# Under Armour, Inc. (UAA)

> Source: Nexqual · https://nexqual.com/UAA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Under Armour, Inc. (UAA), nexqual.com/UAA" · informational, not investment advice.

**Price:** USD 4.88 (+4.50% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 4.67 · day 4.66–4.9 · 52w 4.13–8.15 · market cap $2.10B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.93B, net income -$492M (-10.0% margin), free cash flow -$81.1M (SEC filings).
- 1 of 80 tracked superinvestors hold UAA (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 3.08 on a 1–5 scale) (26 analysts), mean target USD 6.36 (range 4–12).
- Total return with dividends: 1Y +0.6% vs S&P 500 +14.9%; 5Y -76.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD -0.01, revenue estimate $1.22B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.68B | $5.90B | $5.70B | $5.16B | $4.97B | $4.93B |
| Gross profit | $2.86B | $2.64B | $2.63B | $2.47B | $2.26B | — |
| Operating income | $475M | $264M | $230M | -$185M | -$163M | -$120M |
| Net income | $351M | $374M | $232M | -$201M | -$496M | -$492M |
| EPS (diluted) | $0.75 | $0.81 | $0.52 | -$0.47 | -$1.16 | — |
| Free cash flow | $595M | -$198M | $204M | -$228M | -$162M | -$81.1M |
| Gross margin | 50.3% | 44.8% | 46.1% | 47.9% | 45.5% | — |
| Operating margin | 8.4% | 4.5% | 4.0% | -3.6% | -3.3% | -2.4% |
| Net margin | 6.2% | 6.3% | 4.1% | -3.9% | -10.0% | -10.0% |
| Revenue growth | +27.0% | — | -3.4% | -9.4% | -3.8% | — |
| Cash + short-term investments | $1.67B | $711M | $859M | $501M | $309M | — |
| Total debt | $663M | $674M | $676M | $595M | $1.19B | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.4x · EV/Sales 0.5x · P/B 1.5x · FCF yield -3.87% · Earnings yield -23.49% · Net debt $195M · EV $2.29B
P/E at fiscal year-ends: Mar 2024 14.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold UAA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Prem Watsa | Fairfax Financial Holdings | 16.16% | $426M | Added +3.6% |

## Analysts
Consensus Hold (mean 3.08 on a 1–5 scale), 26 analysts; mean target USD 6.36 (low 4, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-11 | Barclays | Downgrade | Equal-Weight → Underweight | $5 |
| 2026-08-10 | UBS | Target lowered | Buy | $10 → $9 |
| 2026-08-10 | Truist Securities | Target raised | Hold | $5 → $6 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.6% | -76.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.6% | -25.0% |
| Volatility (annualized) | 53.7% | 51.2% |
| Max drawdown | -47.5% (Feb 2026→Sep 2026) | -84.1% (Nov 2021→Nov 2025) |

## Peers (Apparel Manufacturing)
COLM (Columbia Sportswear Company) USD 62.07 +4.30% · GIII (G-III Apparel Group, LTD.) USD 29.78 +4.71% · FIGS (FIGS, Inc.) USD 20.46 +2.40% · ZGN (Ermenegildo Zegna N.V.) USD 13.85 +7.20% · PVH (PVH Corp.) USD 84.26 +0.80% · KTB (Kontoor Brands, Inc.) USD 77.78 +3.61%

## More
Full page: https://nexqual.com/UAA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $1.07B | 97.9% | -3.4% |
| — Apparel (part of Product) | $734.0M | 66.9% | -1.7% |
| — Footwear (part of Product) | $245.3M | 22.3% | -7.7% |
| — Accessories (part of Product) | $95.7M | 8.7% | -4.4% |
| License | $24.8M | 2.3% | +1.8% |
| Total revenue | $1.10B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $609.8M | 55.5% | -9.0% |
| EMEA | $278.7M | 25.4% | +12.1% |
| Asia-Pacific | $152.6M | 13.9% | -6.6% |
| Latin America | $58.8M | 5.4% | +7.7% |
| Total revenue | $1.10B | 100% | — |

## Company outlook (8-K filed 2026-08-07)

- "The company has updated its fiscal 2027 outlook."
- "Compared with fiscal 2026, key highlights of the company's outlook include: • Revenue is now expected to decline at a mid-single-digit percentage rate compared with the prior outlook of a slight decline."
- "The updated outlook incorporates a mid-single-digit percent decline in North America (prior low-single-digit decline), and low-single-digit declines in both Asia-Pacific (prior low-single-digit increase) and EMEA (prior low-single-digit increase). • Gross Margin is still expected to increase 220 to 270 basis points versus the prior year's gross margin."
- "The updated outlook reflects actions to align operating expenses with the current demand environment while continuing to prioritize the company's highest-return strategic investments. • Operating Income is still expected to be in the range of $96 million to $116 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.01 | $0.05 | -112.9% | $1.22B | 22 |
| Next quarter (ends 2026-12-31) | $0.04 | $0.04 | +18.3% | $1.27B | 22 |
| Current fiscal year (ends 2027-03-31) | $0.11 | $0.11 | -0.2% | $4.73B | 24 |
| Next fiscal year (ends 2028-03-31) | $0.19 | $0.23 | -17.6% | $4.84B | 24 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±14.0%; last 8 reports averaged ±12%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 60.3% | ±14.0% |
| 2026-12-18 | 56 | 56.2% | ±18.1% |
| 2027-01-15 | 84 | 50.2% | ±19.7% |
| 2027-03-19 | 147 | 52.3% | ±26.9% |
| 2027-04-16 | 175 | 52.7% | ±29.5% |
| 2027-06-17 | 237 | 52.8% | ±34.2% |
| 2027-09-17 | 329 | 52.0% | ±39.3% |