Under Armour, Inc., together with its subsidiaries, engages developing, marketing, and distributing performance apparel, footwear, and accessories for men, women, and youth. The company provides its apparel in compression, fitted, and loose fit types. It also offers footwear products for running, training, basketball, cleated sports, recovery, and outdoor applications, as well as for casual use. In addition, the company provides accessories, which include gloves, bags, headwear, and socks; and engages in brand licensing, digital subscription, advertising, and other digital business activities. It primarily offers its products under the UNDER ARMOUR, ARMOUR, HEATGEAR, COLDGEAR, HOVR, UA, PROTECT THIS HOUSE, I WILL, ARMOUR FLEECE, and ARMOUR BRA brands. The company sells its products through wholesale channels, including national and regional sporting goods chains, independent and specialty retailers, department store chains, mono-branded Under Armour retail stores, institutional athletic departments, and leagues and teams, as well as independent distributors; and directly to consumers through Brand and Factory House stores and e-commerce websites. It operates in the United States, Canada, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. The company was incorporated in 1996 and is headquartered in Baltimore, Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.2B | $9M | $-201M | $-228M | -10.6% | -9.4% | -186.7% |
| 2024 | $5.7B | $372M | $232M | $204M | 10.8% | -3.4% | -38.0% |
| 2023 | $5.9B | $399M | $374M | $-198M | 19.0% | 3.9% | 4.0% |
| 2021 | $5.7B | $668M | $360M | $595M | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 5,683.47 | 5,903.16 | 5,701.88 | 5,164.31 |
| Cost Of Revenue | 2,821.97 | 3,259.33 | 3,071.63 | 2,689.57 |
| Gross Profit | 2,861.50 | 2,643.83 | 2,630.25 | 2,474.74 |
| Operating Expense | 2,334.69 | 2,380.24 | 2,400.50 | 2,601.99 |
| Operating Income | 526.81 | 263.59 | 229.75 | -127.25 |
| EBITDA | 667.95 | 399.04 | 372.34 | 8.56 |
| EBIT | 526.81 | 263.59 | 229.75 | -127.25 |
| Pretax Income | 390.88 | 267.86 | 262.07 | -204.76 |
| Tax Provision | 32.07 | -108.64 | 30.01 | -2.89 |
| Net Income | 360.06 | 374.46 | 232.04 | -201.27 |
| Net Income Common Stockholders | 360.06 | 374.46 | 232.04 | -201.27 |
| Total Expenses | 5,156.66 | 5,639.58 | 5,472.13 | 5,291.56 |
| Selling General And Administration | 2,334.69 | 2,380.24 | 2,400.50 | 2,601.99 |
| Normalized EBITDA | 708.47 | 399.04 | 372.34 | 66.53 |
| Normalized Income | 397.26 | 374.46 | 232.04 | -144.11 |
| Market Cap | 2,640.52 | 2,640.52 | 2,640.52 | 2,640.52 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Under Armour, Inc.this co. | UAA | - | -13.12 | 1.40 | -10.6% | 401.85 |
| The Buckle, Inc. | BKE | $2.8B | 13.79 | 6.81 | 49.4% | 10.55 |
| Steven Madden, Ltd. | SHOO | $2.7B | 63.10 | 3.25 | 5.2% | 25.85 |
| OneSpaWorld Holdings Limited | OSW | $2.5B | 34.20 | 4.51 | 13.2% | 23.59 |
| Versigent PLC | VGNT | $2.5B | 5.04 | 1.50 |
| 29.8% |
| 2.76 |
| Sonic Automotive, Inc. | SAH | $2.4B | 20.32 | 2.26 | 11.1% | 12.63 |
| Mister Car Wash, Inc. | MCW | $2.3B | 22.53 | 2.05 | 9.1% | 14.11 |
| HNI Corporation | HNI | $1.8B | 50.08 | 1.48 | 3.0% | 17.55 |
| CarGurus, Inc. | CARG | $1.6B | 21.76 | 9.07 | 41.7% | 12.42 |
| Peer Median | - | 22.15 | 2.76 | 12.2% | 13.37 | |