion that was initially planned for the repurchase of own shares in 2020. Between January 7, 2020, and March 16, 2020, the company bought back 1.0 million shares, corresponding to 0.48% of the company’s stock capital, for a consideration of € 257 million. The average purchase price per share was € 269.19. A total of 8.8 million treasury shares have been canceled since the start of the current program, reducing the company’s share count and stock capital correspondingly.

Strong international investor base

Based on our share register, we estimate that adidas AG currently has more than 115,000 shareholders (2019: more than 90,000). In our latest ownership analysis conducted in January 2021, we identified almost 100% of our shares outstanding. Institutional investors represent the largest investor group, holding 86% of shares outstanding (2019: 89%). Private investors and undisclosed holdings account for 11% (2019: 9%). Lastly, adidas AG currently holds 3% of the company’s shares as treasury shares (2019: 2%).

Shareholder structure by investor group1

Shareholder structure by investor group (Piechart)

1 As of January 2021.

In terms of geographical distribution, the North American market currently accounts for 35% of institutional shareholdings (2019: 43%), followed by the UK and Ireland with 26% (2019: 21%). Identified German investors hold 11% of institutional shareholdings (2019: 10%). Institutional investors from other continental European countries account for 24% (2019: 22%) and 3% of institutional shareholders were identified in other regions of the world (2019: 4%). 

Shareholder structure by region1, 2

Shareholder structure by region (Piechart)

1 As of January 2021.

2 Reflects institutional investors only.

Majority of analysts with a neutral rating of adidas AG share

Around 40 analysts from investment banks and brokerage firms regularly publish research reports on adidas. Given the strong recovery of the adidas AG share following the drop during the early stages of the coronavirus pandemic in spring 2020, the majority of analysts now have a neutral view on our share. This is reflected in the recommendation split for our share as at December 31, 2020. 37% of analysts recommended that investors buy our share (2019: 33%), 46% advised investors to hold our share (2019: 57%), and 17% recommended selling our share (2019: 10%).

adidas AG high and low share prices per month1 in €

adidas AG high and low share prices per month (Linechart)

1 Based on daily Xetra closing prices. Source: Bloomberg.

Voting rights notifications published

All voting rights notifications received in 2020 in accordance with §§ 33 et seq. of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) (§§ 21 et seq. German Securities Trading Act old version) are published on our corporate website. Information on reportable shareholdings that currently exceed or fall below a certain threshold can also be found in the Notes section of this Annual Report. ADIDAS-GROUP.COM/S/VOTING_RIGHTS_NOTIFICATIONS

Managers’ transactions reported on corporate website

Managers’ transactions involving adidas AG shares (ISIN DE000A1EWWW0) or related financial instruments, as defined by Article 19 of the European Market Abuse Regulation (MAR), conducted by members of our Executive or Supervisory Boards, or by any person in close relationship with these persons, are reported on our website. adidas-group.com/s/managers-transactions

Do you want to know what our CEO says about the results?

To the Letter from the CEO