BIRKNYSEFootwear, (No Rubber)US GAAP · USD

Birkenstock Holding plc

Birkenstock Holding plc is a footwear company focused on footbed-based products, including sandals and closed-toe silhouettes, sold under the Birkenstock brand. The company also offers complementary skincare and accessories, with operations organized across the Americas, EMEA, and APAC through both wholesale and direct-to-consumer channels.

Liikevaihto2 097milj. USD
+16,2 %v/v
Liikevoitto (EBIT)546milj. USD
+35,6 %v/v
EBIT-marginaali26,0%
+3,7 %-yks.v/v
Nettotulos348milj. USD
+81,8 %v/v
Vapaa kassavirta299milj. USD
−15,6 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2022–2025

05001 0001 5002 0002 500milj. USD2022: 1 243 milj. USD2022: EBIT 333 milj. USD20222023: 1 492 milj. USD2023: EBIT 277 milj. USD20232024: 1 805 milj. USD2024: EBIT 402 milj. USD20242025: 2 097 milj. USD2025: EBIT 546 milj. USD20252 097546
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Footbed-based sandals60 %

Core sandal styles built around the company's footbed design.

Closed-toe footwear20 %

Closed-toe silhouettes designed for everyday leisure and work.

Direct-to-consumer sales15 %

Sales made through Birkenstock-owned online stores and retail stores.

Skincare and accessories5 %

Complementary products sold alongside the footwear assortment.

Asiakkaat

Birkenstock sells to both end consumers and wholesale retail partners. Its core buyers are customers looking for comfort-oriented, footbed-based footwear for everyday leisure and work, while retailers and distributors buy the brand assortment for resale through store networks and online channels.

End consumers

Buy sandals, closed-toe silhouettes, skincare, and accessories for personal use.

Wholesale retail partners

Buy footwear inventory for resale through established third-party store networks.

E-commerce shoppers

Purchase directly through Birkenstock.com for branded assortment and convenience.

Birkenstock retail customers

Shop in company-operated stores for the full brand experience and assortment.

Strategia

Birkenstock's business model centers on protecting the brand, extending the product range, and balancing wholesale with direct-to-consumer sales. The regional-hub structure supports localized execution while the owned digital and retail channels deepen customer relationships and control over presentation.

Expand product assortmentKeskipitkä aikaväli

Broader footwear and adjacent categories reduce dependence on sandals alone.

Strengthen direct-to-consumer channelsKeskipitkä aikaväli

Owned channels improve brand control, customer data access, and margin structure.

Maintain wholesale distribution breadthLyhyt aikaväli

Third-party store networks extend reach and support global scale.

Operate through regional hubsPitkä aikaväli

Regional organization helps tailor assortment, inventory, and go-to-market plans by market.

Maantiede

Birkenstock operates through three regional hubs: the Americas, EMEA, and APAC. In the reported nine-month period, revenue was concentrated in the Americas at 835,490, followed by EMEA at 574,207 and APAC at 158,101, showing a business with broad international exposure across North America, Europe, and Asia-Pacific.

Riskit

Birkenstock faces channel mix risk because wholesale and direct-to-consumer businesses can have different economics, inventory needs, and brand control tradeoffs. As a global consumer brand, it is exposed to fashion preference shifts, regional demand variation, and supply-chain execution risks, while the concentrated ownership structure can also affect governance outcomes.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Demand shifts by region and product style1Channel mix imbalance2Ownership concentration3Supply-chain and inventory execution4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Demand shifts by region and product styleVaikutus: KorkeaTodennäköisyys: Korkea

    Consumer footwear demand depends on fashion, comfort trends, and local preferences.

    KohdistuuAmericasEMEAAPAC
  2. Channel mix imbalanceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Wholesale and DTC have different inventory, pricing, and margin dynamics.

    Kohdistuu: Sales mix and brand presentation

  3. Ownership concentrationVaikutus: KeskitasoTodennäköisyys: Korkea

    The principal shareholder can influence control, board composition, and change-of-control outcomes.

    Kohdistuu: Corporate governance

  4. Supply-chain and inventory executionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Footwear businesses must align sourcing, production, and seasonal inventory positions.

    Kohdistuu: Global manufacturing and distribution

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition by channel

Wholesale and direct-to-consumer sales may be recognized at different points in time.

Vaikutus: Period comparability and segment reporting

Seasonality

Footwear demand can vary by season, affecting quarterly comparability.

Vaikutus: Revenue, inventory, and cash flow timing

Lease accounting

Owned retail stores create right-of-use assets and lease liabilities under IFRS 16.

Vaikutus: Operating expenses, depreciation, and leverage presentation

Foreign currency translation

Regional operations expose results to currency movements across the Americas, EMEA, and APAC.

Vaikutus: Reported revenue and margins

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 28.9.2026

Birkenstock Holding plc (NYSE) – Footwear, (No Rubber) | Analyysi – Clarifo