Under Armour
UAANYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $5.16 Prior regular-session close from the quote source.
- $4.90–$5.21 Regular-session low and high so far today.
- 10.2M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 5 projected Projected for 2027-02-05 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $4.13–$8.15 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own UAA if renewed product and channel discipline restore demand, pricing, GAAP profit and cash generation before liquidity tightens.
UAA price history
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Investment thesis
What must happen next
Under Armour's performance-athlete positioning must regain enough consumer and retailer relevance to stabilize demand without depending on discounting.WeakeningMateriality: High
The company description identifies the business as the design, development, marketing and global distribution of branded performance apparel, footwear and accessories for men, women and youth. If brand relevance returns, revenue stabilization can give the cost base something to leverage; if it does not, the turnaround remains a shrinking-sales story.
Watch: Nike and adidas regain or retain performance-category mindshare with athletes and key retailers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The company description identifies the business as the design, development, marketing and global distribution of branded performance apparel, footwear and.
Open source ↗Product and channel discipline must preserve Under Armour's ability to sell performance gear at branded price points instead of buying volume through markdowns.HoldingMateriality: High
FY2026 annual GAAP gross profit was $2.259 billion, equal to an approximate 45.5% gross margin. Gross-margin resilience is the bridge between brand relevance and future profit; sustained discounting would make even stable revenue low quality.
Watch: Inventory overhang forces clearance activity through outlet or off-price channels.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 annual GAAP gross profit was $2.259 billion, equal to an approximate 45.5% gross margin.
Open source ↗The global design, marketing and distribution platform must be resized to the lower sales base so operating expenses stop consuming gross profit.WeakeningMateriality: Medium
FY2023 annual GAAP operating income was $263.6 million and FY2024 annual GAAP operating income was $229.8 million, showing the model has recently been profitable. This is the main path from a surviving brand to equity value: without operating leverage, revenue stabilization will not create meaningful earnings.
Watch: A brand rebuild requires sustained marketing and athlete/product investment before demand improves.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2023 annual GAAP operating income was $263.6 million and FY2024 annual GAAP operating income was $229.8 million, showing the model.
Open source ↗The turnaround must convert sales into cash rather than tying capital up in inventory, receivables and restructuring needs.WeakeningMateriality: Medium
FY2024 annual GAAP operating cash flow was positive at $354.0 million, showing the company can generate cash in a better operating period. Positive cash conversion funds the reset internally; persistent cash use makes the balance sheet, not the brand, the limiting factor for shareholders.
Watch: Weak sell-through forces inventory builds and markdowns before reported revenue fully reflects the problem.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2024 annual GAAP operating cash flow was positive at $354.0 million, showing the company can generate cash in a better.
Open source ↗Under Armour must preserve enough liquidity to execute the brand reset without forcing creditor-driven decisions or shareholder dilution.WeakeningMateriality: Medium
FY2026 year-end cash was $309.2 million, so the company still had cash on hand at the latest annual balance-sheet date. If liquidity remains adequate, shareholders keep the upside from recovery; if it tightens, financing terms can absorb much of the turnaround value.
Watch: Another season of operating cash burn coincides with heavy brand investment needs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 year-end cash was $309.2 million, so the company still had cash on hand at the latest annual balance-sheet date.
Open source ↗
Full investment case & evidence
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Original research
Under Armour's performance-athlete positioning must regain enough consumer and retailer relevance to stabilize demand without depending on discounting. If brand relevance returns, revenue stabilization can give the cost base something to leverage; if it does not, the turnaround remains a shrinking-sales story.
Product and channel discipline must preserve Under Armour's ability to sell performance gear at branded price points instead of buying volume through markdowns. Gross-margin resilience is the bridge between brand relevance and future profit; sustained discounting would make even stable revenue low quality.
The global design, marketing and distribution platform must be resized to the lower sales base so operating expenses stop consuming gross profit. This is the main path from a surviving brand to equity value: without operating leverage, revenue stabilization will not create meaningful earnings.
The turnaround must convert sales into cash rather than tying capital up in inventory, receivables and restructuring needs. Positive cash conversion funds the reset internally; persistent cash use makes the balance sheet, not the brand, the limiting factor for shareholders.
Under Armour must preserve enough liquidity to execute the brand reset without forcing creditor-driven decisions or shareholder dilution. If liquidity remains adequate, shareholders keep the upside from recovery; if it tightens, financing terms can absorb much of the turnaround value.
All standing thesis claims
Original report summary
renewed product and channel discipline restore demand, pricing, GAAP profit and cash generation before liquidity tightens.
Bull case and bear case
Bull case and bear case for Under Armour
Where the evidence on Under Armour disagrees: Mixed on the latest evidence (Nov 7, 2026). Of its 5 thesis points, 1 holding and 4 weakening.
Bull case: what the evidence supports
Product and channel discipline must preserve Under Armour's ability to sell performance gear at branded price points instead of buying volume through markdowns.
Bear case: what the evidence questions
Under Armour's performance-athlete positioning must regain enough consumer and retailer relevance to stabilize demand without depending on discounting.
The global design, marketing and distribution platform must be resized to the lower sales base so operating expenses stop consuming gross profit.
The turnaround must convert sales into cash rather than tying capital up in inventory, receivables and restructuring needs.
Under Armour must preserve enough liquidity to execute the brand reset without forcing creditor-driven decisions or shareholder dilution.
Thesis-Break Engine
Thesis-break watch · Under Armour
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Under Armour filed an SEC 8-K on 2026-11-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Under Armour filed an SEC 8-K on 2026-08-07: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Under Armour filed an SEC 8-K on 2026-05-12: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Nike and adidas regain or retain performance-category mindshare with athletes and key retailers.
- Inventory overhang forces clearance activity through outlet or off-price channels.
- A brand rebuild requires sustained marketing and athlete/product investment before demand improves.
- Weak sell-through forces inventory builds and markdowns before reported revenue fully reflects the problem.
- Another season of operating cash burn coincides with heavy brand investment needs.
UAA news
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Financial statements
UAA income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
UAA: quick answers
- When does Under Armour (UAA) report earnings next?
- Under Armour's next results are projected for February 5, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 6, 2026. Earnings calendar
- What is UAA's short interest?
- As of October 30, 2026, 64.1M UAA shares were sold short, up 3.7% from the count before. At the stock's average daily volume that is 9.4 days to cover. FINRA publishes the count twice a month. UAA short interest history
- Have members of Congress traded UAA?
- Reports made public in the last 90 days disclose 1 trade in UAA by 1 filer: 0 purchases and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed UAA trade
- Which well-known investors own UAA?
- 1 of the 37 well-known funds tracked here reported UAA shares in their latest 13F filing. By share of the fund's portfolio: Fairfax Financial (Prem Watsa), 11.0%. Fund portfolios
UAA in well-known investors’ portfolios
1 of 37 funds reported UAA shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Prem WatsaFairfax Financial | 11.0% | $290M | +5.5% | Q2 2026 |