Forensic Analysis · Durable Goods, Textiles & Apparel · as of Aug 11, 2026
Under Armour, Inc. (UA)
A forensic read on Under Armour, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
2.3
Distress distance
Clean
Earnings quality
4
Forensic signals
-5.1
P / E (ttm)
-35.0%
ROE
$2.4B
Market cap
0.00%
Dividend yield
-3.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Under Armour, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 2.3, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-4.3%
FY2026
Return on invested capital.Return on invested capital is -4.3% in the latest fiscal year and slipping from 9% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
FCF ($162M)
FY2026
Shareholder returns.Returned $25M to shareholders (buybacks + dividends) in FY2026, but free cash flow was ($162M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
+14.6%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +14.6% relative to their own average in FY2026 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 20% of net operating assets, diverging from the balance-sheet accrual read.
$52M
FY2020–FY2020
Goodwill impairments.Took $52M of goodwill writedowns across 1 year (FY2020 ($52M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$4.97B
Revenue Growth YoY-3.8%
Revenue CAGR (3yr)-5.6%
Net Margin-10.0%
Free Cash Flow-$162.2M
Return on Equity-35.0%
Debt / Equity0.84x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Under Armour, Inc.'s actual 10-K/10-Q/8-K filings?