At a glance
Under Armour Inc C is worth $1.98B. Revenue fell 3.8% to $4.97B in fiscal 2026, at a loss; over 5 years it has grown 2.7% a year. It pays no dividend; it spent $315.0M buying back its shares over FY2021–FY2026. The stock returned +0.9% over the past year with dividends reinvested and −24.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.3% in the 2020 crash (S&P 500: 33.7%) and 67.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Under Armour designs and markets sports clothing, shoes and accessories for men, women and youth under names such as UNDER ARMOUR, HEATGEAR, COLDGEAR and HOVR. Its focus is performance gear: fabrics built to keep athletes warm, cool or dry, and cushioned shoes for running, training, basketball and cleated sports. In fiscal 2026 (the year ended March 31, 2026), revenue was $4.97 billion. Apparel brought in about 68%, footwear about 22%, accessories (gloves, bags, headwear, socks) about 8%, and licensing fees about 2%.
Wholesale made up 57% of fiscal 2026 revenue. That means selling to sporting goods chains, department stores, distributors and teams. Direct-to-consumer sales made up 41%. This covers its own websites and its Brand House and Factory House stores, which numbered 443 as of March 31, 2026 (198 in North America, 245 elsewhere). Factory House outlets help clear excess and out-of-season stock. No single customer topped 10% of revenue. Marketing leans on sponsorships of athletes, colleges and pro teams. Under Armour is an official footwear and glove supplier to the NFL.
North America (the US and Canada) is the biggest region, at 57.6% of fiscal 2026 revenue. Europe, the Middle East and Africa added 23.8%, Asia-Pacific 14.5% and Latin America 4.7%. In Japan, a licensed partner that Under Armour partly owns makes and sells the brand's products.
Price history
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UA +0.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Apparel | $3.40B | 68.4% |
| Footwear | $1.08B | 21.7% |
| Accessories | $414.5M | 8.3% |
| License revenues | $107.4M | 2.2% |
By geography
| North America | $2.86B | 57.6% |
| EMEA | $1.18B | 23.8% |
| Asia-Pacific | $719.1M | 14.5% |
| Latin America | $234.2M | 4.7% |
Latest results
- In Q1 FY2027 (ended Jun 30, 2026), revenue was $1.10B, down 3.2% from a year earlier, and net income was $545K.
- For fiscal 2026, revenue was $4.97B (-3.8% year over year; -2.7% a year from FY2021 to FY2026) with a -10% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | -2.7% weak |
|---|---|
| Operating margin | -3.3% weak |
| Free cash flow margin | -3.3% weak |
| Return on equity (FY2026) | -35% weak |
| Return on assets (FY2026) | -11.2% weak |
| Net cash (cash minus debt) | $-195.2M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.47B | $-549.2M | $120.6M |
| FY2021 | $5.68B | $351.0M | $594.5M |
| FY2023 | $5.90B | $374.5M | $-198.0M |
| FY2024 | $5.70B | $232.0M | $203.6M |
| FY2025 | $5.16B | $-201.3M | $-228.0M |
| FY2026 | $4.97B | $-495.6M | $-162.2M |
Valuation snapshot
| Market value | $1.98B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UA price data to Oct 28, 2026 | -4.0% | +0.9% | -9.2% | -24.6% | -15.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.0% |
| 2025 | -35.7% |
| 2024 | -10.7% |
| 2023 | -6.4% |
| 2022 | -50.5% |
| 2021 | +21.2% |
| 2020 | -22.4% |
| 2019 | +18.6% |
| 2018 | +21.4% |
| 2017 | -47.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.3% over that stretch · deepest drop along the way 52.3%, back to its old high 8.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 65.4% over that stretch · deepest drop along the way 67.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($100K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | Reza Taleghani Chief Financial Officer | buy | $100K |
Who owns it
Large shareholders (13G filings)
| V. PREM WATSA | 16.1% | Dec 22, 2025 |
| BlackRock, Inc. | 14.3% | Jun 30, 2026 |
| Frasers Group plc | 8.8% | Sep 24, 2026 |
| The Vanguard Group - 23-1945930 | 7.77% | Sep 30, 2024 |
| Vanguard Portfolio Management | 5.75% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 3.8% | Dec 31, 2025 |
| FMR LLC | 0.4% | Aug 29, 2025 |
ETFs with the most weight in UA
| GVLU Gotham 1000 Value ETF | 0.33% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 0.15% |
| DFSV Dimensional US Small Cap Value ETF | 0.12% |
| SMLF iShares U.S. Small‑Cap Equity Factor ETF | 0.12% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 0.1% |
| VFMF Vanguard U.S. Multifactor ETF | 0.1% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.1% |
| MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 0.09% |
What could go wrong
- Founder Kevin Plank controls the vote. Kevin Plank, the founder, president and chief executive, controls a majority of the voting power of the common stock. Other shareholders have little say over board elections, mergers or strategy, even if they disagree.
- Restructuring may not fix the losses. The company lost $495.6 million in fiscal 2026, its second annual loss in a row. It disclosed restructuring costs in November 2025 and May 2026 and warns the plans may not deliver the expected savings.
- Tariffs on goods made overseas. Substantially all its manufacturers are outside the US. Tariffs have raised product costs and squeezed margins, and court rulings in February and May 2026 left future rates unsettled. Raising prices could hurt sales.
- Reliance on big wholesale customers. Wholesale made up 57% of fiscal 2026 revenue, much of it from large wholesale customers. If a key account orders less, drops the brand or runs into financial trouble, revenue could fall sharply.
- Bigger rivals and costlier sponsorships. Some rivals are bigger and have more resources, which can cost Under Armour market share. Pricing pressure and costlier sports sponsorships, which are central to its marketing, could squeeze profits further.
- Debt and lender restrictions. As of June 30, 2026, debt of $591 million exceeded cash and investments of $396 million. Loan terms could limit its flexibility, and any new funding may not come on acceptable terms.
Recent events
- Shareholder vote results
- Quarterly results released
- Quarterly results released; Restructuring or exit costs
- Executive or board change
- Quarterly results released
- Executive or board change
- Restructuring or exit costs; Investor presentation or announcement
- Quarterly results released; Executive or board change; Other company announcement
For income and retirement investors
Under Armour paid no dividend from fiscal 2021 through fiscal 2026, so there is no record of increases or payout ratio to assess. An income investor would have to sell shares to draw cash from this holding. The company repurchased $315 million of its stock over those years. But buybacks shrank to $25 million in fiscal 2026 (the year ended March 31, 2026). That year it lost $495.6 million and had negative free cash flow (cash left after running and investing in the business) of $162.2 million.
The stock has fallen hard in downturns. In the 2020 COVID crash it dropped 52.3% from February 19 to March 23, 2020, and recovered about 8.4 months after the low. In the 2022 bear market (a long, broad market decline) it fell 67.3% from January 4 to September 30, 2022, and had not recovered as of October 28, 2026. A single stock carries more risk than a diversified fund holding many companies.
Questions investors ask
How does Under Armour make money?
Mostly by selling performance sports clothing, shoes and accessories. In fiscal 2026 (the year ended March 31, 2026), revenue was $4.97 billion. About 68% came from apparel, 22% from footwear, 8% from accessories and 2% from licensing fees. Those fees come from partners who make items like collegiate apparel and team uniforms. Wholesale sales to sporting goods chains, department stores and other retailers brought in 57%, and its own stores and websites 41%. North America (the US and Canada) supplied 57.6% of revenue.
Does Under Armour pay a dividend?
No. Under Armour paid no dividend from fiscal 2021 through fiscal 2026. Instead it returned cash through share buybacks (purchases of its own stock), totaling $315 million over that span. Buybacks shrank to $25 million in fiscal 2026 (the year ended March 31, 2026). That year it posted a $495.6 million net loss and negative free cash flow of $162.2 million, so it had neither earnings nor free cash flow to fund a dividend. Investors seeking regular income would get none from this stock.
Is Under Armour profitable?
Not for the full year. Under Armour lost $495.6 million in fiscal 2026 (the year ended March 31, 2026) on revenue of $4.97 billion, which was down 3.8%. That followed a $201.3 million loss in fiscal 2025. It kept 45.5% of sales as gross profit (what is left after product costs), but other expenses produced an operating loss of $163.1 million. In the quarter ended June 30, 2026, it roughly broke even. It earned $545,000 on revenue of $1.10 billion, down 3.2% from a year earlier.
Who controls Under Armour?
Founder Kevin Plank does. The annual report filed May 19, 2026 says Plank, the company's president and chief executive, controls a majority of the voting power of its common stock. That gives other shareholders limited influence over board elections and major decisions. Large holders have filed reports of stakes of 16.1% for V. Prem Watsa (as of December 22, 2025), 14.3% for BlackRock (June 30, 2026) and 8.8% for Frasers Group (September 24, 2026). Each percentage applies only to the share class its filing covers.
How do tariffs affect Under Armour?
Tariffs raise Under Armour's costs. Substantially all of its manufacturers are outside the United States, and the company said tariffs (import taxes) have increased product costs and hurt profit margins. A February 20, 2026 Supreme Court ruling struck down some tariffs, and new tariffs replaced them. On May 7, 2026 a federal trade court ruled the new tariffs illegal but left them in effect pending appeal. In its May 2026 annual report, the company said it expects more changes and may not be able to pass the full cost on to customers.