Under Armour, Inc. UAA
Our principal business activities are the design, development, marketing and global distribution of branded performance apparel, footwear and accessories for men, women and youth. Our performance products are engineered with performance-driven materials and technologies, spanning a wide range of designs and styles for use in diverse climates. Our products are worn by athletes at all levels, from youth to professional, across multiple sports worldwide as well as by consumers who embrace active and performance-oriented lifestyles.
We generate net revenues from the sale of our products to national, regional, independent and specialty retailers and distributors worldwide. We also generate net revenues through our direct-to-consumer channel, which includes our owned Brand and Factory House stores and e-commerce platforms. We are focused on driving sustainable long-term growth and profitability through increased demand for our core product categories, continued expansion of our direct-to-consumer capabilities and strategic development of our global wholesale network.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.97B | $5.16B | $5.70B | $5.90B | $5.68B | $4.47B | $5.27B | $5.19B | $4.99B | $4.83B |
| Cost of revenue | $2.71B | $2.69B | $3.07B | $3.26B | $2.82B | $2.31B | $2.80B | $2.85B | $2.74B | $2.58B |
| Gross profit | $2.26B | $2.47B | $2.63B | $2.64B | $2.86B | $2.16B | $2.47B | $2.34B | $2.25B | $2.25B |
| SG&A | $2.29B | $2.60B | $2.40B | $2.38B | $2.34B | $2.17B | $2.23B | $2.18B | $2.10B | $1.83B |
| Operating income | -$163.1M | -$185.2M | $229.8M | $263.6M | $475.2M | -$613.4M | $236.8M | -$25.0M | $27.8M | $417.5M |
| Interest expense | — | — | $268.0K | $12.8M | $44.3M | $47.3M | $21.2M | $33.6M | $34.5M | $26.4M |
| Pre-tax income | -$200.7M | -$204.8M | $262.1M | $267.9M | $379.9M | -$492.5M | $209.8M | -$67.8M | -$10.3M | $388.3M |
| Income tax | $294.8M | $2.9M | $30.0M | $108.6M | $30.2M | $49.4M | $70.0M | $20.6M | $38.0M | $131.3M |
| Net income | -$495.6M | -$201.3M | $232.0M | $374.5M | -$63.1M | $351.0M | $92.1M | -$46.3M | -$48.3M | $257.0M |
| EPS, basic | -1.16 | -0.47 | 0.53 | 0.83 | 0.75 | -1.21 | 0.20 | -0.10 | -0.11 | — |
| EPS, diluted | -1.16 | -0.47 | 0.52 | 0.81 | 0.75 | -1.21 | 0.20 | -0.10 | -0.11 | — |
| Shares, diluted (wtd. avg.) | $426.6M | $432.2M | $451.0M | $461.5M | $468.6M | $454.1M | $454.3M | $445.8M | $440.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $309.2M | $501.4M | $858.7M | $726.7M | $1.02B | $1.53B | $796.0M | $566.1M | $318.1M | $252.7M |
| Receivables | $681.9M | $675.8M | $757.3M | $758.6M | $569.0M | $527.3M | $708.7M | $652.5M | $609.7M | $622.7M |
| Inventory | $914.8M | $945.8M | $958.5M | $1.19B | $811.4M | $896.0M | $892.3M | $1.02B | $1.16B | $917.5M |
| Total current assets | $2.72B | $2.33B | $2.86B | $2.95B | $3.34B | $3.22B | $2.70B | $2.59B | $2.34B | $1.97B |
| Property, plant and equipment | $599.0M | $645.1M | $664.5M | $644.8M | $607.2M | $658.7M | $792.1M | $826.9M | $885.8M | $804.2M |
| Goodwill | $492.8M | $487.6M | $478.3M | $482.0M | $491.5M | $502.2M | $550.2M | $546.5M | $555.7M | $563.6M |
| Other intangibles | $4.5M | $5.2M | $7.0M | $8.9M | $11.0M | $13.3M | $36.3M | $41.8M | $47.0M | $64.3M |
| Total assets | $4.42B | $4.30B | $4.76B | $4.83B | $4.99B | $5.03B | $4.84B | $4.25B | $4.01B | $3.64B |
| Accounts payable | $420.1M | $429.9M | $483.7M | $648.5M | $613.3M | $576.0M | $618.2M | $560.9M | $561.1M | $409.7M |
| Short-term debt | $599.8M | $0 | $80.9M | $0 | $0 | $0 | $0 | $25.0M | $27.0M | $27.0M |
| Total current liabilities | $1.68B | $1.11B | $1.17B | $1.36B | $1.45B | $1.41B | $1.42B | $1.32B | $1.06B | $685.8M |
| Long-term debt | $590.6M | $595.1M | $594.9M | $674.5M | $662.5M | $1.00B | $592.7M | $703.8M | $765.0M | $790.4M |
| Total liabilities | $3.00B | $2.41B | $2.61B | $2.86B | $2.90B | $3.35B | $2.69B | $2.23B | $1.99B | $1.61B |
| Retained earnings | $217.4M | $746.3M | $1.05B | $897.3M | $1.03B | $673.9M | $1.23B | $1.14B | $1.18B | $1.26B |
| Total equity | $1.41B | $1.89B | $2.15B | $1.97B | $1.71B | $1.67B | $2.15B | $2.02B | $2.02B | $2.03B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$75.1M | -$59.3M | $354.0M | -$39.9M | $660.6M | $212.9M | $509.0M | $628.2M | $237.5M | $366.6M |
| Depreciation and amortisation | $109.6M | $135.8M | $142.6M | $133.6M | $139.2M | $154.4M | $177.3M | $173.4M | $164.3M | $130.7M |
| Stock-based compensation | $45.6M | $53.0M | $43.0M | $36.8M | $43.8M | $42.1M | $49.6M | $41.8M | $39.9M | $46.1M |
| Capital expenditure | $87.1M | $168.7M | $150.3M | $158.1M | $66.0M | $92.3M | $145.8M | $170.4M | $281.3M | $316.5M |
| Investing cash flow | -$688.8M | -$126.3M | -$105.3M | -$123.1M | -$64.6M | $66.3M | -$147.1M | -$202.9M | -$283.0M | -$381.1M |
| Financing cash flow | $560.6M | -$180.8M | -$78.7M | -$126.4M | -$418.7M | $436.9M | -$137.1M | -$189.9M | $106.8M | $146.1M |
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $2.9M |
| Buybacks | $25.0M | $90.0M | $75.0M | $125.0M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001336917-26-000102.
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