Liquidity is under pressure as cash and equivalents dropped to $309.2 million in 2026Q4 from $1.0 billion in 2024Q3, exacerbated by a $360.2 million working capital drain in the most recent quarter.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | -75.09M | -59.32M | 353.97M | -9.91M | 664.83M | 212.86M | 509.03M | 628.23M | 234.06M | 304.49M | -44.1M | 219.03M | 120.07M | 199.76M | 15.22M | 50.11M | 119.04M | 69.52M | -14.63M | 10.7M | 15.79M | -8.85M | -9.7M | -7.6M |
| Operating CF Margin % | -1.51% | -1.15% | 6.21% | -0.17% | 11.7% | 4.76% | 9.66% | 12.1% | 4.69% | 6.3% | -1.11% | 7.1% | 5.15% | 10.89% | 1.03% | 4.71% | 13.9% | 9.59% | -2.41% | 2.48% | 5.62% | -4.31% | -8.41% | -15.34% |
| Operating CF Growth % | -26.58% | -116.76% | 3670.41% | -101.49% | 212.33% | -58.18% | -18.97% | 168.4% | -23.13% | 790.38% | -120.14% | 82.42% | -39.89% | 1212.66% | -69.63% | -57.9% | 71.24% | 575.23% | -236.7% | -32.25% | 278.45% | 8.77% | -27.66% | - |
| Net Income | -495.64M | -201.27M | 232.04M | 386.77M | 360.06M | -549.18M | 92.14M | -46.3M | -48.26M | 258.66M | 232.57M | 208.04M | 162.33M | 128.78M | 96.92M | 68.48M | 46.78M | 38.23M | 52.56M | 38.98M | 19.72M | 16.32M | 5.75M | 2.77M |
| Depreciation & Amortization | 109.62M | 135.8M | 142.59M | 137.62M | 141.14M | 164.98M | 186.43M | 181.77M | 173.75M | 144.77M | 100.94M | 72.09M | 50.55M | 43.08M | 36.3M | 31.32M | 28.25M | 21.35M | 14.62M | 9.82M | 6.55M | 3.17M | 1.17M | 300K |
| Stock-Based Compensation | 0 | 52.97M | 43M | 36.81M | 43.79M | 42.07M | 49.62M | 41.78M | 39.93M | 46.15M | 60.38M | 50.81M | 43.18M | 19.84M | 18.06M | 16.23M | 12.91M | 8.47M | -2.57M | 276K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 243.36M | -61.79M | -23.69M | -152.4M | -2.64M | 43.99M | 38.13M | -38.54M | 55.91M | -41.83M | -4.43M | -17.58M | -18.83M | -12.97M | 3.62M | -10.34M | -5.21M | -2.82M | -4.91M | -6.72M | -331K | -3.34M | -1.92M | -900K |
| Other Non-Cash Items | 153.48M | 52.23M | 39.53M | 10M | 99.93M | 308.09M | 15.72M | -206.57M | 153.38M | 81.54M | 74.3M | 43.35M | 16.18M | 11.98M | 6.3M | 3.65M | -3.56M | 14.19M | 6.17M | 6.09M | 4.38M | 5.2M | 6.37M | 2.03M |
| Working Capital Changes | -85.91M | -37.27M | -79.5M | -428.71M | 22.54M | 202.91M | 126.99M | 696.1M | -140.65M | -184.8M | -507.87M | -137.68M | -133.34M | 9.05M | -145.98M | -59.22M | 39.87M | -9.89M | -83.06M | -37.47M | -14.52M | -30.21M | -21.07M | -11.8M |
| Change in Receivables | -1.08M | 79.98M | -3.91M | -62.16M | -31.15M | 167.61M | -45.45M | 186.83M | -79.11M | -249.85M | -191.88M | -101.06M | -35.96M | -53.43M | -33.92M | -32.32M | 3.79M | 2.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 39.31M | 10.94M | 216.48M | -373.71M | 93.29M | 15.31M | 149.52M | 109.92M | -222.39M | -148.06M | -278.52M | -84.66M | -156.9M | 4.7M | -114.65M | -65.24M | 33M | -19.5M | -83.97M | -26.5M | -5.67M | -27.2M | -10.68M | 0 |
| Change in Payables | 5.93M | -58.47M | -197.89M | 77.56M | 26.03M | -40.67M | 59.46M | 26.41M | 145.69M | 211.33M | -22.58M | 49.14M | 14.64M | 35.37M | 17.21M | 16.16M | -4.39M | 16.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -688.81M | -126.35M | -105.33M | -152.8M | -68.35M | 66.34M | -147.11M | -202.9M | -282.99M | -381.14M | -847.48M | -152.31M | -238.1M | -46.93M | -89.44M | -41.78M | -19.88M | -42.07M | -34.08M | -15.12M | -10.83M | -8.68M | -2.29M | -300K |
| Capital Expenditures | -87.08M | -168.68M | -150.33M | -187.8M | -69.76M | -92.29M | -145.8M | -170.38M | -281.34M | -386.75M | -298.93M | -140.53M | -87.83M | -50.65M | -79.39M | -30.18M | -19.84M | -39.19M | -34.08M | -15.12M | -10.89M | -8.72M | -2.29M | -300K |
| CapEx % of Revenue | 1.75% | 3.27% | 2.64% | 3.18% | 1.23% | 2.06% | 2.77% | 3.28% | 5.64% | 8% | 7.54% | 4.56% | 3.77% | 2.76% | 5.39% | 2.84% | 2.32% | 5.4% | 5.62% | 3.51% | 3.87% | 4.25% | 1.98% | 0.61% |
| Acquisitions | -500K | 42.33M | 45M | 35M | 1.41M | 158.64M | 0 | -39.21M | 0 | 0 | -539.46M | -10.92M | -148.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -1.31M | 6.69M | -1.65M | -875K | -2.55M | -860K | -2.17M | 5.03M | -6.18M | -478K | -35K | -3.47M | 0 | 0 | 54K | 41K | 0 | 0 |
| Cash from Financing | 560.63M | -180.81M | -78.69M | -126.38M | -418.74M | 436.85M | -137.07M | -189.87M | 106.76M | 206M | 440.08M | 182.31M | 126.8M | 12.3M | 45.81M | 7.24M | -16.47M | 35.38M | 18.15M | 12.58M | 56.99M | 18M | 11.86M | 8.4M |
| Debt Issued (Net) | 592.47M | -80.92M | 0 | 0 | -506.28M | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -22.81M | -90M | -71.81M | -121.22M | 3.69M | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5M | 0 | -3.64M | -2.8M |
| Share Repurchases | -25M | -90M | -75M | -125M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12M | 0 | 0 | 0 |
| Other Financing | -9.03M | -9.89M | -6.88M | -5.15M | 83.86M | 436.85M | 25.75M | 505.13M | 771.76M | 1.38B | 705.28M | 301.03M | 132.27M | 81.63M | 83.22M | 16.79M | 16.55M | 57.34M | 14.97M | 9.04M | -50.5M | 17.93M | 22.03M | 11.2M |
| Net Change in Cash | -205.88M | -361.87M | 150.17M | -294.4M | 154.35M | 732.51M | 229.95M | 247.93M | 62.01M | 120.62M | -463.32M | 245.69M | 5.65M | 166.46M | -28.49M | 16.57M | 85.25M | 61.45M | -30.07M | 7.68M | 61.89M | 418K | -127K | 500K |
| Free Cash Flow | -162.16M | -228M | 203.64M | -197.71M | 595.07M | 120.57M | 363.23M | 457.85M | -47.28M | -82.26M | -343.03M | 78.5M | 32.24M | 149.11M | -64.17M | 19.93M | 99.2M | 30.32M | -48.71M | -4.41M | 4.91M | -17.57M | -11.99M | -7.9M |
| FCF Margin % | -3.27% | -4.41% | 3.57% | -3.35% | 10.47% | 2.69% | 6.9% | 8.82% | -0.95% | -1.7% | -8.66% | 2.55% | 1.38% | 8.13% | -4.36% | 1.87% | 11.58% | 4.18% | -8.03% | -1.02% | 1.75% | -8.57% | -10.39% | -15.94% |
| FCF Growth % | 28.88% | -211.97% | 203% | -133.22% | 393.54% | -66.81% | -20.67% | 1068.45% | 42.53% | 76.02% | -536.96% | 143.5% | -78.38% | 332.35% | -421.96% | -79.91% | 227.14% | 162.25% | -1003.58% | -189.93% | 127.93% | -46.62% | -51.73% | - |
| FCF per Share | -0.38 | -0.53 | 0.45 | -0.44 | 1.31 | 0.27 | 0.80 | 1.03 | -0.11 | -0.18 | -0.78 | 0.18 | 0.07 | 0.27 | -0.15 | 0.05 | 0.24 | 0.08 | -0.12 | -0.01 | 0.02 | -0.06 | -0.04 | -0.03 |
| FCF Conversion (FCF/Net Income) | 0.15x | 0.29x | 1.53x | -0.03x | 1.85x | -0.39x | 5.52x | -13.57x | -4.85x | 1.18x | -0.19x | 1.05x | 0.74x | 1.55x | 0.16x | 0.73x | 2.54x | 1.82x | -0.28x | 0.27x | 0.80x | -0.54x | -1.69x | -2.75x |
| Interest Paid | 0 | 10.54M | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Cash Flow Volatility
As reported in recent financial filings, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio swinging from 7.49 in 2026Q4 to -0.65 in 2026Q3, indicating that accounting earnings provide little visibility into the company's actual cash-generating capacity.
The extreme divergence between net income and operating cash flow suggests that non-cash charges and significant working capital swings are masking the underlying operational reality. Investors should monitor whether this volatility is a byproduct of seasonal inventory management or a more systemic failure to convert sales into realized cash.
Based on the provided cash flow data, free cash flow margins have exhibited extreme volatility, ranging from a negative 29.0% in 2026Q4 to a positive 19.6% in 2026Q3, highlighting a lack of consistent cash generation that complicates the company's ability to fund its own operations.
The inability to maintain positive free cash flow suggests that the business model is currently struggling to cover its capital requirements through internal operations. This inconsistency warrants further investigation into whether the company's cost structure is fundamentally misaligned with its current revenue trajectory.
According to recent quarterly statements, working capital changes have frequently acted as a significant drag on cash, exemplified by the $360.2 million outflow in 2026Q4, which underscores the difficulty in managing inventory and receivables within the current wholesale-heavy distribution framework.
Large, periodic swings in working capital suggest that the company may be struggling with inventory bloat or inefficient collection cycles. This pattern implies that cash flow is highly sensitive to the timing of wholesale shipments, leaving the firm vulnerable to sudden liquidity crunches during periods of weak demand.
As indicated by the financial data, the company's capital expenditure as a percentage of revenue has fluctuated between 1.2% and 3.9% over the last ten quarters, suggesting that maintenance capex remains a persistent, albeit variable, requirement for sustaining the brand's technical apparel manufacturing operations.
The variability in capital intensity may reflect shifting priorities between growth-oriented investments and necessary infrastructure maintenance. Analysts should assess whether these expenditures are effectively supporting long-term competitive positioning or if they are merely sustaining a legacy asset base that is failing to drive incremental revenue.
Based on reported figures, the company has continued to utilize cash for share repurchases, such as the $25 million outflow in 2026Q2, despite experiencing periods of negative operating cash flow, which raises questions regarding the sustainability of returning capital to shareholders in the current environment.
Prioritizing share buybacks while operating cash flow remains inconsistent may indicate a management focus on supporting the stock price rather than reinvesting in core operational improvements. This approach appears risky given the company's negative net margins and the potential need for liquidity to fund a turnaround.
Quick answers to the most common questions about buying UAA stock.
Under Armour, Inc. (UAA) generated $-75.1M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Under Armour, Inc. (UAA) reported negative free cash flow of $162.2M in 2026, indicating capital requirements exceeded cash from operations.
Under Armour, Inc. (UAA) spent $87.1M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Under Armour, Inc. (UAA) spent $25.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.