olivLaw · US equity research
Under Armour, Inc. UAA
Apparel & Other Finishd Prods of Fabrics & Similar Matl · SIC 2300 · Vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)
Under Armour designs, develops and distributes performance apparel, footwear and accessories for men, women and youth, sold through wholesale and direct-to-consumer channels. The company is going through a difficult stretch: revenue fell in fiscal 2026 and the decline continued in the first quarter of fiscal 2027, while gross margin rose on IEEPA tariff refunds. Net revenues for fiscal 2026 were 4,966,370 thousand USD, and wholesale accounted for 57% of revenue that year.
At the close of 04 Nov 2026, Under Armour, Inc. (UAA) stock was 5.77 USD (+8.46% on the day), with beta 1.25, 52-week range 4.17–8.14 USD. Latest reported quarter (Q1 2027): revenue of 1.1 bn USD (−3.2% YoY), net income of 545.0 k USD, diluted EPS 0.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 72.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 4.39 – 5.44
- above the upper band · %B 1.31 · band width 21.5%
- SMA 50 / 200
- 4.87 / 5.93
- mixed trend
- MACD (12, 26, 9)
- 0.12 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +22.8% | −1.1% | +23.9 pp | — |
| 3 months | −14.6% | −0.5% | −14.2 pp | — |
| 6 months | −10.7% | +4.4% | −15.1 pp | — |
| Year to date | +16.1% | +12.3% | +3.8 pp | — |
| 1 year | +28.8% | +13.5% | +15.3 pp | +6.7% |
| 3 years | −20.5% | +76.4% | −96.9 pp | +16.8% |
| 5 years | −76.9% | +63.7% | −140.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.4 bn | 1.2 bn | 1.1 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.1 bn |
| Cost of revenue | 702.9 m | 735.9 m | 629.8 m | 587.6 m | 702.8 m | 738.0 m | 679.1 m | 504.1 m |
| Gross profit | 696.1 m | 665.2 m | 550.8 m | 546.5 m | 630.6 m | 589.7 m | 492.0 m | 593.8 m |
| SG&A | 519.8 m | 637.7 m | 607.1 m | 530.3 m | 581.6 m | 664.5 m | 517.7 m | 543.1 m |
| Operating income | 173.1 m | 13.5 m | -72.1 m | 3.3 m | 17.0 m | -149.8 m | -33.7 m | 46.7 m |
| Depreciation & amortisation | 32.7 m ≈ | 31.2 m ≈ | 39.0 m | 29.0 m | 27.3 m ≈ | 27.3 m ≈ | 26.1 m | 25.4 m |
| Interest expense | 6.1 m | 6.4 m | 6.5 m | 6.8 m | 14.9 m | 15.6 m | 15.7 m | 15.7 m |
| Pre-tax income | 167.9 m | 7.6 m | -80.1 m | -5.4 m | 7.5 m | -160.3 m | -42.5 m | 29.1 m |
| Income tax | -2.1 m | 6.3 m | -12.2 m | -2.7 m | 25.9 m | 270.6 m | 866.0 k | 28.3 m |
| Net income | 170.4 m | 1.2 m | -67.5 m | -2.6 m | -18.8 m | -430.8 m | -43.4 m | 545.0 k |
| Diluted EPS | 0.39 | 0.00 | -0.16 ≈ | -0.01 | -0.04 | -1.01 | -0.10 ≈ | 0.00 |
| Operating cash flow | -321.4 m ≈ | 311.3 m ≈ | -202.2 m | 48.9 m | -69.8 m ≈ | 278.1 m ≈ | -332.2 m | 109.1 m |
| Capex | 45.8 m ≈ | 48.4 m ≈ | 28.8 m | 35.4 m | 20.5 m ≈ | 16.1 m ≈ | 15.1 m | 14.6 m |
| Share repurchases | 0 ≈ | 25.0 m ≈ | 25.0 m | 0 | 25.0 m ≈ | 0 ≈ | 0 | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.2 bn | 5.3 bn | 4.5 bn | 5.7 bn | 5.9 bn | 5.7 bn | 5.2 bn | 5.0 bn |
| Revenue YoY | +4.1% | +1.4% | −15.0% | +27.0% | unavailable | −3.4% | −9.4% | −3.8% |
| Net income | -46.3 m | 92.1 m | -549.2 m | 351.0 m | 374.5 m | 232.0 m | -201.3 m | -495.6 m |
| Net income YoY | unavailable | unavailable | −696.0% | unavailable | unavailable | −38.0% | −186.7% | unavailable |
| Diluted EPS | -0.10 | 0.20 | -1.21 | 0.75 | 0.81 | 0.52 | -0.47 | -1.16 |
| Diluted EPS YoY | unavailable | unavailable | −705.0% | unavailable | unavailable | −35.8% | −190.4% | unavailable |
| net % | -0.9% | 1.7% | -12.3% | 6.2% | 6.3% | 4.1% | -3.9% | -10.0% |
| Free cash flow | 457.8 m | 363.2 m | 120.6 m | 594.5 m | -198.0 m | 203.6 m | -228.0 m | -162.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 309.2 m USD
- Financial debt
- 1.2 bn USD
- Net debt
- 881.3 m USD
- Equity
- 1.4 bn USD
- Total assets
- 4.4 bn USD
- Debt / equity
- 0.84x
- Current ratio
- 1.62x
- ROE
- -30.0%
- ROA
- -11.4%
- FCF margin
- -3.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.5 bn | 5.7 bn | 5.9 bn | 5.7 bn | 5.2 bn | 5.0 bn | SEC (XBRL)· 19 May 2026verified |
| Cost of revenue | 2.3 bn | 2.8 bn | 3.3 bn | 3.1 bn | 2.7 bn | 2.7 bn | SEC (XBRL)· 19 May 2026verified |
| Gross profit | 2.2 bn | 2.9 bn | 2.6 bn | 2.6 bn | 2.5 bn | 2.3 bn | SEC (XBRL)· 19 May 2026verified |
| SG&A | 2.2 bn | 2.3 bn | 2.4 bn | 2.4 bn | 2.6 bn | 2.3 bn | SEC (XBRL)· 19 May 2026verified |
| Operating income | -613.4 m | 475.2 m | 263.6 m | 229.8 m | -185.2 m | -163.1 m | SEC (XBRL)· 19 May 2026verified |
| Depreciation & amortisation | 165.0 m | 141.0 m | 135.5 m | 142.6 m | 135.8 m | 109.6 m | SEC (XBRL)· 19 May 2026verified |
| EBITDA | -448.5 m ≈ | 616.3 m ≈ | 399.0 m ≈ | 372.3 m ≈ | -49.4 m ≈ | -53.5 m ≈ | SEC (XBRL)· 19 May 2026derived |
| Interest expense | — | 45.7 m | 24.1 m | 22.8 m | 24.6 m | 52.9 m | SEC (XBRL)· 19 May 2026verified |
| Pre-tax income | -492.5 m | 379.9 m | 267.9 m | 262.1 m | -204.8 m | -200.7 m | SEC (XBRL)· 19 May 2026verified |
| Income tax | 49.4 m | 30.2 m | -108.6 m | 30.0 m | -2.9 m | 294.8 m | SEC (XBRL)· 19 May 2026verified |
| Net income | -549.2 m | 351.0 m | 374.5 m | 232.0 m | -201.3 m | -495.6 m | SEC (XBRL)· 19 May 2026verified |
| Diluted EPS | -1.21 | 0.75 | 0.81 | 0.52 | -0.47 | -1.16 | SEC (XBRL)· 19 May 2026verified |
| Weighted average diluted shares | 454.1 m | 468.6 m | 461.5 m | 451.0 m | 432.2 m | 426.6 m | SEC (XBRL)· 19 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.5 bn | 1.7 bn | 710.9 m | 858.7 m | 501.4 m | 309.2 m | SEC (XBRL)· 19 May 2026verified |
| Receivables | 527.3 m | 569.0 m | 758.6 m | 757.3 m | 675.8 m | 681.9 m | SEC (XBRL)· 19 May 2026verified |
| Inventories | 896.0 m | 811.4 m | 1.2 bn | 958.5 m | 945.8 m | 914.8 m | SEC (XBRL)· 19 May 2026verified |
| Current assets | 3.2 bn | 3.3 bn | 2.9 bn | 2.9 bn | 2.3 bn | 2.7 bn | SEC (XBRL)· 19 May 2026verified |
| Property, plant & equipment, net | 658.7 m | 607.2 m | 644.8 m | 664.5 m | 645.1 m | 599.0 m | SEC (XBRL)· 19 May 2026verified |
| Goodwill | 502.2 m | 495.2 m | 482.0 m | 478.3 m | 487.6 m | 492.8 m | SEC (XBRL)· 19 May 2026verified |
| Intangibles (excl. goodwill) | 13.3 m | 11.0 m | 8.9 m | 7.0 m | 5.2 m | 4.5 m | SEC (XBRL)· 19 May 2026verified |
| Total assets | 5.0 bn | 5.0 bn | 4.8 bn | 4.8 bn | 4.3 bn | 4.4 bn | SEC (XBRL)· 19 May 2026verified |
| Accounts payable | 576.0 m | 613.3 m | 648.5 m | 483.7 m | 429.9 m | 420.1 m | SEC (XBRL)· 19 May 2026verified |
| Short-term debt | 0 | 0 | 0 | 80.9 m | 0 | 599.8 m | SEC (XBRL)· 19 May 2026verified |
| Long-term debt | 1.0 bn | 662.5 m | 674.5 m | 594.9 m | 595.1 m | 590.6 m | SEC (XBRL)· 19 May 2026verified |
| Current liabilities | 1.4 bn | 1.5 bn | 1.4 bn | 1.2 bn | 1.1 bn | 1.7 bn | SEC (XBRL)· 19 May 2026verified |
| Total liabilities | 3.4 bn | 2.9 bn | 2.9 bn | 2.6 bn | 2.4 bn | 3.0 bn | SEC (XBRL)· 19 May 2026verified |
| Equity | 1.7 bn † | 2.1 bn † | 2.0 bn † | 2.2 bn † | 1.9 bn † | 1.4 bn † | SEC (XBRL)· 19 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 212.9 m | 660.6 m | -39.9 m | 354.0 m | -59.3 m | -75.1 m | SEC (XBRL)· 19 May 2026verified |
| Capex | 92.3 m | 66.0 m | 158.1 m | 150.3 m | 168.7 m | 87.1 m | SEC (XBRL)· 19 May 2026verified |
| Free cash flow | 120.6 m ≈ | 594.5 m ≈ | -198.0 m ≈ | 203.6 m ≈ | -228.0 m ≈ | -162.2 m ≈ | SEC (XBRL)· 19 May 2026derived |
| Investing cash flow | 66.3 m | -64.6 m | -123.1 m | -105.3 m | -126.4 m | -688.8 m | SEC (XBRL)· 19 May 2026verified |
| Financing cash flow | 436.9 m | -418.7 m | -126.4 m | -78.7 m | -180.8 m | 560.6 m | SEC (XBRL)· 19 May 2026verified |
| Share repurchases | 0 | 0 | 125.0 m | 75.0 m | 90.0 m | 25.0 m | SEC (XBRL)· 19 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -5.6% | 9 (vs peers) | 29% |
| Net margin · Quality | -10.0% | 13 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -5.6% | 0 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.9x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.8x | 84 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality10/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Under Armour, Inc. (UAA). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 5.0 bn USD in 2026; YoY growth -3.8%; net margin -10.0%; ROE -29.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
What contradicts it
- ROIC: -5.6%
- Net margin: -10.0%
- Revenue CAGR 3Y: -5.6%
- Interest coverage: -1.9x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASAmer Sports, Inc. | 17.9 bn | 42.2 | 7.9% | 6.5% | +26.7% | −14% / unavailable |
| LULUlululemon athletica inc. | 11.8 bn | 9.2 | 30.9% | 12.8% | +4.9% | −39% / −75% |
| GILGildan Activewear Inc. | 8.0 bn | 16.6 | 15.9% | 11.0% | +10.7% | −22% / +19% |
| COLMColumbia Sportswear Company | 3.6 bn | 18.4 | 12.7% | 6.0% | +0.9% | +32% / −9% |
| GIIIG III Apparel Group Ltd | 1.4 bn | 10.8 | 7.7% | 4.8% | −7.0% | +14% / +15% |
| CRICarter’s, Inc. | 1.2 bn | 5.5 | 22.9% | 7.4% | unavailable | +5% / −51% |
| LEVILevi Strauss & Co | 894.9 m | 15.9 | 25.8% | 8.8% | +4.1% | +8% / +54% |
| SGCSuperior Group Of Companies, Inc. | 224.5 m | 25.6 | 4.3% | 1.4% | +0.1% | +45% / +18% |
| JRSHJerash Holdings (US), Inc. | 73.8 m | 15.3 | 7.6% | 2.8% | +14.0% | +87% / +103% |
| PASWPing An Biomedical Co., Ltd. | 60.1 m | — | -28.4% | -37.6% | unavailable | +541% / unavailable |
| BRIABrilliA Inc | 34.5 m | 11.5 | 21.5% | 4.4% | +15.1% | −23% / unavailable |
| NCINeo-Concept International Group Holdings Limited | 12.8 m | 63.1 | 0.6% | 0.2% | −41.9% | −93% / unavailable |
| LANVLanvin Group Holdings Limited | — | — | -200.4% | -50.3% | −22.9% | −60% / −79% |
| FIGSFIGS, Inc. | 0 | 67.0 | 14.8% | 8.7% | +13.6% | +124% / +202% |
| ZGNErmenegildo Zegna N.V. | — | — | 10.1% | 5.1% | −1.5% | +39% / +30% |
| GOOSCanada Goose Holdings Inc. | — | — | 19.8% | 7.0% | +1.1% | −36% / −20% |
1- and 3-year price returns: for UAA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Under Armour designs, develops and distributes performance apparel, footwear and accessories for men, women and youth, sold through wholesale and direct-to-consumer channels. The company is going through a difficult stretch: revenue fell in fiscal 2026 and the decline continued in the first quarter of fiscal 2027, while gross margin rose on IEEPA tariff refunds. Net revenues for fiscal 2026 were 4,966,370 thousand USD, and wholesale accounted for 57% of revenue that year.
SWOT
Strengths
- A brand recognised in athletic performance, with team and league outfitting agreements and a portfolio of proprietary technologies.
- An established direct channel, with Brand and Factory House stores in the major regions and proprietary e-commerce platforms.
- A diversified supply chain, with numerous contract manufacturers across several Asian countries.
Weaknesses
- Declining revenue in fiscal 2026 and in the first quarter of fiscal 2027, particularly in North America.
- High dependence on a few regions and on a small number of important wholesale customers.
- Significant restructuring costs that weighed on net income and profitability in fiscal 2026.
Opportunities
- Recovery of IEEPA tariffs paid could support margins if the refund process advances.
- A return to full-price selling and less discounting could improve gross margin over the medium term.
- Growth in accessories and the digital channel could offset weakness in footwear.
Threats
- Unstable tariff policy and ongoing litigation could raise product costs.
- Discretionary consumer demand could stay weak if inflation and economic uncertainty persist.
- Geopolitical conflicts could raise transport and energy costs and disrupt supply.
Risks
- Decline in North American demandhigh
Revenue in the company's largest market fell in the latest quarter, and the fiscal 2027 outlook points to a further contraction, which could weigh on operating results 3.
- Tariff policyhigh
Changing tariff rates and ongoing litigation can quickly alter product costs and margins, and recovery of duties already paid is not assured in timing or amount 12.
- Pricing pressuremedium
Competitor and retailer promotions could force price reductions, which could shrink margins if costs do not fall at the same pace 1.
- Execution of the restructuringmedium
The restructuring plan must be substantially completed by the end of 2026, and delays or extra costs could slow the return to profitability 23.
- Supplier concentrationmedium
Production is concentrated among a few manufacturers in a few countries, and logistics or political disruption could affect deliveries 1.
Investment thesis
What would need to be true (bull case)
- If the tariff refunds are realised and cost discipline holds, operating income could return to the guided range even if revenue stays under pressure 3.
- Gross margin rose sharply in the first quarter of fiscal 2027, and more disciplined pricing could support margin recovery over the medium term 23.
- The brand and direct channel have a solid base, and growth in regions such as EMEA could offset the decline in North America 3.
What would break the thesis
- If demand in North America and Asia-Pacific does not recover, the revenue outlook could be cut again 3.
- The first-quarter gross margin includes one-off refund benefits, and without them margin expansion could be much smaller 3.
- Restructuring costs and Middle East tensions could keep weighing on profitability and cash flow 13.
What to watch
- Revenue trends in North America and Asia-PacificQ2 fiscal 2027
- Actual collection of IEEPA tariff refundsfiscal 2027
- Completion of the 305 million USD restructuring planDecember 31, 2026
- Operating income guidance and SG&A trajectorynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Under Armour builds its brand around athletic performance, with products engineered from technical materials for athletes at every level and for consumers with an active lifestyle 1. It earns revenue from sales to retailers and distributors and through its direct-to-consumer channel, which includes Brand and Factory House stores and e-commerce platforms 1. In fiscal 2026 the direct channel represented 41% of revenue, and Factory House stores also help manage excess inventory 1.
The geographic structure has four segments: North America, EMEA, Asia-Pacific and Latin America, all operating in the same industry 1. North America is the largest market, at about 58% of revenue in fiscal 2026 1. Production is almost entirely outsourced, and 40 primary contract manufacturers in 17 countries made about 65% of apparel and accessories, concentrated in Jordan, Vietnam, Indonesia and Cambodia 1.
In the near term the company is focused on a major reorganization: the 2025 restructuring plan was raised to about 305 million USD, with substantial completion expected by December 31, 2026 12. The stated goal is a more premium brand with less discounting and a more disciplined operating structure 3.
Segments
Market context
The company competes in performance sportswear, where competition is intense and demand for discretionary products depends on economic conditions, inflation and consumer confidence 1. North America, the largest market, fell 9% in the first quarter of fiscal 2027, while EMEA rose 12%, showing significant regional differences 3.
According to the August 2026 update, fiscal 2027 revenue could decline at a mid-single-digit rate, reflecting softer demand in North America and Asia-Pacific, and management said it is keeping its focus on protecting full-price selling 3.
Trends
- Trade tariffs and IEEPA refundsmixed
Tariffs imposed under IEEPA raised product costs and squeezed margins, but the February 2026 Supreme Court ruling opened a process to recover some of the duties paid, which supported gross margin in the first quarter of fiscal 2027 123.
- Discretionary consumer demandheadwind
Inflationary pressure and recession fears have reduced demand for discretionary products, particularly in North America and Asia-Pacific, slowing sales in both channels 12.
- Operating efficiency and restructuringtailwind
The restructuring program and a simpler operating model could reduce SG&A, which rose slightly in the first quarter of fiscal 2027 but is expected to fall over the year if cost discipline holds 3.
- Middle East tensionsheadwind
The conflict in the Middle East has raised energy and transport costs, and the company expects a negative impact of about 35 million USD on operating income in fiscal 2027 13.
Competitive position
The company competes with large apparel and footwear companies with global brand recognition, with strong regional brands and with the private label lines of major retailers. Larger competitors have greater financial and distribution resources, and some have stronger relationships with key retail customers 1.
The market is fragmented, and pricing pressure comes from retail consolidation, excess inventory and aggressive competitor promotions, which could reduce margins if Under Armour cannot offset price cuts with lower costs 1.
- NikeNKE
Large global competitor in performance apparel and footwear, cited in the company's filings as having superior marketing and distribution resources.
- LululemonLULU
Competitor in the premium activewear segment, mentioned among large companies with strong brand recognition.
- Regional and niche brands
Local brands in Asia, Europe and Latin America with strong recognition in particular regions, listed as competitors in international markets.
- Retailer private label brands
Own-label lines of major retailers that compete for shelf space and for sales through the wholesale channel.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Under Armour Cuts Sales View on Softer Demand Around the WorldBloomberg Markets · 07 Aug 2026 · EN
- Steph Curry signs with Chinese brand after Under Armour splitBBC World News · 02 Jun 2026 · EN
The latest news item in our archive is from 07 Aug 2026; the newest SEC filing is from 27 Aug 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report27 Aug 2026Shareholder vote · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report07 Aug 2026Results of operations · Financial statements and exhibits
- Proxy statement15 Jul 2026
- Annual report19 May 2026
- Current report12 May 2026Results of operations · Exit or disposal costs · Financial statements and exhibits
- Current report12 Feb 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report06 Feb 2026
- Current report06 Feb 2026Results of operations · Financial statements and exhibits
- Current report15 Jan 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Under Armour, Inc. · 19 May 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Under Armour, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Under Armour, Inc. · 07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.