Columbia Sportswear

COLM · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

COLM · Last close · October 26, 2026

$60.82

Columbia Sportswear's revenue rose 0.8% to $3.4 billion in fiscal 2025. Its operating margin was 6.1%, down from 8.0% a year earlier. Free cash flow was $217 million, down 49.7%. It paid out $267 million in dividends and buybacks, 123% of free cash flow. The diluted share count fell 6.4%.

COLUMBIA SPORTSWEAR COMPANY Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001050797-26-000028 Updated October 9, 2026

Revenue

$3.4B

0.8%

Operating margin

6.1%

1.9 pts

Net income

$177M

20.6%

Free cash flow

$217M

49.7%

Return on capital

17.0%

2.0 pts

Market cap

$3.1B

Oct 26 close

P/E

15.9x

On $3.83 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Columbia Sportswear reports no borrowings (its credit lines are undrawn), so debt is counted as zero.

What Columbia Sportswear does

Columbia Sportswear designs and sells outdoor, active and lifestyle clothing, footwear, accessories and equipment. It has four brands: Columbia, SOREL (boots and lifestyle shoes), Mountain Hardwear (technical gear for climbers and skiers) and prAna (yoga and active clothing). The company was founded in Portland, Oregon, in 1938 and sells in 115 countries.

It reports four geographic segments: the United States (its largest), Latin America and Asia Pacific, Europe, Middle East and Africa, and Canada. Sales go through two channels. In wholesale, it sells to outdoor and sporting goods stores, department stores, internet retailers and international distributors. In direct-to-consumer, it sells through its own stores and websites. It also earns licensing revenue. Sales are weighted toward the third and fourth quarters.

Columbia does not own or run factories. Contract manufacturers outside the US make almost all of its finished goods, and in 2025 factories in Vietnam produced about 80% of its footwear. It competes with large companies, small local brands, new brands that sell mostly direct to consumers, and its own wholesale customers' private-label products. It had about 9,620 employees at the end of 2025, more than half of them in retail.

Its biggest risks, as it describes them

New or changing US trade policy and tariffs on goods it imports.
Misjudging consumer demand, leaving it with too much or too little inventory.
Depending on contract manufacturers, a few raw material suppliers and third-party logistics providers.
Fixed costs of its own stores and websites that may not earn a return.
Seasonal sales that make fixed costs hard to manage across the year.

From Columbia Sportswear's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 2.0% a year and net income fell 0.9% a year, as buybacks cut the share count by 22%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Columbia Sportswear yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Columbia Sportswear's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Columbia Sportswear's fiscal 2025 free cash flow of $217M, net cash of $791M at December 31, 2025 and 55 million diluted shares, from its filings. The scenarios are fitted to Columbia Sportswear: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -0.6% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Apparel, Accessories & Luxury Goods), plus 1 point as a smaller company, worth $3.1B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Columbia Sportswear's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $60.82
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Columbia Sportswear's earnings per share of $3.83 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 15.9×, the middle of Columbia Sportswear's own P/E today, its peers' median and its sector's median (Columbia Sportswear's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Capri Holdings, Kontoor Brands, G-III Apparel Group.

Earnings growth in the years ahead (% a year) Starts at Columbia Sportswear's revenue growth over the last 3 years, -0.6% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $60.82
Value at this multiple, against the last close: —
Columbia Sportswear's P/E at the last close: 15.9×

Company	Last close	Earnings per share	P/E today
Columbia SportswearCOLM	$60.82	$3.83	15.9×
Kontoor BrandsKTB	$75.64	$4.79	15.8×
Capri HoldingsCPRI	$15.57	$1.30	12.0×
G-III Apparel GroupGIII	$29.65	$3.08	9.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	894	431	764	816	791
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−894	−431	−764	−816	−791
Net debt to EBITDA	−1.8x	−1.0x	−2.1x	−2.5x	−3.0x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	—	—	—	—	—
Current ratio	3.1x	2.9x	3.4x	2.6x	2.6x
Quick ratio	2.2x	1.5x	2.1x	1.7x	1.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $16,320 of Columbia Sportswear shares on the open market, and 5 insiders sold $1.2 million, $348,388 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
May 28, 2026	Stephen E BabsonDirector	Sold	4,150	$67.95	$281,992	Form 4
May 27, 2026	Ronald E. NelsonDirector	Sold	4,080	$67.78	$276,542	Form 4
May 27, 2026	Jim A SwansonEVP & CFO	Sold plan	2,000	$68.00	$136,000	Form 4
May 26, 2026	Jim A SwansonEVP & CFO	Sold plan	2,000	$65.50	$131,000	Form 4
May 4, 2026	Sabrina SimmonsDirector	Sold plan	1,329	$61.24	$81,388	Form 4
Nov 26, 2025	Lisa KulokEVP Chief Supply Chain Officer	Sold	5,262	$54.62	$287,410	Form 4
Nov 13, 2025	Peter J BragdonPresident	Bought	300	$54.40	$16,320	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Fail
F-score	7 of 9	6 of 9	5 of 9
Accruals ratio	−12.8%	−9.1%	−3.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Columbia Sportswear side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Columbia Sportswear	FY25	0.8%	6.1%	6.4%	17.0%	−3.0x	5
Capri Holdings	FY26	−4.1%	0.7%	0.4%	1.6%	1.6x	7	Compare
Gildan Activewear	FY25	10.7%	17.1%	13.8%	9.9%	5.2x	6	Compare
Kontoor Brands	FY25	20.9%	10.7%	13.8%	21.2%	2.7x	6	Compare
G-III Apparel Group	FY25	−7.0%	3.6%	8.9%	4.6%	−2.9x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,377	2,466	2,802	3,042	2,502	3,126	3,464	3,487	3,369	3,397
Revenue growth	2.2%	3.8%	13.6%	8.6%	−17.8%	25.0%	10.8%	0.7%	−3.4%	0.8%
Gross profit	1,110	1,160	1,386	1,516	1,224	1,612	1,711	1,730	1,691	1,717
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	256	263	351	395	137	450	393	310	271	207
Net income	192	105	268	330	108	354	311	251	223	177
Diluted EPS (US$)	2.72	1.49	3.81	4.83	1.62	5.33	4.95	4.09	3.82	3.24
Diluted shares (millions)	71	70	70	68	67	66	63	61	58	55
Cash flow
Cash from operations	275	341	290	286	276	354	−25	636	491	283
Capital expenditure	50	53	66	124	29	35	58	55	60	66
Free cash flow	225	288	224	162	247	320	−84	582	431	217
Dividends paid	48	51	63	65	17	69	75	73	70	66
Share buybacks	0	36	202	122	133	165	287	184	318	201
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	11	11	14	18	18	19	21	23	25	24
Balance sheet at fiscal year end
Cash and short-term investments	552	768	715	688	792	894	431	764	816	791
Debt incl. finance leases	0	0	0	0	0	0	0	0	0	0
Total assets	2,014	2,213	2,369	2,932	2,837	3,067	3,052	2,939	2,975	2,928
Total liabilities	432	561	678	1,082	1,004	1,078	1,116	1,000	1,195	1,218
Shareholders' equity	1,561	1,622	1,674	1,849	1,833	1,989	1,936	1,939	1,780	1,710
Margins and ratios
Gross margin	46.7%	47.0%	49.5%	49.8%	48.9%	51.6%	49.4%	49.6%	50.2%	50.5%
Operating margin	10.8%	10.7%	12.5%	13.0%	5.5%	14.4%	11.3%	8.9%	8.0%	6.1%
Net margin	8.1%	4.3%	9.6%	10.9%	4.3%	11.3%	9.0%	7.2%	6.6%	5.2%
Free cash flow margin	9.5%	11.7%	8.0%	5.3%	9.9%	10.2%	−2.4%	16.7%	12.8%	6.4%
Return on capital	24.7%	13.7%	28.8%	30.1%	9.6%	33.1%	23.7%	17.9%	19.0%	17.0%
Return on equity	13.0%	6.6%	16.3%	18.8%	5.9%	18.5%	15.9%	13.0%	12.0%	10.2%
Return on assets	9.9%	5.0%	11.7%	12.5%	3.8%	12.0%	10.2%	8.4%	7.5%	6.0%
Net debt to EBITDA	−1.7x	−2.4x	−1.8x	−1.5x	−4.0x	−1.8x	−1.0x	−2.1x	−2.5x	−3.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Columbia Sportswear's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Columbia Sportswear.