TacticScaleWhat Under Armour Does & How It Makes Money (UA)
Updated October 2026 · reflects Under Armour's latest reported financials
Performance sportswear brand selling athletic apparel, footwear, and accessories. It earns revenue by selling branded products wholesale to sporting goods chains, department stores, specialty retailers, teams, and distributors, and directly to consumers through its own brand and factory house stores and e-commerce websites.
How Under Armour makes money
It earns revenue by selling branded products wholesale to sporting goods chains, department stores, specialty retailers, teams, and distributors, and directly to consumers through its own brand and factory house stores and e-commerce websites.
What Under Armour does
Under Armour, founded in 1996 and headquartered in Baltimore, Maryland, is a performance sportswear company that designs, develops, markets, and distributes apparel, footwear, and accessories for men, women, and youth. Its lineup spans compression, fitted, and loose-fit apparel; footwear for running, training, basketball, cleated sports, recovery, outdoor, and casual use; and accessories such as gloves, bags, headwear, and socks, sold under brands including UNDER ARMOUR, HEATGEAR, COLDGEAR, HOVR, and ARMOUR FLEECE. The company sells through two main routes. Wholesale covers sporting goods chains, independent and specialty retailers, department stores, institutional athletic departments, leagues and teams, and independent distributors. Direct-to-consumer covers its own brand and factory house stores and its e-commerce sites. It operates across the United States, Canada, Europe, the Middle East, Africa, Asia-Pacific, and Latin America.
Products & services
- Under Armour performance apparel
- HeatGear and ColdGear apparel
- HOVR footwear
- Armour Fleece
- Armour Bra
- Accessories (bags, headwear, gloves, socks)
What is Under Armour worth?
On an owner-earnings DCF, Under Armour's most-likely value is about $7 versus a recent price near $5 (50% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$5) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
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 →
Related companies
Under Armour (UAA) · NIKE (NKE) · Urban Outfitters (URBN) · lululemon athletica (LULU) · Columbia Sportswear (COLM)