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Under Armour Inc C UA

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


We View Hanesbrands and Anta Sports as Attractive Investments in an Altered Activewear Market

David Swartz Equity Analyst

Analyst Note

| David Swartz |

Demand for activewear is high as the world emerges from the pandemic, and we have identified changes in consumption and production that we expect will shape the industry for years to come. Among these changes are increased casualization in fashion, the acceleration of the shift to e-commerce, and greater interest in connected fitness. While bargains are hard to find in the space, we have identified two undervalued narrow-moat producers in Hanesbrands and Anta Sports Products.

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Company Profile

Business Description

Under Armour develops, markets, and distributes athletic apparel, footwear, and accessories in North America and other territories. Consumers of its apparel include professional and amateur athletes, sponsored college and professional teams, and people with active lifestyles. The company sells merchandise through wholesale and direct-to-consumer channels, including e-commerce and more than 400 total factory house and brand house stores. Under Armour also operates a digital fitness app called MapMyFitness. The Baltimore-based company was founded in 1996.

1020 Hull Street
Baltimore, MD, 21230
T +1 410 454-6428
Sector Consumer Cyclical
Industry Apparel Manufacturing
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 16,600