Levi Strauss vs Under Armour
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The short version
- Levi Strauss is the larger business, with $6.3B of revenue in fiscal 2025 against $5.0B for Under Armour.
- Levi Strauss grew revenue faster (4.1%, against −3.8%).
- Levi Strauss kept more of each dollar of sales as operating profit (10.8% operating margin, against −3.3%).
- Levi Strauss turned more of its sales into free cash flow (4.9% FCF margin, against −3.3%).
- Levi Strauss earned a higher return on the capital invested in it (22.2%, against −6.0%).
| Latest fiscal year | LEVI · FY25 | UAA · FY26 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $2.0B |
| Revenue | $6.3B | $5.0B |
| Free cash flow | $308M | −$162M |
| Net income | $578M | −$496M |
| Growth | ||
| Revenue growth | 4.1% | −3.8% |
| 5-year growth | 7.1% | 2.1% |
| Share count change | −0.7% | −1.3% |
| Profitability | ||
| Gross margin | 61.7% | 45.5% |
| Operating margin | 10.8% | −3.3% |
| Net margin | 9.2% | −10.0% |
| FCF margin | 4.9% | −3.3% |
| Return on capital | 22.2% | −6.0% |
| Return on equity | 27.2% | −30.0% |
| Balance sheet | ||
| Net debt | $276M | $881M |
| Net debt / EBITDA | 0.3x | — |
| Dividends and buybacks | $243M | $25.0M |
| Valuation & quality | ||
| P/E | 14.1x | — |
| Piotroski F-score | 7 | 3 |
FY17
LEVI $4.9B
UAA $5.0B
FY18
LEVI $5.6B
UAA $5.2B
FY19
LEVI $5.8B
UAA $5.3B
FY20
LEVI $4.5B
UAA $4.5B
FY21
LEVI $5.8B
UAA $5.7B
FY22
LEVI $6.2B
UAA —
FY23
LEVI $5.8B
UAA $5.9B
FY24
LEVI $6.0B
UAA $5.7B
FY25
LEVI $6.3B
UAA $5.2B
FY26
LEVI —
UAA $5.0B
LEVI
UAA
FY17
LEVI 9.8%
UAA 0.6%
FY18
LEVI 9.7%
UAA −0.5%
FY19
LEVI 9.8%
UAA 4.5%
FY20
LEVI −1.9%
UAA −13.7%
FY21
LEVI 11.9%
UAA 8.4%
FY22
LEVI 10.5%
UAA —
FY23
LEVI 6.1%
UAA 4.5%
FY24
LEVI 4.4%
UAA 4.0%
FY25
LEVI 10.8%
UAA −3.6%
FY26
LEVI —
UAA −3.3%
LEVI
UAA
FY17
LEVI $407M
UAA −$43.9M
FY18
LEVI $261M
UAA $458M
FY19
LEVI $237M
UAA $363M
FY20
LEVI $339M
UAA $121M
FY21
LEVI $570M
UAA $595M
FY22
LEVI −$39.0M
UAA —
FY23
LEVI $122M
UAA −$198M
FY24
LEVI $671M
UAA $204M
FY25
LEVI $308M
UAA −$228M
FY26
LEVI —
UAA −$162M
LEVI
UAA
FY17
LEVI 33.7%
UAA 0.9%
FY18
LEVI 28.6%
UAA −0.8%
FY19
LEVI 36.4%
UAA 7.6%
FY20
LEVI −4.7%
UAA −31.1%
FY21
LEVI 42.8%
UAA 39.4%
FY22
LEVI 27.0%
UAA —
FY23
LEVI 13.2%
UAA —
FY24
LEVI 10.3%
UAA 10.4%
FY25
LEVI 22.2%
UAA −7.4%
FY26
LEVI —
UAA −6.0%
LEVI
UAA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.