MeritValue

Under Armour, Inc.

UAAdata completeness 100%18 fiscal years on file
The thesis, from the filings

Under Armour, Inc. earns about 7% on invested capital, and has bought back 9% of its shares over 5 years. The applicable estimate puts fair value near $5.64 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2023FY 2024FY 2025FY 2026
Revenue$5.68B1$5.9B2$5.7B3$5.16B3$4.97B3
Net income$351M4$374.5M5$232M6−$201.3M6−$495.6M6
Operating cash flow$660.6M7−$39.9M8$354M9−$59.3M9−$75.1M9
Capital expenditure$66M10$158.1M11$150.3M12$168.7M12$87.1M12
Free cash flow (derived)$594.5M7−$198M8$203.6M9−$228M9−$162.2M9
Total debt$1.33B13$1.35B14$1.35B15$1.19B16$2.38B16
Cash & equivalents$1.67B17$710.9M18$858.7M19$501.4M19$309.2M19
Diluted shares468.6M461.5M451.0M432.2M426.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$33.16
your share of equity
Profit it earned you last year
−$11.62
Free cash flow it threw off
−$3.8
Debt you’d be carrying
$55.81

10 shares is a claim on $33.16 of net worth that earned you −$11.62 and generated −$3.8 of cash last year, against $55.81 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY21 23%FY23 11%FY24 10%FY25 -6%FY26 -3%

It earned an average 7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−9% shares · 5y

Share count is down 9% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 80% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$5.64
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$232M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001336917-24-000073 (Revenues)
  2. 10-K · period ending 2023-03-31 · accession 0001336917-25-000078 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001336917-26-000073 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001336917-24-000073 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001336917-25-000078 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001336917-26-000073 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001336917-24-000073 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001336917-25-000078 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001336917-26-000073 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001336917-24-000073 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0001336917-25-000078 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001336917-26-000073 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001336917-23-000021 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-03-31 · accession 0001336917-24-000073 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-03-31 · accession 0001336917-25-000078 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-03-31 · accession 0001336917-26-000073 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001336917-24-000073 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0001336917-25-000078 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0001336917-26-000073 (CashAndCashEquivalentsAtCarryingValue)