Forensic Analysis · Retail / Consumer Discretionary · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.9
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-30.1%
ROE
$2.6B
Market cap
Under Armour, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.9, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-4%Return on invested capital.Return on invested capital is -4% and slipping from 10% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+14.6%Accruals ratio.Net operating assets grew +14.6% relative to their average in FY2026 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -20% of net operating assets.
$52MGoodwill impairments.Took $52M of goodwill writedowns across 1 year(s) (FY2020 ($52M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-10.0%
Debt / Equity0.84x
Free Cash Flow$-162.2M
Latest Revenue$4.97B
Return on Equity-35.0%
Revenue Growth YoY-3.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Under Armour, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about UA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown