Gildan Activewear vs Under Armour
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The short version
- Under Armour is the larger business, with $5.0B of revenue in fiscal 2026 against $3.6B for Gildan Activewear.
- Gildan Activewear grew revenue faster (10.7%, against −3.8%).
- Gildan Activewear kept more of each dollar of sales as operating profit (17.1% operating margin, against −3.3%).
- Gildan Activewear turned more of its sales into free cash flow (13.8% FCF margin, against −3.3%).
- Gildan Activewear earned a higher return on the capital invested in it (9.9%, against −6.0%).
| Latest fiscal year | GIL · FY25 | UAA · FY26 |
|---|---|---|
| Size | ||
| Market cap | $6.2B | $2.0B |
| Revenue | $3.6B | $5.0B |
| Free cash flow | $500M | −$162M |
| Net income | $399M | −$496M |
| Growth | ||
| Revenue growth | 10.7% | −3.8% |
| 5-year growth | 12.8% | 2.1% |
| Share count change | −6.2% | −1.3% |
| Profitability | ||
| Gross margin | 31.2% | 45.5% |
| Operating margin | 17.1% | −3.3% |
| Net margin | 11.0% | −10.0% |
| FCF margin | 13.8% | −3.3% |
| Return on capital | 9.9% | −6.0% |
| Return on equity | 15.9% | −30.0% |
| Balance sheet | ||
| Net debt | $4.0B | $881M |
| Net debt / EBITDA | 5.3x | — |
| Dividends and buybacks | $135M | $25.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 6 | 3 |
Revenue
FY17
GIL $2.8B
UAA $5.0B
FY18
GIL $2.9B
UAA $5.2B
FY19
GIL $2.8B
UAA $5.3B
FY20
GIL $2.0B
UAA $4.5B
FY21
GIL $2.9B
UAA $5.7B
FY22
GIL $3.2B
UAA —
FY23
GIL $3.2B
UAA $5.9B
FY24
GIL $3.3B
UAA $5.7B
FY25
GIL $3.6B
UAA $5.2B
FY26
GIL —
UAA $5.0B
GIL
UAA
Operating margin
FY17
GIL 14.6%
UAA 0.6%
FY18
GIL 13.9%
UAA −0.5%
FY19
GIL 10.2%
UAA 4.5%
FY20
GIL −9.1%
UAA −13.7%
FY21
GIL 22.3%
UAA 8.4%
FY22
GIL 18.6%
UAA —
FY23
GIL 20.2%
UAA 4.5%
FY24
GIL 18.9%
UAA 4.0%
FY25
GIL 17.1%
UAA −3.6%
FY26
GIL —
UAA −3.3%
GIL
UAA
Free cash flow
FY17
GIL $521M
UAA −$43.9M
FY18
GIL $431M
UAA $458M
FY19
GIL $232M
UAA $363M
FY20
GIL $364M
UAA $121M
FY21
GIL $490M
UAA $595M
FY22
GIL $174M
UAA —
FY23
GIL $343M
UAA −$198M
FY24
GIL $356M
UAA $204M
FY25
GIL $500M
UAA −$228M
FY26
GIL —
UAA −$162M
GIL
UAA
Return on capital
FY17
GIL 14.5%
UAA 0.9%
FY18
GIL 14.7%
UAA −0.8%
FY19
GIL 11.2%
UAA 7.6%
FY20
GIL −6.1%
UAA −31.1%
FY21
GIL 28.9%
UAA 39.4%
FY22
GIL 23.1%
UAA —
FY23
GIL 22.1%
UAA —
FY24
GIL 16.8%
UAA 10.4%
FY25
GIL 9.9%
UAA −7.4%
FY26
GIL —
UAA −6.0%
GIL
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.