Forensic Analysis · Textiles & Apparel Manufacturing · as of Nov 9, 2026
Under Armour, Inc. (UAA)
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
1.9
Distress distance
Clean
Earnings quality
3
Forensic signals
-30.0%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 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
-4.5%
FY2026
Return on invested capital.Return on invested capital is -4.5% in the latest fiscal year and slipping across FY2024–FY2026 from 7.2%. After-tax operating profit was $203M in FY2024 and ($129M) in FY2026, with operating income at 4.0% of revenue in FY2024, -3.6% in FY2025 and -3.3% in FY2026. The capital base behind it went from $2.8B in FY2024 to $2.9B in FY2026 (+2%), while the revenue it carried went from $5.7B to $5.0B. FY2026's operating profit carried a $105M asset write-down that alone took about 2.9 points off that year's return, so about 2.9 of the 11.7-point fall across FY2024–FY2026 is that charge landing in the latest year rather than the capital earning less. FY2025's operating profit carried a $54M asset write-down that alone took about 1.5 points off that year's return; FY2025 sits between the two ends of FY2024–FY2026, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
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.
+14.2%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +14.2% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $8.0M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 20% of net operating assets, against an accruals ratio of 14.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$4.97B
Revenue Growth YoY-3.8%
Revenue CAGR (2yr)-6.7%
Net Margin-10.0%
Free Cash Flow-$162.2M
Return on Equity-30.0%
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?