Michael Burry’s Scion Asset Management has disclosed a fully allocated position in Birkenstock Holding, purchased in the mid-$30s and valued at a 30% discount to his estimated fair value of $45.84 per share.
The investment, detailed in a Substack post dated August 26, marks Birkenstock as the sole direct equity expression of Burry’s long thesis. The stock last traded near $35.17, representing a 9.4% decline on the day of Birkenstock’s August 23 earnings announcement and an 11.8% drop since August 13. A pre-market rebound of roughly 6.6% occurred on August 25 as short sellers reduced exposure near the 52-week low.
Burry also expanded a long position in Freddie Mac, adding shares in the mid-$5s on August 27. His short exposure across Oracle, Palantir, Nebius and Caterpillar exceeds 21% of his portfolio, excluding put options.
Birkenstock’s Q3 2026 adjusted EPS is projected at EUR 0.74, up 19% year-on-year, while full-year adjusted EBITDA guidance was raised to at least EUR 710 million. Revenue growth for fiscal 2026 is now guided to 15% in constant currency, targeting the upper end of a EUR 2.30–2.35 billion range. Q4 GAAP EPS came in at $0.85, missing the $0.86 consensus, and the next quarterly EPS estimate stands at $0.54.
The company concurrently priced a $1 billion follow-on equity offering alongside a $500 million share buyback at $39.18 per share. The issuance added about 25.5 million new shares, while the buyback retired approximately 12.8 million shares, resulting in a net addition of roughly 12.7 million shares.
