UA vs UAA: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
UA and UAA are similarly sized, but UA trades noticeably cheaper on forward earnings (17.08x vs 28.11x): the market is paying up for UAA's profile and pricing UA more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
UA vs UAA: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | UA | UAA | What it tells you |
|---|---|---|---|
| Market cap | $2.77B | $2.84B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 17.08 | 28.11 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Beta | 1.67 | 1.67 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 64% of range | 63% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.96 | 2.00 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: UA is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how UA and UAA affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. UA and UAA share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined UA and UAA exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Under Armour (UA) do?
Under Armour designs and sells performance apparel, footwear, and accessories under the Under Armour brand, competing in a crowded athletic-wear market against far larger and faster-growing rivals. Its business spans wholesale (department and sporting-goods stores) and direct-to-consumer (its own stores and website), across North America, EMEA, Asia-Pacific, and Latin America. After a period of rapid early growth, the company spent years struggling with declining North American sales, heavy promotions that eroded its premium image, and management turnover. Founder Kevin Plank returned as CEO and launched a multi-year reset focused on fewer, better products, less discounting, tighter operations, and rebuilding brand marketing.
What does Under Armour (UAA) do?
Under Armour, Inc. develops, markets, and distributes branded athletic apparel, footwear, and accessories under the Under Armour name, selling through wholesale partners, its own stores, and direct-to-consumer digital channels. It reports across geographic segments including North America, EMEA, Asia-Pacific, Latin America, and other, with North America still the largest and most important region to the story. The company built its reputation on moisture-wicking performance apparel and remains best known for that core, but it has struggled with brand heat, pricing, and inventory discipline as larger competitors captured demand. Recent results have shown soft revenue with small per-share losses, for example a modestly negative quarter reported in May 2026, underscoring that the turnaround is still in progress rather than complete.
UA vs UAA: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- UA drivers: Founder-led premium reset; Margin and cost restructuring.
- UAA drivers: Founder-led brand turnaround; North America stabilization.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is that the turnaround stalls: revenue is still declining, North America remains weak, and resetting a premium brand is a multi-year effort with no guaranteed payoff. For UAA, the primary risk is that the turnaround simply does not take hold: revenue has been soft and the company has posted small losses, so continued declines would undermine the thesis.
UA or UAA: which should you pick?
UA vs UAA: the full fundamentals
UA. Figures are approximate and tied to the asOf date; verify live numbers before acting. Under Armour is mid-turnaround, so GAAP results are distorted by restructuring charges and adjusted figures tell a different story than reported ones. Traditional earnings multiples are less meaningful while the company is resetting; investors tend to focus on revenue stabilization, gross margin, and whether North America's declines slow. Check the latest filings and a current quote for up-to-date revenue, margins, and guidance.
UAA. Figures are approximate and tied to the asOf date; verify live numbers before acting. Because Under Armour is early in a turnaround with depressed or negative earnings, standard price-to-earnings multiples are less useful, and investors tend to focus on revenue trends, gross margin, and inventory health as signs the strategy is working. The stock can move sharply on quarterly progress, so the valuation is best read as a bet on the recovery timeline rather than a stable-earnings business.
Headline figures (approximate, Jul 2026): UA shows revenue (fiscal 2026) ~$5.0 billion, down roughly 4% year over year (fiscal year ended March 2026), gaap net income (fiscal 2026) Net loss of roughly $500 million, driven partly by restructuring charges, adjusted results (fiscal 2026) Modestly positive; adjusted net income around $50 million and adjusted EPS near $0.12, regional trend North America declining; international growing (Q4 international up roughly 10%); UAA shows market cap ~$2.5 billion (Class A shares), recent quarterly result Small per-share loss reported in May 2026, a modest miss versus expectations but narrower than the prior year, revenue trend Soft, with the turnaround aimed at stabilizing sales rather than driving rapid growth, profitability focus Emphasis on gross margin via less discounting and tighter inventory rather than top-line growth.
The bottom line: UA vs UAA
UA and UAA are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined UA and UAA exposure against your real portfolio. It is not an investment adviser.
Wondering how UA or UAA fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Under Armour with AI
Connect the broker you already use and ask Walnut's AI how UA fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between UA and UAA?
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Under Armour designs and sells performance apparel, footwear, and accessories under the Under Armour brand, competing in a crowded athletic-wear market against far larger and faster-growing rivals. Under Armour, Inc. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is UA or UAA the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, UA or UAA?
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On forward P/E (as of August 2026), UA trades at 17.08x and UAA at 28.11x, so UA is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both UA and UAA?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of UA vs UAA?
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UA: The dominant risk is that the turnaround stalls: revenue is still declining, North America remains weak, and resetting a premium brand is a multi-year effort with no guaranteed payoff. Under Armour competes against much larger, better-funded rivals in Nike and Adidas, plus fast-growing challengers like Lululemon, On, and Hoka that are winning share in footwear and lifestyle. Heavy past promotions damaged pricing power, and reversing that habit can dent near-term sales. Restructuring charges produced a large reported loss, and consumer-discretionary demand is sensitive to the economy and tariffs on imported goods. The dual-class structure, with founder-held voting control, also limits outside shareholders' influence over strategy. UAA: The primary risk is that the turnaround simply does not take hold: revenue has been soft and the company has posted small losses, so continued declines would undermine the thesis. Under Armour competes against far larger and better-resourced rivals like Nike and Adidas, plus fast-rising challengers, in a market where brand heat and marketing spend matter enormously. Heavy reliance on wholesale channels and on the North America region concentrates risk, and tariffs, freight, and input costs can pressure margins. The multi-class structure concentrates control with founder Kevin Plank through super-voting shares, so public UAA holders have limited say, and a founder-led strategy that stumbles can be hard for outside investors to influence. Consumer discretionary demand is also cyclical and sensitive to the broader economy.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell UA or UAA; figures are approximate and dated (as of August 2026). Verify current data before investing.