Latest Ratios: P/E Ratio -5.6x · EV/EBITDA 59.2x · ROE -30.0%. (2004–2026 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 | $2.8B | $2.5B | $2.6B | $3.2B | $3.9B | $8.5B | $6.8B | $8.7B | $7.2B | $5.9B | $11.2B |
| Enterprise Value | $4.4B | $4.1B | $3.4B | $3.8B | $4.7B | $8.9B | $7.2B | $9.2B | $7.4B | $6.5B | $11.8B |
| P/E Ratio → | -5.59 | — | — | 13.73 | 10.15 | 23.43 | — | 95.90 | — | — | 55.93 |
| P/S Ratio | 0.56 | 0.50 | 0.50 | 0.57 | 0.67 | 1.49 | 1.51 | 1.66 | 1.39 | 1.18 | 2.32 |
| P/B Ratio | 1.95 | 1.75 | 1.36 | 1.50 | 2.00 | 4.89 | 4.03 | 4.05 | 3.57 | 2.91 | 5.51 |
| P/FCF | — | — | — | 15.81 | — | 14.21 | 56.04 | 23.99 | 15.75 | — | — |
| P/OCF | — | — | — | 9.10 | — | 12.72 | 31.74 | 17.12 | 11.47 | 25.08 | 36.78 |
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 | — | 0.83 | 0.65 | 0.67 | 0.81 | 1.57 | 1.62 | 1.76 | 1.42 | 1.30 | 2.44 |
| EV / EBITDA | 59.20 | 55.24 | 10.98 | 10.14 | 13.39 | 12.95 | 47.81 | 23.08 | 21.63 | 19.91 | 20.32 |
| EV / EBIT | — | — | 19.70 | 14.52 | 16.91 | 20.50 | — | 39.64 | — | 253.64 | 28.49 |
| EV / FCF | — | — | — | 18.68 | — | 14.99 | 60.09 | 25.39 | 16.12 | — | — |
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% | 44.3% | 50.6% | 47.9% | 46.5% | 45.0% | 44.8% | 46.2% |
| Operating Margin | -0.7% | -0.7% | 3.3% | 4.1% | 3.7% | 9.6% | -0.3% | 4.1% | 3.1% | 3.0% | 9.0% |
| Net Profit Margin | -10.0% | -10.0% | -3.9% | 4.1% | 6.4% | 6.3% | -12.3% | 1.8% | -0.9% | -1.0% | 4.1% |
| 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% | 21.1% | -28.7% | 4.4% | -2.3% | -2.4% | 10.7% |
| ROA | -11.4% | -11.4% | -4.4% | 4.8% | 8.1% | 7.6% | -11.1% | 2.0% | -1.1% | -1.3% | 6.1% |
| ROIC | -0.9% | -0.9% | 4.7% | 6.3% | 6.6% | 18.8% | -0.4% | 6.6% | 5.0% | 4.4% | 13.6% |
| ROCE | -1.2% | -1.2% | 5.0% | 6.6% | 6.6% | 16.2% | -0.4% | 6.7% | 5.4% | 5.1% | 16.2% |
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 | 1.20 | 0.60 | 0.36 | 0.45 | 0.40 |
| Debt / EBITDA | 26.13 | 26.13 | 4.23 | 3.84 | 4.29 | 2.14 | 13.24 | 3.25 | 2.14 | 2.82 | 1.41 |
| Net Debt / Equity | — | 1.15 | 0.42 | 0.27 | 0.41 | 0.27 | 0.29 | 0.24 | 0.08 | 0.30 | 0.28 |
| Net Debt / EBITDA | 21.97 | 21.97 | 2.60 | 1.56 | 2.29 | 0.68 | 3.22 | 1.28 | 0.50 | 1.86 | 0.98 |
| Debt / FCF | — | — | — | 2.87 | — | 0.78 | 4.05 | 1.41 | 0.37 | — | — |
| Interest Coverage | -1.17 | -1.17 | 28.14 | — | 21.94 | 9.83 | -9.43 | 10.19 | -1.04 | 0.71 | 16.73 |
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 | 2.28 | 1.90 | 1.97 | 2.20 | 2.87 |
| Quick Ratio | 1.08 | 1.08 | 1.25 | 1.63 | 1.30 | 1.55 | 1.65 | 1.27 | 1.20 | 1.11 | 1.53 |
| Cash Ratio | 0.55 | 0.55 | 0.45 | 0.74 | 0.52 | 0.78 | 1.07 | 0.55 | 0.42 | 0.29 | 0.37 |
| Asset Turnover | — | 1.12 | 1.20 | 1.20 | 1.21 | 1.28 | 0.89 | 1.08 | 1.22 | 1.24 | 1.32 |
| Inventory Turnover | 2.96 | 2.96 | 2.85 | 3.20 | 2.75 | 3.41 | 2.60 | 3.15 | 2.80 | 2.37 | 2.83 |
| Days Sales Outstanding | — | 50.11 | 47.75 | 48.55 | 47.26 | 45.05 | 43.04 | 49.29 | 45.86 | 44.72 | 47.10 |
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 | — | — | — | 7.3% | 9.8% | 4.3% | — | 1.0% | — | — | 1.8% |
| FCF Yield | — | — | — | 6.3% | — | 7.0% | 1.8% | 4.2% | 6.4% | — | — |
| Buyback Yield | 0.9% | 1.0% | 3.5% | 2.3% | 3.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.9% | 1.0% | 3.5% | 2.3% | 3.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $427M | $432M | $451M | $462M | $469M | $454M | $454M | $446M | $441M | $445M |
Persistent revenue contraction
Based on reported figures, Under Armour's forward P/E of 51.66 suggests that the market is pricing in a significant turnaround, yet the negative TTM P/E of -5.22 highlights the extreme volatility and lack of earnings visibility currently plaguing the company's valuation relative to its athletic peers.
The elevated forward multiple appears to be a function of depressed earnings expectations rather than a premium for growth, as the company struggles to regain its footing. Investors should monitor whether this valuation gap persists as the firm attempts to pivot back to its core performance identity under founder leadership.
As reported in financial statements, Under Armour's ROIC has trended into negative territory, reaching -0.6% in 2026Q4, which indicates that the company is currently failing to generate returns above its cost of capital, a stark reversal from the 8.4% peak observed in 2026Q1.
This decay in return on invested capital suggests that the firm's historical capital allocation, particularly in digital fitness and brand expansion, has not yielded the expected competitive moat. The inability to maintain positive returns warrants further investigation into whether current restructuring efforts can effectively optimize the asset base.
According to recent SEC filings, the company's cash conversion cycle has expanded to 110 days in 2026Q4, driven largely by a bloated inventory position of 132 days, which suggests that Under Armour is struggling to move product through its wholesale and direct-to-consumer channels efficiently.
The persistent elevation in days inventory outstanding indicates that the company may be over-producing or misjudging demand, forcing reliance on margin-dilutive outlet channels. This inefficiency ties up critical cash resources and limits the firm's operational flexibility in a highly competitive retail environment.
Based on industry analysis, the price-to-sales ratio is frequently misapplied to Under Armour, as it obscures the company's underlying margin volatility and the high cost of clearing excess inventory, which renders top-line revenue a poor proxy for the firm's actual ability to generate sustainable shareholder value.
Analysts should instead prioritize operating margin trends and free cash flow conversion, as these metrics better capture the true earning power of the business model. Relying on P/S ignores the structural reality that not all revenue is created equal, especially when a significant portion is generated through discounted outlet sales.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying UA stock.
Under Armour, Inc.'s current P/E ratio is -5.6x. The historical average is 39.8x.
Under Armour, Inc.'s current EV/EBITDA is 59.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.5x.
Under Armour, Inc.'s return on equity (ROE) is -30.0%. The historical average is 14.4%.
Based on historical data, Under Armour, Inc. is trading at a P/E of -5.6x. 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.