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Under Armour, Inc. key statistics and ratios

In fiscal 2026, Under Armour, Inc. had return on equity of -30.0% and a net margin of -10.0%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Dec 20092011Dec 20102012Dec 20112013Dec 20122014Dec 20132015Dec 20142016Dec 20152017Dec 20162018Dec 20172019Dec 20182020Dec 20192021Dec 20202022Dec 20212023Mar 20232024Mar 20242025Mar 20252026Mar 2026LTMJun 2026
Net margin5.7%6.7%7.3%7.8%7.8%6.9%5.9%5.3%−1.0%−0.9%1.7%−12.3%6.2%6.3%4.1%−3.9%−10.0%−10.0%
Return on equity11.7%15.3%17.1%17.7%17.4%17.3%15.4%13.9%−2.4%−2.3%4.4%−28.8%18.8%18.5%11.3%−10.0%−30.0%−34.7%
Return on assets8.6%11.2%12.2%12.4%11.9%11.3%9.4%7.9%−1.3%−1.1%2.0%−11.1%7.0%7.6%4.8%−4.4%−11.4%−11.6%
Effective tax rate43.2%37.1%38.2%36.7%37.8%39.2%39.9%33.8%——33.4%—7.9%−40.6%11.4%———
SG&A as % of revenue39.5%40.8%41.5%40.6%41.9%38.6%37.8%37.9%42.1%42.0%42.4%48.5%41.3%40.3%42.1%50.4%46.2%46.8%
Dividends ÷ net income———————1.1%——————————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $4.1bn
Short-term assets $2.4bnLonger-term assets $1.7bn
What it owes, and who funded it · $4.1bn
Short-term liabilities $1.3bnLonger-term liabilities $1.4bnShareholders' equity $1.4bn
  • Short-term assets cover short-term liabilities $2.4bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.4bn short-term assets against $1.4bn of longer-dated liabilities.
  • More cash than debt $396m of cash against $591m of debt.
  • Debt below 40% of shareholders' equity Debt is 41% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 32% to 41% over five years.
  • A year's operating cash flow covers at least 20% of debt −$15m of operating cash flow against $591m of debt.
  • Operating profit covers interest at least five times over Operating income of −$120m against $62m of interest.

From Under Armour, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

39 /100

Weak moat

How hard Under Armour's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Cash operating profit has been a median 3.1% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 46.6%, moving by 1.5 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.3%; its worst year was -11.4%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 2.9% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.2% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (44 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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More: Apparel, Accessories & Luxury Goods stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Under Armour, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Under Armour, Inc.