Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin4.6%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin0.0%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
B
Years to Pay Off Debt2524.9 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$469M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$1.1B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
A
Price-to-Book0.63x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$95M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income2678.9%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$41M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Under Armour, Inc.
Under Armour, Inc., together with its subsidiaries, engages designs, 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. 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 its own brand and factory house retail 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.
Under Armour, Inc., together with its subsidiaries, engages designs, 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. 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 its own brand and factory house retail 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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
545
-430,827
Reconciled Depreciation
25,418
27,290
Reconciled Cost Of Revenue
504,095
738,021
EBITDA
76,165
-47,510
EBIT
50,747
-74,800
Net Interest Income
-10,645
-8,892
Normalized Income
2,950
-371,593
Net Income From Continuing And Discontinued Operation
545
-430,827
Total Expenses
1,047,180
1,402,561
Total Operating Income As Reported
46,739
-149,780
Diluted Average Shares
431,937
424,845
Basic Average Shares
427,769
424,845
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
545
-430,827
Net Income Common Stockholders
545
-430,827
Net Income
545
-430,827
Net Income Including Noncontrolling Interests
545
-430,827
Net Income Continuous Operations
545
-430,827
Earnings From Equity Interest Net Of Tax
-222
33
Tax Provision
28,314
270,604
Pretax Income
29,081
-160,256
Other Income Expense
-11,021
-76,564
Other Non Operating Income Expenses
-7,013
-1,584
Special Income Charges
-4,008
-74,980
Restructuring And Mergern Acquisition
4,008
74,980
Net Non Operating Interest Income Expense
-10,645
-8,892
Total Other Finance Cost
10,645
8,892
Operating Income
50,747
-74,800
Operating Expense
543,085
664,540
Selling General And Administration
543,085
664,540
Gross Profit
593,832
589,740
Cost Of Revenue
504,095
738,021
Total Revenue
1,097,927
1,327,761
Operating Revenue
1,097,927
1,327,761
Balance Sheet
2026
2025
Ordinary Shares Number
429,466
425,772
Share Issued
429,466
425,772
Net Debt
195,177
525,083
Total Debt
1,376,077
1,688,520
Tangible Book Value
930,226
935,472
Invested Capital
2,019,274
2,424,790
Working Capital
1,060,592
899,564
Net Tangible Assets
930,226
935,472
Capital Lease Obligations
784,919
698,789
Common Stock Equity
1,428,116
1,435,059
Total Capitalization
2,019,274
1,825,108
Total Equity Gross Minority Interest
1,428,116
1,435,059
Stockholders Equity
1,428,116
1,435,059
Gains Losses Not Affecting Retained Earnings
-72,597
-94,129
Other Equity Adjustments
-72,597
-94,129
Retained Earnings
210,414
260,990
Additional Paid In Capital
1,290,157
1,268,058
Capital Stock
142
140
Common Stock
142
140
Total Liabilities Net Minority Interest
2,669,971
3,194,924
Total Non Current Liabilities Net Minority Interest
1,361,392
1,105,457
Other Non Current Liabilities
137,958
157,275
Long Term Debt And Capital Lease Obligation
1,223,434
948,182
Long Term Capital Lease Obligation
632,276
558,133
Long Term Debt
591,158
390,049
Current Liabilities
1,308,579
2,089,467
Other Current Liabilities
67,232
69,929
Current Debt And Capital Lease Obligation
152,643
740,338
Current Capital Lease Obligation
152,643
140,656
Current Debt
599,682
Other Current Borrowings
599,682
Pensionand Other Post Retirement Benefit Plans Current
Current Provisions
109,582
143,423
Payables And Accrued Expenses
979,122
1,135,777
Current Accrued Expenses
310,146
471,288
Payables
668,976
664,489
Total Tax Payable
Accounts Payable
668,976
664,489
Total Assets
4,098,087
4,629,983
Total Non Current Assets
1,728,916
1,640,952
Other Non Current Assets
112,232
113,265
Non Current Deferred Assets
55,233
68,356
Non Current Deferred Taxes Assets
55,233
68,356
Goodwill And Other Intangible Assets
497,890
499,587
Other Intangible Assets
4,559
4,425
Goodwill
493,331
495,162
Net PPE
1,063,561
959,744
Accumulated Depreciation
-936,605
-921,670
Gross PPE
2,000,166
1,881,414
Leases
431,148
403,003
Construction In Progress
16,277
15,170
Other Properties
495,926
391,006
Machinery Furniture Equipment
709,901
761,036
Buildings And Improvements
272,454
245,243
Land And Improvements
74,460
65,956
Current Assets
2,369,171
2,989,031
Other Current Assets
217,818
238,506
Restricted Cash
0
599,830
Inventory
1,109,250
1,074,527
Receivables
646,122
611,520
Accounts Receivable
646,122
611,520
Allowance For Doubtful Accounts Receivable
-5,870
-15,255
Gross Accounts Receivable
651,992
626,775
Cash Cash Equivalents And Short Term Investments
395,981
464,648
Cash And Cash Equivalents
395,981
464,648
Cash Flow
2026
2025
2024
Free Cash Flow
94,537
261,940
Repurchase Of Capital Stock
0
Repayment Of Debt
-625,000
-200,000
Issuance Of Debt
25,000
0
Capital Expenditure
-14,600
-16,117
Income Tax Paid Supplemental Data
End Cash Position
398,900
468,393
Beginning Cash Position
312,061
399,771
Effect Of Exchange Rate Changes
-634
6,658
Changes In Cash
87,473
61,964
Financing Cash Flow
-607,064
-199,976
Cash Flow From Continuing Financing Activities
-607,064
-199,976
Net Other Financing Charges
-7,483
-459
Proceeds From Stock Option Exercised
419
483
Net Common Stock Issuance
0
Common Stock Payments
0
Net Issuance Payments Of Debt
-600,000
-200,000
Net Long Term Debt Issuance
-600,000
-200,000
Long Term Debt Payments
-625,000
-200,000
Long Term Debt Issuance
25,000
0
Investing Cash Flow
585,400
-16,117
Cash Flow From Continuing Investing Activities
585,400
-16,117
Net Other Investing Changes
600,000
500
Net Business Purchase And Sale
-500
Purchase Of Business
Net PPE Purchase And Sale
-14,600
-16,117
Purchase Of PPE
-14,600
-16,117
Operating Cash Flow
109,137
278,057
Cash Flow From Continuing Operating Activities
109,137
278,057
Change In Working Capital
71,470
371,313
Change In Other Working Capital
24,189
8,703
Change In Other Current Liabilities
-16,249
8,455
Change In Other Current Assets
-44,812
-6,468
Change In Payables And Accrued Expense
279,942
338,373
Change In Accrued Expense
36,545
143,665
Change In Payable
243,397
194,708
Change In Account Payable
243,397
194,708
Change In Tax Payable
2,591
Change In Income Tax Payable
2,591
Change In Prepaid Assets
-14,524
-22,639
Change In Inventory
-193,531
-35,212
Change In Receivables
36,455
80,101
Changes In Account Receivables
36,455
80,101
Other Non Cash Items
-1,017
71,297
Stock Based Compensation
11,310
10,773
Provisionand Write Offof Assets
2,576
-5,424
Deferred Tax
-3,268
237,862
Deferred Income Tax
-3,268
237,862
Depreciation Amortization Depletion
25,418
27,290
Depreciation And Amortization
25,418
27,290
Amortization Cash Flow
400
Amortization Of Intangibles
400
Depreciation
30,800
Operating Gains Losses
2,103
-4,227
Net Foreign Currency Exchange Gain Loss
2,022
-4,227
Gain Loss On Sale Of PPE
81
0
Net Income From Continuing Operations
545
-430,827
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $1.1B▼ $1.1B-3.2%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 48.2%▲ 54.1%+5.9pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 4.5%▲ 4.6%+0.1pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -0.2%▲ 0.0%+0.3pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$1.1B/qtr (≈$4.4B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.81x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$95M
vs Positive
Operating Cash Flow
$109M
Latest quarter · Buffett's cash reality check
ROIC
1.4%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
0.6x
Net Assets: $1.4B
Peers & Industry
No auto-detected peers for Apparel Manufacturing. You can manually compare UAA against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.30%
Low — management has little skin in the game
Return on Equity (ROE)
0.0%
Weak — poor returns on equity
Return on Assets (ROA)
0.0%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$25M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-29.1% YoY
Debt is declining — management is deleveraging
Leadership Team
Kevin Plank
Founder, President, CEO & Director
Age 52
Pay: $2,047,975
375.775% of net income
Reza Taleghani
Executive VP & CFO
Age 52
Pay: $878,584
161.208% of net income
Lance Allega
Senior Vice President of Investor Relations & Corporate Development
Adam Peake
President of Americas
Age 56
Top Institutional Holders
Institution
% Owned
Shares
Fairfax Financial Holdings Ltd
24.02%
45,356,965
Blackrock Inc.
14.72%
27,791,859
Vanguard Portfolio Management LLC
6.33%
11,951,224
Dimensional Fund Advisors LP
4.79%
9,045,537
State Street Corporation
4.07%
7,682,658
Shaw D.E. & Co., Inc.
4.02%
7,582,088
Charles Schwab Investment Management, Inc.
3.57%
6,750,798
Vanguard Capital Management LLC
3.21%
6,059,026
⚠️Short interest exceeds 20% — heavy bearish bets
Risk Analysis
Beta (Market Risk)
1.62
High volatility — moves more than the market
Short Interest
37.0% of float
Heavy short selling — market has significant bearish bets
Debt-to-Equity
0.96x
Conservative balance sheet — low financial risk
Current Ratio
1.81x
Adequate liquidity
52-Week Price Range
Low: $4.13Current: $4.77High: $8.15
Currently at 16% of 52-week range
Under Armour, Inc. (UAA) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 54.1%. Operating margin: 4.6%. Net margin: 0.0%. Market cap: $2.0B. Sector: Consumer Cyclical. Industry: Apparel Manufacturing. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.