We came across a bullish thesis on Under Armour, Inc. on Matt McClintock Retail/Consumer Research – M Squared Capital’s Substack by Matthew McClintock. In this article, we will summarize the bulls’ thesis on UAA. Under Armour, Inc.’s share was trading at $7.03 as of February 12th. UAA’s trailing and forward P/E were 23.14 and 129.87 respectively according to Yahoo Finance.
Under Armour, Inc., together with its subsidiaries, engages developing, marketing, and distributing performance apparel, footwear, and accessories for men, women, and youth. UA appears to be emerging from a challenging reset phase, presenting a cautiously bullish opportunity. The company has addressed years of operational inefficiencies with decisive management changes, focusing on efficiency, cohesion, and speed, while completing its 25% SKU reduction plan. Key product platforms such as baselayer, Icon fleece, and the women’s Meridian franchise are showing tangible improvement, with full-price realization trending higher and newer products gaining traction.
E-commerce conversion rates are rising, factory house performance is improving, and the fall order book signals strengthening demand. Internationally, partnerships with JD Sports and Sports Direct are robust, while France sees growing brand recognition, although promotional pressure exists in the UK. The company continues to innovate within its core athletic offerings, with elevated spring/summer 2026 products and strong performance from shoes like the Assert 11 and HB-LOW, reinforcing brand value in key segments.
Under Armour is strategically emphasizing athletic performance over fashion, preserving its identity in a competitive market. While past challenges have tested investor patience, the company’s focus on intentionality, improved KPIs in direct-to-consumer channels, and leadership alignment suggest the worst of the operational reset is behind it.
If momentum in product sell-through, full-price capture, and e-commerce conversion continues, Under Armour could experience a meaningful rerating, especially as the brand demonstrates resilience and growing consumer relevance. The current trajectory, supported by clear product leadership, improved operational execution, and strategic international partnerships, positions UA for potential upside, with the reset providing a foundation for more sustainable long-term growth.
Previously, we covered a bullish thesis on Under Armour, Inc. (UAA) by MattJMcClintock in December 2024, which highlighted the company’s product inflection strategy, operational improvements, and targeted marketing initiatives. UAA’s stock price has depreciated by approximately 7.86% since our coverage. Matthew McClintock shares a similar perspective but emphasizes the company emerging from its operational reset, improvements in core product platforms, and stronger international partnerships, signaling a cautious yet constructive outlook.
Under Armour, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held UAA at the end of the third quarter which was 37 in the previous quarter. While we acknowledge the risk and potential of UAA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than UAA and that has 10,000% upside potential, check out our report about this cheapest AI stock.
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