UAA
Under Armour
Our take
Under Armour remains a challenged company that might be doing the right things for the business and brand longer-term but just can't seem to make that trickle down to financial results. We attempt to grade the company on its forward-looking initiatives as opposed to backward looking financials. Not an easy task as the cognitive bias from constant disappointment by this company looms large in our mind but an important exercise as the market seems to have found a level that justifiably reflects past performance.
Financial model
Updated: September 16, 2026
Research
Under Armour has cut costs for years without margin gains; its hits, like Bouncy Tee, aren't reaching enough scale.
Under Armour still has an authentic brand built on creating, not copying; can the turnaround finally turn that into results?
Fourth semi-annual mall channel check: softer traffic, tighter promotions, and who is winning in athleisure.
Under Armour keeps pushing back its promised turnaround inflection, and guidance still points to slowing revenue.
Takeaways from a little-watched two-hour interview with Under Armour founder Kevin Plank.
Unusual insider buying by Under Armour board members, plus a look at marketing, product, distribution and guidance.
After Under Armour's investor day, a data-driven review of its distribution cleanup ahead of new product launches.
Postmortems
Is Kevin intentionally trying to sink the stock price to take the company private? He sounded more clinical on this call (normally more inspirational), like he was just checking the boxes on what he needs to say so he can move on to whatever else he needs to do today.
Kevin talked about the one-off items as “frustrating”. Shareholders are way past that word when talking about this company.
Kevin is talking more about innovation this quarter than we have heard in quite a long time. Of course, he had to bring up the backpack again but this time around he added a lot of other products and even started talking about the NEOLAST technology they have had a partnership with for past year (lead times).
Kevin brought up a lot of gross margin drivers that we continue to not see the impact of yet. Have cut SKU’s by 25%.