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Analysis Report
May 1, 2026
Re-run recommended — fundamentals and price action have likely diverged from this snapshot.
Consumer Cyclical · Apparel - Manufacturers
Price
$6.58
Market Cap
$2.8B
Employees
6,800
Beta
1.69
Avg Volume
8,505,085
CEO
Kevin A. Plank
Business Description
Under Armour, Inc. (UAA) specializes in the design, promotion, and distribution of athletic clothing, footwear, and accessories for men, women, and young people. Its apparel collection includes various fits such as compression, fitted, and loose styles. Additionally, the firm produces specialized footwear designed for running, training, basketball, cleated sports, post-exercise recovery, and outdoor activities. The product range extends to accessories like gloves, bags, headwear, and sports masks. Furthermore, Under Armour manages digital platforms, MapMyRun and MapMyRide, offering subscription and advertising services. Products are prominently featured under its core brands, including UNDER ARMOUR, UA, HEATGEAR, COLDGEAR, HOVR, PROTECT THIS HOUSE, I WILL, UA Logo, ARMOUR FLEECE, and ARMOUR BRA. Under Armour distributes its merchandise via extensive wholesale channels, encompassing major national and regional sporting goods chains, independent and specialized retailers, department stores, single-brand Under Armour retail outlets, institutional sports organizations, and athletic leagues and teams, along with independent distributors. Concurrently, it engages in direct-to-consumer sales through its network of 422 company-owned brand and factory house stores, as well as its e-commerce platforms. Its global operations span across the United States, Canada, Europe, the Middle East, Africa, the Asia-Pacific region, and Latin America. Founded in 1996, Under Armour, Inc. has its corporate headquarters situated in Baltimore, Maryland.
Business History
Generated: May 1, 2026 4:40pmPrice Overview
Price at report time · Jul 2, 8:01am (0m ago)
$6.58
Change · Jul 2
+0.19 (+2.97%)
Day Range
$6.30 – $6.63
52-Week Range
$4.13 – $8.15
50-Day MA
$5.89
200-Day MA
$5.62
Volume
5,365,376.00
Right now · live
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Real-time — the change above is the move since the report (over 0m).
Analyst Price Targets
Low
$5.00
Consensus
$6.50
High
$10.00
(62 analysts)
Share Structure
Outstanding
426,590,774.00
Float
425,692,800.00
Free Float
99.8%
High free float
— 99.8% of shares trade freely, ~0.2% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-5.67
Stock Price: $6.58
EPS (Diluted): -1.16
EPS (Diluted): -1.16
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.78
Stock Price: $6.58
Total Equity: $1.41B
Shares: 426,575,000
Total Equity: $1.41B
Shares: 426,575,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-49.96
Market Cap: $2.81B
Total Debt: $1.19B
Cash: $309.17M
EBITDA: -$60.98M
Total Debt: $1.19B
Cash: $309.17M
EBITDA: -$60.98M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$4.2B
Market Cap: $2.81B
Total Debt: $1.19B
Cash: $309.17M
Total Debt: $1.19B
Cash: $309.17M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
0.51
Stock Price: $6.58
Revenue: $4.97B
Shares: 426,575,000
Revenue: $4.97B
Shares: 426,575,000
EV/Sales (Total value vs revenue — works when P/E can't)
API0.84
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
45.5%
Gross Profit: $2.26B
Revenue: $4.97B
Revenue: $4.97B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-0.7%
Operating Income: -$35.39M
Revenue: $4.97B
Revenue: $4.97B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-10.0%
Net Income: -$495.64M
Revenue: $4.97B
Revenue: $4.97B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-30.1%
Net Income: -$495.64M
Total Equity: $1.41B
Total Equity: $1.41B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
7.6%
Operating Income: -$35.39M
Tax Rate: -146.7%
Equity: $1.41B
Total Debt: $1.19B
Cash: $309.17M
Tax Rate: -146.7%
Equity: $1.41B
Total Debt: $1.19B
Cash: $309.17M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.62
Current Assets: $2.72B
Current Liabilities: $1.68B
Current Liabilities: $1.68B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.84
Short-Term Debt: $599.84M
Long-Term Debt: $590.61M
Total Debt: $1.19B
Total Equity: $1.41B
Long-Term Debt: $590.61M
Total Debt: $1.19B
Total Equity: $1.41B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$11.64
Revenue: $4.97B
Shares: 426,575,000
Shares: 426,575,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$3.32
Total Equity: $1.41B
Shares: 426,575,000
Shares: 426,575,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.38
Operating CF: -$75.09M
CapEx: -$87.08M
Shares: 426,575,000
CapEx: -$87.08M
Shares: 426,575,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $6.58
Stock Price: $6.58
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$495.64M
Net Income: -$495.64M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares UAA against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Last run: May 1, 2026 4:43:23 pm
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
Not applicable for Pre Profit Growth companies
4b
Earnings Power Value
— Floor value — worth with zero growth
Not applicable for Pre Profit Growth companies
4c
Anchored PE
— Industry PE adjusted for growth differential
Not applicable for Pre Profit Growth companies
4d
Reverse DCF
— What growth is the market pricing in?
Not applicable for Pre Profit Growth companies
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
Not applicable for Pre Profit Growth companies
4i
Book Value Analysis
— For deep value / turnaround stocks only
Not applicable for Pre Profit Growth companies
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
Not applicable for Pre Profit Growth companies
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 27, 2026 3:45pm (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $5.7B | $5.9B | $5.7B | $5.2B | $5.0B |
| Cost of Revenue | $2.8B | $3.3B | $3.1B | $2.7B | $2.7B |
| Gross Profit | $2.9B | $2.6B | $2.6B | $2.5B | $2.3B |
| Operating Expenses | $2.4B | $2.4B | $2.4B | $2.3B | $2.3B |
| Operating Income | $486.3M | $263.6M | $229.8M | $171.1M | -$35.4M |
| Net Income | $360.1M | $374.5M | $232.0M | -$201.3M | -$495.6M |
| EBITDA | $668.0M | $414.1M | $404.6M | -$62.3M | -$61.0M |
| EPS | $0.79 | $0.87 | $0.53 | $-0.47 | $-1.16 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 27, 2026 3:45pm (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.0B | $710.9M | $858.7M | $501.4M | $309.2M |
| Total Current Assets | $2.8B | $2.9B | $2.9B | $2.3B | $2.7B |
| Total Assets | $4.5B | $4.8B | $4.8B | $4.3B | $4.4B |
| Current Liabilities | $1.3B | $1.4B | $1.2B | $1.1B | $1.7B |
| Long-Term Debt | $672.3M | $674.5M | $594.9M | $595.1M | $590.6M |
| Total Liabilities | $2.7B | $2.9B | $2.6B | $2.4B | $3.0B |
| Total Equity | $1.7B | $2.0B | $2.2B | $1.9B | $1.4B |
| Retained Earnings | $721.9M | $897.3M | $1.0B | $746.3M | $217.4M |
Cash Flow (Annual)
Last updated: Jun 27, 2026 3:45pm (4d ago)| Metric | 2021 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | $664.8M | -$9.9M | $354.0M | -$59.3M | -$75.1M |
| Capital Expenditure | -$69.8M | -$187.8M | -$150.3M | -$168.7M | -$87.1M |
| Free Cash Flow | $595.1M | -$197.7M | $203.6M | -$228.0M | -$162.2M |
| Acquisitions (net) | $1.4M | $35.0M | $45.0M | $42.3M | $-500,000 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | -$125.0M | -$75.0M | -$90.0M | -$25.0M |
| Net Change in Cash | $154.4M | -$294.4M | $150.2M | -$361.9M | -$203.0M |
Analyst Estimates (Annual)
Last updated: Jul 2, 2026 8:01am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$4.9B $4.9B – $5.1B
|
$5.1B $5.0B – $5.1B
|
$5.3B $5.3B – $5.3B
|
$5.8B $5.7B – $6.0B
|
| EBITDA |
$231.5M $229.2M – $238.0M
|
$238.0M $235.6M – $240.3M
|
$249.0M $248.6M – $249.4M
|
$273.6M $269.4M – $279.5M
|
| Net Income |
$42.2M $40.2M – $56.2M
|
$112.8M $58.5M – $130.6M
|
$182.0M $104.7M – $243.4M
|
$233.0M $228.4M – $239.5M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 27, 2026 3:45pm (4d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | +3.9% | -3.4% | -9.4% | -3.9% |
| Gross Profit Growth | -7.6% | -0.5% | -6.0% | -8.7% |
| Operating Income Growth | -45.8% | -12.8% | -25.5% | -120.7% |
| Net Income Growth | +4.0% | -38.0% | -186.7% | -146.3% |
| EBITDA Growth | -38.0% | -2.3% | -115.4% | +2.1% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-01-26 | WATSA V PREM ET AL | P-Purchase | 265,658.00 | $6.30 | $1.7M |
| 2026-01-26 | WATSA V PREM ET AL | P-Purchase | 730,238.00 | $6.18 | $4.5M |
| 2026-01-23 | WATSA V PREM ET AL | P-Purchase | 928,397.00 | $6.15 | $5.7M |
| 2026-01-22 | WATSA V PREM ET AL | P-Purchase | 411,057.00 | $6.15 | $2.5M |
| 2025-07-01 | Whitesell Patrick | A-Award | 3,709.20 | $0.00 | $0 |
| 2025-07-01 | Sweeney Robert John | A-Award | 3,321.97 | $0.00 | $0 |
| 2025-07-01 | KATZ KAREN | A-Award | 3,338.28 | $0.00 | $0 |
| 2025-07-01 | Gibbs David W | A-Award | 4,265.58 | $0.00 | $0 |
| 2025-07-01 | Fitzpatrick Dawn N. | A-Award | 3,321.97 | $0.00 | $0 |
| 2025-07-01 | Everson Carolyn | A-Award | 741.84 | $0.00 | $0 |
| 2025-07-01 | El-Erian Mohamed | A-Award | 3,338.28 | $0.00 | $0 |
| 2025-07-01 | COLTHARP DOUGLAS E | A-Award | 5,285.61 | $0.00 | $0 |
| 2025-05-05 | Bergman David | A-Award | 118,141.00 | $0.00 | $0 |
| 2025-05-15 | Bergman David | F-InKind | 31,810.00 | $0.00 | $0 |
| 2025-05-15 | Curran Shawn | A-Award | 201,613.00 | $0.00 | $0 |
| 2025-05-05 | Curran Shawn | A-Award | 98,451.00 | $0.00 | $0 |
| 2025-05-15 | Liedtke Eric | A-Award | 201,613.00 | $0.00 | $0 |
| 2025-05-05 | Liedtke Eric | A-Award | 64,020.00 | $0.00 | $0 |
| 2025-05-15 | Saidi Yassine | A-Award | 201,613.00 | $0.00 | $0 |
| 2025-05-05 | Saidi Yassine | A-Award | 98,451.00 | $0.00 | $0 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for UAA — it's generated by the pipeline (
market-narrative step).
No community reviews yet for UAA.
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.367 · 8fb65fa8 · 2026-07-01 20:05:31