Under Armour

UA · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2026

UA · Last close · October 26, 2026

$4.46

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%.

Under Armour, Inc. Latest fiscal year ended March 31, 2026 10-K filed May 19, 2026 · 0001336917-26-000073 Updated October 20, 2026

Revenue

$5.0B

3.8%

Operating margin

−3.3%

0.3 pts

Net income

−$496M

Free cash flow

−$162M

Return on capital

−6.0%

1.4 pts

Market cap

$1.9B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2019 to 2024, earnings per share grew 21.1% a year and net income 20.3% a year, as buybacks cut the share count by 1%. Under Armour then lost money in fiscal 2025 and 2026.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Under Armour yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Under Armour's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Under Armour's free cash flow was negative in fiscal 2026 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at March 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Under Armour's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $4.46
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Under Armour's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY23	FY24	FY25	FY26
Cash and short-term investments	1,669	711	859	501	309
Debt incl. finance leases	662	674	676	595	1,190
Net debt (negative means net cash)	−1,006	−36	−183	94	881
Net debt to EBITDA	−1.6x	−0.1x	−0.5x	—	—
Debt to equity	0.3x	0.3x	0.3x	0.3x	0.8x
Interest coverage	10.4x	10.9x	10.1x	−7.5x	−3.1x
Current ratio	2.3x	2.2x	2.5x	2.1x	1.6x
Quick ratio	1.7x	1.3x	1.6x	1.2x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $224.9 million of Under Armour shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 11, 2026	Reza TaleghaniChief Financial Officer	Bought	18,656	$5.37	$100,183	Form 4
May 14, 2026	Prem Et Al Watsa V10% owner	Bought	100	$5.00	$500	Form 4
May 13, 2026	Prem Et Al Watsa V10% owner	Bought	739,521	$4.97	$3.7 million	Form 4
May 12, 2026	Prem Et Al Watsa V10% owner	Bought	438,723	$4.99	$2.2 million	Form 4
Jan 28, 2026	Prem Et Al Watsa V10% owner	Bought	1,112,119	$6.21	$6.9 million	Form 4
Jan 27, 2026	Prem Et Al Watsa V10% owner	Bought	1,528,986	$6.24	$9.5 million	Form 4
Jan 26, 2026	Prem Et Al Watsa V10% owner	Bought	995,896	$6.21	$6.2 million	Form 4
Jan 23, 2026	Prem Et Al Watsa V10% owner	Bought	928,397	$6.15	$5.7 million	Form 4
Jan 22, 2026	Prem Et Al Watsa V10% owner	Bought	411,057	$6.15	$2.5 million	Form 4
Jan 21, 2026	Prem Et Al Watsa V10% owner	Bought	5,000,000	$5.89	$29.4 million	Form 4
Jan 20, 2026	Prem Et Al Watsa V10% owner	Bought	1,769,581	$5.62	$9.9 million	Form 4
Jan 16, 2026	Prem Et Al Watsa V10% owner	Bought	1,837,686	$5.60	$10.3 million	Form 4

The latest 12 of 18 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Fail	Fail
Return on assets rose	—	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	Pass	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	—	Fail	Pass
F-score	—	4 of 9	3 of 9
Accruals ratio	−2.5%	−3.1%	−9.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Under Armour side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Under Armour	FY26	−3.8%	−3.3%	−3.3%	−6.0%	—	3
Levi Strauss	FY25	4.1%	10.8%	4.9%	22.2%	0.3x	7	Compare
Amer Sports	FY25	26.7%	10.7%	7.8%	8.5%	0.3x	7	Compare
Gildan Activewear	FY25	10.7%	17.1%	13.8%	9.9%	5.2x	6	Compare
Capri Holdings	FY26	−4.1%	0.7%	0.4%	1.6%	1.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY23	FY24	FY25	FY26
Income statement
Revenue	4,833	4,989	5,193	5,267	4,475	5,683	5,903	5,702	5,164	4,966
Revenue growth	21.9%	3.2%	4.1%	1.4%	−15.1%	27.0%	—	−3.4%	−9.4%	−3.8%
Gross profit	2,249	2,251	2,340	2,470	2,160	2,861	2,644	2,630	2,475	2,259
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	418	28	−25	237	−613	475	264	230	−185	−163
Net income	257	−48	−46	92	−549	351	374	232	−201	−496
Diluted EPS (US$)	—	−0.11	−0.10	0.20	−1.21	0.75	0.81	0.52	−0.47	−1.16
Diluted shares (millions)	—	441	446	454	454	469	462	451	432	427
Cash flow
Cash from operations	367	238	628	509	213	661	−40	354	−59	−75
Capital expenditure	316	281	170	146	92	66	158	150	169	87
Free cash flow	50	−44	458	363	121	595	−198	204	−228	−162
Dividends paid	3	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	125	75	90	25
Acquisitions	0	0	0	0	40	0	0	0	8	0
Stock-based compensation	46	40	42	50	42	44	37	43	53	46
Balance sheet at fiscal year end
Cash and short-term investments	250	312	557	788	1,517	1,669	711	859	501	309
Debt incl. finance leases	828	801	736	600	1,004	662	674	676	595	1,190
Total assets	3,644	4,006	4,245	4,844	5,031	4,991	4,828	4,761	4,301	4,416
Total liabilities	1,613	1,988	2,228	2,693	3,355	2,902	2,861	2,607	2,411	3,001
Shareholders' equity	2,031	2,019	2,017	2,150	1,669	2,073	1,966	2,153	1,890	1,414
Margins and ratios
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%
Net margin	5.3%	−1.0%	−0.9%	1.8%	−12.3%	6.2%	6.3%	4.1%	−3.9%	−10.0%
Free cash flow margin	1.0%	−0.9%	8.8%	6.9%	2.7%	10.5%	−3.4%	3.6%	−4.4%	−3.3%
Return on capital	11.5%	0.9%	−0.8%	7.6%	−31.1%	39.4%	—	10.4%	−7.4%	−6.0%
Return on equity	13.9%	−2.4%	−2.3%	4.4%	−28.8%	18.8%	—	11.3%	−9.9%	−30.0%
Return on assets	7.9%	−1.3%	−1.1%	2.0%	−11.1%	7.0%	—	4.8%	−4.4%	−11.4%
Net debt to EBITDA	1.0x	2.4x	1.1x	−0.4x	—	−1.6x	−0.1x	−0.5x	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Under Armour's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Under Armour.