TacticScaleWhat Under Armour Does & How It Makes Money (UAA)
Updated October 2026 · reflects Under Armour's latest reported financials
Performance athletic apparel, footwear, and accessories brand. It earns revenue by selling branded products wholesale to sporting goods chains, department stores, specialty retailers, teams, and distributors.
How Under Armour makes money
It earns revenue by selling branded products wholesale to sporting goods chains, department stores, specialty retailers, teams, and distributors. It also sells directly to consumers through its own brand and factory house stores and e-commerce websites.
What Under Armour does
Under Armour is a Baltimore-based performance athletic brand, incorporated in 1996. It designs, develops, and markets apparel, footwear, and accessories for men, women, and youth. Apparel comes in compression, fitted, and loose-fit styles. Footwear covers running, training, basketball, cleated sports, recovery, outdoor, and casual use. Its brands include UNDER ARMOUR, UA, HEATGEAR, COLDGEAR, HOVR, ARMOUR FLEECE, and ARMOUR BRA. The company sells through two main channels. Wholesale covers national and regional sporting goods chains, specialty and department stores, institutional athletic departments, leagues and teams, and independent distributors. Direct-to-consumer covers its own brand and factory house stores and e-commerce sites. It operates across the United States, Canada, Europe, the Middle East, Africa, Asia-Pacific, and Latin America.
Products & services
- Compression and fitted performance apparel (HeatGear, ColdGear)
- HOVR running and training footwear
- Basketball and cleated sports footwear
- Armour Fleece apparel
- Armour Bra sports bras
- Accessories: bags, headwear, gloves, socks
What is Under Armour worth?
On an owner-earnings DCF, Under Armour's most-likely value is about $9 versus a recent price near $5 (85% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$6) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $5 is below even the no-growth floor ($6); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -2.9%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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