Latest Ratios: P/E Ratio -3.9x · EV/EBITDA 48.0x · ROE -30.0%. (2003–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.9B | $2.5B | $2.7B | $3.3B | $4.2B | $7.7B | $10.1B | $9.8B | $7.9B | $6.4B | $12.9B |
| Enterprise Value | $3.6B | $4.2B | $3.5B | $3.9B | $5.0B | $8.2B | $10.7B | $10.3B | $8.0B | $7.0B | $13.5B |
| P/E Ratio → | -3.91 | — | — | 14.19 | 10.91 | 21.54 | — | 108.00 | — | — | 64.56 |
| P/S Ratio | 0.39 | 0.51 | 0.52 | 0.58 | 0.71 | 1.36 | 2.25 | 1.86 | 1.52 | 1.27 | 2.67 |
| P/B Ratio | 1.37 | 1.78 | 1.43 | 1.55 | 2.15 | 4.47 | 5.68 | 4.56 | 3.91 | 3.15 | 6.36 |
| P/FCF | — | — | — | 16.35 | — | 12.99 | 83.46 | 27.01 | 17.21 | — | — |
| P/OCF | — | — | — | 9.40 | — | 11.62 | 47.27 | 19.28 | 12.54 | 27.17 | 42.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.84 | 0.68 | 0.69 | 0.85 | 1.44 | 2.39 | 1.96 | 1.55 | 1.40 | 2.79 |
| EV / EBITDA | 48.00 | 55.93 | 11.40 | 10.51 | 12.60 | 13.06 | — | 24.39 | 51.35 | 34.55 | 24.00 |
| EV / EBIT | — | — | — | 14.93 | 18.05 | 15.56 | — | 43.60 | — | 287.44 | 32.53 |
| EV / FCF | — | — | — | 19.21 | — | 13.77 | 88.63 | 28.42 | 17.58 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.5% | 45.5% | 47.9% | 46.1% | 44.8% | 50.3% | 48.3% | 46.9% | 45.1% | 45.1% | 46.5% |
| Operating Margin | -0.7% | -0.7% | 3.3% | 4.0% | 4.5% | 8.6% | -13.7% | 4.5% | -0.5% | 0.6% | 8.6% |
| Net Profit Margin | -10.0% | -10.0% | -3.9% | 4.1% | 6.3% | 6.3% | -12.3% | 1.7% | -0.9% | -1.0% | 5.3% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -30.0% | -30.0% | -10.0% | 11.3% | 20.3% | 20.6% | -28.0% | 4.4% | -2.3% | -2.4% | 13.9% |
| ROA | -11.4% | -11.4% | -4.4% | 4.8% | 8.1% | 7.7% | -11.3% | 2.0% | -1.1% | -1.3% | 7.9% |
| ROIC | -0.9% | -0.9% | 4.7% | 6.3% | 8.0% | 15.9% | -18.2% | 7.3% | -0.8% | 0.8% | 13.0% |
| ROCE | -1.2% | -1.2% | 5.0% | 6.5% | 8.0% | 14.2% | -17.3% | 7.5% | -0.9% | 0.9% | 15.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.37 | 1.37 | 0.69 | 0.67 | 0.77 | 0.85 | 1.11 | 0.60 | 0.36 | 0.45 | 0.40 |
| Debt / EBITDA | 26.13 | 26.13 | 4.23 | 3.87 | 3.81 | 2.35 | — | 3.07 | 4.65 | 4.55 | 1.45 |
| Net Debt / Equity | — | 1.15 | 0.42 | 0.27 | 0.41 | 0.27 | 0.35 | 0.24 | 0.08 | 0.30 | 0.28 |
| Net Debt / EBITDA | 21.97 | 21.97 | 2.60 | 1.57 | 2.03 | 0.74 | — | 1.21 | 1.09 | 3.00 | 1.01 |
| Debt / FCF | — | — | — | 2.87 | — | 0.78 | 5.17 | 1.41 | 0.37 | — | — |
| Interest Coverage | -5.63 | -5.63 | -32.58 | — | 21.72 | 11.89 | -0.25 | 11.15 | -1.02 | 0.70 | 15.69 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.62 | 1.62 | 2.10 | 2.46 | 2.17 | 2.18 | 2.56 | 1.90 | 1.97 | 2.20 | 2.85 |
| Quick Ratio | 1.08 | 1.08 | 1.25 | 1.63 | 1.30 | 1.55 | 1.87 | 1.27 | 1.20 | 1.11 | 1.52 |
| Cash Ratio | 0.18 | 0.18 | 0.45 | 0.74 | 0.52 | 0.78 | 1.09 | 0.55 | 0.42 | 0.29 | 0.36 |
| Asset Turnover | — | 1.12 | 1.20 | 1.20 | 1.22 | 1.28 | 0.91 | 1.09 | 1.22 | 1.25 | 1.32 |
| Inventory Turnover | 2.96 | 2.96 | 2.85 | 3.20 | 2.75 | 3.42 | 2.72 | 3.13 | 2.80 | 2.36 | 2.82 |
| Days Sales Outstanding | — | 50.11 | 47.75 | 48.48 | 46.90 | 45.10 | 56.80 | 49.11 | 45.86 | 44.60 | 47.02 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | 0.0% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 7.0% | 9.2% | 4.6% | — | 0.9% | — | — | 1.5% |
| FCF Yield | — | — | — | 6.1% | — | 7.7% | 1.2% | 3.7% | 5.8% | — | — |
| Buyback Yield | 1.3% | 1.0% | 3.3% | 2.3% | 3.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.3% | 1.0% | 3.3% | 2.3% | 3.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $427M | $432M | $451M | $445M | $454M | $454M | $454M | $446M | $441M | $445M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying UAA stock.
Under Armour, Inc.'s current P/E ratio is -3.9x. The historical average is 51.7x.
Under Armour, Inc.'s current EV/EBITDA is 48.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.7x.
Under Armour, Inc.'s return on equity (ROE) is -30.0%. The historical average is 19.3%.
Based on historical data, Under Armour, Inc. is trading at a P/E of -3.9x. Compare with industry peers and growth rates for a complete picture.
Under Armour, Inc. has 45.5% gross margin and -0.7% operating margin.
Under Armour, Inc.'s Debt/EBITDA ratio is 26.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent negative margins and leverage
Metrics are mathematically derived from official filings.
Margin Volatility Masks Structural Pressures
Gross margin swung to 54.1% in 2027Q1 from 42.0% in 2026Q4, yet operating margin remains near breakeven at 4.3%, per reported financials, indicating persistent cost structure misalignment.
The sharp gross margin improvement appears driven by inventory management and promotional timing rather than durable pricing power, as SG&A still consumes roughly 49% of revenue. Operating margin has oscillated between -5.1% and 26.3% over the past ten quarters, suggesting that the company lacks consistent operating leverage. Investors should monitor whether the gross margin recovery can be sustained without further discounting, given the competitive wholesale environment.
Return on Capital Remains Elusive
ROIC turned positive at 1.3% in 2027Q1 after negative readings in prior quarters, but the ten-quarter average is near zero, per financial statements, indicating limited value creation.
ROE has been negative in most quarters, with a low of -26.2% in 2026Q3, reflecting persistent net losses and equity erosion. The modest ROIC improvement appears tied to a shrinking asset base rather than operational efficiency, as asset turnover has stayed flat around 0.26. Without a sustained recovery in operating margins, the company may continue to destroy value on invested capital.
Working Capital Cycle Stretches on Inventory
Cash conversion cycle lengthened to 139 days in 2027Q1 from 104 days in 2024Q4, driven by inventory days of 183, according to reported figures, signaling slower sell-through.
DSO has remained relatively stable in the mid-50s, but DIO has climbed from 128 to 183 days over the same period, indicating that inventory is sitting longer before sale. This may foreshadow future markdowns and margin pressure if the elevated inventory is not cleared. The company's ability to manage working capital will be critical, as cash flow has been erratic and negative in several quarters.
Leverage Creeps Higher as Losses Persist
Debt-to-equity rose to 0.96 in 2027Q1 from 0.67 in 2024Q4, while interest coverage fell to 3.73x, per balance sheet data, indicating reduced financial flexibility.
Total debt has increased modestly, but equity has shrunk due to cumulative losses, pushing leverage higher. Interest coverage, though positive in 2027Q1, has been negative in several prior quarters, suggesting that debt service could become burdensome if operating income deteriorates again. The company's clean balance sheet is eroding, and investors should monitor covenant headroom and refinancing risk.
Liquidity Buffer Thins Despite Stable Ratio
Current ratio improved to 1.81 in 2027Q1, but cash dropped to $396M from $501M in 2026Q4, per balance sheet data, leaving a thinner cushion for downturns.
The quick ratio of 0.96 indicates that inventory is a significant component of current assets, which may be less liquid in a demand downturn. With negative operating margins and erratic cash flow, the company may face liquidity stress if it cannot generate positive free cash flow consistently. The recent improvement in FCF margin to 8.6% is encouraging but may be temporary given working capital swings.
Misapplied EV/EBITDA in Turnaround Context
EV/EBITDA of 52.77x appears extreme, but with EBITDA near zero, this multiple is distorted, per valuation data, and should be replaced with EV/Sales or forward metrics.
The trailing EV/EBITDA is not meaningful because EBITDA is depressed by restructuring charges and non-cash items, making the multiple artificially high. Forward EV/EBITDA of 16.85x is more informative but still assumes a significant earnings recovery. Analysts should focus on EV/Sales (0.46x) and forward P/E (45.69x) to gauge valuation relative to peers, while monitoring the company's ability to restore profitability.