Under Armour is cheap for a reason, but Kevin Plank’s premiumization reset could turn a battered value trap into a leaner performance brand if North America finally stabilizes.
Overview
Under Armour’s FY2026 was a painful reset year: revenue fell 4% to $5.0 billion and GAAP net loss widened to $496 million, largely from restructuring, impairments, and a deferred tax valuation allowance. Adjusted results were healthier, with $107 million of adjusted operating income and $0.12 adjusted EPS. Founder Kevin Plank’s premiumization strategy is cleaning up inventory, promotions, and product complexity, but North America remains weak and FY2027 guidance still calls for declining sales.