Under Armour
UA on NYSE. Under Armour sells branded performance apparel, footwear and accessories to retailers, distributors and consumers. Market value $2.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-4.03 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 9 cents a year. Above 10 is good.
Quality score: 53 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$4.72 a share, 19% above its 1-year low
Over the past year the price has ranged from $3.95 to $7.91.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $81 million in the past 12 months, a shortfall of $162 million in the year to March 2026.
| Revenue | |||||
| Revenue | $5.7bn | $5.9bn | $5.7bn | $5.2bn | $5.0bn |
| Operating margin | |||||
| Operating margin | 8.4% | 4.5% | 4.0% | -3.6% | -3.3% |
| Debt to equity | |||||
| Debt to equity | 0.32 | 0.34 | 0.31 | 0.31 | 0.84 |
| Shares outstanding | |||||
| Shares outstanding | 0.47bn | 0.46bn | 0.45bn | 0.43bn | 0.43bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)1 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.84× equity
- Revenue growth, five yearsSlow, 2.0% a year
- Buying back its own sharesYes, 9% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.1 billion last quarter, about the same as a year ago.
- Profit: $545,000, after a loss of $3 million a year ago.
- It loses 2 cents on each $1 of sales, after keeping 2 cents a year earlier.
- Over the past 12 months it spent $81 million more cash than it brought in, compared with $322 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $195 million more than cash, up from $78 million a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.4bn |
| December 2024 | $1.4bn |
| March 2025 | $1.2bn |
| June 2025 | $1.1bn |
| September 2025 | $1.3bn |
| December 2025 | $1.3bn |
| March 2026 | $1.2bn |
| June 2026 | $1.1bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $170m |
| December 2024 | $1m |
| March 2025 | -$67m |
| June 2025 | -$3m |
| September 2025 | -$19m |
| December 2025 | -$431m |
| March 2026 | -$43m |
| June 2026 | $545,000 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 May 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 300 funds in all.
- Fairfax FinancialPrem Watsa
- Value
- $137m
- Share of fund
- 5.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Fairfax FinancialPrem Watsa | $137m | 5.2% | |
| Gotham Asset ManagementJoel Greenblatt | $713,509 | <0.1% | Cut |
Largest holders overall
- BDT Capital Partners$414mAdded
- BlackRock$139mAdded
- Fairfax Financial$137m
- Dimensional Fund Advisors LP$71m
- Vanguard Portfolio Management$49mAdded
- Vanguard Capital Management$49m
- State Street$36mAdded
- Neuberger Berman Group$26mAdded
- Geode Capital Management$23mAdded
- D. E. Shaw$21mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Fairfax FinancialPassive investorat least 24.0%+1.8 pts(filed with 30 related holders)Since 13 May 2026
- V. PREM WATSAPassive investorat least 16.1%+7.1 pts(filed with 7 related holders)Since 22 December 2025
- FAIRFAX (US) INC.Passive investorat least 15.1%+4.4 pts(filed with 2 related holders)Since 30 December 2025
What they said
The Reporting Persons acquired the Class A Shares for investment purposes. One or more entities affiliated with Fairfax, including one or more of the Reporting Persons, may determine to purchase additional securities of Under Armour, Inc. in the open market or otherwise,…
Read the filing - BlackRock, Inc.Passive investor14.3%+3.4 ptsSince 30 June 2026
- Frasers Group plcPassive investorat least 8.8%(filed with 4 related holders)Since 24 September 2026
- Vanguard Portfolio ManagementPassive investor5.8%Since 31 March 2026
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 31 December 2025
- FMR LLCPassive investorSold down below 5%Since 29 August 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Alyeska Investment Group, L.P.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Fairfax Financial Passive investor | at least 24.0%+1.8 pts (filed with 30 related holders) | 13 May 2026 | |
V. PREM WATSA Passive investor | at least 16.1%+7.1 pts (filed with 7 related holders) | 22 December 2025 | |
FAIRFAX (US) INC. Passive investor | at least 15.1%+4.4 pts (filed with 2 related holders) | 30 December 2025 | What they saidThe Reporting Persons acquired the Class A Shares for investment purposes. One or more entities affiliated with Fairfax, including one or more of the Reporting Persons, may determine to purchase additional securities of Under Armour, Inc. in the open market or otherwise,… Read the filing |
BlackRock, Inc. Passive investor | 14.3%+3.4 pts | 30 June 2026 | |
Frasers Group plc Passive investor | at least 8.8% (filed with 4 related holders) | 24 September 2026 | |
Vanguard Portfolio Management Passive investor | 5.8% | 31 March 2026 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 31 December 2025 | |
FMR LLC Passive investor | Sold down below 5% | 29 August 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Alyeska Investment Group, L.P. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $100,181 of shares on the open market.
- Taleghani RezaChief Financial OfficerBought
- Date
- 11 August 2026
- Shares
- 18,656
- Price
- $5.37
- Value
- $100,181
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 August 2026 | Taleghani Reza Chief Financial Officer | Bought | 18,656 | $5.37 | $100,181 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.