UA Consumer Cyclical

Under Armour, Inc.

$5.14+1.18%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Consumer Cyclical
Industry: Apparel Manufacturing
Country: United States
Market cap: 2.2B USD
Enterprise value: 2.2B USD
Full-time employees: 6,200

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.62 vs a peer median of 0.63)higher risk: bigger price swings (beta 1.62 vs peers 0.63)

Ranks #1,460 of 1,502 consumer cyclical companies (bottom 3%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $190M over the 3 fiscal years to FY Mar 2026 with -$187M of free cash flow.
Under Armour returned $190M in buybacks and dividends over three fiscal years while its free cash flow totalled -$187M. The money came from its cash pile or from borrowing.
Stock pay is large next to buybacks. Stock-based pay expense $142M vs $190M spent repurchasing shares over the 3 fiscal years to FY Mar 2026.
Over three fiscal years Under Armour recorded $142M of stock-based pay expense and spent $190M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Under Armour recorded $142M of stock-based pay expense and spent $190M repurchasing shares.
Earnings slid into a loss. Loss per share this year after a profit last year.
Under Armour made a loss per share in its latest year after a profit the year before.
Borrowing rising faster than profit. Since FY Mar 2023: debt +76%, operating profit −162%.
Under Armour's debt grew 76% since FY Mar 2023 while operating profit changed −162%.

StockQuotient Score

14/ 100

Oct 5 14 → Nov 4 14

Valuation

Is the price right?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-22.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.34Sector median: 0.0439 · MAD: 0.0329

EBITDA yield-0.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.90Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield-3.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.13Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield64.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

12/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth
▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -2.14Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth-5.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -1.56Sector median: 0.0425 · MAD: 0.0636

Revenue growth-3.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.12Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-2.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.91Sector median: 0.0638 · MAD: 0.0461

Return on assets-12.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.27Sector median: 0.0331 · MAD: 0.0254

Return on invested capital-5.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.19Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin46.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity-34.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Debt down 50%

Why

Weaker than most peers on:

▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.62

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.30Sector median: 0.6345 · MAD: 0.2980

Current ratio1.81×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.59Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.41×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.14Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Under Armour

Is Under Armour getting weaker?: Its latest SEC filing (Aug 7, 2026) got stronger: debt down 50%. Its overall score is unchanged at 14/100 since Oct 28, 2026.
How is Under Armour valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -22.2% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -22.2% vs peers 4.4% (weaker than 100% of peers).
Is Under Armour growing?: More slowly than most of its peers. Growth scores 12/100 against 1,612 consumer cyclical peers. 3-year revenue growth -5.7% vs a peer median of 4.3% (weaker than 86% of peers).3-year revenue growth -5.7% vs peers 4.3% (weaker than 86% of peers).
How profitable is Under Armour?: Less profitable than most of its peers. Profitability scores 8/100 against 1,612 consumer cyclical peers. Return on assets -12.0% vs a peer median of 3.3% (weaker than 100% of peers).Return on assets -12.0% vs peers 3.3% (weaker than 100% of peers).
How risky is Under Armour?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 1.81× vs a peer median of 1.48× (stronger than 64% of peers).Current ratio 1.81× vs peers 1.48× (stronger than 64% of peers). Beta 1.62 vs a peer median of 0.63 (weaker than 93% of peers).Beta 1.62 vs peers 0.63 (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Debt down 50%

Worth watching: Under Armour is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	5.0B USD	4.9B USD	−0.7%
Net income (12 months)	−495.6M USD	−492.5M USD	−0.6%
Operating margin	-3.3%	-2.4%	+0.9 pts
Free cash flow (12 months)	−162.2M USD	−81.1M USD	−50.0%
Debt	1.2B USD	591.2M USD	−50.3%
Cash	309.2M USD	396.0M USD	+28.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Apparel Manufacturing companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY Mar 2023	FY Mar 2024	FY Mar 2025	FY Mar 2026	Change
Gross margin	50.3%	44.8%	46.1%	47.9%	45.5%	▼ 2.4 pts
Operating margin	8.4%	4.5%	4.0%	-3.6%	-3.3%	▲ 0.3 pts
Net margin	6.2%	6.3%	4.1%	-3.9%	-10.0%	▼ 6.1 pts
Return on assets (ROA)	7.0%	7.8%	4.9%	-4.7%	-11.2%	▼ 6.5 pts
Return on equity (ROE)	16.9%	19.0%	10.8%	-10.6%	-35.0%	▼ 24 pts
Free cash flow margin	10.5%	-3.4%	3.6%	-4.4%	-3.3%	▲ 1.1 pts
Current ratio	2.30×	2.17×	2.46×	2.10×	1.62×	▼ 23%
Quick ratio	1.74×	1.30×	1.63×	1.25×	1.08×	▼ 14%
Debt to equity	0.32×	0.34×	0.31×	0.31×	0.84×	▲ 167%
Interest coverage	10.40×	10.94×	10.08×	-7.53×	-3.08×	▲ 59%

UA price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.62 vs a peer median of 0.63)higher risk: bigger price swings (beta 1.62 vs peers 0.63)

Ranks #1,460 of 1,502 consumer cyclical companies (bottom 3%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $190M over the 3 fiscal years to FY Mar 2026 with -$187M of free cash flow.

Under Armour returned $190M in buybacks and dividends over three fiscal years while its free cash flow totalled -$187M. The money came from its cash pile or from borrowing.

Stock pay is large next to buybacks. Stock-based pay expense $142M vs $190M spent repurchasing shares over the 3 fiscal years to FY Mar 2026.

Over three fiscal years Under Armour recorded $142M of stock-based pay expense and spent $190M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Under Armour recorded $142M of stock-based pay expense and spent $190M repurchasing shares.

Earnings slid into a loss. Loss per share this year after a profit last year.

Under Armour made a loss per share in its latest year after a profit the year before.

Borrowing rising faster than profit. Since FY Mar 2023: debt +76%, operating profit −162%.

Under Armour's debt grew 76% since FY Mar 2023 while operating profit changed −162%.

Questions investors ask about Under Armour

Is Under Armour getting weaker?

Its latest SEC filing (Aug 7, 2026) got stronger: debt down 50%. Its overall score is unchanged at 14/100 since Oct 28, 2026.

How is Under Armour valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -22.2% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -22.2% vs peers 4.4% (weaker than 100% of peers).

Is Under Armour growing?

More slowly than most of its peers. Growth scores 12/100 against 1,612 consumer cyclical peers. 3-year revenue growth -5.7% vs a peer median of 4.3% (weaker than 86% of peers).3-year revenue growth -5.7% vs peers 4.3% (weaker than 86% of peers).

How profitable is Under Armour?

Less profitable than most of its peers. Profitability scores 8/100 against 1,612 consumer cyclical peers. Return on assets -12.0% vs a peer median of 3.3% (weaker than 100% of peers).Return on assets -12.0% vs peers 3.3% (weaker than 100% of peers).

How risky is Under Armour?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 1.81× vs a peer median of 1.48× (stronger than 64% of peers).Current ratio 1.81× vs peers 1.48× (stronger than 64% of peers). Beta 1.62 vs a peer median of 0.63 (weaker than 93% of peers).Beta 1.62 vs peers 0.63 (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

5.0B USD

4.9B USD

−0.7%

Net income (12 months)

−495.6M USD

−492.5M USD

−0.6%

Operating margin

-3.3%

-2.4%

+0.9 pts

Free cash flow (12 months)

−162.2M USD

−81.1M USD

−50.0%

Debt

1.2B USD

591.2M USD

−50.3%

Cash

309.2M USD

396.0M USD

+28.1%

Key ratios

FY 2021

FY Mar 2023

FY Mar 2024

FY Mar 2025

FY Mar 2026

Change

Gross margin

50.3%

44.8%

46.1%

47.9%

45.5%

▼ 2.4 pts

Operating margin

8.4%

4.5%

4.0%

-3.6%

-3.3%

▲ 0.3 pts

Net margin

6.2%

6.3%

4.1%

-3.9%

-10.0%

▼ 6.1 pts

Return on assets (ROA)

7.0%

7.8%

4.9%

-4.7%

-11.2%

▼ 6.5 pts

Return on equity (ROE)

16.9%

19.0%

10.8%

-10.6%

-35.0%

▼ 24 pts

Free cash flow margin

10.5%

-3.4%

3.6%

-4.4%

-3.3%

▲ 1.1 pts

Current ratio

2.30×

2.17×

2.46×

2.10×

1.62×

▼ 23%

Quick ratio

1.74×

1.30×

1.63×

1.25×

1.08×

▼ 14%

Debt to equity

0.32×

0.34×

0.31×

0.84×

▲ 167%

Interest coverage

10.40×

10.94×

10.08×

-7.53×

-3.08×

▲ 59%