Latest Ratios: P/E Ratio -5.8x · EV/EBITDA 60.7x · 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 | $2.9B | $2.5B | $2.7B | $3.3B | $4.2B | $7.7B | $10.1B | $9.8B | $7.9B | $6.4B | $12.9B |
| Enterprise Value | $4.5B | $4.2B | $3.5B | $3.9B | $5.0B | $8.2B | $10.7B | $10.3B | $8.0B | $7.0B | $13.5B |
| P/E Ratio → | -5.81 | — | — | 14.19 | 10.91 | 21.54 | — | 108.00 | — | — | 64.56 |
| P/S Ratio | 0.58 | 0.51 | 0.52 | 0.58 | 0.71 | 1.36 | 2.25 | 1.86 | 1.52 | 1.27 | 2.67 |
| P/B Ratio | 2.03 | 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 | 60.70 | 55.93 | 11.40 | 10.51 | 12.60 | 13.06 | — | 24.39 | 51.35 | 34.55 | 24.00 |
| EV / EBIT | — | — | 20.46 | 17.03 | 19.08 | 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 | -1.17 | -1.17 | 28.14 | — | 20.55 | 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 | 0.55 | 0.55 | 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 | 0.9% | 1.0% | 3.3% | 2.3% | 3.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.9% | 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 |
Structural Margin Erosion
According to recent market data, the company trades at a forward EV/EBITDA of 18.55, which appears disconnected from its negative net margins and suggests investors are pricing in a recovery that remains unsupported by the current trajectory of declining revenue and operational losses.
The forward P/E of 53.58 implies an aggressive expectation for earnings normalization that contrasts sharply with the company's recent history of erratic profitability. Compared to peers like Nike, which trade on more stable earnings multiples, Under Armour's valuation appears to be driven by speculative turnaround sentiment rather than tangible fundamental growth.
As reported in financial statements, the company's gross margin has fluctuated between 42.0% and 49.8% over the last ten quarters, indicating a persistent inability to maintain pricing power within the highly competitive and promotional wholesale-heavy athletic apparel landscape.
The recent shift to a negative operating margin of -2.2% in 2026Q4 highlights that the company's cost structure is currently misaligned with its revenue base. This suggests that the firm lacks the necessary operating leverage to absorb fixed costs, making its bottom line highly sensitive to even minor fluctuations in top-line performance.
Based on reported figures, the company's ROIC has trended downward into negative territory, reaching -0.6% in 2026Q4, which suggests that capital allocation initiatives are currently failing to generate returns that exceed the cost of capital required to sustain the business.
The decline in ROIC from positive levels in previous periods reflects a broader erosion of asset productivity. Investors should monitor whether this decay is a temporary byproduct of restructuring or a structural symptom of the brand's diminishing competitive moat in the performance apparel segment.
According to recent quarterly filings, the cash conversion cycle has remained elevated, peaking at 132 days in 2026Q1, which reveals significant inefficiencies in inventory management and a reliance on wholesale channels that delay the realization of cash from sales.
The high days inventory outstanding (DIO) of 132 days in 2026Q4 suggests that the company is struggling to clear stock, which may necessitate further discounting and future margin compression. This inefficiency in working capital management directly limits the company's ability to self-fund its operations during periods of revenue contraction.
The price-to-earnings ratio is frequently misapplied to this business model, as the company's history of frequent restructuring charges and volatile net income renders GAAP earnings an unreliable indicator of the firm's true underlying cash-generating capacity and long-term operational health.
Analysts should instead focus on EV/Sales or adjusted EBITDA metrics to better capture the company's scale and operational efficiency, as these avoid the noise created by non-recurring items. Relying on P/E in this context obscures the fundamental reality of the company's current negative net margin and the significant capital intensity required to maintain its wholesale distribution network.
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 -5.8x. The historical average is 51.7x.
Under Armour, Inc.'s current EV/EBITDA is 60.7x. 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 -5.8x. 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.