Here are 1-3 brief analogies for Under Armour (UA):

• Like Nike or Adidas, but with an intense focus on performance athletic gear.
• A performance-focused rival to Nike and Adidas in athletic apparel and footwear.

Under Armour (UA) offers the following major products and services:

• Performance Apparel: Clothing designed for athletic activities, available in compression, fitted, and loose styles.
• Footwear: Athletic shoes tailored for various sports and applications, including running, training, and basketball.
• Accessories: Supplementary items for athletes such as gloves, bags, headwear, and sports masks.
• Digital Subscription and Advertising Services: Online platforms like MapMyRun and MapMyRide providing digital tracking and engagement services.

Under Armour (UA) sells its products primarily through wholesale channels to other companies, which then resell to individual consumers. While it also sells directly to consumers through its own stores and e-commerce websites, its extensive wholesale network suggests a primary focus on business-to-business (B2B) distribution for broad market reach. Major categories of its wholesale customers include:

• National and Regional Sporting Goods Chains: These are large retailers specializing in athletic apparel, footwear, and equipment. Examples of public companies in this category that are likely major customers include:
  • DICK'S Sporting Goods (NYSE: DKS)
  • Academy Sports and Outdoors, Inc. (NASDAQ: ASO)
  • Hibbett, Inc. (NASDAQ: HIBB)
• Department Store Chains: General merchandise retailers that often feature athletic wear sections. Examples of public companies in this category that are likely major customers include:
  • Kohl's Corporation (NYSE: KSS)
  • Macy's, Inc. (NYSE: M)
• Institutional Athletic Departments, Leagues, and Teams: These organizations purchase products directly for their athletes, staff, or members (e.g., colleges, universities, professional sports teams). These entities are typically not public companies with stock symbols.

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Under Armour, Inc. (UA) has a robust management team leading its global operations.

Kevin Plank

President & Chief Executive Officer Kevin Plank is the founder of Under Armour, Inc. and returned as President and Chief Executive Officer on April 1, 2024. He previously served as the company's CEO from its founding in 1996 until 2019, and then as Executive Chair and Brand Chief from January 2020 to April 2024. Under his leadership, Under Armour grew into a multi-billion-dollar business. Plank's vision has been the driving force behind the brand's innovative products.

Reza Taleghani

Executive Vice President, Chief Financial Officer Reza Taleghani is set to join Under Armour as Executive Vice President and Chief Financial Officer in February 2026, succeeding David Bergman. He brings over twenty-five years of global financial and operational leadership experience. Prior to Under Armour, Taleghani served as Executive Vice President and CFO at Samsonite Group S.A. since 2018, where he oversaw global finance operations and led financial transformations resulting in record margins. Before Samsonite, he was President and CFO at Brightstar Corp., a SoftBank portfolio company, where he managed key international acquisitions. His career also includes more than 15 years at J.P. Morgan in various senior roles across investment banking, commercial banking, and asset management, and he served as President and CEO of Sterling Airlines A/S.

Kara Trent

Chief Merchandising Officer Kara Trent was appointed Chief Merchandising Officer, effective February 2, 2026. In this role, she is responsible for leading category management and go-to-market initiatives, overseeing product line architecture, assortment planning, and channel segmentation across Under Armour's global portfolio. Trent has 24 years of industry experience in buying, planning, merchandising, and regional leadership. She previously served as President, Americas, Under Armour's largest region, and as Managing Director for EMEA, where she delivered sustained growth and premium distribution. She also held roles at Puma and Reebok.

Adam Peake

President, Americas Adam Peake was named President, Americas, effective February 2, 2026. In this position, he leads Under Armour's business across North and South America, overseeing marketplace strategy, distribution, and omni-channel growth. Peake has over 25 years of leadership experience, including 16 years in various senior roles at Under Armour, spanning U.S. sales, global marketing, footwear, and sport category leadership.

Yassine Saidi

Senior Advisor, Design & Product Expression Effective February 2, 2026, Yassine Saidi will transition to a Senior Advisor role, focusing on design expression and creative continuity for Under Armour. He joined Under Armour in early 2024 as Product Director (also referred to as Chief Product Officer) and has been instrumental in evolving the brand's design language and elevating performance expression. Saidi is a veteran of the sportswear industry, with a career that includes significant roles at other major athletic apparel companies. Before Under Armour, he spent nine years at Puma, where he built the "Lab Puma" initiative, injecting fashion, music, and culture into performance and initiating major collaborations that contributed to substantial revenue growth. He also previously worked at Adidas, heading accessories and swimwear, and later became International Tennis Director.

Under Armour (UA) faces several key risks that could impact its business performance, primarily stemming from an intensely competitive market, challenges in its largest geographic segment, and ongoing supply chain vulnerabilities.

1. Intense Competitive Landscape and Brand Relevancy Challenges

Under Armour operates in a highly competitive sportswear industry, contending with established giants like Nike, Adidas, and Puma, as well as rapidly growing niche brands such as On, Hoka, New Balance, and Lululemon. These competitors often possess superior financial resources, broader product portfolios, faster innovation cycles, and stronger global brand recognition, enabling them to outspend Under Armour in marketing and secure a wider range of athlete and team sponsorships. The company faces significant challenges in regaining market share and cultural relevance, particularly among younger consumers. Under Armour's brand perception, its struggle to effectively compete in lifestyle and fashion segments, and the need for consistent product innovation and compelling brand storytelling are critical issues that have been highlighted. "Inconsistent execution" and "brand strength concerns" have directly contributed to revenue declines.

2. Declining North American Wholesale Revenue and Market Dependence

Under Armour exhibits a substantial dependence on the North American market, which generates approximately two-thirds of its revenue and is described as nearing saturation. The North American wholesale market, a crucial distribution channel for Under Armour, is currently struggling with declining sales and cautious ordering patterns from retailers. This downturn poses a significant threat to the company's recovery efforts. Under Armour has experienced overall revenue declines, particularly in North America, as it implements a strategic reset to focus on higher-quality sales and reduce promotional activities. Fiscal year 2025 projections anticipate low double-digit revenue declines, with a more pronounced 15-17% decrease expected in North America. This concentrated geographic exposure makes the company vulnerable to economic downturns, evolving retail trends, and shifts in consumer preferences within that specific region.

3. Supply Chain Disruptions and Cost Pressures

Under Armour continues to grapple with persistent supply chain challenges, including elevated freight costs, capacity constraints, and operational delays. Disruptions, such as those caused by the COVID-19 pandemic in China and operational hurdles in Vietnam (a key sourcing region for about a third of its goods), have resulted in product delays and cancellations. These issues directly impact the company's profitability and gross margins due to increased freight and product inflation, often necessitating the costly use of air freight. Historically, Under Armour has faced inventory management issues that have led to lower operating margins. Furthermore, uncertainties surrounding tariff policies introduce additional risks that can directly affect its margins and pricing strategies.

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Under Armour operates in several large addressable markets, primarily focusing on performance apparel, athletic footwear, and sports accessories.

• Performance Apparel: The global performance apparel market was valued at approximately USD 10.76 billion in 2024 and is projected to grow to about USD 17.27 billion by 2032. North America held the largest share of this market, accounting for 35% in 2024.
• Athletic Footwear: The global athletic footwear market was estimated at USD 132.5 billion in 2024 and is forecast to reach USD 191.2 billion by 2033. The U.S. athletic footwear market alone is projected to reach USD 33.3 billion in 2024.
• Sports Equipment and Accessories: The global sports equipment and accessories market was valued at USD 95.986 billion by the end of 2025 and is projected to grow to USD 159.109 billion by 2033. North America holds a significant share of this global market, at 34.70% in 2025.

Expected Drivers of Future Revenue Growth for Under Armour (UA)

Over the next 2-3 years, Under Armour (UA) is expected to drive future revenue growth through several key strategic initiatives:

1. International Expansion: Under Armour is prioritizing growth in international markets, particularly EMEA (Europe, the Middle East, and Africa) and Asia-Pacific. The company aims for mid-to-high single-digit revenue growth in select international markets. China is also a focus for rebuilding distribution, elevating its outlet mix, and focusing on digital marketplaces, with a medium-term goal to return to double-digit constant-currency growth once macroeconomic conditions stabilize. For example, EMEA revenue grew 6% and Latin America revenue increased 20% in the third quarter of fiscal 2026.
2. Shift to Direct-to-Consumer (DTC) Model: The company is pivoting towards a disciplined direct-to-consumer model, moving away from discount-heavy wholesale. Under Armour aims for its DTC channels, including owned e-commerce and Brand Houses, to account for 50% of its revenue by 2026. This strategic shift is anticipated to enhance brand equity and improve gross margins.
3. Product Innovation and Focus on Key Categories: Under Armour plans to concentrate its research and development on fewer, larger product franchises to drive measurable performance gains and pricing power. Specific areas of focus include increasing the share of footwear revenue from 25% to 30% by 2027, with an emphasis on technical running and basketball products, including the Curry Brand. Additionally, the company intends to double the contribution from its women's segment through dedicated design, marketing, and assortment investments. Overall, growth is being refocused on core training, running, and basketball franchises.

Share Repurchases

• In February 2022, Under Armour's Board of Directors authorized a share repurchase program of up to $500 million of its Class C common stock over two years.
• By March 31, 2023, the company had repurchased $425 million of Class C stock under this program.
• A new three-year, $500 million share repurchase program for Class C common stock was approved in May 2024, under which $90 million had been repurchased as of March 31, 2025.

Capital Expenditures

• Capital expenditures were $69.8 million in Fiscal 2021, $98.787 million in Fiscal 2022, $158.1 million in Fiscal 2023, and $150.3 million in Fiscal 2024.
• For Fiscal 2025, capital expenditures reached $168.7 million, with an earlier expectation of $170 million to $180 million.
• The company has focused its capital investments on its global direct-to-consumer and e-Commerce capabilities.