Here are 1-3 brief analogies for Under Armour:

• Like the Nike or Adidas of performance athletic apparel and footwear.
• Imagine a Nike that built its brand primarily on high-performance athletic gear, especially compression wear.

• Apparel: Performance-driven clothing including shirts, shorts, pants, jackets, and base layers designed for various sports and fitness activities.
• Footwear: Athletic shoes for running, training, basketball, golf, and other specific sports, engineered for performance and comfort.
• Accessories: A range of items such as bags, hats, gloves, socks, eyewear, and protective gear that complement athletic apparel and footwear.

Under Armour (UA) Major Customers

• Dick's Sporting Goods, Inc. (Symbol: DKS) - One of the largest sporting goods retailers in the United States, offering a wide range of athletic apparel, footwear, and equipment.
• Foot Locker, Inc. (Symbol: FL) - A leading global retailer of athletic footwear and apparel, with a strong presence in malls and online.
• Amazon.com, Inc. (Symbol: AMZN) - As a dominant global e-commerce platform, Amazon serves as a significant online sales channel for Under Armour products.
• Academy Sports and Outdoors, Inc. (Symbol: ASO) - A major sporting goods and outdoor recreation retailer with a strong presence across the Southern, Southeastern, and Midwestern United States.
• Hibbett, Inc. (Symbol: HIBB) - A smaller but significant athletic-inspired fashion retailer operating primarily in underserved markets, carrying a range of Under Armour products.

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Kevin Plank, President, Founder, Chief Executive Officer and Chairman of the Board

Kevin Plank founded Under Armour in 1996. He served as CEO from the company's founding until 2020 and returned to the role in April 2024. Prior to establishing Under Armour, Plank was a special teams captain for the University of Maryland football team. After Plank founded the company, Under Armour received a $12 million investment from the private equity firm Rosewood Capital in 2003.

Reza Taleghani, Incoming Chief Financial Officer (effective February)

Reza Taleghani is slated to assume the role of Chief Financial Officer in February. He currently serves as the CFO at Samsonite Group, a position he has held since 2018. Previously, Taleghani was President and CFO at Brightstar Corp., which was a SoftBank portfolio company, indicating experience with private equity-backed firms. His career also includes over 15 years at JP Morgan in senior roles across investment banking, commercial banking, and asset management, and he served as President and CEO of Sterling Airlines in Copenhagen, Denmark.

Yassine Saidi, Chief Product Officer

Yassine Saidi was appointed as Chief Product Officer in January 2024. Before joining Under Armour, he was the Founder and Business Strategist at AGENC-Y from September 2018 to January 2024. He has nearly 20 years of industry brand experience, having held various leadership roles at PUMA in SportStyle Footwear, Partnerships, Collaborations, and Global Sales from June 2011 to June 2020, and in performance Tennis Product and Marketing at Adidas from May 2003 to June 2011.

Kara Trent, President of the Americas

Kara Trent assumed her role as President of the Americas in February 2024. She joined Under Armour in 2015 and previously served as the Managing Director of the company's EMEA region. Prior to her tenure at Under Armour, Trent worked in merchandising, planning, and buying roles during her eight years at PUMA and five years at Reebok.

Mehri Shadman, Chief Legal Officer and Corporate Secretary

Mehri Shadman has served as Chief Legal Officer and Corporate Secretary since October 2022. She has held several positions at Under Armour, including Deputy General Counsel of Corporate and Risk, Vice President of Legal, and Assistant Corporate Secretary. Before joining Under Armour, Shadman began her career as an associate in the capital markets practice at Fried, Frank, Harris, Shriver & Jacobson LLP, an international law firm.

Key Risks to Under Armour (UA)

1. Intense Competition and Brand Relevance: Under Armour faces fierce competition from well-established brands like Nike and Adidas, which possess extensive resources, global market reach, and strong brand loyalty. This intense competitive landscape makes it challenging for Under Armour to gain market share and maintain brand relevance, especially as consumer preferences shift towards athleisure and fashion-forward styles. The company has struggled to expand its international market share, relying heavily on the North American market, making it vulnerable to regional fluctuations and changing consumer tastes.
2. Financial Challenges and Restructuring: Under Armour is currently undergoing a significant strategic reset and restructuring plan, which has led to considerable financial challenges. For fiscal year 2025 (FY2025), the company reported a 9% decline in total revenue, a GAAP net loss of $201 million, and negative cash flow from operating activities of -$59.32 million. The company is utilizing debt to finance its operations and restructuring efforts, which amplifies risk if revenue growth does not materialize as planned. The sheer scale of this restructuring plan, described as a "massive operational reset," introduces substantial execution risk.
3. Supply Chain Vulnerabilities: Under Armour has consistently faced challenges related to its supply chain, which can disrupt operations and impact profitability. These vulnerabilities include product delays, increased ocean freight costs, factory closures, and difficulties in inventory management. While the company is actively working to streamline its distribution logistics and diversify its sourcing across multiple countries, supply chain disruptions remain a significant operational hurdle.

Lululemon's aggressive expansion into men's athletic apparel and footwear, directly challenging Under Armour's historical strengths in performance wear for men and athletic footwear.

The significant rise and market penetration of specialized performance footwear brands such as On Running and Hoka One One, capturing a high-value segment of the athletic footwear market where Under Armour seeks to compete.

Under Armour's main products and services include athletic apparel, footwear, and accessories. The addressable market sizes for these product categories are as follows:

• Athletic Apparel: The global sportswear market, which includes athletic apparel, was estimated at USD 335.92 billion in 2023 and is projected to reach USD 646.01 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 9.9% from 2024 to 2030.

• Athletic Footwear: The global athletic footwear market size was valued at USD 141.1 billion in 2023 and is poised to grow to USD 226.51 billion by 2032, exhibiting a CAGR of 5.4% during the forecast period (2025-2032).

• Accessories: The global sports accessories market is projected to grow from USD 90.0 billion in 2025 to USD 125.0 billion by 2035, at a CAGR of 3.3%.

Under Armour (UA) is expected to drive future revenue growth over the next 2-3 years through several key strategies, including product innovation, expansion in international markets, disciplined marketplace management, enhanced brand repositioning through marketing, and the stabilization of its North American business.

Drivers of Future Revenue Growth:

1. Product Innovation and Premiumization: Under Armour is focusing on streamlining its product assortments, introducing refreshed materials, and implementing a new design language set to debut in Fall/Winter 2025. This includes an emphasis on core apparel collections such as Heat and ColdGear, Unstoppable, Vanish, Meridian, and Icon, as well as new footwear lines like the Velociti Elite 3, SlipSpeed Echo, and Nova extensions. The company aims to deliver more premium products, especially in footwear, its women's business, and Sportstyle categories, which is expected to boost pricing power and revenue quality.
2. International Market Expansion and Growth: While facing challenges in North America, Under Armour has seen growth in its international markets, particularly in EMEA (Europe, the Middle East, and Africa) and Latin America. In Q2 2025, EMEA experienced a 12% revenue increase, driven by strong performance in full-price wholesale and direct-to-consumer channels. The company anticipates EMEA to continue growing at a high single-digit rate in fiscal year 2026.
3. Direct-to-Consumer (DTC) and Disciplined Marketplace Management: Under Armour is committed to growing its direct-to-consumer sales channel, including its owned Brand and Factory House stores and e-commerce websites. The company is implementing intentional and disciplined marketplace management across all regions, which involves proactive efforts to limit promotional activities in its e-commerce business, contributing to improved gross margins. The focus is on driving productivity in direct retail and digital channels to enhance long-term financial results.
4. Brand Repositioning and Strategic Marketing: Under Armour's strategies to reposition its brand are gaining traction. Key marketing activations, such as the "We Are Football" campaign, have significantly increased brand awareness among the 18-34 age demographic to over 80% and led to double-digit growth in sales for that category. The company is re-committing to its identity as a "Sports House" and aims to elevate the brand with higher-quality revenue through improved storytelling and a focus on serving athletes.
5. Stabilization and Turnaround of North American Business: Despite recent revenue declines in North America, Under Armour has reported signs of brand momentum in this key region, which is crucial for its turnaround strategy. Management expresses optimism about future stabilization and growth in North America. The company is committed to methodically "reconstituting" the brand and focusing on stabilizing its North American business and enhancing product pricing to unlock significant growth potential in its home market.

Share Repurchases

• In May 2024, Under Armour's Board of Directors authorized a new share repurchase program for up to $500 million of its Class C common stock, valid for three years through May 31, 2027.
• As of September 30, 2025, the company had repurchased $115 million worth of shares (18 million shares) as part of the $500 million program initiated in May 2024.
• Prior to this, a $500 million share repurchase program was authorized in February 2022, under which $425 million of Class C common stock had been repurchased by fiscal year 2023.

Share Issuance

• The number of outstanding shares for Under Armour has generally decreased over the past few years, from approximately 0.47 billion in 2021 to 0.42 billion in 2025.
• As of November 2025, the number of outstanding shares was 427,116,000.

Outbound Investments

• Under Armour acquired Unless Collective, a Canadian company, in August 2024.

Capital Expenditures

• Under Armour's capital expenditures averaged $128.4 million from fiscal years ending December 2021 to 2025.
• Capital expenditures were $168.7 million in fiscal year ending March 2025, and are expected to be between $170 million and $180 million for fiscal year 2025.
• The primary focus of capital expenditures is on product innovation, enhancing brand positioning, and streamlining operations as part of a strategy to become a "premium, performance-driven entity," which includes restructuring plans to improve financial and operational efficiencies.