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Under Armour, Inc.
$2.3B
Market Cap
14.2
P/E
4.68
PEG
-15.7%
ROCE
-30.0%
ROE
0.84
D/E
-3.3%
OPM
-37.1%
% from 52W High
55
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for UAA including FX impact
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📈 Price History
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About

Under Armour, Inc., together with its subsidiaries, engages designs, developing, marketing, and distributing performance apparel, footwear, and accessories for men, women, and youth.

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⭐ Superinvestors Holding UAA
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 1.04M $6.0M 0.01% Mar 2026
Steve Cohen Point72 Asset Management 305.7K $1.8M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →
📊 MIXED Under Armour targets fiscal 2027 stabilization: revenue down slightly, gross margin up 220-270 bps, adj. operating income $140-$160M
Revenue & Profitability
For fiscal 2026 full year: revenue $5.0 billion (down 4%), adjusted gross margin 45.7% (down 220 bps), adjusted SG&A $2.2 billion (down 5%), adjusted operating income $107 million, adjusted diluted EPS $0.12. Fourth quarter: revenue $1.2 billion (down 1%), adjusted gross margin 43.1% (down 360 bps), adjusted operating income $3 million, adjusted diluted loss per share $0.03. Fiscal 2027 guidance: revenue down slightly (including ~1 point from Curry brand exit), adjusted operating income $140-$160 million, adjusted diluted EPS $0.08-$0.12.
Outlook
Management sees a stabilizing environment in North America after significant revenue rebasing, with early signs of improved sell-through and cleaner inventory. EMEA remains a stable anchor, while APAC is being sharpened, especially in China. External headwinds include U.S. tariffs (IEEPA), the Middle East conflict, and broader geopolitical uncertainty. Consumer confidence is described as cautious, with traffic challenges in e-commerce. The company expects fiscal 2027 to reflect a deliberate stabilization year before returning to growth.
Growth Drivers
Key growth levers include premiumization (e.g., Bouncy Cotton Tee at $65 with NEOLAST fiber), innovation pipeline (Velociti Pro, Velociti Distance, women's bra program), and increased marketing investment of $30 million. Regional growth is expected from low single-digit growth in EMEA and APAC, partially offset by low single-digit decline in North America. The company is focusing on its top 10 volume-driving products, reducing SKUs further, and improving price-to-value perception to drive healthier margins.
Balance Sheet & CapEx
CapEx in fiscal 2027 is expected to be similar to the prior year, as the company is past building its Baltimore campus. Free cash flow is expected to be positive, benefiting from core operations and working capital improvements, with some one-time items (settlement payments) behind. The company ended fiscal 2026 with $309 million in cash and $605 million in restricted investments set aside to cover senior notes due June 2026.
Margins
Adjusted gross margin for fiscal 2026 was 45.7%, down 220 basis points due to tariffs and promotions. Fiscal 2027 guidance calls for gross margin expansion of 220-270 basis points, including about 150 basis points from an assumed IEEPA tariff refund (mostly in Q1). Excluding the refund, core improvement of 70-120 basis points comes from pricing actions, reduced discounting, and favorable channel mix, partially offset by Middle East supply chain headwinds. Adjusted SG&A is expected to increase at a low single-digit rate, with marketing investments within the 10%-12% of revenue historical range.
Key Risks
Management flagged several risks: U.S. tariffs (IEEPA) and the assumption they remain at current 10% levels; the Middle East conflict causing supply chain headwinds; softer consumer demand and cautious retail environment; elevated tax rates due to geographic mix of earnings and valuation allowances; and the need to improve profitability faster. The Curry brand exit is expected to impact revenue by about 1 point in fiscal 2027.
Generated by AI · Q4 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q1 2027 Q1 2027 2026-08-07
Revenue declined 3% in Q1, with softness in North America and Asia Pacific, but gross margin expanded 590 bps and adjusted operating income exceeded expectations. The outlook was revised to a mid-single-digit revenue decline for the year, while maintaining profitability guidance and focusing on SKU reduction, disciplined inventory, and premium brand positioning.
Q4 2026 Q4 2026 2026-05-12
Revenue declined 4% in FY26 with margin pressure from tariffs, but operational discipline and product innovation are driving a more focused, premium brand. FY27 guidance calls for slight revenue decline, gross margin expansion, and improved profitability, supported by a tariff refund and ongoing transformation.
Q3 2026 Q3 2026 2026-02-06
Q3 adjusted results exceeded expectations despite revenue and margin declines, with progress in simplification, product focus, and regional stabilization. FY26 outlook improved, with North America and APAC expected to decline but EMEA to grow. Liquidity remains strong.
Q2 2026 Q2 2026 2025-11-06
Q2 revenue declined 5% to $1.3B, with EMEA showing strong growth and North America and APAC facing declines. Gross margin fell due to tariffs, but cost controls and product innovation are supporting a turnaround. FY26 revenue is expected to decline 4-5%, with stabilization targeted for FY27.
Q1 2026 Q1 2026 2025-08-08
Revenue declined 4% to $1.1B, with AMEA up 10% and North America down 5%. Gross margin rose to 48.2%, but new tariffs and softer demand will halve fiscal 2026 profitability. Transformation efforts are driving brand momentum, with AMEA outperforming and North America stabilizing.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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