Under Armour (UAA) has reported a challenging set of FY 2026 numbers, with Q3 revenue at US$1.3 billion and a basic EPS loss of US$1.01. Trailing 12 month figures show revenue of US$5.0 billion and a basic EPS loss of US$1.22, alongside a net loss of US$519.7 million. Over recent quarters, revenue has moved between US$1.1 billion and US$1.4 billion, while EPS shifted from a profit of US$0.39 in FY 2025 Q2 to successive quarterly losses through FY 2026. This has created a results season in which investors are focused on whether margins can stabilise from here.

See our full analysis for Under Armour.

With the headline numbers now available, the next step is to set these results against the dominant bullish and bearish narratives around Under Armour to assess which view the latest margin trends appear to support.

Losses Widen To Over US$500m On Trailing Basis

• On a trailing 12 month view, Under Armour booked a net loss of US$519.7 million and a basic EPS loss of US$1.22, compared with quarterly net losses ranging from about US$2.6 million in FY 2026 Q1 to US$430.8 million in Q3.
• Consensus narrative focuses on a shift from discounting toward premium pricing and tighter assortments. That sits against the reality that trailing revenue of about US$5.0 billion is growing at roughly 5.3% a year while the business is still loss making, so the margin rebuild story has yet to show up clearly in these reported figures.

P/S At 0.4x Versus 1.2x Peers

• Under Armour trades on a P/S of 0.4x compared with a peer average of 1.2x and a US Luxury industry average of 0.8x. Analysts' consensus price target of US$7.63 and a DCF fair value of about US$4.71 both sit either side of the current US$5.03 share price.
• Supporters of the bullish narrative argue that premium pricing and higher margin categories could justify that consensus price target. The current trailing picture shows slower 5.3% revenue growth than the 11.6% market benchmark and an unprofitable base, so the low P/S multiple is paired with weaker growth and heavier losses than many bulls might prefer.

🐂 Under Armour Bull Case

Five Year Loss Growth Of 47.8% Worries Bears

• Losses have grown at an annualized 47.8% over the past five years while trailing 12 month revenue sits around US$5.0 billion. Analysts expect earnings to grow about 34.9% per year with a return to profitability within three years.
• Bears highlight that this history of faster growing losses and revenue growth below the 11.6% US market forecast supports caution, and the fact that the DCF fair value of US$4.71 is below the current US$5.03 price gives them further room to argue that the recent improvement story needs to be proven in the reported numbers rather than assumed ahead of time.
  • At the same time, the projected 34.9% earnings growth and move back into the black, if achieved, would directly chip away at the very risk that bears point to, so the key question is whether that shift arrives quickly enough to change the multi year loss trend.
  • Until those forecast profits appear in actual EPS, the combination of a growing loss base and a market price above DCF fair value is likely to remain central to the cautious case.

🐻 Under Armour Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Under Armour on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of risks and rewards feels finely balanced, now is the time to check the numbers yourself and decide where you stand. To see what investors are currently optimistic about, start by reviewing the 2 key rewards

See What Else Is Out There

Under Armour is contending with widening losses, slower 5.3% revenue growth than the 11.6% market benchmark, and a business that remains unprofitable on a trailing basis.

If that mix of weaker growth and ongoing losses feels uncomfortable, now is a good time to focus on companies with stronger financial footing by checking out the solid balance sheet and fundamentals stocks screener (46 results).

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.