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Under Armour

UA NYSE Apparel, Accessories & Luxury Goods Financials FY2016–FY2026

Under Armour's revenue fell 3.8% to $5.0 billion in fiscal 2026. Its operating margin was −3.3%, up from −3.6% a year earlier. Free cash flow was −$162 million. It paid out $25 million in dividends and buybacks. The diluted share count fell 1.3%.

Last close · Oct 23, 2026

$4.56

3.6%
Value it Compare
Revenue Total sales reported in the income statement.
$5.0B
3.8% vs prior year
Operating margin Operating income as a share of revenue.
−3.3%
0.3 pts
Net income Profit after all expenses, interest and tax.
−$496M
Free cash flow Cash from operations minus capital spending.
−$162M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−6.0%
1.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Under Armour does

No business description yet.

Legal name
Under Armour, Inc.
Fiscal year ends
March 31, 2026
Latest annual report
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Accession · CIK
0001336917-26-000073
0001336917

Revenue and margins

Under Armour had $5.0B of revenue in fiscal 2026, down 3.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$162M in fiscal 2026, −3.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Under Armour returned $25.0M to shareholders in fiscal 2026. The diluted share count fell 1.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Under Armour yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$881M and divides by 426.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Under Armour can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY23FY24FY25FY26
Cash and short-term investments $1.7B$711M$859M$501M$309M
Debt incl. finance leases $663M$675M$676M$595M$1.2B
Net debt / EBITDA −1.6x−0.1x−0.5x——
Debt / equity 0.3x0.3x0.3x0.3x0.8x
Interest coverage 10.4x10.9x10.1x−7.5x−3.1x
Current ratio 2.3x2.2x2.5x2.1x1.6x
Quick ratio 1.7x1.3x1.6x1.3x1.1x
Total assets $5.0B$4.8B$4.8B$4.3B$4.4B
Total liabilities $2.9B$2.9B$2.6B$2.4B$3.0B
Shareholders' equity $2.1B$2.0B$2.2B$1.9B$1.4B
Net debt (− = net cash) −$1.0B−$36.4M−$183M$93.7M$881M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$86.5M

2 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

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$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 11, 2026 Reza TaleghaniChief Financial Officer Bought 18,656 $5.37 $0.1M Form 4
May 14, 2026 Prem Et Al Watsa V10% owner Bought 100 $5.00 $0.0M Form 4
May 13, 2026 Prem Et Al Watsa V10% owner Bought 739,521 $4.97 $3.7M Form 4
May 12, 2026 Prem Et Al Watsa V10% owner Bought 438,723 $4.99 $2.2M Form 4
Jan 28, 2026 Prem Et Al Watsa V10% owner Bought 1,112,119 $6.21 $6.9M Form 4
Jan 27, 2026 Prem Et Al Watsa V10% owner Bought 1,528,986 $6.24 $9.5M Form 4
Jan 26, 2026 Prem Et Al Watsa V10% owner Bought 995,896 $6.21 $6.2M Form 4
Jan 23, 2026 Prem Et Al Watsa V10% owner Bought 928,397 $6.15 $5.7M Form 4
Jan 22, 2026 Prem Et Al Watsa V10% owner Bought 411,057 $6.15 $2.5M Form 4
Jan 21, 2026 Prem Et Al Watsa V10% owner Bought 5,000,000 $5.89 $29.5M Form 4
Jan 20, 2026 Prem Et Al Watsa V10% owner Bought 1,769,581 $5.62 $9.9M Form 4
Jan 16, 2026 Prem Et Al Watsa V10% owner Bought 1,837,686 $5.60 $10.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✕ ✕
Cash from operations is positive ✓ ✕ ✕
Return on assets rose — ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — ✓ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets — ✕ ✓
F-score — / 94 / 93 / 9
Accruals ratio −2.5%−3.1%−9.7%
Altman Z'' 4.252.961.95

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Under Armour UA $2.0B −3.8% −3.3% −3.3% −6.0% — 3
Levi Strauss LEVI $8.3B 4.1% 10.8% 4.9% 22.2% 14.1x 7 Compare →
Amer Sports AS $15.9B 26.7% 10.7% 7.8% 8.5% — 7 Compare →
Gildan Activewear GIL $6.2B 10.7% 17.1% 13.8% 9.9% — 6 Compare →
Capri Holdings CPRI $1.8B −4.1% 0.7% 0.4% 1.6% 12.2x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY23FY24FY25FY26
Income statement
Revenue $4.8B $5.0B $5.2B $5.3B $4.5B $5.7B $5.9B $5.7B $5.2B $5.0B
Gross profit $2.2B $2.3B $2.3B $2.5B $2.2B $2.9B $2.6B $2.6B $2.5B $2.3B
Operating income $418M $27.8M −$25.0M $237M −$613M $475M $264M $230M −$185M −$163M
Interest expense $21.4M $29.8M $28.6M $18.0M $28.6M $45.7M $24.1M $22.8M $24.6M $52.9M
Pretax income $388M −$10.3M −$67.8M $210M −$493M $380M $268M $262M −$205M −$201M
Income tax $131M $38.0M −$20.6M $70.0M $49.4M $30.2M −$109M $30.0M −$2.9M $295M
Net income $257M −$48.3M −$46.3M $92.1M −$549M $351M $375M $232M −$201M −$496M
Diluted EPS — −$0.11 −$0.10 $0.20 −$1.21 $0.75 $0.81 $0.52 −$0.47 −$1.16
Diluted shares — 0.44B 0.45B 0.45B 0.45B 0.47B 0.46B 0.45B 0.43B 0.43B
Cash flow
Cash from operations $367M $238M $628M $509M $213M $661M −$39.9M $354M −$59.3M −$75.1M
Capital expenditure $317M $281M $170M $146M $92.3M $66.0M $158M $150M $169M $87.1M
Free cash flow $50.2M −$43.9M $458M $363M $121M $595M −$198M $204M −$228M −$162M
Depreciation and amortization $145M $174M $182M $186M $165M $141M $136M $143M $136M $110M
Stock-based compensation $46.1M $39.9M $41.8M $49.6M $42.1M $43.8M $36.8M $43.0M $53.0M $45.6M
Acquisitions $0.0M $0.0M $0.0M $0.0M $40.3M $0.0M $0.0M $0.0M $8.1M $0.5M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $125M $75.0M $90.0M $25.0M
Dividends paid $2.9M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $2.9M $0.0M $0.0M $0.0M $0.0M $0.0M $125M $75.0M $90.0M $25.0M
Balance sheet
Cash and short-term investments $251M $313M $557M $788M $1.5B $1.7B $711M $859M $501M $309M
Total debt $828M $801M $736M $600M $1.0B $663M $675M $676M $595M $1.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.0B $2.3B $2.6B $2.7B $3.2B $3.3B $2.9B $2.9B $2.3B $2.7B
Current liabilities $686M $1.1B $1.3B $1.4B $1.4B $1.5B $1.4B $1.2B $1.1B $1.7B
Inventory $918M $1.2B $1.0B $892M $896M $811M $1.2B $959M $946M $915M
Property and equipment, net $804M $886M $827M $792M $659M $607M $645M $665M $645M $599M
Total assets $3.6B $4.0B $4.2B $4.8B $5.0B $5.0B $4.8B $4.8B $4.3B $4.4B
Total liabilities $1.6B $2.0B $2.2B $2.7B $3.4B $2.9B $2.9B $2.6B $2.4B $3.0B
Shareholders' equity $2.0B $2.0B $2.0B $2.2B $1.7B $2.1B $2.0B $2.2B $1.9B $1.4B
Margins
Gross margin 46.5% 45.1% 45.1% 46.9% 48.3% 50.3% 44.8% 46.1% 47.9% 45.5%
Operating margin 8.6% 0.6% −0.5% 4.5% −13.7% 8.4% 4.5% 4.0% −3.6% −3.3%
EBITDA margin 11.6% 4.0% 3.0% 8.0% −10.0% 10.8% 6.8% 6.5% −1.0% −1.1%
Net margin 5.3% −1.0% −0.9% 1.8% −12.3% 6.2% 6.3% 4.1% −3.9% −10.0%
FCF margin 1.0% −0.9% 8.8% 6.9% 2.7% 10.5% −3.4% 3.6% −4.4% −3.3%
Returns
Return on capital 11.5% 0.9% −0.8% 7.6% −31.1% 39.4% — 10.4% −7.4% −6.0%
Return on capital employed 15.6% 0.9% −0.9% 7.5% −17.4% 13.3% — 6.5% −5.5% −5.5%
Return on equity 13.9% −2.4% −2.3% 4.4% −28.8% 18.8% — 11.3% −10.0% −30.0%
Return on assets 7.9% −1.3% −1.1% 2.0% −11.1% 7.0% — 4.8% −4.4% −11.4%
Growth
Revenue growth 22.0% 3.2% 4.1% 1.4% −15.1% 27.0% — −3.4% −9.4% −3.8%
Net income growth 10.5% −118.8% — — −696.0% — — −38.0% −186.7% —
EPS growth — — — — −705.0% — — −35.8% −190.4% —
FCF growth — −187.5% — −20.7% −66.8% 393.1% — — −212.0% —
Share count change — — 1.2% 1.9% −0.0% 3.2% — −2.3% −4.2% −1.3%
Financial health
Net debt / EBITDA 1.0x 2.4x 1.1x −0.4x — −1.6x −0.1x −0.5x — —
Debt / equity 0.4x 0.4x 0.4x 0.3x 0.6x 0.3x 0.3x 0.3x 0.3x 0.8x
Interest coverage 19.5x 0.9x −0.9x 13.1x −21.4x 10.4x 10.9x 10.1x −7.5x −3.1x
Current ratio 2.9x 2.2x 2.0x 1.9x 2.3x 2.3x 2.2x 2.5x 2.1x 1.6x
Quick ratio 1.5x 1.1x 1.2x 1.3x 1.7x 1.7x 1.3x 1.6x 1.3x 1.1x
Capital allocation
Capex / revenue 6.6% 5.6% 3.3% 2.8% 2.1% 1.2% 2.7% 2.6% 3.3% 1.8%
Stock comp / revenue 1.0% 0.8% 0.8% 0.9% 0.9% 0.8% 0.6% 0.8% 1.0% 0.9%
Payouts / FCF 5.8% — 0.0% 0.0% 0.0% 0.0% — 36.8% — —
Quality scores
Piotroski F-score — — 4.0 6.0 5.0 8.0 — — 4.0 3.0
Altman Z'' 5.5 4.2 3.8 3.7 2.5 4.5 3.9 4.3 3.0 2.0
Accruals ratio −3.4% −7.5% −16.4% −9.2% −15.4% −6.2% — −2.5% −3.1% −9.7%

Source: SEC EDGAR XBRL filings (CIK 0001336917). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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