Under Armour Inc C
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because the central operating question is open: the turnaround is unproven. Revenue has fallen every year since fiscal 2023, and the only recent quarterly profit (April to June 2026) rests, by our arithmetic, entirely on about $70 million of tariff refunds. It is not red under the criteria, and that needs explaining, because reported operating income in fiscal 2026, negative $163 million, was below interest expense of $30 million. That loss stems from one-time charges — $128 million of restructuring and a $98.5 million reserve in the insurer dispute — adjusted operating income of $107 million covers interest a good three times over, and the lenders' own yardstick (interest coverage of at least 3.5) confirms compliance as of March 31 and June 30, 2026. Add $1,428 million of equity, $396 million of cash, a largely undrawn $1.1 billion credit line and no going-concern doubt. Expressly irrelevant to the rating are the missing vote of UA stock, the years-long share price decline and the low price-to-sales ratio — those are questions of share class and price, not of substance. Against green: the revenue decline, the written-off U.S. tax credits and the covenants loosened in August 2026. Red would come into play if, after the restructuring ends in late 2026, operating income without refunds stayed persistently below interest expense. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Under Armour is a global brand with a shrinking business. Revenue fell three years in a row to $4,966 million in fiscal 2026, which ended with a $496 million net loss — including a $247 million valuation allowance on U.S. tax assets. The profit in the April-to-June 2026 quarter came, by our arithmetic, entirely from about $70 million of refunded tariffs; for July to September the company itself expects a small operating loss, and in August the credit covenants were loosened. On the other side stand a solid balance sheet with $396 million of cash, falling costs, growth in EMEA and a major shareholder that has been buying. UA stock itself gives its buyer no vote. Not investment advice.
Revenue and demand
Revenue fell from $5,903 million (fiscal 2023) to $4,966 million (fiscal 2026), with North America alone down 8 percent in fiscal 2026. The April-to-June 2026 quarter brought another 3 percent decline, 9 percent in North America. On August 7, 2026, the company cut its fiscal 2027 revenue outlook to a decline at a mid-single-digit rate.
Earnings power
Operating income was negative $185 million (fiscal 2025) and negative $163 million (fiscal 2026), each with large one-time charges; adjusted, $107 million. The April-to-June 2026 quarter reported $46.7 million, including about $70 million of refunded prior-year tariffs — without it, roughly negative $23 million by our arithmetic. The $247 million valuation allowance on U.S. tax assets shows management does not expect U.S. profits soon.
Balance sheet and liquidity
As of June 30, 2026: $396 million of cash, $1,428 million of equity, a $400 million bond (7.25 percent, due 2030) and $200 million drawn on a $1.1 billion credit line. The $600 million bond was repaid on June 15, 2026 from funds set aside earlier. One caveat: operating cash flow was negative in fiscal 2025 and 2026 (negative $59 million and negative $75 million); only in the April-to-June 2026 quarter was it positive, at $109 million.
Covenants
The previous covenants (interest coverage of at least 3.5, leverage no higher than 3.25 times EBITDA) were met as of June 30, 2026. On August 4, 2026, they were loosened to 3.0 and 3.75. That buys room, but it shows the company expects tighter ratios.
Governance and voting rights
UA stock (Class C) carries no vote. Through Class B shares with ten votes each, Kevin Plank controls 64.6 percent of the voting power with roughly an eighth of the capital and, per the 10-K, can direct the election of every board member. Employee awards are paid in Class C stock; 20 million more shares were registered on August 31, 2026.
Costs and restructuring
Selling, general and administrative expenses fell 12 percent in fiscal 2026. The restructuring plan (about $305 million total cost, $266 million incurred through June 30, 2026) is expected to be substantially complete by December 31, 2026. Buybacks cut the average share count from 465.5 million (2021) to 426.6 million (fiscal 2026).
Worth Noting
Under Armour reached our research list through the Reddit hype scanner with a single mention (ApeWisdom, recorded September 27, 2026). The scanner looks for companies with $50 million to $2 billion of market value — that the global brand, at about $1.9 billion, falls into that range was the real trigger.
Currency of data: the most recent periodic report reviewed is the Form 10-Q for the quarter ended June 30, 2026, filed August 7, 2026, together with the earnings release of the same day. All filings since were reviewed: annual meeting voting results (8-K of August 27, 2026), the registration of 20 million additional Class C shares (S-8) and a shelf registration (S-3ASR) of August 31, 2026 — the S-3ASR allows future issuance of debt or equity but names no specific offering — insider filings (Form 4) and a notice of proposed sale by a former executive (Form 144, about 86,600 Class C shares).
Risk of confusion: the ticker UA belongs to the non-voting Class C stock, UAA to the voting Class A stock — both issued by Under Armour, Inc. (CIK 0001336917). The figures in this analysis apply to the company as a whole; earnings per share and dividend rights are the same for all classes. The prices of the two classes can differ.
Stock Watch
This analysis is as of September 27, 2026. Stock Watch will tell you what's changed at UA since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.00 $ to 7.90 $ · Last price: 5.10 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Apparel Manufacturing
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Under Armour Inc C UA | 2.2 | – | 27.8 | 45.6 | – | -3.9 | 14.4 |
| Ralph Lauren Corp Class A RL | 23.7 | 27.1 | 15.4 | 70.3 | 13.4 | 14.6 | 23.0 |
| Levi Strauss & Co Class A LEVI | 8.9 | 16.5 | 9.4 | 61.6 | 9.0 | -1.2 | 13.9 |
| VF Corporation VFC | 7.6 | 32.3 | 13.9 | 55.0 | 3.8 | 1.1 | 41.3 |
| PVH Corp PVH | 4.6 | 31.0 | 11.2 | 57.6 | 5.8 | 3.4 | 18.9 |
| Kontoor Brands Inc KTB | 4.3 | 16.4 | 11.3 | 49.3 | 17.2 | 21.0 | -1.6 |
| Ermenegildo Zegna NV ZGN | 3.7 | 31.7 | 9.8 | 67.6 | 9.5 | -5.4 | 32.5 |
| Columbia Sportswear Company COLM | 3.6 | – | 8.6 | 52.2 | 5.4 | 0.8 | 46.4 |
| FIGS, Inc. FIGS | 3.6 | 97.0 | 40.9 | 68.9 | 2.8 | 13.6 | 185.4 |
| Median of companies shown | 4.3 | 31.0 | 11.3 | 57.6 | 7.4 | 1.1 | 23.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 4,977 | 28 | -48 | -0.11 | 234 | 2,019 | 4,006 |
| 2018 | 5,193 | -25 | -46 | -0.10 | 628 | 2,017 | 4,245 |
| 2019 | 5,267 | 237 | 140 | 0.31 | 509 | 2,150 | 4,844 |
| 2020 | 4,475 | 156 | -542 | -1.19 | 213 | 1,676 | 5,031 |
| 2021 | 5,683 | 486 | 360 | 0.77 | 665 | 2,089 | 4,991 |
| 2022 | 5,904 | 284 | 387 | 0.84 | -10 | 1,998 | 4,857 |
| 2023 | 5,702 | 230 | 232 | 0.53 | 354 | 2,153 | 4,761 |
| 2024 | 5,694 | 233 | 232 | 0.51 | 354 | 2,153 | 4,761 |
| 2025 | 5,166 | 171 | -201 | -0.47 | -59 | 1,890 | 4,301 |
| 2026 | 4,966 | -35 | -496 | -1.16 | -75 | 1,414 | 4,416 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.00 | -98.90 | 1,402 | -5.50 | 0.10 | 311 | 263 |
| 2025: Q1 | -0.15 | -1,160.10 | 1,178 | -11.70 | -5.70 | -202 | -231 |
| 2025: Q2 | -0.01 | – | 1,137 | -3.90 | -0.20 | 49 | 14 |
| 2025: Q3 | -0.04 | -111.20 | 1,342 | -4.30 | -1.40 | -70 | -90 |
| 2025: Q4 | -1.01 | -35,903.90 | 1,334 | -4.80 | -32.30 | 278 | 262 |
| 2026: Q1 | -0.10 | – | 1,171 | -0.60 | -3.70 | -325 | -340 |
| 2026: Q2 | 0.00 | 100.00 | 1,098 | -3.40 | 0.00 | 109 | 95 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 03/31/2027 | – | – | 4,729 | – | 23 |
| 03/31/2028 | – | – | 4,835 | – | 24 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Under Armour schreibt im Geschäftsbericht 10-K für das Geschäftsjahr 2026, dass das Unternehmen und seine Dienstleister in generative KI und maschinelles Lernen investieren und diese Technologien selbst nutzen; konkrete Einsatzfelder beschreibt der Sportartikelhersteller nicht, KI-Umsätze gibt es keine, und die Risikoangaben nennen KI als Wettbewerbs- und Kontrollthema, nicht als Bedrohung des eigenen Geschäftsmodells. Die vier jüngsten Quartalsberichte (10-Q) enthalten keinen KI-Bezug.
View the full file — quotes, sources, reviewed filings
„On the other hand, as we and our vendors continue to invest in evolving technologies, such as generative artificial intelligence and machine learning, we may be exposed to new or expanded risks and liabilities due to inherent operational complexities and an evolving legal and regulatory landscape."
Andererseits können wir, während wir und unsere Dienstleister weiter in sich entwickelnde Technologien wie generative künstliche Intelligenz und maschinelles Lernen investieren, neuen oder größeren Risiken und Haftungen ausgesetzt sein, die aus der betrieblichen Komplexität und einem sich wandelnden rechtlichen und regulatorischen Umfeld herrühren.
10-K · 2026-05-19 · View SEC filing
„Any ineffectiveness of our controls to manage our use of artificial intelligence and machine learning technologies, or the failure of one or more of our information technology service providers to meet our expectations (including by use of artificial intelligence tools in contravention of agreements with us, inputting our confidential or proprietary information into artificial intelligence tools or the roll-out of new artificial intelligence tools without approval), could result in legal or regulatory violations, including those related to data privacy, and could negatively impact our intellectual property rights, reputation, business and results of operations."
Jede Unwirksamkeit unserer Kontrollen zur Steuerung unserer Nutzung von Technologien der künstlichen Intelligenz und des maschinellen Lernens oder das Versagen eines oder mehrerer unserer IT-Dienstleister, unsere Erwartungen zu erfüllen (etwa durch den Einsatz von KI-Werkzeugen entgegen den mit uns getroffenen Vereinbarungen, die Eingabe unserer vertraulichen oder geschützten Informationen in KI-Werkzeuge oder die Einführung neuer KI-Werkzeuge ohne Genehmigung), könnte zu Rechts- oder Regelverstößen führen, auch im Datenschutz, und unsere geistigen Eigentumsrechte, unseren Ruf, unser Geschäft und unsere Ergebnisse beeinträchtigen.
10-K · 2026-05-19 · View SEC filing
„In addition, if we are unable to keep up with rapid technological change (including the successful utilization of data analytics, artificial intelligence and machine learning), it could negatively affect our business."
Wenn wir außerdem nicht mit dem schnellen technologischen Wandel Schritt halten können (einschließlich der erfolgreichen Nutzung von Datenanalyse, künstlicher Intelligenz und maschinellem Lernen), könnte sich das negativ auf unser Geschäft auswirken.
10-K · 2026-05-19 · View SEC filing
Filings Reviewed: 10-Q 2026-08-07 · 10-Q 2026-02-06 · 10-Q 2025-11-06 · 10-Q 2025-08-08 · 10-K 2026-05-19 · 10-K 2025-05-22
Rated on September 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -6.0%
- More than 10% revenue growth is expected for the coming year 2.9%
- Share count grows by less than 3% a year -1.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -7.1%
- Gross margin at 40% or higher and without meaningful erosion 45.5%
- Goodwill from acquisitions does not grow faster than revenue 11.2%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 684 m
- Return on capital at 15% or higher, or up versus two years ago -1.3%
- Insiders hold at least 10% or are net buyers 10.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 0.0%
- Exp. sales growth 3Y > 5% -1.3%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -1.3%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -54.0%
- ROCE > 15% -1.3%
- Expected return > 10% -8.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Whitesell Patrick | Director | Other | 5,519 | 0.00 | – |
| Oct 1, 2026 | Sweeney Robert John | Director | Other | 6,071 | 0.00 | – |
| Oct 1, 2026 | Gibbs David W | Director | Other | 6,347 | 0.00 | – |
| Oct 1, 2026 | Fitzpatrick Dawn N. | Director | Other | 6,071 | 0.00 | – |
| Oct 1, 2026 | Everson Carolyn | Director | Other | 1,104 | 0.00 | – |
| Oct 1, 2026 | El-Erian Mohamed | Director | Other | 14,625 | 0.00 | – |
| Oct 1, 2026 | Coltharp Douglas E | Director | Other | 7,864 | 0.00 | – |
| Aug 28, 2026 | Pestridge Simon James | Chief Marketing Officer | Other | 3,679 | 0.00 | – |
| Aug 26, 2026 | Whitesell Patrick | Director | Other | 29,880 | 0.00 | – |
| Aug 26, 2026 | Sweeney Robert John | Director | Other | 29,880 | 0.00 | – |
The company
About the Company
Under Armour, Inc. beschäftigt sich zusammen mit seinen Tochtergesellschaften mit dem Entwurf, der Entwicklung, der Vermarktung und dem Vertrieb von Performance-Bekleidung, -Schuhen und -Accessoires für Männer, Frauen und Jugendliche.
- Employees
- 6,200
- Headquarters
- Baltimore, MD
- Address
- 101 Performance Drive, 21230 Baltimore, United States
- Phone
- 410 468 2512
- Website
- underarmour.com
- IPO Date
- 04/07/2016
- ISIN
- US9043112062
- Stock Split
- 1.007098:1 on 06/13/2016
Management
| Name | Title | Birth Year |
|---|---|---|
| Kevin A. Plank | Founder, President, CEO & Director | 1973 |
| Reza Taleghani | Executive VP & CFO | 1973 |
| Shawn Curran | Chief Supply Chain Officer | 1964 |
| Kara Trent | Chief Merchandising Officer | 1980 |
| Eric J. Aumen | Chief Accounting Officer & Principal Accounting Officer | 1976 |
| Danny Miles | Executive VP & Chief Technology Officer | – |
| Lance Allega | Senior Vice President of Investor Relations & Corporate Development | – |
| Mehri F. Shadman Valavi J.D. | Chief Legal & People Officer and Corporate Secretary | 1982 |
| Simon James Pestridge | Chief Marketing Officer | – |
| Adam Peake | President of Americas | 1969 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.