Under Armour, Inc.
UA Consumer Cyclical Apparel Manufacturing
Under Armour, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $5.0 billion, down 3.83% from fiscal 2025. In the quarter to June 2026, revenue fell 3.19%, EPS grew 121.3%, free cash flow grew 600.8% and total debt fell 40.2%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Under Armour, Inc. (UA) Beneish M-score
Under Armour, Inc.'s Beneish M-score for fiscal 2026 is −3.03; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −3.03 | (0.30) |
| FY2025 | −2.73 | (0.08) |
| FY2021 | −2.65 | 0.96 |
| FY2020 | −3.61 | (1.00) |
| FY2019 | −2.62 | 0.57 |
| FY2018 | −3.19 | (0.23) |
| FY2017 | −2.96 | (0.63) |
| FY2016 | −2.33 | (1.23) |
| FY2015 | −1.09 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.97 | |
| Gross margin index | 1.05 | — | 0.56 | |
| Asset quality index | 0.81 | — | 0.33 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 1.12 | — | 0.13 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.10) | — | −0.45 | |
| Leverage index | 1.30 | — | −0.42 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.03 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| GIII G-III Apparel Group, LTD. compare | −3.0× |
| UA Under Armour, Inc. | −3.0× |
| UAA Under Armour, Inc. compare | −3.0× |
| FIGS FIGS, Inc. compare | −3.0× |
| ZGN Ermenegildo Zegna N.V. compare | −2.9× |
| COLM Columbia Sportswear Company compare | −2.7× |
| PVH PVH Corp. compare | −2.6× |
| VFC V.F. Corporation compare | −2.6× |
| KTB Kontoor Brands, Inc. compare | −2.4× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI